Research (J&T BANKA)
Czech markets  |  April 05, 2013 09:08:56

NWR: In agreement with the lender change the terms covenants, Evraz concluded Ostrava steel plant


NWR in agreement with lenders adjust conditions covenants. For debt by EUR 78 million Export Credit Agency will not test Koven 1 January 2013 to 30 September 2013, as well as for the period from 1 October 2013 to 31 December 2013, the debt ratio increases (č.dluh / EBITDA) from 3.25 to 5.0. A interest coverage (EBITDA / č.úroky) from 3.5 to 2. Undrawn credit for 100 million Revolving Credit Facility for the holidays from 1 January to 30 June and 1 July to September 30 the debt increases from 3.25 to 9. A interest coverage (EBITDA / č.úroky) from 3.5 to 1.NWR will have to qualify the minimum cash amount of dividends and drawing senior debt. Modifying conditions suggests that the results are not good NWR, it should nevertheless be already included in the price of shares taken into account. Improving management we could wait in 2H13.

Evraz temporarily from 1 April traffic stop Ostrava steel plant. The reason is low demand on the European market and sufficient frontloading. Steel mill was temporarily suspended in the last quarter of last year and again drove to third January. Evraz is a major customer of Arcelor Mittal Ostrava, which takes about a third of coking and steam coal nearly one tenth of NWR. Investors can translate the message as uncertainty over the supply of coal. NWR's share price yesterday after the publication of this information has weakened by 1.3% to 68.3 CZK.

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NWR: Po dohodě s věřiteli změna podmínek kovenantů, Evraz uzavřel ostravské ocelárny

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