Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 21, 2013 08:58:44, updated

Results for 4Q12 NWR worse than expected, dividends are not, confirmed the outlook for this year


Mining company NWR today reported before the market opens and profits in Q4 of last year and for the full year 2012. Presented data showed a significant deterioration in the annual corporate management and in most indicators are worse than market expectations. NWR in response to the results of the very start of the day declined by about 5% to 83 CZK. We recall that the title to the end of November last year moved to a long-time low of around 70 CZK, their absolute minimum then appointed in March 2009 on the value of 61.15 CZK, maximum shortly after their subscription in mid-2008 on the value of CZK 622.1.

Management reiterated NWR view of FY13 in terms of production volumes and a decline in CAPEX 120-130 million, including 10 million in the project Debiensko (now 200 million). The reported figures are excluding income (already announced volumes and prices) is far below market expectations. However, compared with our estimate without surprise. Positive is doing is to further reduce operating costs, this item was lower against our estimate of 3.8%. Clearly, the results and comparison with consensus and our projections in the table. In numbers we see yoy mainly fall in prices of coking coal and coke. For 2H12 NWR expected to propose any dividend.

NWR expect improvement in coking coal prices during the year. Under the new strategy, NWR expects an improving product mix in favor of coking coal in 2017, doubling its sales waits (10mt in 2017).

Given the significant difference in reported numbers against the consensus expect a negative reaction.


NWR provide outlook for this year: expects coal sales volumes of 9.5 to 10.5 million tonnes evenly split between coking and thermal coal sales of 700 thousand. tons of coke. This is in line with previously issued overlooking 10-11 million tonnes of coal and 800 thousand. tonnes of coke (difference causes internal consumption NWR). Capital expenditure should reach 120 to 130 million €, ie also in line with the previously issued outlook (ie, reduced capital expenditures by 30 to 50%, including € 10 million for the project Debiensko in which the company wants to continue).

Overall, the results fell short of expectations due to a negative revaluation reserves, while core sales fell in line with estimates and cost base is well developed. The company issued outlook for this year, in accordance with previous comments. For today, we expect a slightly negative market reaction to the published results. On the other hand Debiensko confirm continuation of the long term positive REPORT

Petr Bartek, Brokerjet

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Výsledky NWR za 4Q12 horší než se čekalo, dividendy nebudou, potvrzený výhled pro tento rok

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