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Press Releases / 2010 / Results for the six-month period ended 30 June 2010 

Results for the six-month period ended 30 June 2010

26/8/2010

Amsterdam, 26 August 2010 – New World Resources N.V. (“NWR” or the “Company”), Central Europe’s leading hard coal and coke producer, announces its interim financial results for the six-month period ended 30 June 2010.

Highlights

  • H1 2010 results reflect higher revenues driven by increased coking coal and coke sales volumes and prices relative to H1 2009

- Coal and coke production of 5,430kt and 494kt, respectively

- Total external sales of 4,896kt of coal and 612kt of coke, up 16% and 107% respectively due to improved market conditions

- Consolidated revenues from continuing operations of EUR 716 million, up 48%. Coal mining segment revenues up 32%, coking segment revenues up 177%

- EBITDA from continuing operations of EUR 169 million, up 122% compared to H1 2009

- Inventories down by EUR 17 million in H1 2010, having increased by EUR 59 million in H1 2009

- Mining cash cost per tonne at EUR 73, up 5% on a constant currency basis

  • Adjusted earnings per A share of EUR 0.41 for H1 2010
  • Interim dividend of EUR 0.21 per share declared
  • EUR 500 million debt financing completed in May 2010 eliminating significant debt maturities until 2015; net debt down 15% since 31 December 2009 to EUR 411 million
  • Continued improvement in safety with LTIFR1 in mining operations down 24% in H1 2010 compared to H1 2009
  • On track to deliver production targets for FY 2010 of 11.5Mt of coal and 1Mt of coke Expected total external sales of 10.5Mt of coal for FY 2010, 5.5Mt of coking coal and 5.0Mt of thermal coal; and 1.1Mt of coke. Expected internal sales of 800kt of coking coal for FY 2010
  • Sale of NWR Energy concluded in June 2010

1 LTIFR represents the number of reportable injuries after three days of absence divided by total number of hours worked expressed in millions of hours.


Full press release available here:

26 Aug 2010 Results for the six-month period ended 30 June 2010 (1161KB PDF)

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