New World Resources Regulatory News (NWR)

Amsterdam, 16 November 2011

New World Resources

Unaudited results for the nine-month period ended 30 September 2011

New World Resources Plc ('NWR' or the 'Company') today announced its financial results for the nine-month period ended 30 September 2011.

Highlights

§ Consolidated revenues1 of EUR 1,241 million, up 10%

§ EBITDA1 of EUR 369 million, up 22%

§ Profit before tax of EUR 166 million1

§ Underlying net profit2 up 105%

§ Basic EPS of EUR 0.45

§ Mining unit costs up 6% on a constant currency basis; coke conversion unit costs down 16% on a constant currency basis

§ Operating cash flow of EUR 210 million, up 16%

§ Mining LTIFR3 of 8.71

§ Coal production of 8,641kt, and external sales of 8,013kt

§ Coke production of 584kt, and external sales of 430kt

§ Coking coal and coke average prices for Q4 2011 agreed at EUR 171/t and EUR 341/t, respectively

§ On track to deliver FY 2011 coal production and sales targets

§ Coal sales expected to meet previously announced volume mix for 2011

§ Debiensko project on track to break ground in December

§ Intention to explore the hard coal deposit at the Frenstat Mine

Chairman's statement

"The results for the first nine months of this year continue to show strong improvement year on year, with 10% growth in revenues and 22% growth in EBITDA supported by favourable regional demand dynamics in the period and increased coal prices. Crude steel production in our customer markets in the first nine months of this year was 5% above the comparable period in 2010.

__________1 From continuing operations.2 Excluding EUR 82 million one-off gain from the sale of NWR Energy and EUR 22 million positive tax refund in 9M 2010.3 LTIFR – Lost Time Injury Frequency Rate represents the number of reportable injuries after three days of absence divided by total number of hours worked expressed in millions of hours.

Uncertainty in the macroeconomic environment is significant and has further increased in recent months as markets impatiently await resolution of the various European sovereign debt crises. We are aware that our customers are exercising increased levels of prudence in light of these events, and we remain cautious on the near term volatility this may have to our business.

Notwithstanding this uncertainty, we are on track to produce 11Mt of coal this year and to sell externally 10.3Mt of coal. We expect our coal sales mix to be 44% coking coal, 4% PCI coal and 52% thermal coal as previously guided. Notably, our prices remain in line with international prices both for hard and semi-soft coking coal in the fourth quarter. We continue to successfully mitigate input cost inflation and the 6% increase in our year-to-date mining unit costs (excluding effects of foreign exchange) is in line with previous guidance.

NWR operates in some of the most demanding geological conditions in the world and thus safety remains our key priority. Despite our continuing initiatives in this field bearing fruit in terms of a long-term positive trend in our Lost Time Injury Frequency Rate, tragically we have lost five of our colleagues this year through fatal accidents. This highlights the critical importance of constant monitoring of our operations and the consequent reassessment and updating of our already stringent practices and processes.

Our plans for Debiensko are progressing well and we remain on course to break ground (by way of a box-cut for one of the two planned slopes) in December this year. The project represents a significant milestone, not only for the Company and its growth strategy, but also for the region, as Debiensko will be the first mine to be opened in the Upper Silesian Coal Basin in two decades. We have employed a top international team to ensure successful execution of this project. First coal production is anticipated in 2017. The long-term supply and demand dynamics of the region support additional supplies of Debiensko quality coal into the area.

We have recently announced our intention to further explore the hard coal deposit associated with the Frenstat Mine site in the northeast of the Czech Republic. This resource is estimated at approximately 1.5 billion tonnes of coal. The exploration process is expected to take four years to complete, after which NWR will decide on the feasibility of developing the resource.

We will shortly be entering into negotiations with our customers for 2012 thermal coal sales and we see some upside in regional thermal coal prices compared to 2011. We will update the market in due course on the result of our negotiations.

This year is shaping up to be the second best year in NWR's history. We continue to deliver strong operating and financial results whilst pursuing our growth plans. Hence we remain confident about the long-term attractiveness of our business."

Mike Salamon, Executive Chairman of NWR

Selected consolidated financial and operational data

(1) From continuing operations, excluding electricity trading sub-segment.

(2) In thousands of tonnes.

(3) Including contractors.

