Q FIRST QUARTER REPORT JANUARY - MARCH, 2013
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1 Q FIRST QUARTER REPORT JANUARY - MARCH, 2013
2 Key Group Figures First Quarter Report Q KEY GROUP FIGURES 2 Q Q Change Selected Group Figures in accordance with IFRS in % Revenue 98,910 75, % Gross Profit 17,769 9, % EBITDA 24,009 13, % EBITDA margin 24.3% 18.5% EBIT 11,539 3, % EBIT margin 11.7% 5.3% Net profit for the period 7,181 2, % Earnings per share (in EUR) Balance sheet total 1) 389, , % Equity 1) 255, , % Equity ratio 1) 65.6% 67.0% Capital expenditure 14,704 5, % Cash flow from operating activities 6,059 9, % Cash flow from financing activities 3,676-9,456 >100.0% Cash and cash equivalents 1) 34,845 38, % Employees (average) 2,595 2, % 1) As of and respectively
3 INTRO First Quarter Report Q C.A.T. oil Energy in motion 3 Dear Ladies and Gentlemen, Dear Shareholders, The results of the first three months of the current financial year send a clear signal: C.A.T. oil achieves another record high in the first quarter 2013 by continuing to substantially increase its profits and market share. Manfred Kastner Chief Executive Officer C.A.T. oil s key performance indicators highlight this development: Our revenues rose by 31.3% to EUR 98.9 million driven by the persistent demand for our well-diversified services and the high activity levels. Building upon strict cost management and continued efficiency gains we boosted our EBITDA by 71.9% to EUR 24.0 million, pushing our EBITDA-margin to 24.3% (Q1 2011: 18.5%) while our net income rose sharply by 187.5% to EUR 7.2 million. Following the successful set up of high class drilling, we introduced C.A.T. oil s new segment reporting in Q clustering our activities in Well Services and Drilling, Sidetracking and IPM (Integrated Project Management) going forward. The hallmark of 2013 will be accelerated growth further supported by additional capacity expansion in sidetracking and fracturing as well as full utilization in high class drilling. Furthermore, we are ahead of our schedule in mobilising the new sidetrack drilling rigs: All five new sidetrack drilling rigs will contribute to our earnings as of the beginning of June. The additional fracturing fleet will be ready for operations in the third quarter as scheduled. C.A.T. oil thus executes its EUR 45 million capital expenditure program to increase operating capacities by approximately 30% for sidetracking and 10% for fracturing. Based on the excellent results of the 2013 tendering campaign, the record high in the first quarter and the vital demand for our Company s high quality services, we reiterate our outlook for financial year As of end of May 2013 our order book for the ongoing year stands at around EUR 400 million, an increase of 38% compared to the end of May We are therefore confident in achieving revenues in a range of EUR 405 to 425 million and EBITDA ranging from EUR 95 to 105 million in We thank our shareholders for their loyalty to C.A.T. oil and look forward to continuing our journey of profitable business growth in Sincerely, Manfred Kastner
4 group interim report 4 1 group interim report
5 Group Balance Sheet AS OF First Quarter Report Q group interim report Assets Current assets Inventories 23,222 24,650 Trade accounts receivable 97,672 72,930 Prepaid expenses and other current assets 2,814 3,588 Cash and cash equivalents 34,845 38,816 Non current assets Property, plant and equipment and intangible assets 216, ,597 Goodwill 3,959 3,903 Investments and other nun current assets Deferred taxes 9,125 7, , ,812 Shareholders equity and liabilities Current liabilities Trade accounts payable 47,160 35,879 Short term debts against related parties Other current liabilities 14,021 19,102 Non current liabilities Deferred tax liabilities 17,850 15,273 Long term debts against related parties 54,102 50,054 Shareholders equity Share capital 48,850 48,850 Capital reserves 111, ,987 Retained earnings 122, ,827 Foreign currency exchange reserve -27,640-30, , ,812
6 Consolidated Statements of Income group interim report 6 Q Q Revenues 98,910 75,327 Cost of revenues -81,141-65,855 Gross profit 17,769 9,472 Other operating income and expenses General and administrative expense -5,278-5,384 Operating result 11,539 3,991 Interest income and expenses Foreign currency exchange loss -1,042 2,820 Result before income tax from continuing operations 9,987 6,031 Income tax -2,806-3,533 Net income from continuing operations 7,181 2,498 Thereof result from discontinued operations Earnings per share Consolidated Statements of Comprehensive income Q Q Net Income 7,181 2,498 Differences currency translation 1,355 7,424 Differences net investment 1,697 10,359 Other comprehensive income 3,052 17,783 Total comprehensive income 10,233 20,281
