EQS-Ad-hoc: Deutsche Rohstoff AG / Key word(s): Dividend/Change in Forecast
Deutsche Rohstoff AG: Consolidated financial statements, increase in guidance for 2023, guidance for 2024 and dividend proposal

26-Apr-2023 / 14:08 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 Group AG.
The issuer is solely responsible for the content of this announcement.

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End of Inside Information

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Information and Explanation of the Issuer to this announcement:

Explanatory part

In the fiscal year 2022, Deutsche Rohstoff Group generated revenue of EUR 165.4 million (previous year: EUR 73.3 million), EBITDA of EUR 139.1 million (previous year: EUR 66.1 million) and consolidated net income of EUR 66.2 million (previous year: EUR 26.4 million; all figures according to HGB and audited), which corresponds to earnings per share of EUR 12.15, taking into account minority interests.

A comparative statement prepared for the first time in accordance with International Financial Reporting Standards (IFRS) shows IFRS revenue of EUR 217.8 million (+32% compared to HGB, German Commercial Code), IFRS EBITDA of EUR 150.2 million (+8% compared to HGB) and IFRS consolidated net income of EUR 78.7 million (+19% compared to HGB) for the financial year. A detailed presentation of the effects that led to these results can be found in the Group Management Report for 2022.

The Group's equity rose to EUR 132.4 million (previous year: EUR 80.1 million) and the equity ratio to 37.8% (previous year: 30.2%), as a result of the high positive consolidated net income. The liquidity situation also developed significantly positive. Cash and cash equivalents (cash and marketable securities) grew to EUR 54.2 million (previous year: EUR 23.5 million), operating cash flow to EUR 142.7 million (previous year: EUR 51.8 million) and free cash flow to EUR 70.6 million (previous year: EUR 22.5 million).

Total assets increased to EUR 350.3 million (previous year: EUR 265.0 million), due in particular to investments in oil and gas activities in the USA. The investing cash flow rose to EUR 72.2 million.

The annual report for the fiscal year 2022 of the Deutsche Rohstoff Group is available on the company's website at www.rohstoff.de.

The start into the fiscal year 2023 was very positive. The increased 2023 guidance, which assumes a lower gas price, underlines the good operational development of all drilling projects and the optimal development perspective of the Company. The quarterly report for the first quarter of 2023 will be published in the second week of May (week 19).

Daily production is expected to be around 11,000 to 12,000 BOE in 2023. While just over half of the volumes represent oil, at a price of USD 75, about 80% of the revenue is generated from oil revenue. Another 10% comes from gas revenue and 10% from Natural Gas Liquids, which are priced at around 35% to 40% of the price of oil per BOE.

2023 will again be a year of high investments. Due to the investments of the past years, revenue will increase from EUR 73.4 million in 2021 to up to EUR 175 million in 2023. At the same time, net debt (bond and bank liabilities less cash and cash equivalents) in the Group could be halved. At the end of 2021, it still stood at EUR 93.9 million, while by the end of 2022 it had fallen to EUR 55.6 million. The ratio of net debt to EBITDA thus fell to 0.4 at the end of 2022.

The investment budget for the planned wells in Wyoming and Utah, on which the guidance is based, amounts to probably around EUR 200 million. Around EUR 110 to 120 million will be spent in 2023; EUR 40 million had already been invested by mid April. Around EUR 100 million will be invested in the joint venture with Occidental Petroleum in 2023 and 2024, and another approximately EUR 90 million for drilling in at Cub Creek Energy and EUR 10 million in Utah. For Cub Creek Energy, in addition to the 3 well program already underway from the Lost Springs Pad, management now expects to drill an additional 8 gross wells (7 net wells) in the second half of 2023 and the first half of 2024. Depending on the development of oil prices, investments can be significantly scaled back at any time.

The financing of capital expenditures in 2023 and 2024 amounting to EUR 200 million is spread over the individual quarters and will mainly be made from current cash flow and existing cash and cash equivalents of EUR 54.2 million. With EBITDA guidance to be around EUR 260 million in 2023 and 2024, operating cash flow is significantly higher than capital expenditure. In addition, the largely unused credit lines with a volume of USD 80 million in the US subsidiaries can be used to finance investment peaks as part of the completion of larger drilling sites.

The Management Board of Deutsche Rohstoff AG will hold a web call on the results of the fiscal year 2022 on Thursday, 27 April 2023 at 3:00 pm. Interested investors can register for the call here or on the company’s website at www.rohstoff.de (please note, that the web call will only be held in German).

 

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26-Apr-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

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Language:	English
Company:	Deutsche Rohstoff AG
	Q7, 24
	68161 Mannheim
	Germany
Phone:	0621 490 817 0
Fax:	0621 490 817 22
E-mail:	gutschlag@rohstoff.de
Internet:	www.rohstoff.de
ISIN:	DE000A0XYG76, DE000A1R07G4,
WKN:	A0XYG7, A1R07G
Indices:	Scale 30
Listed:	Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1617851

End of Announcement	EQS News Service

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