Amsterdam, 24 February 2011 – New World Resources N.V. (“NWR” or the “Company”), Central Europe’s leading hard coal and coke producer, today announced its financial results for the full year ended 31 December 2010.
Full Year 2010 Highlights
- Consolidated revenues1 of EUR 1,590 million, up 42%
- Coal revenues up 30%
- Coke revenues up 161%
- EBITDA1 of EUR 464 million, up 160%
- Adjusted earnings per A share of EUR 0.86
- Strong operating cash flow of EUR 315 million, up 79%
- Net debt reduced by 34% to EUR 321 million, overall debt maturity extended
- Final dividend declared of EUR 0.22 per A share, taking full year 2010 dividend to EUR 0.43 per A share (2009: NIL)
- Continued improvement in safety with mining LTIFR2 down 24%
- Coal and coke production of 11,443kt and 1,006kt, respectively, in line with our previously stated targets
- Total external sales of 10,712kt of coal and 1,100kt of coke, up 6% and 56% respectively
- Mining cash cost per tonne at EUR 71, up 4% on a constant currency basis
- Debiensko’s detailed feasibility study continues to progress. Land and infrastructure acquisitions have commenced and we expect to break ground in 2011
- Quarterly pricing to be adopted for most coking coal sales from Q2 2011
- 2011 pricing for thermal coal concluded at EUR 71 per tonne, 13% above 2010 realised prices
- Intention to reincorporate in the United Kingdom to secure FTSE UK index series eligibility during the first half of 2011
1 From continuing operations.
2 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 text of the Press Release in PDF Format:
24 Feb 2011 Preliminary unaudited results for the full year ended 31 December 2010 (300KB PDF)
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