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Pjsc Polyus S LSE:PLZL London Depository Receipt
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PJSC Polyus Financial results for the second quarter of 2019

06/08/2019 7:30am

UK Regulatory (RNS & others)


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RNS Number : 0542I

PJSC Polyus

06 August 2019

Press Release 06 August 2019

PJSC Polyus

Financial results for the second quarter of 2019

PJSC Polyus (LSE, MOEX - PLZL) ("Polyus", the "Company", and together with the Company subsidiaries, the "Group") has today released its consolidated financial results for the second quarter of 2019.

Key highlights

1. Total gold sales volumes amounted to 685 thousand ounces, up 20% compared to the first quarter of 2019.

2. Revenue for the second quarter was $897 million, up 19% compared to $751 million in the previous quarter, driven by a higher volumes of refined gold output and an increase in flotation concentrate sales to 57 thousand ounces, compared to 22 thousand ounces in the first quarter of 2019.

3. The group's TCC for the second quarter amounted to $352 per ounce, down 2% compared to $358 per ounce in the first quarter, primarily due to an improved performance at Olimpiada with a higher average grade in ore processed and higher sales of antimony-rich flotation concentrate.

4. Adjusted EBITDA for the second quarter was $604 million, up 24% compared to $488 million in the previous quarter, driven by higher gold sales volumes and lower TCC per ounce during the reporting period.

5. Adjusted net profit amounted to $365 million, representing a 50% increase from the first quarter.

6. Net cash generated from operations was $451 million in the second quarter, compared to $438 million in the previous quarter.

7. Capital expenditures ("capex") amounted to $154 million, a 56% increase on the previous quarter, reflecting higher capex across all of the group's business units.

8. The net debt/adjusted EBITDA ratio increased to 1.7x compared to 1.5x as at the end of the first quarter 2019, reflecting the growth in the net debt in the second quarter of 2019.

Dividend update

The Company's Board of Directors intends to recommend the dividends for the first half of 2019 ended 30 June 2019 in the total amount of $328 million, representing 30% of the Company's EBITDA for the first half of 2019, in line with the Company's dividend policy. The rouble denominated dividend per share is expected to be announced on the 22nd of August. Based on the current number of shares (excluding treasury stock) dividend amount is expected to be $2.46 per ordinary share or $1.23 per depositary share. The dividend record date is expected to be in October 2019.

Pavel Grachev, Chief Executive Officer of PJSC Polyus, commented:

"Polyus delivered a solid operational and financial performance in the second quarter of 2019, with quarterly EBITDA reaching a new record high.

With TCC decreasing to $352 per ounce in the second quarter, Polyus is firmly on track to meet its cost guidance for 2019 of below $425 per ounce.

Polyus remains rigorously focused on pursuing organic growth opportunities within its existing asset portfolio. The Company reiterates its guidance of approximately 2.8 million ounces of gold output in 2019."

Comparative financial results

 
 $ million (if not mentioned               1Q               2Q                         1H 
  otherwise)                    2Q 2019    2019   Q-o-Q     2018   Y-o-Y    1H 2019    2018   Y-o-Y 
                                        Operating highlights 
 Gold production (koz)[1]         684      601     14%      602     14%      1,285    1,109    16% 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Gold sold (koz)                  685      570     20%      531     29%      1,255     990     27% 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
                                           Realised prices 
 Average realised refined 
  gold price 
  (excluding effect 
  of SPPP) ($/oz)[2]             1,314    1,308     0%     1,300     1%      1,311    1,317     0% 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Average realised refined 
  gold price 
  (including effect 
  of SPPP) ($/oz)                1,314    1,308     0%     1,300     1%      1,311    1,317     0% 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
                                        Financial performance 
 Total revenue                    897      751     19%      692     30%      1,648    1,309    26% 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Operating profit                 506      396     28%      385     31%       902      717     26% 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Operating profit margin          56%      53%    3 ppts    56%    0 ppts     55%      55%    0 ppts 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Profit for the period            419      528    (21%)     114     N.A.      947      358     N.A. 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Earnings per share 
  - basic (US Dollar)            3.13     4.02    (22%)    0.83     N.A.      7.14     2.70    N.A. 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Earnings per share 
  - diluted (US Dollar)          3.15     4.00    (21%)    0.74     N.A.      7.14     2.54    N.A. 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Adjusted net profit[3]           365      243     50%      457    (20%)      608      680    (11%) 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Adjusted net profit                                                (25)                       (15) 
  margin                          41%      32%    9 ppts    66%     ppts      37%      52%     ppts 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Adjusted EBITDA[4]               604      488     24%      457     32%      1,092     844     29% 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Adjusted EBITDA margin           67%      65%    2 ppts    66%    1 ppts     66%      64%    2 ppts 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Net cash flow from 
  operations                      451      438      3%      376     20%       889      637     40% 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Capital expenditure[5]           154       99     56%      219    (30%)      253      401    (37%) 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
                                             Cash costs 
 Total cash cost (TCC) 
  per ounce sold ($/oz)[6]        352      358     (2%)     345      2%       355      363     (2%) 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 All-in sustaining cash 
  cost (AISC) 
  per ounce sold ($/oz)[7]        584      589     (1%)     584      0%       586      620     (5%) 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
                                         Financial position 
 Cash and cash equivalents       1,249    1,561   (20%)     908     38%      1,249     908     38% 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Net debt[8]                     3,639    3,011    21%     3,208    13%      3,639    3,208    13% 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 Net debt/adjusted EBITDA 
  (x)[9]                          1.7      1.5     13%      1.8     (6%)      1.7      1.8     (6%) 
                               --------  ------  -------  ------  -------  --------  ------  ------- 
 

