Gold miner Seligdar sees 9M EBITDA shrink 36% to $35 mln
MOSCOW. Dec 30 (Interfax) - The Seligdar gold mining holding saw its earnings before taxes, depreciation and amortization (EBITDA) plummet 36% year-on-year in January-September to $34.665 million, the company said.
Sales revenue to International Financial Reporting Standards (IFRS) fell 22% year-on-year to $103.224 million, including $101.234 million from the sale of gold, down 13%. Sberbank is currently the only buyer of Seligdar's gold.
Cost of sales fell 12% year-on-year to $74.287 million.
The company had net losses of $20.978 million in 9M 2014, compared with profit a year previously.
OJSC Seligdar financial highlights, $ '000:
| 9M 2014 | 9M 2013 | change | |
| Sales revenue | 103 224 | 132 787 | -22% |
| EBITDA | 34 665 | 54 362 | -36% |
| Cost of sales, not including license amortization | (74 287) | (84 738) | -12% |
| Amortization of licenses | (7 915) | (8 216) | -4% |
| Gross profit | 21 022 | 39 833 | -47% |
| Operating profit | 12 743 | 30 739 | -59% |
| Profit (loss) before tax | (27 213) | 11 034 | - |
| Net profit (loss) | (20 978) | 11 573 | - |
| Comprehensive income | (76 193) | (11 705) | 551% |
| Net profit (loss) attributable to shareholders | (20 891) | 11 664 | - |
| Loss per share | (0,034) | 0,007 | - |
Total debt fell 4% during 9M 2014 to $168.59 million. As of September 30, long-term credits totaled $162.384 million, up 59% since the start of the year, and short-term credits just $6.206 million, down 12%. Sberbank is also the company's main creditor.
Free cash flow grew 10-fold during 9M 2014 to $4.178 million.
Seligdar trades on the Moscow Exchange . The company has said its shareholders are the Russkiye Fondy investment group with 40%, management with 30% and Russian and foreign portfolio investors with 30% also.
The Seligdar group was created in 2008 from a cooperative of gold prospectors of the same name and includes 13 enterprises in Yakutia, Altai territory, Buryatia, Orenburg region and Khabarovsk territory. The group holds licensed to 28 alluvial and hardrock gold deposits, 13 of which are under production, and is among Russia's 15 largest gold mining companies by output. Consolidated gold production totaled 3.67 tonnes, or 118,000 ounces, in 2013.
Net profit to IFRS was $18.6 million in 2013, sales revenue - $164 million and EBITDA - $66.6 million.