TIDMENRC
RNS Number : 4044S
Eurasian Natural Resources Corp Plc
07 November 2013
7 November 2013
Eurasian Natural Resources Corporation PLC
November 2013 Interim Management Statement and
Production Report for the Third Quarter ended 30 September
2013
London - Eurasian Natural Resources Corporation PLC ('ENRC' or,
together with its subsidiaries, the 'Group') today announces its
November 2013 Interim Management Statement and its Production
Report for the Third Quarter ended 30 September 2013.
Highlights for the Three Months ended 30 September 2013
o Ferroalloy and Energy Divisions, as well as iron ore
concentrate production, operated at full available capacity. Total
saleable copper contained production increased 105% against the
corresponding period in 2012;
o Revenue marginally below the comparable period in 2012 due to
lower commodity prices;
o Total operating costs broadly flat against the previous
period;
o Gross available funds of US$0.6 billion and net debt of US$6.1
billion.
Recent Developments
o Offer from Eurasian Resources Group B.V. declared wholly
unconditional. Delisting expected on 25 November;
o Sufficient new debt facilities available under the offer
document dated 24 June 2013 from Eurasian Resources Group B.V. to
refinance the Group's existing debt facilities that are subject to
change of control provisions.
"The Group has performed well over the past quarter, with the
highest level of saleable ferroalloy production in the past 2 years
and highest ever quarterly production of iron ore concentrate. Our
consistent operating performance in our key commodities has helped
to mitigate the effect of a lower pricing environment and I am
pleased that our costs within Kazakhstan have also stabilised."
Felix J Vulis, Chief Executive Officer
For further information, please contact:
ENRC: Investor Relations
Mounissa Chodieva +44 (0) 20 7389 1879
Charles Pemberton +44 (0) 20 7104 4015
Alexandra Leahu +44 (0) 20 7104 4134
ENRC: Press Relations
Julia Kalcheva +44 (0) 20 7389 1861
Capital MSL (PR advisors):
Richard Campbell +44 (0) 20 3219 8817
Ian Brown +44 (0) 20 3219 8800
Forward-looking Statements
This announcement includes statements that are, or may be deemed
to be, 'forward-looking statements'. These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms 'believes', 'estimates', 'plans',
'projects', 'anticipates', 'expects', 'intends', 'may', 'will', or
'should' or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These
forward-looking statements include matters that are not historical
facts or are statements regarding the Group's intentions, beliefs
or current expectations concerning, among other things, the Group's
results of operations, financial condition, liquidity, prospects,
growth, strategies, and the industries in which the Group operates.
Forward-looking statements are based on current plans, estimates
and projections, and therefore too much reliance should not be
placed upon them. Such statements are subject to risks and
uncertainties, most of which are difficult to predict and generally
beyond the Group's control. By their nature, forward-looking
statements involve risk and uncertainty because they relate to
future events and circumstances. The Group cautions you that
forward-looking statements are not guarantees of future performance
and that if risks and uncertainties materialise, or if the
assumptions underlying any of these statements prove incorrect, the
Group's actual results of operations, financial condition and
liquidity and the development of the industry in which the Group
operates may materially differ from those made in, or suggested by,
the forward-looking statements contained in this announcement. In
addition, even if the Group's results of operations, financial
condition and liquidity and the development of the industry in
which the Group operates are consistent with the forward-looking
statements contained in this announcement, those results or
developments may not be indicative of results or developments in
future periods. A number of factors could cause results and
developments to differ materially from those expressed or implied
by the forward-looking statements including, without limitation,
general economic and business conditions, industry trends,
competition, commodity prices, changes in regulation, currency
fluctuations, changes in business strategy, political and economic
uncertainty. Subject to the requirements of the Prospectus Rules,
the Disclosure and Transparency Rules and the Listing Rules or any
applicable law or regulation, the Group expressly disclaims any
obligation or undertaking publicly to review or confirm analysts
expectations or estimates or to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any changes in the Group's expectations with regard thereto
or any change in events, conditions or circumstances on which any
such statement is based. Nothing in this announcement should be
construed as a profit forecast. The forward looking statements
contained in this document speak only as at the date of this
document.
A copy of this announcement will be available on ENRC's website
at www.enrc.com.
