Cyrrus (Cyrrus)
Czech markets  |  November 16, 2012 13:40:23

Pegas Nonwovens prediction results for 3Q2012

In the last quarter of the financial Pegas Nonwovens has signed several positive effects. This positive development was the main polymer prices, which allowed the company to achieve higher EBITDA margins than in 2Q 2012 (22.5% vs. 16.9%), to the contrary, he was carrying mechanism of prices of raw commodities strongly negative.

The basic goals that the management of this year provided includes the production increase by 20% compared to last year. This goal during the first half of this year has managed to achieve, volume of production increased by 22.5% to 42.7 thousand. tons.To keep this trend will be needed to maintain production volume of 22 thousand. tonnes during 3Q and 4Q. This will be another positive factor affecting the results for the 2H.

The level of EBIT year should show weaker evolution compared to EBITDA due to increases in depreciation due to the inclusion of a new production line to use. Highly volatile item remain net financial expenses. Due to the appreciable strengthening of the Czech crown against the euro during 3Q, we expect a positive contribution to unrealized foreign exchange gains amounting to about 1.8 million. Total net financial costs, however, will be reduced by an estimated 1.3 million due to interest expense recognized.

Therefore mainly due to the favorable impact of exchange rate changes reaches Pegas Nonwovens strong increase in EBT and net profit compared to 3Q 2011, when conversely weakening of the Czech koruna against the euro and thus to exchange rate losses.

Since the Company's financial results depend mainly on the development of polymers, and they are very volatile (no problem with demand, production is pre-sold a year in advance), provided a relatively broad band management objectives for this year's growth in EBITDA. The plan calls for an increase in earnings before interest, tax and depreciation of 5-15% yoy and by our prediction that plan 9M met 76% of the lower limit of the band, and 69% for the upper limit.

We expect the performance very good results and confirm the financial year targets. At the subsequent conference call with management is likely to mention (if they do not already in the report to economic performance) on the situation surrounding the departure of Kimberly-Clark diaper European market and provides detailed information about the possible impacts on sales Pegas Nonwovens.

Complete forecast for download here. (535.49 kilobytes)

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Pegas Nonwovens: predikce výsledků za 3Q2012

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