Highland Gold EBITDA grows 22% to $162.5 mln in 2016
MOSCOW. April 10 (Interfax) - Highland Gold Mining Ltd. reported earnings before interest, tax, depreciation and amortization (EBITDA) up by 22% to $162.491 million in 2016.
VTB capital had forecast that HGM would post EBITDA at the level $168 million.
The company said it had a net profit to IFRS of $47.909 million in 2016, compared to a loss of $10.019 million in the previous year. Net profit after impairment rose by 170% to $70.741 million.
All of the impairment losses for 2016 - $22.832 million - relate to the Belaya Gora project in Khabarovsk territory, as a result of changes to the mine plan and higher prospective capital expenditure, HGM said.
The company's board is recommending final dividends for 2016 in the amount of 5.4 pence per share. Combined with interim dividends for the first half of 2016, this will total 10.4 pence, up by 130% from 4.5 paid out for 2015.
The ratio net debt to EBITDA declined to 1.26 from 1.74. Net debt was down 11% to $205.465 million.
HGM financial highlights ($ mln unless indicated otherwise):
| Indicator | 2016 | 2015 | Change |
| Revenue | 305.901 | 276.175 | 11% |
| Operating profit | 69.361 | 22.413 | 209% |
| EBITDA | 162.491 | 133.317 | 22% |
| EBITDA margin | 53.1% | 48.3% | 4.8 pps. |
| Net profit /(loss) | 47.909 | (10.019) | - |
| Net profit before impairment losses | 70.741 | 25.963 | 172% |
| Net cash inflow from operations | 136.164 | 105.603 | 29% |
| Capital expenditure | 59.349 | 42.195 | 41% |
| Net debt | 205.465 | 231.442 | -11% |
| TCC, $/oz | 454 | 480 | -5% |
| AISC, $/oz | 652 | 640 | 2% |
| Average realized price, $/oz gold equivalent | 1136 | 1062 | 7% |