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New World Resources - Unaudited Q1 2013 results and business optimisation steps

16.05.2013 08:22

New World Resources Plc ('NWR' or the 'Company') today announces its unaudited
financial results for the first quarter of 2013 and steps to optimise its business.

Q1 2013 Financial summary

  • Revenues of EUR 240 million, down 31%.
  • Cash mining unit costs of EUR 86/t, up 2%1.
  • EBITDA of EUR (22) million.
  • Basic loss per A share of EUR (0.31).
  • Net debt of EUR 643 million; Debt maturity profile pushed out.
  • Waivers agreed for financial covenants in NWR's bank facilities.
  • Cash of EUR 193 million with further EUR 100 million available under RCF.

Q1 2013 Operational summary

  • LTIFR2 of 5.71, improvement of 21%.
  • Regrettably, two miners died in fatal accidents this year.
  • Coal production of 2.1Mt, and external sales of 2.0Mt.
  • External sales mix of 49% coking coal and 51% thermal coal.
  • Coke production of 168kt and external sales of 149kt.

Business optimisation steps

  • EUR 100 million short-term measures at current operations to enhance NWR's financial position.
  • Business portfolio optimisation to ensure the existing business is cash neutral in current pricing environment, including divestment of OKK.
  • 2013 targets reflecting the continuation of difficult trading conditions and price pressures.
  • Strategic target to become Europe's leading miner and marketer of coking coal by 2017 reiterated.

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