7 Consolidated Statements of Cash Flows group interim report 7 Q Q Profit before income tax 9,987 6,031 Depreciation and amortization 12,470 9,977 Loss on disposal of fixed assets Change in net working capital -15,577-5,215 Income tax paid -2, Other non cash income and expenses 745-1,282 Net cash provided by (used in) operating activities 6,059 9,041 Purchase of property, plant and equipment -14,704-5,810 Proceeds from sale of equipment Net cash used in (provided by) investing activities -14,013-5,645 Change in long- and short-term debt 4,186-8,676 Finance income paid / received Net cash used in (provided by) financing activities 3,676-9,456 Net effect of currency translations in cash and cash equivalents 307-1,335 Net change in cash and cash equivalents -3,971-7,395 Cash and cash equivalents as of ,816 30,388 Cash and cash equivalents as of ,845 22,993 Thereof: cash flows of the discontinued operation Net cash provided by (used in) operating activities 530-1,185 Net cash used in (provided by) investing activities Net cash used in (provided by) financing activities ,053
8 Consolidated Statements of Changes in Equity First Quarter Report Q group interim report 8 Share capital Capital reserve Retained earnings FX Reserve Net investment in a foreign country Total equity As at , ,987 99,901-26,015-14, ,948 Net profit / loss for the period 2,498 2,498 Differences currency translation 7,424 7,424 Differences net investment 10,359 10,359 As of , , ,399-18,591-4, ,229 As at , , ,827-21,935-8, ,972 Net profit / loss for the period 7,181 7,181 Differences currency translation 1,355 1,355 Differences net investment 1,697 1,697 As of , , ,008-20,580-7, ,205
9 MANAGEMENT OVERVIEW 9 2 MANAGEMENT OVERVIEW of the Q results
10 Earnings situation First Quarter Report Q MANAGEMENT OVERVIEW 10 Record growth and profitability The Company s operating and financial results are characterized by distinct seasonality whereby the first quarter performance is exposed to a slowdown in operations due to harsh weather conditions in West Siberia during the winter months and, therefore, profit contributions predominately arise in the second and third quarters of any year. Despite the seasonal effects, the Company demonstrated an outstanding operating and financial performance, which was largely attributable to much higher utilization of the new drilling rigs, the enhanced fracking activity levels and the addition of two new sidetracking rigs, during the reporting period. Not only strong volume growth in fracturing, sidetracking and drilling operations enabled the Company to boost revenues by 31.3% YoY to a new quarterly high of EUR 98.9 million (Q1 2012: EUR 75.3 million) but also the continued gains in a per job revenues owing to positive momentum in the average job size and complexity. Vibrant business expansion, reinforced by the Company s tight cost controls and high operating efficiencies, translated into a 71.9% YoY hike in EBITDA to EUR 24.0 million (Q1 2012: EUR 14.0 million) with the EBITDA margin expanding to 24.3% (Q1 2012: 18.5%). As a result, net income staged a 187.5% YoY improvement to EUR 7.2 million (Q1 2012: EUR 2.5 million). The average exchange rate of the rouble was 40.2 roubles/euro in Q compared to 39.5 roubles/euro in Q As of 31 March 2013 the exchange rate was 39.8 roubles/ euro compared to 39.2 roubles/ euro as of 31 March Consolidated revenue improved 31.3% YoY The Company s consolidated revenues improved 31.3% YoY to EUR 98.9 million in Q (Q1 2012: EUR 75.3 million). The increase was primarily driven by the higher operating activity levels and the greater average job size and complexity. The total service job count elevated 9.0% YoY to 872 jobs (Q1 2012: 800 jobs), whereas the average per job revenues improved 20.4% YoY to 113 (Q1 2012: 94). As the Company s new drilling service reached the required critical mass, the Company has introduced new operating and reportable segments since 1 January 2013 as follows: Well Services (fracking, cementing and completion operations); Drilling, Sidetracking and IPM (drilling and sidetracking operations as well as integrated project management services); The contribution of the Company s operating and reporting segments, Well Services and Drilling, Sidetracking and IPM as well as the former segment of Formation Evaluation presented as Other Segments to the consolidated revenues was as follows: Well Services: revenues up 25.3% YoY Well Services revenues (from third parties) represented 55.3%% of the Company s total revenues in Q (Q1 2012: 59.5%). The reportable segment revenues staged a 25.3% YoY increase to EUR 54.7 million (Q1 2012: EUR 43.7 million) due to the combined effect of a 7.6% YoY gain in the service job count to 823 jobs (Q1 2012: 765 jobs) and a 16.5% YoY rise in the average per job revenues to 67 (Q1 2012: 57). The upward trend in the segment s job count primarily reflected a strong expansion of the Company s fracturing operations during the reporting period, whereas the higher per job revenues stemmed from the greater job size and complexity as well as the strengthened price environment.
