Polyus Int'l ups operating profits 53% to $839 mln in 2011
MOSCOW. April 2(Interfax) - Polyus Gold International Ltd. increased its consolidated operating profits 53% to $838.654 million last year, the company reported.
Profits for the period increased 57% to $558 million, EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 55% to $1.11 billion, and sales revenues were up 37% at $2.34 million.
Analysts surveyed by Interfax just recently were expecting the company's net profits to have risen 92% to $639 after million minority interests. Guidance for sales revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization) were provided along with the year's production results.
A full financial report to International Financial Reporting Standards (IFRS) will be available on the company's website as of 11:00 a.m. London time.
Polyus Int. financial highlights ($1,000 unless otherwise indicated):
| 2011 | 2010 | % | |
| Sales revenue | 2 340 650 | 1 711 298 | 37% |
| Operating profit | 838 654 | 547 000 | 53% |
| Operating profit margin | 35% | 31% | 12% |
| Profit for year | 558 015 | 356 497 | 57% |
| Earnings per share - basic and diluted (US cents) | 16 | 11 | 45% |
| Net capex | 341 126 | 349 684 | (2%) |
| Gold output, 1,000 ounces | 1 497 | 1 381 | 8% |
| Gold sales, 1,000 ounces | 1 483 | 1 377 | 8% |
| Average realized price ($/oz) | 1 578 | 1 243 | 27% |
| EBITDA | 1 110 745 | 716 655 | 55% |
| EBITDA margin | 46% | 41% | - |
| Total cash cost per ounce sold ($/oz) | 661 | 554 | 19% |
The company has announced its General Director German Pikhoi has joined its board of directors. His predecessor until end-2010, Yevgeny Invanov, has departed the board and stepped down as Polyus Int. president.