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cheers GF.

Petropavlovsk Gold POG

RESULTS BEAT CONCENSUS EASILY.........

http://www.investegate.co.uk/Article.aspx?id=201203280700182191A

Concensus figures to beat in dollars
from Hemscott premium.........

Petropavlovsk PLC

FORECASTS 2011 2012
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Numis Securities Ltd
22-03-12 ADD 96.55
Edison Investment Research
29-02-12 None 196.92 70.46
Canaccord Genuity Ltd
17-02-12 BUY 241.28 97.78 6.98 221.60 87.62 8.25
Broker Name Withheld 3
21-10-11 BUY 283.71 102.77 10.20 339.82 116.93 10.20
Fairfax IS
20-10-11 BUY 134.00 18.80 163.00 19.30

2011

Pre-tax (£) EPS (p)
Consensus 223.57 91.33

In US dollars
Consensus 356.86 1.45

Annual Results.

FINANCIAL HIGHLIGHTS

n Group revenue of US$1.3 billion - more than double the 2010 Group Revenue (US$612 million), due to a 52% increase in gold sold, a 29% increase in the average realised gold sale price and a 374% increase in IRC's revenue;

n Group total cash costs for hard-rock assets of US$586/oz, represent a 7% increase compared to 2010, despite a 22% decrease in processed grades at Pokrovskiy and Malomir and strong inflationary pressures. This has been achieved as a result of increased efficiencies of operations, economies of scale, implementation of cost control measures and improved grades of ore mined and processed at Pioneer;

n Total cash costs per ounce at Pioneer decreased by 3% due to increased capacity and economies of scale and improvement in grades processed;

n Cash costs for alluvial production totalled US$1,167oz; 2011 alluvial production amounted to 14% of the Group's total gold output, compared to 16% in 2010;

n The Group's average realised gold price increased by 29%, from US$1,253/oz in 2010 to US$1,617/oz in 2011;

n Underlying EBITDA for the period was US$597.1 million, a substantial 205% increase on 2010;

n Earnings per share of US$1.24 increased more than ten times versus the 2010 figure, due to a 1066% increase in net profit for the period attributable to shareholders of Petropavlovsk from US$19.8 million in 2010 to US$230.9 million in 2011;

n During 2011, the Group carried out a review of its existing exploration and evaluation projects and recognized an impairment charge of US$42.1 million against certain mineral properties which are not considered economical;

n Adjusted earnings per share before impairment changes of US$1.46 increased almost four times versus the 2010 figure, again reflecting the increase in net profit for the period attributable to shareholders of Petropavlovsk PLC;

n On 7 February 2012, the Group disposed of its interest in the wholly-owned subsidiary Sever-Chrome for a total cash consideration of US$7.8 million;

n On 27 March 2012, the Board of Directors resolved to recommend a final dividend of £0.07 per share which is expected to result in the payment of £13.2 million;

n Net debt as at 31 December 2011 was US$787.3 million reflecting the increased capital expenditure during the year;

n As at 31 December 2011, the Group had committed but undrawn loan facilities of US$462.6 million in aggregate, including US$333.0 million available under an IRC facility;

n In March 2012 the Group entered into a new US$200 million 6 year loan facility with a Russian Bank.

Petropavlovsk PLC ("Petropavlovsk" or the "Company", or together with its subsidiaries "the Group") today issues its audited annual results for the period ended 31 December 2011 (the "Period").



FINANCIAL SUMMARY



YE 31 Dec 2011
YE 31 Dec 2010
Change

Gold produced (koz)
630
507
24%

Gold sold (koz)
676
445
52%

Group average gold price received
US$1,617/oz
US$1,253/oz
29%

Cash costs of hard rock mines*


US$586/oz
US$548/oz
7%

Total Group's cash costs*
US$662/oz
US$608/oz
9%

Group Revenue (US$m)
1,262.5
612.0
106%



Underlying EBITDA (US$m)


597.1
195.5
205%

Net Profit (US$m)


240.5


23.0




945%



Earnings per share (basic)(US$)
1.24
0.11
1,027%

Impairment charges (US$m)
(42.1)
(44.8)
n/a

Adjusted earnings per share (basic) before impairment charges (US$)


1.46


0.35


317%



Net Debt (US$m)
(787.3)
(171.1)
360%

Interim Dividend paid
£0.05
£0.03
67%

Final Dividend proposed
£0.07
£0.07
-


* Previous year numbers restated to reflect deduction of co-product (silver) revenue.



NOTES

Underlying EBITDA is the profit for the period before financial income, financial expenses, foreign exchange gains and losses, fair value changes, taxation, depreciation, amortisation and impairment. Reconciliation of profit for the year and underlying EBITDA is set out in note 37 to the financial statements.

Impairment charges are those detailed in note 6 to the financial statements.

Adjusted earnings per share (basic) before impairment charges is profit for the period attributable to equity holders of Petropavlovsk PLC before these impairment charges divided by the weighted average number of Ordinary Shares during the period.