11 MANAGEMENT OVERVIEW 11 Drilling, Sidetracking and IPM: revenues surged 48.5% YoY Drilling, Sidetracking and IPM segment revenues (from third parties) represented 44.7% of the Company s total revenues in Q (Q1 2012: 40.5%). The reportable segment revenues surged 48.5% YoY to EUR 44.2 million (Q1 2012: EUR 29.7 million) primarily due to a 40.0% YoY upturn in the service job count to 49 jobs (Q1 2012: 35 jobs). The segment s top line growth was also supported by a 6.1% YoY increase in the average per job revenues to 902 (Q1 2012: 850). Other Segments: discontinued Formation Evaluation business The Company discontinued its Formation Evaluation business in 2012, therefore the segment revenues were nil in Q (Q1 2012: EUR 1.9 million). The former Formation Evaluation segment results are presented as Other Segments. Cost of sales up 23.2% YoY Cost of sales, which primarily consists of materials and supply, direct costs, depreciation, wages and salaries, inflated 23.2% YoY to EUR 81.1 million in Q (Q1 2012: EUR 65.9 million) primarily due to the elevated operating activity levels across all the operative segments and the enhanced average job size and complexity. Cost of materials and supply was up 89.8% YoY to EUR 30.7 million (Q1 2012: EUR 16.2 million) owing predominantly to the lifted operating activity levels and the risen share of fracturing jobs with proppant procured by the Company. Direct costs, which primarily include transportation, mobilization, adaptation, subcontractor, repair and maintenance costs, were down 17.5% YoY to EUR 21.6 million (Q1 2012: EUR 26.1 million) primarily reflecting the lower third party costs. The contraction in direct costs was also attributable to a lack of additional expenses related to a setup of the new drilling service, which the Company launched a year ago. Wages and salaries rose 20.3% YoY to EUR 10.5 million (Q1 2012: EUR 8.7 million) mainly due to an 9.3% YoY increase in the Company s head count and the higher variable component of the employees compensation, which is partly driven by operating activity levels. Social security and welfare expenses increased 25.0% YoY to EUR 3.3 million (Q1 2012: EUR 2.6 million) effectively trailing the increase in wages and salaries. Depreciation expense was up 25.0% YoY to EUR 12.4 million (Q1 2012: EUR 9.9 million), primarily reflecting the addition of the new drilling services. Other costs of sales expanded 18.4% YoY to EUR 2.7 million (Q1 2012: EUR 2.2 million) primarily due to the higher operating activity levels and the increased expenses for rotation of the field crews as well as the higher lease expense for the additional office and operating camp space. As a result, cost of sales as a percentage of the Company s total revenues contracted to 82.0% in Q (Q1 2012: 87.4%). Gross profit advanced 87.6% YoY Gross profit staged an 87.6% YoY increase to EUR 17.8 million (Q1 2012: EUR 9.5 million) and the gross profit margin expanded to 18.0% (Q1 2012: 12.6%). General and administrative expenses down 2.0% YoY General and administrative expenses diminished 2.0% YoY to EUR 5.3 million (Q1 2012: EUR 5.4 million). The decrease was primarily attributable to the lower bank charges, travelling and insurance expenses, licensing fees as well as auditors remuneration. As a result, general and administrative expenses as a percentage of the Company s total revenues contracted to 5.3% in Q (Q1 2012: 7.1%).
