Amsterdam, 22 June 2010 - New World Resources N.V. (“NWR” or the “Company”), Central Europe’s leading hard coal and coke producer, announces that the sale of its subsidiary NWR Energy, a.s. (“NWR Energy”) to Dalkia Ceska Republika, a.s. (“Dalkia”) has closed.
The consideration to be received by NWR on closing amounts to approximately EUR 131 million1 in cash, with the increase in the purchase price from the original EUR 122 million driven by NWR Energy’s consolidated EBITDA performance in 2009.
Following the closing, the consideration will remain subject to further adjustments based on the performance of the electricity trading portfolio of NWR Energy subsidiary CZECH-KARBON s.r.o. (“Czech Karbon”) and on net debt as at closing. The adjustment relating to the performance of Czech Karbon’s electricity trading portfolio may result in a reduction of the purchase price of no more than approximately EUR 2 million.
NWR Energy and its subsidiaries will continue to supply OKD, a.s., NWR’s wholly owned Czech mining subsidiary, with key utilities and services under a long-term agreement.
This transaction is in line with NWR’s strategy of focusing on its core activities of coal mining and coke production. The Company expects to use the net proceeds from the sale of NWR Energy for capital expenditure.
1The proceeds of this transaction will be received in CZK and are subject to certain adjustments. The EUR amounts are based on the exchange rate of the day of closing (CZK/EUR 25.760).
- Ends -
NWR Energy, a.s.
NWR Energy’s activities comprise the distribution of electricity and the supply and distribution of heat, compressed air and water. Its subsidiaries are CZECH-KARBON s.r.o., a Czech electricity trading company, and NWR Energetyka PL Spółka z o.o., a Polish company responsible for the purchase and distribution of electricity in Poland. NWR Energy and its subsidiaries generated a consolidated net profit of EUR 7.7 million during the three months to 31 March 2010 and their consolidated total assets as at 31 March 2010 amounted to EUR 107.1 million under IFRS. The assets of NWR Energy and its subsidiaries include real estate assets belonging to the Real Estate Division of NWR, the value of which is to be determined by an independent expert.
New World Resources N.V.
NWR is the sole owner of OKD, a.s., the Czech Republic’s largest hard coal mining company and one of the largest producers in Central Europe by revenue and volume. Serving customers in the Czech Republic, Slovakia, Austria, Poland, Hungary and Germany, the Company produced 11Mt of coal and 843kt of coke in 2009.
Dalkia Ceska Republika, a.s.
Dalkia is a leading energy group in the Czech Republic. It is a premier heat producer and distributor, generates electricity, and provides energy and ancillary services to Ceska prenosova soustava. Dalkia is a leader in cogeneration on the Czech market. It has been doing business in the Czech Republic since 1991 and it currently employs 2,500 people including Dalkia Industry CZ staff. Its 2009 turnover reached CZK 12.8 billion, resulting from sales of 18,577 TJ of heat and 2,645 GWh of electricity. Its installed thermal capacity is 3,816 MWt and installed electrical capacity is 550 MWe. Dalkia Group in the Czech Republic includes Dalkia Česká republika, Dalkia Kolín, Dalkia Mariánské Lázně, Olterm&TD Olomouc, and AmpluServis.
Except as disclosed in this announcement, there has been no significant change affecting any matter contained in the earlier notification on this transaction dated 11 January 2010 and no other significant new matter has arisen which would have been required to be mentioned in that earlier notification if it had arisen at the time of the preparation of that notification.
For further information please contact:
New World Resources N.V.
Tel: +31 20 570 2270
E-mail: firstname.lastname@example.org Corporate Communications
Tel: +31 65 476 4119
22 Jun 2010 Closing of NWR Energy Sale (250KB PDF)