Financial year 2023: SBO with all-time high in sales

EQS-News: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s): Annual
Results
Financial year 2023: SBO with all-time high in sales

20.03.2024 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Financial year 2023: SBO with all-time high in sales

* Sales of MEUR 585.9 at record level (+16.9%)

  * EBIT improved to MEUR 102.3, operating cash flow increased by around 65%
    to MEUR 86.5

* Dividend proposal of EUR 2.00 per share

Ternitz/Vienna, 20 March 2024. Schoeller-Bleckmann Oilfield Equipment AG
(SBO), listed on the ATX of the Vienna Stock Exchange, continued its growth
in 2023 and recorded excellent sales and earnings development. The SBO
Group's sales rose by 16.9% to an all-time high of MEUR 585.9 (2022: MEUR
501.2), driven by the outstanding performance of the AMS division with 32.2%
growth. Thanks to continued high demand, particularly in international
markets, bookings reached MEUR 543.7, following a record figure in the
previous year (2022: MEUR 646.0). The order backlog per year-end remained at
a high level at MEUR 225.4 (2022: MEUR 265.0).

Earnings increased compared to the previous year, but were impacted by
negative foreign exchange effects in 2023. Earnings before interest, taxes,
depreciation and amortization (EBITDA) amounted to MEUR 131.3 (2022: MEUR
129.1); adjusted for foreign exchange losses, EBITDA increased by 11.6% to
MEUR 138.2 (adjusted EBITDA 2022: MEUR 123.8). Profit from operations (EBIT)
rose to MEUR 102.3 (2022: MEUR 96.2), the adjusted EBIT increased by 20.1%
to MEUR 109.2 (adjusted EBIT 2022: MEUR 90.9). This led to an improved
adjusted EBIT margin of 18.6% (2022: 18.1%).

Profit before and after tax with solid development: Profit before tax of
MEUR 94.2 was slightly higher than the previous year's (2022: MEUR 93.3),
and profit after tax amounted to MEUR 71.6 (2022: MEUR 75.2). The higher tax
rate in 2023 (24.0%) was primarily due to the valuation of investments in
subsidiaries.

'The year 2023 was extraordinarily successful for SBO. We have once again
demonstrated our operational strength, achieved record sales, improved our
operating result and generated a high operating cash flow. In particular,
our AMS division delivered a top performance and contributed to these
accomplishments', says Klaus Mader, CEO of SBO. 'We also strengthened our
core business: With the acquisition of Praxis Completion Technology, we have
not only expanded our portfolio in the area of well completion, but also
extended our presence in the growing markets in the Middle East and extended
our product range for the promising area of Carbon Capture and Storage.'

SBO completed the acquisition of Praxis Completion Technology in October
2023. The Dubai-based company is one of the leading suppliers of packer
systems and completion products in the Middle East, offering tailored
solutions that extend well life, assure well integrity and improve well
performance.

Sales growth in both business segments, AMS outstanding with +32%

SBO's business is divided into two segments: The Oilfield Equipment (OE)
segment and the Advanced Manufacturing & Services (AMS) segment. The OE
division posted solid results, despite a reduction in drilling and
completion activities in the US market in 2023. Sales increased slightly to
MEUR 257.2 (2022: MEUR 252.6) after a strong finish at the end of the year.
Profit from operations (EBIT) of the OE division was influenced by various
one-off-effects - such as higher research and development expenses, negative
foreign exchange effects, and acquisition-related and other one-off expenses
- and was down on the previous year at MEUR 31.5 (2022: MEUR 50.1). In
contrast, the AMS division had an outstanding year thanks to growth in
international markets and an excellent operating performance. Sales in the
AMS segment rose sharply to MEUR 328.7 (2022: MEUR 248.7). The EBIT improved
significantly to MEUR 80.3 (2022: MEUR 48.3) due to higher sales and
increased productivity.

Excellent balance sheet ratios, cash flow further improved

The SBO Group's equity increased to MEUR 448.0 as of 31 December 2023,
compared to MEUR 425.0 in the previous year. The equity ratio increased to
53.6% (2022: 47.1%). Cash and cash equivalents amounted to MEUR 162.4 (2022:
MEUR 287.8), after one-off cash outflows of MEUR 21.7 for the acquisition of
Praxis Completion Technology and MEUR 119.0 for the acquisition of minority
interests following the final settlement of a legal dispute. Net debt
amounted to MEUR 92.3 (2022: net liquidity of MEUR 34.5), while gearing
stood at 20.6% (2022: minus 8.1%).

