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PETRO WELT TECHNOLOGIES AG

(O2C)
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PRESS RELEASE: Petro Welt Technologies AG: Consolidated financial results 2020: Profit before tax shows one of the best performances in the oilfield services industry

04/27/2021 | 02:31pm EDT
DGAP-News: Petro Welt Technologies AG / Key word(s): Annual Report/Annual Results 
Petro Welt Technologies AG: Consolidated financial results 2020: Profit before tax shows one of the best performances 
in the oilfield services industry 
2021-04-27 / 20:30 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
  . In 2020, revenue in euros amounted to EUR 252.3 million (2019: EUR 298.4 million). 
  . EBIT increased to EUR 11.4 million. 
  . Although EBITDA decreased slightly to EUR 45.2 million, the EBITDA margin increased from 15.3% in 2019 to 17.9% in 
    2020. 
  . Consolidated profit before tax rose to EUR 13.6 million. 
  . Continuing international expansion: first operations of the Group's subsidiary in Romania and establishing a base 
    in Oman. 
Vienna, April 27, 2021 
Petro Welt Technologies AG (PeWeTe), which specializes in oilfield services mainly in Russia and Kazakhstan, has 
maintained its strong market position and financial strength despite adverse factors resulting from the COVID-19 
pandemic, OPEC+ restrictions and the devaluation of the Russian Ruble. Expressed in euros, consolidated revenue 
declined by 15.4% to EUR 252.3 million. Due to optimization measures, EBIT showed an increase of EUR 3.8 million to EUR 
11.4 million. EBITDA amounted to EUR 45.2 million (2019: EUR 45.6 million). The consolidated profit before tax 
increased to EUR 13.6 million, and net profit rose to EUR 6.7 million. Overall, the profitability of the Group was 
improved. The cash flow from operating activities decreased to EUR 23.5 million in 2020, down from EUR 36.1 million in 
2019. 
The Company faces challenges through international expansion, investments in equipment and infrastructure, software and 
personnel development as well as environmental safety in order to maintain its reputation as a technology leader. Petro 
Welt Technologies AG's financial statements record no distributable profit. Therefore, no dividend will be distributed 
for 2020. 
General performance above industry average 
Despite the challenges posed by the COVID-19 pandemic in 2020, PeWeTe again achieved an above-average performance 
compared with its main peers. Thanks to targeted restructuring measures and a rapid response to the changed market 
environment, the Group succeeded in maintaining its financial strength and continued to be based on a self-financing 
model. An equity ratio of more than 50%, the controlled development of net debt, and solid cash flows are further 
evidence that PeWeTe is in a strong position today. 
The COVID-19 crisis also showed that the Group is well positioned in the market thanks to its processes, technologies, 
and services. In 2020, Wellprop, the Group's proppant manufacturing subsidiary, introduced a new product to the Russian 
market (ROSPROP HS RCP), which serves a new niche in high-stress fracturing markets. 
Success through adaptation and diversification 
Not only did PeWeTe launch new products and services, it also expanded into new territories in 2020. PeWeTe EVO Europe 
started operations with five workover jobs in the Drilling, Sidetracking, and IPM segment in Romania. PeWeTe EVO 
Services, the Group's subsidiary in Oman established in 2020, succeeded in obtaining and commissioning the equipment 
for one coiled tubing and one fracturing fleet, and started its first coiled tubing operations in April 2021. 
Despite the worsening of drilling market conditions in 2020, PeWeTe's operating subsidiaries in the Drilling, 
Sidetracking, and IPM segment remained relatively stable (including KATOBneft and KAToil-Drilling). The total number of 
service jobs in this segment increased by 5.6% to 281 jobs in 2020 (2019: 266), but the average segment revenue per job 
in 2020 fell by 15.7% to TEUR 467.0 (2019: TEUR 554.0). 
Although the fracturing market declined sharply both in Russia and Kazakhstan, the total number of fracturing and 
remedial services jobs in the Well Services and Stimulation segment, which includes KATKoneft and PeWeTe Kazakhstan, 
decreased only slightly by 1.1% (or 50 jobs) from 4,486 in 2019 to 4,436 in 2020. The average revenue per job declined 
by 18.7% from TEUR 31.1 in 2019 to 25.3 in 2020. 
However, due to a swift adaptation of PeWeTe's oilfield service business model, which created ground for further 
economic optimization, the operating margins of both oilfield services segments increased: in the Well Services and 
Stimulation segment from 5.3% in 2019 to 8.3% in 2020, and in the Drilling, Sidetracking, and IPM segment from 4.9% in 
2019 to 12.0% in 2020 (without the effect of an impairment loss at the CGU PeWeTe EVO EUROPE charged to the cost of 
sales in 2020). 
Solid balance sheet and financing structure maintained 
Due to decreases in both non-current assets and current assets, total assets declined by 19.5% to EUR 364.3 million as 
of December 31, 2020, compared to the close of 2019. Equity decreased by 28.0%, from EUR 254.3 million in 2019 to EUR 
183.0 million in 2020. This decline is mainly due to the deterioration of 44.4% in the currency translation reserve, 
from minus EUR 175.5 million in 2019 to minus EUR 253.4 million in 2020. The equity ratio shrank to 50.2% as of 
December 31, 2020 (2019: 56.2%), but still remained above the 50% mark. 
The current liabilities of Petro Welt Technologies AG decreased by 27.3% as of December 31, 2020, because trade 
payables declined by 30.0% due to the devaluation of the Russian ruble. Overall, net debt increased from EUR 24.2 
million in 2019 to EUR 42.4 million; gross debt dropped by EUR 10.2 million in 2020 to EUR 158.0 million as of December 
31, 2020. The net debt-to-equity ratio thus deteriorated from 9.6% as of December 31, 2019, to 23.2% as of December 31, 
2020, which corresponds to a net debt-to-EBITDA ratio of 93.7%, up from 53.1% in 2019. The Group's gross leverage ratio 
is expected to remain below 3.0x and its net leverage ratio below 0.5x in 2020-21. Thus, Moody's once again confirmed 
PeWeTe's Ba3 rating. 
Outlook for 2021 
In these extremely difficult conditions, PeWeTe is working to maintain secure levels of contracting and capacity 
utilization. Group revenue in rubles is expected to be around RUB 21.4 billion in 2021, which translates to between EUR 
233.1 million and EUR 240.9 million, based on an average exchange rate of EUR 1.0 between RUB 89.0 and RUB 92.0. The 
EBITDA margin is projected to be in the range of 16.0% to 16.6%. This forecast does not take into account potential 
external economic shocks. 
The 2020 Annual Report of Petro Welt Technologies AG is available for download on our corporate website at 
www.pewete.com. 
 