(4) Includes EUR 82 million one-off gain from the sale of NWR's Energy assets in June 2010 as well as EUR 22 million positive tax refund.

The Company's revenues increased by 10% in 9M 2011 compared to 9M 2010 mainly due to increased prices for both coking coal and thermal coal.

Main operating expenses (comprising consumption of material and energy, service and personnel expenses) from continuing operations increased by 13% in 9M 2011 compared to the previous year (10% excluding effects of foreign exchange).

This increase was in all three main cost categories and reflected higher input prices, more intensive underground development works and planned maintenance of mining equipment, as well as higher electricity prices and increased contractor costs. Personnel expenses increased only slightly on a constant currency basis, as a decrease in headcount largely offset the 4% increase in basic wages. Service expenses for the period include one-off advisory costs of EUR 6.5 million related to the reincorporation process.

EBITDA from continuing operations of EUR 369 million for 9M 2011 was 22% higher than in the previous year as a result of increased revenues, mainly due to higher realised prices for coking coal and thermal coal in the period.

Operating profit from continuing operations was EUR 235 million, 30% higher than in the previous year.

Depreciation increased by 9% to EUR 125 million in 9M 2011 compared to the previous year (4% on a constant currency basis), mainly due to higher depreciation charges on new mining equipment (POP 2010) and the new No. 10 coking battery.

Both financial income and financial expenses decreased, mainly as a result of currency effects. Positive impacts on financial expenses were partly offset by an increase of EUR 13 million in interest expenses resulting from the issuance of senior secured notes due 2018 in May 2010, which refinanced a senior secured loan.

Profit before tax from continuing operations was EUR 166 million.

NWR recorded net income tax expenses of EUR 45 million in 9M 2011, compared to a EUR 10 million net expense in the same period of 2010, which included a one-off tax refund associated with the reversal of Czech tax authority's position on certain interest expenses that were previously deemed non tax-deductible.

NWR's consolidated profit for the period was EUR 121 million, down 26% compared to the same period in 2010. Excluding the one-off EUR 82 million gain on the sale of the energy business and the tax refund of EUR 22 million in the previous year, consolidated underlying profit for the period more than doubled from EUR 59 million in 9M 2010.

The basic earnings per A share for the nine-month period ended 30 September 2011 amounted to EUR 0.45.

Net operating cash flow for 9M 2011 was EUR 210 million, EUR 28 million higher than in 9M 2010. This increase was mainly attributable to higher EBITDA, driven by increased revenues from sales of coal and more favourable working capital movements than in the comparable period of 2010.

As at 30 September 2011, the Company's net debt was EUR 400 million, up 8% from 30 September 2010, and up 25% year to date, mainly due to the payment of the final dividend for the 2010 financial year and the interim dividend for the 2011 financial year during the first nine months of this year. The Company's first significant debt maturity is not until 2015.

Total capital expenditure in 9M 2011 was EUR 156 million, 13% below the 9M 2010 level, and in line with our guidance for the full year. Maintenance CAPEX for OKD and OKK accounted for EUR 110 million, while EUR 43 million was invested in operational improvements at our existing operations. CAPEX spent on Debiensko in the first nine months of 2011 was EUR 3.4 million.

Coal segment

Revenues for the coal segment increased by 19% mainly due to higher realised prices for both coking and thermal coal, and increased thermal coal sales volumes.

Total coal production in 9M 2011 was 7% higher than in comparable period of 2010, in line with our expectations, while external coal sales were 6% higher year on year, due to increased sales volumes of thermal coal.

External coking coal sales in 9M 2011 comprised approximately 48% hard coking coal and 52% semi-soft coking coal. Thermal coal sales in the period were approximately 78% coal, 6% PCI coal and 16% middlings.

PCI ('Pulverised Coal Injection') coal is used in steel production and it can partially replace the use of coke in the process of melting solid iron ore in a blast furnace. Historically, NWR's PCI coal sales have been classified as thermal coal. As our sales volumes of PCI coal have been increasing in recent years (up 26% year on year), we now report the proportion of PCI coal in the coal mix. Given the ultimate consumer of PCI coal is the steel making industry, we intend to classify PCI coal as coking coal starting in 2012, in line with industry practice.

