Coal Energy increases EBITDA 17% yoy in FY2012

Coal Energy (CLE PW) announced preliminary financial results for FY2012 (ended in June), which will be officially published on October 31. The company estimated its 2012 revenue grew 8% yoy to USD 165.5 mln, EBITDA increased 17% yoy to USD 61.7 mln, net debt reached USD 8.5 mln, and CapEx amounted to USD 57.4 mln. Coal Energy said its mining cash costs declined 23% yoy to USD 49.3/t, while its waste processing cash cost more than tripled yoy to USD 26.4/t.

Roman Topolyuk: Coal Energy’s preliminary financials indicate it executed its plans to sell off its coal inventories accumulated in 3Q FY12 during the last quarter of its fiscal year. Revenue rose 36% qoq to USD 46 mln in 4Q12, while EBITDA soared 2.1x qoq to USD 19.3 mln. We consider this is a sign of the company’s robust ability to sell coal, despite the turbulent market.