12 MANAGEMENT OVERVIEW 12 Other operating income and loss Generally, other operating income or loss primarily represent result of profits and losses not arising from operating activities and include income and loss from disposals of fixed assets, sales of materials, written-off receivables as well as income or loss related to other periods or discontinued operations. The Company incurred other net operating loss of EUR 0.9 million in Q compared to other net operating loss of 0.1 million in Q Weighted average headcount rose 9.3% YoY The Company s total weighted-average headcount rose 9.3% YoY to 2,595 employees in Q (Q1 2012: 2,375 employees). The increase primarily represented the hiring of additional managerial, engineering and crew staff for the Company s drilling operations. EBITDA staged a 71.9% YoY increase and EBIT expanded almost three-fold YoY The Company s earnings before interest, corporate tax, depreciation and amortization (EBITDA) advanced 71.9% YoY to EUR 24.0 million (Q1 2012: EUR 14.0 million) and the EBITDA margin expanded to 24.3% (Q1 2012: 18.5%). The Company s earnings before interest and corporate tax (EBIT) expanded by 189.1% YoY to EUR 11.5 million (Q1 2012: EUR 4.0 million). The EBIT margin widened to 11.7% in Q (Q1 2012: 5.3%). Net financial result impacted by foreign currency losses The Company s net financial result was EUR 1.6 million in Q (Q1 2012: EUR 2.0 million) due to the combined effect of unrealized and realized foreign currency losses of EUR 1.0 million (Q1 2012: foreign currency gains of EUR 2.8 million) and net interest expense of EUR 0.5 million (Q1 2012: net interest expense of EUR 0.8 million). Strong bottom-line growth The Company s pre-tax profit improved 65.6% YoY to EUR 10.0 million (Q1 2012: EUR 6.0 million), whereas income tax expense declined 20.6% YoY to EUR 2.8 million (Q1 2012: EUR 3.5 million) primarily due to the lower deferred tax expenses during the reporting period. As a result, the Company recorded a 187.5% YoY increase in net income to EUR 7.2 million in Q (Q1 2012: income of EUR 2.5 million), and earnings per share according to IAS 33 amounted to EUR (Q1 2012: income per share of EUR 0.051).
13 Financial situation First Quarter Report Q MANAGEMENT OVERVIEW 13 Funds from operations up 51.8% YoY The Company s funds from operations were up 51.8% YoY to EUR 21.6 million (Q1 2012: EUR 14.3 million) primarily due to a 65.6% YoY increase in pre-tax profit to EUR 10.0 million (Q1 2012: EUR 6.0 million) and a 25.0% YoY rise in depreciation to EUR 12.5 million (Q1 2012: EUR 10.0 million). Cash flow from operating activities however staged a 33.0% YoY decrease to EUR 6.1 million (Q1 2012: EUR 9.0 million) primarily reflecting the effects of a seasonal expansion in net working capital during the reporting period. Cash flow from investment activities underscores new capacity additions The Company s capital expenditures program for 2013 stands at around EUR 45.0 million and is primarily intended for expansion of the Company s sidetracking capacity by 30% and fracturing capacity by 10% compared to the yearend The Company s capital expenditures increased 153.1% YoY to EUR 14.7 million in Q (Q1 2012: EUR 5.8 million) primarily owing to the addition of two new sidetrack drilling rigs during the reporting period. With the proceeds from sale of fixed assets of EUR 0.7 million (Q1 2012: EUR 0.2 million), the Company s cash flow from investing activities was a net outflow of EUR 14.0 million (Q1 2012: net outflow of EUR 5.6 million). Cash flow from financing activities primarily reflects a modest increase in long-term borrowings Cash flow from financing activities was a net inflow of EUR 3.7 million in Q (Q1 2012: net outflow of EUR 9.5 million) primarily due to an 8.1% increase in long-term borrowings to EUR 54.1 million as of 31 March 2013 (31 December 2012: EUR 50.1 million). Cash and cash equivalents contracted 10.2% to EUR 34.9 million as of 31 March 2013, from EUR 38.8 million as of 31 December 2012.
