Annual Report • Jul 10, 2018
Annual Report
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| 31/12/2017 | 31/12/2016 | |
|---|---|---|
| Balance sheet figures | EUR thousand EUR thousand | |
| Total assets | 46,154 | 40,995 |
| -NM BTQQDMS@RRDSR | 12,175 | 4,053 |
| Current assets | 32,230 | 36,863 |
| Shareholders' equity | 4,528 | 4,160 |
| /QNUHRHNMR | 6,801 | 6,590 |
| Liabilities | 34,822 | 30,235 |
| 2017 | 2016 | |
|---|---|---|
| Income statement figures | EUR thousand EUR thousand | |
| Sales | 220,971 | 178,018 |
| -DSOQNjS | 720 | 269 |
\$41-DS/QNjSDWBKTCHMF 727,735.62 EUR MNM B@RGODMRHNMOQNUHRHNMR (2016: 552,479.21 EUR ODMRHNMOQNUHRHNMR)
| Expected publication date | |
|---|---|
| 2S@QSNESGDjM@MBH@KXD@Q | 1 January 2018 |
| MMT@KjM@MBH@KRS@SDLDMSR | June 2019 |
| Annual General Meeting | 11 September 2018 |
| Interim Report 2018 | 30 September 2018 |
| \$MCNESGDjM@MBH@KXD@Q | #DBDLADQ |
| 1. Letter to Shareholders | 4 |
|---|---|
| 2. Report of the Supervisory Board | 6 |
| 3. Investor Relations | 8 |
| 4. Group Management Report | 11 |
| 5. Consolidated Financial Statements | 32 |
| a. Consolidated Balance Sheet as of December 31, 2017 | 32 |
| b. Consolidated Income Statement 2017 | 34 |
| c. Consolidated Cash Flow Statement 2017 | 35 |
| d. Consolidated Statement of Changes in Shareholders' Equity 2017 | 36 |
| e. Statement of Changes in Non-Current Assets as of. December 31, 2017 |
38 |
| Notes to the Consolidated Financial Statements | 40 |
| Auditor's report | 46 |
| Imprint | 47 |
The English version of the annual report and the consolidated financial statements 2017 of HMS Bergbau AG is a one-to-one translation. The English version is not audited; in the event of variances, the German version shall take precedence over the English translation.
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Berlin, June 2018
Heinz Schernikau "GHDE\$WDBTSHUD.EjBDQ
Steffen Ewald "GHDE%HM@[email protected]
Dennis Schwindt "[email protected]
Heinz Schernikau HRSGD"\$.NE',2!DQFA@TŰ &@MC founded the Company in Berlin in 1995. He has been in SGDHMSDQM@SHNM@KBN@KSQ@CDRHMBD@MCGHRONRHSHNMR HMBKTCD @CUHRNQSNSGD!N@QC NE KD@CHMF BN@K OQNCTBDQR HM RH@@MC\$TQNOD
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Steffen Ewald is the CFO of HMS Bergbau AG. After graduating in business administration, Ewald began GHR B@QDDQ @S @ LDCHTL RHYDC HMSDQM@SHNM@K ONVDQ OK@MS DMFHMDDQHMF BNLO@MX QHRHMFSGQNTFGSGD Q@MJRSN ADBNLD"NLLDQBH@K,@M@FDQ
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Dennis Schwindt "..GNKCR@CDFQDDHM\$BNMNLHBR EQNLSGD'TLANKCS 4MHUDQRHSXHM!DQKHM
S',2!DQFA@T & GD G@R ADDM L@M@FHMF RDUDQ@K NODQ@SHMF OQNIDBSR VHSGHM SGD BNLLNCHSX SQ@CHMF @QD@ @R SGD BNLO@MX?R @TSGNQHRDC QDOQDRDMS@SHUD RHMBD
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3GD 2TODQUHRNQX !N@QCCHRBTRRDC@KKETMC@LDMS@KKXHLONQS@MSCDBHRHNMR in depth with the Management Board. We assessed @MXATRHMDRRSQ@MR@BSHNMRQDPTHQHMFNTQ@OOQNU@KHMCD-S@HK ADENQDSGD QDKDU@MS QDRNKTSHNMR VDQD @CNOSDC
3GD 2TODQUHRNQX!N@QCUNSDCNMQDONQSR@MCOQNONR@KROTS forward by the Management Board when required by K@VNQSGD QSHBKDRNE RRNBH@SHNM
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3GD @TCHSNQ QDUHDVDC SGD @MMT@K @MC BNMRNKHC@SDC j-M@MBH@KRS@SDLDMSRNE',2!DQFA@T &@MCSGDBNLbined management report for the Company and the &QNTOHMBKTCHMFSGD@BBNTMSHMFRXRSDLHM@BBNQC@MBD VHSG&DQL@MFDMDQ@KKX@BBDOSDCRS@MC@QCRENQSGD@T-CHSNEjM@MBH@KRS@SDLDMSROQNLTKF@SDCAXSGD(MRSHSTSD NE/TAKHB TCHSNQR HM&DQL@MX(MRSHSTSCDQ6HQSRBG@ES-ROQŘEDQ l (#6 @MC HRRTDC TMPT@KHjDC @TCHS NOHMHNMR 3GDHMSDQM@KBNMSQNKRXRSDLV@R@KRNCDDLDCSNADDE-EDBSHUD
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A@T &@RNE#DBDLADQ@MCSGDBNMRNKHC@SDC jM@MBH@KRS@SDLDMSR@RNE#DBDLADQ@ROQDpared by the Management Board, at its meeting on 29 )TMD
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On 29 June 2018, the Management Board proposed SNB@QQX',2!DQFA@T &RQDL@HMHMFTM@OOQNOQH@SDC retained earnings of EUR 1.028.655,24 forward to new @BBNTMS
6D @KRN DW@LHMDC @MC @OOQNUDC SGHR OQNposal.
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Berlin, June 2018
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/NRHSHUD DBNMNLHB CDUDKNO-LDMSHRDWODBSDCHMSGD42@MCHM\$TQNODSGDFQNVSG NESGD&DQL@MXDBNMNLX@MCSGDQDBNUDQXHMSGDDTQN BQHRHR BNTMSQHDR RGNTKC BNMSHMTD
1HRJR @QD RSDLLHMF EQNLSGD@RXDSTMOQDCHBS@AKDDEEDBSRNE&QD@S!QHS@HMR DWHS EQNL SGD \$4 SGD ONSDMSH@K 42 SQ@CD QDRSQHBSHNMR "@S@KNMH@?RDEENQSRSNROKHSEQNL2O@HM@MC@U@QHDSXNE NSGDQ ENQDHFM ONKHBX BNMkHBSR VNQKCVHCD
/QDRRTQD NM \$TQNOD@MRSNBJL@QJDSRHR@KRNHMBQD@RHMF@R@QDRTKSNE SGD@OOQDBH@SHNMNESGDDTQN@F@HMRSSGD42CNKK@Q
3GDRHST@SHNMHRLHWDCHMDLDQFHMFL@QJDSR
6GHKDBNL-LNCHSX CQHUDMDBNMNLHDR@QDDWODBSDCSNADMDjSEQNL SGDRKHFGSRS@AHKHR@SHNMHMBNLLNCHSXOQHBDRTMBDQS@HMSX ODQRHRSRHM"GHM@CTDSNSGDGHFGKDUDKNECNLDRSHBCDAS
3GD# 7&DQL@MX?RLNRSHLONQS@MSRSNBJL@QJDSHM-CDWQNRDSNONHMSRHM
"NLO@QDCSNSGDAD-FHMMHMFNESGDXD@QSGHRQDOQDRDMSR@RHFMHjB@MSHMBQD@RD NE
SHSROD@JSGDHMBQD@RDHMSGD# 7HMG@C DUDMQD@BGDC
6GHKD SGD K@QFD RNBJ BNQONQ@SHNMR QDOQDRDMSDC HM SGD # 7@QD@SSQ@BSHMF@FQD@SCD@KNEOTAKHB@MC HMUDRSNQ HMSDQDRSRL@KKDQBNLO@MHDRRN B@KKDCRL@KK @MCLHC B@ORBNMSHMTDSN@SSQ@BSE@QKDRR@SSDMSHNM
',2RG@QDRGNVDUDQVDQD@AKDSNDRB@ODSGHRSQDMC Compared to the DAX and the DAXGlobal Coal indi-BDRSGD E@UNTQ@AKD RG@QD OQHBD CDUDKNOLDMS NE ',2 !DQFA@TRG@QDRG@RADDMDUHCDMSRHMBDSGDADFHMMHMF NE
3GDRG@QDRG@UDNTSODQENQLDCRHMBDSGDAD-FHMMHMFNERHLHK@QSNSGD# 7&KNA@K"N@K(MCDW
3GDOQHBDNE',2!DQFA@T &RG@QDRITLODCRHFMHj-B@MSKX@SSGDADFHMMHMFNE
2HMBDSG@SSHLDSGDODQ-ENQL@MBD',2!DQFA@TRG@QDRG@RADDMBNLO@Q@AKD SNSG@S NESGD# 7FKNA@K "N@K (MCDW
%QNLSGD ADFHM-MHMFNETMSHK,@QBGSGDHMCDW@OOQDBH@SDCAX @KLNRS@S HSROD@J@MCSGDMOQNBDDCDCSNLNUD sideways, similar to the shares of HMS Bergbau. At the DMCNE@MCSGDADFHMMHMFNESGDRG@QDOQHBD OHBJDCTO@F@HMRHFMHjB@MSKX
3GD',2!DQFA@T &RG@QDOQHBDHMBQD@RDCEQNL\$41 8.42 on the last trading day of 2016 to EUR 13.68 at the DMCNESGDQDONQSHMFODQHNCNM#DBDLADQ
3GHR QDOQDRDMSR@RHFMHjB@MSHMBQD@RDNELNQDSG@M
3GD RG@QD OQHBD HMBQD@RD V@R @BBNLO@MHDC AX QDK@SHUDKX
Performance of HMS shares versus the DAX and the DAX Global Coal indices as of the beginning of 2016 until the beginning of 2018
GHFGUNKTLDO@QSHBTK@QKX@SSGDADFHMMHMFNESGDQDONQSing period.
(MBNLO@QHRNMSNSGD# 7HMCDW',2!DQFA@TRG@QDR ODQENQLDC RHFMHjB@MSKX ADSSDQ HM @KNMFRHCD SGD RNKHCODQENQL@MBDNESGD# 7&KNA@K"N@K(MCDW
3GD L@QJDS B@OHS@KHR@SHNM NE ',2 !DQFA@T & HM-BQD@RDCEQNL\$41
LHKKHNM@SSGDDMCNESN EUR 59.78 million at the end of the 2017 trading year, VHSG ',2 !DQFA@T RG@QDR ODQENQLHMF DWSQDLDKX VDKK NUDQ@KK
3GDRG@QDB@OHS@KNE',2!DQFA@T &@RNE#DBDL-ADQBNMRHRSDCNERG@QDRVHSG@MNLHM@K U@KTDNE\$41
D@BGENQ@SNS@KNE\$41 \$1 & \$MDQFHD TMC 1NGRSNEE & GNKCR
ODQBDMS NESGDRG@QDR@MC+@5N5DQV@KSTMFRFDRDKKRBG@ESLA' GNKCR
ODQBDMS
SNS@KNE
ODQBDMSHRGDKCAX HMS Bergbau AG as treasury shares, and 18.57 per-BDMSHR@SSQHATS@AKDSNSGDEQDDkN@S
The Annual General Meeting of HMS Bergbau AG was GDKCNM TFTRSHM!DQKHM
3GD@FDMC@HMBKTCDC SGDOQNONRDCQDRNKTSHNMRNMSGDCHRBG@QFDNESGD,@M- @FDLDMS @MC2TODQUHRNQX!N@QCR @MCSGD DKDBSHNMNE SGD @TCHSNQ
3GD "NLO@MX?R RG@QDGNKCDQR @OOQNUDC all of the proposed resolutions with 100% of the share B@OHS@KQDOQDRDMSDC@SSGD MMT@K&DMDQ@K,DDSHMF
(M @CCHSHNM SN SGD OTAKHB@SHNM NE jM@MBH@K QDONQSR SGD "NLO@MX?R ,@M@FDLDMS !N@QC ETKKX HMENQLR RG@QD-GNKCDQR@ANTSBTQQDMSDUDMSRNM@SHLDKXA@RHRUH@B@OH-S@KL@QJDS@MMNTMBDLDMSR
KKB@OHS@KL@QJDS QDKDU@MS MDVR HR OTAKHRGDC HM &DQL@M @MC \$MFKHRG VGHBG DW-BDDCRSGDQDPTHQDLDMSRNESGDRSNBJDWBG@MFD
| ISIN/WKN | DE0006061104/606110 |
|---|---|
| 3HBJDQRXLANK | HMU |
| Bloomberg symbol | HMU GY |
| Reuters symbol | HMUG.DE |
| ,@QJDSRDFLDMSSQ@MRO@QDMBXKDUDK | Open Market / !@RHB!N@QC |
| Designated sponsor/listing partner | .##.!'% JSHDMFDRDKKRBG@ES |
| (MUDRSNQQDK@SHNMR | &%\$( JSHDMFDRDKKRBG@ES |
| 2TARBQHADCB@OHS@K | EUR 4,370,000.00 |
| Number of shares | 4,370,000 |
| %QDDkN@S | 18.57 % |
| 2G@QDOQHBDNMBKNRHMFOQHBDNMSGD%Q@MJETQS2SNBJ\$WBG@MFD | EUR 8.42 |
|---|---|
| 2G@QDOQHBDNMBKNRHMFOQHBDNMSGD%Q@MJETQS2SNBJ\$WBG@MFD | EUR 13.68 |
| ,@QJDSB@OHS@KHR@SHNMNM | EUR 36,795,400 |
| ,@QJDSB@OHS@KHR@SHNMNM | EUR 59,781,600 |
3GD',2!DQFA@T&QNTOHR@FKNA@KKX@BSHUDFQNTONE BNLO@MHDRSG@SRDQUD@RSQ@CHMF@MCCHRSQHATSHNMO@QS-MDQR ENQ QDMNVMDC HMSDQM@SHNM@K DKDBSQHBHSX OQNCTBDQR BDLDMSL@MTE@BSTQDQR@MCHMCTRSQH@KBNMRTLDQRVHSG BN@K @MC DMDQFX Q@V L@SDQH@KR RTBG @R RSD@L BN@K BNJHMFBN@K@MCBNJDOQNCTBSR@RVDKK@RNSGDQ Q@V L@SDQH@KRRTBGNQDBDLDMSEDQSHKHRDQR@MCRHLHK@Q Q@V materials.
(M',2!DQFA@T &BNMSHMTDCHSRRSQ@SDFXSNDW-O@MC HSR ATRHMDRR @BSHUHSHDR SN HMBKTCD @CCHSHNM@K Q@V L@SDQH@KR RTBG @R NQD LDS@KR @MC BDLDMS OQNCTBSR @MC OK@MRSN CDUDKNO HMSN @M HMSDQM@SHNM@K Q@VL@SD-QH@KSQ@CHMFBNLO@MX
3GDENBTRNEHSR@BSHUHSHDRQDL@HMR SGDBN@KATRHMDRRENQSGDRSDDK@MCONVDQOK@MSHMCTR-SQX
',2 !DQFA@T &R G@R RODMS CDB@CDR ATHKCHMF HSR VHCDKX QDBNFMHRDC DWODQSHRDSGQNTFGNTSSGD DMSHQD U@KTD BG@HM EQNL LHMHMFSN KNFHRSHBRSN BTRSNLDQ CD-KHUDQHDR
HMS Bergbau Group has built up an international MDSVNQJ NE KNMF SDQL ATRHMDRR O@QSMDQR @MC BNMRHRSently pursues its philosophy of building long-term and OQNjS@AKDATRHMDRRQDK@SHNMRGHORVHSGHMSDQM@SHNM@KOQN-CTBDQR @MC BNMRTLDQR
3GD &QNTOR GHFG CDFQDD NE internationality is also a result of its subsidiaries HMS !DQFA@T EQHB@/SX+SC
',2!DQFA@T2HMF@ONQD/SD Ltd. and PT. HMS Bergbau Indonesia.
By signing a Memorandum of Understanding (MoU) with Shumba Energy, Botswana, HMS Bergbau has RHFMHjB@MSKX DWO@MCDC HSR NODQ@SHNMR HM 2NTSG EQHB@ through its wholly owned subsidiary HMS Bergbau EQHB@/SX+SC
(MSGDETSTQD',2!DQFA@TVHKKG@UD @BBDRR SN LNQD SG@M AHKKHNM SNMMDR NE GHFG PT@KHSX BN@K
3GD BNMSQ@BSOQNUHCDRENQSGDL@QJDSHMFNE BN@K UH@SGDHMSDQM@SHNM@KO@QSMDQMDSVNQJNE',2!DQFA@T &
!NSGO@QSHDRDWODBSSGDjQRSBN@KCDKHUDQHDR@RNE SSGDR@LDSHLD@BNNODQ@SHNM@FQDDLDMSV@R RHFMDCVHSGSGD2NTSG EQHB@M,@RHMFHS@&QNTOENQSGD INHMSRSQTBSTQDCCDUDKNOLDMSNESGDQ@VL@SDQH@KROTQ-BG@RHMF@MCR@KDRL@QJDSRHMRNTSGDQM EQHB@
R HMOQDUHNTRXD@QR DWONQSR @QDRGHOODCAXRD@UH@ SGD1HBG@QCR!@X"N@K3DQLHM@K1!"3lSGDVNQKCR K@QFDRSDWONQSSDQLHM@KENQBN@K
',2!DQFA@T &G@RRNKCODQBDMSNEHSRRG@QDRHMHSR subsidiary Silesian Coal International Group of Com-O@MHDR2
VGHBGG@R@KQD@CXB@QQHDCNTSFDNKNFHB@K RTQUDXR ENQSGD .QYDRYD @QD@ HM 2HKDRH@ KD@UHMF ',2 Bergbau AG's shareholding in the Silesian Coal Inter-M@SHNM@K&QNTONE"NLO@MHDR2
@SODQBDMS
3GD ATXDQNESGDRG@QDRV@R @2VHRR BNLO@MXRODBH@KHR-HMFHMRTBGHMUDRSLDMSR@MCjM@MBHMF
3GD@HLNESGD OTQBG@RD HR SGD INHMS NODQ@SHNM@K CDUDKNOLDMS NE SGD BNLO@MX@MCSGDjM@MBHMFNESGDRD@BSHUHSHDR
3GDOTQ-BG@RDOQHBDV@RA@RDCNM@U@KT@SHNMNESGD2HKDRH@M Coal International Group of Companies S.A. in the low, three-digit million-euro range. There are also plans to CDUDKNOSGD .QYDRYD QDRDQUDR NESGDQL@K @MC BNJHMF BN@KTRHMFONQSHNMRNESGDHMEQ@RSQTBSTQDNE@MDHFGANTQing mine. The HMS Bergbau Group and its partners OK@MSNBNUDQ@ETQSGDQO@QSNESGDU@KTD @CCDCBG@HMAX RDSSHMFTOSGDHQNVMOQNCTBSHNMNODQ@SHNMR
3GHRVNTKC DM@AKD KNV BNRS OQNCTBSHNM NELNQDSG@M LHKKHNM SNMMDRVHSG@BNLO@Q@SHUDKXKNV@LNTMSNEHMUDRSLDMS 6HSGSGHRRSDO',2VNTKCF@HMRTRS@HM@AKDBNLODSH-SHUD@CU@MS@FDRHMSGD\$TQNOD@ML@QJDS
3GDBNQONQ@SDRSQTBSTQDNESGD',2!DQFA@T&QNTO@MCHSRL@INQRTARHCH@QHDR@RNE#DBDLADQHR@R follows:
',2!DQFA@T &HR@ODQENQL@MBD NQHDMSDC@MCCX-M@LHBBNLO@MX@RVDKK@R@L@INQOK@XDQHMSGDHMSDQM@- SHNM@KBN@KSQ@CHMFATRHMDRR
.TQRSQ@SDFXNENARDQUHMF KNMF SDQLCDUDKNOLDMSRHMFKNA@KBNLLNCHSXL@QJDSR VHSGNTSKNRHMFRHFGSNEBTQQDMSSQDMCRBNMSHMTDRSNAD based on the following prerequisites:
"N@K OQHBDR CDUDKNODCVDKK NUDQ@KK HM
2HMBDSGD LHCCKDNEK@RSXD@QSGDQDG@RADDM@RTRS@HMDCOQHBDHM-BQD@RDSNLNQDSG@M42#SNMMD
3NDEEDBSHUDKXBNL-ODMR@SDENQETSTQDL@QJDSkTBST@SHNMR',2!DQFA@T &G@RSGD@AHKHSXSNNOSHLHRDHSR@CCDCU@KTDAXUDQ-SHB@KKX HMSDFQ@SHMFLHMHMF G@MCKHMF @MCSQ@MRONQS@SHNM S@JHMFHMSN@BBNTMSBTQQDMS@MCETSTQDOQHBDHMBQD@RDR 3GD"NLO@MXHR@KRNDWO@MCHMFHMSNMDVDWONQS@MC HLONQSL@QJDSR@RVDKK@RHMSNNSGDQOQNCTBSB@SDFNries.
"NLLNCHSXL@QJDSRBNMSHMTDSNBNMUDQFD@R@QDRTKS NE HMSDQM@SHNM@K SQ@CD @MC HLOQNUDC KNFHRSHBR
S SGD R@LDSHLDL@QJDSSQ@MRO@QDMBXHRHMBQD@RHMFSGQNTFG SGDTRDNESQ@CHMFOK@SENQLR @MC HMCDW A@RDCSQ@CHMF @BSHUHSHDR
KSGNTFGSGDRDSQDMCRETDK GHFGDQ BNLODSHtion, they also offer HMS Bergbau AG additional op-ONQSTMHSHDRQDkDBSDCAXSGD"NLO@MXRDWO@MRHNMHMSN BNLLNCHSXSQ@CHMF@BSHUHSHDRNSGDQSG@MBN@K
(MNQCDQSNDWSDMCNTQBNUDQ@FDNESGDU@KTDBG@HMEQNL LHMHMF SN KNFHRSHBR @MC CDKHUDQX SN SGD BTRSNLDQ @MC DMRTQDNTQETSTQDRDBTQHSXNERTOOKX@RDMDQFXCDL@MC FQNVRHSHRDRRDMSH@KSG@SVDHMUDRSHMNTQNVMQDRNTQB-DR
(MUDRSLDMSR HM DWBKTRHUD L@QJDSHMF @FQDDLDMSR L@JDO@QSHBTK@QDBNMNLHBRDMRDENQ',2
Our long-term strategy of vertical integration is based on the following pillars:
3GDA@RHRENQNTQETSTQDFQNVSG@MCATRHMDRRRTBBDRR HRSGDBNMSHMTDCDWO@MRHNMNENTQSQ@CHMF@BSHUHSHDRVHSG RNKHC KNMF SDQL RTOOKHDQ @MC BTRSNLDQ QDK@SHNMRGHOR @MCRSD@CXU@KTDBNMSQHATSHNMR
.TQ@HLHRSNRTRS@HM@AKXHMBQD@RDNTQQDRTKSRSGQNTFG SGD UDQSHB@K HMSDFQ@SHNM @MC SGD @BBNLO@MXHMF BNL-ODSHSHUD @CU@MS@FDR HM NQCDQ SN FDMDQ@SD @CDPT@SD FQNVSG
3GHR RODBHjB@KKX LD@MR DWO@MCHMF NTQ HMSDQ-M@SHNM@KBN@KL@QJDSHMF@BSHUHSHDR HMSGD2NTSG EQHB@M BN@KL@QJDSSGQNTFG@BNNODQ@SHNM@FQDDLDMSVHSGSGD ,@RHMFHS@&QNTO
!XRHFMHMFSGDBNMSQ@BSVHSG2GTLA@ \$MDQFX @MC F@HMHMF DWBKTRHUD @BBDRRSNLNQDSG@M AHKKHNMSNMMDRNEGHFG FQ@CDBN@KHMRNTSGDQM EQHB@SGD HMS Bergbau Group will be able to generate further growth. The HMS Bergbau Group is also opening up ETQSGDQFQNVSGNOONQSTMHSHDRSGQNTFGDWBKTRHUDL@QJDS-HMFQHFGSRHM2NTSG EQHB@@MCMDHFGANTQHMFBNTMSQHDR
3GD OQ@BSHBD NE fKHUHMF NTSt @ BNQONQ@SD BTKSTQD BG@Q- @BSDQHRDCAXGHFGKXOQNEDRRHNM@K@MCDSGHB@KRS@MC@QCR SGQNTFGNTS SGD &QNTO HR @ SQTD @CU@MS@FD ENQ ',2 !DQFA@T&QNTOHMSGDBNLODSHSHNMENQPT@KHjDCHMSDQM@- SHNM@KODQRNMMDKVGNRDQUDSNETQSGDQCQHUDNTQBGNRDM strategy.
(M @CCHSHNM SN UDQSHB@K HMSDFQ@SHNM ',2 !DQFA@T & @KRNBNMSHMTDRSNOQDRR@GD@CVHSGGNQHYNMS@KHMSDFQ@- SHNM
%NBTRHROK@BDCNMMDVL@QJDSRlDRODBH@KKX RH@ EQHB@ @MCSGD,HCCKD\$@RS lSN BNMSHMTNTRKXS@O HMSN @MCETQSGDQCDUDKNO DWHRSHMF @RVDKK @R MDVRNTQBHMF L@QJDSRENQ',2!DQFA@T &
3GDDWHRSHMFMDSVNQJ SGD DWODQSHRD @BPTHQDC NUDQ XD@QR @MC OQNUDM SQ@MR-ONQSNOSHNMR@QDTRDCMNSNMKXENQSGD"NLO@MXRBN@K @BSHUHSHDR ATS @KRN HMBQD@RHMFKX ENQ NSGDQ BNLLNCHSHDR @MCOQNCTBSRRTBG@RNQDRLDS@KR@MCBDLDMSOQNC-TBSR
3GD @CU@MS@FD NE DWO@MCHMF NTQ NODQ@SHNMR SN HMBKTCD@KKSXODRNEBNLLNCHSHDR@MCRHLHK@QOQNCTBSR HRMNSNMKXSG@SVD@QD@AKDSNADSSDQTSHKHRDNTQDWHRSHMF B@O@BHSHDRATS@QD@KRNHM@ONRHSHNMSNS@JD@CU@MS@FD NE@SSQ@BSHUDNOONQSTMHSHDRHMSDQLRNEQHRJCHUDQRHjB@SHNM and gross margins.
6NQKCSQ@CDDMINXDC@RHFMHjB@MSQDBNUDQXHM
B-BNQCHMFSNSGD (MRSHSTSDENQSGD6NQKC \$BNMNLX(MRSH-STSEŘQ6DKSVHQSRBG@ESl(E6FKNA@KDBNMNLHBFQNVSG QD@BGDC
l SGD GHFGDRS Q@SD NE HMBQD@RD RHMBD 2011. After a period of weakness, world trade has risen RG@QOKXRHMBDSGDDMCNE@MCHRMNVHM@MTOV@QC SQDMC @R @ QDRTKS NESGD DWO@MRHNM NEENQDHFMSQ@CD HM RH@@MCGHFGDQFKNA@KHMUDRSLDMS
3GDTOSTQMHMSGDFKNA@KDBNMNLXHRDWODBSDCSNBNM-SHMTD HM ANSG @MC
3GD (E6 DWODBSR FKNA@K DBNMNLHBFQNVSGNE
HM@MC
HM #DROHSD SGHR E@UNTQ@AKD DBNMNLHB NTSKNNJ OQHBDR @QD DWODBSDCSN QHRDNMKXFQ@CT@KKX@MCJDDOHMk@SHNMKNV 3GD(MSDQM@SHNM@K,NMDS@QX%TMC(,%ENQDB@RSRFKNA@K DBNMNLHBFQNVSGNE
ENQANSG@MCVHSG @RHFMHjB@MSBNMSQHATSHNMBNLHMFEQNL\$TQNOD@MC RH@
\$BNMNLHB FQNVSG @BBDKDQ@SDC @ANUD @KK HM SGD @C-U@MBDC DBNMNLHDR
3GD (E6 DWODBSR FQNRR CNLDRSHB OQNCTBS&#/SNBNMSHMTDSNHMBQD@RDAX
HM @ESDQ
HMSGDOQDUHNTRXD@Q
M@BBDKDQ@SHNMHR@KRN DUHCDMS HM SGD 42 VGDQD &#/ HM QNRD RG@QOKX from 1.6 % to 2.4 %. GDP in the eurozone also rose at a RHLHK@QO@BDNE
BNLO@QDCSN
HMSGDOQDUHNTR XD@Q
BBNQCHMFSN\$TQNRS@SK@RSXD@QR&#/HMSGD DTQNLDLADQRS@SDRHMBQD@RDCAX@ QDL@QJ@AKD lSGD GHFGDRS HMBQD@RD HM XD@QR
3GHR HR HM BNMSQ@RS SNSGDDBNMNLHBCDUDKNOLDMSHMSGD4MHSDC*HMFCNL VGHBGV@RQ@SGDQRTACTDC
3GD@CU@MBDCDBNMNLHDR@QDADMDjSHMFEQNLSGD@M-SHBHO@SDCQHRDHMCDL@MCEQNLDLDQFHMFL@QJDSRATS@QD KHJDKXSNRDDNMKX@LNCDRSHMBQD@RDHMDBNMNLHBNTSOTS NUDQSGDMDWSSVNXD@QRVHSG
DWODBSDCHM @MC
HMCTDSNQDK@SHUDKXGHFGKDUDKNEB@O@BHSX TSHKHR@SHNM
ESDQ@RNKHCODQENQL@MBDHM@ETQSGDQ HLOQNUDLDMS HM SGD 42 R DBNMNLHB CDUDKNOLDMS HR DWODBSDCHM
(MSGDDTQNYNMDNMSGDNSGDQG@MC DBNMNLHBFQNVSGVHKKADRHLHK@QSNSGDOQDUHNTRXD@Q
(M &QD@S!QHS@HM!QDWHSHRKD@CHMFSNLTBGLNQDRTACTDC DBNMNLHBCDUDKNOLDMSANSGSGHRXD@Q@MCMDWS
&DQL@MX QDBNQCDC RSQNMF FQNVSG HM
3GD %DC-DQ@K 2S@SHRSHB@K .EjBD B@KBTK@SDC @M HMBQD@RD HM FQNRR CNLDRSHBOQNCTBSNE
VGHBGRHFMHjDCSGDDHFGSG BNMRDBTSHUDXD@QNEDBNMNLHBFQNVSG HM&DQL@MX
(M the past three years, there has been steady year-on-XD@Q@BBDKDQ@SHNMHMFQNVSG
(M@SDM XD@QBNLO@QHRNM VGDQDSGD@UDQ@FDQ@SDNEHMBQD@RDHR
V@R @KLNRS@ANUDSGD@UDQ@FD
"NMSQHATSHMFSNSGDHM-
BQD@RDV@RMNSNMKXOQHU@SDBNMRTLOSHNMATS@KRNSGD BNMRSQTBSHNM RDBSNQ @MC QHRHMF HMUDRSLDMS
3GHR XD@Q &DQL@MX HR DWODBSDCSN RDDSGD RSQNMF FQNVSG BNM-SHMTDVHSG@MDUDMGHFGDQHMBQD@RDHMDBNMNLHBNTSOTS SG@MHMSGDOQDUHNTRXD@Q
(MSGDDLDQFHMFL@QJDSRSGDFKNA@KDBNMNLHBLNLDM-STL G@C @ RNLDVG@S VD@JDQ HLO@BS
&#/ HM SGDRD BNTMSQHDRHMBQD@RDCAX
HM@ESDQ
HMSGD OQDUHNTRXD@Q
%NKKNVHMFSGDRKTLOHMBNLLNCHSXOQHB-DRHM@MCBNLLNCHSXOQNCTBSHNMOHBJDCTO HM
(M"GHM@SGD K@QFDRS DLDQFHMFL@QJDS DBNM-NLX DBNMNLHBFQNVSGRKNVDCNMKXL@QFHM@KKXSN ENKKNVHMF
HMCDROHSDSGDRB@KHMFA@BJNE LNMDS@QXHMBDMSHUDR
(M @MC DBNMNLHB ODQENQL@MBD HM SGD DLDQFHMF DBNMNLHDR HR DWODBSDCSNADRHLHK@QSNSGD OQDUHNTR XD@Q
3GD ENQDB@RS NE
@MC
QD-RODBSHUDKXHRK@QFDKXCTDSN@M@MSHBHO@SDCRKNVCNVMHM DBNMNLHBDWO@MRHNMHM"GHM@VGDQD@BNMS@HMLDMSHM CDASFQNVSG@MCRSQTBSTQ@KBG@MFDR@QDNMSGDFNUDQMment's agenda.
-NVSG@SSGDONKHSHB@KTMBDQS@HMSHDRG@UDQDBDCDCHMSN SGD A@BJFQNTMCSGD QHRJR NE @ MNQL@KHR@SHNM HMLNM-DS@QXONKHBXHRBNLHMFSNSGDENQDEQNMS@MCBNTKCBNM-SQHATSDSN TMBDQS@HMSX NMSGD B@OHS@KL@QJDSR @R V@R RDDMQDBDMSKX
3GHRVNTKC@KRNB@TRD@KHJDKXBNQQDBSHNM HM @RRDS OQHBDR XHDKCR @MC DWBG@MFD Q@SDR
2NLD NE SGDDLDQFHMFL@QJDSRHMO@QSHBTK@QBNTKCADHMSQNTAKD CTDSNSGDHQQHRHMFCDASKDUDKREQNLSGDHRRTDNEENQDHFM BTQQDMBXANMCR
The fear in early 2017 that the new US administration BNTKC HLODCDFKNA@K DBNMNLHBCDUDKNOLDMSSGQNTFG OQNSDBSHNMHRLADB@LD@QD@KHSXHM,@QBG
/NKHSHB@K QHRJR HM \$TQNOD G@UD CHLHMHRGDCl@SKD@RSHM
(M%Q@MBD@MCSGD-DSG-DQK@MCR @MSH \$TQNOD@M RDMSHLDMS V@R MNS @E@BSNQ HM SGDO@QKH@LDMS@QXDKDBSHNMR@MCHMSGD4*OQNONMDMSR NE@G@QC!QDWHSVDQDVD@JDMDCAXSGDNTSBNLDNESGD DKDBSHNMR
3GDCDRHQDENQHMCDODMCDMBDNMSGDO@QSNE "@S@KNMH@GNVDUDQRGNVR@KD@MHMFSNV@QC@M@SHNM@Kist mindset.
"NLLNCHSXOQHBDRHMBQD@RDCHMNMSGDA@BJNE@ E@UNTQ@AKDFKNA@KDBNMNLX
BBNQCHMFSNSGD'@LATQF (MRSHSTSDNE(MSDQM@SHNM@K\$BNMNLHBROQHBDRENQNHKF@R @MCLDS@KRVDQDDRODBH@KKXRSQNMF
3GD CDUDKNOLDMS NM SGD HMSDQM@SHNM@K RSNBJ L@QJDSR BNMSHMTDCSNONRHSHUD HM
.UDQ@KK DPTHSXL@QJDSR in Europe, the US and emerging markets posted sig-MHjB@MS U@KTD @OOQDBH@SHNM
3GD BNMSHMTDC E@UNTQ@AKD FKNA@KDBNMNLHBCDUDKNOLDMSSGDODQRHRSDMSKXKNVHM-SDQDRSQ@SDR@MCSGDK@BJNEHMUDRSLDMS@KSDQM@SHUDRBNM-SQHATSDCSNSGHRCDUDKNOLDMS
3GDONKHSHB@KDMUHQNMLDMS HMSGDO@RSjM@MBH@KXD@Q@KRNETDKKDCSGD Q@KKXHM SGDRSNBJL@QJDSR
4MKHJDVG@SV@RHMHSH@KKXDWODBSDC SGDDKDBSHNMRHM%Q@MBD@MCSGD-DSGDQK@MCRKDCSNOQN \$TQNOD@MFNUDQMLDMSR
42RG@QDRVDQDCQHUDM@ANUD @KKAXFDMDQNTROQNLHRDRRTBG@RS@WBTSRDBNMNLHB RSHLTKTROQNFQ@LLDR@RVDKK@RAXSGDNUDQ@KKKHADQ@K DBNMNLHBONKHBXNEMDVKXDKDBSDC42/QDRHCDMS3QTLO 'NODRVDQD QDBDMSKX RHFMHjB@MSKX BKNTCDC AXSGD @M-MNTMBDLDMSNEOTMHSHUDS@QHEER @MCSGDSQHFFDQHMFNE @ global trade war. So far, there has also largely been @M@ARDMBDNEDBNMNLHBRSHLTKTROQNFQ@LLDR
.UDQ- @KKSGDONKHBXCDBHRHNMRNESGD42FNUDQMLDMS@QDHM-BQD@RHMFKXADBNLHMF@E@BSNQNETMBDQS@HMSXENQFKNA@K DBNMNLHBCDUDKNOLDMSl@E@BSSG@SG@RQDBDMSKXADDM QDkDBSDCHMRSNBJOQHBDR
2HMBDSGDANSSNLHMFNEDTQNHMSDQDRSQ@SDRHMSGDRTL-LDQ NE HMSDQDRS Q@SDR NM ANMCR G@UD QHRDM NMKX LNCDQ@SDKX
%NQSGDSHLDADHMFSGD\$"!HRDWODBSDCSN BNMSHMTD HSR DWO@MRHNM@QXLNMDS@QX ONKHBX @MC ONRS-ONMDHMSDQDRS Q@SDGHJDRETQSGDQHMSNSGDETSTQD
ANUD @KK SGD @OOQDBH@SHNM NE SGD DTQN ATS @KRN SGD RKNVKX QDBNUDQHMF DBNMNLHDR HM RNTSGDQM \$TQNOD @QD @QFT-LDMSRSG@SROD@JHME@UNTQNESGHR@OOQN@BG
3GHMFR@QDCHEEDQDMSHMSGD4MHSDC2S@SDR
'DQDSGDBDM-SQ@KA@MJHRKHJDKXSNBNMSHMTDHSRRSQ@SDFXNERTBBDRRHUD HMSDQDRSQ@SDGHJDR@MCjM@KKXKD@UDSGDO@SGNEDWO@M-RHNM@QX LNMDS@QX ONKHBX
1DBDMS ONRHSHUD DBNMNLHB @MCK@ANTQL@QJDSC@S@@MCO@QSHBTK@QKXQHRHMFHMk@SHNM @QDRDMCHMFBKD@QRHFMRENQ@MDMCSNSGDKNVHMSDQDRS Q@SDONKHBX
3GDDMUHQNMLDMSBNMSHMTDRSN@OOD@QE@UNTQ@AKDENQSGD RSNBJ L@QJDSR GNVDUDQ
/NRHSHUD DBNMNLHB CDUDKNO-LDMSHRDWODBSDCHMSGD42@MCHM\$TQNODSGDFQNVSG NESGD&DQL@MXDBNMNLX@MCSGDQDBNUDQXHMSGDDTQN BQHRHR BNTMSQHDR RGNTKC BNMSHMTD
1HRJR @QD RSDLLHMF EQNLSGD@RXDSTMOQDCHBS@AKDDEEDBSRNE&QD@S!QHS@HMR DWHS EQNL SGD \$4 SGD ONSDMSH@K 42 SQ@CD QDRSQHBSHNMR "@S@KNMH@RDEENQSRSNROKHSEQNL2O@HM@MC@U@QHDSXNE NSGDQ ENQDHFM ONKHBX BNMkHBSR VNQKCVHCD
/QDRRTQD NM \$TQNOD@MRSNBJL@QJDSRHR@KRNHMBQD@RHMF@R@QDRTKS NESGD@OOQDBH@SHNMNESGDDTQN@F@HMRSSGD42CNKK@Q 3GDRHST@SHNMHRLHWDCHMDLDQFHMFL@QJDSR
6GHKDBNL-LNCHSX CQHUDMDBNMNLHDR@QDDWODBSDCSNADMDjSEQNL SGDRKHFGSRS@AHKHR@SHNMHMBNLLNCHSXOQHBDRTMBDQS@HMSX ODQRHRSRHM"GHM@CTDSNSGDGHFGKDUDKNECNLDRSHB
3GDFKNA@KHMBQD@RDHMSGDSQ@CDNEFNNCR@MCRSD@CHKX HMBQD@RHMFOQNCTBSHNMG@UDKDCSN@RG@QOHMBQD@RDHM FKNA@K DMDQFX BNMRTLOSHNM
(MSGD K@RS ENTQ CDB@CDR @KNMD BNMRTLOSHNM G@RLNQDSG@M CNTAKDC
-DWSSN @BG@MFDHMSGD@ARNKTSDBNMRTLOSHNMNESGDQDRODB-SHUDDMDQFXRNTQBDRSGDDMDQFXLHWG@R@KRNBG@MFDC @LNMFNSGDQRCTDSN@MHMBQD@RDHMQDMDV@AKDDMDQgies.
3GD(MSDQM@SHNM@K\$MDQFX FDMBX HRENQDB@RSHMF@M HM-BQD@RDHMCDL@MCENQOQHL@QXDMDQFXAXNE@ANTS SVHBDSGDBTQQDMSU@KTDSN@SNS@KNEAHKKHNMJ6G 3GDRDENQDB@RSR@QDA@RDCNMSGD@RRTLOSHNMSG@SAX SG@SSHLDSGD RS@MC@QC NE KHUHMF HM DLDQFHMF @MC CD-UDKNOHMF BNTMSQHDR VHKK G@UD @CITRSDC SN SGD KDUDK NE SGDVDRSDQMHMCTRSQH@KM@SHNMR
BBNQCHMFSNDWODQSR@S SGD6NQKC\$MDQFX.TSKNNJDMDQFXBNMRTLOSHNMHM E-QHB@(MCH@"GHM@2NTSGD@RS RH@@MCSGD,HCCKD\$@RS RGNTKCHMBQD@RDODQBDMSAX
BBNQCHMFSNSGD !/ \$MDQFX .TSKNNJ FKNA@K OQHL@QX DMDQFX BNMRTLOSHNM VHKK HMBQD@RD NM @UDQ@FD AX ITRS ODQBDMSO
@
NUDQSGDMDWSXD@QRBNLO@QDCSN ODQBDMSHMSGDODQHNCEQNLSN
3GDHMBQD@RD HMDMDQFXBNMRTLOSHNMHRBKNRDKXKHMJDCSNSGDHMBQD@RD HM FKNA@K DBNMNLHB NTSOTS
\$MDQFX R@UHMF LD@RTQDR GNVDUDQ G@UD ADDM B@TRHMF SGD QHRD HM DMDQFX BNM-RTLOSHNMSNK@FSGDQHRDHMSGDDBNMNLXENQSGDO@RSEDV XD@QR
%NQDW@LOKDFKNA@KFQNRRCNLDRSHBOQNCTBSHR DWODBSDCSNCNTAKDAXVGHKDDMDQFXBNMRTLO-SHNM HROQNIDBSDCSN HMBQD@RDAX NMKX ODQBDMS
3GD DLDQFHMF L@QJDSR VHKK AD CQHUHMF FQNVSG O@QSHBTK@QKX China and India. China will initially remain the largest FQNVSGL@QJDSENQDMDQFXVHSG(MCH@DWODBSDCSNS@JD HSROK@BDAXSGDDMCNESGDENQDB@RSODQHNCHM
The BP Energy Outlook estimates that the share of QDMDV@AKDRVHKK HMBQD@RD NUDQSGD MDWS XD@QR @MC SNFDSGDQVHSGMTBKD@Q@MCGXCQNONVDQBNMSQHATSDG@KE NESGD HMBQD@RD NUDQSGD MDWS EDV XD@QR
3GDRG@QDNEENRRHKDMDQFXRNTQBDRHR @MSHBHO@SDCSNE@KKEQNL @QNTMC ODQBDMS HM SN @QNTMCODQBDMSHM@KADHSEQNL@RG@QOKXGHFGDQ A@RD
RF@RBNMSHMTDRSNHMBQD@RDNHK@MCBN@KFQNVSG should slow.