Total Cash Costs

In the second quarter, the group's TCC decreased 2% to $352 per ounce compared to the previous quarter due to improved performance at Olimpiada with higher average grade in ore processed (4.03 grams per tonne in the second quarter compared to 3.76 grams per tonne in the first quarter) and higher sales of antimony-rich flotation concentrate, which resulted in an increase in by-product credit ($12 per ounce in the second quarter compared to $7 per ounce in the first quarter). In addition, an increase in the share of lower cost flotation concentrate in total gold sales positively impacted costs performance.

Improved TCC at Natalka, mainly due to an increase in hourly throughput (1,430 t/h in the second quarter compared to 1,306 t/h in the first quarter), also positively impacted the group's TCC during the reporting period. All of these factors were partially offset by the seasonal start of the structurally higher cost alluvial operations and local currency appreciation of 2% during the reporting period.

TCC performance by mine, $/oz

 
                 2Q 2019   1Q 2019 
 Olimpiada         297       304 
                --------  -------- 
 Blagodatnoye      395       393 
                --------  -------- 
 Verninskoye       362       343 
                --------  -------- 
 Alluvials         783        - 
                --------  -------- 
 Kuranakh          524       533 
                --------  -------- 
 Natalka           372       422 
                --------  -------- 
 

In the second quarter, TCC at Olimpiada decreased to $297 per ounce, down 2% compared to the first quarter. This decline was driven by a higher average grade in ore processed (4.03 grams per tonne in the second quarter compared to 3.76 grams per tonne in the first quarter) as well as an increase in recovery rate from 80.8% to 82.1% compared to the first quarter of 2019. A higher share of lower cost flotation concentrate in total gold sold during the quarter and higher sales of antimony-rich flotation concentrate, which resulted in an increase in by-product credit ($23 per ounce in the second quarter compared to $15 per ounce in the first quarter), also contributed to the improved cost performance. These factors were partially offset by higher maintenance expenses, with Mill No.3 undergoing scheduled maintenance in May 2019.

At Blagodatnoye, TCC amounted to $395 per ounce, up 1% compared to the first quarter, as higher average grade in ore processed (1.61 grams per tonne in the second quarter compared to 1.57 grams per tonne in the first quarter) was offset by local currency appreciation.

TCC at Verninskoye amounted to $362 per ounce, up 6% compared to the first quarter due to the higher average cost of ore stockpiles, following changes in the mining sequence and local currency appreciation in the reporting period.

At Kuranakh, TCC declined to $524 per ounce, a 2% decrease compared to the first quarter mainly due to higher average grade in ore processed at the Kuranakh Mill (1.23 grams per tonne in the second quarter compared to 1.22 grams per tonne in the first quarter) in the reporting period.

TCC at Alluvals stood at $783 per ounce reflecting the start of the washing season in April 2019.

At Natalka, TCC decreased 12% to $372 per ounce compared to the first quarter, primarily due to a 9% increase in hourly throughput (1,430 t/h in the second quarter compared to 1,306 t/h in the first quarter). In addition, lower power expenses driven by the decrease in power tariff also contributed to the improved cost performance. This performance was partially offset by lower average grade in ore processed (1.56 grams per tonne in the second quarter compared to 1.78 grams per tonne in the first quarter), reflecting a temporary increase of lower-grade content in the ore feed.

