Contact:
Gerald Grohmann, Chairman of the Board
Phone: +43 2630/315 - 110
E-Mail: sboe@sbo.co.at
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Ternitz/ Vienna (pts046/31.03.2003/16:36) - Starting on 27 March the Schoeller-Bleckmann Oilfield Equipment AG (SBO) http://www.sbo.co.at is listed on the prime market at the Wiener Börse (Vienna Stock Exchange). This was announced by SBO chairman of the board Gerald Grohmann and Chief of Finance Franz Gritsch at a budget press conference on Tuesday, March 25, in Vienna.
Attending the press conference were the chairman of the Wiener Börse AG, Stefan Zapotocky, as well as Birgit Kuras, representing the investment bank Raiffeisen Centrobank. On the basis of the positive results of 2002, SBO will propose an unchanged disbursement of 50 cents per share at the shareholders' meeting.
SBO stocks have been listed at the Nasdaq Europe exchange since 1997. According to Grohmann, the decision to be listed in Vienna was made early in 2003 and based on the following goals: to improve the liquidity of SBO shares, to attract the attention of the media and investors, and to get better access to capital markets through the company's presence at the Vienna Stock Exchange.
"Schoeller-Bleckmann is bringing another Blue Chip to Vienna. As one of the most successful Austrian industrial firms with an attractive dividend yield, we consider ourselves a substantial enrichment to the Vienna market. We expect this step to lead to a fair assessment of SBO stock in the future and in the middle term we expect more interest among private investors," said Grohmann.
Good annual results - Proposed disbursement of 50 cents per share
Schoeller-Bleckmann also confirmed the preliminary figures for the fiscal year 2002. The final results show group turnover at 178.6m euros (compared to 216.7m euros the year before). Earnings before interest and taxes (ebit) were 26.1m euros compared to 36.6m euros in the same period the year before, slightly surpassing the preliminary figures.
With an ebit margin of only 14.6 per cent, Schoeller-Bleckmann ranks at the forefront of similar companies in Europe and well above the long term company average of 12.1 per cent.
"After the years 2000 and 2001, which were marked by an overheated oilfield economy, the year 2002 proved to by a good normal year for SBO," said Gritsch, commenting on the annual results. On the basis on these good results, the board will propose a dividend yield of 0.30 euros per share and a premium of 0.20 euros - unchanged from the year before. This will result in a total disbursement of 6.5m euros.
"The year 2002 was as volatile as expected for SBO. The difficult general economic environment and the looming conflict in Iraq proved to be negative factors. The 18 per cent worldwide decrease in 'rig count' - which is the most important indicator for drilling activity - compared to 2001 mirrored the weak demand for energy in the slow economy," said Grohmann, outlining the economic conditions in 2002. Through strict cost management and a flexible capacity policy, the company however managed to achieve a good result. SBO thereby proved that attractive results can be achieved even in a rough economic environment. The group managed to decrease its net loss to 49.6m euros (compared to 59.8m euros). Gearing was 54.4 per cent (compared to 59.4 per cent). The company views these figures as a confirmation of its cautious "value strategy" based on selective growth.
In 2002, 74 per cent of SBO's turnover was made in North America, 16 per cent in Europe and 10 per cent in other countries (in Latin America and Asia). In total, 83 per cent of turnover was made in US dollars. About 3.5 per cent of SBO's decline in turnover has been attributed to the devaluation of the dollar compared to the euro.
First glimpse of the 1st quarter and year 2003
Due to the war in Iraq and the resulting uncertain political climate in the world, it is not possible to give a precise prognosis for the business year 2003, said Grohmann and Gritsch. SBO has also been affected by the unfavourable economic conditions in the world. As a result of this, and the sinking value of the dollar compared to the euro, turnover developing in the first weeks of 2003 dropped below the level of the same period in the previous year.
The board now expects the first quarter to be positive, even if weaker than the year before, making it comparable to the second and third quarters of 2002. Further developments in Iraq nevertheless present an uncertainty factor for the oil service branch. A long war would slow the economy around the world and obstruct a speedy recovery of the oil service industry in the near future. A quick return to more predictable political relations could on the other hand liven up business in the second half of 2003. Depending on which scenario takes place, the board predicts that the year 2003 could either be a difficult one or continue the trend of the normal year 2002.
New homepage: info.sbo.at
Along with its debut on the Vienna Stock Exchange, SBO is launching a new website. As of 25 March 2003 interested investors can find extensive information on the company and its shares at http://info.sbo.at . In the Press Corner journalists can access an archive with press information, photographs and logos. "By launching our new homepage at the start of our Vienna listing, we intend to intensify our communication with investors and the media. One goal of our listing in Vienna is to provide comprehensive and transparent information to all target groups on the Austrian capital market," Grohmann concluded.
Select group result figures in euros according to IAS 2002
Turnover = 178,6m (2002), 216,5m (2001)
EBIT = 26,1m (2002), 36,6m (2001)
EBIT margin = 14,6 % (2002), 16,9 % (2001)
Group result = 11,1m (2002), 19,7m (2001)
Employees = 852 (2002), 924 (2001)
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