The silver fever
Has allowed “ to Polymetal “ to increase a gain and profit
In spite of the fact that “ Polymetal “ last years it was actively put in gold mining, almost half of incomes of the company in the first half of the year 2011 has provided other precious metal - silver. In many respects thanks to almost double rise in prices for silver the company gain in January-June has grown on 29 %, to 545 million dollars
According to the reporting “ Polymetal “ on MSFO, in the first half of the year 2011 the company net profit has grown in comparison with a similar indicator of last year on 77 %, to 151 million dollars, the gain has increased by 29 %, to 545 million dollars At moderate growth of industrial expenses (on 10 %, to 259 million dollars) in 2,4 times (to 85 million dollars) Administrative and commercial costs " have grown; Polymetal “. In the company such growth explain expenses on optsionnuju the program of motivation of the personnel.
Corrected indicator EBITDA has made 249 million dollars (+32 %), profitability on EBITDA has grown with 45 to 46 %. In the company explain such improvement of indicators by a strong rise in prices for gold and silver. According to the reporting “ Polymetal “ the average price of realisation of gold in the first half of the year 2011 has grown approximately on 24 % (to 1434 dollars for ounce) in comparison with the first half of the year 2010 - go while silver has risen in price almost twice (34,8 dollars for ounce).
so appreciable rise in prices for silver has led to that sales of this metal have provided “ to Polymetal “ 46 % of all gain (year before this indicator equaled 40 %) whereas the gold share has decreased with 57 to 49 %. Thus the largest buyer of silver the company in the first half of the year had Gohran of Russia (1,07 million ounces on 38 million dollars). In second half of 2011 Gohran is going to buy 2,31 million more ounces.
Against growth of deliveries of precious metals to the state “ Polymetal “ in the first half of the year has reduced to 22 % (to 118 million dollars) realisation volumes friendly NOMOS - to bank. At the same time the company has increased sales to bank VTB (from 120 million to 151 million dollars), to the Netherlands trader Trafigura (from 20 million to 32 million dollars) and companies Metalor S. A. (c 35 million to 53 million dollars) . Besides, among buyers of production “ Polymetal “ in the first half of the year there was bank HSBC and the company “ Kaztsink “.
Despite profit growth, in the first half of the year “ Polymetal “ continued to occupy actively: the pure debt of the company has increased by 17 % and has reached 920 million dollars of 23 % of the general debts was short-term. Extra money went on realisation of perspective projects: in the first half of the year “ Polymetal “ has directed on the investment of 210 million dollars
According to Andrey Tretelnikova from Rye, Man and Gor Securities, considering long term of the basic volume of debts, it is possible to consider such debt quite comprehensible. The company actively invests in manufacture incomes from which in the future should cover debts, he considers.
In the company notice that they continue work on optimisation of a credit portfolio and decrease in the average interest rate. As it is marked in the reporting “ Polymetal “ in September, 2011 it has involved under transaction REPO 250 million dollars for one year, having used for this purpose 6,62 % of the actions. As the counterpart under the transaction the bank " has acted; Opening “ (Otkritie Securities).
By estimates of Andrey Tretelnikova`s analyst, at a deal favorable for the company net profit “ Polymetal “ for all 2011 will make about 400 million dollars, the gain - 1,3 mlrd dollars, and indicator EBITDA will reach 600 million dollars