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NWR - Audited FY 2015 Results

24.02.2016 08:07

New World Resources Plc ('NWR' or the 'Company') today announces its audited financial results for the first twelve months of 2015. Comparative information, unless otherwise stated, is for the twelve months of 2014.


FY 2015 Financial summary

  •  Revenues of EUR 630 million, down 7%
  •  Coking coal average realised price of EUR 90/t, up 6%
  •  Thermal coal average realised price of EUR 50/t, down 7%
  •  Cash mining unit costs1 of EUR 66/t, down 1% on 7% lower production
  •  Selling and administrative expenses down 11% to EUR 119 million
  •  EBITDA of EUR (4) million, vs. EUR 11 million in FY 2014
  •  Non-cash gain of EUR 67 million on fair value revaluation of mandatory convertible notes.
  • Net debt of EUR 298 million
  • Cash of EUR 86 million as of 31 December 2015
  • Basic loss per A share of 3.40 eurocents compared to a basic loss per A share of 1.09 eurocents for FY 2014

 FY 2015 Operational summary

  •  Safety metrics LTIFR2 of 5.63 vs. 8.18 in FY 2014
  •  Coal production of 8.0Mt, down 7% and coal sales of 8.0Mt, down 4%
  •  Coal sales mix of 53% coking coal and 47% thermal coal
  •  CAPEX of EUR 34 million, down 42%
  •  Coal Inventory of 742kt, up 11% year on year
  •  Total headcount including contractors down 6%

 Recent developments

  • The Group has commenced discussions with key stakeholders, focused on securing a viable business with an appropriate capital structure which will both allow OKD to continue operating as a sustainable business in the anticipated low coal price    environment and provide clarity for employees
  • CERCL Mining Holdings B.V. (together with its owners and affiliated entities 'CERCL') have agreed to transfer (subject to certain conditions) to the Company for nil consideration all of their shares in the Company in order to facilitate the restructuring process
  • Peter Kadas and Charles Harman have resigned their (non-independent, non-executive) directorships in all companies in the NWR Group
  • New World Resources NV and the requisite majority of lenders under the Super Senior Credit Facility have agreed the terms of a standstill and temporary waiver agreement which reduces the threshold of Available Cash required to be maintained by the Group, as well as the waiver of certain other defaults which may arise as a result of the strategic options being explored

Full press release (ENG)


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