Deutsche Rohstoff AG
- WKN: A0XYG7
- ISIN: DE000A0XYG76
- Land: Deutschland
Nachricht vom 14.08.2020 | 12:08
Deutsche Rohstoff AG: Half-year financials published
Deutsche Rohstoff AG / Key word(s): Half Year Results
Deutsche Rohstoff: Half-year financials published
Mannheim. Deutsche Rohstoff reports a loss of EUR 13.4 million in the first half of 2020. This is due to non-cash impairment charges of EUR 17.2 million due to lower oil and gas price forecasts. Around EUR 10.7 million of impairments were realized for Elster Oil & Gas producing assets and EUR 6.5 million for the shares held in Northern Oil & Gas.
Consolidated net income before impairment losses amounted to EUR 1.2 million. Revenues amounted to EUR 26.1 million (previous year: EUR 24.2 million) and EBITDA to EUR 15.8 million (previous year: EUR 15.2 million). Income from hedging, which is reported as revenues, amounted to EUR 10.1 million.
The 2020 full year forecast changes as follows:
The forecast is based on an assumed oil price of USD 40 in the second half of 2020 and a EUR/USD exchange rate of 1.17.
The interim report for the first half of 2020 of Deutsche Rohstoff Group will be available next week on the company's homepage at www.rohstoff.de.
For the definition of the term EBITDA we refer to the homepage of Deutsche Rohstoff AG at http://rohstoff.de/apm/.
Mannheim, 14 August 2020
Deutsche Rohstoff identifies, develops and sells attractive raw material deposits in North America, Australia and Europe. The focus is on the development of oil and gas deposits in the USA. Metals such as gold and tungsten complete the portfolio. Further information can be found at www.rohstoff.de
Information and Explanation of the Issuer to this News:
Thomas Gutschlag, CEO of Deutsche Rohstoff AG, commented: 'The COVID-19 crisis and the ongoing difficulties in the oil market have prompted us to recognize substantial impairment charges as part of our half year financials. With the reduced book values we assume that we have significantly reduced balance sheet risks. We now see a good basis for our targeted growth in the second half of the year and in the coming years. We have laid further foundations for this with our successful share portfolio and the acquisition of large areas of land in Wyoming.'
Unrealized gains from the purchase of shares and bonds (see press release of 13 July 2020), currently amounting to around EUR 8 million, is neither part of the half-year result nor of the forecast.
Group liabilities decreased by EUR 26.0 million to EUR 143.9 million as of 30 June 2020 compared to 31 March 2020. Liquid funds (bank balances and securities held as current and non-current assets) amounted to EUR 46.2 million as of 30 June 2020. In the coming months, Deutsche Rohstoff USA will receive an additional tax refund of probably USD 7.5 million. The equity ratio as of 30 June 2020 was 26.2% (previous year: 27.8%).
A resumption of full production at Cub Creeks legacy pads is planned in the coming weeks, which is expected to increase current production by around 500 barrels of oil per day from October onwards. The Olander pad is not expected to resume production until prices have recovered even further. Net Production has been significantly reduced since April and at the end of the second quarter was at 1,000 barrels of oil per day, which is about 25% of capacity, which will average 4,000 barrels of oil for 6 months when all wells are producing at full capacity again.
|Company:||Deutsche Rohstoff AG|
|Phone:||0621 490 817 0|
|Fax:||0621 490 817 22|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1118335|
|End of Announcement||DGAP News Service|
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