__________4 Final realised prices can be influenced by a range of factors including, but not limited to, exchange rate fluctuations, quality mix, timing of the deliveries and flexible provisions in the individual agreements. Thus the actual realised price for the period may differ from the average agreed prices previously announced. All of the forward-looking price guidance for 2011 is based on an exchange rate of CZK/EUR of 24.30. Prices are expressed as a blended average between the different qualities of coal and are ex works.5 Mining costs per tonne reflect the operating costs incurred in mining both coking coal and thermal coal. They do not include transportation costs.

Since April 2011, 100% of our coking coal sales have been priced on a quarterly basis in line with international markets. The average agreed price of coking coal for delivery in the fourth calendar quarter of 2011 is EUR 171 per tonne, a decrease of 9% compared to the third quarter realised price and in line with lower international prices for both hard and semi-soft coking coal. This average price is based on expected Q4 2011 coking coal sales of approximately 40% semi-soft coking coal and 60% hard coking coal.

NWR sells 100% of its thermal coal volumes on a calendar year basis. As previously announced, the average price agreed for thermal coal sales for the 2011 calendar year is EUR 71 per tonne, a 13% increase compared to the 2010 average realised price.

Main expenses for the coal segment increased by 16%, or 11% excluding the impact of currency movements. This increase was mainly driven by higher production and continued intensive underground development works, as well as higher input prices, scheduled maintenance of mining equipment and increased costs for contractors and personnel.

Mining costs per tonne, which do not include the cost of transportation, rose by 6% compared to 9M 2010 on a constant currency basis, as the cost inflation detailed above was partly offset by a 7% increase in production.

The coal segment generated EBITDA of EUR 382 million, a 32% increase on the comparable period of 2010. The EBITDA margin reached 33% and EBITDA per tonne of production was EUR 44, up 22% from the comparable period in 2010.

Outlook

As previously announced, NWR expects to produce approximately 11Mt of coal in 2011 and externally sell approximately 10.3Mt of coal in 2011. The Company continues to expect the sales mix of the 10.3Mt of external sales to be approximately 52% thermal coal, 4% PCI coal and 44% coking coal.

NWR continues to expect its mining unit costs in 2011 will increase by approximately 10% compared to 2010, on a constant currency basis.

Coal segment capital expenditure will range between EUR 200 million and EUR 250 million per annum in coming years and will be used mainly to finance incremental underground development work with a view to maintaining production volumes and mix. Further it includes expenditure for replacement and renewal of longwalls, as well as safety-related CAPEX.

Additionally, NWR now expects to invest approximately EUR 5 million of CAPEX related to its Debiensko project in FY 2011 and additional EUR 3 million worth of contracts to be signed in 2011, including the slope opening works (box-cut) for one of the two planned slopes scheduled to begin by the end of this year.

Given the on-going sovereign debt crises and uncertain macroeconomic environment, we remain cautious on the short-term outlook. Although we have a good visibility for the remainder of the year, we believe there is a risk of near term volatility in both prices and volumes.

Coke segment

Revenues for the coke segment decreased by 21%, as the increase in prices was more than offset by the decrease in sales volumes, due to our reduced coke capacity, as well as due to weak demand in recent months.

Coke production and coke sales decreased by 20% and 47% respectively in 9M 2011 compared to 9M 2010 mainly due to the closure of the Jan Sverma coking plant at the end of 2010, which reduced the Company's production capacity but which has significantly enhanced our cost position.

__________6 Both internal and third party coal purchases.7 Final realised prices can be influenced by a range of factors including, but not limited to, exchange rate fluctuations, quality mix, timing of the deliveries and flexible provisions in the individual agreements. Thus the actual realised price for the period may differ from the average agreed prices previously announced. All of the forward-looking price guidance for 2011 is based on an exchange rate of CZK/EUR of 24.30. Prices are expressed as a blended average between the different qualities of coke and are ex works.8 Coke conversion costs per tonne reflect the operating costs incurred in producing all types of coal and exclude the costs of input coal and transportation costs.

Coke sales in 9M 2011 were approximately 66% foundry coke, 25% blast furnace coke, and 9% other types.

The average price agreed for coke sales during the fourth calendar quarter of 2011 is EUR 341 per tonne, a decrease of 13% compared to the third quarter realised price. This average price is based on the expectation of Q4 2011 sales to be approximately 71% foundry coke, 14% blast furnace coke, and 15% other types.