Key Positions                                      2020  2019  +/- % 
Revenue                               EUR million 252.3 298.4 (15.4) 
EBITDA                                EUR million  45.2  45.6  (0.9) 
EBIT                                  EUR million  11.4   7.6   50.0 
EBITDA margin                         %            17.9  15.3 
EBIT margin                           %             4.5   2.5 
Group result                          EUR million   6.7   5.4   24.1 
Earnings per share                    EUR          0.14  0.11   27.3 
Equity                                EUR million 183.0 254.3 (28.0) 
Cash flows from operating activities  EUR million  23.5  36.1 (34.9) 
Employees (average)                               3,308 3,360  (1.5) 

About Petro Welt Technologies AG Petro Welt Technologies AG, domiciled in Vienna, is one of the leading and first established oilfield services companies in Russia and the CIS and is specialized in services which increase the productivity of new as well as existing oil and gas formations. Contact Konstantin Huber (be.public) Investor Relations T: +43 1 503 2 503-29 huber@bepublic.at -----------------------------------------------------------------------------------------------------------------------

2021-04-27 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------

Language:     English 
Company:      Petro Welt Technologies AG 
              Kärntner Ring 11-13 
              1010 Vienna 
              Austria 
Phone:        +43 1 535 23 20-0 
Fax:          +43 1 535 23 20-20 
E-mail:       ir@pewete.com 
Internet:     www.pewete.com 
ISIN:         AT0000A00Y78 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1189558 
 
End of News   DGAP News Service 
=------------ 

1189558 2021-04-27

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1189558&application_name=news 
 

(END) Dow Jones Newswires

April 27, 2021 14:30 ET (18:30 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
0X (ZRX/USD) 5.96% 0.82314 Real-time Quote.114.75%
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.13%
LONDON BRENT OIL -0.82% 75.16 Delayed Quote.44.56%
PETRO WELT TECHNOLOGIES AG 0.00% 2.07 Delayed Quote.-1.43%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.13% 73.1213 Delayed Quote.-0.78%
WTI 0.53% 73.659 Delayed Quote.50.25%
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Financials
Sales 2020 252 M 299 M 299 M
Net income 2020 6,67 M 7,91 M 7,91 M
Net Debt 2020 8,09 M 9,61 M 9,61 M
P/E ratio 2020 15,4x
Yield 2020 -
Capitalization 101 M 120 M 120 M
EV / Sales 2019 0,47x
EV / Sales 2020 0,44x
Nbr of Employees 3 308
Free-Float 12,9%
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Denis Alexandrovich Stankevich Chief Executive Officer
Valeriy Inyushin Chief Financial Officer
Maurice Greroire Rene Dijols Chairman-Supervisory Board
Ralf Wojtek Independent Member-Supervisory Board
Remi Paul Independent Member-Supervisory Board
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