Research (J&T BANKA)
Czech markets  |  November 14, 2012 09:16:52

NWR 3Q results significantly exceeded estimates, profit drop was not as significant as expected

NWR this morning reported results for 3Q12. Numbers exceeded even the most optimistic estimates of the market for operating and č.zisku. The reason for this substantial difference against our estimates, which were more or less the same, with the consensus operating costs are lower, mainly personal. Management NWR confirmed the view of FY12, in terms of volume of production and sales quantities (production 11-11,1 mt of coal and 700 kt of coke and volume sold from 10.2 to 10.3 mt of coal and coke 600 kt).

Compare actual results for 3Q12 with the same period last year, and the consensus is on the table. For we see yoy fall in prices of coking coal and coke, a lower volume of power station coal. The reduction in operating costs, however, did not reach the same level as the decline in sales, and it is worth the lower margins.

Revenues for 3Q12 318.7 million are in line with expectations, but announced EBITDA of EUR 69.1 million significantly exceeded market expectations (+26.7%) and better than the highest estimate of the market. For 3Q12 reported NWR č.zisk EUR 12.9 million while analysts expected a loss.

Decision on Polish Debiensko, the company reconsidered, should be taken at the beginning of next year.

The actual numbers exceeded expectations mainly due to lower costs. However, in view of the end of the year and next year is difficult. Report positively. More information will be on the conference call.

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