• GOLD: $ 2882.09 0%
  • SELG: 53.04 ₽ -1.12%
  • ROLO: 0.69 ₽ -1.71%
Ru

Media

Seligdar announces IFRS financial results for 9M2024

28.11.2024

Seligdar PJSC (MOEX: SELG, hereafter Seligdar or Company), a Russian gold and tin producer, published the interim consolidated financial statements prepared in accordance with the International Financial Reporting Standards for the nine months ended September 30, 2024.

·         Consolidated revenue of Seligdar PJSC for 9 months 2024 totalled 43.0 billion Russian roubles, a 16% increased compared to the last year’s figure.

·         Gold sales, recorded in the IFRS revenue, comprised 5,485 kg against 4,641 year earlier.

·         Bank adjusted EBITDA for 9M2024 improved by 31% year-on-year and amounted to 19.3 billion Russian roubles.

·         Net debt/ bank adjusted EBITDA ratio was 2.52x as of September 30, 2024.


Revenue and prices

Consolidated revenue of Seligdar PJSC comprised 42,971 million Russian roubles for 9M2024 compared to 37,152 million Russian roubles for January-September 2023. Growth in revenue was significantly influenced by an increase in volume of sales of produced gold, and tin, copper and tungsten concentrates; as well as rise in the average realised gold price.

Revenue from sales of gold produced by the Holding Group companies amounted to 37,086 million Russian roubles (excluding gold sales of Lunnoe JSC that are not recorded in the consolidated financial statements), a 49% increase against the same period of the previous year. The growth was attributable to the increase in sales volume by 18% year-on-year to 5,485 kg; and rise in average realised gold price by 26%, from 5,374 to 6,761 Russian roubles per gramme.

Revenue from tin, tungsten and copper concentrates sales for 9M2024 was 5,108 million Russian roubles, a 12% increase year-on-year.

Revenue from produced concentrates for 9M2024 reached 4,852 million Russian roubles against 4,555 million Russian roubles year earlier. The growth was attributed to a 20% increase in concentrates sales volume amidst an 11% decline in average realised price.

In 2024, Seligdar also sold concentrates purchased from third parties. The sales volume comprised 196 tonnes; the revenue was 256 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 775 million Russian roubles in the reporting period compared to 1,453 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 34% for 9M2024, having increased by 6 p.p. year-on-year. Bank adjusted EBITDA margin was 45% compared to 40% year earlier. The bank adjusted EBITDA margin of the gold division stood at 50%, the last year the indicator was at 42%.

The bank adjusted EBITDA of the tin division declined from 25% to 16%.

Bank adjusted EBITDA calculated before mineral extraction tax and non-cash change in inventory provision increased by 31% for 9M2024 and comprised 19,313 million Russian roubles compared to 14,744 million Russian roubles year earlier. Excluding profit from one-off third-party gold sales transactions in 2023, the figure increased by 37% or 5,183 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 10,107 million Russian roubles. Profit net of non-cash revaluation amounted to 4,037 million Russian roubles, a 14% increase compared to year earlier.


Debt

Financial debt of Seligdar PJSC (loans and borrowings and financial lease) comprised 76,039 million Russian roubles as of September 30, 2024. Net debt (including market value of unrealised refined gold as of September 30, 2024) totalled 65,130 million Russian roubles. Net debt/ bank adjusted EBITDA ratio was 2.52x.

 

Key financials, million Russian roubles

 

9M2024

9M2023

Change

Revenue

42,971

37,152

16%

Gross profit

14,640

10,464

40%

Gross margin

34%

28%

+6 p.p.

Bank adjusted EBITDA

19,313

14,744(14,130*)

31(37*)%

EBITDA margin

45%

40%

+5 p.p.

Profit (loss)

(10,107)

(8,961)

13%

Profit net of foreign exchange loss

4,037

3,537

14%

* excluding one-off transactions

 

 

 

 

30.09.2024

30.09.2023

 

Net debt/ bank adjusted EBITDA

2.52х

2.45х

 -

 


Polymetallic Holding SELIGDAR uses cookies to optimise the usability of the website. If you do not want us to use cookies, you can change your browser settings, or you may not be able to access our site.

If you continue using the website, you consent to the use of your cookies.

Ok, thank you