Total attributable gold production, as stated throughout this document, is comprised of 100% of production from the Group's subsidiaries and, where applicable, the relevant share of production from joint ventures and other investments. Figures for the comparative period are restated accordingly. No attributable ounces are included in the Group's production figures from its c.1.1% interest in Rusoro Mining Ltd. The Company's direct and indirect interest in Pokrovskiy Rudnik (the holder of the Group's Pokrovskiy and Pioneer interests) is 98.61%. Cumulative gold production, as stated throughout this document, consists of gold physically recovered and gold in circuit. Accordingly, gold produced in the year consists of gold recovered during the period and

FINANCIAL HIGHLIGHTS

n Group revenue of US$1.3 billion - more than double the 2010 Group Revenue (US$612 million), due to a 52% increase in gold sold, a 29% increase in the average realised gold sale price and a 374% increase in IRC's revenue;

n Group total cash costs for hard-rock assets of US$586/oz, represent a 7% increase compared to 2010, despite a 22% decrease in processed grades at Pokrovskiy and Malomir and strong inflationary pressures. This has been achieved as a result of increased efficiencies of operations, economies of scale, implementation of cost control measures and improved grades of ore mined and processed at Pioneer;

n Total cash costs per ounce at Pioneer decreased by 3% due to increased capacity and economies of scale and improvement in grades processed;

n Cash costs for alluvial production totalled US$1,167oz; 2011 alluvial production amounted to 14% of the Group's total gold output, compared to 16% in 2010;

n The Group's average realised gold price increased by 29%, from US$1,253/oz in 2010 to US$1,617/oz in 2011;

n Underlying EBITDA for the period was US$597.1 million, a substantial 205% increase on 2010;

n Earnings per share of US$1.24 increased more than ten times versus the 2010 figure, due to a 1066% increase in net profit for the period attributable to shareholders of Petropavlovsk from US$19.8 million in 2010 to US$230.9 million in 2011;

n During 2011, the Group carried out a review of its existing exploration and evaluation projects and recognized an impairment charge of US$42.1 million against certain mineral properties which are not considered economical;

n Adjusted earnings per share before impairment changes of US$1.46 increased almost four times versus the 2010 figure, again reflecting the increase in net profit for the period attributable to shareholders of Petropavlovsk PLC;

n On 7 February 2012, the Group disposed of its interest in the wholly-owned subsidiary Sever-Chrome for a total cash consideration of US$7.8 million;

n On 27 March 2012, the Board of Directors resolved to recommend a final dividend of £0.07 per share which is expected to result in the payment of £13.2 million;

n Net debt as at 31 December 2011 was US$787.3 million reflecting the increased capital expenditure during the year;

n As at 31 December 2011, the Group had committed but undrawn loan facilities of US$462.6 million in aggregate, including US$333.0 million available under an IRC facility;

n In March 2012 the Group entered into a new US$200 million 6 year

Underlying EBITDA for the period was US$597.1 million, a substantial 205% increase on 2010;

EASILY beats concensous forecasts of $356.86 Hemscott Premium

EASILY beats concensous forecasts of $382.27 Digital Look

More inclined to use Hemscott as its a premium service and more up to date

this should see sp falling then :-)

Chin up Cyners.

BRIEF-Petropavlovsk net profit rises tenfold
28 Mar 2012 - 07:05

MOSCOW, March 28 (Reuters) - Petropavlovsk PLC :

* Auto alert - Petropavlovsk PLC total dividend up 20 percent to 12

pence per share

* Auto alert - Petropavlovsk PLC final dividend 7 pence per share

* Net profit (us$m) 240.5

* Says first half EBITDA is underlying EBITDA for the period was US$597.1

million, a substantial 205% increase on 2010; dollars, versus 111 million in

2009

* Net debt as at 31 December 2011 was US$787.3 million

* The group's attributable gold production for 2012 is currently estimated at

680,000oz

(Moscow Newsroom, + 7 495 775 12 42, moscow.newsroom@reuters.com)

UPDATE 1-Petropavlovsk says 2011 profit rose tenfold
28 Mar 2012 - 07:19

(Adds deetail)

* Full year net profit $240.5 million

* Final dividend set at 7 pence a share

* Revenue more than doubled to $1.3 bln


MOSCOW, March 28 (Reuters) - Russia-focused gold miner Petropavlovsk posted a tenfold increase in 2011 net profit to $240.5 million on Wednesday thanks to higher prices and a 52 percent increase in the amount of gold it sold.

The company, which operates four open-pit mines in the Russian far east, said revenue more then doubled in the period to $1.3 billion, while setting the final dividend at 7 pence a share.

Petropavlovsk reiterated a forecast made in January that it would produce 680,000 ounces of of gold in 2012 -- around 8 percent up on last year. [ID:nL5E8CQ0MZ]

Shares in the miner have slid nearly 14 percent in the month to date and are now just 0.65 percent up in 2012, valuing the group at around $1.86 billion.

