EQS-Ad-hoc: Petro Welt Technologies AG / Key word(s): Quarterly / Interim
Petro Welt Technologies AG: Q1 2023 results for Petro Welt Technologies
AG: Solid order and revenue development, slightly negative EBIT
25-May-2023 / 22:30 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS
The issuer is solely responsible for the content of this announcement.
• Rising job numbers in Kazakhstan, the Groups only remaining market
• On a comparable basis, Group revenue increased to EUR 2.9 million
• EBITDA lower, but clearly positive at EUR 0.3 million (Q1 2022: EUR
• EBIT slightly negative at EUR –0.3 million, yet significantly better
than last year (Q1 2022: EUR –2.1 million
• Financial stability ensured despite uncertain times
Vienna, May 25, 2023
After the sale of the subsidiaries in Russia in August 2022 and the
closure of operations in Oman, also completed in 2022, PeWeTe’s subsidiary
in Kazakhstan is the only remaining operating business unit of the PeWeTe
Group. Its operations concentrate solely on the Kazakh market. Against the
background of this significant reduction in the scope of business, the
previous year’s figures have been adjusted for comparative purposes.
According to the Word Bank, after GDP growth of 3.2% in 2022, the Kazakh
economy is expected to see a moderate increase in its growth rate to 3.5%
in 2023 and to 4% in 2024, led by the hydrocarbons sector as oil
production is expected to rise thanks to several new projects. Inflation
is expected to remain beyond the target range of 4–6% in 2023 due to
elevated food prices and prices of imported intermediate goods.
Compared to the same period last year, the tenge has strengthened both on
average over the reporting period and as of the reporting date. At 486.58
KZT/EUR as of March 31, 2023, the KZT/EUR exchange rate has – after a
significant drop in February – almost returned to the price at the
beginning of the year of 492.86 KZT/EUR. Compared to the exchange rate of
510.57 KZT/EUR as of March 31, 2022, this means an increase in value of
5%. The average exchange rate recorded an increase of the same magnitude
in the first quarter compared to the same period last year (Q1 2023:
487.66 KZT/EUR; Q1 2022: 512.48 KZT/EUR).
Revenue of the PeWeTe Group increased by 58.2% to EUR 2.891 million in the
reporting period from EUR 1.827 million in the first three months of
2022. This was made possible by a significant expansion of activities in
the Kazakh market and the use of new fracturing equipment, which increased
operational capacity by 30%.
On this basis, the number of jobs increased by 17 or 22% to 96 fracturing
operations in the reporting period (2022: 79).
Gross profit, on the other hand, showed a decrease of 18.4%, caused by an
increase in the cost of sales. The reduction in administrative costs,
which was achieved at the same time, was not sufficient to achieve a
positive operating result. At EUR –0.3 million, EBIT is nevertheless
significantly better than last year’s EUR –2.1 million. The EBIT margin
amounted to –9.8%, compared to –114.9% for the same period last year.
EBITDA was also significantly lower – although clearly positive – at EUR
0.3 million (Q1 2022: EUR 7.9 million). The reason for this reduction is
the deconsolidation of the Russian subsidiaries which were sold in 2022.
Taking into account available measures and the existing solid liquidity
position of PeWeTe, the management considers that the Company has
sufficient financial stability to continue its operational activity for at
least the next twelve months from the reporting date, even if the economic
environment were to deteriorate significantly. Accordingly, the management
has concluded that there is no material uncertainty regarding the Group’s
ability to continue as a going concern.
The Q1 2023 Report of Petro Welt Technologies AG is available for download
on our website at  www.pewete.com.
Key positions Q1 2023 Q1 2022 +/– % Q1 2022
Revenue EUR million 2.891 1.827 58.2 62.380
EBITDA EUR million 263 7.939 (96.7) 7.939
EBIT EUR million (282) (2.099) 86.6 1.129
EBITDA margin 9.1% 12.7% – 12.7%
EBIT margin (9.8)% (114.9)% – 1.8%
^ About Petro Welt Technologies AG
Petro Welt Technologies AG, a company domiciled in Vienna, Austria, had
been one of the leading and oldest oilfield services (OFS) companies in
Russia and the CIS specializing in services that increase the productivity
of both new and existing oil & gas formations. Against the backdrop of the
sanctions against Russia, the company has sold all its subsidiaries in
this market and now operates exclusively in Kazakhstan.
Konstantin Huber (Male Huber Friends)
T: +43 1 503 2 503-29
^ The previous year’s figures were adjusted as a result of the
classification of PEWETE EVO EUROPE S.R.L., PEWETE EVO SERVICES LLC, OOO
KATKoneft, OOO KATOBNEFT, OOO Trading House KAToil, OOO KAToil Leasing,
OOO KAT-oil Drilling, OOO Petro Welt Technologies and OOO Wellprop as
discontinued operations or their sale or liquidation – see note 5 to the
consolidated financial statements for fiscal 2022.
End of Inside Information
25-May-2023 CET/CEST News transmitted by EQS Group AG. www.eqs.com
Company: Petro Welt Technologies AG
Kärntner Ring 11-13
Phone: +43 1 535 23 20-0
Fax: +43 1 535 23 20-20
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1642349
End of Announcement EQS News Service
1642349 25-May-2023 CET/CEST
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