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HMS Bergbau AG publishes 2015 Interim Report

News from September 30, 2015

  • Group revenues of EUR 52.1 million (previous year: EUR 69.1 million)
  • Positive earnings from ordinary business activities of EUR 107 thousand (previous year: EUR 552 thousand)

Berlin, 30. September 2015: HMS Bergbau AG, one of Germany’s leading independent coal trading and marketing companies, reported results in the first half of 2015 which were in line with expectations. In the first six months of the 2015 financial year, the company generated revenues of EUR 52.1 million (30 June 2014: EUR 69.1 million) despite declining commodity prices and a strong US dollar. HMS Bergbau Group once again reported positive earnings from ordinary business activities of EUR 107 thousand as of 30 June 2015 (30 June 2014: EUR 552 thousand). At the end of the first half of 2015, net profit totalled EUR 40 thousand (30 June 2014: EUR 468 thousand).

Total assets came in at EUR 19.7 million as of 30 June 2015 (31 December 2014: EUR 30.4 million). This is largely due to the reduction in trade receivables by some EUR 10.5 million. Current assets subsequently fell sharply to EUR 17.5 million (31 December 2014: EUR 28.7 million). Equity improved slightly to EUR 3.3 million and the equity ratio increased to around 17 % (previous year: 11 %).

Heinz Schernikau, founder and CEO of HMS Bergbau AG commented: “Our business development in the first half of 2015 is an impressive demonstration of how well HMS Bergbau Group is positioned with its diversification strategy. In addition to coal trading on the European market, Asia and South Africa are also important markets for us. We recently expanded our marketing agreement in South Africa, and the planned mining of our own coal reserves in Poland will enhance our added value and open up new earnings possibilities. We have also begun to analyse commodity products on the European market which are closely connected to our customers. We have already completed initial transactions in ore and cement raw materials. The objective is to use and expand existing supplier and customer relationships. Thanks to our excellent position, we have also been able to generate positive results in a challenging market environment.

Given the current market position and prospects provided by the exploration and planned mining in Poland and the long-term marketing agreements in Africa as well as rising sales in Southeast Asia, we assume an increase in revenues, provided commodity prices pick up as expected. We therefore anticipate positive EBITDA for 2015 despite the challenging market environment.”