GV Gold increases EBITDA 7% to 7.6 bln rubles, net debt up 1.8-fold
MOSCOW. April 24 (Interfax) - Gold miner PJSC Vysochaishy (GV Gold) increased adjusted EBITDA 7% to 7.621 billion rubles in 2016, company reporting said.
Net profit to International Financial Reporting Standards increased 1.6-fold to 6.337 billion rubles.
Revenue was up 7% to 13.669 billion rubles. Revenue from gold sales was just under 13.647 billion rubles. Sales fell 10% but the ruble-price for gold increased 18%, the company said. Lanta-bank is the purchaser of GV Gold's precious metals.
GV Gold's gross debt for 2016 increased 29% to 9.296 billion rubles including the number of short-term loans rising 2.9-fold and long-term - 14%. Net debt increased 1.8-fold to 6.006 billion rubles.
GV Gold IFRS financial highlights 2016, '000 rubles:
| 2016 | 2015 | Change | |
| Revenue | 13 669 086 | 12 805 169 | 7% |
| - from gold sales | 13 646 686 | 12 783 854 | 7% |
| Cost of sales | (5 746 717) | (5 241 084) | 10% |
| Gross profit | 7 922 369 | 7 564 085 | 5% |
| Operating profit | 6 762 153 | 6 317 927 | 7% |
| Finance income | 1 786 423 | 163 420 | 993% |
| Finance cost | (547 873) | (1 232 148) | -56% |
| Pre-tax profit | 8 000 703 | 5 249 199 | 52% |
| Net profit | 6 414 805 | 4 089 339 | 57% |
| Total income | 6 373 102 | 4 184 783 | 52% |
| Net profit, attributable to shareholders | 6 376 768 | 4 090 326 | 56% |
| Adjusted EBITDA | 7 620 804 | 7 106 198 | 7% |
| Cash and cash equivalents | 3 290 486 | 3 929 746 | -16% |
| Gross debt | 9 296 436 | 7 184 869 | 29% |
| - long-term loans | 7 104 737 | 6 235 365 | 14% |
| - short-term loans | 2 045 510 | 708 365 | 189% |
| - obligations under finance lease | 146 189 | 241 139 | -39% |
| Net debt | 6 005 950 | 3 255 123 | 85% |
| Operating cash flow | 5 007 677 | 5 545 299 | -10% |
GV Gold is one of Russia's ten biggest gold producers. GV Gold chairman and Lanta Bank CEO Sergei Dokuchayev, company board director and Lanta Bank deputy CEO Natalya Opaleva and company board director and LT-Resurs CEO Valerian Tikhonov each own 20.36% of shares in GV Gold; BlackRock holds 17.99%; the European Bank for Reconstruction and Development (EBRD) owns 5.26%; Vladimir Kochetkov, a member of the GV Gold board of directors, owns 5.46%; Cyprus-based Brishurt Ltd owns 6.37%; Sergei Vasilyev holds 0.91%, and 2.95% of the shares are quasi-treasury.