November 2013 Interim Management Statement ('IMS')
The information in the IMS, unless stated otherwise, relates to
the nine months ended 30 September 2013, and is compared to the
corresponding nine months of 2012. The Offer dated 24 June 2013
from Eurasian Resources Group B.V. for the entire issued and to be
issued share capital of ENRC was declared wholly unconditional on
25 October 2013 and ENRC is expected to be delisted on 25 November.
Sufficient new debt facilities are available under the offer from
Eurasian Resources Group BV to refinance the existing debt
facilities of ENRC that are subject to change of control
provisions. Except as set out in this statement, there have been no
other material events, transactions or changes to the financial
position of the Group since 30 June 2013. The Group's performance
trends from 30 September 2013 to date remain broadly consistent
with those described herein.
Revenue
Group revenue in the nine months of 2013 was marginally below
the corresponding period in 2012, despite a weak market environment
with lower realised commodity prices. A solid operational
performance resulted in higher sales volumes in the Group's key
commodities, which largely offset the negative impact of lower
prices. Revenue benefitted from increased sales of high-carbon
ferrochrome, chrome ore, alumina and the contribution of Shubarkol
sales for the full nine month period of 2013. Revenue was further
supported by increased copper production due to the commissioning
of both Frontier and the copper SX/EW at Chambishi.
Production at the Ferroalloys Division was in line with the
corresponding period in 2012. There was a marked decline in the
Division's revenue due to lower commodity prices, particularly
relating to the price of high-carbon ferrochrome, which decreased
by 10%. This was partially offset by higher sales volumes of
high-carbon ferrochrome, ferrosilicochrome and chrome ore. Average
ferroalloys prices declined by 10% and chrome ore by 12% against
the same period in 2012.
Production of iron ore pellet was below the corresponding
period, reflecting market demand, while iron ore concentrate
production volumes increased to compensate for the decline in
pellets. The Division's revenue was further affected by lower iron
ore spot prices. Average realised prices for iron ore were 3% below
the comparable period.
The Alumina and Aluminium Division operated below capacity for
both alumina and aluminium. However total output was higher for the
nine months of 2013 as the Division overcame the production
difficulties experienced in 2012. Lower realised prices impacted
revenue, which was slightly below the level of 2012. The average
realised price for aluminium was 5% below the comparable
period.
Revenue in the Other Non-ferrous Division increased markedly
compared to the same period of 2012. The start-up of copper
concentrate production at Frontier and copper solvent extraction
production at Chambishi were the main drivers behind the growth in
volumes. Production at Boss Mining was slightly below 2012 due to
power constraints. The average realised price for cobalt fell 10%
and copper by 8% against the comparable period of 2012.
The Energy Division operated at full available capacity.
Production of coal was higher in the nine months of 2013 due to
Shubarkol volumes being accounted for the whole period of 2013.
Electricity sales exhibited good growth against the comparable
period in 2012. However, the Division's results were affected by
the lower tariff cap set for EEC electricity in 2013 that resulted
in revenue deteriorating against 2012. The realised price at EEC
declined 46% compared to 2012, while average realised coal prices
were broadly flat.
Costs
Total operating costs for the Group stayed broadly flat on the
comparable level of 2012. The main drivers for increased costs in
2013 were higher production and sales volumes in the Other
Non-ferrous and Energy Divisions. Total depreciation and
amortisation ('D&A') costs were approximately 6% above 2012
mainly due to the inclusion of Shubarkol and additions to PP&E
in the Ferroalloys and Iron Ore Divisions. Distribution costs were
broadly in line with 2012 while general and administrative expenses
reduced due to a lower level of sponsorships and donations.
Exploration costs in both Brazil and Africa were significantly
below the comparable level of 2012.
Balance Sheet
The Group had gross available funds as at 30 September 2013 of
US$617 million and gross debt of US$6.1 billion.
Capital expenditure and projects update
Principal areas of capital expenditure were:
-- Ferroalloys Division: the new Aktobe ferroalloys plant;
-- Iron Ore Division: mine expansion and development;
-- Alumina and Aluminium Division: completion of the anode plant and sustaining programme;
-- Other Non-ferrous Division: development of the Frontier mine;
-- Energy Division: reconstruction of power unit 6 and sustaining programme.
Production Report for the Third Quarter ended 30 September
2013
The information in this Production Report, unless stated
otherwise, relates to the three months ended 30 September 2013, and
is compared to the corresponding three months ended 30 September
2012. Production volumes for Q2 2013 are provided for additional
information.
