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Seligdar PJSC (MOEX: SELG, hereafter Seligdar or Company), 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, 2024.

·         Consolidated revenue of Seligdar PJSC for 12 months 2024 totalled 59.3 billion Russian roubles, a 6% increase compared to the last year’s figure.

·         Sales of produced gold improved by 9.1 billion Russian roubles and amounted to 50.8 billion Russian roubles for 2024.

·         Bank adjusted EBITDA for 12M2024 comprised 27.7 billion Russian roubles, a 30% growth compared to the previous year.

·         Net debt/ bank adjusted EBITDA ratio was 2.76x as of December 31, 2024.

Revenue and prices

Consolidated revenue of Seligdar PJSC amounted to 59,289 million Russian roubles for 12M2024 compared to 55,974 million Russian roubles for 2023. The growth comprised 6%, or 3,315 million Russian roubles in absolute terms.

Revenue from sales of gold produced by the Holding Group companies amounted to 50,767 million Russian roubles (excluding gold sales of Lunnoe JSC that are not recorded in the consolidated financial statements), a 22% growth against the same period of the previous year attributable to a 30% increase in average realised gold price amidst favorable market situation. In 2024, volume of gold sales comprised 7,082 kg; as of December 31, 2024, the unsold refined gold in metal accounts, refineries and in transit amounted to 679 kg, its market value was 5,809 million Russian roubles at the closing date of the balance sheet.

In 2024 and the previous year, Seligdar Group sold gold purchased from third parties. The sales volume comprised 1 and 1,322 tonnes, respectively; the revenue was 10 and 6,201 million Russian roubles, gross profit, 7 and 614 million Russian roubles.

Revenue from tin, tungsten and copper concentrates sales for 12M2024 was 7,455 million Russian roubles, a 19% increase year-on-year.

Revenue from produced concentrates for 2024 increased by 15% compared to the previous year and reached 7,208 million Russian roubles. The growth was attributed to a 20% growth in concentrates sales volume from 11.97 thousand tonnes in 2023 to 14.39 thousand tonnes in 2024. Thus, concentrates sales comprised sales of 5.4 thousand tonnes of tin concentrate, 8.82 thousand tonnes of copper concentrate, 0.17 thousand tonnes of tungsten concentrate.

In 2024 and the previous year, Seligdar Group sold concentrates purchased from third parties. The sales volume comprised 196 tonnes; the revenue was 248 million Russian roubles.

Revenue from other sales, which was primarily received from ore mining and other services provided to Lunnoe JSC and from silver sales, comprised 1,056 million Russian roubles in the reporting period compared to 1,821 million Russian roubles year earlier. The decrease in revenue is due to completion of the mining contract and other related agreements with Lunnoe JSC.

Profit and margins

Gross margin was 40% for 12M2024, having increased by 15 p.p. year-on-year. Bank adjusted EBITDA margin was 47% compared to 38% year earlier. The bank adjusted EBITDA margin of the gold division stood at 51%, the last year the indicator was at 40%.

The bank adjusted EBITDA of the tin division declined from 22% to 15%.

Bank adjusted EBITDA calculated before mineral extraction tax and non-cash change in inventory provision increased by 30% for 12M2024 and comprised 27,680 million Russian roubles compared to 21,230 million Russian roubles year earlier. Excluding profit from one-off transactions of third-party gold and concentrates sales, the figure increased by 34% or 7,017 million Russian roubles.

Non-cash revaluation of gold denominated loans and borrowings due to increase in market gold price in US dollars and Russian rouble depreciation impacted decrease in profit. For the reporting period, reported loss comprised 12,825 million Russian roubles. Profit net of non-cash revaluation amounted to 5,496 million Russian roubles, a double increase against 2023.

Debt

Financial debt of Seligdar PJSC (loans and borrowings and financial lease) comprised 90,551 million Russian roubles as of December 31, 2024. Net debt (including market value of unrealised refined gold as at the end of the year) totalled 76,316 million Russian roubles. Net debt/ bank adjusted EBITDA ratio was 2.76x.

Key financials, million Russian roubles