Revenue rose 35% to $3.7 billion on the back of record gold prices. The second half of the year will be even better.
Against the background of revenue growth, EBITDA increased by 32% to 2.6 billion, but the TSS is growing at an equally rapid pace to 653 dollars (54%) per ounce due to an increase in mineral extraction tax (the effect of high prices) and inflation of ruble costs (primarily salaries)!
On the negative side, I would like to note an 11% drop in gold production to 1,311 thousand ounces against the background of a planned reduction in production at the Olympics.
Sarekh doubled year-on-year to $ 932 million, due to active work at Sukhoi Log (X4 in terms of costs) and at the Olympics with Blagodatny and Kurany.
FCF amounted to: EBITDA 2.6 billion - Capex 0.9 billion - Choke effect 0.2 billion (the effect of the exchange rate on the background of a reduction in the DZ by 90 billion rubles in six months) - 1 billion in interest and taxes paid - 0.5 billion dollars. The situation in rubles is almost 100 billion rubles (the effect of exchange differences is 50 billion rubles).
Due to a deal to buy back a 30% stake from certain individuals in 2023, the company's net debt increased at that time, but by a happy coincidence, the debt was collected at fixed rates - now the average debt rate is 11%. By mid-2025, NET DEBT/EBITDA is 1 and will continue to decrease due to rising EBITDA (price effect!).
Dividends are 70 rubles (3%), which is equivalent to 30% of EBITDA, and we expect more in the second half of the year. A negative factor is the large CAPEX in the next two years, but it is interesting for the prospect of a long 3 years.