Main expenses for the coke segment decreased by 3% despite the 7% increase in coal purchase charges caused by higher coking coal prices. Excluding the impact of currency appreciation, main expenses for the coke segment decreased by 6% in the period, demonstrating the on-going benefits of our COP 2010 programme.

Coke conversion costs per tonne, which don't include the cost of coal and transportation, decreased by 16%, excluding the impact of currency movements, as a result of increased efficiency as all our coke production is now concentrated in one plant.

Outlook

As previously stated, NWR expects to produce approximately 800kt of coke in 2011.

The demand for coke, especially blast furnace coke, continues to be weak in the European market and this has recently prompted us to lower our coke sales guidance. NWR now expects to sell between 525kt and 575kt of coke at the full year and we remain cautious on the near-term outlook of the coke market.

Coke unit conversion costs are expected to be approximately 15% lower than in 2010, on a constant currency basis, as a result of the completion of COP 2010 and the consolidation of our coke works in one plant.

Health and safety

Safety is NWR's upmost priority. The Company has stringent and sophisticated safety procedures, monitoring systems and practices in place throughout its mines and coking plants. These are applied rigorously and diligently at all times to ensure optimal operating conditions, as we are mining in some of the geologically most demanding conditions in the world.

The mining LTIFR marginally increased by 2% to 8.71 in 9M 2011, compared to 8.57 in 9M 2010 - still an excellent result, considering this measure was double digit only two years ago and above 9 for the FY 2010. This is largely due to major investments in state-of-the-art equipment, personal protective gear and safety training, together with a great deal of dedication and skill from all of our employees.

Tragically, despite the overall improvement in our safety performance, five of our people have died in accidents this year.

All accidents are investigated by a committee comprised of members of the Czech Mining Authority in Ostrava, the mine management, OKD management, the trade union and the local police. Appropriate measures are taken based on the findings of these investigations.

Following the two fatal accidents caused by rock bounces in July, NWR has intensified efforts on the health and safety front and has introduced even stricter safety procedures throughout our operations. Management have taken additional measures for the more bounce prone areas by the means of extending the protected zone, installing new equipment to better identify increasing stress areas, providing special personal protective gear for the workers mining in these areas, and working together with other experts from around the world to analyse appropriate bounce prevention initiatives.

Polish development projects: Debiensko

On 20 June 2011, NWR announced that its Board of Directors had given its final approval for the Debiensko project, based on the outcome of the Detailed Feasibility Study, an extensive internal review of the project and general market considerations.

NWR holds a 50-year mining license, granted in 2008, to extract coal from Debiensko and in 2010 we applied for an amendment to this license to enable the Company to mine the additional shallower coal seams at Debiensko. Approval for this is expected by mid-2012 following the completion of the environmental review.

Total reserves in Debiensko amount to 190Mt of coal, of which 7/8 is expected to be coking coal and 1/8 thermal coal. The quality mix of the coking coal is expected to be 2/3 hard coking coal and 1/3 semi-soft coking coal. We expect the average production to be approximately 2Mt per annum from 2017 onwards.

Total costs for the Debiensko project include development CAPEX of EUR 411 million, as well as EUR 133 million of pre-production operating costs, associated with the existing infrastructure.

The site for the Slope 1 portal opening has been cleared and prepared for construction. Crucial contracts to start excavation for the Slope 1 portal have been signed. Contractors are to complete procurement of equipment and workforce in the last week of November and the official ground-breaking is scheduled for the first half of December. Detailed technological planning for the consecutive elements of the entire underground access project has commenced and is expected to be completed by the end of March 2012.

9M 2011 earnings analyst conference call

NWR's senior management will host an analyst and investor conference call today, 16 November 2011 at 10:00 GMT (11:00 CET) to discuss the financial results for the period.

A live webcast of the conference call will also be made available on NWR's website at www.newworldresources.eu.

