Activa Resources AG
Activa Resources AG: Activa Resources AG publishes 2015 group financial statements
DGAP-News: Activa Resources AG / Key word(s): Final Results/Forecast Activa Resources AG publishes 2015 group financial statements – Oil and natural gas production increases 5 % – Group revenues grow decline approx. 20 % to EUR 4.36 million – EBITDA remains positive at EUR 0.97 million (vs. EUR 2.02 million) – Group net loss of EUR 2.72 million (vs. EUR 0.2 million) – Preparations begin for capital increase at EUR 1 Bad Homburg, 25th May 2016. Activa Resources AG, an independent oil and natural gas exploration and production company specialising in the development and exploitation of oil and natural gas fields in North America, announces details of its financial year 2015. 2015 group revenues declined by approx. 20 % to EUR 4.36 million as a result of almost 50 % lower average oil prices. Group EBITDA amounted to EUR 0.92 million vs. approx. EUR 2 million in 2014. After interest, depreciation and taxes Activa Resources AG generated a group net loss in 2015 of EUR 2.7 million (vs. a net loss of EUR 0.2 million in 2014). The net result is particularly attributable to the impact of lower oil prices which could not be fully compensated by 5 % higher oil and natural gas production, comprehensive cost-cutting, significant hedging income and 30 % lower production costs of USD 13.4 per BOE. The balance sheet total increased slightly to EUR 24.1 million at Dec. 31, 2015 (vs. EUR 23.1 million in 2014) as a result of additional debt financing. The equity ratio deteriorated from 25.6 % to 20.5 %. The company’s ability to make forecasts is currently significantly hampered as a result of the low oil price environment and continued oil price uncertainty looking out over the next 24 months. Commensurate with the clearly observable trend resulting from the price environment whereby financial institutions lending to the oil industry are significantly reducing borrowing bases, Activa expects Texas Capital Bank to request repayment of Activa’s existing credit facility by USD 5 – 6 million. Management is in talks with Texas Capital Bank regarding the forthcoming extension of the credit facility and other US financial institutions in order to establish alternative debt refinancing arrangements. Discussions are also being held with new investors and current shareholders to strengthen the company’s equity base, improve balance sheet ratios and provide liquidity. Correspondingly, planning has begun to raise significant new equity via a capital increase at EUR 1 per share. A significant preliminary share subscription agreement has already been signed with a new investor group. Via these measures Activa plans to be in a position to resume its drilling activities and be able to participate in a market recovery in 2017. The 2015 Activa Resources AG Annual Report is available online at www.activaresources.com. The Management Board About Activa Resources AG Forward-looking statements Company contact Investor Relations contact
2016-05-25 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |