Vladimír Urbánek (Kurzy.cz)
Czech markets  |  August 23, 2012 08:57:51

NWR in 2Q results beat estimates, dividend 6 cents per share


NWR announced this morning the results for 2Q12. The results at all levels better than estimates. The company's management outlook improved slightly in terms of coal production (from 11.0 to 11.1 mt from the original 10.8 to 11.0 mt) and slightly modified target volumes sold (10.3 to 10.4 mt from the original 10.25 - 10 , 5MT). Coke targets are unchanged. Management of the Company proposes to pay for 1H12 dividend of 0.06 euros per share. Revenues for 2Q12 347.5 million exceeded the towing of 0.7%, but EBITDA 103.9 million is better than consensus of 19.3% and 28.3 miles č.zisk EUR 28.4% (see table).

The actual numbers that exceeded expectations, positively. The proposed dividend is also positive surprises. Production increased NWR goals. However, in view of the end is due to the challenging conditions in the region. Report positively. More information will be on the conference call.


The Company expects that she can sell this year from 10.3 to 10.4 million tons of coal from the previously reported 10.25 to 10.5 million tons, while the stake of more expensive and higher quality coking coal in product mix to get to 55 % vs. 48% in 1H2012. There was also the estimate full-year target of mining, from 10,8-11 11-11,1 million tons million tons.The Company also announces dividend for the first half of this year. This will be € 0.06 per share and the payout will occur on the 19th September, while the stock market will be the first day of trading without the right to her 5th September. At 11:00 our time is scheduled conference call with management analysts. Overall we see today presented positive numbers, and we expect a positive market reaction.

George Šimara


Results evaluated as slightly positive due to lower operating costs, and improved outlook mining. Comments on the market are basically in line with comments from JSW competitor to the results for 2Q (before 3 days).At best we can expect NWR reaches its sales outlook due to challenging market environment, while prices may even fall after 4Q negligible increase for 3Q notified. We expect a slightly positive market reaction to the published results, but due to the weak market outlook remain neutral.

Petr Bartek

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Výsledky NWR ve 2Q překonaly odhady, dividenda 6 centů na akcii

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