BBNQCHMFSN!/RRSTCXFKNA@KBN@KBNMRTLOSHNMVHKK HMBQD@RDLDQDKX
ODQBDMS @MC QD@BG @OD@J HMSGD LHC R
.UDQ SGD K@RS XD@QR BN@K BNMRTLO-SHNM G@R HMBQD@RDC AX
ODQBDMS L@JHMF F@R SGD RDBNMC LNRS HLONQS@MS RNTQBD NE DMDQFX TMSHK (S HR OQDCHBSDC SG@S BN@K VHKK CQNO SN SGHQC OK@BD @R @ OQHL@QXRNTQBDNEDMDQFXATSVHKKBNMSHMTDSNQ@MJjQRS HMSDQLRNEDKDBSQHBHSXFDMDQ@SHNM
3GDRKHFGSCDBKHMDHM BN@K B@M AD @SSQHATSDCSNSGD QHRD HMSGD TRD NE NSGDQ DMDQFXRNTQBDRHM"GHM@
-DUDQSGDKDRR"GHM@QDL@HMR SGDLNRSHLONQS@MSL@QJDSENQBN@K@MCVHKKBNMRTLD @KLNRSG@KENESGHRQDRNTQBDHM
(MSGD42/QDRHCDMS3QTLOHRMNVQDKXHMFHMBQD@RHMFKX NMENRRHKETDKRRTBG@RBN@K@MCNHK
(SHRBTQQDMSKXTM-BKD@QVG@SSGDHLO@BSNESGHRVHKKG@UDNMSGDBN@KL@Q-JDS
"N@KQDL@HMR@KNV BNRSQDRNTQBD
3GDCDBKHMDHM BN@KCDL@MCHMSGDCDUDKNODCVNQKCHRNEERDSAXGHFGDQ CDL@MCHMDLDQFHMFDBNMNLHDRRTBG@R"GHM@NQ(M-CH@
6GHKDSGDRG@QDNEBN@K@R@OQHL@QXDMDQFXRNTQBD HR@MSHBHO@SDCSNCDBKHMDEQNLHMSNHM 2022, it will remain roughly the same in absolute terms due to rising energy demand.
2NTQBD!/2S@SHRSHB@K1DUHDVNE6NQKC\$MDQFX',2!DQFA@T &
2NTQBD: BP Energy Outlook 2017, HMS Bergbau AG
by region
1
without Chile; 2
without Middle east; 3 (MBKTCDR)@O@M2NTSG*NQD@ TRSQ@KH@-DV9D@K@MC
2NTQBD: Internationale Energie Agentur (EA), HMS Bergbau AG
\$MDQFXBNMRTLOSHNMHM&DQL@MXQNRD@F@HMRKHFGSKXHM L@HMKX@R@QDRTKSNERTRS@HMDCDBNMNLHBFQNVSG (M@LTKSH XD@QBNLO@QHRNMBNMRTLOSHNMHRGNUDQHMF@S @FDMDQ@KKXKNVKDUDK
BBNQCHMFSNB@KBTK@SHNMRAXSGD 6NQJHMF &QNTO NM \$MDQFX !@K@MBDR QADHSRFDLDHM-RBG@ES \$MDQFHDAHK@MYDM DMDQFX BNMRTLOSHNM HM &DQ-L@MX HMBQD@RDCAX
ODQBDMS HM BNLO@QDCSN SGDOQDUHNTRXD@Q
3GDGHFGDRSFQNVSGV@RRDDMHMM@STQ@KF@RBNMRTLO-SHNMVGHBG QNRD
ODQBDMSENKKNVDCAX@MHMBQD@RD HM LHMDQ@K NHK BNMRTLOSHNM NE
ODQBDMS VGDQD@R QDMDV@AKD DMDQFX HMBQD@RDC AX
ODQBDMS
-TBKD@Q ONVDQFDMDQ@SHNMNMSGDNSGDQG@MCCDBKHMDCRHFMHj-B@MSKXAX
ODQBDMS
"NMRTLOSHNMNEG@QCBN@K@MC KHFMHSD@KRNCDBKHMDCAX
ODQBDMS@MC
ODQBDMS QDRODBSHUDKX
(MSGDBNMRTLOSHNMNEmineral oil rose in Ger-L@MXAXODQBDMSSN/)
LHKKHNMSBD
3GD L@HMQD@RNMENQSGHRCDUDKNOLDMSV@RSGDHMBQD@RDHM BNMRTLOSHNMNEETDKR
/DSQNK@MCCHDRDKD@BGHMBQD@RDC @QNTMCODQBDMS
3GDBNMRTLOSHNMNE@UH@SHNMETDKHM-BQD@RDCNMKXRKHFGSKX@S
ODQBDMS
2@KDRNEKHFGSETDK NHK HMBQD@RDC AX @QNTMC ODQBDMS @MC CDKHUDQHDR NE M@OGSG@SNSGD BGDLHB@K HMCTRSQX QNRD AX ITRS NUDQ ODQBDMS
Natural gas consumptionQD@BGDC/) LHKKHNMSBD@MCV@R
ODQBDMS@ANUDSGDKDUDKHMSGD OQDUHNTR XD@Q
3GHR CDUDKNOLDMS V@R RHFMHjB@MSKX HMkTDMBDC AX SGD HMBQD@RDC TRD NE M@STQ@K F@R AX SGD ONVDQ OK@MSR SN RTOOKX DKDBSQHBHSX @MC GD@S
#TD SN SGDQDK@SHUDKXBNNKVD@SGDQHMRNLDLNMSGRNESGDO@RS XD@QSGDTRDNEM@STQ@KF@RENQGD@SHMF@KRNHMBQD@RDC The industry too used more natural gas to generate DKDBSQHBHSX@MCGD@S
Consumption of hard coalCDBKHMDCAX
ODQBDMS QD@BGHMF@SNS@KNE/)
LHKKHNMSBD
(MONVDQ FDMDQ@SHNMSGDQDVDQDCHROK@BDLDMSDEEDBSR@R@QDRTKS NEGHFGDQDKDBSQHBHSXEDDC HMEQNLQDMDV@AKDDMDQFHDR@R VDKK@RHMBQD@RDCONVDQFDMDQ@SHNMNEM@STQ@KF@R"'/ OK@MSR
(M@CCHSHNMRDUDQ@KBN@K jQDCONVDQOK@MSRVDMS NEESGD FQHC
3GD HQNM @MCRSDDK HMCTRSQX HMBQD@RDC HSR TRDNEBN@K@MCBNJDRKHFGSKXAX@ANTS
ODQBDMS
3GDBNMRTLOSHNMNEligniteQDL@HMDC
ODQBDMSAD-KNVSGDKDUDKNESGDOQDUHNTRXD@Q@MCQD@BGDC/) LHKKHNMSBD
+NVDQKDUDKRNETRDHMDWHRSHMFONVDQ OK@MSR SN VGHBG @ANTS ODQBDMS NE &DQL@M KHFMHSD OQNCTBSHNM HR RTOOKHDC @R VDKK @RSGDSQ@MREDQ NESGD jQRSONVDQOK@MSTMHSR HMSNSGDENTQ XD@Q QD@CHMDRRENQ RDBTQHSX B@TRDC @ CDBKHMD HM KHFMHSD jQDC ONVDQ FDM-DQ@SHNMNEODQBDMSHMSNSDQ@V@SSGNTQR
Nuclear energyCQNOODC
ODQBDMSCTDSNONVDQ OK@MS NUDQG@TKR
-TBKD@Q DMDQFX NUDQ@KK BNMSQHATSDC /)
LHKKHNMSBDSNSGDDMDQFXA@K@MBDHM
Renewable energy HMBQD@RDC HSR BNMSQHATSHNMSNSN-S@K DMDQFX BNMRTLOSHNM AX LNQD SG@M ODQBDMS HM VHSG CHEEDQDMS CDUDKNOLDMSR HMSGD RHMFKDSXODR NEDMDQFX
'XCQNDKDBSQHBFDMDQ@SHNMDWBKTCHMFOTLODC RSNQ@FD ENQ DW@LOKD EDKK AX @QNTMC ODQBDMS XD@Q
NM XD@QCTDSNVD@SGDQBNMCHSHNMR
/NVDQRTOOKXEQNL VHMC E@QLR HM BNMSQ@RS FQDV @ RSQNMF ODQBDMS 2NK@QDMDQFXRNK@QGD@S@MC/5DKDBSQHBHSXFQDVAX ODQBDMS @MC FDNSGDQL@K DMDQFX QDBNQCDC @M NUDQ@KK HMBQD@RDNEODQBDMS
!HNL@RR@MCV@RSDQDL@HMDC@S SGDOQHNQXD@QRKDUDK
3GDRG@QDNEQDMDV@AKDDMDQFHDR UDQRTRSNS@K DMDQFX BNMRTLOSHNM HM&DQL@MX QNRDSN ODQBDMSHM
.
Energy consumption in Germay 2017 compared to 2016
2NTQBD QADHSRFDLDHMRBG@ES\$MDQFHDAHK@MYDMD
5 , HMS Bergbau AG
.HK OQHBDR EDKK RHFMHjB@MSKX RS@QSHMF HM LHC TMSHK SGDADFHMMHMFNEVHSGU@QHDSHDRRTBG@R63(@MC !QDMSQD@BGHMFKNVRNEITRSNUDQ42#ODQA@QQDK@S SGDRS@QSNE
3G@SQDOQDRDMSDC@OQHBDCDBQD@RDNE @OOQNWHL@SDKX
2HMBDSG@SSHLD@QDUDQR@KHMSGHR SQDMC G@R ADBNLD UHRHAKD
ARNKTSD OQHBDR kTBST@SDC between USD 40 and USD 50 per barrel, and by the DMCNEOQHBDRG@CRS@AHKHRDC@SBKNRDSN42# per barrel.
3GD L@HM B@TRD NE SGD KNV NHK OQHBD V@R NUDQRTOOKX NMSGDVNQKCL@QJDSVGHBGDWODQSRCNMNSDWODBSSN DMC HMSGD MD@QETSTQD O@QSHBTK@QKX @R NUDQOQNCTBSHNM HMBQD@RDC HM SGD K@RS SVN XD@QR
S SGD DMC NE SGD .QF@MHR@SHNM NE SGD /DSQNKDTL \$WONQSHMF "NTM-SQHDR ./\$" @FQDDC SN CDBQD@RD OQNCTBSHNM @MC RDS BNTMSQX RODBHjB PTNS@R
/QNCTBHMF BNTMSQHDR SG@S @QDMNSLDLADQRNE./\$"RTBG@R1TRRH@@KRNV@MS SN CDBQD@RD OQNCTBSHNM
(M BNMSQ@RS SN D@QKHDQ @FQDD-LDMSR OQNCTBSHNM G@R @BST@KKX CDBQD@RDC
'NVDUDQ SG@SHMHSH@KKXCHCMNSKD@CSN@RHFMHjB@MSHMBQD@RDHMSGD NHKOQHBDCTDSNSGDBNMSHMTDCGHFGKDUDKNEHMUDMSNQHDR 3GDHMBQD@RDHMNHKOQHBDR@KRNL@CDRG@KDNHKOQNCTB-SHNMHMSGD42 DBNMNLHB@KKXUH@AKD@F@HM@MCOQNCTB-SHNMHMBQD@RDC
3GDSQDMCHMSGDOQHBDNENHKSTQMDCONRHSHUDRS@QSHMFHM SSGDRS@QSNESGDXD@Q-NQSG2D@!QDMSRSHKKBNRS ITRSTMCDQ42#ODQA@QQDKKHSQDR@MCBKHLADC MD@QKXODQBDMSAXSGDDMCNESGDXD@QSN42# SSGDADFHMMHMFNESGDOQHBDDUDMQNRDSDLON-
rarily to more than USD 70, triggered by reports of fall-HMFBQTCDNHKQDRDQUDRHMSGD42 @MC@M@FQDDLDMSHM #DBDLADQSNDWSDMCSGDPTNS@RXRSDLTMSHKSGD DMC NE
3GD LTST@K NAIDBSHUD HR SN JDDO SGD NHK OQHBD@ANUDSGD42#OQHBDkNNQSNFT@Q@MSDDOQN-CTBSHNMBNRSRENQDW@LOKDENQRG@KDNHKDWSQ@BSHNM
%NQSGDMDWSSVNXD@QRSGDDWODQSRNESGD*HDK(MRSHSTSD ENQSGD6NQKC\$BNMNLXDWODBSNHKOQHBDRSN QDL@HM@S @ANTSSGDKDUDK@SSGDDMCNE
2NTQBDGSSOVVV
NMUHRS@
CDQNGRSNEED',2!DQFA@T &
&KNA@K DMDQFX BNMRTLOSHNM G@R FQNVM RSQNMFKX NUDQ SGD O@RS XD@QR
KQD@CX HMSGD SG BDMSTQX BN@K V@RSQ@CDC@RSGDL@HMDMDQFXRNTQBD@MCF@HMDCHL-ONQS@MBD @KNMFRHCD M@STQ@K F@R @MC NHK
3NC@X LNQD SG@M NE FKNA@K OQHL@QX DMDQFX BNMRTLOSHNM HR FDMDQ@SDC AX ENRRHK ETDKR
\$UDMSGNTFG DMDQFX TRD HR ADBNLHMFHMBQD@RHMFKXLNQDDEjBHDMSQHRDRHMDBNMNL-HB FQNVSG @MC BNMRTLOSHNM @QD OQDUDMSHMF @ CDBKHMD in usage.
(MNUDQ@KKFKNA@KBNMRTLOSHNMCDBQD@RDCRKHFGSKX ENQSGDjQRSSHLDHMSVNCDB@CDR
(MSGDCDBKHMD BNMSHMTDC @S @QNTMC
6GHKD CDL@MC HM2NTSG-D@RS RH@@MC(MCH@BNMSHMTDCHM\$TQNOD@MCSGD 42R@V@AD@QHRGSQDMC
BBNQCHMFSNSGD(MSDQM@SHNM@K \$MDQFX FDMBX CDUDKNOLDMS HM "GHM@ HR O@QSHBTK@QKX QDRONMRHAKDENQSGDCDBKHMD
'DQD@CDBKHMDHMBN@KBNM-RTLOSHNMV@R@OO@QDMSCTDSNSGDNMRDSNERSQTBSTQ@K BG@MFD @MC SGD DBNMNLHB RKNVCNVM
-DUDQSGDKDRR VHSG @ BNMRTLOSHNM NE @QNTMC "GHM@ QDL@HMR SGDK@QFDRSBN@KBNMRTLDQOQNCTBDQ@MCHLONQSDQ
\$WODQSREQNLSGD(\$ DWODBSSG@SSGDRG@QDNEBN@KHM SGD OQHL@QX DMDQFX LHW VHKK CDBQD@RD EQNL SN AXATSVHKKBNMSHMTDSNHMBQD@RDRHFMHjB@MSKX HM@ARNKTSDSDQLR
3GDRG@QDNEBN@KENQONVDQFDMDQ@- SHNMVHKKBNMSHMTDSNAD@QNTMC
3GDSQDMCSNV@QCRKDRRBN@KHRMNSTMHENQLVNQKCVHCD (M(MCH@ENQDW@LOKDNESGDONOTK@SHNMNQ LHKKHNM ODNOKD BTQQDMSKX KHUD VHSGNTS DKDBSQHBHSX
3GHR MTLADQHRRHFMHjB@MSKXGHFGDQSG@MHM@MXNSGDQCDUDK-NOHMF BNTMSQX DWBDOS HM -HFDQH@ VGDQD SNC@X @ANTS NESGDONOTK@SHNMKHUDVHSGNTSDKDBSQHBHSX
(MCH@HM-SDMCRSNOQNUHCD@BBDRRSNDKDBSQHBHSXSNDUDQXBHSHYDMAX 2022. As a result of this ambitious target, the need for BN@KENQONVDQFDMDQ@SHNM@MCSGDHMCTRSQH@KRDBSNQVHKK HMBQD@RDSNRTBG@MDWSDMSSG@SAX(MCH@VHKK@B-BNTMSENQSGDK@QFDRSCDL@MCENQBN@KAXE@Q@BBNTMS-HMFENQ@KLNRSG@KENESGDSNS@KDMDQFXLHW
(M@CCHSHNMSN(MCH@DWODQSRENQDB@RS@RG@QOHMBQD@RD in energy demand in Indonesia, Brazil, the Middle East @MC"GHM@BTQQDMSKXSGDK@QFDRSDMDQFXBNMRTLDQ
B-BNQCHMFKX VNQKC DMDQFX BNMRTLOSHNM HR DWODBSDC SN grow by one third by 2035. In the medium term, the IEA DWODBSRBN@KCDL@MCSNCDBKHMDHM@KK.\$"#BNTMSQHDR AX@MCQHRDHM@KKMNM .\$"#BNTMSQHDR
BBNQCHMFSNSGDOQDKHLHM@QXB@KBTK@SHNMRNESGD RRN-BH@SHNMNE"N@K(LONQSDQRD
5
VNQKCSQ@CDHMG@QCBN@K K@RS XD@Q HMBQD@RDC AX
SN LHKKHNMSNMMDR @MCSGD FKNA@K OQNCTBSHNM NE G@QC BN@K HMBQD@RDC AX DUDMSN
AHKKHNMSNMMDR
%NKKNVHMF@CDBKHMD HM OQNCTBSHNM @MC VNQKCSQ@CD HMBQD@RDC @F@HM HM 3GD RD@VNQSGX DWONQSR NESGD4MHSDC 2S@SDR NE LDQHB@42 @KNMDQNRDAXLHKKHNMSNMMDRNQ Growth in maritime trade was also up 7 % in Russia @MC2NTSG EQHB@
2NTSG EQHB@NMBD@MHLONQS@MSRTO-OKHDQENQ\$TQNODMNVL@HMKXRTOOKHDR RH@MBNTMSQHDR
3GDCDBKHMD HMOQNCTBSHNM HMV@RL@HMKXCTDSN SGDCHEjBTKSRHST@SHNM HMSGD42VHSG @RDQHDRNEA@MJ-QTOSBHDR@KNMFVHSGSGDBKNRTQDNETMR@EDLHMDRHMSGD /DNOKDR1DOTAKHBNE"GHM@
!NSGBNTMSQHDRGNVDUDQ QDBNQCDCQDMDVDCFQNVSGHMVHSGSGD42@S @MC"GHM@@S
/QNCTBSHNMHM(MCH@@KRNHMBQD@RDC strongly by 3.2 %.
3GDHMBQD@RDHMVNQKCSQ@CDHMG@QCBN@KHRCTDDRODBH@K-KXSNFQNVHMFCDL@MCHMSGD 2\$ -BNTMSQHDRVGHBGHM STQMHRCQHUDMAXFQNVHMFCDL@MCHMSGDL@MTE@BSTQHMF RDBSNQ
3GD BNMRSQTBSHNM NE LNCDQM BN@K jQDC ONVDQ OK@MSR@MCFQNVHMFRSDDKOQNCTBSHNMKD@CSN@CCHSHNM@K CDL@MC ENQ BNJD @MC RSD@L BN@K
3GDLNCDK NE CD-UDKNOLDMSHMSGDRDBNTMSQHDRHRRHLHK@QSNSG@SNE"GHM@ @MCHRA@RDCNMG@QCBN@K@MCVHKKNMKXDWSDMCSNQD-MDV@AKDDMDQFXRNTQBDR@ESDQ@BDQS@HMSHLD
&DQL@MXR HLONQSRNEG@QCBN@KCDBKHMDCRHFMHjB@MSKX AX @ANTS NQ LHKKHNMSNMMDR K@RS XD@Q HM BNM-SQ@RSSNSGDFKNA@KSQDMC
6GHKDHLONQSRNEBNJHMFBN@K HMBQD@RDCAX
LHKKHNMSNMMDR@MCHLONQSRNEBNJDAX LHKKHNMSNMMDRSGDTRDNEBN@KENQONVDQFDMDQ@SHNM CDBQD@RDCAX@QNTMCNQ@KLNRSLHKKHNMSNMMDR 3GDL@HMQD@RNMENQSGHRCDBKHMDV@RSGDBNMRSQTBSHNM NEMDVVHMCSTQAHMDR
3GDBNMSQHATSHNMNENMRGNQDVHMC STQAHMDRSNFQNRRDKDBSQHBHSXFDMDQ@SHNMHMBQD@RDCAX % in 2017 and by 47 % for offshore turbines. This is in BNMSQ@RSSNSGDCDBKHMDHMBNMSQHATSHNMNEG@QCBN@K SNFQNRRDKDBSQHBHSXFDMDQ@SHNMHM
BBNQCHMFSNSGD RRNBH@SHNMNE"N@K(LONQSDQR5#*H SGDCDUDKNOLDMSNESGDHMSDQM@SHNM@KBN@KL@QJDSBNMtinues to be largely determined by China and India. In @MCVNQKCBN@KOQNCTBSHNMCDBQD@RDCAX @MC
QDRODBSHUDKX
3GDL@HMQD@RNMENQSGHRCD-BKHMDV@RFKNA@KDBNMNLHBCDUDKNOLDMS@MCCDBKHMHMF demand for steel in China. China's imports dropped @BBNQCHMFKXAX
(MCH@VHKKOK@X@MHLONQS@MS QNKD HMSGDETSTQD
3GD K@QFDRS BN@K DWONQSDQR @QD TRSQ@KH@ (387 million tonnes), Indonesia (296 million tonnes) and Russia (142 million tonnes). Far behind are Colombia LHKKHNMSNMMDR@MC2NTSG EQHB@LHKKHNMSNMMDR BBNQCHMFSNSGD5#*HBN@KOQNCTBSHNMHM&DQL@MXEDKK from 7.6 million tonnes to 6.2 million tonnes, while im-ONQSRHMBQD@RDCEQNL
LHKKHNMSNMMDRSN
LHKKHNM tonnes.
