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Annual Report and Accounts 2013

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Annual Report and Accounts 2013 ANNUAL REPORT AND ACCOUNTS 2013 New World Resources New World Resources Overview Corporate Governance Remuneration Report Additional Information Annual Report Annual Report and Accounts 2013 and Accounts 2013 Strategic Report ARMC Report Financials 001 CONTENTS OVERVIEW: NWR 001 Overview Directors’ report Who we are We principally produce coking coal as well In view of the continued pressure on both 001 Overview: NWR Directors’ report comprises the Strategic NWR Plc is a Central European hard coal as thermal coal and supply to a blue-chip coking and thermal coal; the expected 002 2013 year in review Report, Corporate governance, the Audit producer. Headquartered in Amsterdam, steel and energy customer base in Central negative impact of the current coal price 004 Our operations and customers and Risk Management Committee Report, we are included in the FTSE Small Cap Europe. We retain our position as the outlook on NWR’s coal reserves; and the 008 2013 in dates and events: corporate timeline the Remuneration Report, Shareholder and index with additional listings in Prague and regional leader in deep underground safety expiry of the Company’s Revolving Credit Ancillary information for the shareholders Warsaw. in line with our commitment to running our Facility the Board initiated a review of 010 Strategic Report sections. The report has been prepared in operations in a socially responsible way. NWR’s capital structure on 22 January 2014. 012 Chairman’s statement accordance with the requirements of the What we do We will consider all available options to 016 Our business model and strategy Companies Act 2006. Our principal mining assets are in the Czech In February 2013, we announced our ensure an appropriate capital structure 022 Our markets Republic and we have several development updated strategy and set out strategic that can support the continuation of the 026 Principal risks and uncertainties projects in the Czech Republic and Poland. targets for the business for 2017. By 2017 business going forward. 038 Financial review The average exchange rate for 2013 used The Company employs around 16,000 people we want to build on the strengths of NWR 044 Coal segment throughout the report is 25.980 EUR/CZK, and as at 31 December 2013 had 64 million and evolve the business into Europe‘s 050 Coke segment unless stated otherwise. All the tonnes of JORC total reserves1. leading miner and marketer of coking coal. 054 Sustainability forward-looking price guidance for 2014 is based on an exchange rate of EUR/CZK 064 Corporate governance of 27.00. Prices are expressed as a 064 Highlights blended average between the different 068 Board of Directors qualities of coal and are ex-works. 074 Corporate governance Final realised prices can be influenced Our business 087 Certain relationships and Related party transactions by a range of factors including, but not 090 Material contracts limited to, exchange rate fluctuations, ‘Ownership is 100 per cent unless quality mix, timing of the deliveries otherwise stated’ 094 Audit and Risk Management Committee Report and flexible provisions in the individual agreements. Thus, the actual realised price BXR Group Limited 098 Remuneration Report for the period may differ from the average agreed prices previously announced. 112 Financial statements 112 Statement of Directors’ responsibilities NWR or the ‘Company’ refers to Free Float BXR Mining B.V. RPG Property B.V. 113 Independent auditor’s report New World Resources Plc. 63.56% A shares 118 Consolidated statement of comprehensive income The ‘Group’ or ‘NWR Group’ refers to 36.44% A shares 100% B shares 120 Consolidated statement of financial position New World Resources Plc and its New World Resources Plc 122 Consolidated statement of changes in equity subsidiaries. 124 Consolidated statement of cash flows 126 Notes to the consolidated financial statements 177 Company financial statements New World Resources N.V. (‘NWR NV’) 184 Additional information Divested asset 184 Shareholder information 187 Ancillary information for shareholders OKD, a.s. (‘OKD’) NWR KARBONIA S.A. (‘NWR KARBONIA’) OKK Koksovny, a.s. (‘OKK’) 188 Glossary Our principal wholly owned subsidiary OKD NWR KARBONIA oversees two In 2013, NWR sold its coking subsidiary, is the Czech Republic’s largest coal mining development projects in southern Poland, OKK to the METALIMEX group. The company and one of the largest private Dębieńsko and Morcinek. Please refer to divestment is consistent with both employers. Its four operating mines are the Coal section for further information. the long-term goal of focusing NWR located in Northern Moravia, south of the principally as a miner and marketer of Polish border and are a part of the Upper See pages 48. coking coal; and with the short-term goal Silesian Coal Basin. Please refer to the Coal of achieving a more efficient, leaner and section for further information. more flexible mining business by the end of 2014. Please refer to the Coke section See pages 46 to 49. for further information. See pages 50 to 53. 