Nordic Mines AB (publ) Interim report January - June 2015
(Thomson Reuters ONE) -
The English text is an unofficial translation of the Swedish original, and in
the event of any discrepancies between the Swedish text and the English
translation the Swedish text shall take precedence.
Second quarter 2015
* Net income was SEK 0.0 million (SEK 10.0 million) due to the production stop
at the Laiva mine.
* The Company reported an operating loss of SEK -28.4 million (SEK -26.0
million) due to the production stop at the Laiva mine.
* Profit/loss after tax for the period amounted to SEK -31.3 million (SEK
-27.1 million), corresponding to SEK -0.01 (SEK -0.08) per share.
* Comprehensive income for the period amounted to SEK -31.9 million (SEK -32.8
million), corresponding to SEK -0.01 (SEK -0.10) per share.
* Cash and cash equivalents were SEK 40.7 million (SEK 57.9 million, 31 March
2015) at the end of the period.
* Equity was SEK 403.8 million (SEK 435.7 million, 31 March 2015) 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.
* The Board of Directors of Nordic Mines AB (publ) ("Nordic Mines", "the
Company" or "the Group") appointed Eva Kaijser the new CEO of the Group.
More information is available under New CEO of Nordic Mines.
* The Board of Directors of Nordic Mines has decided to delay the start of
production at the Laiva mine until further notice. However, the Company is
continuing to work on the preparation of a financing solution which given
the right conditions would make it possible to restart operations at the
Laiva mine with sufficient profitability. More information is available
under Nordic Mines delays the start of production at the Laiva mine and
Strategy and financing for Nordic Mines and the Laiva mine.
* Nordic Mines held its Annual General Meeting (AGM) for the Company on 30
June 2015. At the AGM a Board of Directors for Nordic Mines was elected
consisting of Lennart Schönning (Chair), Ulla-Britt Fräjdin-Hellqvist
(Deputy Chair), Krister Söderholm, Tord Cederlund and Manfred Lindvall. More
information is available under Annual General Meeting.
January - June 2015
* Net income was SEK 0.0 million (SEK 61.6 million) due to the production stop
at the Laiva mine.
* The Company recorded an operating loss of SEK -54.7 million (SEK -62.8
million).
* Profit/loss after tax for the period amounted to SEK -60.5 million (SEK
-63.6 million), corresponding to SEK -0.01 (SEK -0.19) per share.
* Comprehensive income for the period amounted to SEK -63.0 million (SEK -69.9
million), corresponding to SEK -0.01 (SEK -0.20) per share.
* Cash and cash equivalents were SEK 40.7 million (SEK 57.9 million, 31 March
2015) at the end of the period.
* Equity was SEK 403.8 million (SEK 435.7 million, 31 March 2015) at the end
of the period.
Significant post balance sheet events
* Nordic Mines has implemented a number of measures with the aim of achieving
more flexibility before a future re-start of operations at the Laiva mine
and realising additional cost savings in the short term. An agreement in
principle was reached with Ab Tallqvist Infra Oy, a local mining contracting
firm, to operate the Laiva mine in the future. Nordic Mines Oy announced
that it will be extending an invitation for codetermination negotiations in
order to realise additional cost savings in the near future at the Laiva
mine.
* Current General Manager Tom Söderman at his own request has decided to leave
his post at the end of 2015. More information is available under Changes at
the Laiva mine.
* The Company's lenders have expressed to the Company that they believe that
the Group is in violation of the current project financing agreement on a
number of points and has submitted a request to the Company on 10 August
2015 for a clarification from the Company regarding the Company's financing.
The Company is therefore holding discussions with its lenders. If Nordic
Mines is in significant breach of its project financing agreement, the bank
consortium is entitled to apply for a default of the Finnish composition
plan. More information is available under Significant risks and
uncertainties.
For further information, please contact:
Eva Kaijser, CEO, +46 70 932 09 01
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 08.05 (CET) on August 13, 2015.
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 AB (publ) Interim report January - June 2015:
http://hugin.info/138647/R/1945284/705200.pdf
This announcement is distributed by GlobeNewswire on behalf of
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(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#1945284]
Unternehmensinformation / Kurzprofil:
Datum: 13.08.2015 - 08:05 Uhr
Sprache: Deutsch
News-ID 413395
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