ESDQSGDCQNOHMBN@KOQHBDRADKNV42#ODQSNMMD G@CONRDCL@INQBG@KKDMFDRENQL@QJDSO@QSHBHO@MSRHM SGDjQRSG@KENEOQHBDRENQSGDSVNL@INQBN@KOQHBD HMCHBDRSGD /( @MC /( SQDMCDCGHFGDQCTQHMFSGD RDBNMCG@KENESGDXD@Q@MCAXSGDXD@QRDMCQD@BGDC @ KDUDK NE VDKK NUDQ 42#
-DUDQSGDKDRR SGD ',2 &QNTO L@M@FDC SN DWO@MC HSR L@QJDS ONRHSHNM @MC
2NTQBD QFTR.UDQUHDV',2!DQFA@T &
BNTMSDQ@BSSGDSQDMCSNV@QCRKNVDQL@QFHMRAXRHFMHj-B@MSKXHMBQD@RHMFSQ@CHMFUNKTLDRHMSGHRCHEjBTKSOQHBD DMUHQNMLDMS
(MSGDOQHBDSQDMCEQNLSGDOQDUHNTR XD@QHMHSH@KKXBNMSHMTDC@MCSGDMVDMSNMSNBNQQDBSSN 42# HM SGD ODQHNC EQNL ,@QBG SN ,@X
%NKKNVHMF SG@SODQHNC@K@RSHMF QDBNUDQXADF@M@MC@SSGDDMC NESGD /(@MC /(QD@BGDC@QNTMC42# )TRS QDBDMSKX HMSGD BTQQDMS jM@MBH@K XD@QSGDQD V@R@QDMDVDCBNQQDBSHNMCNVMSN@KDUDKNE42#
3QTRSHMFRS@AKDATRHMDRRQDK@SHNMRGHORVHSGBTRSNLDQR @MC RTOOKHDQR ENQLSGD A@RHR NESGD RTBBDRRETK HMSDQ-M@SHNM@KSQ@CHMF@BSHUHSHDRNESGD',2!DQFA@T&QNTO 3GDL@HM BTRSNLDQR NESGD ',2!DQFA@T &QNTO HM-BKTCD ONVDQ OK@MS BNLO@MHDR RSDDK @MC BDLDMS OQNCTBDQR @R VDKK @R HMCTRSQH@K BNLO@MHDR RTBG @R FK@RRVNQJRO@ODQLHKKR@MCV@RSDOQNBDRRHMFOK@MSR .TQBTRSNLDQA@RDBNMRHRSRNEANSGOQHU@SD@MCRS@SD NVMDCBNLO@MHDREQNL RH@\$TQNODSGD,HCCKD\$@RS @MC EQHB@
3GD',2!DQFA@T&QNTOBNNODQ@SDRVHSG QDMNVMDC @MC QDKH@AKDOQNCTBDQRL@HMKXHM(MCNMDRH@2NTSG E-QHB@ 1TRRH@ /NK@MC @MC -NQSG @MC 2NTSG LDQHB@ In addition, we are responsible for the representation NE MTLDQNTR HMSDQM@SHNM@K BN@K OQNCTBDQR
3GD ',2 !DQFA@T &QNTO G@MCKDR SGD BNLOKDSD L@QJDSHMF NE BN@KHMRDKDBSDCL@QJDSR
BBDRRSN QDRNTQBDR@MCBN@KEQNLL@QJDSHMF@FQDD-LDMSR VHSG HMSDQM@SHNM@K OQNCTBDQR RGNTKC FT@Q@MSDD @ QDKH@AKD RTOOKX NE BNMRTLDQR HMSGD KNMFSDQL
3GD ',2!DQFA@T&QNTO@KRNOK@MRSNDWOKNHSHSRNVMQD-RNTQBDR HM SGD ETSTQD
3GHR RSQ@SDFX V@R BNMRHRSDMSKX pursued again in 2017.
By signing a Memorandum of Understanding (MoU) with Shumba Energy, Botswana, HMS Bergbau has RHFMHjB@MSKX DWO@MCDC HSR NODQ@SHNMR HM 2NTSG EQHB@ through its wholly owned subsidiary HMS Bergbau EQHB@/SX+SC
(MSGDETSTQD',2!DQFA@TVHKKG@UD DWBKTRHUD@BBDRRSNLNQDSG@MAHKKHNMSNMMDRNEGHFG PT@KHSX BN@K
3GD BNMSQ@BS OQNUHCDR ENQ SGD DWBKTRHUD L@QJDSHMFNEBN@KUH@SGDHMSDQM@SHNM@KO@QSMDQMDSVNQJ NE',2!DQFA@T &
!NSGO@QSHDRDWODBSSGDjQRSBN@K CDKHUDQHDR@RNE
',2!DQFA@T &G@RRNKCODQBDMSNEHSRRG@QDRHMHSR subsidiary Silesian Coal International Group of Compa-MHDR2
VGHBGG@R@KQD@CXB@[email protected]@QD@HM2HKDRH@KD@UHMF',2!DQFbau AG's shareholding in the Silesian Coal International &QNTONE"NLO@MHDR2
@SBTQQDMSKXODQBDMS
3GD ATXDQNESGDRG@QDRV@R @2VHRR BNLO@MXRODBH@KHR-HMFHMRTBGHMUDRSLDMSR@MCjM@MBHMF
3GD@HLNESGD OTQBG@RD HR SGD INHMS NODQ@SHNM@K CDUDKNOLDMS NE SGD BNLO@MX@MCSGDjM@MBHMFNESGDRD@BSHUHSHDR
3GDOTQ-
BG@RDOQHBDV@RA@RDCNM@U@KT@SHNMNESGD2HKDRH@M Coal International Group of Companies S.A. in the low, three-digit million-euro range.
3GDQD@QD@[email protected] NESGDQL@K@MCBNJHMFBN@KTRHMFONQSHNMRNESGDHMEQ@- RSQTBSTQD NE @ MDHFGANTQHMFLHMD
3GD',2!DQFA@T &QNTO@MCHSRO@QSMDQROK@MSNBNUDQ@ETQSGDQO@QSNE SGDU@KTD @CCDCBG@HMAXRDSSHMFTOSGDHQNVMOQNCTB-SHNM NODQ@SHNMR
3GHR VNTKC DM@AKD KNV BNRS OQNCTB-SHNMNELNQDSG@MLHKKHNMSNMMDRVHSG@BNLO@Q@- SHUDKX KNV@LNTMSNE HMUDRSLDMS
6HSGSGHRRSDO',2 VNTKCF@HMRTRS@HM@AKDBNLODSHSHUD@CU@MS@FDRHMSGD European market.
(SV@R@KRNONRRHAKDHM(MCNMDRH@SNDMSDQHMSNMDVBN@K marketing agreements for Vietnam with a reliable partner.
3GD DWO@MRHNM NE FKNA@K SQ@CHMF @BSHUHSHDR SN HMBKTCD NSGDQBNLLNCHSHDRNTSRHCDNEBN@KRTBG@RNQDREDQ-SHKHRDQR@MCBDLDMSOQNCTBSR HRDWODBSDCSNADBNLD @MNSGDQHLONQS@MSOHKK@QNE',2!DQFA@T &NUDQSGD medium term. The steadily growing demand from new @MC DWHRSHMF BTRSNLDQR ENQ CHEEDQDMS Q@V L@SDQH@KR RGNTKC AD R@SHRjDC TRHMF ',2!DQFA@TR RSQTBSTQDR 3GHRRSQ@SDFXV@RUHFNQNTRKXOTQRTDCHMSGDjM@M-BH@K XD@Q
(M CNHMF RN ',2 !DQFA@T & TSHKHRDR @MC NODMRTOHSRDWHRSHMFMDSVNQJHSRKNMFRS@MCHMFDWODQtise and its worldwide transport options. At the same time, as part of the horizontal integration strategy, new RNTQBHMF L@QJDSR VHKK AD S@OODC @MC RSD@CHKX CDUDK-NODCO@QSHBTK@QKXHM RH@ EQHB@@MCSGD,HCCKD\$@RS !XDWO@MCHMFHSR@BSHUHSHDR',2!DQFA@T &HRRSQHUHMF SN NOSHLHRD HSR B@O@BHSX TSHKHR@SHNMETQSGDQ HLOQNUD HSR QHRJCHUDQRHjB@SHNMQ@HRDFQNRRL@QFHMR@MCTKSHL@SDKX RDHYD@CU@MS@FDRUDQRTRSGDBNLODSHSHNM
3GD ',2 !DQFA@T &QNTO NEEDQR HSR BTRSNLDQR @MC ATRHMDRRO@QSMDQR@BNLOKDSD Q@MFDNERDQUHBDREQNL the timely supply of raw materials to organising the DMSHQDSQ@MRONQS KNFHRSHBR
3GD RDQUHBD ONQSENKHN NE NTQ GHFGKX OQNEDRRHNM@K @MC DWODQHDMBDC SD@L Q@MFDR EQNLSGDBG@QSDQHMFNERGHORSGDNQF@MHR@SHNMNEHMK@MC transportation, port handling, warehouse management @RVDKK@RBN@KOQDO@Q@SHNM@KKSGDV@XTOSNSDBGMHB@K monitoring, as required.
%NQDW@LOKDSGD',2&QNTOHM2NTSG EQHB@NQF@MHRDR @KK NESGD KNFHRSHBR MDDCRENQ HSR O@QSMDQR EQNLSQTBJ transport to rail transport and port handling - thereby OQNUHCHMF@GHFGCDFQDDNECDKHUDQXQDKH@AHKHSXSNHSRRTO-OKHDQR@MCBTRSNLDQR
',2 !DQFA@T & CNDR MNS DMF@FD HM QDRD@QBG @MC CDUDKNOLDMS
(MSDQM@SHNM@K BNLODSHSHNM ENQ PT@KHjDC DLOKNXDDR QDmains high. In its pursuit of long-term employment relationships between staff and the HMS Group, man- @FDLDMSBNMSHMTDRSNENBTRNMNMFNHMFDLOKNXDDCD-UDKNOLDMSSNFDSGDQVHSG GHFGKXRODBH@KHRDC @MC BNM-SHMTHMFSQ@HMHMF
(MJDDOHMFVHSGSGHRRSQ@SDFXVDG@UD GHQDC @CCHSHNM@K DLOKNXDDR O@QSHBTK@QKX HM SGD RH@M @MC2NTSG EQHB@ML@QJDSR@MC@QDOK@MMHMFSNBNM-SHMTDGHQHMF
1HRJRQDRTKSHMFEQNLDLOKNXDDkTBST@SHNM @QD@BBNTMSDCENQVHSGRTBBDRRHNM@MCRTARSHSTSDOK@M-MHMF
6DBNMCTBSDCSQ@HMHMFENQDLOKNXDDRO@QSHBTK@QKX for those who are new. In order to offer our employees HMBDMSHUDR VD G@UD DRS@AKHRGDC @M DLOKNXDD NOSHNM programme. Among other things, it allows employees SN OTQBG@RD NVM RG@QDR GDKC AXSGD BNLO@MX @S @M @CU@MS@FDNTROQHBDAXLD@MRNEHMBNLDBNMUDQRHNM
3GDQDRTKSRNENODQ@SHNMRNESGD',2&QNTOHMSGDjM@MBH@KXD@QBNLO@QDCSNSGDOQDUHNTRXD@QVDQD@RENKKNVR
| 31/12/2017 EUR thousand |
% | 31/12/2016 EUR thousand |
% | Change EUR thousand |
% | |
|---|---|---|---|---|---|---|
| Total performance | 220,971 | 100 | 178,018 | 100 | 42,953 | 24 |
| Cost of materials | 213,549 | 97 | 171,162 | 96 | 42,388 | 25 |
| /DQRNMMDKBNRSR | 1,659 | 1 | 1,536 | 1 | 123 | 8 |
| #DOQDBH@SHNM@MC@LNQSHR@SHNM | 115 | 0 | 119 | 0 | -4 | -3 |
| .SGDQNODQ@SHMFDWODMRDR | ||||||
| ./. other operating earnings | 3,717 | 2 | 3,297 | 2 | 420 | 13 |
| 3@WDRDWBKTCHMFHMBNLDS@WDR | 4 | 0 | 2 | 0 | 2 | 81 |
| Tax expenses | 219,045 | 99 | 176,116 | 99 | 42,929 | 24 |
| Operating result | 1,926 | 1 | 1,902 | 1 | 24 | 1 |
| \$@QMHMFREQNLHMUDRSLDMS@MCjM@MBH@KQDRTKS | -2,579 | -1,104 | -1,475 < -100.0 | |||
| Sale of shares | 185 | 0 | 185 | - | ||
| KKNB@SHNMSNODMRHNMOQNUHRHNMR NE@KKNB@SHNMTMCDQ&DQL@M BBNTMSHMF +@V,NCDQMHR@SHNM BS:!HK,N&< |
-223 | -223 | 0 | 0 | ||
| Earnings before income taxes | -690 | 575 | -1.266 | < -100 | ||
| (MBNLDS@WDR | 1,410 | -306 | 1,716 | > 100 | ||
| -DSOQNkS | 720 | 269 | 450 | > 100 |
\$41-DS/QNjSDWBKTCHMF 727,735.62 EUR MNM B@RGODMRHNMOQNUHRHNMR (2016: 552,479.21 EUR ODMRHNMOQNUHRHNMR)
2@KDRVDQDCQHUDMAXRSQNMFSQ@CHMF@BSHUHSXHM RH@@MC QHRHMFBN@KOQHBDRNUDQSGDBNTQRDNE
,NQDSG@M NESGDUNKTLDRSQ@CDCAXSGD&QNTOHMVDQD SQ@MR@BSDC(M RH@@MC EQHB@
3GDBNRSNEL@SDQH@KRQ@- SHNG@RCDSDQHNQ@SDCRKHFGSKXBNLO@QDCSNSGDOQDUHNTR XD@Q@RSGDGHFG L@QFHMR@KDREQNLSGD(BGNQ"N@KL@Q-JDSHMF@FQDDLDMSG@UDBNLOKDSDKXCHR@OOD@QDC
/DQRNMMDK BNRSR HMBQD@RDC RKHFGSKX NUDQ SGD OQDUHNTR year, rising from EUR 1,536 thousand to EUR 1,659 thousand, as the personnel in the departments of 3Q@[email protected]@SHNMRHM RH@@MC EQHB@@LNMFNSG-DQRVDQDDWO@MCDC
-DUDQSGDKDRRSGDODQRNMMDKBNRS ratio remained at around 1 %.
.SGDQDWODMRDRMDSNENSGDQHMBNLDQDRTKSHMO@QSHBT-K@Q EQNL KDF@K @MC BNMRTKSHMF EDDR UDGHBKD @MCSQ@UDK BNRSRETKjKLDMSBNRSRNBBTO@MBXBNRSR@MCSGNE SGD@KKNB@SHNMSNODMRHNMOQNUHRHNMR
SSGDR@LDSHLD @RO@QSNE@QDRSQTBSTQHMFNEKN@MR@MC@CU@MBDR@KKNV- @MBDRNE\$41SGNTR@MCVDQDQDBNFMHRDCNTSNE BNLLDQBH@KB@TSHNM
3GD jQRS SHLD B@OHS@KHR@SHNM NE CDEDQQDC S@WDR HM SGD @LNTMSNE\$41SGNTR@MCQDRTKSDCHM@MHMBNLD S@WADMDjS
The sale of a 5 % interest in the Polish subsidiary Silesian Coal International Group of Companies S.A. will NMKXADQDBNFMHRDCTONMSGD@BST@KQDBDHOSNESGDOQN-BDDCR ENQ QD@RNMR NE BNLLDQBH@K B@TSHNM
4MSHK MNV \$41SGNTR@MCG@UDADDM QDBNFMHRDC HMOQNjSNQ loss.
3GDMDS@RRDSRNE',2&QNTOBNLO@QDCSNSGDOQDUHNTRXD@QVDQD@RENKKNVR
| 31/12/2017 EUR |
% | 31/12/2016 EUR |
% | Change EUR |
||
|---|---|---|---|---|---|---|
| thousand | thousand | thousand | % | |||
| Assets | ||||||
| -NM BTQQDMS@RRDSR | 12,175 | 26 | 4,053 | 10 | 8,122 | > 100.0 |
| (MUDMSNQHDR | 129 | 0 | 1,121 | 3 | -991 | -89 |
| 1DBDHU@AKDR | 30,163 | 65 | 24,158 | 59 | 6,005 | 25 |
| "@RG@MCB@RGDPTHU@KDMSR | 347 | 1 | 1,564 | 4 | -1,217 | -78 |
| Other assets | 3,340 | 7 | 10,099 | 25 | -6,760 | -67 |
| 46,154 | 100 | 40,995 | 100 | 5,159 | 13 | |
| Capital | ||||||
| Shareholders' equity | 5,872 | 13 | 5,538 | 14 | 334 | 6 |
| Own shares | -1,345 | -3 | -1,378 | -3 | 34 | -2 |
| -NM BTQQDMSKH@AHKHSHDR | 6,209 | 12 | 5,722 | 14 | 488 | 9 |
| Current liabilities | 35,416 | 77 | 31,113 | 76 | 4,303 | 14 |
| 46,154 | 100 | 40,995 | 100 | 5,159 | 13 |
3GDHMBQD@RDHMMNM BTQQDMS@RRDSRHML@HMKXQD-RTKSEQNLSGDL@STQHSX QDBK@RRHjB@SHNMNE KN@M QDBDHU@- AKDR HMSGD @LNTMS NE \$41 SGNTR@MCEQNL BTQ-QDMS @RRDSR SN MNM BTQQDMS @CU@MBDR
(MUDRSLDMSR NE \$41 SGNTR@MC VDQD L@CD HM SGD CDUDKNOLDMS NESGD?.QYDRYDG@QCBN@K@QD@AXSGD2HKDRH@M"N@K(M-SDQM@SHNM@K&QNTONE"NLO@MHDR2
3GDQDBDHU@AKDR QDRTKS EQNL CDKHUDQHDR @MC RDQUHBDR @MC @QD OQHL@QHKX @F@HMRSBTRSNLDQRHM RH@
3GDATHKC TOBNLO@QDCSN SGDOQDUHNTRXD@QHRK@QFDKXCTDSNUNKTLD@MCQDONQS-HMFC@SDDEEDBSR
-NM BTQQDMSKH@AHKHSHDRHMBKTCDODMRHNMNAKHF@SHNMR
3GD BG@MFDR@QDCTDSN@BST@QH@KQD@RNMR
"TQQDMSKH@AHKHSHDR L@HMKXBNMRHRSNEKH@AHKHSHDRSNRTOOKHDQR@MCEQNLSQ@CD jM@MBHMF
3GDXD@Q NM XD@QHMBQD@RDHR@ QDRTKSNESGD TOSTQM HM ATRHMDRR @BSHUHSX @MC DRRDMSH@KKX CTDSN QD-ONQSHMFC@SDDEEDBSR
"@RG@MCB@RGDPTHU@KDMSRCDUDKNODC@RENKKNVRHMSGDjM@MBH@KXD@Q
| 2017 EUR thousand |
|
|---|---|
| "@RGlNVEQNLBTQQDMSNODQ@SHMF@BSHUHSHDR | -3,748 |
| "@RGlNVEQNLHMUDRSLDMS@BSHUHSHDR | -846 |
| "@RGlNVEQNLkM@MBHMF@BSHUHSHDR | 34 |
| 4. Cash and cash equivalents at the end of the period | |
| "G@MFDHMB@RG@MCB@RGDPTHU@KDMSR@EEDBSHMFO@XLDMS | -4,561 |
| .SGDQBG@MFDRHMB@RG@MCB@RGDPTHU@KDMSR | 0 |
| "@RG@MCB@RGDPTHU@KDMSR@SSGDRS@QSNESGDODQHNC | -4,345 |
| "@RG@MCB@RGDPTHU@KDMSR@SSGDDMCNESGDODQHNC | -8,906 |
| 5. Composition of cash and cash equivalents | |
| "@RG@MCB@RGDPTHU@KDMSR | 347 |
| "TQQDMSKH@AHKHSHDRSNBQDCHSHMRSHSTSHNMR | -9,253 |
| "@RG@MCB@RGDPTHU@KDMSR@SSGDDMCNESGDODQHNC | -8,906 |
"@RGkNVEQNLHMUDRSHMF@BSHUHSHDRL@HMKX QDRTKSR EQNL HMUDRSLDMSRL@CD HMSNSGD CDUDKNOLDMS NESGD?.QYDRYDBN@KjDKCAXSGD2HKDRH@M"N@K(MSDQM@- SHNM@K &QNTO NE "NLO@MHDR 2
3GD B@RG kNV EQNL jM@MBHMF @BSHUHSHDR HR A@RDC NM SGD HRRTD NE SQD@RTQX RG@QDRSNDLOKNXDDR@RO@QSNE@MDLOKNXDDRSNBJNOtion programme.
