DGAP-News: ICHOR Coal N.V. / Key word(s): Half Year Results ICHOR Coal N.V.: half-year results for 2014 published 07.08.2014 / 08:09
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IchorCoal publishes half-year results for 2014 - Substantial increase in production, sales and operating results - Monthly production at Vunene increased to an average of 165,000 tons per month - Implementation of new strategy went into higher gear Berlin, 7 August 2014: IchorCoal NV, a mineral resource company specialising in investments in coal production, has published its interim results for the first six months of the financial year 2014 over the period ending 30 June 2014. Of particular note during the first six months has been the substantial increase in the production and sales of the South African subsidiary Vunene Mining (Pty) Ltd and the marked increase in earnings as a result. Production almost tripled compared with the same period last year to 991,000 tons of coal. Sales rose to 960,000 tons, which is higher than the total figure achieved for the full year 2013. By further improving operational processes, Vunene is planning to boost production output to 200,000 tons per month by the end of the current year. This increased production at Vunene Mining has resulted in a rise in IchorCoal turnover to EUR 26 million, which has therefore already exceeded the turnover recorded for the entire previous year. The ebitda amounted to EUR 4.6 million, in comparison to EUR 1.2 million achieved for the full year 2013. Earnings before interest and tax reached EUR 1.6 million. The focus during the first six months has been to establish IchorCoal as a focused coal miner in South Africa following the realignment of the company's strategy and the sale of our trading subsidiary HMS Bergbau AG. As part of this new strategy, the administrative headquarters of IchorCoal is in the process of relocating from Berlin to Rosebank, South Africa. As a consequence of the new developments, the functional currency of IchorCoal has been changed from the euro to the South African rand. The financials also include a retrospective restatement of non-current assets which had been translated each year at the rand/euro exchange rate at the acquisition date instead of applying the exchange rate at the balance sheet date. These adjustments do not have any impact on the profit and loss. More details of the first six months of the 2014 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 specialising in investments in coal production. The company possesses its own coal resources and sells the produced coal on local and international markets. It currently holds substantial equity positions in several South African mining companies. IchorCoal is headed by its CEO Nonkululeko Nyembezi-Heita, COO Andries Engelbrecht and CFO Sebastian Giese. 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, 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 possibility that the Company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels, that changes in product prices can have a material impact and that IchorCoal fails to raise sufficient capital to adequately fund its activities. Contact: Ichor Coal N.V. An der Wuhlheide 232, 12459 Berlin Tel.: +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 Tel.: +49 69 94418069 Mobile: +49 171 8311216 thomas.luber@newmark.de
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07.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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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281259 07.08.2014
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IchorCoal publishes half-year results for 2014 - Substantial increase in production, sales and operating results - Monthly production at Vunene increased to an average of 165,000 tons per month - Implementation of new strategy went into higher gear Berlin, 7 August 2014: IchorCoal NV, a mineral resource company specialising in investments in coal production, has published its interim results for the first six months of the financial year 2014 over the period ending 30 June 2014. Of particular note during the first six months has been the substantial increase in the production and sales of the South African subsidiary Vunene Mining (Pty) Ltd and the marked increase in earnings as a result. Production almost tripled compared with the same period last year to 991,000 tons of coal. Sales rose to 960,000 tons, which is higher than the total figure achieved for the full year 2013. By further improving operational processes, Vunene is planning to boost production output to 200,000 tons per month by the end of the current year. This increased production at Vunene Mining has resulted in a rise in IchorCoal turnover to EUR 26 million, which has therefore already exceeded the turnover recorded for the entire previous year. The ebitda amounted to EUR 4.6 million, in comparison to EUR 1.2 million achieved for the full year 2013. Earnings before interest and tax reached EUR 1.6 million. The focus during the first six months has been to establish IchorCoal as a focused coal miner in South Africa following the realignment of the company's strategy and the sale of our trading subsidiary HMS Bergbau AG. As part of this new strategy, the administrative headquarters of IchorCoal is in the process of relocating from Berlin to Rosebank, South Africa. As a consequence of the new developments, the functional currency of IchorCoal has been changed from the euro to the South African rand. The financials also include a retrospective restatement of non-current assets which had been translated each year at the rand/euro exchange rate at the acquisition date instead of applying the exchange rate at the balance sheet date. These adjustments do not have any impact on the profit and loss. More details of the first six months of the 2014 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 specialising in investments in coal production. The company possesses its own coal resources and sells the produced coal on local and international markets. It currently holds substantial equity positions in several South African mining companies. IchorCoal is headed by its CEO Nonkululeko Nyembezi-Heita, COO Andries Engelbrecht and CFO Sebastian Giese. 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, 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 possibility that the Company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels, that changes in product prices can have a material impact and that IchorCoal fails to raise sufficient capital to adequately fund its activities. Contact: Ichor Coal N.V. An der Wuhlheide 232, 12459 Berlin Tel.: +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 Tel.: +49 69 94418069 Mobile: +49 171 8311216 thomas.luber@newmark.de
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07.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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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281259 07.08.2014
