Deutsche Rohstoff: 9-month report published

Deutsche Rohstoff AG

Deutsche Rohstoff: 9-month report published

Deutsche Rohstoff AG

Mannheim. In the first nine months of the financial year, Deutsche Rohstoff Group generated sales of EUR 31.2 million (previous year: EUR 88.4 million), earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 19.2 million (previous year: EUR 79.5 million) and net profit of EUR 2.4 million (previous year: EUR 15.2 million). The report will shortly be available on www.rohstoff.de.

Management expects that the financial result for 2019 will be in line with the forecasted range. Due to production constraints and very low realized gas and natural gas liquid prices, revenues and EBITDA are expected to be at the low end of the range. The expected cost of the placement of the today announced 100 million Euro 5.25% coupon bond, which until now have not been part of the forecast may lead to the EBITDA being slightly below the lower range of the guidance. The net result for 2019 is still expected to be positive. The forecast for 2020 remains unchanged as well.

In the third quarter, the US subsidiaries produced a total of 0.3 million BOE (barrel oil equivalent), of which 0.12 million barrels are oil, equivalent to 3.219 BOE per day. In October, the production was already about 40% higher than in the third quarter and averaged around 4.500 BOE per day. Accordingly, the Executive Board expects an increase in the total production of all subsidiaries in the fourth quarter compared to the third quarter.

In the first nine months, production per day amounted to 4.676 BO and a total of 1.27 million barrels oil equivalent (0.53 million barrels oil). As already expected in the half-year report, production at the subsidiary Elster Oil & Gas fell sharply in the third quarter, as some of the wells could not produce the entire quarter due to infrastructure constraints of operators for refineries and pipelines within the Wattenberg field.

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

 

Mannheim, 7 November 2019

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, copper, rare earths, tungsten and tin complete the portfolio. Further information can be found at www.rohstoff.de

 

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