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Annual Result 
 
Ternitz/Vienna - 17 March 2021. 
 
* Operating result of MEUR 1.2, COVID-19 related reduction in sales to MEUR 
  291.2 
* Exchange losses and non-cash impairments weigh on results, with profit after 
  tax at MEUR minus 21.7 
* High operating cashflow of MEUR 94.3 and net liquidity of MEUR 9.5 strengthen 
  position 
 
Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed on the leading ATX index 
of the Vienna Stock Exchange, has met the challenges of 2020 with experienced 
management team and targeted measures to reduce the negative effects of the 
COVID-19 pandemic. Despite the massive crisis resulting therefrom, the SBO Group 
generated a break-even operating result. The exceptional global situation and 
the drop in demand for oil and gas led to a decline in sales and results. The 
high level of cash and net liquidity strengthened the company in this 
challenging market environment. 
 
SBO Group sales fell by 34.6% due to the global economic crisis and lower energy 
consumption, arriving at MEUR 291.2, down from MEUR 445.3 in 2019. Bookings came 
to MEUR 235.1 (2019: MEUR 467.2), a decrease of 49.7%. The order backlog was 
MEUR 65.2 at the end of 2020 (31 December 2019: MEUR 123.0). Earnings before 
interest, taxes, depreciation and amortization (EBITDA) stood at MEUR 27.1 
(2019: MEUR 108.6). Profit from operations was positive at MEUR 1.2, but was 
impacted by exchange losses of net MEUR 6.8. As a result, profit from operations 
(EBIT) before one-off items was MEUR minus 5.6 (2019: MEUR 60.8). Due to non- 
cash impairments at North American subsidiaries and restructuring expenses of 
MEUR 22.3, EBIT after one-off items came to MEUR minus 28.0 (2019: MEUR 60.2). 
The EBITDA margin was 9.3% (2019: 24.4%), and the EBIT margin was minus 9.6% 
(2019: 13.5%). 
 
The financial result in 2020 arrived at MEUR minus 3.2 (2019: MEUR minus 12.3). 
Impacted by the one-off items described above, profit before tax dropped to MEUR 
minus 31.2 (2019: MEUR 47.9). Profit after tax was MEUR minus 21.7 in 2020 
(2019: MEUR 32.3). Earnings per share came to EUR minus 1.38 (2019: EUR 2.03). 
 
"In 2020, the world was faced with the largest economic crisis since World War 
II. We could not avoid the effects, but relying on our profound experience in 
the management of crises, we navigated safely through the current cycle", says 
Gerald Grohmann, CEO of SBO. 
 
High liquidity strengthens position 
SBO Group equity arrived at MEUR 287.0 in 2020 (2019: MEUR 370.1). The equity 
ratio was 36.9 % at the end of 2020 (2019: 42.3 %). Due to a high positive 
cashflow, net debt turned into net liquidity of MEUR 9.5 in 2020 (2019: net debt 
MEUR 20.1). Accordingly, gearing also decreased from 5.4 % (2019) to minus 3.3 % 
as at 31 December 2020. 
 
Liquid funds increased sharply, arriving at MEUR 314.0 (2019: MEUR 265.2). In 
the third quarter of 2020, SBO further strengthened its existing strong 
liquidity base by raising funds of MEUR 81.0. The operating cashflow arrived at 
MEUR 94.3 in the year 2020 (2019: MEUR 98.1). Free cashflow rose from MEUR 63.8 
in 2019 to MEUR 80.1. Capital expenditure on property, plant and equipment and 
intangible assets (CAPEX) amounted to MEUR 16.2 (2019: MEUR 31.5), and purchase 
commitments for property, plant and equipment came to MEUR 3.7 (2019: MEUR 5.0). 
 
Due to the development of the crisis year 2020 and the negative result, the 
Executive Board will propose to the Annual General Meeting on 29 April 2021 not 
to distribute a dividend for the financial year 2020 (2019: EUR 1.20 per share). 
 
Outlook 2021 
Although the uncertain current situation hardly allows for reliable, resilient 
forecasts of future economic development and recovery of the oil and gas market, 
there are clear signs of an upward trend: the oil and gas industry bottomed out 
in the third quarter of 2020, leading to a slight recovery in the market. This 
should continue in the following quarters and bring about a noticeable rise, in 
particular from the second half of 2021 onward. However, these projections 
depend largely on how quickly the COVID-19 pandemic is contained and global 
economic growth picks up again. 
 