All-in sustaining costs (AISC)

In the second quarter, the group's AISC decreased to $584 per ounce, down 1% compared to the first quarter, trending in line with TCC per ounce.

All-in sustaining costs by mine, $/oz

 
                 2Q 2019   1Q 2019 
 Olimpiada         485       521 
                --------  -------- 
 Blagodatnoye      582       599 
                --------  -------- 
 Verninskoye       662       597 
                --------  -------- 
 Alluvials        1,084       - 
                --------  -------- 
 Kuranakh          736       722 
                --------  -------- 
 Natalka           658       566 
                --------  -------- 
 

In the second quarter, AISC at Olimpiada decreased to $485 per ounce, in line with TCC performance during the period. AISC at Blagodatnoye decreased to $582 per ounce, primarily due to the lower stripping and SG&A expenses in the reporting period. AISC at Verninskoye increased to $662 per ounce, while AISC at Kuranakh increased to $736 per ounce, both reflecting higher sustaining capital expenditures for the period. AISC at Natalka increased to $658 per ounce driven by higher stripping expenses and sustaining capital expenditures during the period.

Capex

In the second quarter of 2019, capital expenditures ("capex") increased to $154 million, from $99 million in the first quarter of 2019. This growth reflects higher capex spending across all business units.

Capital expenditures at Natalka amounted to $48 million in the second quarter compared to $23 million in the previous period, reflecting progress on construction works at the Natalka Mill's auxiliary and infrastructure facilities. This includes dam filling at a new tailings facility, the construction of water intake wells and the installation of power supply systems at the fuel storage facility. The Company also completed the installation of tanks at the fuel storage facility during the reporting period.

The Company is continuing to work on achieving a gradual increase in recovery at Natalka. In the reporting period, Polyus introduced two additional concentrators at the first stage of gravity separation and commissioned a CIC column and the fourth stage of gravity concentration.

Polyus plans to further debottleneck the first stage of gravity concentration by introducing a further two Knelson concentrators. The Company has also approved the roll out of flash flotation technology at the Natalka Mill and anticipates the commissioning of flash flotation units in 2020.

At Olimpiada, capital expenditures amounted to $35 million in the second quarter compared to $25 million in the first quarter. The Company continued its expansion of throughput at the mills to 13.4 mtpa as well as the upgrade of its mining fleet. In the reporting period, grade control drilling at the Vostochny pit increased significantly compared to the previous quarter.

At Blagodatnoye, capital expenditures amounted to $12 million in the second quarter compared to $6 million in the first quarter. The Company proceeds with the mill expansion project to reach throughput capacity of 9.0 million tonnes per annum. This includes the replacement of pumps at hydrocyclones, upgrade of the milling circuit as well as the engineering and design of tailings storage facility.

At Verninskoye, capital expenditures amounted to $15 million in the second quarter compared to $11 million in the first quarter due to the procurement of a TZ WK20 shovel and higher maintenance capital expenditures in the reporting period.

At Kuranakh, capital expenditures increased to $10 million in the second quarter compared to $4 million in the first quarter. Polyus completed the construction of an additional ore feeder and commissioned a thickener during the reporting period. Further mill's throughput expansion to 5.8 mtpa is expected to be completed in 2020.

At Alluvials, capital expenditures amounted to $6 million in the second quarter and consisted of ongoing replacement of worn-out equipment as well as the exploration activity.

IT-related capital expenditures amounted to $9 million. The Company continues to implement the ERP programme and other IT related projects.

Capital expenditures at Sukhoi Log totaled $8 million. Polyus is proceeding with the Pre-feasibility study. In the reporting period, the Company progressed with trade-off studies and together with international consultants, finalized studies on comminution, gravity and flotation circuits as well as the Mill's optimal throughput capacity. In addition, the Company completed trade-off studies on mining equipment.

At the end of the second quarter of 2019, the Company had completed approximately 90% of the planned 223 thousand meters drilling campaign at Sukhoi Log. Following the completion of drilling activities, Polyus will focus on finalizing the assaying of samples and further data analytics. In line with the initial schedule, the Company expects to provide an update on Measured & Indicated Mineral Resources along with a Maiden estimate of Proven & Probable Ore Reserves for Sukhoi Log in the first half of 2020.

