ICHOR Coal N.V.
Release of Ichor Coal N.V.’s 2014 annual financial statements
ICHOR Coal N.V. / Key word(s): Final Results Release of Ichor Coal N.V.’s 2014 annual financial statements – Major improvement in underlying operational performance – Revenue doubled year-on-year from EUR24.5m to EUR49m – 502% year-on-year increase in ebitda to EUR7.26m – Substantial rise in equity from EUR6m in prior year to EUR53m Johannesburg, 30 April 2015: Ichor Coal N.V., an international mining company focusing on thermal coal production in South Africa, has published its annual financial statements for the 2014 financial year. Of particular note was the marked improvement in the group’s equity position resulting from the conversion of corporate bonds in July and a capital increase in October 2014. The latter was primarily used to fund the 29.99% investment in the newest acquisition – Universal Coal plc. The remaining funds were utilised to fund the ongoing re-establishment of the underground mining operation at Vunene Mining. Group revenue doubled from EUR24.5m to EUR49m on the back of a 90% increase in coal output from Vunene Mining to a total of 1,8m tonnes for the financial year. This resulted in ebitda rising to EUR7.26 for the year, up 502% from prior year. Due to the bond conversion, the associated liability recorded in the balance sheet decreased from EUR111m to EUR83m in 2014, leading to a marked improvement in the company’s capital structure.
About Ichor Coal N.V. Ichor Coal N.V. is an international mining company focusing on thermal coal production in South Africa. The company owns and operates its own coal resources and sells the output coal both locally and in international markets. Furthermore, the company holds minority equity positions in two South African mining companies. IchorCoal is led by its CEO Nonkululeko Nyembezi-Heita and COO Andries Engelbrecht who together bring substantial experience in the industrial and commodity sectors.
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 may not result in commercial levels of coal production, that changes in product prices can have a material impact and that IchorCoal fails to raise sufficient capital to adequately fund its activities.
Ichor Coal N.V. 2015-04-30 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 |
351845 2015-04-30 |