FTSE100 falling fast!

Thrugelmir

sabretoothtigger wrote: »

Doubled their margins I saw. Decent results, they are spending 400m on debt costs though.

What's their debt gearing?

sabretoothtigger

Net gearing is 200% which is double what it was two years ago. I think thats pretty bad but they a sub of a larger company, they have had a few debt scares as gov fined them and is still blocking their revenue from coal > electricity, very harsh

[URL="http://tools.morningstar.co.uk/t92wz0sj7c/stockreport/default.aspx?tab=11&SecurityToken=0P0000O8OK]3]0]E0WWE$$ALL&Id=0P0000O8OK&ClientFund=0&CurrencyId=GBP"]http://tools.morningstar.co.uk/t92wz0sj7c/stockreport/default.aspx?tab=11&SecurityToken=0P0000O8OK]3]0]E0WWE$$ALL&Id=0P0000O8OK&ClientFund=0&CurrencyId=GBP[/URL]
Net Tangible Asset Value Per Share 156p but if they can arbitrage cheap coal to electricity maybe its triple that


ABG is down 10% on recording a loss but 4 PE year ahead if to plan

sabretoothtigger

India has bigger problems with its currency now ?

Essar seems to be ticking along anyway, hopefully they allow less nationalism in oil production

Essar Energy’s refining margins up in India, down in UK
HOUSTON, Aug. 21
08/21/2013
By OGJ editors

Essar Energy PLC said its gross refining margins were up in India during the quarter that ended June 30, but down in the UK.
Margins for Essar’s 405,000-b/d Vadinar refinery at Gujarat averaged $7.01/bbl, up 49% from a year earlier. Throughput was 36.34 million bbl, up from 32.65 million the previous year.
Essar’s 296,000-b/d Stanlow, UK, refinery averaged $4.86/bbl, down from $7.53/bbl. Throughput was 19.27 million bbl, down from 19.65 million bbl.
Essar completed refinery expansion and optimization projects at Vadinar in 2012. During the most recent quarter, Vadinar’s crude mix was 92% lower cost heavy and ultra-heavy, compared with 89% in the same quarter a year earlier. On the production side, the proportion of higher value middle and light distillates was 84%, up from 82%.
Essar said margins at Stanlow were impacted by generally lower industry margins, weaker diesel and jet prices relative to gasoline, and higher residues production related to revised refinery configuration after the closing of the lubes plant in February.
Essar is planning a turnaround at Stanlow, including a 25-year “re-lifing” of the residue catalytic cracking unit.

FTSE is still doing well I judge as its recent low was part of a regular series going back 2 years now and the index persists in finding profits to justify share prices, pay out, etc

Im generally taking profits but holding a tracker. I sold a bit of Essar but really it needs to double!