Deutsche Rohstoff (DR0) AGM 2024 Presentation summary

Financial performance and profitability

• Achieved record production of 12,762 BOEPD in 2023, up 33% year-over-year, with continued growth forecast for 2024 and 2025.

• Record revenue of EUR 196.7m (+19%), EBITDA of EUR 158.3m (+14%), and net profit of EUR 65.2m (+7%) in 2023.

• Investments reached EUR 149m in 2023, mainly financed from operating cash flow, supporting production and EBITDA growth.

• Equity increased to EUR 187.5m (equity ratio 38%), with net debt/EBITDA at 0.5x, reflecting strong balance sheet stability.

• Shareholder return package of EUR 15.6m in 2024, including a proposed dividend of EUR 1.75 per share, share buyback, and cash settlement of options.

Operational development and production

• Core business is oil and gas production in the USA, with operations in Wyoming and Colorado and over 170 wells.

• 2023 drilling program in Wyoming delivered strong results, with 19 Niobrara wells exceeding production forecasts by 16%.

• Leading productivity among Niobrara wells in the Powder River Basin, with performance on par with top operators.

• Ongoing expansion includes new wells, infrastructure investments, and continuous drilling programs to sustain growth.

• Strong hedge book with 1.8m BO hedged at an average of $74.8/bbl, providing cash flow stability.

Reserves and asset value

• Net present value of oil and gas reserves increased to $420m, with a 27% year-over-year rise in proved reserves.

• Proved reserves as of Dec 31, 2023: 18.9m BOE developed, 12.5m BOE undeveloped; high oil price sensitivity boosts reserve value.

• Over 100 gross wells possible on current acreage, with significant efficiency gains expected from continuous drilling.

• Discounted cash flow of producing reserves at $313.4m, with total discounted cash flow at $420.3m.

• High potential for further reserve growth and value creation through operational improvements.