14 Asset situation First Quarter Report Q MANAGEMENT OVERVIEW 14 Solid balance sheet In Q1 2013, the Company stayed adhered to its conservative financial policy, as witnessed by its solid balance sheet with an equity ratio of 65.6% as of 31 March 2013 (31 December 2012: 67.0%). Fixed assets Property, plant and equipment increased 1.6% to EUR million as of 31 March 2013 from EUR million as of 31 December 2012, primarily reflecting a net result of depreciation, disposals and additions of fixed assets as well as foreign exchange differences during the reporting period. Deferred tax assets increased 15.9% to EUR 9.1 million as of 31 March 2013 from EUR 7.9 million as of 31 December 2012 as the Company particularly increased tax asstes of unused tax losses during the reporting period. Current assets Total current assets rose 13.2% to EUR million as of 31 March 2013 from EUR million as of 31 December Trade receivables inflated 33.9% to EUR 97.7 million as of 31 March 2013 from EUR 72.9 million as of 31 December 2012 primarily due to the business expansion and the effects of a seasonal slowdown in trade receivables turnover. Inventories were down 5.8% to EUR 23.2 million at 31 March 2013 from EUR 24.7 million as of 31 December 2012 largely reflecting the lower raw materials inventories. Pre-paid expenses and other current assets were down 37.8% to EUR 1.7 million as of 31 March 2013 from EUR 2.7 million as of 31 December 2012 primarily due to the lower advance payments. Tax assets were up 30.4% to EUR 1.1 million as of 31 March 2013 from EUR 0.9 million as of 31 December 2012, owing to the increased advance payments of the corporate income tax during the reporting period. Cash and cash equivalents declined 10.2% to EUR 34.8 million as of 31 March 2013 from EUR 38.8 million as of 31 December The Company s total assets increased 6.3% to EUR million as of 31 March 2013 compared to EUR million as of 31 December Current liabilities Trade payables increased 31.4% to EUR 47.2 million as of 31 March 2013 compared to EUR 35.9 million as of 31 December 2012 primarily due to the business expansion during the reporting period. Other current liabilities contracted 26.6% to EUR 14.0 million as of 31 March 2013 compared to EUR 19.1 million as of 31 December 2012, primarily reflecting the lower VAT, wage and property tax payables during the reporting period. Working capital As of 31 March 2013, net working capital of EUR 62.5 million, up 35.1% from EUR 46.2 million as of 31 December 2012, provided sufficient liquidity for the Company s operations. Interest-bearing liabilities The Company s interest-bearing liabilities were up 8.3% EUR 54.8 million as of 31 March 2013 from EUR 50.6 million as of 31 December 2012 due to an increase in long-term borrowings. As of 31 March 2013, the Company had net debt (interest-bearing liabilities less cash and cash equivalents) of EUR 19.9 million, up 69.3% from EUR 11.8 million as of 31 December 2012.
15 MANAGEMENT OVERVIEW 15 Deferred tax liabilities The Company s deferred tax liabilities increased 16.9% to EUR 17.9 million as of 31 March 2013 from EUR 15.3 million as of 31 December The increase primarily reflected differences in depreciation for tax and financial reporting purposes. Shareholder equity As of 31 March 2013 the Company had subscribed capital of EUR 48.9 million and capital reserves of EUR million. There had been no change to the Company s subscribed capital and capital reserves since 31 December Foreign currency exchange reserves increased to a deficit of EUR 27.6 million as of 31 March 2013 from EUR 30.7 million as of 31 December 2012, reflecting primarily a cumulative net effect of foreign exchange gains on the euro-denominated loans that C.A.T. oil AG granted to its foreign subsidiaries for investment purposes on a long-term basis. Currency translations also arose from reconciliation of the Company s balance sheet and income statement, which are prepared on the basis of different exchange rates between the Russian rouble and the euro: a quarter-end exchange rate for the balance sheet and an average exchange rate for the income statement. Retained earnings improved 6.3% to EUR million as of 31 March 2013 compared to EUR million as of 31 December 2012.
