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DGAP-News Deutsche Rohstoff AG: Strong start into 2021

Nachrichtenquelle: EQS Group AG
10.05.2021, 07:35  |  187   |   |   

DGAP-News: Deutsche Rohstoff AG / Key word(s): Quarter Results
Deutsche Rohstoff AG: Strong start into 2021

10.05.2021 / 07:35
The issuer is solely responsible for the content of this announcement.


Deutsche Rohstoff AG: Strong start into 2021
Oil production above expectations/High increase in cash and cash equivalents

Mannheim. Deutsche Rohstoff Group generated net income of EUR 11.7 million in the first quarter (previous year: EUR 0.9 million). At EUR 17.9 million, sales were also up on the previous year (EUR 16.1 million). EBITDA jumped to EUR 21.3 million in the first quarter, more than double the previous year's figure (EUR 9.5 million). According to the final figures, the consolidated result is even slightly higher than provisionally reported. The quarterly report is now available on the Company's website at www.rohstoff.de.

High revenues and related cash flow from the wells is also reflected in the balance sheet as of 31 March 2021. The total of cash, current receivables, and investment and marketable securities reached EUR 70.8 million compared to EUR 46.9 million at year-end 2020. Accordingly, equity also rose to EUR 61.8 million at the end of the quarter, EUR 17.1 million higher than at the end of 2020, with the equity ratio reaching 26.7 percent compared with 22.1 percent at 31 December 2021.

Higher-than-expected oil production, better prices and realized returns from the equity and bond portfolios were responsible for the very good start to 2021.

Production at the US subsidiaries has been running at full capacity again since the beginning of January. In the first quarter, total production was 578,912 barrels of oil equivalent, or 329,309 barrels of oil. In particular, the important Olander well produced above expectation. This encouraging trend continued in April.

In the first quarter, an average price of USD 54.41/barrel was achieved, well above the previous year (USD 37.58/barrel). After hedging losses, the realized price was 48.09 USD/barrel. In contrast to the previous year, however, hedging losses of EUR 1.6 million were incurred (previous year: profit of EUR 4.5 million).

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DGAP-News Deutsche Rohstoff AG: Strong start into 2021 DGAP-News: Deutsche Rohstoff AG / Key word(s): Quarter Results Deutsche Rohstoff AG: Strong start into 2021 10.05.2021 / 07:35 The issuer is solely responsible for the content of this announcement. Deutsche Rohstoff AG: Strong start into 2021 Oil …

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