Coal Energy reports 21% qoq EBITDA drop in 2QFY16



2 марта 2016 года
Конкорд Капитал

Coal Energy (CLE)


Thermal and coking coal miner Coal Energy (CLE PW) reported EBITDA of USD 3 mln in 2QFY16 (Oct.-Dec. 2015), a 21% qoq decline, according to its Feb. 29 filing. Its revenue decreased 3.8% qoq to USD 7.7 mln.

The result was driven by lower selling prices, as coal sales volume inched up 1% qoq to 165 kt in 2QFY16. During the quarter, Coal Energy mined 125 kt of thermal and coking coal (+8% qoq) and produced 18 kt of coal from waste (-26% qoq).

The company’s EBITDA amounted to USD 6.8 mln in 1HFY16, compared to a USD 0.6 mln EBITDA loss in the same year-ago period. The company’s total debt stood at USD 71 mln as of end-December, a 1% decrease from end-June, while the portion of current debt of the total increased from 21% to 54% during this period.

Roman Topolyuk: The operating activity of Coal Energy, with 80% of its coal mining assets located on the occupied territory of Donbas, remains significantly constrained due to the unresolved military conflict in Donbas. Until normal operations are restored, the company won’t be able to service and to repay its debt and will continue to have negative fair value of equity, we expect.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк


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