Jastrzebska Spolka Weglowa SA
WSE:JSW
Jastrzebska Spolka Weglowa SA
Jastrzebska Spólka Weglowa SA engages in the production and provision of black coal and coke. The company is headquartered in Jastrzebie Zdroj, Woj. Slaskie and currently employs 31,916 full-time employees. The company went IPO on 2011-07-06. The Company’s activities are divided into two sectors: Coal, including extraction and sales of black coal; and Coke, including production and sales of coke and coal derivatives. Additionally, the Company is engaged in natural gas mining and generation, transmission and distribution of electricity. The Company’s products are sold domestically as well as to Germany, Austria, the Czech Republic, Slovakia, Romania and Hungary, among others. The firm operates five mining plants: Borynia-Zofiowka, Budryk, Jas-Mos, Krupinski and Pniowek.
Jastrzebska Spólka Weglowa SA engages in the production and provision of black coal and coke. The company is headquartered in Jastrzebie Zdroj, Woj. Slaskie and currently employs 31,916 full-time employees. The company went IPO on 2011-07-06. The Company’s activities are divided into two sectors: Coal, including extraction and sales of black coal; and Coke, including production and sales of coke and coal derivatives. Additionally, the Company is engaged in natural gas mining and generation, transmission and distribution of electricity. The Company’s products are sold domestically as well as to Germany, Austria, the Czech Republic, Slovakia, Romania and Hungary, among others. The firm operates five mining plants: Borynia-Zofiowka, Budryk, Jas-Mos, Krupinski and Pniowek.
Worsening Losses: The company posted a Q3 net loss of PLN 793.7 million, higher than Q2, and a total loss of PLN 2.8 billion for the first nine months.
Revenue Trend: Q3 revenue slightly increased quarter-on-quarter by 0.8% to about PLN 2.29 billion, but year-to-date revenue dropped by over 20% compared to last year due to lower coal and coke prices.
Cost Reductions: CapEx was cut by more than 20% both quarter-on-quarter and year-on-year, with continued focus on safety and essential investments.
Challenging Market: Persistently weak steel and coal markets led to declining product prices and pressured financial performance.
Restructuring Urgency: The company is accelerating a restructuring program, including organizational changes, cost cuts, asset sales, and potential state support to address liquidity risks.
Workforce Changes: Voluntary redundancies and the end of some employment guarantees are expected to significantly reduce staff and costs, though precise savings are not yet quantified.
Liquidity Tightness: Net working capital turned sharply negative, and reliance on a dwindling closed-end investment fund underscores urgent need for new funding.