',2!DQFA@T &HRSGDO@QDMSBNLO@MXNESGD',2 Group. HMS Bergbau AG remains responsible for the BDMSQ@KL@M@FDLDMSETMBSHNMRlRSQ@SDFXjM@MBD@B-BNTMSHMFBNMSQNKKHMF l @MC @KK JDX SQ@CHMF @BSHUHSHDR
RHFMHjB@MSMTLADQNESGDSQ@CD@FQDDLDMSRHRBNMCTBS-DCUH@SGDO@QDMSBNLO@MX
(MNSGDQVNQCRSGD@BSHUHSHDR of HMS Bergbau AG largely determine the situation of SGDDMSHQD',2&QNTO
3GD@MMT@KjM@MBH@KRS@SDLDMSR NE',2!DQFA@T &@QDOQDO@QDCHM@BBNQC@MBDVHSG &DQL@M"NLLDQBH@K+@V'&!@MCSGD&DQL@M2SNBJ "NQONQ@SHNM BS JS&
3GDENKKNVHMFS@AKDOQNUHCDR@M NUDQUHDV
| 2017 EUR thousand |
% | 2016 EUR thousand |
% | Change EUR thousand |
% | |
|---|---|---|---|---|---|---|
| Revenue (= Total performance) | 152,589 | 100 | 107,972 | 100 | 44,618 | 41 |
| Cost of materials | 146,453 | 96 | 102,843 | 96 | 43,610 | 42 |
| /DQRNMMDKBNRSR | 891 | 1 | 865 | 2 | 26 | 3 |
| #DOQDBH@SHNM@MC@LNQSHR@SHNM | 33 | 0 | 30 | 0 | 3 | 9 |
| .SGDQNODQ@SHMFDWODMRDR | ||||||
| ./. other operating earnings | 4,087 | 3 | 3.181 | 0 | 906 | 29 |
| 3@WDRDWBKTCHMFHMBNLDS@WDR | 3 | 0 | 2 | 0 | 1 | 61 |
| Tax expenses | 151,466 | 99 | 106,921 | 98 | 44,545 | 42 |
| Operating result | 1,123 | 1 | 1,050 | 2 | 73 | 7 |
| \$@QMHMFREQNLHMUDRSLDMS@MCjM@MBH@KQDRTKS | -2,145 | -556 | -1,589 < -100,0 | |||
| Sale of shares | 185 | 0 | 185 | - | ||
| KKNB@SHNMSNODMRHNMOQNUHRHNMR NE@KKNB@SHNMTMCDQ&DQL@M BBNTMSHMF+@V ,NCDQMHR@SHNM BS:!HK,N&< |
-223 | -223 | 0 | 0 | ||
| Earnings before income taxes | -1,060 | 271 | -1,517 | < -100 | ||
| (MBNLDS@WDR | 1,618 | -134 | 1,752 | > 100 | ||
| -DSOQNkS | 558 | 138 | 420 | > 100.0 | ||
\$41-DS/QNjSDWBKTCHMF 727,735.62 EUR MNM B@RGODMRHNMOQNUHRHNMR (2016: 552,479.21 EUR ODMRHNMOQNUHRHNMR)
3GDQDRTKSRNENODQ@SHNMRNE',2!DQFA@T &@QDRHFMHj-B@MSKXHMkTDMBDCAXSGD"NLO@MXROQHL@QXSQ@CHMF@B-SHUHSHDR
3GDRG@QOHMBQD@RDHMR@KDRHRCTDSN@MHMBQD@RD HMUNKTLDR@MCGHFGDQOQHBDR
3GDL@QJDSR HM RH@@MC EQHB@VGHBG@QDCDUDKNOHMFVHSGHMBQD@RHMFCDL@MC@QD ADHMFRDQUDCAX',2!DQFA@T &HM@CCHSHNMSNSGDKN-B@KBNLO@MHDR
,NQDSG@MNER@KDRVDQDFDMDQ@SDC VHSGBTRSNLDQ@MCRTOOKXQDK@SHNMRGHOREQNL EQHB@@MC RH@
3GDBNRSNEL@SDQH@KR Q@SHN HLOQNUDCRKHFGSKXXD@Q NM XD@QAX@QNTMCCTDSNHLOQNUDCL@QFHMR
.SGDQ NODQ@SHMFDWODMRDRMDSNENSGDQD@QMHMFRHMBNLDQDRTKS-DC HM O@QSHBTK@Q EQNL ETKjKLDMS BNRSR NMV@QC BG@QFHMF NENSGDQRDQUHBDRNEFQNTOBNLO@MHDRUDGHBKD@MCSQ@UDK DWODMRDRKDF@K@MCBNMRTKSHMFEDDR@RVDKK@RSGNE SGD@KKNB@SHNMSNODMRHNMOQNUHRHNMR\$41SGNTR@MC SSGDR@LDSHLD@RO@QSNE@QDRSQTBSTQHMFNEKN@MR@MC @CU@MBDR @KKNV@MBDR NE \$41 SGNTR@MC VDQD QDBNFMHRDCNTSNEBNLLDQBH@KB@TSHNM
3GD jQRS SHLD B@OHS@KHR@SHNM NE CDEDQQDC S@WDR HM SGD @LNTMSNE\$41SGNTR@MCQDRTKSDCHM@MHMBNLD S@WADMDjS
The sale of a 5 % interest in the Polish subsidiary Silesian Coal International Group of Companies S.A. will NMKXADQDBNFMHRDCTONMSGD@BST@KQDBDHOSNESGDOQN-BDDCR ENQ QD@RNMR NE BNLLDQBH@K B@TSHNM
4MSHK MNV \$41 SGNTR@MC G@UD ADDM QDBNFMHRDC HM OQNjS NQ loss.
| 31/12/2017 EUR |
% | 31/12/2016 EUR |
% | Change EUR |
% | |
|---|---|---|---|---|---|---|
| thousand | thousand | thousand | ||||
| Assets | ||||||
| -NM BTQQDMS@RRDSR | 14,876 | 35 | 8,325 | 22 | 6,551 | 79 |
| (MUDMSNQHDR | 0 | 0 | 1,121 | 20 | -1,121 | -100 |
| 1DBDHU@AKDR | 24,832 | 58 | 16,709 | 62 | 8,123 | 49 |
| "@RG@MCB@RGDPTHU@KDMSR | 91 | 0 | 1,310 | 2 | -1,219 | -93 |
| Other assets | 2,845 | 7 | 7,497 | 15 | -4,652 | -62 |
| 42,645 | 100 | 34,962 | 100 | 7,683 | 22 | |
| Capital | ||||||
| Shareholders' equity | 10,462 | 25 | 9,904 | 39 | 558 | 6 |
| Own shares | -1,345 | -3 | -1,378 | -10 | 34 | -2 |
| -NM BTQQDMSKH@AHKHSHDR | 6,209 | 15 | 5,722 | 17 | 488 | 9 |
| Current liabilities | 27,318 | 64 | 20,714 | 54 | 6,604 | 32 |
| 42,645 | 100 | 34,962 | 100 | 7,683 | 22 |
3GD HMBQD@RD HM jWDC @RRDSR HM L@HMKX QDRTKSR L@HMKXEQNLSGDQDBK@RRHjB@SHNMNEKN@MQDBDHU@AKDREQNL BTQQDMS@RRDSRSNMNM BTQQDMS@CU@MBDRVGHBGADB@LD MDBDRR@QX@R@QDRTKSNESGDQDRSQTBSTQHMFNESGDQDBDHU- @AKDR L@STQHSX
#TD SN SGD SQ@CHMF @BSHUHSHDR NE ',2 !DQFA@T &SGDA@K@MBDRGDDSRSQTBSTQDHRBG@Q@BSDQ-HRDCAX QDBDHU@AKDREQNL BTRSNLDQR @MC BTQQDMSSQ@CD O@X@AKDR
"G@MFDR@QDL@HMKX@QDRTKSNEUNKTLD@MCQD-ONQSHMFC@SDDEEDBSR
(M@CCHSHNMSGDjM@MBH@KONRHSHNMHR BG@Q@BSDQHRDCAXSGDRG@QDRHM@EjKH@SDCBNLO@MHDR@MC KN@MRSNSGD(MCNMDRH@M @MC EQHB@M',2 BNLO@MHDR "TQQDMSKH@AHKHSHDRL@HMKXBNMRHRSNEKH@AHKHSHDRSNRTOOKHDQR @MCEQNLSQ@CDjM@MBHMF
-NM BTQQDMS KH@AHKHSHDR HMBKTCD ODMRHNM NAKHF@SHNMR
3GD RKHFGS XD@Q NM XD@Q HMBQD@RD @R NE SGD A@K@MBD RGDDS C@SD NE #DBDLADQ HR A@RDC NM @BST@QH@K DE-EDBSR
3GDjM@MBH@KONRHSHNMNESGD',2&QNTOHRRHFMHjB@MSKX HMkTDMBDCAX',2!DQFA@T &
6DSGDQDENQD QDEDQSN NTQBNQQDRONMCHMFDWOK@M@SHNMR
In the spring of 2018, liabilities to banks in the amount of \$41SGNTR@MCVDQDCTD
3GDjM@MBHMFNESGDRD KH@AHKHSHDRV@RRDBTQDCAXNODQ@SHMFATRHMDRRNE\$41 SGNTR@MCHMSGDBNTQRDNESGDjM@MBH@KXD@Q\$41 SGNTR@MCAXDWSDMRHNMR@MCSGDB@RGOQNBDDCR from the sale of shares in the Silesian Coal International &QNTONE"NLO@MHDR2
OQNUHCDC\$41SGNTR@MC .UDQ@KKVD@MSHBHO@SDSGDR@KDNETOSNNESGD2HKDsian Coal International Group of Companies S.A. to QDRTKS HM OQNBDDCR NE TO SN \$41 SGNTR@MC NE VGHBG\$41SGNTR@MCG@R@KQD@CXADDMQDBDHUDC
2@KDRFQNRRL@QFHM@MC\$!(3# QDOQDRDMSNTQjM@MBH@K ODQENQL@MBD HMCHB@SNQR VGHBG SGD !N@QC NE ,@M@FD-LDMSBNMSQNKR@MCLNMHSNQRNM@MNMFNHMFA@RHR
(MQD-K@SHNMSNSGDDMSHQD',2&QNTOVDVDQD@AKDSN@BGHDUD @MC O@QSH@KKX DUDM DWBDDC SGD R@KDR ENQDB@RS L@CD HM SGD OQDUHNTR XD@Q CTDSNSGDL@QJDS DMUHQNMLDMS @MC SGD DWBDKKDMS SQ@CHMF QDRTKSR
2@KDR @LNTMSDC SN \$41 SGNTR@MCHMSGDjM@MBH@KXD@Q@ESDQ\$41 SGNTR@MCHM@MCVDQDMNSNMKXOQHBD@MC UNKTLD CQHUDM
2@KDRNE',2 &@KRNHMBQD@RDCRHFMHj-B@MSKXEQNL\$41SGNTR@MC HMSGDjM@M-BH@KXD@QSN\$41SGNTR@MC
3GD&QNTORFQNRR margin fell slightly from 3.9 % in 2016 to 3.4 % in 2017. The gross margin of HMS AG also fell from 4.8 % to &QNTO\$!(3# NE\$41SGNTR@MCOQDUHNTR XD@Q\$41SGNTR@MCHLOQNUDCRKHFGSKXBNLO@QDC VHSGSGDOQDUHNTRXD@Q
3GHRV@RCTDSNSGDHMBQD@RDHM NSGDQNODQ@SHMFHMBNLDHM@R@QDRTKSNESGDR@KDNE shares in Silesian Coal International Group of Companies 2
NEVGHBG\$41SGNTR@MCG@RADDMQDBNFMHYDC HMOQNjSNQKNRRRNE@Q
',2 &R\$!(3# @LNTMSDCSN EUR 1,121 thousand after EUR 859 thousand in 2016. 'DQDSNNSGD QD@RNM ENQSGD HMBQD@RD V@RSGD QHRD HM NSGDQNODQ@SHMFHMBNLDCTDSNSGDR@KDNERG@QDRHMSGD Silesian Coal International Group of Companies S.A., of VGHBG\$41SGNTR@MCG@RADDMQDBNFMHYDCHMOQNjS NQKNRRRNE@Q
.UDQ@KKVDVDQD@AKDSNETKKX@BGHDUDSGD OQNIDBSDCS@QFDS@S&QNTOKDUDK
The Management Board of HMS Bergbau AG is re-RONMRHAKD ENQSGD &QNTOR QHRJL@M@FDLDMS VGHBG HR HMSDFQ@SDCHMSN@KKNODQ@SHNM@KOQNBDRRDR@S',2&QNTO %TSTQDNOONQSTMHSHDR@MCQHRJR@QDHCDMSHjDCBK@RRHjDC DU@KT@SDCBNMSQNKKDC@MCLNMHSNQDC@RO@QSNEATRHMDRR NODQ@SHNMR
(SHR@MCQDL@HMRNTQONKHBXSNNMKXDMF@FD HMQHRJRSG@SQDRTKSHMRHFMHjB@MSNOONQSTMHSHDRSNFDMDQ- @SD HMBNLD
(E ONRRHAKD QHRJR RGNTKC ADLHMHLHRDC NQ transferred to third parties. Opportunities are assessed VHSGQDF@QCSNSGDHQHMBNLDONSDMSH@K
3GDENKKNVHMFRDB-SHNMRCDRBQHADNOONQSTMHSHDR@MCQHRJRSG@SBNTKCG@UD@ RHFMHjB@MSHLO@BSNMSGD"NLO@MXRMDS@RRDSRjM@M-BH@KONRHSHNM@MCQDRTKSRNENODQ@SHNMR
(M',2&QNTORSQ@CHSHNM@KATRHMDRRlBN@KSQ@CHMFTRHMF A@BJ SN A@BJBNMSQ@BSR@MCHMCDW NQjWDC OQHBD A@RDC OTQBG@RHMF@MCR@KDR@FQDDLDMSRlSGDQD@QDAXCDjMH-SHNMMNDEEDBSRNMBNMSQ@BST@KKX@FQDDCL@QFHMRENQHMCH-UHCT@KSQ@MR@BSHNMR
6GDQDSGDA@BJ SN A@BJOQHMBHOKDHR CDUH@SDCEQNLENQDW@LOKDHMSGDB@RDNEU@QXHMFA@RD U@KTDRNMSGDOTQBG@RD@MCR@KDRHCDENQGD@SHMFU@KTD B@KBTK@SHNMR OQHBD QHRJR L@X @QHRD
6D DU@KT@SD RTBG risks on a daily basis as part of our risk management RXRSDLS@JHMFHMSN@BBNTMSBTQQDMSENQV@QCOQHBDR@MC DWODBSDCUNK@SHKHSX
6DBNMSHMTDSNOTQRTDSGDOQHMBHOKD NE@UNHCHMFRHFMHjB@MSQHRJONRHSHNMRHMOTQBG@RHMF@MC R@KDRAX KHLHSHMFRTBG QHRJRTONMBNMSQ@BSBNMBKTRHNM 3GDL@M@FDLDMSNE',2!DQFA@T &VHKKBNMSHMTDSN RSQHUDSNDWDBTSDA@BJ SN A@BJSQ@MR@BSHNMR
\$WBG@MFDQ@SD@MCHMSDQDRSQ@SDkTBST@SHNMRB@MG@UD @RHFMHjB@MSHLO@BSNMSGD',2&QNTORD@QMHMFR
3GD "NLO@MXRjM@MBH@K QHRJL@M@FDLDMSSGDQDENQD @HLR OQHL@QHKXSNGDCFDBTQQDMBXQHRJRUH@BTQQDMBXENQV@QCR VHSGNTSDMSDQHMFHMSNRODBTK@SHUDSQ@MR@BSHNMR
6D@KRN @SSDLOSSNDKHLHM@SDBTQQDMBXCHEEDQDMBDRHMjM@MBHMF OTQBG@RHMF@MCR@KDR
KKFQNTOBNLO@MHDR@QDNAKHFDC SN@RRDRR@MCVGDQDMDBDRR@QXGDCFD@KKDWBG@MFD rate risks. Changes to interest rates, or in other words QHRJREQNLHMSDQDRS AD@QHMFKH@AHKHSHDR@QD@BBNTMSDCENQ @RjM@MBHMFBNRSR@MCHMBKTCDCHMSGD@RRDRRLDMSNE D@BG SQ@CHMF SQ@MR@BSHNM S@JHMF HMSN @BBNTMS @ QHRJ OQDLHTL@MCBTQQDMBX RODBHjBCHEEDQDMBDR
(ECDDLDC appropriate in the long term from a risk management ODQRODBSHUD @MC @ESDQ DU@KT@SHNM NE @KK ONRRHAKD RBD-M@QHNR VD DWBG@MFD U@QH@AKD HMSDQDRS Q@SDR ENQ jWDC interest rates.
Credit risks arise from our business relationships with BTRSNLDQR@MC@QDHMBQD@RHMFNM@BBNTMSNENMFNHMF growth in the proportion of our business partners lo-B@SDCHM RH@@MC EQHB@
(MSGHRBNMSDWSSGDHLOKDLDMSed risk management system aims to obtain adequate BNKK@SDQ@KENQ QHRJ AD@QHMFSQ@MR@BSHNMRNQSNHMRTQD QD-BDHU@AKDR VGDQD jM@MBH@KKX OQ@BSHB@AKD
%TQSGDQLNQD VDRDBTQDO@XLDMSOQNLHRDRHM@CU@MBDNECDKHUDQHDR TRHMFKDSSDQRNEBQDCHS
%@HKTQDNQO@QSH@KE@HKTQDSNCDKHUDQ NMSGDO@QSNERTOOKHDQRL@X@KRNFHUDQHRDSNQHRJRSG@S B@MMNSADSQ@MREDQQDCBNLOKDSDKXSNSGDOTQBG@RDQ
.TQ QHRJ L@M@FDLDMS ONKHBHDR @SSDLOS SN @CCQDRR SGDRD risks appropriately by deploying staff in the regions to DW@LHMD HMCHUHCT@K SDQLR @MC RODBHjB@SHNMR NE BNM-SQ@BSRHMCDS@HK
3GD DWO@MRHNM NE NTQ ATRHMDRRSNSGD RH@M @MC EQH-B@ML@QJDSRDWONRDRTRSN@GHFGDQKDUDKNEKDF@K@MC ONKHSHB@K QHRJ EQNL ENQ DW@LOKD @SSDLOSRSN DWDQS ON-KHSHB@K HMkTDMBD CHRQTOSHNMR SN SGD RTOOKX BG@HM BHUHK CHRSTQA@MBDR NQ DBNMNLHB RSQ@SDFHDR SG@S L@X G@UD CDSQHLDMS@K DEEDBSR NM NTQ ATRHMDRR
6D HMBKTCD QHRJR EQNLDMUHQNMLDMS@K@MCNSGDQFDNFQ@OGHB@KHMkTDMBDR HM SGDRD BNMRHCDQ@SHNMR
%TQSGDQLNQD TMBDQS@HMSHDR @QHRD EQNLSGD DWHRSHMF KDF@K EQ@LDVNQJ VGHBG HR @MC VHKK QDL@HM RTAIDBS SN NMFNHMF BG@MFD
(M ANSG RH@ @MC EQHB@DWBDKKDMSATRHMDRRNOONQSTMHSHDRFNG@MCHM G@MC VHSG @M HMBQD@RDC KDUDK NE QHRJ
3GD "NLO@MXR QHRJL@M@FDLDMS RXRSDL QDRONMCRSN HMCHUHCT@K QHRJR AX @SSDLOSHMF SN CQ@V TO BNQQDRONMCHMF BNMSQ@BST@K @QQ@MFDLDMSRNQDKHLHM@SDSGDQHRJRAXBNMRTKSHMFVHSG DWODQHDMBDCKNB@KO@QSMDQR
1D@KHRSHB@KKXHSHRMDUDQONR-RHAKDSNBNLOKDSDKXDKHLHM@SDRTBGQHRJR
The Company's risk management system attempts to HCDMSHEXSGD ONSDMSH@K MDF@SHUD HLO@BS NM HSR ATRHMDRR @S@MD@QKXRS@FDAXBNMSHMTNTRKXLNMHSNQHMFSGDL@Q-JDSHMF RSQ@SDFX @MC HSR RTBBDRRETK HLOKDLDMS@SHNM HM NQCDQSNQDRONMCSNRTBGQHRJR@BBNQCHMFKXAX@CITRSHMF our strategy.
