Neochim Q4’13 cons sales jump 35 % YoY to BGN 59m; 2013 net loss widens BGN 9.3m (NEUTRAL)

Neochim reported BGN 58.6m consolidated revenues, up by 35% YoY for the last quarter of 2013. Material costs came to 93.6% of sales from 96% in Q4’12, thanks to the slower increase in the main component – the cost for natural gas –up by only 12.5% YoY to BGN 40m. In the same time, the costs of hired services fell to 3% of sales against 15% in Q4’12. As a result, EBITDA stayed in the red by BGN 5.4m, but better than last year’s Q4 negative EBITDA of BGN 12.4m. EBT came to a negative BGN 10m from a negative BGN 14.5m in Q4’12. 2013 revenues declined 4% YoY to BGN 248m, while EBITDA jumped to BGN 7.7m against BGN 0.9m in 2012. This profit was diminished by BGN 10.3m D&A costs and BGN 6.4m financial expenses, which led EBT to negative BGN 9.3m vs. negative EBT of 8.6m in 2012.