Petro Welt Technologies : Consolidated financial results 2021

AD-HOC ANNOUNCEMENT

Petro Welt Technologies AG - Consolidated financial results 2021: The Group mastered the difficult macroeconomic conditions with solid cash flows and an increased equity ratio of 51.0%

•  In 2021, revenue in EUR amounted to EUR 237.0 million (2020: EUR 251.6 million).

•  Equity increased to EUR 206.0 million in 2021, up from EUR 183.0 million in 2020.

•  Cash flow from operating activities rose by 46.8% to EUR 34.5 million (2020: EUR 23.5 million).

•  EBIT decreased by 56.3% to EUR 7.3 million (2020: EUR 16.7 million).

•  EBITDA fell to EUR 33.5 million, as did the EBITDA margin from 18.5% in 2020 to 14.1% in 2021.

•  Focus on highly profitable core markets: the Company's Romanian subsidiary PEWETE EVO EUROPE S.R.L. stopped its operating activities as of December 31, 2021.

Vienna, April 27, 2022

Despite the challenges posed by the COVID-19 pandemic - the decline in hydraulic fracturing jobs, growing inflation as well as rising material and equipment costs - Petro Welt Technologies AG (PeWeTe), which specializes in oilfield services mainly in Russia and Kazakhstan, managed to achieve a positive financial result for the full 2021 financial year. The PeWeTe Group's consolidated revenue expressed in EUR fell by 5.8% to EUR 237.0 million, and earnings declined to EUR 2.9 million. Nevertheless, at an equity ratio of 51.0%, further reductions in its net debt, and solid cash flows, PeWeTe mastered the difficult macroeconomic conditions and maintained a stable performance.

PeWeTe's primary goal in the 2021 financial year was to improve its operational efficiency and to boost the profitability of both existing and future projects. In order to push the Group's development, the Management Board focused on profitable markets, especially Russia and Kazakhstan. In October 2021, therefore, the Group decided to discontinue all of its operations in Romania and transferred the majority of its assets in that country to the operations in Russia. The Company's Romanian subsidiary PEWETE EVO EUROPE S.R.L. stopped its operating activities as of December 31, 2021.

PeWeTe faces challenges through the decline in hydraulic fracturing jobs, growing inflation as well as rising material and equipment costs. In order to maintain its reputation as a technology leader, the Company continues to make investments in equipment and infrastructure, software and personnel development as well as

environmental safety. Petro Welt Technologies AG's financial statements record no distributable profit. Therefore, the Management Board will propose to the Annual

General Meeting not to distribute a dividend for the 2021 financial year.

Solid balance sheet and financing structure maintained

Compared to the close of 2020 (EUR 364.3 million), as of December 31, 2021, the PeWeTe Group's total assets increased by 10.8% to EUR 403.6 million. This is mainly attributable

to the managerial cash position (which includes cash, cash equivalents, and bank deposits), that shot up in 2021 by 24.1% to EUR 143.5 million (2020: EUR 115.6 million) as well as contract assets (+45.3%) and inventories that inched up from just under EUR 35.7 million to EUR 36.6 million.

Petro Welt Technologies AG's current liabilities jumped by about 23.0% to EUR 65.5 million as of December 31, 2021. Equity increased by 12.6% to EUR 206.0 million in 2021, up from EUR 183.0 million in 2020. As a result, the equity ratio was 51.0% as of December 31, 2021, thus remaining above the 50% mark. The net debt-to-equity ratio improved from 23.4% as of December 31, 2020, to 11.7% as of December 31, 2021, which corresponds to a net debt-to-EBITDA ratio of 71.6%, compared with 92.3% in

2020. This level can be considered safe because the tolerated threshold amounts three times this value.

Outlook for 2022

In 2022, geopolitical tensions arose as a result of the developments in connection with

Ukraine, which adversely affected the commodity and financial markets and increased volatility, especially with respect to foreign exchange rates. The future economic environment may differ substantially from management's estimates.

Management expects revenue of about RUB 28.8 billion in 2022. When converted to the

Company's reporting currency (euro), this revenue may translate into amounts between EUR 230.7 million and EUR 310.1 million based on EUR/RUB exchange rates between RUB 125 and RUB 92 per euro. Management currently forecasts EBITDA of RUB 3.5 billion which equates to between EUR 28.0 million and EUR 38.0 million based on exchange rates between RUB 125 and RUB 92 per euro, respectively. These forecasts are based on the situation as of the publication date of the present report and do not take any further escalation into account.

The 2021 Annual Report of Petro Welt Technologies AG is available for download on the corporate websitewww.pewete.com.

Key Positions
Revenue	EUR	million
EBITDA	EUR	million
EBIT	EUR	million
EBITDA margin	%
EBIT margin	%
Group result	EUR	million
Earnings per share	EUR
Equity	EUR	million
Cash flows from operating	EUR	million
activities
Employees (average)

2021	2020	+/- %
237.0	251.6	(5.8)
33.5	46.5	(28.0)
7.3	16.7	(56.3)
14.1	18.5
3.1	6.6
2.9	6.7	(56.7)
0.06	0.14	(56.7)
206.0	183.0	12.6
34.5	23.5	46.8
Full-time	3,131	3,379	(7.3)
equivalents

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 (Male Huber Friends)

Investor Relations

T: [phone]