16 Outlook First Quarter Report Q MANAGEMENT OVERVIEW 16 The Company reiterates its positive view of the 2013 business prospects based upon the prolonged high investment cycle in Russia s upstream oil and gas. In response to a strong growth in customers demand for oil and gas field services the Company in late 2012 embarked on a new business expansion program aiming at the addition of the new sidetracking and fracking operating capacities in Following deployment of two new sidetrack drilling rigs in Q1 2013, the Company put three additional rigs in operations in May, thus accomplishing a 30% expansion of its sidetrack drilling capacity ahead of the schedule. At the end of May the Company had 22 sidetracking rigs in operations compared to 17 rigs at the yearend The addition of the new fracking fleet is scheduled for Q At the end of May 2013, the Company s current year order book improved to EUR 400 million (assuming an average rouble-to-euro exchange rate of 40), up 2% compared to EUR 392 million at the end of April 2013 and 38% compared to EUR 290 million at the end of May As a result, The Company s three-year order book for stands at EUR 538 million, up 64% from EUR 329 million at the end of May The Company routinely enjoys further expansion of the order book in the second half of the year as customers award additional service orders through new tenders or extensions to the existing contracts. The existing order order book level and positive outlook for new service orders going forward fuel management s confidence in attainability of the Company s guidance for 2013: Revenues of EUR 405 to 425 million and EBITDA of EUR 95 to 105 million. FURTHER Information On 25 April 2013, the Company s Management Board and Supervisory Board recommended to the AGM on 14 June 2013 to approve a cash dividend of EUR 0.25 per share, representing the 2012 profit distribution of 58% and a 100% increase in dividend per share compared to a previous year. Events after balance sheet date There are no events after balance sheet date. Vienna, Management Board
17 notes to the consolidated interim report 17 3 notes to the consolidated interim report
18 notes to the consolidated interim report Selected Notes to the consolidated interim report as of Basis of preparation of the consolidated interim report The interim report of C.A.T. oil AG for the interim ended 31 March 2013 was prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the International Accounting Standard Board (IASB) including the International Accounting Standards (IAS) and the Interpretations issued by the International Financial Reporting Standard Interpretations Committee (IFRIC). The accounting principles and practise as applied in the interim reports correspond to those pertaining of the last annual consolidated financial statement as of 31 December The individual interim financial statements of the consolidated companies have been drawn up at the same balance sheet date as the consolidated interim report. The interim report does not contain all information and disclosures, which are included in the consolidated financial statements as at 31 December Therefore, this consolidated interim report should be read in connection with the consolidated financial statements. The income statement has been drawn up in accordance with the cost of sales method. The consolidated interim report has been prepared in euros. All figures including previous year s figures are indicated in. By specifying in may arise rounding differences. The interim report is published in German and English. The German version of the consolidated interim report is authoritative. The consolidated interim report was subjected to an audit review by BDO Austria GmbH, Vienna, according to ISRE Scope of consolidation The scope of consolidation is unchanged in comparison to the balance sheet date 31 December 2012.
19 notes to the consolidated interim report 19 Notes to the balance sheet Inventories Spare parts and other materials 16,117 16,894 Raw materials 4,750 5,606 Supplies 2,355 2,150 Total 23,222 24,650 Inventories are recognized at the lower value of historical costs and net realizable value. Property, plant and equipment and intangible assets Land and buildings vehicles Operational and office equipment Data processing equipment Payments on account Intangible assets Total Net book value As of ,998 3, , , ,920 As of ,843 3, , , ,597 Notes to the income statement The earning situation of the Group is characterized by climate nature of Russia and Kazakhstan. Business related, the most significant contributions to the results of the C.A.T.oil Group predominantly arise in the second and third quarter. Cost of sales Q Q Raw materials 30,739 16,195 Direct costs 21,563 26,140 Depreciations 12,395 9,918 Wages and salaries 10,493 8,724 Pensions schemes and social security costs 3,298 2,638 Other sales costs 2,653 2,240 Total 81,141 65,855 Thereof expenses for discontinued operations 41 (Q1 2012: 1,844).
