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FY 2012 Results and Strategy Update

21.02.2013 08:57
Amsterdam, 21 February 2013 - New World Resources Unaudited full year 2012 results and Strategy update New World Resources Plc ('NWR' or the 'Company') today announces its unaudited financial results for the full year 2012, as well as an updated strategy to reposition the business as Europe's leading miner and marketer of coking coal.

2012 Financial summary

  • Revenues of EUR 1,299 million, down 20%.
  • Mining unit costs of EUR 81/t, down 1%.
  • Q4 inventory revaluation of EUR -15 million.
  • EBITDA of EUR 223 million, down 51%.
  • Basic Loss per A share of EUR (0.02).
  • Net debt of EUR 551 million.
  • Debt maturity profile pushed out.
  • Interim dividend of EUR 0.06 per A share with no final dividend

2012 Operational summary

  • Further improvement in safety with LTIFR down 2.5% to 7.45.
  • Regrettably, 5 miners lost their lives. Drive for fatality-free operations continues.
  • Coal production of 11.2Mt, and external sales of 9.7Mt.
  • External sales mix of 51% coking coal and 49% thermal coal.
  • Coke production of 680kt and external sales of 555kt.
  • Year-end coal inventories at 1.3Mt.
  • Recent technical review of Debiensko project completed. EUR 10 million CAPEX spend planned for 2013 on purchase of surface properties and value engineering.
  • Expansion of existing Karvina mine continues to plan.
  • Total JORC[3] reserves of 374Mt as at 1 January 2013.

FY 2013 guidance

  • Coal production target of 10.0-11.0Mt.
  • Coke production target of 800kt.

External sales

  • External sales target of 9.5-10.5Mt of coal equally split between coking and thermal coal.
  • Coke sales target of 700kt.


  • Thermal coal priced at EUR 60/t for 2013. 80% priced yearly and 20% priced quarterly, with an expected mix of 85% thermal coal and 15% middlings.
  • Coking coal Q1 2013 average price agreed at EUR 103/t with an expected mix of 45% mid-volatility hard coking coal, 47% semi soft coking coal and 8% PCI coking coal.
  • Coke Q1 2013 average price agreed at EUR 253/t with expected mix of 76% foundry coke, 15% blast furnace coke and 9% other types of coke.


  • Broadly flat mining unit costs on a constant currency basis.
  • Broadly flat coke conversion costs on a constant currency basis.


  • Expected CAPEX of EUR 120-130 million, including EUR 10 million on Debiensko.
  • Capital spending on new mining equipment down 57% year-on-year.
  • Capital spending on gateroad development down 24% year-on-year.

NWR website - full announcement


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