В Україні перестали зростати продажі сиру українського виробництва на тлі збільшення імпорту, перспектива збуту вітчизняних
Coal Energy EBITDA plunges 77% in 1HFY14 .
Thermal and coking coal miner Coal Energy (CLE PW) reported on Feb. 28 its EBITDA plunged 77% yoy to USD 5.6 mln in 1HFY14 (ending December 2013). During the period, the company’s revenue fell 22% yoy to USD 68 mln, while it endured a net loss of USD 8.3 mln vs a profit of USD 11.9 mln in the same year-ago period. Coal Energy disclosed that its coal sales decreased 4.7% yoy to 901 kt, driven mostly by a 10% decline in thermal coal sales to 722 kt in 1HFY14. The company burnt USD 2 mln of its cash in 1HFY14, as it had to cover working capital and CapEx needs with new financing, having increased total debt to USD 119 mln by December 2013 from USD 89.5 mln in June 2013. In 2QFY14, Coal Energy reported EBITDA of USD 4.5 mln compared to USD 1.0 mln a quarter before.
Roman Topolyuk: The company explained its improved qoq financial result partly by higher sales of coking coal, as well as by increased prices. However, the primary segment of Coal Energy’s business, thermal coal mining, experienced tough market conditions and growing costs. That’s why we believe the improvement could have occurred in its trading segment, which is rather murky to project and is a low-margin business in general. The 20% hryvnia devaluation against growing total debt is another negative factor for Coal Energy, whose revenue is generated mostly in hryvnia.
Источник: Конкорд Капитал
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