Consolidated accounts, upward forecast for 2022, forecast for 2023 and proposed dividend

Deutsche Rohstoff AG / Key word(s): Annual report
Deutsche Rohstoff AG: Consolidated financial statements, 2022 upward guidance, 2023 guidance and dividend proposal

25-Apr-2022 / 17:21 CET/CEST
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The issuer is solely responsible for the content of this announcement.

Deutsche Rohstoff AG: Consolidated financial statements, 2022 upward guidance, 2023 guidance and dividend proposal
Group profit in 2021 EUR 5.32 per share/EBITDA-2022 forecast raised to EUR 110-120 million/Dividend 60 cents

Mannheim. Deutsche Rohstoff AG today released the final consolidated financial statements for 2021. Against this background, the company raises the guidance for fiscal year 2022 as follows:

Base scenario 2022:
Group turnover: 130 to 140 million euros (previously 126 to 134 million euros)
EBITDA: 110 to 120 million euros (previously 97 to 102 million euros)

This base case is based on an oil price of 85 USD/barrel, a gas price of 4 USD/MMbtu and a EUR/USD exchange rate of 1.12 for the remainder of 2022.

For FY2023, the Management Board forecasts the following figures for sales and earnings in the base case (oil price USD 75/barrel, gas price USD 4/MMbtu; EUR/USD 1.12):

2023 baseline scenario:
Group turnover: 125 to 135 million euros
EBITDA: 100 to 110 million euros

The company’s MD&A released today also includes a scenario with an oil price of $92/barrel for the remainder of 2022 and an oil price of $85/barrel for 2023, assuming the same gas price. and the same EUR/USD exchange rate. It leads to the following prediction:

2022 price increase scenario:
Sales: 140 to 150 million euros
EBITDA: 120 to 130 million euros

2023 price increase scenario:
Group turnover 2023: 140 to 150 million EUR
2023 EBITDA: 115 to 125 million euros

The management expects to be able to achieve a clearly positive consolidated result over the two years.

The Management Board and the Supervisory Board will also propose to the General Meeting, which will be held as a virtual General Meeting on June 28, 2022, to distribute a dividend of 60 centimes per share for the 2021 financial year. possibility of receiving the dividend in the form of new shares.

The consolidated financial statements can be viewed on the company’s website www.rohstoff.de from today.

For the definition of EBITDA, please refer to the Deutsche Rohstoff AG website at https://rohstoff.de/en/apm/.

Mannheim, April 25, 2022

Deutsche Rohstoff identifies, develops and sells attractive commodity deposits in North America, Australia and Europe. The focus is on the development of oil and gas fields in the United States. Metals such as gold and tungsten complete the portfolio. Further information can be found at www.rohstoff.de

Contact
Deutsche Rohstoff AG
Dr. Thomas Gutschlag, CEO
Telephone +49 621 490 817 0
[email protected]

Information and explanations from the issuer to this news:

Explanatory Notes

The Deutsche Rohstoff Group achieved a turnover of 73.3 million euros (previous year: 38.7 million euros), an EBITDA of 66.1 million euros (previous year: 23.9 million euros) and a consolidated net result of 26.4 million euros (previous year: -16.1 million euros; all figures according to the German Commercial Code (HGB) and audited) for the financial year 2021, which corresponds to a profit per share of 5.32 EUR. The final EBITDA and net income figures are slightly higher than the preliminary results published. The annual report for the 2021 financial year of the Deutsche Rohstoff Group is available on the company’s website at www.rohstoff.de.

The start of the 2022 financial year was positive. As expected, production from the Knight wells increased significantly during the first quarter. In March, the Company was already producing approximately 3,500 barrels of oil per day (BOPD). So far in April, daily production has increased to around 4,500 BOPD. The highest production is still expected in May/June. The detailed quarterly report for the first quarter of 2022 will be published in the coming days. Daily production for 2022 is expected to be around 9,300 to 10,000 boe, about half of which will be oil.

The capital budget for drilling forecasts in Utah and Wyoming is 58 million euros for 2022 and 50 million euros for 2023. Cub Creek plans to start a drilling program in Wyoming in the second half of 2022 with five wells (80% share) and an investment volume of around 40 million USD. Salt Creek continues to anticipate the start of production from the first wells under the Oxy collaboration in the fourth quarter of 2022. Salt Creek will invest a total of approximately $65 million in 18 wells. The additional participations in the drilling of the subsidiaries, in particular Bright Rock in Utah, represent approximately 15 million dollars of investments.

In April, Deutsche Rohstoff USA received the long-awaited tax refund for fiscal year 2019. Together with interest, this amounts to approximately $7.6 million.

April 25, 2022 CET/CEST DGAP distribution services include regulatory announcements, financial/corporate news and press releases.
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