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Press Releases / 2009 / New World Resources Results for the first quarter 2009 

New World Resources Results for the first quarter 2009

18/5/2009

Amsterdam, 18 May 2009 - New World Resources N.V. ('NWR' or the 'Company'), Central Europe's leading hard coal producer, today announces its unaudited financial results for the first quarter 2009.

Highlights

  • Performance in Q1 2009 affected by deepening economic downturn in the CEE region with steel production in NWR's markets down by 41%*, leading to considerably lower than expected sales volumes of coking coal and coke
  • Thermal coal sales revenues down by 2%, as higher prices partially offset the 16% decrease in volumes
  • Coal production of 3.1 Mt and net total sales of 2.0 Mt
  • Total coke production of 233 kt and total coke sales of 103 kt
  • Main operating expenses down by 12% in Q1 2009 year on year, excluding electricity trading
  • EBITDA down 72% to EUR 60 million
  • Adjusted loss per A share of EUR (0.01)
  • Unrestricted cash of EUR 557 million and no material refinancing requirements until 2012
  • 2009 production targets reduced to 10.5 Mt of coal and 710 kt of coke in response to market conditions
  • Agreement with trade unions achieved, leading to an overall wage reduction for the full year 2009 and a headcount reduction of approximately 7%, including contractors, from current levels
  • POP 2010 programme continues to deliver better than expected improvements in efficiency and operational performance

*Q1 2009 compared to Q1 2008, according to data from the International Iron and Steel Institute (IISI)

Results for the first quarter 2009 (English version) (642 Kb PDF)

Results for the first quarter 2009 (Czech version) (217 Kb PDF)

Results for the first quarter 2009 (Polish version) (247 Kb PDF)

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