1 53Mt of proven reserves and 11Mt probable reserves. New World Resources Overview Corporate Governance Remuneration Report Additional Information Annual Report 2013 YEAR and Accounts 2013 Strategic Report ARMC Report Financials 003 IN REVIEW Revenues Preserving our near term liquidity Sale of OKK Continuing tough market conditions We delivered our targeted EUR 100 million We successfully sold OKK for a gross affected our 2013 performance. Revenues worth of cash-enhancing measures consideration of EUR 95 million to the were down 28 per cent to EUR 850 million, to strengthen our financial position METALIMEX group by the end of 2013. mainly driven by a 22 per cent decline in 2013. These additional group-wide The sale of OKK is wholly in line with in coking coal prices and a 24 per cent savings included EUR 36 million in our longer-term vision to focus on coal decline in thermal coal prices on the prior operational cost and CAPEX savings, and mining and marketing. year. Due to high operational leverage, EUR 64 million in active working capital profitability and cash flows of NWR are operations. highly geared to revenues, and ultimately to the prices of coal. New collective agreement signed Balance sheet developments Downgrade of reserves In November 2013 a solid outcome was In January 2013 we refinanced the 2015 In view of the continued pressure on both For the Czech assets, having regard This decrease principally relates to a principally due to a combination of an reached between OKD and its trade unions Senior Notes with 2021 Senior Notes; coking and thermal coal; the expected to the revised Life of Mine Plan, JT Boyd downward adjustment of the Company’s increase in the reporting requirements with the Collective Bargaining Agreement and we also gained waivers and extensions negative impact of the current coal price has reported a total of 64 million tonnes long-term coal prices. introduced in the 2012 JORC Code (which 2014-2018. This is another important step for both the RCF, which expired in outlook on NWR’s coal reserves; and the expiry of JORC compliant saleable (proven and became effective 1 December 2013) forward in addressing NWR’s cost base, of February 2014, and the ECA loan. As of of the Company’s Revolving Credit Facility probable) reserves as at 31 December For Debieńsko, IMC-Montan Consulting and the downward adjustment which personnel costs account for about year-end, the Group had total debt the Board initiated a review of NWR’s capital 2013. The 2013 JORC reserve figure GmbH is currently preparing a revised of the Company’s long-term coal price half. Coupled with further initiatives, NWR facilities of EUR 809 million and Net Debt structure on 22 January 2014. We will consider for the Czech assets represents a 65 per mineral resources and reserves report. outlook. The Group‘s total reserves aims to deliver an 8 per cent in reduction of EUR 625 million (2012: EUR 551 million). all available options to ensure an appropriate cent decrease from the JORC saleable It is probable that the previously reported figures at 31 December 2013 therefore in OKD’s personnel costs in CZK in 2014 We ended the year with a cash ballance capital structure that can support the reserves as at 31 December 2012 of reserve number of 190Mt for Debieńsko do not include any reserves for compared to 2013. of EUR 184 million. continuation of the business going forward. 184 million tonnes. will be reclassified as resources Debieńsko. KEY PERFORMANCE INDICATORS Total coal sales million tonnes Revenues EUR million Cash mining costs per tonne EUR EBITDA EUR million Operating profit / loss EUR million NWR operations LTIFR LTIs per million hours * includes sales to OKK * from continuing operations * XXAllX costs incurred in coal mining including * from continuing operations * from continuing operations NWR operations administrative and non-cash costs. NWR operations excluding OKK Koksovny 9.7 2013* 850 2013* 78 2013 (10) 2013* (973) 2013* 7. 20 2013 7. 41 10.2 2012* 1,179 2012* 71 2012 210 2012* 50 2012* 7. 45 2012 7. 61 10.6 2011 1,632 2011 82 2011* 454 2011 276 2011 7. 64 2011 10.7 2010 1,590 2010 71 2010* 464 2010 2952010 8.25 2010 Overview Corporate Governance Remuneration Report Additional Information New World Resources New World Resources Overview Corporate Governance Remuneration Report Additional Information Annual Report Annual Report 004 Strategic Report ARMC Report Financials and Accounts 2013 and Accounts 2013 Strategic Report ARMC Report Financials 005 OUR OPERATIONS AND CUSTOMERS This chart is only indicative and does Operations at a glance Our operations not depict all of our customers. 1 Karviná Mine NWR’s four active mines are located Active mines Port Świnoujście Port Gdynia 2013 coal production: 2.63Mt within close proximity to our major distance from our mines: distance from our mines: JORC Reserves: 23.7Mt (17.1Mt of proven Development project customer’s operations in Central Europe.
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