WOOD Flash – Famur: write-offs in 4Q19 higher than expected, positive surprise on the dividend front
Today (10 February), Famur released its 2019 and 4Q19 preliminary results. The figures were affected significantly by the write-offs for the risks identified in the surface segment (Famak, a subsidiary of Famur), which reduced Famur’s group 4Q19P top line by PLN 29m, its EBITDA by PLN 92m and its net profit by PLN 91m.FAMUR SA is a Poland-based manufacturer of mining equipment and machinery. The main area of the Company's operations is manufacture of automated longwall systems enabling the exploitation of coal. The Company also specializes in design and production of equipment for underground mines and open pits, as well as bulk material handling equipment and machines for coal preparation plants. The Company's products portfolio includes electric and hydraulic shearers, roof support, hydraulic control system, conveyors and crushers. FAMUR SA is also engaged in the development of information technology solutions and management system for coal industry. The Company operates through subsidiaries, based in Poland, Germany and the Russian Federation. The Company's major shareholder was TDJ SA, with a stake 71.28%. On November 27, 2014 the Company acquired 76,69% of stake in FAMAK SA.
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