The Ferroalloys and Energy Divisions operated at full available
capacity for the quarter. The Iron Ore Division operated at full
available capacity for all products except saleable pellets
reflecting market demand. Alumina and Aluminium Division operated
below capacity for alumina and aluminium due to reduced aluminium
prices and a decline in bauxite quality. In the Other Non-ferrous
Division, saleable copper contained production increased
significantly against the corresponding period.
-- Ferroalloys Division.Overall gross ferrochrome production
increased by 2.6% compared to Q3 2012, with a 4.6% increase in
high-carbon ferrochrome. Saleable high-carbon ferrochrome
production increased 5.8%. Total saleable ferroalloys production
for the quarter increased 3.9% on Q3 2012.
-- Iron Ore Division.Iron ore extraction and primary concentrate
production increased by 1.3% and 1.7% respectively, against the
comparable period in 2012. Saleable concentrate production
increased 27.6% and saleable pellet production decreased 29.4%
against Q3 2012, with total saleable product increasing 4.0%
against Q3 2012.
-- Alumina and Aluminium Division. Bauxite extraction and
alumina production decreased 2.7% and 13.3% respectively against Q3
2012. Aluminium production was in line with Q3 2012.
-- Other Non-ferrous Division. Production of saleable copper in
Q3 2013 increased 105.1% due to the inclusion of Frontier. Saleable
cobalt production increased 24.4% versus Q3 2012.
-- Energy Division. Coal extraction at EEC was broadly in line
with Q3 2012 level and 12.3% higher at Shubarkol for the period.
Electricity generation increased 9.0% compared to Q3 2012.
FERROALLOYS DIVISION
Ore Mining and Processing
Q3 Q3 13/ Q3 13/
2013 Q3 2012 Q3 12 Q2 2013 Q2 13
change change
============================== ===== ====== ======== ======= ======== =======
Chrome ore
Ore Extraction (Run-of-Mine, 000
'ROM') t 1,205 1,184 1.8% 1,220 (1.2%)
Grade, % Cr2O3 38.6 39.1 38.7
000
Total Ore Processed t 1,561 1,577 (1.0%) 1,599 (2.4%)
Grade, % Cr2O3 37.7 37.4 37.2
000
Saleable ore production t 992 1,006 (1.4%) 971 2.2%
Grade, % Cr2O3 47.8 47.5 47.9
Internal consumption 000
of saleable ore t 785 771 1.8% 774 1.4%
Percentage 79.1% 76.6% 79.7%
Manganese ore
000
Ore Extraction ('ROM') t 738 796 (7.3%) 701 5.3%
Grade, % Mn 19.9 20.6 20.5
000
Total Ore Processed t 1,241 1,088 14.1% 1,111 11.7%
Grade, % Mn 16.7 18.6 17.4
Saleable concentrate 000
production t 327 313 4.5% 300 9.0%
Grade, % Mn 36.3 36.2 36.0
Internal consumption 000
of saleable concentrate t 85 82 3.7% 77 10.4%
Percentage 26.0% 26.2% 25.7%
Note : Numbers in the table might not add up due to rounding
Chrome ore extraction in Q3 2013 amounted to 1,205 kt, an
increase of 1.8% on Q3 2012 and a decrease of 1.2% on Q2 2013
extraction volumes. The Division produced 992 kt of saleable chrome
ore, a decrease of 1.4% on Q3 2012 and an increase of 2.2% on Q2
2013.
Internal consumption of saleable chrome ore in Q3 2013 increased
1.8% versus the comparable period of 2012 and 1.4% against Q2 2013
reflecting higher ferrochrome production volumes.
Manganese ore extraction decreased 7.3% versus Q3 2012 but
increased 5.3% versus Q2 2013. Saleable manganese concentrate
production increased 4.5% compared to Q3 2012 and 9.0% against Q2
2013.
