WOOD Flash – Polyus: 1Q20 financial results – EBITDA in line, but production guidance risk
Polyus reported its 1Q20 financial results this morning (1 June). The EBITDA was 1% ahead of the Interfax consensus and the FCF was 37% above our forecast, due to lower-than-expected capex and a USD 38m working capital release. Higher gold prices were offset by much lower sales volumes (-39% qoq) and higher cash costs (+16% qoq), resulting in a 33% qoq decline in the EBITDA and a 32% drop in the FCF from the record highs of 4Q19. There was a large USD 408m net loss, due to the USD 339m loss on FX and the USD 534m loss on derivatives, but these are one-off, non-cash items, which are unlikely to move the stock, especially as Polyus has now closed out its gold hedging positions.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
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