20 notes to the consolidated interim report 20 Personnel Expenses Q Q Wages and Salaries 12,384 10,505 Pension schemes and social security 3,818 3,104 constributions Total 16,202 13,609 Average number of employees Q Q Full time 2,528 2,310 Part time Total 2,595 2,375 Net income per share Net income per share is calculated in accordance with IAS 33 by dividing the net profit for the Group by the average number of shares. There is no dilutive effect. Q Q Average number of shares 48,850,000 48,850,000 Net income from continuing operations 7,123 2,525 () Net income per share from continuing operations (Euro) Segment reporting Within the successful implementation of our investment program in particular for the development of the new business High Class Drilling as well as for the expansion of our present established services and extensive professional project supervision, the two segments Well Services and Drilling, Side Tracking and IPM have been determined since January 2013 as reportable segments. Reportings and decisions have been taken place since then for both segments. The segment information of the reference period ( till ) has been adjusted accordingly. The segment Formation Evaluation, reportable up to , is now represented as other segment. An adjustment takes also place for the reference period from till It included up to the sole business activity of C.A.T. GEODATA GmbH, which have been ceased in December 2012 and let rest since then. Changes in segment reporting have also carried out in the transition. The assets of the intern service providers C.A.T. oil Trading House and C.A.T. oil Leasing in the amount of 33,138 (31 March 2012: 81,117) are a direct component of offsetting and reconciliation. Furthermore assets in the amount of 4,046 (31 March 2012: 7,875) are included of consolidating entries as well as non-reportable assets in the amount of 13,412 (31 March 2012: 8,158).
21 notes to the consolidated interim report 21 Well Services Drilling Sidetracking IPM Total of reportable segments Other segments Reconciliation Group Q External sales 54,727 44,183 98, ,910 Group sales Total sales 55,114 44,460 99, ,910 Segment result 9,310 4,536 13, ,299 12,490 EBIT 8,206 4,550 12, ,274 11,539 EBITDA 12,777 12,598 25, ,423 24,009 Segment assets 122, , , , ,008 Well Services Drilling Sidetracking IPM Total of reportable segments Other segments Reconciliation Group Q External sales 43,687 29,743 73,430 1, ,327 Group sales Total sales 44,009 30,015 74,024 1, ,327 Segment result 3,825 2,333 6, ,092 4,088 EBIT 3,666 2,433 6, ,131 3,991 EBITDA 7,787 8,264 16, ,234 13,968 Segment assets 117, , ,834 6,160 97, ,144 Related parties As at 31 March 2013 the loan against C.A.T. Cyprus amounted to EUR 54.1 million (31 December 2012: EUR 50.1 million). The interest expenses in Q amounted to 565 (Q1 2012: 902). The interest rate ranged between 4.3% and 4.6% (prior period between 4.4% and 5.8%) in the reporting period.
22 Events after balance sheet date First Quarter Report Q notes to the consolidated interim report 22 There are no events after balance sheet date. Vienna, Management Board Manfred Kastner Ronald Harder Anna Brinkmann Leonid Mirzoyan Report of the Supervisory Board s Audit Committee The interim report January to March 2013 and the statutory auditor s review report, which was compiled as the basis for assessing and appraising the condensed interim financial statement, were submitted to the Supervisory Board s Audit Committee. The documents were explained by the Board of Management and discussed with the statutory auditor. The Audit Committee accepted the condensed interim financial statement. Vienna, Dr. Gerhard Strate Chairman of the Supervisory Board FINANCIAL CALENDAR 14 June 2013 Annual General Meeting 30 August 2013 Second Quarter Interim Report November 2013 Third Quarter Interim Report 2013
23 IR-CONTACT C.A.T. oil AG Kärntner Ring A-1010 Vienna Phone Fax ir@catoilag.com Internet: IMPRINT Publisher C.A.T. oil AG Kärntner Ring A-1010 Vienna Phone: Fax: ir@catoilag.com Internet: Editor C.A.T. oil AG section.d design.communication gmbh Design and production section.d design.communication gmbh Photography Ulrich Lindenthal, Oleg Korolev Disclaimer This document contains certain statements that constitute neither reported results nor other historical information. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond C.A.T. oil AG s ability to control or precisely estimate factors such as future market and economic conditions, the behaviour of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated synergies, and the actions of government authorities. Readers are cautioned not to place undue reliance on these forwardlooking statements, which apply only as of the date of this document. C.A.T. oil AG does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document. This document does not constitute an offer to sell or the solicitation of an offer to subscribe to or to buy any security, nor shall there be any sale, issuance, or transfer of the securities referred to in this document in any jurisdiction in which such act would breach applicable law. Copies of this document are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed, or sent in or into or from Australia, Canada, or Japan or any other jurisdiction where it would be unlawful to do so. This document represents the Company s judgement as of date of this document.
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