Seligdar announces its financial results for 9M2021

A Russian gold and tin producer PJSC Seligdar (MOEX: SELG, hereafter Seligdar or Holding) announced the interim condensed consolidated financial statements prepared in accordance with the International Financial Reporting Standards for the nine months ended September 30, 2021.

  • IFRS consolidated revenue of PJSC Seligdar comprised 24 billion rubles for 9M2021, an increase of 17% year-on-year.
  • EBITDA increased by 39% to 14 billion rubles. EBITDA margin reached 58% for January-September 2021 compared with 49% for 9M2020.
  • Net debt/EBITDA ratio was 1.9x as of September 30, 2021.
  • In September 2021, White Gold LLC, a company of the Seligdar Holding made an advance payment of 2.2 billion rubles for participation in the Kyuchus deposit auction.

 

Revenue

Consolidated revenue of Seligdar increased by 17% for 9M2021 and comprised 24,174 million rubles compared to 20,624 million rubles in January-September 2020.

Revenue from gold sales increased by 9% year-on-year to 18,959 million rubles (excluding gold sales of JSC Lunnoe not recorded in the consolidated statements) against 3.5% growth of average realised price and 6% growth of the sales volume. Unsold gold on bank metal accounts totalled 466 kg as of September 30, 2021, its market price was 1,899 million rubles at the balance closing date.

Revenue from tin, tungsten and copper concentrates sales comprised 3,780 million rubles for 9M2021; it is a double increase year-on-year. The growth was driven by an increase of average realized tin and tungsten concentrates price as well as by that of sales volume.

Other revenue, which was mostly received from ore mining services provided to Lunnoe JSC and silver sales, comprised 1,436 million rubles, an increase of 2% year-on-year.

 

Profit and profitability margins

Gross margin increased by 0.7 pp year-on-year to 47.4% for 9M2021. EBITDA margin increased from 49% to 58%. The EBITDA margin growth was attributable to the expenses control and favourable market situation. In January-September 2021, EBITDA margin of gold division comprised 57% and exceeded the last year ratio by 5 p.p. EBITDA margin of tin division increased from 16% to 61% in January-September 2021 driven among other by a significant tin price growth in the global market.

EBITDA increased by 39% and amounted to 13,988 million rubles for 9M2021.

 

Debt

As of September 30, 2021, financial debt of Seligdar (loans and borrowings and finance lease) totalled 37 billion rubles and net debt of 35 billion rubles against 43 billion rubles and 42 billion rubles respectively as of September 30, 2020. Net debt/EBITDA ratio decreased to 1.9x compared with 3.3x as of September 30, 2020.

 

Key financials, million rubles

 

9M2021

9M2020

Change

Revenue from sales

24,174

20,624

17%

Gross profit

11,450

9,634

19%

Gross margin

47.4%

46.7%

0.7 p.p.

EBITDA

13,988

10,044

39%

EBITDA margin

58%

49%

9 p.p.

Profit (loss)

9,263

-6,548

 

Net debt/EBITDA

1.9х

3.3х

 

 

2021 Annual Report (pdf, 16 Мб)
04.10 22:05
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