Polyus Gold nagulivaet a cache
In company granaries has accumulated almost 423 million dollars
the Rise in prices for gold has given the chance Polyus Gold International, formed on base the Pole Gold to develop a financial fat. The company net profit in the first half of the year has grown almost twice, to 206,8 million dollars Thus the volume of free money resources Polyus Gold has grown almost on 30 %, to 423 million dollars of Pamjatuja about former losses in stock market, now the company prefers to hold a considerable part of money on bank deposits.
Gain Polyus Gold Inter national Limited (PGIL) in the first half of the year has grown on 48 %, to 902 million dollars, the company has sold 629 thousand ounces of gold (+20 %), the average price of realisation has made 1433 dollars for ounce (+24 %). Indicator EBITDA in January-June, 2011 has increased by 61 %, to 398,6 million dollars, profitability on EBITDA has reached 42,8 %.
the Volume of cash money resources and their equivalents which the company has, has increased from the beginning of year by 29,4 %, almost to 423 million dollars the Company traditionally saves a cache on the balance, it is a part of its policy - analyst UBS of Anastas Grachev makes comments. Especially the company cash can shortly be useful.
As have explained in the Pole Gold the gold miner plans to use money resources first of all for the repayment of actions at minoritariev. In the end of August the company declared the offer on purchase of 10 % which have remained in the market of papers Poles not translated in action PGIL. Only on it the Company even can leave nearby 1,3 mlrd dollars declared that will involve on these purposes credit VTB at the rate to 300 million dollars
Besides, have added in the Pole money will be directed on development of new projects of the company, including largest of them - the Natalkinsky deposit. Now the company actively contracts for the equipment for Natalki, - explains Anastas Grachev. - if will exchange nothing, next year building zolotoizvlekatelnoj factories " should begin;. The First stage are going to start in 2014, and planned kapzatraty in the project - 1,1 mlrd the dollars (not including inflations), that is on the average more than 350 million dollars a year, are summarised by the expert. Besides, till the end of this year investments will be demanded by the project Verninsky which already at a final stage. By estimates of analysts UBS, total kapzatraty Poles this year can make to 500 million dollars
the Size of contributions Poles in various financial tools also has increased - by 20 %, to 213 million dollars Thus the structure of contributions has considerably changed. The volume of bank deposits for half a year has grown in 3,4 times, almost to 134,7 million dollars, and investments into securities were reduced. Cost of the financial actives which are available for sale, was reduced more than in one and a half time, to 43,3 million dollars (at the expense of partial sale, have explained in the company). In the first half of the year the Pole has sold 56 % of shares of company Rosfund belonging to it, having earned 17 million dollars Besides, cost belonging to the Pole the securities bargaining at a stock exchange, it was reduced to 9 %, to 33,4 million dollars
Experts consider that the management has decided to transfer money to the deposit in the conditions of uncertainty in the markets, after all this less risky investment. The gold miner already had an unsuccessful experience of investments: in 2006 the Pole Gold has entrusted the money UK of Rosbank (then has been renamed in UK RBiznes Management of actives ) . However in crisis cost of the actives transferred in trust management, has fallen with 6,7 mlrd rbl. to hardly less than 1 mlrd rbl. Subsequently the Pole tried to collect losses from a management company.