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EQS-News: Deutsche Rohstoff AG / Key word(s): Quarter Results
Deutsche Rohstoff AG: First quarter revenue up 30% to EUR 55.6 million
2024-05-13 / 10:59 CET/CEST
The issuer is solely responsible for the content of this announcement.
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

2024-05-13 CET/CEST Dissemination of a Corporate News, 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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Archive at www.eqs-news.com  
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 2024-05-13 CET/CEST

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END) Dow Jones Newswires

May 13, 2024 04:59 ET (08:59 GMT)