Petropavlovsk H1 21 Earnings Preview - FCF remains negative on a lower sales volume hoh
-Lower gold sales volume hoh is forecasted to pin down shrinking top line and EBITDA hoh-Dip in EBITDA hoh should be amplified by the falling profitability on a lower gold price hoh
-After settlement of prepayments, NOCF does not cover capex, which leads to a negative FCF
-At the same time, a positive FCF is forecasted in H2 2021e, as the gold production expands
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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