At the conference call, chairman Gareth Penny introduced new long-term strategy. Among others, NWR aims to double annually coking coal sales to 10Mt by 2017 through mixture of mining projects and importing and reselling of seaborne coal. NWR also wants to reduce annual maintenance CAPEX at OKD to EUR 100-150 million which is currently over EUR 200 million. / We expect a majority of plan external sales growth could only be reached via importing/re-selling as Debiensko will not most probably be already in the running. As margins and earnings additions from this kind of business are questionable, we would rather wait on a first progress and therefore do not think the strategy update (although interesting) could offset the weak near term outlook for 2013; NEUTRAL