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Deutsche Rohstoff AG
Earnings Release • Jan 20, 2022
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Earnings Release
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News Details
Ad-hoc | 20 January 2022 19:18
Deutsche Rohstoff AG: 2022 guidance raised/EBITDA 2021 above forecast
Deutsche Rohstoff AG / Key word(s): Change in Forecast
Deutsche Rohstoff AG: 2022 guidance raised/EBITDA 2021 above forecast
20-Jan-2022 / 19:18 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Deutsche Rohstoff AG: 2022 guidance raised/EBITDA 2021 above forecast
Mannheim . Deutsche Rohstoff AG is again raising its forecast for the fiscal year 2022 (see press release dated 16 September 2021) as follows:
- Group revenue: EUR 126 to 134 million (previously EUR 98 to 106 million)
- EBITDA: EUR 97 to 102 million (previously EUR 70 to 76 million).
The forecast is now based on an expected average oil price of USD 80/barrel in the first quarter of 2022 and USD 70/barrel for the rest of 2022. For the gas price (Henry Hub), the forecast assumes USD 3.5/mcf (previously USD 3.0/mcf). The EUR/USD exchange rate is assumed to be 1.15 (previously 1.20).
Based on current estimates, revenue in the fiscal 2021 will be in line with the forecast of EUR 68 to 73 million and EBITDA will be around EUR 64 to 67 million, about 10% above the forecast of EUR 57 to 62 million. This is due to higher oil prices in the second half of the year and a further approximately EUR 3 million. in realized income from the securities portfolio, which was incurred in the fourth quarter.
For the definition of EBITDA, please refer to the Deutsche Rohstoff AG website at https://rohstoff.de/en/apm/.
Mannheim, 20 January 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
Contact
Deutsche Rohstoff AG
Dr. Thomas Gutschlag, CEO
Phone +49 621 490 817 0
Information and Explanation of the Issuer to this News:
Explanatory Notes:
The forecast increase is based on several effects that have a positive impact. The greatest impact is due to the higher oil price on which the forecast is based, as well as the likewise higher prices for gas and so-called NGLs. A positive effect also results from the assumption of a lower EUR/USD exchange rate.
The oil and gas prices assumed for the forecast remain below current prices. Assuming an oil price of USD 80/barrel for the full year 2022 and a gas price of USD 3.5/mcf, the Group’s expected revenue increase to EUR 137 to 144 million and EBITDA to EUR 105 to 110 million.
Another significant effect results from the postponement of revenue of the Knight well planned for 2021 to 2022. This effect amounts to approximately EUR 10 million. Contrary to the original planning, necessary work to complete the well site was brought forward. For this reason, Cub Creek does not expect the peak production from the wells until the second quarter of 2022 instead of December 2021.
The forecast is based only on wells already producing and some non-operated wells in Utah that are very likely to come in production during the year. The forecast does not include potential new wells, particularly in Wyoming, where subsidiaries Cub Creek Energy and Bright Rock Energy have large acreage and drilling opportunities.
Possible further acquisitions are also not part of the forecast. However, the U.S. subsidiaries regularly review offers to participate in drilling or acquire acreage or existing production. The prices paid for such transactions still appear moderate in view of oil prices.
20-Jan-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
| Language: | English |
| Company: | Deutsche Rohstoff AG |
| Q7, 24 | |
| 68161 Mannheim | |
| Germany | |
| Phone: | 0621 490 817 0 |
| Fax: | 0621 490 817 22 |
| E-mail: | [email protected] |
| Internet: | www.rohstoff.de |
| ISIN: | DE000A0XYG76, DE000A1R07G4, |
| WKN: | A0XYG7, A1R07G |
| Indices: | Scale 30 |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1271124 |
| End of Announcement | DGAP News Service |