DGAP-News: ICHOR Coal N.V.:IchorCoal publishes its results for the six months ended 30 June 2013
(firmenpresse) - DGAP-News: ICHOR Coal N.V. / Key word(s): Interim Report
ICHOR Coal N.V.:IchorCoal publishes its results for the six months
ended 30 June 2013
19.09.2013 / 13:27
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IchorCoal publishes its results for the six months ended 30 June 2013
- Total assets of IchorCoal rose to over EUR 164 million
- 'The first six months were successful for IchorCoal'
- Recent monthly production of up to 180,000 tons of steam coal at Vunene
Mining
Berlin, 19 September 2013: IchorCoal NV has published its results for the
six months ending 30 June 2013. The Group successfully increased both its
production capacities and its coal resources.
As of the 30 June 2013, IchorCoal Group's net equity amounted to EUR 18,628
thousand, while total assets increased to EUR 164,438 thousand. Sales
revenues of IchorCoal increased to EUR 49,440 thousand from EUR 45,766
thousand in the first six months of 2012, while the operating margin
increased by EUR 912 thousand to EUR 2,383 thousand. At EUR 592 thousand,
EBITDA was positive whereas the EBIT added up to EUR -2,038 thousand.
Overall, IchorCoal Group realized a loss after income tax of EUR -4,515
thousand. During the first six months of the year, the result of IchorCoal
Group was primarily driven by its trading activities and the challenges on
the global seaborne coal trade markets as well as the expenses associated
with the production ramp up activities in its subsidiary Vunene Mining
(Pty) Ltd in South Africa. For the second part of 2013, IchorCoal expects a
stronger turnover and improved returns. Although the initial expectations
for the year will not be fulfilled, the company foresees satisfactory
results.
'All in all, the first six months of the year 2013 were successful ones for
IchorCoal and its shareholders,' says IchorCoal CEO, Heinz Schernikau.
'Vunene Mining signed a contract with Eskom, the South African Electricity
Utility, for the shipment of up to 2.4 million tons of steam coal per year.
Furthermore, production was increased in the opencast operations to just
recently up to 180,000 tons per month, despite some unforeseen setbacks.
And after the successful completion and approval of all increases in the
Mbuyelo Coal participation, the coal resources attributable to IchorCoal
will be more than 225 million tons alone from the Eloff mine, the most
promising coal project of Mbuyelo Coal, which in turn owns a total of over
750 million tons of coal resources and reserves in its nine coal projects.'
'To finance the production ramp up activities in Vunene Mining as well as
the raise of the Mbuyelo Coal participation, IchorCoal successfully placed
EUR 25 million of corporate bonds in June and subsequent to the half year
increased its share capital in August by issuing 5 million new shares for
EUR 4 per share or EUR 20 million in total.' explains Sebastian Giese, CFO
of IchorCoal.
More details of the of the first six months of the 2013 financial year can
be found in the interim report published today on IchorCoal's homepage.
The Management Board
About IchorCoal N.V.
IchorCoal N.V. is an internationally operating mineral-resource-company
specializing in investments in coal resources as well as in other projects
in the field of coal logistics and coal handling along with coal trading
via its marketing arm HMS Bergbau AG. The company is aiming to secure own
coal resources, to gain control along the value chain and to sell the
produced coal on the international markets. In consideration of the global
rise in demand for coal, market opportunities are vast and entrepreneurial
action is essential and bears excellent prospects. The company is managed
by its CEO Heinz Schernikau and its CFO Sebastian Giese. Both bring in
their experience of many years in the commodity sector.
Forward-looking statements
This news release includes forward-looking statements. Forward-looking
statements include, but are not limited to, statements concerning estimates
of expected mining and associated costs, statements relating to estimates
of, and increases in, production, cash flows and values and other
statements which are not historical facts. When used in this document, the
words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may',
'potential', 'should' and similar expressions are forward-looking
statements. Although IchorCoal believes that its expectations reflected in
these forward-looking statements are reasonable, such statements involve
risks and uncertainties and no assurance can be given that actual results
will be consistent with these forward-looking statements. Important factors
that could cause actual results to differ from these forward-looking
statements include the potential that the Company's projects will
experience technological and mechanical problems, that geological
conditions in the reservoir may not result in commercial levels of oil and
gas production, that changes in product prices can have a material impact
and that IchorCoal fails to raise sufficient capital to adequately fund its
activities.
Contact:
IchorCoal N.V.
An der Wuhlheide 232
12459 Berlin
Germany
phone: +49 30 65 66 81 60
FAX: +49 30 65 66 81 15
info(at)ichorcoal.com
www.ichorcoal.com
Thomas Luber
NewMark Finanzkommunikation
Zum Laurenburger Hof 76
60594 Frankfurt
+49 69 94418069
mobil: +49 171 8311216
Thomas.luber(at)newmark.de
End of Corporate News
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231028 19.09.2013
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Datum: 19.09.2013 - 13:27 Uhr
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