Sadovaya Group secures 24 kt of coal sales for September-December

Sadovaya Group secures 24 kt of coal sales for September-December



12 серпня 2013 года
Конкорд Капитал

Sadovaya Group (SGR)


Sadovaya Group (SGR PW) reported on August 9 its coal sales reached 4.9 kt in June (+35% m/m) and 1.1 kt in July (-77% m/m), while monthly coal production, which came exclusively from waste reprocessing, was 2.4 kt in June and July each. The company’s coal mines have been standing idle since October 2012, with no plans for restarting in August as well.



The company said it intends to sell 1 kt of coal and produce 3 kt of coal in August. Sadovaya’s subsidiary, Interdon, concluded an agreement with an undisclosed customer to supply 24 kt of coal in September-December 2013.



Roman Topolyuk: The operational results for June-July came in lower than the company had projected previously. Its current forecast for the year end implies coal sales of 40.1 kt in 2013 (down 14.2x yoy). The capacity load of enrichment facility Vahrushevo will reach 40% in September-December. The cash flow generated from projected coal sales won’t enable Sadovaya to cover its fixed costs and service its debt.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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