Production at Zhairem GOK, which mainly sells manganese
concentrates for export, increased 10.4% to 181 kt (34.8% Mn)
against Q3 2012 (164 kt; 34.1% Mn) and decreased 2.2% compared to
Q2 2013 (185 kt; 34.3% Mn), reflecting market demand. Production at
Kazmarganets (38.1% Mn), which supplies manganese concentrate to
the Aksu ferroalloys plant for use in silicomanganese production,
amounted to 146 kt, a decrease of 2.0% from Q3 2012 (149 kt; 38.6%
Mn) and an increase of 27.0% on Q2 2013 (115 kt; 38.7% Mn). The
proportion of total manganese concentrate production consumed
internally was lower in Q3 2013 (26.0%) than in Q3 2012 (26.2%) and
higher than in Q2 2013 (25.7%) due to decrease in silicomanganese
production.
Ferroalloys Production
Q3 Q3 13/ Q3 13/
2013 Q3 2012 Q3 12 Q2 2013 Q2 13
change change
========================= ===== ====== ======== ======== ======== ========
Gross Production
000
Ferrochrome t 350 341 2.6% 342 2.3%
000
- High-carbon t 319 305 4.6% 312 2.2%
000
- Medium-carbon t 11 13 (15.4%) 11 0.0%
000
- Low-carbon t 20 23 (13.0%) 19 5.3%
000
Ferrosilicochrome t 47 46 2.2% 46 2.2%
000
Silicomanganese t 44 40 10.0% 38 15.8%
000
Ferrosilicon t 9 13 (30.8%) 12 (25.0%)
000
Total Ferroalloys t 450 440 2.3% 437 3.0%
Internal Consumption
of ferroalloys
000
High-carbon Ferrochrome t 27 31 (12.9%) 29 (6.9%)
000
Ferrosilicochrome t 22 26 (15.4%) 20 10.0%
000
Other alloys t 5 2 150.0% 2 150.0%
000
Total Ferroalloys t 54 59 (8.5%) 52 3.8%
Percentage 12.0% 13.4% 11.9%
Saleable Production
000
Ferrochrome t 321 311 3.2% 313 2.6%
000
- High-carbon t 291 275 5.8% 283 2.8%
000
- Medium-carbon t 11 13 (15.4%) 11 0.0%
000
- Low-carbon t 20 23 (13.0%) 19 5.3%
000
Ferrosilicochrome t 25 20 25.0% 26 (3.8%)
000
Silicomanganese t 40 38 5.3% 36 11.1%
000
Ferrosilicon t 8 12 (33.3%) 11 (27.3%)
000
Total Ferroalloys t 396 381 3.9% 386 2.6%
Note : Numbers in the table might not add up due to rounding
In Q3 2013, the Ferroalloys Division produced 321 kt of saleable
ferroalloys, an increase of 3.2% on Q3 2012 and 2.6% on Q2 2013.
Saleable production increased for high-carbon ferrochrome,
ferrosilicochrome and silicomanganese, but decreased for medium-
and low-carbon ferrochrome and ferrosilicon reflecting market
demand.
IRON ORE DIVISION
Q3 Q3
13/ 13/
Q3 Q3 Q3 Q2 Q2
2013 2012 12 2013 13
change change
================================= ===== ======= ====== ======== ======= ========
000
Ore Extraction ('ROM') t 10,009 9,883 1.3% 10,874 (8.0%)
Grade, % Fe 32.2 31.5 32.2
000
Primary concentrate production t 4,214 4,142 1.7% 4,542 (7.2%)
Grade, % Fe 65.5 65.2 65.7
000
Saleable concentrate production t 2,943 2,307 27.6% 2,440 20.6%
Percentage of total saleable
product 72.0% 58.7% 56.2%
000
Saleable pellet production t 1,144 1,620 (29.4%) 1,905 (39.9%)
Percentage of total saleable
product 28.0% 41.3% 43.8%
000
Total Saleable Product t 4,086 3,927 4.0% 4,345 (6.0%)
Note : Numbers in the table might not add up due to rounding
In Q3 2013, the Iron Ore Division extracted 10,009 kt of iron
ore, an increase of 1.3% on Q3 2012 (9,883 kt) and a decrease of
8.0% on Q2 2013 (10,874 kt). The Division produced 4,214 kt of
primary concentrate, an increase of 1.7% on Q3 2012 and a decrease
of 7.2% on Q2 2013.
