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PRESS RELEASE: Petro Welt Technologies AG: Q1-Q3/2019 Results: Improved efficiency supports further growth

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DGAP-News: Petro Welt Technologies AG / Key word(s): Quarter Results/Quarter
Results
Petro Welt Technologies AG: Q1-Q3/2019 Results: Improved efficiency supports
further growth
2019-11-20 / 22:01
The issuer is solely responsible for the content of this announcement.

*PRESS RELEASE*

*Petro Welt Technologies AG Q1-Q3/2019 Results: *
*Improved efficiency supports further growth*

· Revenue grew 1% year on year in the first three quarters of 2019

· Q3/2019 operational and financial results outperformed Q3/2018

· Share of Wellprop export supplies increased to 20%

· Administrative costs reduced by 9.2% year on year

· Total assets increased by 17.1%, and equity ratio rose

*Vienna, November 20, 2019*
In line with the global oil industry trend heavily influenced by the
extended OPEC+ agreement curbing oil production, Russia's daily oil
production decreased by more than 2% between May and July compared to
October 2018 production levels. Russian oil companies are expected to cut
their oil production in the fourth quarter, lowering current production
plans for 2019.

In the third quarter of 2019, PeWeTe Group managed to reverse the downward
trend in revenue which had been reported for HY1. While revenue grew by 1%
in the first nine months of 2019 compared to the same period of the previous
year, it jumped 23.4% year on year in the third quarter alone. Wellprop
successfully increased export supplies to 20% of its sales, boosting revenue
but requiring additional transportation expenditures as well.

The Group also succeeded in further optimizing administrative costs,
lowering them by 9.2% from EUR 18.1 million in the first nine months of 2018
to EUR 16.4 million in the first three quarters of 2019. In addition, the
Group managed to improve efficiency in its Kazakhstan division. In the
reporting currency (EUR), revenue rose 7.4% to EUR 4.7 million in
January-September 2019. EBIT increased to EUR 1.1 million from EUR 0.3
million on a year-on-year basis.

In the first nine months of 2019, the net financial result (financial income
minus financial expenses) of the Group soared by 38.9%, offsetting the
reduction in profit before tax (PBT) which had suffered as a result of lower
job volumes. The 11.3% decrease in PBT was therefore smoother than the
decline of 18.6% seen in EBIT.

The Group's total assets grew by 17.1% to EUR 446.9 million as of September
30, 2019, up from EUR 381.8 million as of December 31, 2018. This positive
development was mainly driven by the strong increase in property, plant and
equipment. In addition, the Group posted a seasonal increase in receivables,
while its liquidity position rose 13.0% to EUR 143.0 million. Equity jumped
by 25.1% to EUR 256.9 million at the end of the reporting period, primarily
due to an improvement in the currency translation reserve. In turn, this
caused the equity ratio to rise to 57.5% as of September 30, 2019, up from
53.8% as of December 31, 2018.

The Q1-Q3/2019 Report of Petro Welt Technologies AG is available for
download at
www.pewete.com [1].

*Key Performance
Indicators* *Q1-Q3/2019* *Q1-Q3/2018* *+/-%*
Revenue in EUR 218.4 216.1 1.0%
million
EBITDA in EUR 43.7 49.6 -11.9%
million
EBIT in EUR 14.8 18.1 -18.6%
million
EBITDA margin 20.0% 22.9% -
EBIT margin 6.8% 8.4% -
Group result in EUR 12.6 15.9 -20.4%
million
Earnings per share in EUR 0.26 0.33 -
Equity* in EUR 256.9 205.4 25.1%
million
Employees (average) 3,398 3,146 8.0%

* As of September 30, 2019, and December 31, 2018, respectively

*Contact:*
Konstantin Huber (be.public)
Investor Relations
T: +43 1 503 2 503-29
huber@bepublic.at

2019-11-20 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
EQS News ID: 917453

End of News DGAP News Service

917453 2019-11-20


1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=07e1bd2185bdf1622dcbcbe784593135&application_id=917453&site_id=vwd&application_name=news


(END) Dow Jones Newswires

November 20, 2019 16:01 ET ( 21:01 GMT)
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