Seligdar announces IFRS financial results for FY2021

Seligdar PJSC(MOEX: SELG, hereafter Seligdar or Holding), a Russian gold and tin producer, published the consolidated financial statements prepared in accordance with the International Financial Reporting Standards for the twelve months ended December 31, 2021.

  • Consolidated revenue of Seligdar PJSC comprised 35.6 billion roubles for 12M2021, an increase of 7% against 12M2020.
  • Revenue from gold sales reached 6,520 kg compared to 6,340 kg in the previous year.
  • EBITDA increased by 33% to 19.2 billion roubles in 2021. EBITDA margin reached 54% compared with 44% in the previous year.
  • Net profit for 2021 totalled 10.4 billion roubles. Earnings per share increased up to 11.91 roubles against 0.29 roubles in the previous year.
  • Net debt/EBITDA ratio stood at 1.99x as of December 31, 2021.

Revenue

Consolidated revenue of Seligdar PJSC for 12M2021 increased by 7% and comprised 35,616 million roubles compared to 33,314 million roubles in January-December 2020.

Revenue from gold sales increased by 2% year-on-year to 27,604 million roubles (excluding gold sales of Lunnoe JSC not recorded in the consolidated statements) driven by a 3% growth in sales volume. Volume of gold sales excluding Lunnoe JSC increased from 6,340 kg to 6,520 kg. Average realized gold price comprised 4,233 roubles per gram having decreased by 1% in January-December 2021 compared to the same period of the previous year.

Revenue from tin, tungsten and copper concentrates sales comprised 5,948 million roubles for 12M2021 having increased more than twice year-on-year. The revenue increase was driven by the growth of concentrates sales volume and that of average realized tin and copper concentrates price by 81% and 58%, respectively.

Revenue from other sales, which was mostly received from ore mining and other services provided to Lunnoe JSC, comprised 2,064 million roubles in 2021. The decrease of revenue from other sales year-on-year was due to the elimination of the revenue from services provided to Nirungan as its results have been consolidated in the Seligdar’s IFRS financial statements since the beginning of 2021.

Profit and profitability margins

 

Gross margin increased by 4 p.p. up to 48% in 2021. EBITDA margin increased from 44% to 54%. In January-December 2021, EBITDA margin of gold division increased from 46% to 55% and that of tin division from 16% to 49%.

EBITDA increased by 33% year-on-year and amounted to 19,242 million roubles.

Net profit comprised 10,398 million roubles for 2021 against 4 million roubles the year earlier. The year-on-year change was mainly due to nonmonetary item: foreign exchange differences on gold loan resulting from changes in the market price for gold. The foreign exchange gain comprised 1,324 million roubles in 2021 against loss of 11,703 million roubles in 2020.

Debt

As of December 31, 2021, financial debt of Seligdar PJSC (loans and borrowings and finance lease) totalled 39.1 billion roubles having decreased by 5%. Net debt comprised 38.5 billion roubles against 37.5 billion roubles the year earlier. Net debt/EBITDA ratio decreased to 1.99x compared with 2.59x in 2020.

 

Key financials, million roubles

 

12M2021

12M2020

Change

4Q2021

4Q2020

Change

Revenue

35,616

33,314

+7%

11,442

12,690

-10%

Gross profit

16,927

14,589

+16%

5,477

4,955

+11%

Gross margin

48%

44%

+4 p.p.

48%

39%

+9 p.p.

EBITDA

19,242

14,507

+33%

5,254

4,463

+18%

EBITDA margin

54%

44%

+10 p.p.

46%

35%

+11 p.p.

Profit (loss)

10,398

4

1,135

6,552

-83%

Net debt/EBITDA

1,99x

2,59х

 

 

 

 

2020 Annual Report (pdf, 9 Мб)
30.06 02:05
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