Cyrrus (Cyrrus)
Czech markets  |  March 13, 2013 10:03:33

Pegas Nonwovens: Prediction results for 4Q 2012

Pegas Nonwovens will present its financial results for the last quarter of last year on Thursday 14 March, and probably even before the start of trading on the Prague Stock Exchange.

The factor that most affects the management of the company is still the same. Is it cost polymers. Given that the company has secured sales through long-term contracts and the development of prices of polymers and their impact on operating margins are the main sources of springing surprises on results and the results of Thursday's certainly not an exception.

High volatility in input prices, of course, aware and management, and have also set this goal loss in a relatively wide range. Is it at the level of EBITDA growth of 5-15% annually. In our forecast, we expect that this company succeed, however, the objective will be met only very weakly, namely EBITDA +5.1% y / y. Thus, the low growth will be achieved despite 12% YoY revenue growth, which is due to a strong increase in cost just for the consumption of materials and services. Year on year, this item in 2012 estimated to increase by 17.8% to EUR 143.8 million. Total operating expenses then according to our estimates, increased by 17.6% y / y to 152.7 million.

EBIT is no longer on-year decline, due to increased depreciation in connection with the introduction of a new production line put into use in 2012.The net profit is not at Pegas Nonwovens in the center of attention, because it is always strongly influenced by unrealized foreign exchange gains or losses from the revaluation of bank debt and inter-company loan. Due to the weakening of the Czech koruna against the euro during Q4 of this year, we expect that the company reports for the previous quarter, net unrealized foreign exchange losses in the amount of EUR 2 million. Total financial costs should interest costs after adding 1.2 million to reach the level of 3.2 million.

We do not expect the management commented on the draft plan for dividends from the net profit last year. We expect to do so in the coming months, and we expect it to increase over the previous dividend, and by 5 cents to 1.1 euros per share.

Complete forecast for download here. (542.90 kilobytes)

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Pegas Nonwovens: Predikce výsledků za 4Q 2012

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