Deutsche Rohstoff: Strong half year financials through Tekton

Deutsche Rohstoff AG

Deutsche Rohstoff: Strong half year financials through Tekton

Deutsche Rohstoff AG

Group profit of EUR 65.4 million/Cash and equivalents of EUR 122 million

Heidelberg. Due to the sale of the major assets of Tekton Energy the Deutsche Rohstoff group has achieved a record result in the first half of the year. Sales of the group increased to EUR 22.05 million (previous year: EUR 6.5 million), other operating income rose from EUR 0.57 million to EUR 101.73 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) improved from EUR 1.9 million to EUR 116.6 million, earnings before interest and taxes (EBIT) rose to EUR 98.3 million and net profit for the group increased to EUR 65.4 million. Minority interests made up for EUR 30.6 million of group profit, so the consolidated earnings amount to EUR 35.6 million. The equity ratio increased from 29% as of end 2013 to 42%. Cash and equivalents in the group were at EUR 122 million on June 30th, they consisted of cash as well as securities classified as current assets and fixed assets.

Thomas Gutschlag, CFO of Deutsche Rohstoff AG, said: “We are very pleased with the most successful half year results in the history of the company. Due to the very high liquidity the company is currently in a very comfortable situation. Our main focus of future investments will be in the US Oil & Gas sector. We expect first transaction over the next weeks. In 2015 Cub Creek will probably begin with a larger capital expenditure program. Our goal to earn high returns for our shareholders remains set.”

Deutsche Rohstoff AG, Heidelberg, published its semi-annual report today. The German version of the report can be downloaded on the company’s website (Here). An English version will follow shortly.

Heidelberg, 29 September 2014

 

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