05/06/2019 | Press release | Distributed by Public on 05/06/2019 08:05
Deutsche Rohstoff AG
6. May 2019
Full year 2018 financials and annual report online/Net profit of EUR 4.1 million in the first quarter of 2019 /Guidance for 2019/2020 published
Mannheim. In fiscal year 2018, Deutsche Rohstoff Group generated sales of EUR 109,1 million (previous year: EUR 53.7 million), EBITDA of EUR 97.9 million (previous year: EUR 36.1 million) and consolidated net income of EUR 17.9 million (previous year: EUR 7.7 million; all figures German Gaap HGB and audited).
The Executive Board and Supervisory Board will propose to the Annual General Meeting to be held in Mannheim on 4 July 2019 that a further increased dividend of EUR 0.70 per share be distributed (previous year: EUR 0.65). Deutsche Rohstoff AG is thus expected to pay a rising dividend for the fifth consecutive year.
Significant aspects of the 2018 financial year and the consolidated financial statements:
First quarter 2019
According to preliminary figures (HGB, unaudited), the Group generated sales of EUR 14.7 million, EBITDA of EUR 12.8 million and consolidated net income of EUR 4.1 million in the first quarter of 2019.
The complete quarterly figures will be published on 9 May.
Forecast 2019 and 2020:
For fiscal year 2019, the Management Board expects consolidated sales of EUR 40 to 50 million and EBITDA of EUR 25 to 35 million, and sales of EUR 75 to 85 million and EBITDA of EUR 55 to 65 million, respectively, for fiscal year 2020. For both years, the Executive Board anticipates a positive net profit for the group. The forecast is based on the assumption of an average oil price of 58 USD/barrel and an EUR/USD exchange rate of 1.14. For a definition of EBITDA, please refer to the homepage of Deutsche Rohstoff AG at https://rohstoff.de/en/apm/.
The forecast for the year 2019 is based only on sales of the currently already producing wells, for 2020 additionally on the production of 11 more wells from the Olander drilling site. Possible further acquisitions are not included in the planning for either year. Drilling from the Olander drill site will commence in early June 2019 and production is expected to commence in early 2020.
Thomas Gutschlag, CEO of Deutsche Rohstoff, commented: 'In 2018 we benefited from the very high investments in new wells at Cub Creek and Elster and from the almost simultaneous start of production of all new wells in the first quarter. Revenues, EBITDA and net profit more than doubled, even more than tenfold compared to 2016. Due to the high returns in 2018, the Group can rely on solid financial resources. We have also significantly reduced balance sheet risks by taking extensive write-downs on Cub Creek and the securities we hold. The start to the new year was positive, which is why we are confident for the year as a whole. Shareholders will again benefit this year from an increased dividend if the Annual General Meeting follows our proposal.'
The Annual Report for 2018 of the Deutsche Rohstoff Group can now be downloaded from the company's website.
Mannheim, 6 May 2019
Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.