Research (J&T BANKA)
Czech markets  |  February 20, 2013 09:05:39

NWR notify 4Q12 results tomorrow - waiting for the loss of about 35 million euros


NWR notify 4Q12 results tomorrow before the market opens. For 4Q12, according to our estimates, we see the numbers that are significantly lower compared to the same period of 2011. The main reason for the lower prices of coking coal and coke, and lower sales of steam coal. Regarding costs, we expect a slight decline year on year. We expect that management NWR confirm the company's targets for the year 2013 on the level of coal mining (10-11mt) and coke production (800 kt). Capex should fall in 2103 by 30-50%.Also, we will focus on information relating to the Polish Debiensko, which is currently under review. Regarding the outlook for coal prices, we expect growth to the end of the year. Our estimate figures for 4Q12 and consensus in the table below. NWR dividend paid semi-annually, the payout ratio is 50% no profit. NWR has paid for the first half of last year's € 0.06 per event. For the entire second half of the year we expect a loss of 25.7 million euros. NWR in our opinion notifies dividend for 2H12.


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NWR oznámí zítra výsledky za 4Q12 - čeká se ztráta cca 35 mil.EUR

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