EQS-Ad-hoc: Petro Welt Technologies AG / Key word(s): Annual Results
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%

29-Apr-2022 / 22:35 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by EQS - a service of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.

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• 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 29, 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 23.2% 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 91.3% 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 website [1] www.pewete.com.

Key Positions   2021 2020 +/- %
Revenue EUR million 237.0 251.6 (5.8)
EBITDA EUR million 33.5 46.5 (28.0)
EBIT EUR million 7.3 16.7 (56.3)
EBITDA margin % 14.1 18.5  
EBIT margin % 3.1 6.6  
Group result EUR million 2.9 6.7 (56.7)
Earnings per share EUR 0.06 0.14 (56.7)
Equity EUR million 206.0 183.0 12.6
Cash flows from operating EUR million 34.5 23.5 46.8
activities
Employees (average) Full-time equivalents 3,131 3,308 (5.4)

 

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: +43 1 503 2 503-29
huber@mhfriends.at

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29-Apr-2022 CET/CEST News transmitted by EQS Group AG. www.eqs.com

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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
WKN: A0JKWU
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1340205

 
End of Announcement EQS News Service

1340205  29-Apr-2022 CET/CEST

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