Dial in details:

UK & the rest of Europe (Toll) +44 (0) 20 7136 2054

Czech Republic (Toll free) 800 701 229

Poland (Toll free) 00 800 121 4329

The Netherlands (Toll) +31 (0) 20 721 9158

USA (Toll) +1 212 444 0895

Access Code: 7787040

For further information:

Investor Relations

Radek Nemecek Amy Rajendran

Tel: +31 20 570 2244 Tel: +31 20 570 2242

Email: rnemecek@nwrgroup.eu Email: arajendran@nwrgroup.eu

Corporate Communications

Petra Masinova

Tel:  +31 20 570 2229

Email: pmasinova@nwrgroup.eu

Website: www.newworldresources.eu

About NWR

New World Resources Plc is one of Central Europe's leading hard coal and coke producers. NWR produces quality coking and thermal coal for the steel and energy sectors in Central Europe through its subsidiary OKD, a.s. ('OKD'), the largest hard coal mining company in the Czech Republic. NWR's coke subsidiary, OKK Koksovny, a.s. ('OKK') is Europe's largest producer of foundry coke. NWR currently has two development projects in Poland, Debiensko and Morcinek, which form part of NWR's regional growth strategy. NWR is a FTSE 250 company, with listings in London, Prague and Warsaw.

Disclaimer and Cautionary Note on Forward Looking Statements and Notes on Certain Other Matters

Certain statements in this document are not historical facts and are or are deemed to be "forward-looking". The Company's prospects, plans, financial position and business strategy, and statements pertaining to the capital resources, future expenditure for development projects and results of operations, may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology including, but not limited to; "may", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "will", "could", "may", "might", "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These forward-looking statements involve a number of risks, uncertainties and other facts that may cause actual results to be materially different from those expressed or implied in these forward-looking statements because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond NWR's ability to control or predict. Forward-looking statements are not guarantees of future performances.

Factors, risk and uncertainties that could cause actual outcomes and results to be materially different from those projected include, but are not limited to, the following: risks relating to changes in political, economic and social conditions in the Czech Republic, Poland and the CEE region; future prices and demand for the Company's products, and demand for the Company's customers' products; coal mine reserves; remaining life of the Company's mines; coal production; trends in the coal industry and domestic and international coal market conditions; risks in coal mining operations; future expansion plans and capital expenditures; the Company's relationship with, and conditions affecting, the Company's customers; competition; railroad and other transportation performance and costs; availability of specialist and qualified workers; and weather conditions or catastrophic damage; risks relating to Czech or Polish law, regulations and taxation, including laws, regulations, decrees and decisions governing the coal mining industry, the environment and currency and exchange controls relating to Czech and Polish entities and their official interpretation by governmental and other regulatory bodies and by the courts; and risks relating to global economic conditions and the global economic environment. Additional risk factors are as described in the Company's annual report.

Forward-looking statements are made only as of the date of this document. The Company expressly disclaims any obligation or undertaking to release, publicly or otherwise, any updates or revisions to any forward-looking statement contained in this report to reflect any change in its expectations or any change in events, conditions, assumptions or circumstances on which any such statement is based unless so required by applicable law.

This document does not contain or constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities in the United States or in any other jurisdiction.

This condensed consolidated financial information is prepared for New World Resources Plc, which was established on 30 March 2011 and became the holding company of New World Resources N.V. on 6 May 2011 as described in this document. No change in control occurred and the comparative period is derived from New World Resources N.V. condensed consolidated interim financial information for the nine-month period ended 30 September 2010.

New World Resources Plc

Consolidated income statement

The notes on pages 21 to 43 are an integral part of this condensed consolidated financial information.

New World Resources Plc

Consolidated statement of comprehensive income

The notes on pages 21 to 43 are an integral part of this condensed consolidated financial information.

New World Resources Plc

Consolidated statement of financial position

New World Resources Plc

Consolidated statement of financial position (continued)

The notes on pages 21 to 43 are an integral part of this condensed consolidated financial information.

New World Resources Plc

Consolidated statement of cash flows

New World Resources Plc

Consolidated statement of cash flows (continued)

The notes on pages 21 to 43 are an integral part of this condensed consolidated financial information.

New World Resources Plc

Consolidated statement of changes in equity

The notes on pages 21 to 43 are an integral part of this condensed consolidated financial information.

New World Resources Plc

Consolidated statement of changes in equity

The notes on pages 21 to 43 are an integral part of this condensed consolidated financial information

Corporate Information

New World Resources Plc ('NWR Plc' or the 'Company') is a public limited liability company with its registered office at One Silk Street, London EC2Y 8HQ, United Kingdom. The Company is the sole producer of hard coal in the Czech Republic and one of the leading hard coal and coke producers in Central Europe. NWR Plc produces coking and thermal coal through its subsidiary OKD, a.s. ('OKD') and coke through its subsidiary OKK Koksovny, a.s. ('OKK').

