Research (Česká spořitelna)
Czech markets  |  January 14, 2013 10:03:53

NWR: Weak 4Q, a significant reduction in investment

NWR today released partial trading statement and outlook for 2013. Volumes of production sold for the 4th kv. 2012 were lower than expected in all segments. NWR has sold 1.16 million tonnes of coking coal vs. expected 1.3 million tons of steam coal sold 1.35 million tons vs. 1.63 million tons. The company did not disclose prices for the 4th kv.2012 or the expectations of the 1st kv. 2013th NWR indicated only permanent weakness in the market, which will in a short period still persist. The company expects to produce 10-11 million tons of coal compared with 11.2Mt in 2012 and 800 kt of coke compared to 600 kt in 2012. NWR expects stagnation costs of mining and intend to reduce capital expenditures by 30-50% y / y (NWR).

Trading statement confirms the relatively weak environment coal segment, but looking at the volumes for the 4th kv. in the segment of coking coal. It seems also that the prices in 1.kv. 2013 would not have to follow the improvement in international markets. This will be partially offset by strict cost management (expected stable despite declining unit costs of production by 2-11%) and delaying capital expenditures. Free cash flow will only slightly in the negative. We expect a slightly negative reaction due to weak volumes in the 4th kv. and cautious outlook, while helping to reduce costs prolonged term.

Petr Bartek

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