Nordic Mines AB (publ) Interim report January-September 2014
(Thomson Reuters ONE) -
Third quarter of 2014
·    Net income was only SEK 1.3 million (SEK 74.4 million) due to the
production stop at the Laiva mine.
·    The Company recorded an operating profit of SEK 406.7 million (SEK -52.8
million) as a result of significant debt write-downs.
·    Profit after tax for the period amounted to SEK 235.9 million (SEK -47.0
million), corresponding to SEK 0.28 (SEK -0.14) per share.
·    Comprehensive income for the period amounted to SEK 224.3 million (SEK
-19.4 million), corresponding to SEK 0.15 (SEK -0.06) per share.
·    Cash and cash equivalents were SEK 129.7 million (SEK 7.0 million, 30 June
2014) at the end of the period.
·    Equity was SEK 516.3 million (SEK 159.4 million, 30 June 2014) at the end
of the period.
·    As Nordic Mines decided to stop production at the Laiva mine until further
notice, no ore was processed during the period.
·    On 31 July 2014, the Uleåborg District Court adopted the composition plan
proposal filed with the court by the administrator for Nordic Mines' Finnish
subsidiary.
·    On 7 August 2014, the Uppsala District Court adopted the composition plan
proposal filed with the court by the administrator for Nordic Mines' Swedish
company.
·    On 11 August 2014, Nordic Mines announced that it had reached an agreement
in principle with its lenders, which largely confirmed the preliminary, non-
binding agreement presented on 5 June 2014.
·    On 14 August 2014, Nordic Mines announced that it had signed the final
contract documentation regarding the agreement with the Company's lenders that
was presented on 11 August 2014.
·    On 14 August 2014, Nordic Mines published a supplementary prospectus
regarding the then upcoming rights issue.
·    On 22 August 2014, Nordic Mines announced that it had received notification
of subscription for new shares in the then ongoing rights issue amounting to SEK
100 million.
·    On 1 September 2014, Nordic Mines announced that it had received
notification of subscription for new shares in the then ongoing rights issue
amounting to approximately SEK 152 million (before issue costs). The outcome of
the issue meant that all conditions for concluding the refinancing of Nordic
Mines were thereby fulfilled. On the same day, Nordic Mines announced a second
supplementary prospectus regarding the rights issue.
·    On 10 September 2014 Nordic Mines announced that the proceeds from the
rights issue had been received.
January - September 2014
·    Net income was only SEK 62.9 million (SEK 257.1 million) due to the
production stop at the Laiva mine as of the second quarter.
·    The Company recorded an operating profit of SEK 343.8 million (SEK -121.9
million) as a result of significant debt write-downs.
·    Profit after tax for the period amounted to SEK 172.3 million (SEK -119.2
million), corresponding to SEK 0.23 (SEK -0.39) per share.
·    Comprehensive income for the period amounted to SEK 154.5 million (SEK -4.2
million), corresponding to SEK 0.21 (SEK -0.01) per share.
·    Cash and cash equivalents were SEK 129.7 million (SEK 7.0 million, 30 June
2014) at the end of the period.
·    Equity was SEK 516.3 million (SEK 159.4 million, 30 June 2014) at the end
of the period.
Post balance sheet events
·    On 21 October 2014 Nordic Mines held a capital market presentation and in
conjunction with this presentation also published a company update on the
Company's website the same day. In the company update Nordic Mines described the
current situation, its plans for the immediate future and long-term strategic
priorities. Among other announcements, the company announced its goal of the
Laiva mine delivering a positive EBITDA within 6-12 months of its restart.
Comments by the CEO, Thomas Cederborg
"Following the outcome of the rights issue of SEK 152 million, Nordic Mines has
been able to conclude the reorganisation proceedings that have been underway
since July 2013. The received funds from the issue have also made it possible to
implement the write-down of around SEK 450 million. This write-down, the
composition plans in Sweden and Finland and the proceeds from the issue have
enabled Nordic Mines to progress from the threat of bankruptcy to an enhanced
cash position. Together, they are also making it possible for us to have the
goal during the winter/spring of 2015 of restarting operations at the Laiva mine
in a manner that creates conditions for profitable mining," comments Nordic
Mines CEO Thomas Cederborg.
For further information, please contact:
Thomas Cederborg, CEO, +46Â 708Â 480 521
Jonatan Forsberg, CFO, +46 76 105 13 10
For further information regarding Nordic Mines, please connect to
www.nordicmines.com
The information above has been made public in accordance with the Securities
Market Act and/or Financial Instruments Trading Act. The information was
published at 08.00 (CET) on November 7, 2014.
Nordic Mines is a Nordic mining and exploration company whose vision is to be
one of the leading gold producers in the Nordics and Europe and a role model in
respecting the environment. The company started mining gold in the Laiva mine in
Finland in summer 2011. These gold deposits are among the largest in the Nordic
region. Exploration is in progress in Finland and in Sweden. Nordic Mines was
established 2005 and have more the 100 employees with head office in Uppsala,
Sweden, The Nordic Mines share is traded on the Nasdaq OMX Small Cap list in
Stockholm.
Nordic Mines Interim report January - Spetember 2014:
http://hugin.info/138647/R/1869689/657456.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nordic Mines AB via GlobeNewswire
[HUG#1869689]
Unternehmensinformation / Kurzprofil:
Datum: 07.11.2014 - 08:00 Uhr
Sprache: Deutsch
News-ID 350682
Anzahl Zeichen: 6839
contact information:
Town:
Uppsala
Kategorie:
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