!DB@TRD SGDX HMUNKUD BNMRHCDQ@AKD NOONQSTMHSHDR @MC QHRJR CDBHRHNMR NM HMUDRSLDMSR @MC @BPTHRHSHNMR @QD DW@LHMDCA@RDCNM@M@RRDRRLDMS@MC@OOQNU@KOQN-BDRR
(MRNLDB@RDRDWODQSR@QD@KRNBNMRTKSDC
3GD Management Board of HMS Bergbau AG makes the jM@KCDBHRHNMR@MCSNSGDDWSDMSSG@SSGDRDCDBHRHNMR @QDRHFMHjB@MSNAS@HMRSGD@OOQNU@KNESGD2TODQUHRNQX !N@QC
6DS@JDO@QSHBTK@QB@QDSNDWG@TRSHUDKXHMUDRSHgate and weigh the risks and opportunities when en-SDQHMFHMSNKNMF SDQL@FQDDLDMSR
3GDL@HME@BSNQRSN DW@LHMD @QD SGD RHYD NE SGD QDRDQUD SGD KNFHRSHB@K HM-EQ@RSQTBSTQDSGDjM@MBH@KRHST@SHNMKDF@KQDPTHQDLDMSR L@M@FDLDMS @MC SGD ONKHSHB@K K@MCRB@OD
.TQ QHRJ L@M@FDLDMSRXRSDLHMBKTCDR@BSHNMRRTBG@RNAS@HM-HMFDWODQS@CUHBD@MCQDONQSR
(MSGD3Q@CHMFRDFLDMS we are able to identify opportunities and risks at the earliest possible stage by intensely monitoring and ana-KXRHMFL@QJDSR@MCBNLODSHSNQR
.UDQ@KKSGDQHRJL@Magement system enables the HMS Group to mitigate SGD@ANUDQHRJR@S@KKSHLDR@MCRDHYD@MXNESGDQDRTKSHMF opportunities. The management of HMS sees the great-DRSNOONQSTMHSHDR HMSGDONSDMSH@KCDUDKNOLDMSNEMDV LHMHMF OQNIDBSR @MC HMUDRSLDMSR HM 2NTSG EQHB@ VHSG SGDGDKONESGDBNKK@ANQ@SHNMRDMSDQDCHMSNVHSG2GTLA@ @MC,@RHMFHS@
(MO@QSHBTK@Q',2RDDRSGDNOONQSTMHSX SNBNMSQHATSDHSRDWODQHDMBDHML@QJDSHMF@FQDDLDMSRSN ADBNMBKTCDC
',2@KRNRDDRRHFMHjB@MSNOONQSTMHSHDR HMSDQLRNEDWO@MCHMFHSRR@KDR@BSHUHSHDRHMMDVL@QJDSR HM RH@O@QSHBTK@QKXHM,@K@XRH@5HDSM@L@MC3G@HK@MC
6DDWODBS2HKDRH@M"N@K(MSDQM@SHNM@K&QNTONE"NL-O@MHDR 2
VHKK AD FQ@MSDC @ LHMHMF KHBDMRD RSHKK HM VGHBGVNTKCAD@BNMRHCDQ@AKDDMG@MBDLDMSSN SGDNUDQ@KKOQNIDBS
(M BNLO@QHRNMSNNSGDQ DMDQFX QDRNTQBDRSGD K@QFDRS QDRDQUDR @MC QDRNTQBDR FKNA@KKX @QD RSHKK QDONQSDC ENQ BN@K
BBNQCHMFSN B@KBTK@SHNMR AXSGD %DCDQ@K .EjBD ENQ&DNRBHDMBDR@MC-@STQ@K1DRNTQBDR!&1 HMSGD \$MDQFX2STCXQDRDQUDRVHKKRSHKKK@RSENQSN XD@QRCDODMCHMFNMSGDSXODNEBN@K@MCSGDCDFQDD NE FKNA@K DBNMNLHB CDUDKNOLDMS
(S QDL@HMR TMCHR-OTSDC GNVDUDQ SG@S SGD QDL@HMHMF ONSDMSH@K NE BN@K HRRTEjBHDMSDMNTFGSNLDDSSGDENQDRDD@AKDCDL@MC ENQL@MXCDB@CDR
(M@CCHSHNMRBHDMSHjB@M@KXRHR@MC L@QJDSRTQUDXRHMCHB@SDSG@SSGDRG@QDNEBN@KHMFKNA@K DKDBSQHBHSXFDMDQ@SHNMVHKKBNMSHMTDSNCDUDKNORSD@CHKX BBNQCHMF SN SGD (\$ (MSDQM@SHNM@K \$MDQFX FDMBX G@QC BN@K VHKK BNMSHMTD SN AD SGD K@QFDRS B@QQHDQ ENQ industrial power generation. The following diagram il-KTRSQ@SDR SGD BNLODMR@SHNM ENQ SGD CDBKHMD HM FKNA@K BN@K jQDCONVDQFDMDQ@SHNMAXSGDFQNVHMFHMCTRSQHDR DRODBH@KKX HM RH@ ATS K@SDQ @KRN HM EQHB@
(M @CCHSHNM SNSGDFQNVHMFVNQKCONOTK@SHNMVGHBG HR@MSHBHO@SDC SN HMBQD@RD SN
AHKKHNM AX SGD AHFFDRS CQHUDQ NESGHR CDUDKNOLDMS HR BDQS@HMKX FQNVHMF DMDQFX BNM-RTLOSHNM
3GDRG@QDNEBN@KHMFKNA@KONVDQFDMDQ@SHNM VHKKBNMSHMTDSNHMBQD@RDTMSHKEQNLSNC@XR 3GDQDENQD@OQHL@QXDMDQFXL@SQHWVHSGNTSBN@KHRHM-BNMBDHU@AKDENQSGDMDWSXD@QR
3GD RSD@CHKX HMBQD@RHMF CDUDKNOLDMS NEVNQKC DMDQFX BNMRTLOSHNM HM QDBDMSXD@QRVHSGSGDENRRHKETDK BN@K @ROQHL@QXDMDQFXRNTQBDVHKKBNMSHMTDHMSGDMDWSEDV XD@QR
#QHUDM AX Q@OHCKX FQNVHMF HMCTRSQH@K CDL@MC EQNLSGD /@BHjB 1HL ONOTK@SHNM FQNVSG @MC FDMDQ@K QHRHMFODQB@OHS@BNMRTLOSHNMBN@KOQHBDRVHKKSDMCSN HMBQD@RDHMSGDETSTQD
3GDL@M@FDLDMSNE',2!DQF-A@T &@RRTLDRSG@SSGD/@BHjB1HLQDFHNMVHKKBNM-SHMTDSNF@HMHMHLONQS@MBD@R@MHLONQS@MSR@KDRL@Q-JDS
RHMOQDUHNTRXD@QR RH@HRHMBQD@RHMFKXADBNLHMF SGDENBTRNE',2RRSQ@SDFHBNQHDMS@SHNM
(M@CCHSHNMSN 2NTSG EQHB@ (MCNMDRH@ HR NMD NESGDLNRS HLONQS@MS OQNCTBSHNM L@QJDSR HM SGD MDWS EDV XD@QR EQNL SGD L@M@FDLDMSRONHMSNEUHDVADB@TRDNESGDQDRNTQBDR @U@HK@AKD SGD E@UNTQ@AKD LHMHMF BNMCHSHNMR @MC SGD BDMSQ@KKNB@SHNMHMSGD/@BHjBQDFHNM
2HFMHjB@MSFQNVSG ONSDMSH@K DRODBH@KKX HMRDBTQHMF K@QFD BN@K QDRNTQBDR
2NTQBD6NQKC\$MDQFX.TSKNNJ(MSDQM@SHNM@K\$MDQFX FDMBX
BNMSHMTDRSNADDRRDMSH@KHMNQCDQSNNODQ@SD@R@QDKH- @AKDSQ@CHMFO@QSMDQHMUNK@SHKDL@QJDSR
!XRDBTQHMFHSR NVM QDRNTQBDRSGDL@M@FDLDMSV@MSRSNFT@Q@MSDD the supply of end users in the Asian market as well as HMRNTSGDQM EQHB@HMSGDKNMFQTM
6HSGSGDDWODBS@SHNMNEHMBQD@RHMFVNQKCL@QJDSOQHBDR RDBTQHMFNTQNVMQDRNTQBDR@MCSGDQDK@SDCDWO@MRHNM NESGDU@KTDBG@HMlEQNLOQNCTBSHNMSNSGDR@KDSNSGD DMCBTRSNLDQlHR@MDRRDMSH@KBNLONMDMSHMRTRS@HM- @AKX BNMRNKHC@SHMF NTQ L@QJDS ONRHSHNM
/@QSHBTK@QKX FHUDMSGD JMNVM QHRJR HMMTBKD@QDMDQFX@MCSGDBTQ-QDMSCHEjBTKSHDRHMHLOKDLDMSHMFSGDfDMDQFXSQ@MRHSHNMt HM &DQL@MXL@M@FDLDMS CNDR MNS DWODBS CDBKHMHMF CDL@MCENQENRRHKETDKRHM\$TQNOD
R@kDWHAKDDMDQFX RTOOKHDQBN@K jQDCONVDQFDMDQ@SHNMVHKKQDS@HMHSRHL-ONQS@MBDHM\$TQNOD@RVDKK
.TQDEENQSRHM\$TQNODBNM-SHMTDSNENBTRNM QDMDVHMFDWOHQDCBNMSQ@BSRBKNRHMF MDV BNMSQ@BSR VHSG \$TQNOD@M ONVDQ OK@MS NODQ@SNQR @MC DWO@MCHMF @MC BNMRNKHC@SHMF NTQ L@QJDS ONRH-SHNM HMMHBGDOQNCTBSRRTBG@RBNJHMFBN@K@MCBNJD OQNCTBSR
(M EQHB@@MC RH@SGD"NLO@MXHRENBTRHMF NMATHKCHMFKNMF SDQLRTOOKHDQ@MCBTRSNLDQQDK@SHNM-RGHORHMNQCDQSNO@QSHBHO@SDHMSGDFQNVHMFHLONQS@MBD NEANSGQDFHNMRHMVNQKCBN@KSQ@CHMF
(MjM@MBH@KXD@QR 2018 and 2019, the main task of HMS will be to regain L@QJDSRG@QDHM\$TQNODVGHKD@SSGDR@LDSHLDDWO@MC-HMFSGD RH@@MC EQHB@ATRHMDRR
SSGDR@LDSHLDSGD RSQ@SDFX NE DWO@MCHMFSGDU@KTD BG@HMO@QSHBTK@QKXAX BNMBKTCHMF @MC RTBBDRRETKKX HLOKDLDMSHMF DWBKTRHUD L@QJDSHMF@FQDDLDMSR@MCBNKK@ANQ@SHNMR@MCSGDCD-UDKNOLDMS NE OQNOQHDS@QX OQNCTBSHNM QDRNTQBDRLTRS ADOTQRTDCBNMRHRSDMSKX
3GD RS@QS NE SGD jM@MBH@K XD@Q V@R QDK@SHUDKX OQNLHRHMF
3GD ENBTR HR NM FKNA@K ONRHSHNMHMF DROD-BH@KKXHM2NTSG EQHB@(MCH@@MC(MCNMDRH@
(M@CCHSHNM SN DWO@MCHMF ATRHMDRR UNKTLDR ',2!DQFA@T &R @BSHUHSHDRENBTRNMHLOQNUHMFHSRL@QJDSONRHSHNMHMRSQ@- SDFHB@KKXHLONQS@MSL@QJDSR@MCATRHMDRRRDFLDMSR
(M @CCHSHNMSNSGDBN@KATRHMDRRSGD"NLO@MXR@BSHUHSHDR @QDENBTRRDCHMSGDDWO@MRHNMNESQ@CDHMNSGDQQ@VL@- SDQH@KRRTBG@RNQDREDQSHKHRDQR@MCBDLDMSOQNCTBSR In the medium term, this trading business should be-BNLD@MNSGDQOHKK@QNE',2!DQFA@T &
In the management's opinion, HMS Bergbau AG has ADDM@AKDSNL@M@FDSGDCHEjBTKSL@QJDSBNMCHSHNMRNE QDBDMSXD@QRUDQXVDKKCTDSNHSRkDWHAKDRSQTBSTQDR
S SGDR@LDSHLDMDVL@QJDSRG@UDADDMCDUDKNODC@R O@QSNEUDQSHB@K@MCGNQHYNMS@KHMSDFQ@SHNMVGHBGRGNTKC BNMSQHATSD SN HLOQNUDC QDRTKSR HM SGD ETSTQD @MC DM- @AKD ',2!DQFA@T &SN ADMDjSEQNLSGDL@QJDS HM SGDKNMFSDQL@MCEQNLSGDRTRS@HMDCONRHSHUDTOV@QC SQDMC NMSGD BNLLNCHSX L@QJDSR
BBNQCHMFKX L@M- @FDLDMS@F@HMDWODBSRRKHFGSKXGHFGDQR@KDRHMSGDBTQ-QDMSjM@MBH@KXD@Q@MCETQSGDQE@UNTQ@AKDFQNRRL@QFHMR EQNLSGDNMFNHMFUDQSHB@K@MCGNQHYNMS@KHMSDFQ@SHNMNE SQ@CHMFSQ@MR@BSHNMR
%NQjM@MBH@KXD@Q@ONRHSHUD MDSOQNjSHRDWODBSDC@F@HM@SSGDKDUDKNE
3GD2TODQUHRNQX!N@QCCDBHCDRTONMSGDQDLTMDQ@SHNM system for the Management Board of HMS Bergbau &HMBKTCHMF@KKL@SDQH@KBNMSQ@BST@KDKDLDMSR@MCQD-UHDVRHS QDFTK@QKX
(S@KRNCDSDQLHMDRSGDQDLTMDQ@SHNM ENQHMCHUHCT@K,@M@FDLDMS!N@QCLDLADQR
,@M@FD-LDMS !N@QC QDLTMDQ@SHNM BNMRHRSR NE jWDC DKDLDMSR @KNMFRHCDU@QH@AKDODQENQL@MBD QDK@SDCBNLONMDMSR %HWDCQDLTMDQ@SHNMHRO@HC@R@LNMSGKXR@K@QXQDF@QC-KDRR NE ODQENQL@MBD
,@M@FDLDMS !N@QC LDLADQR @KRNQDBDHUD@CCHSHNM@KMNM B@RGEQHMFDADMDjSRVGHBG L@HMKX BNMRHRS NESGD U@KTD TMCDQS@W K@VENQSGD OQH-U@SD TRD NE @ BNLO@MX B@Q
/DQENQL@MBD QDK@SDC QDmuneration is dependent on the Company's result for SGDjM@MBH@KXD@Q@MCSGDODQRNM@KODQENQL@MBDNESGD Management Board member in question. The remu-MDQ@SHNM NE SGD "GHDE \$WDBTSHUD .EjBDQ @KRN HMBKTCDR ODMRHNMBNLLHSLDMSR
3GD',2&QNTODMSDQDCHMSNGDCFHMFSQ@MR@BSHNMRHM SGDQDONQSHMFODQHNCCTDSNSGDOQHBD@MCBTQQDMBXQHRJR NETMCDQKXHMFHMCHUHCT@KOGXRHB@KSQ@MR@BSHNMR
3GDQDVDQDMNCDODMCDMBHDRHMSGDQDONQSHMFODQHNC@R CDjMDCTMCDQ2DBSHNM JS&
3GHR L@M@FDLDMS QDONQS HMBKTCDR ENQV@QC KNNJHMF RS@SDLDMSRSG@SQDkDBSSGDBTQQDMSNOHMHNMNESGD',2 &QNTORL@M@FDLDMSVHSGQDF@QCSNETSTQDDUDMSR
MX RS@SDLDMSBNMS@HMDCHMSGHRQDONQSQDkDBSHMFNQATHKCHMF TONMHMSDMSHNMR@RRTLOSHNMRDWODBS@SHNMRENQDB@RSR or underlying assumptions is a forward-looking statement. These statements are based upon plans, esti-L@SDR@MCENQDB@RSRSG@S@QDBTQQDMSKX@U@HK@AKDSNSGD HMS Group's management and, therefore, only refer SNSGDONHMSHMSHLD@SVGHBGSGDXVDQDL@CD
%NQV@QC KNNJHMFRS@SDLDMSR@QDHMGDQDMSKXRTAIDBSSNQHRJR@MC TMBDQS@HMSHDR VGHBG BNTKC QDRTKS HM @BST@K CDUDKNO-LDMSRCHEEDQHMFRHFMHjB@MSKXEQNLSGDRDENQV@QC KNNJHMF RS@SDLDMSRNQDUDMSRHLOKHDCNQDWOQDRRDCSGDQDHM
3GD HMS Group does not assume any responsibility for RTBGRS@SDLDMSR@MCCNDRMNSHMSDMCSNTOC@SDRTBG RS@SDLDMSRHMUHDVNEMDVHMENQL@SHNMNQETSTQDDUDMSR
Berlin, 29 June 2018
Heinz Schernikau "GHDE\$WDBTSHUD.EjBDQ
Steffen Ewald "GHDE%[email protected]
Dennis Schwindt "[email protected]
| 31/12/2017 | 31/12/2016 | |||
|---|---|---|---|---|
| EUR | EUR | EUR | ||
| A. | Non-current assets | |||
| I. | Intangible assets | |||
| 1. +HBDMBDRHMCTRSQH@KOQNODQSXQHFGSR RHLHK@QQHFGSR@MCU@KTDR@MCKHBDMBDR HMRTBGQHFGSR@MCU@KTDR |
12,016.72 | 7,829.87 | ||
| 2. "NLO@MXU@KTD |
54,640.57 | 105,078.03 | ||
| 66,657.29 | 112,907.90 | |||
| II. Fixed assets | ||||
| 1. .SGDQDPTHOLDMSNEjBD@MC E@BSNQXDPTHOLDMS |
91,084.88 | 130,720.34 | ||
| 2. CU@MBDO@XLDMSR@MC @RRDSRTMCDQBNMRSQTBSHNM |
4,407,016.53 | 3,381,371.39 | ||
| 4,498,101.41 | 3,512,091.73 | |||
| III. Financial assets | ||||
| 1. 2G@QDRHM@RRNBH@SDCBNLO@MHDR |
457,508.08 | 428,204.36 | ||
| 2. .SGDQKN@MRQDBDHU@AKD |
7,152,790.15 | 0.00 | ||
| 7,610,298.21 | ||||
| 12,175,056.91 | 4,053,203.99 | |||
| B. | Current assets | |||
| I. | Inventories | |||
| 1. /QNCTBSR |
129,273.76 | 1,120,589.27 | ||
| II. Receivable and other assets | ||||
| 1. 3Q@CDQDBDHU@AKDR |
30,162,836.23 | 24,157,951.47 | ||
| 2. 1DBDHU@AKDREQNL@RRNBH@SDR |
152,741.62 | 147,362.13 | ||
| 3. Other assets -thereof from shareholders EUR 0 thousand OQDUHNTRXD@Q\$41SGNTR@MC |
1,438,622.29 | 9,873,414.36 | ||
| 31,754,200.14 | 34,178,727.96 | |||
| III. Cash and cash equivalents | 346,854.75 | 1,564,174.59 | ||
| 32,230,328.65 | 36,863,491.82 | |||
| C. | Accruals and deferrals | 130,163.93 | 78,355.38 | |
| D. Deferred taxes | 1,618,066.00 | 0.00 | ||
| 46,153,615.49 | 40,995,051.19 |
Passiva
| 46,153,615.49 | 40,995,051.19 | ||||
|---|---|---|---|---|---|
| D. | Accruals and deferrals | 3,085,.76 | 9,498.07 | ||
| 34,821,548.93 | 30,235,073.40 | ||||
| OQDUHNTRXD@Q\$41SGNTR@MC - thereof from shareholders EUR 3,276 thousand OQDUHNTRXD@Q\$41SGNTR@MC |
|||||
| 3. | Other liabilities SGDQDNEEQNLS@WDR\$41SGNTR@MC |
6,180,749.24 | 6,372,203.27 | ||
| 2. | Trade payables | 19,388,098.07 | 17,953,905.48 | ||
| 1. | Liabilities to banks | 9,252,701.62 | 5,908,964.65 | ||
| C. | Liabilities | ||||
| 6,801,192.83 | 6,590,453.02 | ||||
| 3. | .SGDQOQNUHRHNMR | 433,753.26 | 445,324.61 | ||
| 2. | 3@WOQNUHRHNMR | 157,969.06 | 423,393.52 | ||
| 1. | /DMRHNMOQNUHRHNMR@MCRHLHK@QNAKHF@SHNMR | 6,209,470.51 | 5,721,734.89 | ||
| B. | Provisions | ||||
| 4,527,787.97 | 4,160,026.70 | ||||
| VI. Minority interests | 11,219.10 | 0.00 | |||
| -3,937,195.86 | -4,260,230.55 | ||||
| V. | Exchange differences | -538,632.14 | -142,010.96 | ||
| IV. Consolidated net loss | -3,398,563.72 | -4,118,219.59 | |||
| 2. | .SGDQOQNjSQDRDQUDR | 273,158.45 | 278,271.37 | 273,158.45 278,271.37 |
|
| 1. | 2S@STSNQXQDRDQUD | 5,112.92 | 5,112.92 | ||
| III. /QNkSQDRDQUDR | |||||
| Paid In Capital | 8,175,493.36 | 8,141,985.88 | |||
| II. | Capital reserve | 3,966,747.36 | 3,936,489.88 | ||
| I. | Subscribed equity | 4,208,746.00 | 4,205,496.00 | ||
| A. | Shareholders' equity | ||||
| EUR | EUR | EUR | |||
| 31/12/2017 | 31/12/2016 |
| 2017 | 2016 | ||
|---|---|---|---|
| EUR | EUR | ||
| 1. | Sales | 220,970,972.14 | 178,017,846.08 |
| 2. | Other operating earnings | 769,537.80 | 436,766.67 |
| SGDQDNEEQNLBTQQDMBXSQ@MRK@SHNM\$41SGNTR@MC OQDUHNTRXD@Q\$41SGNTR@MC |
|||
| 221,740,509.94 | 178,454,612.75 | ||
| 3. | Cost of materials | ||
| Costs for raw materials and supplies and ENQFNNCROTQBG@RDC |
-213,549,483.45 | -171,161,593.23 | |
| 4. | /DQRNMMDKBNRSR | ||
| a) Wages and salaries |
-1,514,986.52 | -1,485,191.69 | |
| b) 2NBH@KRDBTQHSXBNRSR@MCODMRHNMRTOONQSBNRSR - thereof for pensions EUR 89 thousand OQDUHNTRXD@Q\$41SGNTR@MC |
-144,434.01 | -50,998.74 | |
| -1,659,420.53 | -1,536,190.43 | ||
| 5. | Amortisation | ||
| LNQSHR@SHNMNEHMS@MFHAKD@RRDSR@MCjWDC@RRDSR | -115,419.00 | -119,094.26 | |
| 6. | .SGDQNODQ@SHMFDWODMRDR SGDQDNEEQNLBTQQDMBXSQ@MRK@SHNM\$41SGNTR@MC OQDUHNTRXD@Q\$41SGNTR@MC |
-4,524,420.39 | -3,956,602.65 |
| 7. | \$@QMHMFREQNL@RRNBH@SDCBNLO@MHDR | 0,00 | 11,727.58 |
| 8. | Other interest and similar earnings | 240,875.19 | 106,098.29 |
| 9. | #DOQDBH@SHNMNEjM@MBH@K@RRDSR@MC RDBTQHSHDRGDKC@RBTQQDMS@RRDSR |
-1,700,001.00 | -24,999.00 |
| 10. | (MSDQDRS@MCRHLHK@QDWODMRDR SGDQDNEEQNLCHRBNTMSHMFNEODMRHNMNAKHF@SHNMR \$41SGNTR@MCOQDUHNTRXD@Q\$41SGNTR@MC |
-1,119,402.02 | -1,196,688.96 |
| 11. | (MBNLDS@WDR SGDQNEEQNLCDEDQQDCS@WDR \$41SGNTR@MCOQDUHNTRXD@Q\$41 |
1,410,084.98 | -305,981.99 |
| 12. | Earnings after taxes | 723,323.71 | 271,288.10 |
| 13. | .SGDQS@WDR | -3,667.84 | -2,031.92 |
| 14. | -DSOQNkSENQSGDODQHNC | 719,655.87 | 269,256.18 |
| 15. | +NRRB@QQXENQV@QC | -4,118,219.59 | -4,387,475.77 |
| 16. | Consolidated balance sheet loss | -3,398,563.72 | -4,118,219.59 |
| Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) |
2.007.185,57 | 1.811.954,02 |
\$41-DS/QNjSDWBKTCHMF 727,735.62 EUR MNM B@RGODMRHNMOQNUHRHNMR (2016: 552,479.21 EUR ODMRHNMOQNUHRHNMR)
| 2017 | 2016 | ||
|---|---|---|---|
| TEUR | TEUR | ||
| 1. | Cash flow from current operating activities | ||
| Net earnings for the period HMSGDOQDUHNTRXD@Q(MBKTCHMFRG@QD@SSQHATS@AKDSNLHMNQHSXHMSDQDRSR |
720 | 269 | |
| #DOQDBH@SHNMNEjWDC@RRDSR | 1.815 | 144 | |
| /QNjSEQNLR@KDRNELHMNQHSHDR | -185 | 0 | |
| #DBQD@RDOQDU HMBQD@RDHMOQNUHRHNMR | 211 | -385 | |
