Research (J&T BANKA)
Czech markets  |  January 15, 2013 09:07:16

NWR issue a Eurobond issue for 275 million euros


NWR uses favorable conditions and has announced plans to issue a 2021 bond issue in the amount of 275 million EUR. The company is used to refinance existing bonds in 2015 (258 million) and other operating costs.

On this occasion, the company announced sales volumes in 4Q12/FY12. The volume of coal extracted for the full year amounted to 11.2 mt, exceeding the target by 1.9% (target 11-11,1 mt). However, all other data relating to sales fell short of forecasts. Sales of steam coal in 4Q12 to 21.6% lower than the original plans, the volume of coking coal by -8.1% and the volume sold coke in 4Q12 in comparison with the plan down by 26.8%.NWR is currently negotiating the prices of coal production for the next period (1Q13/FY13). The final price would be announced in the coming weeks. A significant pressure on the price of coal and thermal coal drop its price. NWR is waiting for the full year production in the range of 10-11mt 0.800 mt of coal and coke. This is slightly lower than our estimates. The company also plans to reduce CAPEX year on year by 30-50%, which is likely to be affected and Debiensko. The report was published yesterday morning. Volumes are negative surprise NWR yesterday and fell by 5.4% (94.6 CZK).

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NWR vydá emisi eurobondů za 275 mil.EUR

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