has just posted its 2Q13 results. Excluding a large – 307 mln. EUR impairment of coal assets – numbers came more or less in-line with expectations. The company did a progress in cost/cash savigs plan (+60 mln. EUR out of 100 mln. EUR FY target) as despite (ex-impairment) still negative EBITDA of -14.5 mln. EUR, net cash-flow from operating activities was positive (+15.9 mln. EUR), especialy thanks to a decrease in inventories (+26.2 mln. EUR) and receivables (+30,8). As the company also hold CAPEX very limited, an overall cash consumption was „just“ -17 mln. EUR compare to -80 mln. EUR in 1Q13. The company has therefore a net debt of 653 mln. EUR and holds a cash balance of 176 mln. EUR at the end of 2Q13.
- 2Q13 results
| Sales | 347,5 | 252,8 | 252,8 | 251,4 | 259,2 | -27,2% | -2,4% |
| EBITDA | 103,9 | -321,6 | -14,5 | -7,5 | -19,3 | x | x |
| EBIT | 60,6 | -364,5 | -57,4 | -51,5 | -63,1 | x | x |
| Net income | 28,3 | -315,4 | not comp. | -57,0 | -58,7 | x | x |
- 6M13 results
| Sales | 491,6 | 493,0 | 491,6 | 499,3 | 0,3% | -1,3% |
| EBITDA | -29,8 | -433,3 | -29,8 | -41,6 | x | x |
| EBIT | -117,3 | 56,0 | -117,3 | -128,9 | x | x |
| Net income | -137,4 | -1,0 | -137,4 | -139,0 | x | x |
* poll cons. (18 analysts)
Conference call: 22nd August at 11:00 (CET)
also confirms its FY 2013 production, sales, and cost targets.
Overall, we see the results as slightly POSITIVE for S-T term trading with shares.