Media Release

Solid Energy ranked 49th Fastest Growing Company in New Zealand

Coal producer and distributor, Solid Energy New Zealand Ltd, has been ranked 49th on the Deloitte/Unlimited Fast 50 index of the 50 fastest-growing companies in New Zealand.

Rankings are based on three-year percentage revenue growth from 1998/99 to 2000/01. Chief Executive Officer, Dr Don Elder said that record exports and strong national demand for coal had increased revenue from $159.9 million in 1998/99 to $219.2 million in the last financial year. In the same period coal sales increased from 2.57 million tonnes to 2.97 million, with exports reaching a record 1.66 million tonnes in 2000/01.

Dr Elder added: "Solid Energy's export growth comes in a highly competitive market and, with the unique quality of New Zealand coal, we are positioned well for further growth. Forward orders are projected to increase our export sales by 10% to 1.8 million tonnes in the current year. New Zealand's energy-intensive economy is expected to create similar national demand for coal over the next decade.

"In the longer term we need to double production and sales to reach 6 million tonnes a year by 2006. Exports are projected to grow from this year's total of 1.66 million tonnes to 4 million tonnes and we expect that increasing energy demands and economic growth will increase national demand for coal to 2 million tonnes within the next five years."

Nick Main, Chief Executive Officer of Deloitte Touche Tohmatsu commented: " With its ranking on the prestigious Deloitte/Unlimited Fast 50, Solid Energy has proven that it has the vision and fortitude to excel in today's competitive business environment. We congratulate them on becoming one of the 50 fastest-growing companies in New Zealand."