Stirol reports worrying 1H12 results

Stirol reports worrying 1H12 results



26 липня 2012 года
Конкорд Капитал

Концерн Стирол (STIR)


Stirol (STIR UK), Ukraine’s leading fertilizer producer, reported extremely weak 1H12 results yesterday. The company posted a 9x yoy increase in net loss to USD 158 mln, on a 8x yoy increase in negative EBITDA to USD 141 mln. Revenues improved 32% yoy to USD 399 mln, mainly on a corresponding increase in fertilizer output. The sharp increase in losses nearly ate away the company’s book value of equity (down to USD 2 mln as of end-1H12), which escalated Net Debt/Equity ratio to 47x. If the trend continues, Stirol’s equity will turn negative next quarter. Yet another worrying sign - Stirol’s payables doubled YTD to USD 552 mln, the equivalent of nine-months of revenue.

Источник: Конкорд Капитал

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