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Deutsche Rohstoff AG / Key word(s): Annual Report
Deutsche Rohstoff AG: Consolidated financial statements, higher forecast for 2022, forecast for 2023 and dividend proposal
Mannheim. Deutsche Rohstoff AG today published the final consolidated financial statements for 2021. In this context, the company raises the forecast for fiscal year 2022 as follows:
Base scenario 2022:
This base scenario is based on an oil price of USD 85/barrel, a gas price of USD 4/MMbtu and a EUR/USD exchange rate of 1.12 for the remainder of 2022.
For the fiscal year 2023, the Executive Board expects the following figures for sales and earnings in the base scenario (oil price USD 75/barrel, gas price USD 4/MMbtu; EUR/USD 1.12):
Base scenario 2023:
The company's management report published today also includes a scenario with an oil price of 92 USD/barrel for the rest of 2022 and an oil price of 85 USD/barrel for 2023, assuming the same gas price and EUR/USD exchange rate. It leads to the following forecast:
Increased price scenario 2022:
Increased price scenario 2023:
The Executive Board expects to be able to achieve a clearly positive consolidated result in both years.
The Executive Board and Supervisory Board will also propose to the Annual General Meeting, which will be held as a virtual Annual General Meeting on 28 June 2022, to distribute a dividend of 60 cents per share for the fiscal year 2021. Shareholders will be offered the opportunity to receive the dividend in the form of new shares.
The consolidated financial statements can be accessed on the company's website www.rohstoff.de as of today.
For the definition of EBITDA, please refer to the Deutsche Rohstoff AG website at https://rohstoff.de/en/apm/.
Mannheim, 25 April 2022
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:
The start to the 2022 financial year was positive. As expected, production from the Knight wells increased significantly in the course of 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 released in the coming days. Daily production for 2022 is expected to be around 9,300-10,000 BOE, about half of which will be oil.
The capital expenditure budget as part of the forecast for drilling in Utah and Wyoming is EUR 58 million for 2022 and EUR 50 million 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 about USD 40 million. Salt Creek continues to expect the start of production from the first wells under the collaboration with Oxy in the fourth quarter of 2022. Salt Creek will invest a total of approximately USD 65 million in 18 wells. Additional interests in drilling by subsidiaries, particularly Bright Rock in Utah, account for about USD 15 million of investments.
In April, Deutsche Rohstoff USA received the long-awaited tax refund for the fiscal year 2019. With interest, this amounts to around USD 7.6 million.
25-Apr-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Deutsche Rohstoff AG
0621 490 817 0
0621 490 817 22
Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
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