Capex breakdown[10]

 
                                     2Q      1Q 
 $ million                           2019    2019   Q-o-Q   1H 2019   1H 2018    Y-o-Y 
 Natalka, including 
                                   ------  ------  ------  --------  --------  -------- 
    Purchase of equipment             -       -      N.A.      -         91      (100%) 
                                   ------  ------  ------  --------  --------  -------- 
   Capitalisation of borrowing 
    costs                              -      -      N.A.      -         47      (100%) 
                                   ------  ------  ------  --------  --------  -------- 
   Operating costs                    -       -      N.A.      -         25      (100%) 
                                   ------  ------  ------  --------  --------  -------- 
   Net proceeds from selling 
    gold produced during the 
    ramp-up period                    -       -      N.A.      -        (17)    (100%) 
                                   ------  ------  ------  --------  --------  -------- 
 Natalka, total                       48      23     N.A.      71       146      (51%) 
                                   ------  ------  ------  --------  --------  -------- 
 Olimpiada                            35      25     40%       60       100      (40%) 
                                   ------  ------  ------  --------  --------  -------- 
 Blagodatnoe                          12      6      100%      18        51      (65%) 
                                   ------  ------  ------  --------  --------  -------- 
 Verninskoye                          15      11     36%       26        19       37% 
                                   ------  ------  ------  --------  --------  -------- 
 Alluvials                            6       5      20%       11        14      (21%) 
                                   ------  ------  ------  --------  --------  -------- 
 Kuranakh                             10      4      N.A.      14        23      (39%) 
                                   ------  ------  ------  --------  --------  -------- 
 Sukhoi Log                           8       6      33%       14        9        56% 
                                   ------  ------  ------  --------  --------  -------- 
 IT capex                             9       9       -       18        13        38% 
                                   ------  ------  ------  --------  --------  -------- 
 Other[11]                            11      10     10%       21        26      (19%) 
                                   ------  ------  ------  --------  --------  -------- 
 CAPEX                               154      99     56%      253       401      (37%) 
                                   ------  ------  ------  --------  --------  -------- 
 Omchak electricity transmitting 
  line                                6       7     (14%)      13        17      (24%) 
                                   ------  ------  ------  --------  --------  -------- 
 Items capitalised[12], net           41      40     3%        81        15      N.A. 
                                   ------  ------  ------  --------  --------  -------- 
 Change in working capital 
  for purchase property, plant 
  and equipment                      (6)      7     N.A.       1        (18)     N.A. 
                                   ------  ------  ------  --------  --------  -------- 
 Purchase of PP&E[13]                195     153     27%      348       415      (16%) 
                                   ------  ------  ------  --------  --------  -------- 
 

In the second quarter, the total cash amount spent on the purchase of PP&E increased to $195 million, compared to $153 million in the previous quarter. This mainly reflects the respective increase in total capital expenditures outlined above. Other investing activities in the second quarter include $12 million of interest received.

http://www.rns-pdf.londonstockexchange.com/rns/0542I_1-2019-8-6.pdf

http://www.rns-pdf.londonstockexchange.com/rns/0542I_2-2019-8-6.pdf

Conference call

PJSC Polyus (LSE, MOEX - PLZL) will report its financial results for the second quarter of 2019 on 6 August 2019.

A conference call for investors and analysts hosted by Mikhail Stiskin (Senior Vice President, Finance and Strategy) will be held on 6 August 2019 at 11.00 (London) / 13.00 (Moscow).

To join the conference call, please dial:

Conference ID: 24065747#

UK

+44 207 194 37 59 (Local access)

0800 376 61 83 (Toll free)

USA

+1 646 722 49 16 (Local access)

844 286 06 43 (Toll free)

Russia

+7 495 646 93 15 (Local access)

8 800 500 98 63 (Toll free)

To access the replay, please dial:

Passcode: 418867543#

UK

+44 20 3364 5147 (Local access)

USA

+1 (646) 722-4969 (Local access)

Russia

+7 (495) 249-16-71 (Local access)

Polyus

Polyus is the largest gold producer in Russia and one of the top ten gold miners globally with the lowest cost position. Based on its 2018 Ore Reserves and Mineral Resources, Polyus group ranks the third by attributable gold reserves among the world's largest gold mining companies.

The Polyus group's principal operations are located in Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).

Enquiries

Investor contact

Victor Drozdov, Director Investor Relations

+7 (495) 641 33 77

drozdovvi@polyus.com

Media contact

Victoria Vasilyeva, Director Public Relations

+7 (495) 641 33 77

vasilevavs@polyus.com

Forward looking statement

This announcement may contain "forward-looking statements" concerning Polyus and/or Polyus group. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus' and/or Polyus group's operations. Many of these risks and uncertainties relate to factors that are beyond Polyus' and/or Polyus group's ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Polyus and/or any Polyus group company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.

