TUBACEX announces its annual results anticipating the end of the worst crisis ever to hit the oil & gas sector. In a background defined by a permanent drop in volumes and prices remaining under pressure, with particular impact on results during the last three years, TUBACEX has had sales of EUR 490.4M, a decrease of 0.7% compared to the results obtained in 2016. These sales were achieved in a record-breaking year in terms of winning high technological value orders, with a backlog in excess of EUR 700M, whose impact will begin to materialize in the first quarter of the year, forecasting significantly improved results from the start of the year.
In order to adjust accounts to the current industrial strategy, the Company has registered non-recurring adjustments to the tune of EUR 23.4M. This figure mainly includes the non-recognition of the Austrian subsidiary’s goodwill. These adjustments only affect the Group net profit which closed the year at – EUR 19.7M, but have no impact on cash flow.
This operation clearly reflects the Group strategy of maintaining higher added-value production facilities in Europe and the USA, while developing a production base with progressively growing production volume in Asia.
