December 03, 2008

New World Resources doubles 2007 profit to EUR 196 million

According to consolidated results by international accounting standards, Dutch company New World Resources the owner of Czech black coal producer OKD, made a EUR 196 million profit in 2007 nearly twice as much as in 2006. Its revenues grew by 10.7% YoY to EUR 1.37 billion.

	2007	2006	Change
Profit	196	101	94
EBITDA	351	283	24
Revenues	1367	1235	11
Cash	474	995	-52

(In EUR million)

New World Resources sold approximately 13.1 million tonnes of coal in 2007, 7.8 million tonnes of which was coking coal. It also produced 1.3 million tonnes of coke. As of January 1st 2008, New World Resources had roughly 419 million tonnes of coal in deposits ready to be mined.

Mr Zdenek Bakala board vice chairman of New World Resources said that "Since the time we bought the then company OKD back in 2004, the whole group has undergone an extensive restructuring under an experienced and highly motivated team of managers and the aim was to focus primarily on coal mining and coke production. He added that "NWR is now prepared to play a key role in the opening of further opportunities for black coal industry within our region.”

New World Resources is a member of European company RPG Industries, 81% in which is in the hands of investors represented by Bakala and Peter Kadas. The remaining 19% is held by US First Reserve and American Metals and Coal International. New World Resources is a leading Central European and the largest Czech black coal mining company in terms of revenues and coal production and the second largest domestic producer of coke. It operates five active mines and supplies coal to clients in the Czech Republic, Slovakia, Austria, Poland, Hungary and Germany.