DGAP-News: ICHOR Coal N.V. / Key word(s): Final Results ICHOR Coal N.V.: Annual report 2012: Major investments boost assets 11.04.2013 / 09:32
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IchorCoal annual report 2012: Major investments boost assets - Total assets increased, primarily through acquisitions, to nearly EUR 150 million - Revenues of EUR 103 million - 'In a successful year the foundation for further growth was laid' Berlin, 11 April 2013: IchorCoal N.V., an internationally operating mineral resource company, increased its assets base in 2012 to EUR 149.4 million primarily as a result of two significant acquisitions and increased its revenues to EUR 103 million. 'These figures reflect our investments and are commensurate with our business,' says Heinz Schernikau, CEO of IchorCoal. 'We are more than satisfied with the outcome of our first full business year, during which we laid the foundation for further growth.' More details of the 2012 financial performance can be found in the annual report published today on IchorCoal's homepage. The most import event for IchorCoal in 2012 was the acquisition of 74 percent of the shares in the South African coal mining company Vunene Mining (Pty) Ltd. This provides IchorCoal with access to more than 120 million tons of steam coal. In November the company acquired a share of 30 percent of Mbuyelo Coal (Pty) Ltd., which in turn has interests in nine coal mines and projects in South Africa. Altogether, IchorCoal has now access to more than 1,000 million tons of coal reserves and coal resources through its investments in South Africa. To finance its acquisitions, the company issued convertible bonds of EUR 80 million with a coupon of 8% per annum which were placed in two tranches in June and November. 'The convertible bonds represent the only significant debt other than trade finance liabilities while total assets rose to EUR 149.4 million,' explains Sebastian Giese, CFO of IchorCoal. At EUR 4.5 million, EBITDA was positive as was EBIT, which added up to EUR 0.25 million while the company realized a net loss of EUR 3.3 million. 'All in all, we achieved the goal we set ourselves when we founded our company in 2011: To become an internationally operating mineral resource company specialising in coal resources as well as in other projects in the field of coal logistics and coal handling,' says IchorCoal CEO, Heinz Schernikau. The current year's performance, as well as 2014, will be strongly influenced by the resumption of underground mining at Vunene's Usutu Mine. It is planned that by 2016 at the latest, underground mining operations will be fully resumed and up to 350,000 tons of coal will be produced monthly. Vunene will commence work in the summer with production anticipated to start in 2014. 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 chances are vast and entrepreneurial action is essential and bears excellent prospects. The company is led by its CEO Heinz Schernikau and its CFO Sebastian Giese. Both bring in their long time experience 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@ichorcoal.com www.ichorcoal.com Thomas Luber NewMark Finanzkommunikation Zum Laurenburger Hof 76 60594 Frankfurt +49 69 94418069 mobil: +49 171 8311216 Thomas.luber@newmark.de End of Corporate News
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11.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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IchorCoal annual report 2012: Major investments boost assets - Total assets increased, primarily through acquisitions, to nearly EUR 150 million - Revenues of EUR 103 million - 'In a successful year the foundation for further growth was laid' Berlin, 11 April 2013: IchorCoal N.V., an internationally operating mineral resource company, increased its assets base in 2012 to EUR 149.4 million primarily as a result of two significant acquisitions and increased its revenues to EUR 103 million. 'These figures reflect our investments and are commensurate with our business,' says Heinz Schernikau, CEO of IchorCoal. 'We are more than satisfied with the outcome of our first full business year, during which we laid the foundation for further growth.' More details of the 2012 financial performance can be found in the annual report published today on IchorCoal's homepage. The most import event for IchorCoal in 2012 was the acquisition of 74 percent of the shares in the South African coal mining company Vunene Mining (Pty) Ltd. This provides IchorCoal with access to more than 120 million tons of steam coal. In November the company acquired a share of 30 percent of Mbuyelo Coal (Pty) Ltd., which in turn has interests in nine coal mines and projects in South Africa. Altogether, IchorCoal has now access to more than 1,000 million tons of coal reserves and coal resources through its investments in South Africa. To finance its acquisitions, the company issued convertible bonds of EUR 80 million with a coupon of 8% per annum which were placed in two tranches in June and November. 'The convertible bonds represent the only significant debt other than trade finance liabilities while total assets rose to EUR 149.4 million,' explains Sebastian Giese, CFO of IchorCoal. At EUR 4.5 million, EBITDA was positive as was EBIT, which added up to EUR 0.25 million while the company realized a net loss of EUR 3.3 million. 'All in all, we achieved the goal we set ourselves when we founded our company in 2011: To become an internationally operating mineral resource company specialising in coal resources as well as in other projects in the field of coal logistics and coal handling,' says IchorCoal CEO, Heinz Schernikau. The current year's performance, as well as 2014, will be strongly influenced by the resumption of underground mining at Vunene's Usutu Mine. It is planned that by 2016 at the latest, underground mining operations will be fully resumed and up to 350,000 tons of coal will be produced monthly. Vunene will commence work in the summer with production anticipated to start in 2014. 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 chances are vast and entrepreneurial action is essential and bears excellent prospects. The company is led by its CEO Heinz Schernikau and its CFO Sebastian Giese. Both bring in their long time experience 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@ichorcoal.com www.ichorcoal.com Thomas Luber NewMark Finanzkommunikation Zum Laurenburger Hof 76 60594 Frankfurt +49 69 94418069 mobil: +49 171 8311216 Thomas.luber@newmark.de End of Corporate News
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11.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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