| (MBNLDEQNLSGDCHRONR@KNEBNMRNKHC@SDCRTARHCH@QHDR | 0 | -12 | |
| .SGDQMNM B@RGDWODMRDRHMBNLDHMBK ODMRHNMOQNUHRHNM | -565 | -620 | |
| "G@MFDHMHMUDMSNQHDRSQ@CDQDBDHU@AKDR@MCNSGDQ@RRDSR | -6.922 | -7.279 | |
| (MBQD@RDOQDU CDBQD@RDHMHMUDMSNQHDR trade payables and other liabilities |
1.236 | 6.360 | |
| (MSDQDRSDWODMRDHMSDQDRSHMBNLD | 879 | 436 | |
| (MBNLDS@WDWODMRDS@WADMDjS | -1.410 | 306 | |
| (MBNLDS@WO@XLDMSR | 473 | -20 | |
| "@RGlNVEQNLBTQQDMSNODQ@SHMF@BSHUHSHDR | -3.748 | -800 | |
| 2. | Cash flow from investment activities | ||
| "@RGNTSkNVENQHMUDRSLDMSRHMOQNODQSXOK@MS@MCDPTHOLDMS | -837 | -1.043 | |
| "@RGHMkNVEQNLCHRONR@KRNEjWDC@RRDSR | 3 | 4 | |
| "@RGNTSkNVENQHMUDRSLDMSRHMHMS@MFHAKD@RRDSR | -12 | 0 | |
| "@RGNTSkNVENQHMUDRSLDMSRHM@RRNBH@SDCBNLO@MHDR | 0 | -416 | |
| "@RGlNVEQNLHMUDRSLDMS@BSHUHSHDR | -846 | -1.456 | |
| 3. | Cash flow from financing activities | ||
| /QNBDDCREQNLRTOOKXHMFNEDPTHSX | 34 | 35 | |
| "@RGlNVEQNLkM@MBHMF@BSHUHSHDR | 34 | 35 | |
| 4. | Cash and cash equivalents at the end of the period | ||
| "G@MFDR@EEDBSHMFO@XLDMS2TASNS@KRl | -4.561 | -2.221 | |
| "@RG@MCB@RGDPTHU@KDMSR@SSGDRS@QSNESGDODQHNC | -4.345 | -1.976 | |
| Cash and cash equivalents at the end of the period | -8.906 | -4.197 | |
| 5. | Composition of cash and cash equivalents | ||
| "@RG@MCB@RGDPTHU@KDMSR | 347 | 1.564 | |
| Current liabilities | -9.253 | -5.909 | |
| Cash and cash equivalents at the end of the period | -8.906 | -4.345 |
| Group's Equity | |||||
|---|---|---|---|---|---|
| Subscribed capital common shares |
Capital reserve |
Generated consolidated shareholders' equity |
Accumulated other consolidated net earnings from balancing item from currency conversion |
Group's share |
|
| EUR | EUR | EUR | EUR | EUR | |
| 31/12/2015 | 4,201,096.00 | 3,906,305.88 | -4,109,204.40 | -184,691.03 | 3,813,506.43 |
| Changes in the basis NEBNMRNKHC@SHNM |
4,400.00 | 30,184.00 | 0,00 | 0,00 | 34,584.00 |
| .SGDQBG@MFDR | 0.00 | 0.00 | 0.00 | 42,680.07 | 42,680.07 |
| "NMRNKHC@SDCMDSHMBNLDKNRR | 4,205,496.00 0.00 |
3,936,489.88 0.00 |
-4,109,204.40 269,256.18 |
-142,010.96 0.00 |
3,890,770.50 269,256.18 |
| 31/12/2016 | 4,205,496.00 | 3,936,489.88 | -3,839,948.22 | -142,010.96 | 4,160,026.70 |
| Changes in the basis NEBNMRNKHC@SHNM |
3,250.00 | 30,257.48 | 0.00 | 0.00 | 33,507.48 |
| Sales of minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0,00 |
| 6ĔGQTMFRCHEEDQDMYDM | 0.00 | 0.00 | 0.00 | -396,621.18 | -396,621.18 |
| 4,208,746.00 | 3,966,747.36 | -3,839,948.22 | -538,632.14 | 3,796,913.00 | |
| "NMRNKHC@SDCMDSHMBNLDKNRR | 0.00 | 0.00 | 5,523,436.77 | 0.00 | 5,523,436.77 |
| 31/12/2017 | 4,208,746.00 | 3,966,747.36 | -3,120,292.35 | -538,632.14 | 4,516,568.87 |
| Minority shareholders | ||||||
|---|---|---|---|---|---|---|
| Group equity |
Shareholders' equity |
Accumulated other compre hensive income Foreign currency translation differences |
Minority interest |
|||
| EUR | EUR | EUR | EUR | |||
| 3,813,506.43 | 0.00 | 0.00 | 0.00 | |||
| 34,584.00 | 0.00 | 0.00 | 0.00 | |||
| 42,680.07 | 0.00 | 0.00 | 0.00 | |||
| 3,890,770.50 | 0.00 | 0.00 | 0.00 | |||
| 269,256.18 | 0.00 | 0.00 | 0.00 | |||
| 4,160,026.70 | 0.00 | 0.00 | 0.00 | |||
| 33,507.48 | 0.00 | 0.00 | 0.00 | |||
| 11,219.10 | 11,219.10 | 0.00 | 11,219.10 | |||
| -396,621.18 | 0.00 | 0.00 | 0.00 | |||
| 3,808,132.10 | 11,219.10 | 0.00 | 11,219.10 | |||
| 719,655.87 | 0.00 | 0.00 | 0.00 | |||
| 4,527,787.97 | 11,219.10 | 0.00 | 11,219.10 |
| Anschaffungs- und Herstellungskosten | ||||||||
|---|---|---|---|---|---|---|---|---|
| 01/01/2017 | Currency conversion |
Change in the basis of consolidation |
Additions | Disposals | Re classifications |
31/12/2017 | ||
| EUR | EUR | EUR | EUR | EUR | EUR | EUR | ||
| I. | Intangible assets | |||||||
| 1. | +HBDMBDRHMCTRSQH@K property rights, similar QHFGSR@MCU@KTDR@MC KHBDMBDRHMRTBGQHFGSR @MCU@KTDR |
29,915.19 | 460.14 | 0.00 | 11,989.16 | 0.00 | 0.00 | 42,364.49 |
| 2. | Goodwill | 252,187.29 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 252,187.29 |
| 282,102.48 | 460.14 | 0.00 | 11,989.16 | 0.00 | 0.00 | 294,551.77 | ||
| II. | Property, plant and equipment |
|||||||
| 1. | .SGDQDPTHOLDMSNEjBD @MCE@BSNQXDPTHOLDMS |
573,344.37 | -1,687.54 | 0.00 | 19,745.04 | 13,412.71 | 0.00 | 576,234.14 |
| 2. | Deposits paid / plant TMCDQBNMRSQTBSHNM |
3,381,371.39 | 208,093.34 | 0.00 | 817,551.80 | 0.00 | 0.00 | 4,407,016.53 |
| 3,954,715.75 | 206,405.80 | 0.00 | 837,296.84 | 13,412.71 | 0.00 | 4,983,250.66 | ||
| III. Investments | ||||||||
| 1. | (MUDRSLDMSR | 491,551.25 | 29,304.69 | 0.00 | 0.00 | 0.00 | 0.00 | 520,855.95 |
| 2. | .SGDQKN@MRQDBDHU@AKD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8,852,790.15 | 8,852,790.15 |
| 491,551.25 | 29,304.69 | 0.00 | 0.00 | 0.00 | 8,852,790.15 | 9,373,646.10 | ||
| 4,728,369.48 | 236,170.63 | 0.00 | 849,286.00 | 13,412.71 | 8,852,790.17 | 14,651,448.53 |
| Accumulated amortisation and depreciation | Book values | |||||||
|---|---|---|---|---|---|---|---|---|
| 01/01/2017 | Currency conversion |
Change in the basis of consolidation |
Additions | Disposals | Re classifications |
31/12/2017 | 31/12/2017 | 31/12/2016 |
| EUR | EUR | EUR | EUR | EUR | EUR | EUR | EUR | EUR |
| 22,085.32 | 0.00 | 0.00 | 8,246.16 | 0.00 | 0.00 | 30,347.77 | 12,016.72 | 7,829.87 |
| 147,109.26 | 0.00 | 0.00 | 50,437.46 | 0.00 | 0.00 | 197,546.72 | 54,640.57 | 105,078.03 |
| 169,194.58 | 0.00 | 0.00 | 58,683.62 | 0.00 | 0.00 | 227,894.49 | 66,657.28 | 112,907.89 |
| 442,624.04 | -1,896.45 | 0.00 | 56,735.38 | 12,313.71 | 0.00 | 485,149,26 | 91,084.88 | 130,720.33 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4,407,016.53 | 3,381,371.39 |
| 442,424.04 | -1,896.45 | 0.00 | 56,735.38 | 12,313.71 | 0.00 | 485,149.26 | 4,498,101.41 | 3,512,091.71 |
| 63,346.89 0.00 |
0.00 0.00 |
0.00 0.00 |
0.00 1,700,000.00 |
0.00 0.00 |
0.00 0.00 |
63,347.89 1,700,000.00 |
457,508.06 7,152,790.15 |
428,204.36 0.00 |
| 63,346.89 | 0.00 | 0.00 | 1,700,000.00 | 0.00 | 0.00 | 1,763,347.89 | 7,610,298.21 | 428,204.36 |
| 675,165.51 | -1,896.45 | 0.00 | 1,815,420.00 | 12,313.71 | 0.00 | 2,476,391.64 | 12,175,056.90 | 4,053,203.97 |
HMS Bergbau AG is headquartered in Berlin, Germany. 3GD"NLO@MXHRDMSDQDCHMSGDBNLLDQBH@KQDFHRSDQNESGD #HRSQHBS"NTQSNE!DQKHM "G@QKNSSDMATQFTMCDQ'1!
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| Name | Headquarters | Interest in % |
Equity EUR thousands |
Annual result EUR thousands |
|---|---|---|---|---|
| ',2!DQFA@T &(QNM.QD#HUHRHNM | Berlin | 100 | 1 | -7 |
| ',2!DQFA@T EQHB@/SX+SC | Johannesburg | 100 | 200 | 137 |
| HMS Bergbau Singapore (Pte) Ltd. | Singapore | 100 | 891 | 214 |
| PT. HMS Bergbau Indonesia | Jakarta | 100 | -3,361 | -170 |
| Silesian Coal International Group of Companies S.A. |
*@SNVHBD | 95 | -711 | -65 |
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3GDA@K@MBD RGDDS@MCHMBNLDRS@SDLDMSRSQTBSTQDVDQD@KHFMDCSN SGDQDONQSHMFRSQTBSTQDNESGDO@QDMSBNLO@MX
3GDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRVDQDOQDO@QDC@R NESGDQDONQSHMFC@SDNESGDO@QDMSBNLO@MX
%NQ ETKKX BNMRNKHC@SDC RTARHCH@QHDR @BPTHQDC OQHNQSN )@MT@QXB@OHS@KBNMRNKHC@SHNMV@RB@QQHDCNTS@R NESGDC@SDNE@BPTHRHSHNM@BBNQCHMFSNSGDANNJU@KTD LDSGNCOTQRT@MSSN2DBSHNMMN
'&!NKCUDQ-RHNMVGDQDAXSGD@BPTHRHSHNMBNRSRVDQDNEERDS@F@HMRS the pro-rata equity of the subsidiaries as of the time of @BPTHRHSHNMNQSGDHQjQRS SHLDBNMRNKHC@SHNM
%NQRTARHCH- @QHDR@BPTHQDC@ESDQ)@MT@QXB@OHS@KBNMRNKHC@- SHNMHRB@QQHDCNTS@RNESGDSHLDNE@BPTHRHSHNM@BBNQC-HMFSNSGDQDU@KT@SHNMLDSGNCOTQRT@MSSN2DBSHNM '&!
\$PTHSXHRQDBNFMHRDC@SSGD@LNTMSDPTHU@KDMS SNSGD OQDRDMS U@KTD NESGD @RRDSR KH@AHKHSHDR @BBQT@KR @MCCDEDQQ@KR@MCRODBH@KHSDLRHMBKTCDCHMSGDBNMRNKH-C@SDCjM@MBH@KRS@SDLDMSR@OOKHB@AKD@RNESGDSHLDNE @BPTHRHSHNM
3GDC@SDNMVGHBGSGDDMSHSXHRDRS@AKHRGDCAXSGDO@Q-DMSBNLO@MX@KV@XRQDOQDRDMSRSGDC@SDNMVGHBGB@OH-S@KHRBNMRNKHC@SDCVHSGHMSGDLD@MHMFNE2DBSHNM HGB. As a result, also for entities established prior to SGD QDONQSHMFXD@QB@OHS@KV@RBNMRNKHC@SDCA@RDCNM SGDU@KTDR@RNESGDDMSHSHDRDRS@AKHRGLDMS
MXOQNjSR and losses generated by subsidiaries before 1 Janu- @QX VDQD HMBKTCDC HM @MC NEERDS @F@HMRSSGDO@Q-
DMSBNLO@MXRQDS@HMDCD@QMHMFR
%NQSGDRDBNLO@MHDR SGDBNMRNKHC@SHNMCHCMNSQDRTKSHM@CHEEDQDMBDVHSGHMSGD LD@MHMFNE2DBSHNM'&!NKCUDQRHNM
\$MSHSHDR@BPTHQDC@ESDQ)@MT@QX@QDHMBKTCDC@R NESGDSHLDSGDXADB@LDRTARHCH@QHDRNESGDO@QDMSBNL-O@MXOTQRT@MSSN2DBSHNM'&!
,TST@K QDBDHU@AKDR @MC KH@AHKHSHDR ADSVDDMSGD BNMRNKH-C@SDC DMSHSHDR @QD NEERDS @F@HMRS D@BG NSGDQ @MC DKHLH-M@SDCVHSGHMSGDBNMSDWSNECDASBNMRNKHC@SHNM
MXQD-RTKSHMFCHEEDQDMBDREQNLSGDBNMRNKHC@SHNMNEHMSQ@FQNTO QDBDHU@AKDR@MCKH@AHKHSHDRCDMNLHM@SDCHMENQDHFMBTQQDM-BHDR@QDCHQDBSKXQDBNFMHRDCHMDPTHSX
(MSQ@ FQNTOR@KDR @QDNEERDS @F@HMRSSGD BNQQDRONMCHMF HMSQ@ FQNTODWODMRDR
\$WODMRDR@MCHMBNLDEQNLNSGDQATRHMDRRSQ@MR@BSHNMR ADSVDDM BNMRNKHC@SDC DMSHSHDR @QD @KRN NEERDS @F@HMRS D@BGNSGDQ
3GDQD VDQD MN HMSQ@ FQNTO OQNjSR EQNL CDKHUDQHDR @MC RDQUHBDRVHSGHMSGD&QNTO
3GD BNMRNKHC@SDC jM@MBH@K RS@SDLDMSR @QD OQDO@QDC HM DTQNRSGDETMBSHNM@K@MCQDONQSHMFBTQQDMBXNESGDO@Q-DMSBNLO@MX
3GDA@K@MBDRGDDSRNEENQDHFMRTARHCH@QHDR@QDSQ@MRK@SDC TRHMFSGDRONSDWBG@MFDQ@SDOQDU@HKHMFNMSGDA@K@MBD RGDDSC@SD HM@BBNQC@MBDVHSG2DBSHNM@RDMSDMBD '&! @MCSGD HMBNLDRS@SDLDMSR TRHMFSGD @UDQ@FD @MMT@KQ@SDHM@BBNQC@MBDVHSG2DBSHNM@RDMSDMBD 2 HGB. Shareholders' equity is translated at the histori-B@KQ@SD
\$WBG@MFD Q@SD CHEEDQDMBDR @QHRHMF EQNL SGD BTQQDMBX SQ@MRK@SHNMNEHSDLRNESGDHMBNLDRS@SDLDMS@MCSGD@M-MT@KQDRTKSR@QDQDONQSDC@RHMBNLDNQDWODMRDRVHSGHM SGDBNMRNKHC@SDCMDSOQNjS
3GDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRBNLOKXVHSGSGD @OOKHB@AKDOQNUHRHNMRNE2DBSHNM'&!
Intangible assets@QDB@QQHDC@SBNRSKDRRRBGDCTKDC@Lortisation.
Property, plant and equipment@QDB@QQHDC@SBNRSKDRR RSQ@HFGS KHMDCDOQDBH@SHNMNUDQSGDDWODBSDCTRDETKKHED
%HM@MBH@K@RRDSR@QDB@QQHDC@SBNRS
(MB@RDRNEODQL@- MDMS HLO@HQLDMS jM@MBH@K @RRDSR @QD HLO@HQDC @SSGDHQ KNVDQ E@HQ U@KTD
(E SGD QD@RNMR ENQ SGD HLO@HQLDMS MN KNMFDQDWHRSSGDHLO@HQLDMSKNRRHRQDUDQRDC
1DBDHU@AKDR @MC NSGDQ @RRDSR @QD QDBNFMHRDC @S SGD KNVDQNESGDHQMNLHM@KU@KTDNQE@HQU@KTD@RNESGDA@K- @MBDRGDDSC@SD
"@RG @MC B@RG DPTHU@KDMSR HLO@HQLDMS QDBNFMHRDC @S their nominal amounts.
3GDRDCHEEDQDMB-DR@QDDWODBSDCSNADQDUDQRDCNMK@SDQXD@QR
3GD@LNTMSR QDBNF-MHRDC@QDSNADQDKD@RDCVGDMSGDS@WATQCDMNQQD KHDE NBBTQRNQHRMNKNMFDQDWODBSDCSNNBBTQ
*K@TR'DTADBJ@R-RTLHMF@MTMBG@MFDCRS@EESTQMNUDQ@MCR@K@QXSDMCNE @ CHRBNTMS Q@SD NE
OQDUHNTR XD@Q @MC @M TMBG@MFDCODMRHNMSQDMCNE
3GDCHEEDQ-DMBDADSVDDMSGDRDUDM XD@Q@MCSDM XD@Q@UDQ@FDHM-SDQDRSQ@SDVGHBGHRQDRSQHBSDCEQNLCHRSQHATSHNM2DBSHNM RDMSDMBD '&! QDUHRDC UDQRHNM @LNTMSDC SN\$41SGNTR@MC
3GDjQRS SHLD@OOKHB@SHNMNESGD &DQL@M BBNTMSHMF +@V ,NCDQMHR@SHNM BS !HK,N& HMSGDjM@MBH@KQDRTKSDCHM@M@LNTMSDCSNAD@K-
KNB@SDCSNODMRHNMOQNUHRHNMRNE\$41SGNTR@MC HM@BBNQC@MBDVHSG@BST@QH@KOQHMBHOKDRVGHBGHRROQD@C NUDQ@ODQHNCNEXD@QROTQRT@MSSN QSHBKDRDM-SDMBDNESGD(MSQNCTBSNQX BSSNSGD&DQL@M"NL-LDQBH@K"NCD\$&'&!
SNS@KNE\$41SGNTR@MC NESGHR@LNTMSV@R@KKNB@SDC@RNE#DBDLADQ The remaining amount of EUR 1,336 thousand will be @KKNB@SDCSNODMRHNMNAKHF@SHNMRTMSHKSGDXD@Q HM XD@QKX HMRS@KLDMSR NE \$41 SGNTR@MC @MC QDBNF-MHRDC@R@MDWODMRD
.SGDQOQNUHRHNMRS@JDHMSN@BBNTMS@KKENQDRDD@AKDQHRJR @MC TMBDQS@HM NAKHF@SHNMR @MC @QD QDBNFMHRDC @S SGDHQ RDSSKDLDMS@LNTMSH
D
HMBKTCHMFDWODBSDCHMBQD@RDRHM OQHBDR@MCBNRSR
Liabilities@QDQDBNFMHRDC@SSGDHQQDO@XLDMS@LNTMS
The translation of ATRHMDRRSQ@MR@BSHNMRHMENQDHFMBTQ-QDMBHDRHRA@RDCNMSGDRONSDW BG@MFDQ@SDHM@BBNQC- @MBDVHSG2DBSHNM@'&!
3GDRS@SDLDMSNEBG@MFDRHMMNM BTQQDMS@RRDSRRGNVR SGDCDUDKNOLDMSNESGDHMCHUHCT@KKHMDHSDLRVHSGHMnon-BTQQDMS@RRDSR
Goodwill results from the interest (100%) in Silesian "N@K(MSDQM@SHNM@K&QNTONE"NLO@MHDR2
@BPTHQDCHM 3GDTRDETKKHEDNEFNNCVHKKHRjUDXD@QR
CU@MBDO@XLDMSR@MC@RRDSRTMCDQBNMRSQTBSHNM re-K@SDSN DWOKNQ@SHNM @MCCDUDKNOLDMS BNRSR @RRNBH@SDC VHSGSGD@BPTHRHSHNMNE@LHMHMFKHBDMBDENQSGDBN@KjDKC in Orzesze, Poland.
Other loansQDRTKSDCEQNLSGDQDNQF@MHR@SHNMNEQDBDHU@ bles originating in prior years from the passing on of NSGDQRDQUHBDR@MCBNRSRHMBTQQDC@MCQDBNFMHRDCTMCDQ BTQQDMS@RRDSR
(MSGDjM@MBH@KXD@QSGDRDQDBDHU@- AKDRVDQDBNMUDQSDCHMSNMNM BTQQDMSKN@MR@MCQD BK@R-RHjDC@RjM@MBH@K@RRDSR
SSGDR@LDSHLD@MHLO@HQ-LDMSKNRRNE\$41SGNTR@MCV@RQDBNFMHRDC
RHMSGDOQDUHNTRXD@Q@KKQDBDHU@AKDRNSGDQ@RRDSR@MC liabilitiesG@UDQDL@HMHMFSDQLRNEKDRRSG@MNMDXD@Q
3GDB@KBTK@SHNMNESDLONQ@QXCHEEDQDMBDRHRA@RDC NM SGD BNLO@MX RODBHjB NUDQ@KK S@W Q@SD NE 3GDLD@RTQDLDMSNECDEDQQDCS@WDR@RNE#DBDLADQ BNMSHMTDCSNQDRTKSHM@RTQOKTRNECDEDQQDCS@W@R-RDSRNUDQKH@AHKHSHDR@RV@RSGDB@RDNMSGDOQHNQXD@QR QDONQSHMFC@SD
RNE#DBDLADQSGD"NLO@MX TRDCSGD NOSHNM FQ@MSDC AX2DBSHNM '&!ENQSGD jQRSSHLDSNB@OHS@KHRDSGDB@KBTK@SDCS@WQDKHDE
2TARBQHADCB@OHS@Kamounting to EUR 4,370,000.00 is BNLOQHRDCNENQCHM@QXAD@QDQRG@QDRVHSG@ MNLHM@K U@KTD NE \$41
D@BG
#TQHMFSGD jM@MBH@K year, a total of 3,250 treasury shares were issued to DLOKNXDDR D@BG NE VGHBG @BBNTMSR ENQ \$41
NE RG@QDB@OHS@K\$41
3NS@KSQD@RTQXRG@QDRGDKC @LNTMSDCSNRG@QDR@RNE#DBDLADQ
"@OHS@KQDRDQUDRof EUR 3,936 thousand resulted from SGDCHEEDQDMBDADSVDDMSGDMNLHM@KU@KTD@MCSGDHRRTD OQHBD
3GD HMBQD@RD HMB@OHS@K QDRDQUDRV@RCTDSNSGD HRRT@MBDNESQD@RTQXRG@QDRSNDLOKNXDDR
The RG@QDRNEMNM BNMSQNKKHMFHMSDQDRSR resulted from the sale of 5% of the shares in Sillesian Coal International Group of Companies.
TSGNQHRDCB@OHS@K amounts to EUR 2,185,000.00.
