Lubelski Węgiel BOGDANKA S.A., the most advanced and efficient hard coal mine in Poland, produced 2.55 million tonnes of commercial coal in the fourth quarter of 2015, which is comparable to the level achieved in the fourth quarter of 2014 (2.56 million tonnes), which was a record-breaking year in this respect in the Company’s history. The extraction achieved in the fourth quarter of 2015 is in line with this year’s production schedule and much higher than in the previous quarters of 2015.
LW Bogdanka S.A. in the 3rd quarter of 2015: EBITDA margin maintained at 34.4% despite difficult and unstable market situation
The Lubelski Węgiel BOGDANKA Capital Group, headed by LW BOGDANKA S.A., the most modern and efficient coal mine in Poland, generated sales revenue in the 3rd quarter of 2015 of PLN 483.4m. EBITDA for the period was PLN 166.3m, EBIT PLN 73.2m, and net profit more than PLN 56.6m. Despite a difficult market situation and continued downward pressure on coal prices, the company continued to achieve margins above the average for the industry, as exemplified by the EBITDA margin in the 3rd quarter of 2015 of 34.4%.
The results achieved in the 3rd quarter are decidedly improved from the previous quarters of this year. Sales revenue was 16.4% higher than in the 2nd quarter of this year and 12.9% higher than in the 1st quarter. EBITDA rose by 12.9% and 15.2% respectively, and net profit in the 3rd quarter of 2015 was 32.3% higher than in the prior three months and 73.3% higher than in the 1st quarter of 2015.
LW Bogdanka S.A. extracts 2.04 million tonnes of coal in the third quarter and upholds the plan to sell 8.5 million tonnes of coal in 2015
Lubelski Węgiel BOGDANKA S.A., the most advanced and efficient hard coal mine in Poland, produced 2.04 million tonnes of commercial coal in the third quarter of 2015, compared to 2.38 million tonnes achieved in the third quarter of 2014. The level of sales in the third quarter of 2015 totalled 2.19 million tonnes, compared to 2.50 million tonnes in the third quarter of 2014. Cumulatively, production of commercial coal in the first nine months of this year amounted to 5.93 million tonnes, while sales totalled 6.01 million tonnes, compared to 6.63 million tonnes and 6.80 million tonnes in the same period of 2014, respectively. Sale and production levels achieved in the third quarter 2015 were higher than those achieved in the second quarter this year, when the level of production was 1.90 million tonnes and sales amounted to 1.88 million tonnes.
STATEMENT BY ZBIGNIEW STOPA, CEO OF LW BOGDANKA S.A.
The Management Board of LW Bogdanka S.A., together with an advisor employed for this purpose, is currently analyzing the conditions of the tender offer announced by ENEA S.A.
The course of this year’s price negotiations with ENEA was the same as in previous years. In accordance with the long-standing practice, the last round was planned for October. In previous years, an agreement on the prices for the following year was usually reached in the fourth quarter. Therefore, the termination surprised us. [...]