ALROSA 3Q 20 - Positive results with WC effect pushing FCF above estimates
Today, Alrosa published its 3Q 20 IFRS financial results, which were in line with our estimates and consensus on revenue, EBITDA and net income. Higher-than-expected reduction of WC (payables and receivables) pushed NOCF and FCF highly above our estimates, despite a slightly higher-than-expected capex. We attribute this effect to sharper-than-average seasonality, but treat the results positively. The firm also finalised its 2020e production guidance at 30 mct and gave a 28-30 mct gap for 2021e. Finally, RUB 2 bn out of RUB 20 bn expected 2020e capex may be spent in 2021e.AK Alrosa PAO. AK Alrosa PAO (Aktsionernaya kompaniya ALROSA PAO or ALROSA Company PJSC), formerly AK Alrosa OAO, is a Russia-based company which is principally engaged in the exploration, mining, manufacture and sales of diamonds. Its operations include five Integrated Mining and Processing Complexes: Mirny, Udachny, Aikhal, Anabar and Nyurba located in the Sakha Republic; sorting divisions and diamond cutting and polishing division. The Company is a member of variable diamonds associations. It operates through several representative offices, branches and subsidiaries, including Alrosa-Nyurba OAO, Almazy Anabara OAO and Severalmaz OAO.
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