2TARBQHOSHNM QHFGSR RSHKK DWDQBHR@AKD VHSGHM SGD BNMSDWS NE @M DLOKNXDD RSNBJ NOSHNMR OQN FQ@LLD SNS@KKDC VGHBGL@XADHRRTDCUH@SQD@RTQXRG@QDR
/DMRHNMOQNUHRHNMRMDSNESGDE@HQU@KTDNEOK@M@RRDSRNE \$41SGNTR@MCRDQUHMFDW BKTRHUDKXSNLDDSODMRHNM obligations, amounted to EUR 6,209 thousand. Plan @RRDSR@QDGDKCHMSGDENQLNE@L@M@FDLDMS@MCBNK-K@SDQ@KSQTRS@FQDDLDMSENQADMDjBH@QHDR@MCBNM RHRSNE @A@MJ@BBNTMS@MCBTRSNCX@BBNTMS@S#62HMUDRSHMF HM DPTHSHDR
3GD E@HQ U@KTD \$41 SGNTR@MC DPT@KR SGDMNLHM@K@LNTMSNESGDA@MJ@BBNTMS@MCSGDOQHBD NESGDDPTHSXETMC@RNESGDQDONQSHMFC@SD
(MSGDjM@M-
BH@KXD@Q\$41SGNTR@MCV@RQDBNFMHRDC@RHMBNLD EQNLSGDU@KT@SHNMNEOK@M@RRDSR
/DMRHNMR@LNTMSHMF to EUR 480 thousand were paid in 2017, partially from SQTRS@RRDSR
/DQRNMMDKDWODMRDRHMBKTCDSGDQDUDQR@KNE OQNUHRHNMRNE\$41SGNTR@MC@R@QDRTKSNE@BST@QH@K B@KBTK@SHNMR
.SGDQOQNUHRHNMRL@HMKXBNMBDQMBNRSRENQSGDOQDO@Q@- SHNM NE SGD jM@MBH@K RS@SDLDMSR NE \$41 SGNTR@MC 2TODQUHRNQX!N@QC QDLTMDQ@SHNM NE \$41 SGNTR@MC @MCODQRNMMDKOQNUHRHNMRNE\$41SGNTR@MC
Liabilities to banks HMBKTCD \$41 SGNTR@MC NE SQ@CDjM@MBHMFNEHMCHUHCT@KA@BJ SN A@BJSQ@MR@BSHNMR @MC\$41SGNTR@MCNENUDQCQ@ESE@BHKHSHDR
+H@AHKH-SHDRSNA@MJRG@UD@QDL@HMHMFSDQLNETOSNNMDXD@Q
Of the other liabilities, an amount of EUR 3,786 thousand has a remaining term of more than and less than jUD XD@QR
KK NSGDQ KH@AHKHSHDR G@UDSDQLR NE TOSN NMD year.
',2!DQFA@T &HRRTDC@KDSSDQNEBNLENQSSNCTHRONQS @FDMBX&LA'TMCDQVGHBGHSTMCDQ S@JDRSNLDDSSGD jM@MBH@KNAKHF@SHNMRNE',2!DQFA@T &"N@K#HUHRHNM QDK@SHMFSN@BN@KG@MCKHMF@MCOQNBDRRHMFBNMSQ@BSVHSG CTHRONQS@FDMBX&LA'
(SHRBTQQDMSKXMNSDWODBSDCSG@S SGHRKDSSDQNEBNLENQSVHKKADTSHKHRDC
.M #DBDLADQ SGD &QNTOR OTQBG@RD NAKH-F@SHNMR EQNL BNMSQ@BSR BNMBKTCDC @LNTMSDC SN \$41 SGNTR@MC@KKQDK@SHMFSNSGDjM@MBH@KXD@Q
CCHSHNM@KNSGDQjM@MBH@KNAKHF@SHNMRL@HMKXQDRTKSEQNL rental and lease agreements. The maturities of these obligations are as follows:
| Up to 1 year | EUR | 271 thousand |
|---|---|---|
| Between 1 and 5 years | EUR | 276 thousand |
| More than 5 years | EUR | 0 thousand |
Sales of EUR 220,971 thousand were generated in the jM@MBH@KXD@QL@HMKXEQNLSQ@CHMFBN@KOQNCTBSRRTBG@R RSD@LBN@KBNJHMFBN@K@MC@MSGQ@BHSD
.M@ QDFHNM@K A@RHR R@KDR NQHFHM@SDC EQNL RH@ EQHB@ \$TQNOD@MC2NTSG LDQHB@
Cost of materialsQDRTKSDCEQNLSGDFKNA@KOTQBG@RDNE RSD@LBN@KBNJHMFBN@K@MC@MSGQ@BHSD
.SGDQ NODQ@SHMF HMBNLD OQHL@QHKX HMBKTCDR BTQQDMBX translation gains of EUR 228 thousand and a gain of EUR 185 thousand from the sale of shares in the Polish subsidiary Silesian Coal International Group of Companies S.A. The sale of a 5% interest in the Polish subsidiary Silesian Coal International Group of Companies S.A. VHKK NMKX AD QDBNFMHRDC TONMSGD @BST@K QDBDHOS NESGD OQNBDDCRENQQD@RNMRNEBNLLDQBH@KB@TSHNM
.SGDQNODQ@SHMFDWODMRDRL@HMKXHMBKTCDKDF@K@MCBNM-RTKSHMF EDDR \$41 SGNTR@MC UDGHBKD @MCSQ@UDK DWODMRDR \$41 SGNTR@MC ETKjKLDMS BNRSR \$41 SGNTR@MC NBBTO@MBX BNRSR \$41 SGNT-R@MC BTQQDMBX SQ@MRK@SHNM KNRRDR \$41 SGNTR@MC @MCSGDSGNESGD@KKNB@SHNMSNODMRHNMOQNUHRHNMR \$41SGNTR@MCQDRTKSHMFEQNLSGDBG@MFDCLD@R-TQDLDMSOTQRT@MSSN2DBSHNMRDMSDMBD'&!
The jM@MBH@KQDRTKSHMBKTCDRHMSDQDRSDWODMRDRNMODMsion obligations of EUR 662 thousand.
(MBNLDS@WADMDjSR QDRTKSDCEQNLSGD B@OHS@KHR@SHNMNE CDEDQQDCS@W@RRDSR\$41SGNTR@MC
"@RG@MCB@RGDPTHU@KDMSR HMBKTCDB@RG@MC KH@AHKHSHDR SNA@MJRCTDNMCDL@MC@RVDKK@RNSGDQBTQQDMSANQ-QNVHMFR QDK@SDC SN SGD CHRONRHSHNM NE B@RG @MC B@RG DPTHU@KDMSR
3GDCHRBKNRTQDNESGD,@M@FDLDMS!N@QCQDLTMDQ@SHNM V@RV@HUDCAXDWDQBHRHMFSGDNOSHNMFQ@MSDCAX2DBSHNM 286 (4) HGB.
Until 10 September 2017, Dr Hans-Dieter Harig was @KRN@LDLADQNESGD2TODQUHRNQX!N@QCNE1GDHMJ@KJ &LA'6ŘKEQ@SG
3GDLDLADQRNESGD2TODQUHRNQX!N@QCCHCMNSQDBDHUD QDLTMDQ@SHNMENQSGDHQ@BSHUHSHDRHM
3GD"NLO@MX G@R QDBNFMHRDC@OQNUHRHNMSNS@KKHMF\$41SGNTR@MC for the remuneration stipulated by the Company's Arti-BKDRNE RRNBH@SHNMENQjM@MBH@KXD@QR@MC
The auditor's fee amounted to EUR 43 thousand. In @CCHSHNMSGD@TCHSNQODQENQLDCNSGDQRDQUHBDRSNS@KKHMF EUR 9 thousand in 2017.
M@UDQ@FDNERS@EEVNLDMLDMV@RDL-OKNXDCHMjM@MBH@KXD@Q
',2 !DQFA@T & (QNM .QD ,DS@KR #HUHRHNM HR @ wholly owned subsidiary of HMS Bergbau AG and is OQDRDMSDC @MC HMBKTCDC HM SGD BNMRNKHC@SDC jM@MBH@K statements of HMS Bergbau AG.
',2 !DQFA@T & (QNM .QD ,DS@KR #HUHRHNM DWDQ-BHRDRSGDDWDLOSHNMNOSHNMQDF@QCHMFOTAKHB@SHNMHMSGD DKDBSQNMHB%DCDQ@K&@YDSSDOQNUHCDCENQHM2DBSHNM III HGB.
HMS Bergbau AG has agreed to assume the obligations entered by the subsidiary until the reporting date in SGDENKKNVHMFjM@MBH@KXD@QUNKTMS@QXKNRR@RRTLOSHNM
3GDCHEEDQDMBDADSVDDMSGDRDUDM XD@Q@MCSDM XD@Q@U-DQ@FDHMSDQDRSQ@SDHMSGDU@KT@SHNMNEODMRHNMOQNUHRHNMR HRQDRSQHBSDCEQNLCHRSQHATSHNM2DBSHNMRDMSDMBD 2 HGB) and amounts to EUR 967 thousand.
3GD B@OHS@KHR@SHNM NE CDEDQQDCS@W @RRDSR QDRTKSDC HM @ CHRSQHATSHNMQDRSQHBSHNMNE\$41SGNTR@MCOTQRT@MS SN2DBSHNM'&!
The Management Board of HMS Bergbau AG as the major shareholder of Silesian Coal International Group NE"NLO@MHDR2
HROK@MMHMFSNRDKKTOSNODQBDMS of Silesian Coal International Group of Companies S.A. SN"@QAN%TMCHMF &
3GDOTQBG@RDOQHBDHRDWODBSDC to be EUR 10 per share. HMS Bergbau AG intends to TRDSGDOQNBDDCREQNLSGDR@KDNESGDRS@JDSNjM@MBD SGD OQDO@Q@SHNMR ENQ BN@K LHMHMF HM .QYDRYD /NK@MC @MCRSQDMFSGDMSGDBNLO@MXRHMSDQM@SHNM@KSQ@CHMF@B-SHUHSHDR
2NE@Q\$41SGNTR@MCVDQDQD@KHYDREQNL the sale.
!DQKHM,@QBG
Heinz Schernikau "GHDE\$WDBTSHUD.EjBDQ
Steffen Ewald "GHDE%HM@[email protected]
Dennis Schwindt "[email protected]
6DG@UDHRRTDCSGDENKKNVHMF@TCHSNOHMHNMNMSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSR@MCSGDL@M@FDLDMS report for the Company and the Group:
f6DG@UD@TCHSDCSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSROQDO@QDCAX',2!DQFA@T &!DQKHMBNLOQHRHMF SGDA@K@MBDRGDDSSGDHMBNLDRS@SDLDMSSGDB@RGkNVRS@SDLDMSSGDRS@SDLDMSNEBG@MFDRHMDPTHSX@MC SGDMNSDRSNSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRSNFDSGDQVHSGSGDL@M@FDLDMSQDONQSENQSGD"NLO@MX @MCSGD&QNTOENQSGDjM@MBH@KXD@QEQNL)@MT@QXSN#DBDLADQ
3GDOQDO@Q@SHNMNESGDBNMRNKH-C@SDCjM@MBH@KRS@SDLDMSR@MCSGDL@M@FDLDMSQDONQSENQSGD"NLO@MX@MCSGD&QNTOHM@BBNQC@MBDVHSG &DQL@MBNLLDQBH@KK@VHRSGD QDRONMRHAHKHSXNESGD"NLO@MXRL@M@FDLDMS
.TQS@RJHRSNDWOQDRR@M NOHMHNMNMSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSR@MCSGDBNLAHMDCL@M@FDLDMSQDONQSENQSGD"NLO@MX and the Group based on our audit.
6DBNMCTBSDCNTQ@TCHSNESGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRHM@BBNQC@MBDVHSG2DBSHNM'&!@MC HMBNMRHCDQ@SHNMNESGD&DQL@MFDMDQ@KKX@BBDOSDCRS@MC@QCRENQSGD@TCHSNEjM@MBH@KRS@SDLDMSROQNLTK-F@SDCAXSGD(MRSHSTSDNE&DQL@M"DQSHjDC/TAKHB BBNTMS@MSR(#6l(MRSHSTSCDQ6HQSRBG@ESROQŘEDQ
3GNRD RS@MC@QCR QDPTHQDSG@SVDOK@M@MCODQENQLSGD@TCHSRTBGSG@SHM@BBTQ@BHDRNQHMEQHMFDLDMSRL@SDQH@KKX @EEDBSHMFSGDOQDRDMS@SHNMNESGDMDS@RRDSRjM@MBH@KONRHSHNM@MCQDRTKSRNENODQ@SHNMR@RBNMUDXDCAXSGD BNMRNKHC@SDCjM@MBH@KRS@SDLDMSRHMBNMRHCDQ@SHNMNESGD&DQL@MOQHMBHOKDRNECTD@MCOQNODQ@BBNTMSHMF @MCSGDL@M@FDLDMS QDONQSENQSGD"NLO@MX @MCSGD&QNTO @QDCDSDBSDCVHSG QD@RNM@AKD @RRTQ@MBD *MNVKDCFDNESGDATRHMDRR@BSHUHSHDR@MCSGDDBNMNLHB@MCKDF@KDMUHQNMLDMSNESGD&QNTO@MCDWODBS@- SHNMR@RSNONRRHAKDLHRRS@SDLDMSR@QDS@JDMHMSN@BBNTMSHMSGDCDSDQLHM@SHNMNE@TCHSOQNBDCTQDR
3GD DEEDBSHUDMDRRNESGD@BBNTMSHMF QDK@SDCHMSDQM@KBNMSQNKRXRSDL@MCSGDDUHCDMBDRTOONQSHMFSGDHMENQL@SHNM BNMS@HMDCHMSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSR@MCSGDBNLAHMDCL@M@FDLDMS QDONQSENQSGD"NLpany and the Group are assessed primarily on a test basis within the framework of the audit. The audit HMBKTCDR@RRDRRHMFSGD@MMT@KjM@MBH@KRS@SDLDMSRNESGNRDDMSHSHDRHMBKTCDCHMSGDBNMRNKHC@SDCjM@MBH@K RS@SDLDMSRSGDCDSDQLHM@SHNMNEDMSHSHDRSNADHMBKTCDCHMSGDRBNODNEBNMRNKHC@SHNMSGD@BBNTMSHMF@MC BNMRNKHC@SHNMOQHMBHOKDR@OOKHDC@MCOQHMBHO@K@RRDRRLDMSRL@CDAXL@M@FDLDMS@RVDKK@RDU@KT@SHMF SGDNUDQ@KKOQDRDMS@SHNMNESGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSR@MCSGDBNLAHMDCL@M@FDLDMSQDONQSENQ SGD"NLO@MX@MCSGD&QNTO
6DADKHDUDSG@SNTQ@TCHSOQNUHCDR@QD@RNM@AKDA@RHRENQNTQNOHMHNM
.TQ@TCHSG@RMNSKDCSN@MXQDRDQU@SHNMR
(MNTQNOHMHNMA@RDCNMSGDjMCHMFRNENTQ@TCHSSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRBNLOKXVHSGSGD OQHMBHOKDRNESGDK@V@MCHMBNMRHCDQ@SHNMNESGDOQHMBHOKDRNECTD@MCOQNODQ@BBNTMSHMFFHUD@SQTD@MC E@HQUHDVNESGDMDS@RRDSRjM@MBH@KONRHSHNM@MCQDRTKSRNENODQ@SHNMRNESGD&QNTO
3GDBNLAHMDCL@M- @FDLDMSQDONQSENQSGD"NLO@MX@MCSGD&QNTOHRBNMRHRSDMSVHSGSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSR BNLOKHDRVHSGSGDOQHMBHOKDRNESGDK@V@MC@R@VGNKDOQNUHCDR@M@BBTQ@SDUHDVNESGD&QNTORONRHSHNM @MCRTHS@AKXOQDRDMSRSGDNOONQSTMHSHDR@MCQHRJRQDK@SHMFSNETSTQDCDUDKNOLDMS
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Berlin, 29 June 2018
PANARES GmbH 6HQSRBG@ESROQŘETMFRFDRDKKRBG@ES 2SDTDQADQ@STMFRFDRDKKRBG@ES
Wenning 6HQSRBG@ESROQŘEDQ :&DQL@M/TAKHB TCHSNQ<
3GD QDONQS HMBKTCDR ENQV@QC KNNJHMF RS@SD - LDMSRSG@SQDkDBSSGDBTQQDMSNOHMHNMNE',2 Bergbau AG's management with regard to fu-STQD DUDMSR
MX RS@SDLDMS BNMS@HMDC HM SGHR QDONQS QDkDBSHMF NQ ATHKCHMF TONM HMSDMSHNMR @RRTLOSHNMR DWODBS@SHNMR ENQDB@RSR @MC underlying assumptions is a forward-looking statement. These statements are based upon OK@MR DRSHL@SDR @MC ENQDB@RSR SG@S @QD BTQ-QDMSKX @U@HK@AKD SN ',2 !DQFA@T &R L@Magement. They therefore only refer to the day NM VGHBG SGDX VDQD L@CD
%NQV@QC KNNJHMF RS@SDLDMSR @QD M@STQ@KKX RTAIDBS SN QHRJR @MC TMBDQS@HMSHDRVGHBGBNTKC QDRTKSHM@BST@KCD - UDKNOLDMSR CHEEDQHMF RHFMHjB@MSKX EQNL SGDRD ENQV@QC KNNJHMF RS@SDLDMSR NQ DUDMSR HLOKHDC NQDWOQDRRDCSGDQDHM
',2!DQFA@T &CNDR MNS @RRTLD @MX KH@AHKHSX ENQ RTBG RS@SDLDMSR @MC CNDR MNS HMSDMC SN TOC@SD RTBG RS@SD - LDMSR HM UHDV NE MDV HMENQL@SHNM NQ ETSTQD DUDMSR
3GHR@MMT@KŰQDONQSNE',2!DQFA@T & CNDR QDOQDRDMS @MMT@KjM@MBH@KRS@SDLDMSR HM @BBNQC@MBDVHSG&DQL@MBNLLDQBH@KK@V@MC SGD QDFTK@SHNMR NE SGD &DQL@M 2SNBJ "NQON - Q@SHNM BS HMENQL@SHNMNQjFTQDR BNMS@HMDC HM SGHRQDONQSG@UDADDMRTAIDBSSN@MNEjBH@K@TCHS AX@M@TCHSNQ
3GHRQDONQSHRENQQDEDQDMBDNMKX VHSGHMSGDRBNODNE',2!DQFA@T &RCHRBKN - RTQDNAKHF@SHNMRHM@BBNQC@MBDVHSGSGDFDMDQ@K SDQLR @MC BNMCHSHNMR NE #DTSRBGD !ŅQRD & BNMBDQMHMF.3"SQ@CHMFNMSGD%Q@MJETQS2SNBJ \$WBG@MFD
3GD \$MFKHRG UDQRHNM NESGD @MMT@K QDONQS @MC SGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRNE HMS Bergbau AG is a one-to-one translation. 3GD\$MFKHRGUDQRHNMHRMNS@TCHSDCHMSGDDUDMS NE U@QH@MBDR SGD &DQL@M UDQRHNM RG@KK S@JD OQDBDCDMBDNUDQSGD\$MFKHRGSQ@MRK@SHNM
HMS Bergbau AG An der Wuhlheide 232 12459 Berlin Germany T: +49 (30) 65 66 81-0 F: +49 (30) 65 66 81-15 \$ ,@HKGLRGLR @F
BNL VVV
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&%\$( JSHDMFDRDKKRBG@ES Ostergrube 11 '@MMNUDQ Germany T: +49 (0) 511 47 40 23 10 F: +49 (0) 511 47 40 23 19 E-Mail: [email protected] www.gfei.ag
Berlin, Germany Menara Rajawali, 25th Floor 39 HongKong Street YRHDCYHAĘV*@SNVHB@BG An der Wuhlheide 232 Mega Kuningan #05-01 ul. E. Imieli 14 12459 Berlin Jakarta 12950 Singapore 059678 ÷VHĨSNBGNVHBD Germany Indonesia Singapore Poland
\$ ,@HKGLRGLR @F
BNL \$ ,@HKGLRHGLR @F
BNL \$ L@HKRHMF@ONQDGLR @F
BNL \$ L@HKGLRONK@MCGLR @F
BNL
2NTSG EQHB@S India RO Pakistan RO USA RO HMS Bergbau Africa (Pty) Ltd. HMS Growell India HMS Bergbau Pakistan HMS Bergbau North America )DKKHBND UDMTD Mumbai Lahore Bristol, Tennessee 3rd Floor India Pakistan USA Rosebank, Johannesburg, 2196
T: +27 (10) 140 36 30 \$ ,@HKGLR@GLR @F
BNL
Kenya RO Malaysia RO China RO HMS Bergbau Kenya HMS Bergbau Malaysia HMS Bergbau China
Sri Lanka RO United Arab Emirates RO Legend: HMS Bergbau Sri Lanka HMS Bergbau UAE
Colombo Dubai T: +94 (77) 46 89 155 T: +971 (674) 81 999 \$ ,@HKGLRRQHK@MJ@GLR @F
BNL \$ ,@HKGLRCTA@HGLR @F
BNL
2NTSG EQHB@ T: +91 (22) 22 66 55 22 T: +92 (42) 36 31 32 35 & 36 T: +1 (423) 34 02 37 9 \$ L@HKGLRFQNVDKKGLR @F
BNL \$ L@HKGLRO@JHRS@MGLR @F
BNL \$ ,@HKGLRTR@GLR @F
BNL
Kenya Malaysia China T: +254 (733) 96 66 05 T: +60 (55) 46 91 44 T: +86 (760) 88 22 33 68 \$ ,@HKGLRJDMX@GLR @F
BNL \$ L@HKGLRL@K@XRH@GLR @F
BNL \$ ,@HKGLRBGHM@GLR @F
BNL
T: +49 (30) 65 66 81 0 T: +62 (21) 57 64 57 77 9 T: +65 6908 57 95 / 57 96 T: +48 (32) 77 10 20 0 F: +49 (30) 65 66 81 15 F: +62 (21) 57 94 82 03 F: +65 6908 57 97 F: +48 (32) 77 10 20 0
Nairobi Ipoh, Perak 9GNMFRG@M&T@MFCNMF/QNU
of Companies S. A.
H Headquarter S Subsidiaries RO [email protected]
updated: June 2018
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