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23.08.2023 16:00:21 - dpa-AFX: EQS-News: Petro Welt Technologies AG: PeWeTe Kazakhstan sales almost doubled and number of fracturing jobs increased to 229 (english)
Petro Welt Technologies AG: PeWeTe Kazakhstan sales almost doubled and
number of fracturing jobs increased to 229
EQS-News: Petro Welt Technologies AG / Key word(s): Half Year Report/Half
Year Results
Petro Welt Technologies AG: PeWeTe Kazakhstan sales almost doubled and
number of fracturing jobs increased to 229
23.08.2023 / 16:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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* Revenue of PeWeTe Kazakhstan increased by 48.1% to EUR 8.0 million
* Number of fracturing contracts increased to 229
Vienna, August 23, 2023
In the first half of 2023, PeWeTe Group's revenue amounted to EUR 8.0
million, up 48.1% year-on-year (HY1 2022: EUR 5.4 million). This is mainly
due to the performance of Petro Welt Technologies Kazakhstan, which is the
only remaining operating unit of the Group after the sale of the Russian
subsidiaries of the PeWeTe Group.
Cost of sales from continuing operations amounted to EUR 6.3 million in the
first six months of the year (HY1 2022: EUR 2.2 million). Three main factors
were responsible for this increase: an increased number of employees and a
shift in the job structure, increased depreciation costs due to the
commissioning of a new fracturing fleet, and the elimination of intra-Group
costs of EUR 1m for proppant, which was previously purchased from OOO
Wellprop. Since the sale of the Russian subsidiaries, this proppant is no
longer charged as intercompany cost, as OOO Wellprop is no longer part of
the Group following the sale of the Russian companies.
Accordingly, the company's gross profit fell to EUR 1.6 million in the first
half of 2023 (HY1 2022: EUR 3.2 million). At the same time, the PeWeTe Group
recorded a decrease in its administrative costs by 33.3%, which is due to
lower professional fees. Despite lower administrative costs, there was a
negative operating result of EUR -1.1 million (HY1 2022: EUR -1.5 million).
The increase in financing costs is mainly due to the loss from exchange rate
differences resulting from the receivable from the sale of Russian
subsidiaries recognized in roubles. Accordingly, the consolidated result
before taxes fell to EUR -16.1 million in the reporting period (HY1 2022:
EUR -1.0 million).
Strong increase in sales in the Well Services and Stimulation segment
The Well Services and Stimulation segment recorded a 48.1% increase in
revenue to EUR 8.0 million in the first six months of 2023 (HY1 2022: EUR
5.4 million) due to increased demand for stimulation operations. This was
mainly due to an increased number of jobs (HY1 2023: 229 jobs; HY1 2022: 203
jobs), representing a year-on-year growth of 12.8%, as well as a 30.7%
improvement in average revenue per job due to executed orders from Acid
Fracturing.
Financial position
Both current assets (-6.1%) and non-current assets (-11.9%) recorded
decreases, mainly due to the devaluation of current and non-current
receivables denominated in roubles.
Non-current liabilities increased slightly due to interest incurred on a
long-term loan to an affiliated company. Due to the negative financial
result, PeWeTe's equity decreased in the reporting period.
Negative cash flow development
The Group recorded a negative cash flow from operating activities. The main
reason for this development was the change in trade payables. Investments
amounted to EUR 1.1 million, which were offset by cash inflows from interest
and loans. Cash flow from investing activities therefore turned positive.
Cash and cash equivalents amounted to EUR 56.4 million in the reporting
period and thus decreased slightly compared to the beginning of the year
(January 1, 2023: EUR 58.6 million).
About Petro Welt Technologies AG
Petro Welt Technologies AG, a company domiciled in Vienna, Austria, had been
one of the leading and oldest oilfield services (OFS) companies in Russia
and the CIS specializing in services that increase the productivity of both
new and existing oil & gas formations. Against the backdrop of the sanctions
against Russia, the company has sold all its subsidiaries in this market and
now operates exclusively in Kazakhstan.
