| Market: Warsaw (PLN) | Symbol: JSW | ISIN: PLJSW0000015 | Industry: Mining |
JSW Group is the largest producer of high-quality coking coal in the European Union and one of the major producers of coke for steelmaking. The Group's core business encompasses the production and sale of coking coal as well as the production and sale of coke and coal derivatives. The Group's parent is the WSE-listed Jastrzębska Spółka Węglowa S.A., based in Jastrzębie-Zdrój. JSW S.A. operates in the Upper Silesia region of Poland. Aside from coking coal and coke, JSW Group is an important producer of coal derivatives that are generated in the coking process.
| Share data | 15/05/2024 | ||
| Currency | PLN | Volume | 913,302 |
| Previous Close | 30.74 | Number of Shares (million) | 117.41 |
| Change (%) | -3.58 | Market Cap (million) | 3,609.23 |
| Key Figures | 2021 | 2022 | 2023 |
| Income Statement (PLN mm) | |||
| Revenue | 10,629.1 | 20,198.5 | 15,338.5 |
| Coal | 5,079.8 | 11,406.9 | 8,876.0 |
| Coking coal | 4,299.5 | 9,738.1 | 7,085.5 |
| Steam coal | 780.3 | 1,668.8 | 1,821.4 |
| Coke and hydrocarbons | 5,061.6 | 7,910.0 | 5,641.2 |
| Other | 487.7 | 881.6 | 821.3 |
| % Revenue | |||
| Coking coal | 84.6% | 85.4% | 79.8% |
| Steam coal | 15.4% | 14.6% | 20.5% |
| EBITDA | 2,482.5 | 10,919.2 | 4,555.9 |
| Coal* | 1,451.3 | 10,075.1 | 4,801.9 |
| Coke and hydrocarbons | 1,348.1 | 686.9 | -672.9 |
| Other | 232.3 | 154.2 | 321.7 |
| EBITDA margin | 23.4% | 54.1% | 29.7% |
| EBITDA margin for Coal | 28.6% | 88.3% | 54.1% |
| EBITDA margin for Coke and hydrocarbons | 26.6% | 8.7% | -11.9% |
| Other | 47.6% | 17.5% | 39.2% |
| EBITDA adj. | 2,900.5 | 11,674.3 | 5,517.4 |
| EBITDA adj. margin | 27.3% | 57.8% | 36.0% |
| Net Income | 952.6 | 7,650.4 | 997.1 |
| Balance Sheet (PLN mm) |
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| Total assets | 15,961.8 | 27,070.8 | 27,793.8 |
| Equity | 8,297.8 | 16,045.2 | 16,971.7 |
| Total liabilities | 7,664.0 | 11,025.6 | 10,822.1 |
| Cash Flow (PLN mm) | |||
| on operating activity | 1,661.2 | 11,044.9 | 1,747.4 |
| on investing activity | -1,620.2 | -6,688.2 | -3,715.1 |
| on financing activity | -338.1 | -818.7 | -177.9 |
| Net cash flow | -297.1 | 3,538.0 | -2,145.6 |
| Cash (eop) | 1,299.8 | 4,837.9 | 2,690.8 |
| Key Figures (PLN mm) | |||
| FCF | 41.0 | 4,356.7 | -1,967.7 |
| CAPEX | 1,707.2 | 3,020.6 | 4,628.5 |
| Net debt | 1,055.2 | -2,962.1 | -632.3 |
| Net debt/ EBITDA adj. | 0.36 | -0.25 | -0.11 |
| Key Ratios (%) | |||
| ROA (%) | 6.0% | 28.3% | 3.6% |
| ROE (%) | 11.5% | 47.7% | 5.9% |
| Debt ratio (%) | 48.0% | 40.7% | 38.9% |
Note:
*Data restated in connection with the change in accounting principles (policy) with respect to the recognition of expenditures for wall reinforcement applied as of January 1, 2023.
| Basic Operating Data Segment | |||
| Coal Segment | |||
| Production (mt) | |||
| Total coal production | 13,754.3 | 14,072.0 | 13,507.0 |
| Coking coal production | 11,005.8 | 10,985.6 | 10,875.4 |
| Steam coal production | 2,748.5 | 3,086.4 | 2,631.6 |
| Sales - External (mt) | |||
| Coal sales | 10,270.1 | 10,017.1 | 8,788.1 |
| Coking coal sales | 6,938.2 | 6,447.0 | 6,273.4 |
| Steam coal sales | 3,331.9 | 3,570.1 | 2,514.7 |
| Sales - Internal (mt) | |||
| Coal sales | 4,674.5 | 4,410.5 | 4,503.8 |
| Coking coal sales | 4,674.5 | 4,410.5 | 4,503.8 |
| Steam coal sales | 0.0 | 0.0 | 0.0 |
| Price (PLN/t) | |||
| Coking coal sales price | 619.68 | 1,510.49 | 1,124.52 |
| Steam coal sales price | 224.85 | 443.62 | 698.63 |
| Inventory (at the end of the period in 1000's of tons) | |||
| Coal | 900.1 | 614.8 | 761.6 |
| Coking coal | 396.1 | 537.0 | 517.3 |
| Steam coal | 504.0 | 77.8 | 244.3 |
| Mining Cash Cost (MCC) | |||
| Mining Cash Cost (PLN millions)* | 6,149.8 | 7,302.0 | 9,467.2 |
| Unit Mining Cash Cost (PLN/t)* | 447.12 | 518.90 | 700.91 |
| Coke Segment | |||
| Coke production (in 1000's of tons) | 3,659.1 | 3,216.5 | 3,353.4 |
| Coke sales to external customers (in 1000's of tons) | 3,611.0 | 3,227.9 | 3,319.9 |
| Coke sales price (PLN/t) | 1,266.47 | 2,179.89 | 1,501.71 |
| Inventory of coke (at the end of the period in 1000's of tons) | 239.1 | 246.7 | 285.7 |
| Cash Conversion Cost (PLN millions) | 633.3 | 811.6 | 1,057.0 |
| Unit Cash Conversion Cost (PLN/t) | 173.10 | 252.32 | 315.21 |
Note:
*Figures for 2022 have been restated due to the application of a change in accounting policy.
JSW Group is one of the largest employers in Poland. JSW Group delivers coking coal and coke mainly to some of the largest European steelmakers and into more distanced markets in the case of coke. The majority of European steelmakers operating the basic oxygen furnace process using coke are located within 500km.