The Company operates four mines and four coking batteries in the Czech Republic and currently has two development projects in Poland. NWR serves several large Central and Eastern European steel and energy producers, among others in the Czech Republic, Poland, Austria, Slovakia, Hungary and Germany. Among its key customers are Arcelor Mittal Steel, U.S. Steel, Dalkia, Moravia Steel, voestalpine, Verbund and ČEZ.

The Company's largest source of revenue is the sale of coking coal, which accounted for 49% of total revenue during the nine-month period ended 30 September 2011, followed by the sale of thermal coal (27%) and the sale of coke (13%).

The majority of coal sales are based on long-term framework agreements. Thermal coal sales are priced on an annual calendar year basis. In 2010, a majority of coking coal sales was priced annually for the Japanese Fiscal Year ending in March 2011. Since April 2011, 100% of coking coal sales are priced quarterly. This change allows the Company to better align its coking coal pricing cycle with that of the international coal markets. All of the Company's coke sales are priced quarterly.

Reincorporation

The Company was incorporated on 30 March 2011 as part of a corporate reorganisation under which it would become the new UK incorporated holding company for the business previously held by New World Resources N.V. ('NWR NV').

The reorganisation was undertaken by way of an offer by the Company to the shareholders of NWR NV to exchange shares in the Company for their shares in NWR NV on a one-for-one basis. The condition of the offer relating to acceptances was met on 5 May 2011 ('the first closing date') and the Company became the new holding company when it issued shares to accepting shareholders of NWR NV on 6 May 2011. At that date the Company held approximately 97.0% of the A shares of NWR NV and 100% of its B shares. The A shares of NWR NV that were not tendered into the offer at that date represented a non-controlling interest in NWR NV, that was decreased by additional closings and private share-for-share exchange to 0.2% as at 30 September 2011. The Company is currently in the process of a compulsory squeeze-out under which it intends to acquire the remaining shares in NWR NV. Further details are provided on page 24.

In accordance with the requirements of International Financial Reporting Standards as adopted by European Union ('adopted IFRS'), the Company's consolidated financial results and financial position prior to the first closing date are those of NWR NV.

Financial Results Overview

Revenues. The Company's revenues increased by 10% (8% on a constant currency basis), from EUR 1,124,411 thousand in the nine-month period ended 30 September 2010 to EUR 1,240,894 thousand in the nine-month period ended 30 September 2011. This is mainly attributable to increased revenues from thermal coal, driven by both higher prices and sales volumes, as well as to increased revenues from coking coal, driven by higher prices, partly offset by lower sales volumes.

Operating expenses. Total operating expenses including depreciation and amortisation increased from EUR 924,269 thousand to EUR 1,053,475 thousand or by 14% (10% on a constant currency basis) for the nine-month period ended 30 September 2011 compared to the same period in 2010. This is attributable mainly to the increase in:

- production, mine development and planned maintenance of mining equipment, resulting in higher mining material, spare parts and maintenance costs;

- basic wages by 4% (in CZK terms) as agreed with the Trade Unions resulting in higher personnel expenses;

- contractors' unit costs per shift and contractors' headcount, resulting in higher cost for contractors and

- prices of externally purchased coal, resulting in higher costs of external coal used for own coke production.

EBITDA. EBITDA from continuing operations increased by 22% from EUR 302,009 thousand in the nine-month period ended 30 September 2010 to EUR 368,989 thousand in the nine-month period ended 30 September 2011. This is mainly due to an increase in revenues from continuing operations of EUR 116,483 thousand, offset by an increase in operating expenses net of changes in inventories of EUR 48,506 thousand.

Basis of Presentation

General information

The condensed consolidated interim financial information ('financial information') presented in this document is prepared for the nine-month period ended 30 September 2011, with the nine-month period ended 30 September 2010 as the comparative period.

The comparative figures for the financial year ended 31 December 2010 are not the Company's statutory accounts for that financial year. As the Company was incorporated in 2011, it was not required to prepare statutory accounts for the financial year ended 31 December 2010.

The financial information includes New World Resources Plc and its following significant subsidiaries (collectively 'the Group') as of 30 September 2011:

* representing 100% ownership by New World Resources N.V.