Contact
Konstantin Huber (Male Huber Friends GmbH)
Investor Relations
T: +43 699 1172 68 14
huber@mhfriends.at
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23.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1710111 23.08.2023 CET/CEST
number of fracturing jobs increased to 229
EQS-News: Petro Welt Technologies AG / Key word(s): Half Year Report/Half
Year Results
Petro Welt Technologies AG: PeWeTe Kazakhstan sales almost doubled and
number of fracturing jobs increased to 229
23.08.2023 / 16:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
* Revenue of PeWeTe Kazakhstan increased by 48.1% to EUR 8.0 million
* Number of fracturing contracts increased to 229
Vienna, August 23, 2023
In the first half of 2023, PeWeTe Group's revenue amounted to EUR 8.0
million, up 48.1% year-on-year (HY1 2022: EUR 5.4 million). This is mainly
due to the performance of Petro Welt Technologies Kazakhstan, which is the
only remaining operating unit of the Group after the sale of the Russian
subsidiaries of the PeWeTe Group.
Cost of sales from continuing operations amounted to EUR 6.3 million in the
first six months of the year (HY1 2022: EUR 2.2 million). Three main factors
were responsible for this increase: an increased number of employees and a
shift in the job structure, increased depreciation costs due to the
commissioning of a new fracturing fleet, and the elimination of intra-Group
costs of EUR 1m for proppant, which was previously purchased from OOO
Wellprop. Since the sale of the Russian subsidiaries, this proppant is no
longer charged as intercompany cost, as OOO Wellprop is no longer part of
the Group following the sale of the Russian companies.
Accordingly, the company's gross profit fell to EUR 1.6 million in the first
half of 2023 (HY1 2022: EUR 3.2 million). At the same time, the PeWeTe Group
recorded a decrease in its administrative costs by 33.3%, which is due to
lower professional fees. Despite lower administrative costs, there was a
negative operating result of EUR -1.1 million (HY1 2022: EUR -1.5 million).
The increase in financing costs is mainly due to the loss from exchange rate
differences resulting from the receivable from the sale of Russian
subsidiaries recognized in roubles. Accordingly, the consolidated result
before taxes fell to EUR -16.1 million in the reporting period (HY1 2022:
EUR -1.0 million).
Strong increase in sales in the Well Services and Stimulation segment
The Well Services and Stimulation segment recorded a 48.1% increase in
revenue to EUR 8.0 million in the first six months of 2023 (HY1 2022: EUR
5.4 million) due to increased demand for stimulation operations. This was
mainly due to an increased number of jobs (HY1 2023: 229 jobs; HY1 2022: 203
jobs), representing a year-on-year growth of 12.8%, as well as a 30.7%
improvement in average revenue per job due to executed orders from Acid
Fracturing.
Financial position
Both current assets (-6.1%) and non-current assets (-11.9%) recorded
decreases, mainly due to the devaluation of current and non-current
receivables denominated in roubles.
Non-current liabilities increased slightly due to interest incurred on a
long-term loan to an affiliated company. Due to the negative financial
result, PeWeTe's equity decreased in the reporting period.
Negative cash flow development
The Group recorded a negative cash flow from operating activities. The main
reason for this development was the change in trade payables. Investments
amounted to EUR 1.1 million, which were offset by cash inflows from interest
and loans. Cash flow from investing activities therefore turned positive.
Cash and cash equivalents amounted to EUR 56.4 million in the reporting
period and thus decreased slightly compared to the beginning of the year
(January 1, 2023: EUR 58.6 million).
Key figures HY1 2023 HY1 2022 Change in %
Revenue EUR million 8.0 5.4 48.1
EBITDA EUR million 0.3 -1.1 > 100
EBIT EUR million -1.1 -1.5 26.7
EBITDA margin % 3.8 -20.4
EBIT margin % -13.8 -27.7
Group result EUR million -16.1 -1.0 > -100
About Petro Welt Technologies AG
Petro Welt Technologies AG, a company domiciled in Vienna, Austria, had been
one of the leading and oldest oilfield services (OFS) companies in Russia
and the CIS specializing in services that increase the productivity of both
new and existing oil & gas formations. Against the backdrop of the sanctions
against Russia, the company has sold all its subsidiaries in this market and
now operates exclusively in Kazakhstan.
Contact
Konstantin Huber (Male Huber Friends GmbH)
Investor Relations
T: +43 699 1172 68 14
huber@mhfriends.at
---------------------------------------------------------------------------
23.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1710111 23.08.2023 CET/CEST
