EQS-News

Preliminary Group figures for 2023 confirm record year - Seite 2

Operating performance drives results

With around 15,300 BOEPD, the fourth quarter was the highest-volume quarter in the company's history to date. This is also reflected in record sales of EUR 64.0 million, EBITDA of EUR 56.5 million and a consolidated profit of EUR 22.5 million in the fourth quarter.

The very strong operating performance in 2023 with production of around 12,700 BOEPD (barrels of oil equivalent per day; previous year: 9,600 BOEPD) forms the basis for this best consolidated result in the company's history to date. For the year as a whole, around USD 74/BBL (previous year: USD 76.50/BBL) was realized for oil after hedges. The average realized price after hedges for natural gas was around USD 2.90/mcf (previous year: USD 4.25/mcf). The significant increase in sales and earnings is therefore mainly due to higher production volumes.

In addition to the high income from operating activities, around EUR 20.7 million (previous year: EUR 24.9 million) in other operating income was generated in 2023. Around EUR 18.1 million of this is attributable to the sale of space in Utah and the sale of shares in fixed and current assets. 

The cost of materials rose from EUR 30.4 million in 2022 to EUR 34.3 million in 2023 as a result of higher production. The cost of materials per BOE fell by around 12% to around USD 8.0/BOE (previous year: USD 9.04/BOE).

At 7%, consolidated net income rose at a slightly lower rate than sales and EBITDA (14%), in particular due to increased depreciation and amortization of EUR 65.1 million (previous year: EUR 47.7 million) as a result of higher production volumes and more capital-intensive drilling in Wyoming. Interest expenses rose to EUR 9.7 million (previous year: EUR 6.9 million) due to increased bank and bond liabilities and higher interest rates in the USA.


Solid balance sheet supports further growth

As of 31 December 2023, the Group had cash and cash equivalents (bank balances and marketable securities) of around EUR 82.2 million (previous year: EUR 54.2 million) at its disposal. Equity increased to EUR 187.3 million (previous year: EUR 132.4 million). As in the previous year, the equity ratio amounted to 38.0% (previous year: 37.8%). The balance sheet total was EUR 493.5 million (previous year: EUR 350.3 million). Liabilities increased to EUR 205.0 million (previous year: EUR 149.1 million) and provisions to EUR 47.2 million (previous year: EUR 32.7 million). Net financial liabilities (liabilities from bonds and to banks less cash and cash equivalents) increased to EUR 79.1 million (previous year: EUR 55.7 million). The gearing ratio (net financial liabilities in relation to EBITDA) was 0.5 (previous year: 0.4).