Saleable concentrate production (with an iron content of 65.5%)
was 2,943 kt, an increase of 27.6% compared to Q3 2012 (2,307 kt)
and 20.6%, compared to Q2 2013 (2,440 kt). Pellet production (with
an iron content of 62.7%) was 1,144 kt, a decrease of 29.4% on Q3
2012 (1,620 kt) and 39.9% on Q2 2013 (1,905 kt). The change in the
ratio of pellet and concentrate production was due to market
demand. Total saleable product volumes were 4.0% higher than in Q3
2012 and 6.0% lower than in Q2 2013.
ALUMINA AND ALUMINIUM DIVISION
Q3 13/ Q3 13/
Q3 2013 Q3 2012 Q3 12 Q2 2013 Q2 13
change change
=========================== ===== ========== ============= ======== ============= ========
000
Bauxite extraction t 1,391 1,429 (2.7%) 1,347 3.3%
Grade, % Al2O3/SiO2 42.5/11.6 42.6/11.7 42.6(1)/11.7
000
Alumina production t 372 429 (13.3%) 408 (8.8%)
Internal consumption 000
of alumina t 122 121 0.8% 121 0.8%
Percentage 32.8% 28.2% 29.7%
000
Aluminium production t 63 63 0.0% 63 0.0%
Gallium production kg - 4,527 - - -
Electricity
Electricity generation GWh 538 514 4.7% 588 (8.5%)
Alumina & Aluminium
Division own electricity
consumption GWh 386 384 0.5% 379 1.8%
Percentage 71.7% 74.7% 64.5%
Electricity supply
to other Group Divisions GWh 1 96 (99.0%) 1 0.0%
Percentage 0.2% 18.7% 0.2%
Third-parties electricity
supply GWh 151 35 331.4% 208 (27.4%)
Percentage 28.1% 6.8% 35.4%
Note: 1. Restated from 43.2%
In Q3 2013, bauxite extraction was 2.7% lower than in Q3 2012
and 3.3% higher than in Q2 2013. Alumina production decreased 13.3%
against Q3 2012 and 8.8% against Q2 2013 reflecting market
conditions and a decrease in bauxite quality.
Internal consumption of alumina amounted to 122 kt (an increase
of 0.8% on both Q3 2012 and Q2 2013) representing 32.8% of total
alumina production and consistent with the aluminium smelter
running at its full 250 ktpa capacity.
Primary aluminium production in Q3 2013 was 63 kt in line with
Q3 2012 and Q2 2013.
Electricity generation in Q3 2013 increased 4.7% on Q3 2012 and
decreased 8.5% on Q2 2013 reflecting seasonal demand. Supply of
electricity to other Group Divisions decreased 99.0% against Q3
2012 and was in line with Q2 2013. Electricity supply to
third-parties increased by 116 GWh, or 331.4%, against Q3 2012 as
the Group aims to maximise third-party sales from the alumina
refinery power plant that currently benefits from higher tariffs
than the Energy Division. A 27.4% decrease in third-party supply
against Q2 2013 was caused by seasonal factors.
OTHER NON-FERROUS DIVISION
Copper and Cobalt Production
Q3 13/ Q3 13/
Q3 2013 Q3 2012 Q3 12 Q2 2013 Q2 13
change change
============================== ===== ======== ======== ======== ======== ========
Copper
ENRC excl. Frontier 000
Ore Extraction ('ROM') t 704 320 120.0% 773 (8.9%)
Grade, %Cu 2.37 2.83 (16.3%) 2.14 10.7%
Saleable copper contained(1) t 13,129 9,967 31.7% 15,397 (14.7%)
Frontier
000
Ore Extraction ('ROM') t 1,319 - - 1,596 (17.4%)
Grade, %Cu 1.27 - - 1.11 14.4%
Saleable copper contained(1) t 7,311 - - 7,288 0.3%
Total saleable copper
contained(1) t 20,440 9,967 105.1% 22,685 (9.9%)
Cobalt
000
Ore Extraction ('ROM') t 261 327 (20.2%) 242 7.9%
Grade, %Co 1.47 1.27 15.7% 1.60 (8.1%)
Saleable cobalt contained(1) t 2,775 2,230 24.4% 2,297 20.8
Note:
1. Production numbers for saleable copper and cobalt refer to
tonnes of contained metal. Contained metal consists of total units,
whether in metal form or metal units contained in concentrate and
sludge, net of internal consumption, but excludes copper contained
in cobalt concentrate.
