Petropavlovsk Company News - 2H 19 FCF turning black, results driven by sales volumes and price
Yesterday, Petropavlovsk published its 2H and FY 2019 financial results as well as 1Q 2020 trading update. The financial results came fully in line with our estimates regarding revenue and EBITDA, with net profit in line with consensus. The latter in fact does not stay far from our estimate. EBITDA outpaced the consensus estimate due to the reclassification of deferred stripping. Overall, the results are considered as neutral, especially because the year 2020 is halfway through (delayed reporting), and the market is now looking into the companys 2020e performance and beyond.Petropavlovsk is engaged in the mining of precious and non-precious metals which require it to hold licences which permit it to explore and mine in particular areas in Russia. Co.'s reportable segments, which are aligned with its operating locations, are Pokrovskiy, Pioneer, Malomir and Albyn hard-rock gold mines which are engaged in gold and silver production as well as field exploration and mine development.
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