Zarechnaya swings to 2012 IFRS losses of 469 mln rubles
Novosibirsk. Aug 6 (Interfax) - Zarechnaya Coal Co. LLC of Polysayevo, Kemerovo Region incurred net losses to International Financial Reporting Standards (IFRS) of 469 million rubles in 2012, having earned 790 million rubles in profits the year before, the company reported.
Sales revenues were up 23.6% at 24.052 billion rubles.
Financial highlights, mln rubles:
| 2012 | 2011 | |
| Sales revenue | 24 052 | 19 453 |
| Cost of sales | 21 411 | 13 781 |
| Gross profits | 2 641 | 5 672 |
| Pretax profits (losses) | (475) | 1 267 |
| Net profits (losses) | (469) | 790 |
Earnings before interest, taxes, depreciation, and amortization (EBITDA) contracted 56.5% to 2.333 billion rubles. Long-term debt was 14.15 billion rubles at end-2012 versus 16.209 billion rubles at the start of the year. Short-term debt more than tripled to 12.769 billion rubles, including bank loans - to 9.1 billion rubles.
Last year, Zarechnaya increased its stake in Indtec Baltic Coal from the 16.08% acquired in 2011 to 55%. By year-end, the group had increased is stake in Anzhero-Sudzhensk Engineering Plant to 74.15% and acquired 100% of OJSC Anzherskoye Mine Office, which gave the group access to new coal resources.
The company produces 'G' grade steam coal. It sits on commercial reserves of 28.902 million tonnes.
Zarechnaya Coal includes OJSC Zarechnaya Mine with the Oktyabrsky mine section, OJSC Aleksiyevskaya Mine and mines under construction (Karagailinskoye, Sibirskaya Mine, Serafimovsky section); the Sputnik enrichment plant; a coal terminal in the Latvian port of Ventspils; and a number of auxiliary enterprises.
Zarechnaya has coal resources and reserves to JORC standards of respectively 528.8 million tonnes and 274.5 million tonnes. Coal resources could be increased by another 1.329 billion tonnes. The company's mines currently produce G, D and Zh grade coal.
Zarechnaya exports more than 90% of its coal to 12 countries, including Spain, the UK and the Netherlands. The company is owned by Viktor Nusenkis.