The price of gold , widely seen as a safe haven for investors in uncertain times, has slid after an early-year rally pushed it two three month highs of $1,790 in February.

It was trading at around $1,676 an oz at 0715 GMT.


(Reporting By John Bowker, Editing by Douglas Busvine)

((john.bowker@thomsonreuters.com)(+7 916 705 6111))

Keywords: PETROPAVLOVSK/

Summary from DJ:

"Petropavlovsk 2011 Net Profit $240.5M, Up From $23M In 2010
MOSCOW (Dow Jones)--Petropavlovsk PLC (POG.LN), which produces gold in Russia's Eastern region, said Wednesday its 2011 full-year net profit increased tenfold on higher production and higher sale prices, and despite some growth in the cash costs.

MAIN FACTS:

-Net profit at $240.5 million, compared with $23.0 million in 2010.

-Revenue at $1.26 billion, more than doubled from $612.0 million in 2010.

-Earnings before interest, tax, depreciation and amortization, or Ebitda, at $597.1 million, increasing three-fold on-year from $195.5 million.

-Petropavlovsk 2011 gold production is 630,000 Troy ounces from 570,000 oz in 2010.

-Petropavlovsk 2011 average gold price is $1,617/Oz from $1,253/oz in 2010.

-Petropavlovsk 2012 gold production estimated at 680,000 oz, does not fully provide for the expansions of the Pioneer and Albyn mines scheduled for 2H 2012.

-Petropavlovsk may review its 2013 -2016 gold production outlook upwards.

-By Alexander Kolyandr, Dow Jones Newswires"

Wow shooting up.

Petropavlovsk likely to up 2012 gold target - chairman
28 Mar 2012 - 08:12

MOSCOW, March 28 (Reuters) - Russia focused gold miner Petropavlovsk is likely to increase its 2012 gold production target during the course of the year as more production capacity comes into operation, chairman Peter Hambro told Reuters.

"That is a reasonable assumption," he said, when asked whether the target of 680,000 ounces in 2012 would be increased some time before the year end.

Petropavlovsk, which operates mines in Russia's far east, made the 680,000 oz forecast in January and reiterated it on Wednesday. The result would represent an 8 percent increase in 2011 output.


(Reporting By John Bowker; editing by Megan Davies)

((john.bowker@thomsonreuters.com)(+7 916 705 6111))

Keywords: PETROPAVLOVSK/

Petropavlovsk doubles revenue in 2011
By Benjamin Chiou

Wed 28 Mar 2012

POG - Petropavlovsk

Latest Prices
Name Price %
Petropavlovsk 648.00p +4.52%

LONDON (SHARECAST) - FTSE 250 Russia-focused gold miner Petropavlovsk managed to double revenue in 12 months ended December 31st, helped by soaring metals prices and a ramp-up in production.

Revenue jumped 106% from $612m to $1,262.5m, beating consensus estimates of around $1,228m. This was a result of a 52% increase in gold sold, a 29% rise in the average realised gold sale price (to $1,617/oz) and a 374% jump in revenue from Hong Kong-based iron ore producer IRC in which Petropavlovsk has a 65.6% stake.

"This is the first annual report in which we can measure our financial success in billions of dollars…In order to achieve this we moved record volumes of material, processed record amounts of ore and sold record amounts of gold at record prices," said Chairman Peter Hambro.

Underlying earnings before interest, tax, depreciation and amortisation surged 205% from $195.5m to $597.1m. Pre-tax profit jumped from $69.2m to $361.3m, beating the $381m estimate.

"Tight cost control and high gold price during the year have yielded record operating cash flows which, together with our substantial borrowing powers, allow us to complete our expansion programme," Hambro said.

While the final dividend per share (DPS) was left at 7p, an increase in the DPS at the interim stage meant that the final payout totalled 12p, up from 10p in 2010.

Meanwhile, net debt surged from $171.1m to $787.3m during the period reflecting an increase in capital expenditure.


BULLISH OUTLOOK FOR GOLD PRODUCTION


Gold production increased by 24% year-on-year from 507koz to 630koz and this is expected to rise a further 8% to 680koz in 2012, a forecast that the group admits is "conservative". The company said that the target does not account for expansions of the Pioneer and Albyn scheduled for the second half.

The firm also remained bullish for future production growth beyond 2012, saying that it expects to change previous estimates for output between 2013 and 2016 due to a substantial increase in capacities.

Shares jumped 4.52% to 648p in early trading on Wednesday.

BC

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=19986930

ubs and credit suisse cut pog rating - oh goodee!

That will be 6 quid.

Has gone sub 550p in the last year which is a bit of a grind. Another stock I am going to have to sit on and wait for a comeback! :o(

.

29.March: JP Morgan reiterates: Overweight - Lowers TP to 820p from 1040p.

UBS downgrade: Neutral from Buy. TP lowered to 650p from 1070p.

That's one hell of a change of stance from UBS!