http://www.kitco.com/charts/livegold.html

cheers GF.

Canaccord Genuity Buy 235.85 235.50 800.00 590.00 Reiterates

POG is a SELL, SELL SELL

Annual Results

Highlights


2012 Results

n Total attributable gold production of 710,400oz, up 13% year-on-year and exceeding the target of 700,000oz;

n Total gold sales of 703,200oz up 4% year-on-year;

n Average realised gold price increased by 3%;

n Group revenue of c.US$1.4 billion - a c.9% increase on 2011;

n Unit costs per cubic metre of material moved and per tonne processed for 2012 were essentially unchanged across the Group;

n EBITDA US$487.7 million (US$597.1 million in 2011);

n Development and maintenance capital expenditure for the precious metals operations of US$408.2 million;

n EPS before exceptional items was US$0.54 (US$1.23 in 2011);

n Net debt at Period-end of US$1,063.3 million is in line with H1 2012 (US$1,056.1 million excluding IRC Limited, ("IRC")) compared to US$787.3 million as at 31 December 2011;

n Cash and cash equivalents at Period-end of US$159.2 million;

n At Period-end the Group had committed but undrawn loan facilities of US$153.2 million (excluding IRC);

n Exceptional items in the Period of $336.4m largely reflecting the write-down of IRC to fair value and other impairment charges; and

n Loss per share after exceptional items of US$0.85 (profit per share in 2011 of US$1.24).

2013 Outlook

n The Group's gold production target for 2013 is 760,000oz to 780,000oz, up 7% to 10% on 2012 production;

n Hedging arrangements undertaken in February 2013 in relation to c.400,000oz of gold guarantee a minimum revenue stream of c.US$664 million for the period ending March 2014;

n Group gold production for the first two months of 2013 in line with budget;

n The Group expects 2013 unit cash costs for all hard rock operations to remain approximately in line with 2012 levels;

n Development and maintenance capital expenditure for 2013 US$369 million;

n At a US$1,600/oz gold price, the Group expects net debt (excluding IRC ) for 2013 to remain broadly in line with the net debt position at the end of 2012 but decrease in 2014 in line with projected decrease in capital expenditure;

n Potential US$238 million investment in IRC by new shareholders announced in January 2013, IRC now treated as held-for-sale and expected to become an associate in 2013; and

n Final dividend of £0.07 per share proposed, comprising a £0.02 per share cash dividend and a £0.05 per share scrip dividend.

Note from SP Angel broker today:
"Petropavlovsk released an FY trading update in January so most of the headline numbers are not news – 710Koz gold production attributable (up 13%), revenues of US$1.4b based on a US$1,670/oz gold price and operating cashflow of US$270m (although that was guided for US$230m).

EBITDA was US$487m but after accounting for larger interest and tax charges, a financial loss and a number of exceptional write-downs, there was a 2012 FY loss of US$244m or 85c per share. Adjusted for the US$345m write down, profit was cUS$100m, in line with consensus expectations.

The debt position is cUS$1bn, in line with the same point last year.

Petropavlovsk is going through a transformational phase which should result in it becoming a larger producer, including of refractory ores. 2013 is the final year of major capex and net debt should be at current levels at year end.

From then on interest payments will fall and the balance sheet strengthen quickly, with the main risk (other than gold prices) probably commissioning and efficiency of the new refractory process. Given the effort (R&D investment) Petropavlovsk has put into the refractory business and its strong technical partner Outotec, we think the floation and POX plant will be a success. Production is guided for 760-780Koz in 2013."

sp in freefall atm.

seems to have been that way for a long time

All out today.

Westhouse Securities Buy 205.15 440.00 365.00 Retains
Societe Generale Buy 205.15 470.00 470.00 Reiterates
JP Morgan Cazenove Overweight 205.15 420.00 460.00 Reiterates

time to buy? or are the shorters going to win?

they've been winning for an awfully long time ... this is always the trouble (likelihood) when a stock falls from grace

.

Just gone long here.

Any target in mind? Miners out of fashion atm with lots of broker downgrades, though arguably now at fair value.

Just joined you Skinny.

240 initially - stop @180.

I bought @200.1, so potential yield @6% (if held).

RSI & MTM both turned up.

Who are they?

Relative Strength & Momentum on the chart above.

gone into kaz instead of pog, as kaz has a 12p div coming up on the 24th.,.

Time to add again.