Cash flow from operating activities increased by 65% or MEUR 34.1 compared
to the previous year and amounted to MEUR 86.5 (2022: MEUR 52.4), primarily
driven by a reduced increase in working capital. Despite the
acquisition-related cash outflow for Praxis Completion Technology, free cash
flow improved to MEUR 33.1 (2022: MEUR 27.1). Capital expenditure on
property, plant and equipment and intangible assets (CAPEX) increased to
MEUR 37.5 in 2023 (2022: MEUR 31.0).

'With our high level of cash, we are in an excellent position to implement
our strategic plans and make targeted investments for further growth,' says
CEO Mader.

Thanks to the excellent earnings, the Executive Board will propose to the
Annual General Meeting on 25 April 2024 again a dividend of EUR 2.00 per
share for the financial year 2023 (2022: EUR 2.00 per share).

Positive outlook

The ongoing need for energy security and increased investments, particularly
in the international markets and in offshore projects, lead to optimism in
SBO's industry segment. SBO will consistently take advantage of the
favorable market environment in its core business and is confident for 2024
thanks to well-filled order books, the integration of Praxis Completion
Technology and new product innovations. The Group is focusing on expanding
its activities in the growing markets of the Middle East and Asia and
strengthening its local presence there. At the same time, SBO is
concentrating on growth in the green tech energy sector, both organically
and through acquisitions, provided they offer clear strategic advantages and
long-term added value.

'For our core business, the market fundamentals support a sustained,
multi-year increase in global spending in exploration and production. We are
capitalizing on this opportunity, particularly by expanding our facilities
in Saudi Arabia and Vietnam,' says CEO Klaus Mader. 'At the same time, we
continue to pursue our ambitious goals outside our core business. We are
increasing our efforts to identify strategic investment targets and further
diversify our existing product range to tap into promising markets such as
geothermal and carbon capture & storage. With that, we will actively
contribute to the energy transition and secure our leading role in the long
term. This puts us in an excellent position for the future.'

SBO key figures at a glance

                                                           2023   2022
                                             Sales  MEUR  585.9  501.2
    Earnings before interest, taxes,                MEUR  131.3  129.1
    depreciation and amortization (EBITDA)
                                   Adjusted EBITDA  MEUR  138.2  123.8
                            Adjusted EBITDA margin     %   23.6   24.7
                                              EBIT  MEUR  102.3   96.2
                                     Adjusted EBIT  MEUR  109.2   90.9
                              Adjusted EBIT margin     %   18.6   18.1
                                 Profit before tax  MEUR   94.2   93.3
                                  Profit after tax  MEUR   71.6   75.2
                                Earnings per share   EUR   4.55   4.78
               Cash flow from operating activities  MEUR   86.5   52.4
                                    Free cash flow  MEUR   33.1   27.1
                         Cash and cash equivalents  MEUR  162.4  287.8
                                 as of 31 December
    Net liquidity + / net debt - as of 31 December  MEUR  -92.3   34.5
                                      Equity ratio     %   53.6   47.1
                       Headcount as of 31 December        1,601  1,484

SCHOELLER-BLECKMANN OILFIELD EQUIPMENT Aktiengesellschaft (SBO) is a
globally operating group of companies and world market leader in the
manufacture of high-alloy, non-magnetic steels. The SBO Group is engaged in
high-precision production of special components for the oil, gas and other
industries by applying innovative and additive manufacturing technologies.
The SBO Group is equally recognized worldwide for its directional drilling
tools and equipment for well completion in the oil, gas, and geothermal
industry. With its subsidiaries and about 1,600 employees worldwide, the
Group is successfully positioned in technologically demanding, profitable
niches. The Group is headquartered in Ternitz, Austria. Making an active
contribution to energy transition is a key element of the Group's Strategy
2030. More detailed information on the Strategy 2030 and sustainable
management (ESG) is available in the Annual Report 2023 at
https://www.sbo.at/publikationen.

Contact:

Monika Bell, Head of Investor Relations

Schoeller-Bleckmann Oilfield Equipment AG

Tel: +43 2630 315-253

E-Mail: investor.relations@sbo.co.at


Ildiko Füredi-Kolarik, Senior Advisor

Tel: +43 660 3211107

E-Mail: media.relations@sbo.co.at


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20.03.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com

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   Language:       English
   Company:        Schoeller-Bleckmann Oilfield Equipment AG
                   Hauptstrasse 2
                   2630 Ternitz
                   Austria
   Phone:          +43 (0)2630/315110
   Fax:            +43 (0)2630/315101
   E-mail:         sboe@sbo.co.at
   Internet:       http://www.sbo.at
   ISIN:           AT0000946652
   Indices:        ATX
   Listed:         Vienna Stock Exchange (Official Market)
   EQS News ID:    1862423

End of News EQS News Service
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1862423 20.03.2024 CET/CEST