New World Resources B.V. announces 2007 second quarter results
Friday, September 14th, 2007
New World Resources B.V. a coal and coke holding company that is the sole shareholder of OKD, a.s., the Czech Republicâ€™s largest hard coal mining company, has announced its unaudited financial results for the quarter ended June 30th 2007.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 52.3% from 1.67 billion Czech crowns in the second quarter of 2006 (after a one-off retroactive price adjustment) to 2.55 billion Czech crowns in the second quarter of this year. The effect on the retroactive price adjustment is more fully discussed in the Companyâ€™s quarterly report posted on its website.
Operating cash flow increased by 74.9% from 981.13 million Czech crowns in the second quarter of 2006 to 1.716 billion Czech crowns in the second quarter of 2007.
Net profit after tax in the second quarter of 2007 was 388.9 million Czech crowns. In the second quarter of 2006 NWR recorded a net loss of 586.8 million Czech crowns primarily attributable to a one-time depreciation relating to the closure of one mine operated by OKD, a.s.
Total revenues for the quarter ended June 30th 2007 were 9.8 billion Czech crowns, of which coal and coke operations accounted for 93.7%.
Coking coal production generated total sales of 4.99 billion Czech crowns in the second quarter of this year. Net coke sales totalled 1.43 billion Czech crowns, and net sales of steam coal were 1.55 billion Czech crowns in the second quarter.
The improvements in the Companyâ€™s performance were substantially underpinned by increases in coal and coke prices. The average contracted coal price increased 9.98% compared to the second quarter of 2006. The average contracted coke price increased by 18.95% compared to the second quarter of 2006.
There was an improvement in the lost-time injury frequency rate, which fell by 8.3% in the second quarter of 2007 compared to the second quarter of 2006.
The total average number of staff fell by 7.9% in the second quarter of 2007, from 26,763 to 24,637.
On June 28th, NWR made an in-specie distribution to its parent company of its shares in Green Gas International B.V. and New World Resources Transportation B.V., respectively its coal-bed methane extraction and logistics businesses.
A copy of the quarterly report containing the financial information for the three and six month periods ended June 30 2006 and June 30 2007 has been sent to Deutsche Trustee Company Limited, as Trustee and as common depositary, and to BT Globenet Nominees Limited, as nominee of the common depositary and the registered holder of the high-yield notes. NWR has posted a copy of this press release and the Quarterly Report on its website. Holders of the high-yield notes, potential purchasers of the high-yield notes and investment analysts may review or download a copy of the Quarterly Report by accessing the website at www.newworldresources.eu.
NWR will hold a conference call on its first-quarter results on Thursday, 20 September 2007 at 17:00 CET, during which the companyâ€™s senior management will discuss the results. Details for the conference call are set forth below.
Conference Call Details
Date: Thursday 20 September 2007
Time: 17:00 Central European Summer Time (Amsterdam)
16:00 British Summer Time (London)
UK + 44 20 7216 0106
US + 1 703 621 7403
Germany + 49 69 29993 100
France + 33 1 49 93 24 15
Austria + 43 1 36027 72600
Italy + 39 02 3859 1174
Denmark + 45 8233 3114
Finland + 358 9 8171 0240
Ireland + 353 1 6058404
Switzerland + 41 22 567 5152
The Netherlands and the rest of the world +31 70 304 3381
To make sure you do not miss the beginning of the call, please call in 10 minutes before the starting time.