Cyrrus (Cyrrus)
Czech markets  |  August 23, 2012 14:43:23

NWR: flash analysis results of operations for the 2Q/1H2012

This morning before the opening of the European markets, NWR announced its financial results for the previous quarter, respectively. half. Revenue for 1H of this year amounted to 694 million, which may mean 17% decline, but the market was still in its expectations about 2 million more skeptical. Double-digit decline in sales was due to lower sales volume of coal and a significant yoy sales prices of coking coal and coke.

Significantly positive surprise, however, brought a level of EBITDA. That is 158 million exceeded both our expectations set at EUR 152.6 million and the market consensus assuming only 144.6 million. The surprise was due to lower than estimated unit cost of extraction, which in the second quarter decreased to 68 EUR / t, down for the entire first half of the year fell to 80 EUR / t (ie -2% yoy). Thanks to strict cost control at higher extraction and increase in inventories is to see a positive surprise on operating profit for 1H 2012, which exceeded market expectations by about 23%.

The achieved level of net profit surprised us very slightly. In 2Q 2012, almost coincided with us expected 28 million. Positively on it except for the above described surprise on EBITDA and year signed lower net financial expenses.

The company slightly increases its estimates of the volume of production from the Gaza 10,8-11 11-11,1 million tons million tons. Also adjusted their expectations of sales ranging from 10.25 to 10.5 million tonnes from 10.3 to 10.4 million tonnes, of which there should be a strengthening of the share higher quality and more expensive coking coal in product mix from 48% in 1H 2012 to 55% in full-year framework. Goals for coke remain unchanged.

Positive is the proposal of the Board to the payment of dividends for 1H 2012 of € 0.06 per share. The dividend equivalent dividend policy of paying 50% of net profit to shareholders. Payment should be made by 19th September and the last day the shares will be traded on the Prague Stock entitled to such dividend will be the fifth September.

Although the figures are now presented as positive and strongly positive market reaction prevents weaker near-term outlook. Market conditions are still very difficult and the risk of further declines in coal prices in 4Q are not negligible. Reassessment Debiensko still underway and the results we expect to end the year.

A complete analysis of the results flash 2Q/1H2012 NWR for download here. (499.81 kilobytes)

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NWR: flash analýza výsledků hospodaření za 2Q/1H2012

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