Vladimír Urbánek (Kurzy.cz)
Czech markets  |  August 30, 2012 09:25:03

Pegasus in 2Q surprised and place of loss showed solid gains

Pegas Nonwovens this morning reported results for 2Q12. The results beat estimates at all levels, management company confirmed full-year outlook (EBITDA growth 5-15%). Revenues for 2Q12 amounted to EUR 48 million (+15.4% y / y) and overcome (+3.3%) as the market consensus and our expectations. Also EBITDA (8.1 million, +15.2% y / y) in comparison with the consensus better (+3.2% and +8.0% against our estimate. Yoy growth in quarterly results at the operational level is caused the introduction of a new production line into operation. 1H12 EBITDA reached 46.4% of the annual target, if we consider the lower limit of the indicated range. suffered net income and depreciation rate debt revaluation of intercompany loans. No.profit is 499 thousand. EUR (2Q11 profit of EUR 4.4 million). This value also exceeded the consensus, which allowed for the loss of 100 thousand. EUR. See the table below. The figures for 2Q12 by higher raw materials, polymers. However, the decline in their prices in recent months had a positive influence on the results in 3Q12. Pegasus also announced that work on the new factory in Egypt are on schedule. Announced numbers are better than estimates for all observed levels. The company's management confirmed the outlook for the full year to grow EBITDA in the range of 5-15%. Results Pegas positively. More information will be published at the afternoon conference call.

Operating profitability was partially negatively affected by the growing polymer prices, which were not fully reflected in the final prices. Net profit decline to 0.5 million, mainly due to FX losses which stem from the development of exchange rate against the euro and the subsequent revaluation of certain balance sheet items. Pegas confirmed its full-year outlook for EBITDA (growth in the range 5-15%), and also announced that the construction of a new production line in Egypt continues as planned.

Overall, the results are very positive, when all levels exceeded expectations, despite the negative impact polymer prices (raw material). We expect 3Q turn, will be positively affected by lower prices of polymers, which can be observed since the end of May this year. Josef Novotny

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Pegas ve 2Q překvapil a místo ztráty vykázal slušný zisk

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