NWR - Unaudited FY 2014 Results
New World Resources Plc (‘NWR’ or the ‘Company’) today announces its unaudited financial results for the full year 2014. Comparative information, unless otherwise stated, is for the full year 2013.
FY 2014 Financial summary
- Revenues from continuing operations of EUR 676 million, down 20%.
- Coking coal average realised price of EUR 85/t, down 13%; thermal coal average realised price of EUR 54/t, down 4%.
- Cash mining unit costs of EUR 67/t, down 14% (9% on a constant currency basis) on 2% lower production.
- Selling and administrative expenses from continuing operations down 18% to EUR 135 million.
- EBITDA from continuing operations of EUR 11 million, up EUR 21 million.
- Non-cash impairment charge of EUR 183 million to reflect non-current assets' recoverable value (EUR 807 million charge in FY 2013).
- Non-cash gain from capital restructuring of EUR 342 million including EUR 45 million of transaction costs of which EUR 8 million were reflected directly in equity.
- Basic loss from continuing operations per A share of EUR (0.01).
- Net debt of EUR 281 million, including cash of EUR 128 million as of 31 December 2014.
- Going concern basis of accounting applied; auditor's report likely to refer to the directors' description of the material uncertainty relating to the use of the going concern basis.
FY 2014 Operational summary
- Regrettably, eight miners lost their lives during 2014.
- Safety metrics LTIFR of 8.18 vs. 7.41 in FY 2013.
- Coal production of 8.6Mt, down 2% and coal sales of 8.3Mt, down 14%.
- Coal sales mix of 57% coking coal and 43% thermal coal.
- CAPEX of EUR 60 million, down 45%.
- Coal Inventory of 668kt, up 76% year on year.
- Total headcount from continuing operations including contractors down 7%.
- 186 million tonnes of JORC-compliant marketable reserves identified at Debiensko project; now exploring opportunities to attract funding for the estimated two-year feasibility stage.
- Financial aid for the closure of the Paskov mine approved by the European Commission.
- The average price for 74% of NWR's 2015 expected coking coal production agreed and fixed for the full year 2015 at EUR 93 per tonne, up 9% on 2014 average realised coking coal price.
- The average price for NWR's 2015 whole expected thermal coal production agreed at EUR 52 per tonne, down 4% on 2014 average realised thermal coal price.
- Production and sales volume targets of 7.5 - 8.0Mt and 8.0Mt respectively.
- Sales mix target of 60% coking coal and 40% thermal coal.
- Cash mining unit costs of around EUR 65 per tonne.
- CAPEX of EUR 30-40 million.
- Improvement in LTIFR towards the target of below 5.
More information at NWR website
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