The objective of the Company is to act as a holding entity for the Group.

See note 'Changes in the consolidated group' on page 24 for information on the comparable period.

All of the Company's consolidated subsidiaries are incorporated in the Czech Republic, with the exception of NWR KARBONIA S.A. ('NWR Karbonia'), which is incorporated in Poland and NWR NV which is incorporated in the Netherlands.

Statement of compliance

The presented financial information is prepared based on the recognition and measurement criteria of adopted IFRS.

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of NWR NV as at and for the year ended 31 December 2010.

The financial information has been prepared on the basis of accounting policies and methods of compilation consistent with those applied in the 31 December 2010 annual consolidated financial statements, which are contained within the 2010 Annual Report and Accounts of NWR NV, which are available on the Group's website at www.newworldresources.eu. The Company intends to adopt the same accounting policies and methods of compilation in its forthcoming 2011 Annual Report and Accounts. Changes in accounting policies are described in the following section.

Accounting policies

The accounting policies applied by the Group in these condensed consolidated interim financial statements are identical to those applied in the 31 December 2010 annual consolidated financial statements.

Basis of preparation

The financial information is prepared on the historical cost basis, except for derivative and certain other financial instruments, which are stated at their fair value. It is presented in Euros (EUR) and is rounded to the nearest thousand. Financial information of operations with functional currency other than EUR was translated to the Group presentation currency (EUR).

The functional currency of the Company and NWR NV is EUR. The functional currency of NWR KARBONIA is Polish Zloty (PLN). The functional currency of all the remaining consolidated companies is Czech Koruna (CZK).

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial statements, the significant judgements made by the management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements of NWR NV for the year ended 31 December 2010.

Changes in the consolidated group

The changes listed below include all changes in the consolidated group for the period from 1 January 2010 to 30 September 2011, to ensure comparability of the presented periods.

New subsidiary

A new subsidiary NWR Communications, s.r.o. was established on 6 June 2011 to perform public relations and corporate communication activities.

Reincorporation

On 11 April 2011, the boards of NWR NV and NWR Plc announced a recommended share offer for all of the A ordinary shares of EUR 0.40 each in the capital of NWR NV (the 'Existing A shares') (the 'Offer'). The condition of the Offer relating to acceptances was met on 5 May 2011 ('the first closing date') and the Company became the new holding company when it issued 256,780,388 new A shares to accepting shareholders of NWR NV on 6 May 2011 (being approximately 97% of the Existing A shares).

In addition, after the Offer became wholly unconditional in all respects, NWR Plc acquired 10,000 B ordinary shares in the share capital of NWR NV by issuing the same number of new B ordinary shares of NWR Plc (being 100% of the B ordinary shares in the capital of NWR NV).

NWR Plc issued the above number of A and B Shares with a nominal value of EUR 7.00 per share. The difference between the nominal value of the new A and B Shares and carrying value of net assets acquired is recognized as a change in consolidated equity, resulting in the recognition of negative merger reserve of EUR -1,630,472 thousand.

On 11 May 2011, the Company reduced its share capital by reducing the nominal value of each of the A and B ordinary shares from EUR 7.00 per share to EUR 0.40 per share. This reduction of capital created distributable reserve of approximately EUR 1,694,817 thousand for NWR Plc.

After the subsequent four closings, the Company received valid acceptances in respect of approximately 99.6% of the Existing A shares in total, resulting in a non-controlling interest decrease of about 2.6%, as of 30 June 2011.

On 19 July 2011, NWR Plc initiated a compulsory squeeze-out procedure in accordance with Dutch law under which NWR Plc intends to acquire all remaining outstanding shares in NWR NV.

On 30 September 2011, pursuant to a private share-for-share exchange, NWR Plc acquired an additional 397,969 Existing A shares, taking NWR Plc's total shareholding in NWR NV to 264,119,398 Existing A shares (approximately 99.8%), in exchange for the Company issuing 397,969 A shares at a value of EUR 6.35 per share, resulting in the recognition of a share premium of EUR 2,368 thousand.

The issuances of A shares after each closing date and in connection with the private share-for-share exchange were treated as acquisitions of the non-controlling interests with the impact recognised directly into equity.

The reincorporation did not lead to a change in control and did not result in any changes to the day-to-day operations of the Group.

