In line with the company's expectations, HMS Bergbau AG’s 1H15 results indicate positive earnings from ordinary business activities of €107 000 as of 30 June 2015 and net profit totalled €40 000.
At the end of 1H15, the company produced revenues of €52.1 million even with weak commodity prices and a strong US dollar.
Total assets were €9.7 million, which was reported to be mainly a result of eduction in trade receivables by approximately €10.5 million and current assets fell sharply to €17.5 million. Equity was reported to have seen a slight improvement to €3.3 million and the equity ratio increased to around 17% from t11% the previous year.
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.
Schernikau continued: “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.”
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/01102015/hms-bergbau-ag-reports-1h15-results-2933/