Rapid growth in profit in the first half of 2009
Tuesday, 2009-09-01
LUBELSKI WĘGIEL BOGDANKA S.A.: RAPID GROWTH IN PROFIT IN THE FIRST HALF OF 2009; THE COMPANY CONFIRMS ITS FINANCIAL FORECASTS FOR 2009
Lubelski Węgiel Bogdanka S.A., one of the largest and most advanced hard coal mines in Poland and one of the leaders of the domestic market for power coal producers, recorded an increase in net profit of more than 60% in the first half of 2009, to PLN 83.5 mln. Operating profit in that period increased by almost 50% to PLN 104.5 mln. Revenue on sales increased by more than 5.4% to reach PLN 520.8 mln. The Company’s net margin also increased – after the first half of 2009 it reached 16%, compared to 10.5% in the first half of 2008.
LW Bogdanka submitted the prospectus to the Polish Financial Supervision Commission (KNF)
Friday, 2008-11-28
Lubelski Węgiel „Bogdanka” S.A. submitted the issue prospectus to the Polish Financial Supervision Commission (KNF). The purpose of the entry into the stock exchange is to obtain the funds for the modernization of existing technical infrastructure and creation of the new one in the framework of Stefanów Field in order to increase the coal output by 100% since 2014. The value of public offering of LW Bogdanka may reach 300 up to 600 million PLN and is intended in the first quarter 2009.. Dom Inwestycyjny of BRE Bank (offering), BRE Corporate Finance (financial consultant), White & Case W. Daniłowicz, W. Jurcewicz i Wspólnicy – Legal Office (legal advisor) and PricewaterhouseCoopers (expert auditor) are the consultants supporting the company in this process.
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Comments of LW „Bogdanka” concerning the announcement of CBA
Monday, 2008-11-24
The inspection executed by CBA (Central Anticorruption Bureau) in LW „Bogdanka” resulting in the notification of committed crime to District Prosecutor’s Office in Lublin, confirmed the previous knowledge of the Company about the irregularities associated with the forwarding contracts on coal transportation concluded and performed by the Company in the year 2002 .
This case has been encompassed by the inspection proceedings continued in the Company since several years (2003) by ABW, CBŚ and NIK and supervised by the Prosecutor’s Offices in Lublin and in Łódź. In connection with this case also the criminal proceedings are continued in the Court Łódź since 2006 versus a former member of the Management of the Company prosecuted by the District Prosecutor’s Office in Łódź
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This case has been encompassed by the inspection proceedings continued in the Company since several years (2003) by ABW, CBŚ and NIK and supervised by the Prosecutor’s Offices in Lublin and in Łódź. In connection with this case also the criminal proceedings are continued in the Court Łódź since 2006 versus a former member of the Management of the Company prosecuted by the District Prosecutor’s Office in Łódź
Zakłady Azotowe Puławy S.A and Lubelski Węgiel „Bogdanka” S.A. signed a contract on strategic partnership
Thursday, 2008-11-20
ZA Puławy and LW Bogdanka signed a contract on strategic partnership. On 20 November 2008 Zakłady Azotowe Puławy S.A. and Lubelski Węgiel „Bogdanka” S.A. signed a contract on strategic partnership in the scope of implementation of common projects based upon hard coal. The both companies declared their capital engagement into investment projects, among others the construction of the coal gasification plant
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Lubelski Węgiel „Bogdanka” plans to increase output capacities as a result of investments in the scope of coal planers
Friday, 2008-11-14
The exploitation of so called thin coal beds will be commenced by Lubelski Węgiel Bogdanka. It is a new mining technique which has been never applied in Poland but as a result of its implementation the output capacities may be increased even by about 10.000 tons daily. The Company announced its invitation for Tenders for the suppliers of specialized equipment i.e. coal planers for the coal beds with the height not exceeding 1.7m. It will be the most technologically advanced equipment in Poland. The commencement of the exploitation of thin coal beds is expected early 2010.
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