Deutsche Rohstoff AG: First quarter revenue up 30% to EUR 55.6 million

EQS-News: Deutsche Rohstoff AG / Key word(s): Quarter Results
Deutsche Rohstoff AG: First quarter revenue up 30% to EUR 55.6 million

13.05.2024 / 10:59 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Deutsche Rohstoff AG: First quarter revenue up 30% to EUR 55.6 million

* EUR 41.7 million EBITDA in the first 3 months

* EUR 15.0 million consolidated net profit

* Equity exceeds EUR 200 million for the first time

* Equity ratio rises to 41.2%

* 14,911 BOEPD daily production underlines strong operating performance

* Revenue and EBITDA guidance for 2024 confirmed


The Deutsche Rohstoff Group continued its positive development from 2023 in
the first quarter of 2024 and achieved earnings after minority interests of
EUR 15.0 million (previous year: EUR 14.3 million), corresponding to EUR
2.99 per share (previous year: EUR 2.86). The quarterly report is now
available on the company's website at www.rohstoff.de.

Jan-Philipp Weitz: "We are proud of this strong start into 2024 and are
continuing the strong growth from 2023 and 2022. Revenue and earnings in the
first quarter support the guidance for the year, which we raised in April.
Over the course of the year, we plan to bring up to 23 wells into production
with a share of 65% and generate revenue of over EUR 200 million for the
first time."

The average daily production of the US subsidiaries amounted to 14,911 BOE
(previous year: 10,854 BOE) and 8,664 BO (previous year: 5,302 BO). The
guidance for 2024 as a whole is based on daily production of 14,700 to
15,700 BOEPD.

Numerous new wells will start production in the course of Q2 and Q3. Peak
production is expected to be reached in Q3 2024. During April, 10 additional
wells from the joint venture with Occidental Petroleum started production.
The 1876 and Bright Rock drilling programs for up to 13 wells are underway.

In the first quarter, the US subsidiaries realized an average oil price
after hedges of USD 73.22/bbl or USD 72.74/bbl before hedges. WTI traded at
an average of USD 77.50/bbl. The hedge book currently comprises 1.8 million
barrels of oil at an average price of USD 74.80/bbl.

EBITDA reached EUR 41.7 million in the first quarter, exceeding the previous
year's figure by around 29%. At EUR 19.3 million, depreciation and
amortization was at a similar level to the third and fourth quarters of
2023, as planned, but significantly higher than in the previous year. This
reflects the higher capital costs and higher oil content of the wells in
Wyoming.

The consolidated balance sheet reflects the good results of the previous
year and the first quarter. Consolidated equity increased to EUR 208.4
million as of 31 March 2024 compared to EUR 187.5 million at the end of
2023. The equity ratio reached 41.2% compared to 38.0% as of 31 December
2023. Cash and cash equivalents (bank balances + marketable securities)
amounted to EUR 63.2 million at the end of the first quarter (31 December
2023: EUR 82.2 million).

Liabilities fell to EUR 191.4 million (31 December 2023: EUR 204.8 million)
due to the reduction in trade payables and bank loans. The operating cash
flow amounted to EUR 36.3 million and the cash flow from investing
activities to EUR 43.0 million.

Henning Döring: "Despite continuing our growth course and investing in the
drilling activities in Wyoming, we were able to reduce liabilities and
strengthen our equity disproportionately. This once again underlines the
financial strength of Deutsche Rohstoff AG."

According to the guidance published in mid-April, the Executive Board
expects revenue for the current year to be between EUR 210 and 230 million
and EBITDA between EUR 160 and 180 million in the base scenario. The Group
result is expected to be clearly positive. The guidance is based on an oil
price of USD 75/barrel for the rest of the year, a gas price of USD 2/mmBtu
and an exchange rate of EUR 1.12/USD (see press release dated 10 April
2024). Further scenarios and the guidance for 2025 can be found here:
https://rohstoff.de/en/guidance/.


Mannheim, 13 May 2024


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13.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        Deutsche Rohstoff AG
                   Q7, 24
                   68161 Mannheim
                   Germany
   Phone:          0621 490 817 0
   E-mail:         info@rohstoff.de
   Internet:       www.rohstoff.de
   ISIN:           DE000A0XYG76
   WKN:            A0XYG7
   Indices:        Scale
   Listed:         Regulated Unofficial Market in Berlin, Dusseldorf,
                   Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart,
                   Tradegate Exchange
   EQS News ID:    1901491

End of News EQS News Service
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1901491 13.05.2024 CET/CEST