Copper ore extraction at Boss Mining and Comide was 120.0%
higher than in Q3 2012 and 8.9% lower than in Q2 2013. Ore
extraction decreased in the third quarter at Comide due to the
availability of ore on stockpiles to meet feed capacity at the DMS
plants.
Total copper ore extraction decreased from Q2 2013, with less
sulphide ore available at Frontier Mine.
In Q3 2013, copper ore grades at ENRC excluding Frontier were
16.3% lower compared to Q3 2012 due to lower grades from Comide and
Boss Mining, but 10.7% higher than in Q2 2013 due to increased
grades mined at Luita East and Bangwe at Boss Mining.
Frontier ore grade increased by 14.4% in Q3 2013 as higher metal
content sulphide ore became available.
Saleable copper production at ENRC excluding Frontier for the
quarter was 31.7% higher than in Q3 2012, but 14.7% lower than in
Q2 2013 due to power disruption at Boss Mining and Chambishi
metals.
Cobalt contained production in Q3 2013 was 24.4% above Q3 2012
levels, due to less internal consumption between Boss Mining and
Chambishi, the latter having been fed mainly from stockpiles.
ENERGY DIVISION
Q3 13/ Q3 13/
Q3 2013 Q3 2012 Q3 12 Q2 2013 Q2 13
change change
=========================== ===== ======== ======== ======== ======== ========
EEC
Coal
000
Coal extraction total t 4,304 4,317 (0.3%) 4,424 (2.7%)
EEC consumption of 000
coal t 2,101 1,940 8.3% 2,297 (8.5%)
Percentage 48.8% 44.9% 51.9%
Coal supply to other 000
Group Divisions t 1,074 1,122 (4.3%) 958 12.1%
Percentage 25.0% 26.0% 21.7%
Third-parties coal 000
supply t 899 1,086 (17.2%) 1,271 (29.3%)
Percentage 20.9% 25.2% 28.7%
Shubarkol
Coal
000
Coal extraction total t 2,407 2,144 12.3% 1,682 43.1%
Internal consumption
of coal (for special 000
coke production) t 112 109 2.8% 100 12.0%
Percentage 4.7% 5.1% 5.9%
Coal supply to other 000
Group Divisions t 250 241 3.7% 240 4.2%
Percentage 10.4% 11.2% 14.3%
Third-parties coal 000
supply t 1,986 1,927 3.1% 1,361 45.9%
Percentage 82.5% 89.9% 80.9%
Special Coke
000
Special coke production t 50 49 2.0% 44 13.6%
Special coke supply 000
to other Group Divisions t 39 30 30.0% 30 30.0%
Percentage 78.0% 61.2% 68.2%
Third-parties special 000
coke supply t 15 11 36.4% 13 15.4%
Percentage 30.0% 22.4% 29.5%
Electricity (1)
Electricity generation GWh 3,509 3,218 9.0% 3,812 (7.9%)
Energy Division own
electricity consumption GWh 250 245 2.0% 270 (7.4%)
Percentage 7.1% 7.6% 7.1%
Electricity supply
to other Group Divisions GWh 2,789 2,653 5.1% 2,749 1.5%
Percentage 79.5% 82.4% 72.1%
Third-parties electricity
supply GWh 464 320 45.0% 792 (41.4%)
Percentage 13.2% 9.9% 20.8%
Note: EEC only; electricity consumption and supply numbers may
not round precisely due to the purchase of small volumes of
electricity from third-parties.
In Q3 2013, EEC extracted 4,304 kt of coal from the Vostochny
mine, broadly in line with Q3 2012 and 2.7% decrease on Q2 2013 due
to changes in seasonal demand.
Shubarkol coal production in the period was 2,407 kt, a 12.3%
increase from Q3 2012 and 43.1% from Q2 2013. Special coke
production in Q3 2013 increased by 2.0% from Q3 2012 and 13.6%
against the previous quarter.
Electricity generation in the period was 3,509 GWh, an increase
of 9.0% on Q3 2012 and a decrease of 7.9% on Q2 2013.
Electricity supplied by the Energy Division to other Group
Divisions was 2,789 GWh, an increase of 5.1% on Q3 2012 and 1.5% on
previous quarter reflecting increased Group's demand.
Third party electricity sales of 464 GWh increased 45.0%
compared to Q3 2012 reflecting added power volumes but decreased
41.4% against Q2 2013 due to changes in seasonal demand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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