Disposal of energy business

On 24 June 2009 the Board of Directors of NWR NV ('the Board') approved its intention to sell the energy business of the Group. The energy business of the Group entailed NWR Energy, a.s., NWR Energetyka PL Sp. z o.o. and CZECH-KARBON s.r.o. Based on the Board's decision to sell the energy business, part of the energy business, which historically was presented as the electricity trading segment, is presented as discontinued operations in comparatives of this financial information. The sale was closed on 21 June 2010.

Non-IFRS Measures

The Company defines EBITDA as net profit after tax from continuing operations before non-controlling interest, income tax, net financial costs, depreciation and amortisation, impairment of property, plant and equipment ('PPE') and gains/losses from sale of PPE. While the amounts included in EBITDA are derived from the Company's condensed consolidated financial statements, it is not a financial measure determined in accordance with adopted IFRS. Accordingly, EBITDA should not be considered as an alternative to net income or operating income as an indication of the Company's performance or as an alternative to cash flows as a measure of the Company's liquidity. The Company currently uses EBITDA in its business operations to, among other things, evaluate the performance of its operations, develop budgets, and measure its performance against those budgets. The Company considers EBITDA a useful tool to assist in evaluating performance because it excludes interest, taxes and other non-cash charges.

The Company defines net debt as total debt less cash and cash equivalents. Total debt includes issued bonds, long-term interest‑bearing loans and borrowings, including their current portions, plus short-term interest‑bearing loans and borrowings. Total debt is defined as gross amount of debt less related expenses. Interest‑bearing loans, bond issues, and borrowings are measured at amortised cost.

Exchange Rates

The Czech Koruna appreciated (based on the average exchange rate) by 4% between the period ended 30 September 2011 and the same period of 2010.

Throughout this presentation of the operating results, the financial results and performance compared to the prior period, both in absolute and percentage terms, are expressed in Euros. The Company may also, where deemed significant, present variances in terms of constant foreign exchange rates, marked ex-FX, which exclude the effect of currency translation differences and are non-IFRS financial measures. The financial information and described trends could differ considerably if the financial information was presented in CZK.

Financial Performance

Revenues

Revenues of the Group increased by 10% to EUR 1,240,894 thousand in the nine-month period ended 30 September 2011 compared to the same period in 2010.

*For the purpose of this analysis, where the Group sells products on a EXW or similar basis, the notional transport element is shown separately in order to separate the impact of changing transport costs from changes in the underlying achieved price for the products sold.

The increase in total revenues mainly reflects higher revenues from sales of both coking coal, and thermal coal. The increase in coking coal revenues is attributable to higher prices, partly offset by lower sales volumes while the increase in thermal coal revenues is attributable to both an increase in sales volumes as well as higher prices. The decrease in coke revenues reflects a decrease in coke sales volumes by 47% only partly offset by higher prices. The decrease in other revenues is attributable to the EUR 18,998 thousand electricity distribution revenues in 2010. The energy business was sold on 21 June 2010.

Total production of coal in the nine-month period ended 30 September 2011 increased by 7% compared to production volume in the same period in 2010. Coal volumes sold to third parties increased by 6%.

* The period end inventory consists of the volume of the coal available for immediate sale and the volume of the coal for sale that it is expected to be converted from raw coal.

Coal inventories increased by 197 kt in the nine-month period ended 30 September 2011 compared to a decrease of 88 kt in the same period in 2010.

Coke production decreased by 20% in the nine-month period ended 30 September 2011 when compared to the same period in 2010, principally caused by the centralisation of all coke production to the Svoboda coking plant. The closure of the Jan Sverma coking plant led to an overall reduction in the Company's annual coke production capacity, which is now approximately 850 kt.

High level of coke inventories at the end of 2009, resulting from weaker demand for coke, sold in 2010 together with lower production in first nine-month ended 30 September 2011, and weak demand for coke in the last few months, resulted in a decrease in coke sales by 47% when compared to the same period in 2010. Higher sales volumes in 2010 resulted in a decrease of inventories by 129 kt compared to an increase of 76 kt in the same period in 2011.

Operating Expenses

Total operating expenses increased from EUR 924,269 thousand to EUR 1,053,475 thousand or by 14% for the nine-month period ended 30 September 2011 compared to the same period in 2010.

Consumption of Material and Energy