Polymetal Share Discussion Threads

[jl5006] 19/2/2024 19:24

Thank you Sign1.
A less cloudy picture.

[sign1] 19/2/2024 19:01

Intragroup debt of $1.151b arose from the debt pushdown from the topco (holding company level) to subsidiary level (POLY R). As of today POLY INTL owes POLY R the said amount, while POLY R owes the external creditors $2.2b. For the avoidance of doubt: it’s not on top of $2.2b, it’s part of $2.2b. The reason why IGD isn’t reported is because IFRS uses consolidation basis for reporting. It only records the aggregate number of external liabilities, which is ~$2.4b (~2.2b in RU and ~0.2b in KZ) in our case. If we were to publish standalone KZ business accounts – only then IGD would have been visible. On consolidated basis we reported $170m of debt to external parties, because that’s how much POLY K owed and still owes to the creditors. POLY K and POLY R were never split in the accounting sense, because there’s no basis for it. Assets are still under one roof: POLY INT. Following the designation in May 23 we continued to report consolidated numbers, because that’s what IFRS requires. We added some of the reporting lines for KZ and RU for the benefit of investors to see what the country breakdown is along different lines of the i/s and b/s but the basis for reporting remained consolidated.
While I understand that stated $3.7b EV of POLY R is confusing, if seen from the pov of the seller (not the buyer) the IGD of POLY K to POLY R is real, and must be extinguished. That’s why the buyer will upstream $1.479b from POLY R to POLY K, with POLY K returning $1.151b to settle IGD to POLY R and keeping the balance as cash proceeds from the sale. The difference in numbers is tax.

[geckotheglorious] 19/2/2024 17:10

jl5006

One thing America isnt is worse than Russia.
America has declined though since the 70s and the ending of gold standard and the rise of Fed/Deep State.

But a Communist country is far far worse.

[jl5006] 19/2/2024 16:10

5xy u ignore the multitude of atrocities committed by USA - cant understand that US is worse than Russia - about which u know so very little apart from the media slants and limited FACTS.
Phps some of our MPs should be put in the stocks.
Trust no one - least of all the media.

[xxxxxy] 19/2/2024 15:13

Remember Salisbury.

[xxxxxy] 19/2/2024 15:12

Made in Russia.... Murder and War Crimes...Not over until Putin and his Gangsters are in the Hague court.

[xxxxxy] 19/2/2024 15:11

Alexei Navalny was killed by Novichok, his widow claimsYulia Navalnaya accuses Russian authorities of blocking family from seeing body while nerve agent traces disappear from his system... Daily Telegraph

[sign1] 19/2/2024 09:59

Pre payment for Russian POX use.
Basically shipping ore to Russia at a cost. Process it for five year's paid for out of sale. Ship it back at a cost.
Awful arrangement but it's either that or nothing. You ain't getting the proceeds in cash. So this is the next best thing.
Should move up the EBITDA at least in Kazakhstan.

[k1ssxofxdeath] 19/2/2024 08:10

First reactions:

$3.69 billion is indeed considerably more than the net debt which is $2.5bn

There is a strange "intra-group" debt payment which appears to wipe out most of the excess over net debt though. Thats confusing.

What should post Russia Poly be trading at?

It was a third of the business before the invasion so roughly $5-6 per share plus it had, presumably, a third of the debt so EV should be about $7-8. If it is now net cash then really it should be trading at double its current levels.

Thoughts?

[geckotheglorious] 19/2/2024 07:44

Cheers for the update KissofDeath.

[geckotheglorious] 19/2/2024 07:44

masergt
Post 21544
Are Gecko and 1knocker the same person?

What a bizarre question.

I'm not an anti semite, which 1knocker clearly is.

I thought you had me filtered(youve childishly announced such twice!) yet here you are still reading my posts.

[jl5006] 18/2/2024 17:17

5xy
U are rather like Arja on the Lloy BB
Do u live in a hobbit cave or do u see real life.
U think Russia is a bad boy - too young to know what napalm bombs did to the Vietnamese.
U also need to remember the atom bomb on Japan.
Sadly u fail to understand the intrusion into the Minsk agreement by USA.
Invested or just rabbiting on for want of s'thing better.
And u think BBC is an objective reporter? Do grow some!

[xxxxxy] 17/2/2024 21:36

Learn the lessons... Never invest in Russia again.Ditto China.

[xxxxxy] 17/2/2024 21:22

Russia is the UNCIVILISATION.Putin is a murderer and War Criminal.

[masergt] 17/2/2024 20:29

Are Gecko and 1knocker the same person?

[1knocker] 17/2/2024 19:17

Russian nuclear weapons in space? Has Sleepy Joe been talking to the Martians about joining NATO?

[xxxxxy] 17/2/2024 08:14

Putin is a murderer and War Criminal. He has to face trial.

[xxxxxy] 16/2/2024 13:25

Made in Russia. LiesMade in Russia. TerrorismMade in Russia. MurderMade in Russia. TortureMade in Russia. MenaceMade in Russia. WAR CRIMESThe list goes on, and isn't over until Putin and his Gangsters are in the Hague Court.

[xxxxxy] 16/2/2024 13:24

Alexei Navalny, the chief foe of Vladimir Putin's regime, has died in prison.The prominent Russian opposition politician "felt ill" on Friday after a walk, "almost immediately lost consciousness" and died soon after, prison authorities said..... Daily Telegraph

[31337 c0d3r] 16/2/2024 12:06

RIP Alexei Navalny, murdered by Putler. An eye for an eye. Putler will pay.

[zangdook] 16/2/2024 11:31

I hear Russia's Tommy Robinson is no more.