LSE: MOEX: AIX: GOLD: $

Key performance indicators

Financial KPIS Operating KPIS Sustainability KPIS
Revenue
+19% (US$m)
Show details

Top-line indicator, heavily dependent on commodity prices but also driven by the delivery of production volumes.

In 2019, revenue increased by 19% year‑on-year to $2,246 million on the back of higher volumes and metal prices. Gold and silver sales were broadly in line with production volume trends and further supported by the release of working capital.

Total cash cost
0% (US$/GE oz)
Show details

High-grade, full capacity utilisation and continued operational improvement, as well as foreign exchange rates and oil price are the key drivers behind total cash cost (TCC) per ounce.

TCC was flat at $655/GE oz. The robust results at Kyzyl had a positive impact on costs, offsetting the impact of domestic inflation and planned GE grade decline at mature operations.

All-in sustaining cash cost
0% (US$/GE oz)
Show details

Our focus on high grade and low capital intensity ensures a low level of all-in sustaining cash costs (AISC).

AISC amounted to $866/GE oz and remained broadly unchanged. The robust results at Kyzyl had a positive impact on costs, offsetting the impact of domestic inflation and planned GE grade decline at mature operations.

Adjusted EBITDA
+38% (US$m)
Show details

Adjusted EBITDA provides an indicator of our ability to generate operating cash flows from the current business.

Adjusted EBITDA was $1,075 million, up 38% compared with 2018, on the back of higher production volumes, higher commodity prices and stable costs. The Adjusted EBITDA margin was at 48% (2018: 41.4%).

Free cash flow
+45% (US$m)
Show details

A key indicator in any business. Generating a healthy free cash flow enables us to provide significant cash returns for shareholders.

Despite investments in the Amursk POX debottlenecking and Kyzyl projects over the course of 2018 as well as start-up working capital at Kyzyl, the Company continued to generate meaningful free cash flow that amounted to US$ 176 million.

Dividends declared
+9% (US$/share)
Show details

Our aim is to deliver meaningful dividends to our shareholders at all stages of both the commodity cycle and our investment cycle.

In 2019, dividends of $385 million ($0.82 per share) were declared, including a special dividend of $94 million ($0.20 per ordinary share announced in January 2020).

Capital expenditure
+27% (US$m)
Show details

Our rigorous approach to all investment decisions ensures tight controls on capital expenditure, boosting the return on capital invested for shareholders and the sustainable development of the business.

Capital expenditure was $436 million, up 27% compared with 2018 and above the initial guidance of $380 million, due to accelerated pre-stripping and construction at Nezhda.

Underlying net income
+31% (US$m)
Show details

Underlying net income is a comprehensive benchmark of our core profitability, excluding foreign exchange gains/losses, impairments and one-off non-recurring items.

Underlying net earnings increased by 31% to $586 million on the back of higher operating profit.

Gold equivalent production
+9% (Koz)
Show details

Annual target for gold equivalent (GE) production is an indicator to the market of our confidence in delivering stable and reliable growth.

In 2019, annual GE production of 1,614 Koz, an increase of 3% over 2018, exceeded the original guidance for the eighth year in a row.

Ore reserves
+5% (Moz)
Show details

Extending mine life through near-mine exploration and new discoveries from greenfield exploration both contribute to the Company’s long-term growth prospects.

In 2019, the Company increased its ore reserves by 5% to 25.2 Moz of GE driven by successful exploration results with the subsequent re-evaluation at Kyzyl, Veduga, Kutyn and initial evaluation at Primorskoye.

Lost time injury frequency rate
-40% (LTIFR)
Show details

An improvement in the health and safety of employees at our operations is a key priority with a goal of zero fatalities.

Sadly, the Company did not reach its zero-fatalities target in 2019: safety performance deteriorated both in terms of frequency of lost-time injuries and the number of fatalities. LTIFR in 2019 amounted to 0.19 (2018: 0.09).

GHG emissions intensity
-7% (CO2 equivalent tonnes per 10 Kt of ore processed)
Show details

Reducing GHG emissions: we are taking steps to build a truly sustainable economy by measuring and disclosing our environmental impact.

We fully recognise that climate change will require us to be more carbon neutral. Polymetal aims to continuously improve energy efficiency at our mines and engage with business partners to enhance GHG transparency. In 2019, GHG intensity (scope 1 and scope 2) decreased by 1%.