Coal Energy in the first quarter of 2015 financial year (July 1, 2014 to June 30, 2015) cut its revenue by 5.2 times year-over-year, to $5.6 million under circumstances of intensifying armed unrests in Donbas, according to a company report issued on Nov. 26.
The company said that its gross profit plunged by 4.3 times, to $1.1 million, while earnings before taxes, depreciation, and amortization (EBITDA) was negative – $300,000, while in July-September 2014 it was positive – $1 million.
Net loss of Coal Energy over the period came to $4 million, while a year ago it stood at $5.6 million.
The company said that in Q4, FY2014 its revenue totaled $27.2 million, gross profit amounted to $7.1 million, EBITDA – $2.6 million and net loss – $12.5 million.
Mining output of thermal and coking coal in 1Q, FY2015 reached 9,500 tonnes, or decreased by seven times quarter-over-quarter, and its sales dropped by 7.6 times, to 66,400 tonnes.
According to the report, the company had a deposit of $20 million at Ukrbusinessbank at 11% per annum that can be repaid in September 2017, while in early October the company used it to secure the credit taken in the bank worth $19.8 million by one of its subsidiaries.
The debt liabilities of Coal Energy as of late September 2014 that mature in the period up to one year came to $38.3 million and that mature in the period of over one year – $57.5 million. According to the report, on November 20 subsidiary Donantracit LLC signed a factoring agreement with FUIB with a credit limit of Hr 15 million at 24% per annum for the period until April 2, 2016.
As of the date of publication of this report there are no precedents for early loan repayments (defaults) from any financing institutions. In case of continuing military confrontation in Donetsk and Luhansk regions, the group is expecting to negotiate further postponement for interest and principals payments, reads the report.
Coal Energy unites 10 coalmines, waste dumps processing and enrichment facilities. The company sells coal to heat producers, coking, chemical and cement plants, as well as municipalities. Coal Energy also exports coal to Bulgaria, Slovakia, Moldova, and Turkey.
Prior to its initial public offering (IPO), 100% of Coal Energy’s shares belonged to Cyprus-based Lycaste Holdings Limited, which is 50:50 owned by Viktor Vyshnevetskyy and Maryna Vyshnevetska.