"We are well prepared for 2021, given our strong liquidity base and effective 
anti-crisis measures already in place. Market sentiment has improved recently 
due to the roll-out of vaccination programs and additional stimulus packages. 
However, we remain vigilant in view of the uncertain market conditions. At Group 
level, we expect to see a moderate increase in activities in the first half of 
the year, which should gain momentum in the second half of 2021", says CEO 
Grohmann. 
 
With its high-quality products, the SBO Group contributes to making the supply 
with energy more efficient and more economically friendly. "In parallel, we are 
continuously working on the implementation of our sustainable growth strategy 
and are gradually expanding the scope of application of our technologies in the 
oil and gas market as well as in other industries", comments Gerald Grohmann. 
The SBO Group has been using "Direct Metal Laser Sintering", an innovative 3D- 
metal printing technology, for several years, involving the Group in projects 
for the aerospace and semiconductor industries. The aim is to increasingly offer 
this manufacturing competence to different industrial sectors so as to gradually 
identify potential new business areas for high-precision manufacturing and 
broaden the portfolio. Spending for research & development as well as the sound 
positioning in demanding niches will secure the frontrunning position of the SBO 
Group going forward. 
 
 
SBO's key performance indicators at a glance 
 ______________________________________________________________________________ 
|                  |                   |               2020|               2019| 
|__________________|___________________|___________________|___________________| 
|Sales             |               MEUR|              291.2|              445.3| 
|__________________|___________________|___________________|___________________| 
|Earnings before   |                   |                   |                   | 
|interest, taxes,  |                   |                   |                   | 
|depreciation and  |               MEUR|               27.1|              108.6| 
|amortization      |                   |                   |                   | 
|(EBITDA)          |                   |                   |                   | 
|__________________|___________________|___________________|___________________| 
|EBITDA margin     |                  %|                9.3|               24.4| 
|__________________|___________________|___________________|___________________| 
|Profit from       |                   |                   |                   | 
|operations (EBIT) |                   |                   |                   | 
|before one-off    |               MEUR|               -5.6|               60.8| 
|items             |                   |                   |                   | 
|__________________|___________________|___________________|___________________| 
|EBIT margin       |                   |                   |                   | 
|before one-off    |                  %|               -1.9|               13.7| 
|items             |                   |                   |                   | 
|__________________|___________________|___________________|___________________| 
|Profit from       |                   |                   |                   | 
|operations (EBIT) |               MEUR|              -28.0|               60.2| 
|__________________|___________________|___________________|___________________| 
|EBIT margin       |                  %|               -9.6|               13.5| 
|__________________|___________________|___________________|___________________| 
|Profit before tax |               MEUR|              -31.2|               47.9| 
|__________________|___________________|___________________|___________________| 
|Profit after tax  |               MEUR|              -21.7|               32.3| 
|__________________|___________________|___________________|___________________| 
|Earnings per share|                EUR|              -1.38|               2.03| 
|__________________|___________________|___________________|___________________| 
|Cashflow from     |                   |                   |                   | 
|operating         |               MEUR|               94.3|               98.1| 
|activities        |                   |                   |                   | 
|__________________|___________________|___________________|___________________| 
|Liquid funds      |               MEUR|              314.0|              265.2| 
|__________________|___________________|___________________|___________________| 
|Headcount         |                   |              1,131|              1,535| 
|__________________|___________________|___________________|___________________| 
 
 
 
Schoeller-Bleckmann Oilfield Equipment AG (SBO) is a globally operating group of 
companies and a leading supplier of sophisticated industrial manufacturing 
processes. SBO is listed on the Vienna Stock Exchange and included in the 
leading ATX index. The SBO Group is the global market leader in the production 
of high-precision components made of non-magnetic, high-alloy stainless steels 
manufactured to customer specifications. At the same time, the SBO Group holds a 
leading position in high-efficiency drilling tools and equipment for the oil and 
gas industry. The Group employs a workforce of more than 1,100 worldwide and is 
successfully positioned in technologically demanding and profitable niches. 
www.sbo.at [http://www.sbo.at/] 
 
 
 
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March 17, 2021 03:00 ET (07:00 GMT)