DGAP-News: Deutsche Rohstoff AG / Key word(s): Bond
Deutsche Rohstoff AG: Full repayment of the 2016/21 bond
Mannheim. Deutsche Rohstoff AG will repay the maturing 2016/21 bond on schedule today. The outstanding bond volume amounts to EUR 16.7 million. A further EUR 50.0 million had been repaid in 2019 and 2020 or swapped into the 2019/24 bond. This is already the second bond that Deutsche Rohstoff AG is repaying in full.
The debt of the Deutsche Rohstoff Group (bond and bank liabilities) currently falls to around EUR 101 million due to the repayment. Outstanding are the convertible bond 2018/23 with a volume of EUR 10.7 million and the bond 2019/24 with EUR 87.1 million. In addition, there are bank liabilities in the USA, which currently amount to around EUR 3.4 million. At the end of 2020, the Group's debt had still amounted to EUR 128 million. In addition to the repayment of the 2016/21 bond, the bank loan in the USA was also reduced by around EUR 10.4 million. The EUR 3.4 million still outstanding will be repaid in the coming weeks. Cub Creek Energy's credit facility remains in place in the amount of USD 23 million and is expected to be used again during the year to finance the completion of the Knight well site.
Cash and cash equivalents (cash + non-current and current securities + current receivables) have increased to approximately EUR 70.9 million as of 30 June 2021, according to preliminary figures (31 December 2020: EUR 46.9 million). Net debt* has fallen to EUR 63 million. At the end of 2020, it had still amounted to EUR 92 million.
The Group's equity increased significantly to EUR 66,0 million as of June 30, 2020 (31 December 2020: EUR 45.6 million). The equity ratio was 29,1 percent at the half-year point (31 December 2020: 22.1 percent) and will rise to 31,9 percent after repayment of the bond. All key figures and disclosures are unaudited and based on the preliminary half-year financial statements of Deutsche Rohstoff AG.
Jan-Philipp Weitz, CFO of Deutsche Rohstoff AG, said: "The very good result of the first half of the year and the strong cash flow lead to a fast deleveraging of the Group. We were able to repay the maturing 2016/21 bond from cash and cash equivalents without any problems. The high inflows and good liquidity position give us scope for further investments."
*Bond, bank and current liabilities less cash and cash equivalents, non-current and current securities and current receivables
Mannheim, 20 July 2021
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
20.07.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Deutsche Rohstoff AG
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