[1] - Gold production is comprised of 615 thousand ounces of refined gold and 69 thousand ounces of gold in flotation concentrate in the second quarter of 2019 and 538 thousand ounces of refined gold and 63 thousand ounces of gold in flotation concentrate in the first quarter of 2019 respectively.

[2] - The Strategic Price Protection Programme ("SPPP") comprises a series of zero-cost Asian gold collars ("revenue stabiliser").

[3] - Adjusted net profit is defined by the Group as net profit / (loss) for the period adjusted for impairment loss / (reversal of impairment), unrealised (gain) / loss on derivative financial instruments and investments, net, foreign exchange (gain) / loss, net, and associated deferred income tax related to such items.

[4] - Adjusted EBITDA is defined by the Group as profit for the period before income tax, depreciation and amortisation, (gain) / loss on derivative financial instruments and investments (including the effect of the disposal of a subsidiary and subsequent accounting at equity method), finance costs, net, interest income, foreign exchange gain, net, impairment loss / (reversal of impairment), (gain) / loss on property, plant and equipment disposal, expenses associated with an equity-settled share-based payment plan and special charitable contributions as required to ensure calculation of the Adjusted EBITDA is comparable with the prior period. The Group has made these adjustments in calculating Adjusted EBITDA to provide a clearer view of the performance of its underlying business operations and to generate a metric that it believes will give greater comparability over time with peers in its industry. The Group believes that Adjusted EBITDA is a meaningful indicator of its profitability and performance. This measure should not be considered as an alternative to profit for the period and operating cash flows based on IFRS, and should not necessarily be construed as a comprehensive indicator of the Group's measure of profitability or liquidity.The Group calculates Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue.

([5]) - Capital expenditure figures are presented on an accrual basis (here presented net of the Sukhoi Log deposit license acquisition cost and net of Omchak power grid construction cost).

[6] - TCC is defined by the Group as the cost of gold sales, less property, plant and equipment depreciation and amortisation, provision for annual vacation payment, employee benefits obligation cost and change in allowance for obsolescence of inventory and adjusted by inventories. TCC per ounce sold is the cost of producing an ounce of gold, which includes mining, processing and refining costs. The Group calculates TCC per ounce sold as TCC divided by total ounces of gold sold for the period. The Group calculates TCC and TCC per ounce sold for certain mines on the same basis, using corresponding mine-level financial information.

[7] - AISC is defined by the Group as TCC plus selling, general and administrative expenses, stripping activity asset additions, sustaining capital expenditures, unwinding of discounts on decommissioning liabilities, provision for annual vacation payment, employee benefit obligations cost, and change in allowance for obsolescence of inventory less amortisation and depreciation included in selling, general and administrative expenses. AISC is an extension of TCC and incorporates costs related to sustaining production and additional costs which reflect the varying costs of producing gold over the life-cycle of a mine. The Group believes AISC is helpful in understanding the economics of gold mining. AISC per ounce sold is the cost of producing and selling an ounce of gold, including mining, processing, transportation and refining costs, general costs from both mine and alluvial operations, and the additional expenditures noted in the definition of AISC. The Group calculates AISC per ounce sold as AISC divided by total ounces of gold sold for the period.

[8] - Net debt is defined as non-current borrowings plus current borrowings less cash and cash equivalents and bank deposits.Net debt excludes derivative financial instrument assets/liabilities, site restoration and environmental obligations, deferred tax, deferred revenue, deferred consideration for the Sukhoi Log licence and other non-current liabilities. Net debt should not be considered as an alternative to current and non-current borrowings, and should not necessarily be construed as a comprehensive indicator of the Group's overall liquidity.

[9] - The Group calculates net debt to Adjusted EBITDA as net debt divided by Adjusted EBITDA.

[10] - The capex above presents the capital construction-in-progress unit as allocated to other business units, whilst in the consolidated financial statements capital construction-in-progress is presented as a separate business unit.

[11] - Reflects expenses related to exploration business unit and construction of Razdolinskaya-Taiga, Peleduy-Mamakan grid lines.

[12] - Including capitalised stripping costs net of capitalised interest on loans and capitalised within capital construction-in-progress. For more details see Note 10 of the consolidated financial statements.

[13] - Presented net of the Sukhoi Log deposit license acquisition cost and payments to Rostec.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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