REG - PJSC Polyus Polyus Finance PLC - Financial results for 2H2022 and FY2022
15/03/2023 15:15
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RNS Number : 1059T PJSC Polyus 15 March 2023
Press
Release
15 March 2023
PJSC Polyus
Financial results for the second half of 2022 and full year 2022
PJSC Polyus (LSE, MOEX - PLZL) ("Polyus", the "Company", and together with the
Company subsidiaries, the "group") has today released its consolidated
financial results for 2H 2022 and FY 2022.
FY 2022 highlights
1. Total gold sales volumes in 2022 amounted to 2,423 thousand ounces of
gold, down 11% compared to the previous year. This was primarily driven by
lower production volumes at Olimpiada, Blagodatnoye and Natalka. A difference
between sales and the total gold output (2,541 thousand ounces) mainly
reflects the accumulation of gold contained in concentrate produced in the
fourth quarter of 2022. Sales of flotation concentrate have been typically
lagging behind production for several months. Inventories of concentrate will
be sold and reflected in the group's financials in 2023.
2. Revenue for the full year amounted to $4,257 million, a 14% decrease
year-on-year. This was driven by the aforementioned decline in production
volumes as well as by the lower average realised refined gold price compared
to the previous year.
3. The group's TCC for the full year 2022 rose by 28% to $519 per ounce,
compared to 2021. This reflects lower average grades in ore processed at
almost all hard-rock deposits. The consumables prices inflation, wage
indexation and rouble appreciation have also negatively impacted the Company's
cost performance in 2022.
4. Adjusted EBITDA in 2022, stood at $2,584 million, a 27% decrease
compared to the previous year, due to lower gold sales volumes and higher TCC
on a per ounce basis.
5. Capital expenditures ("capex") for the full year 2022 increased from
$928 million in the previous year to $1,119 million. The increase was driven
by higher capital expenditures across all business units.
6. The net debt (incl. derivatives)/adjusted EBITDA ratio increased to
0.9x compared to 0.6x at the end of 2021, reflecting a higher net debt
position and adjusted EBITDA decline over the last twelve months.
2H 2022 highlights
1. Total gold sales volumes in the second half of 2022 amounted to 1,408
thousand ounces, up 39% compared to the first half of 2022 due to the higher
gold production across all operating assets of the group.
2. Revenue for the second half of 2022 totalled $2,405 million, up 30%
compared to the first half of 2022. The average realised refined gold price
declined compared to the first half of 2022.
3. The group's TCC for the second half of 2022 increased to $580 per
ounce, from $435 per ounce in the previous half of the year. This growth was
attributable to a seasonal increase in output at the structurally higher-cost
alluvial operations, ongoing inflation in consumables, wage indexation, as
well as lower average grades in ore processed at Natalka and Verninskoye and
rouble appreciation. These factors were partially offset by higher head grades
at Olimpiada, compared to the first half of 2022.
4. Adjusted EBITDA in the second half of 2022 increased 13% to $1,369
million, compared to $1,215 million in the first half of 2022, reflecting
higher gold sales volumes during the reporting period.
5. Capital expenditures ("capex") for the second half of 2022 amounted to
$735 million, compared to $384 million in the first half of 2022, as Polyus
has accelerated its capex spending programme.
OUTLOOK FOR 2023
Production guidance
Polyus anticipates gold production for the full year of 2023 to reside within
the range of 2.8 - 2.9 million ounces. The year-on-year increase in production
is expected to be mainly driven by higher grades in ore processed at Olimpiada
since Polyus will be mining rich gold-bearing zones of the Vostochny pit.
TCC guidance
Polyus expects to contain its TCC at 2022 levels and sets the 2023 TCC
guidance range of $500-$550/oz. The Company anticipates that the improvement
in cost performance at Olimpiada on the back of an increase in head grades and
higher antimony by-product credit as well as ongoing cost-containment
initiatives across the asset portfolio will mitigate inflationary factors in
key consumables and labour.
Capex guidance 1
The Company sets its capex guidance in the range of $1,300-1,400 million.
In addition to the existing project pipeline, the capex guidance for 2023 also
reflects:
· Implementation of recently announced brownfield initiatives at
Kuranakh and Natalka, including:
§ Kuranakh heap leaching capacity expansion from 1.5 mtpa to 5.0 mtpa;
§ Engineering and preconstruction works at the new 12.5 mtpa Kuranakh heap
leaching complex;
§ Introduction of a flotation circuit at Natalka;
· Tailings storage facility expansion at Verninskoye.
Please refer to the Polyus 2022 financial results presentation for more
details on new development projects
(https://polyus.com/ru/investors/results-and-reports/
(https://polyus.com/ru/investors/results-and-reports/) ).
Dividend update
The Board of Directors (the "Board") of Polyus emphasizes the Company's
adherence to its existing dividend policy and is yet to come up with the final
decision on the dividend recommendation for the full year 2022 ahead of the
Annual General Meeting of Shareholders ("AGM"). The AGM date as well as the
dividend recommendation will be announced upon the Board decision over the
course of the next several months in accordance with the Russian law.
In making the recommendation on dividends, the Board will take into account
constantly changing economic environment and its impact on the Company's
business.
Events after the reporting date
Eurobonds
In February 2023, the group repaid the principal amount and accrued interest
on its 5.25% Notes due 2023 (the "Notes") for the total consideration of $340
million from its own cash.
This repayment consisted of two transfers:
· The funds earmarked for coupon payments due on August 7th, 2022 and
February 7th, 2023, as well as the principal payment for the Notes were
delivered to the group's Principal Paying Agent (the Bank of New York Mellon).
The Principal Paying Agent subsequently transferred these funds to the
international clearing systems for further distribution to the holders of the
Notes whose rights are accounted for within the international clearing
systems.
· The group transferred the Russian Rouble-denominated funds as the
coupon and principal payment to the holders of the Notes, whose rights are
accounted for within the Russian custodian infrastructure.
Following the completion of the aforementioned transfers by the group, which
were conducted in accordance with the modified Notes documentation as a result
of a successful consent solicitation process held in 2022, the group's
obligations to both domestic and non-resident holders of the Notes were
fulfilled.
Rouble bond issue
In February 2023, the Company completed a 5-year rouble-denominated bonds
offering (Rub 20 bln with a coupon rate of 10.40% per annum). The Company
intends to use proceeds from the issue primarily for general corporate
purposes and investment projects.
Depositary receipts programs
The Company is currently at the final stage of negotiations with a prospective
candidate for the role of successor depositary for its Rule 144A, Regulation
S, and Level I depositary receipts ("DR") programs to replace the resigning
depositary, The Bank of New York Mellon.
Polyus reiterates its intention to maintain the DR programs admitted to
trading on recognized stock exchanges.
Comparative financial results
$ million (if not mentioned otherwise) 2022 2021 Y-o-Y 2H 2022 1H 2022 H-o-H 2H 2021 Y-o-Y
Operating highlights
Gold production (koz) 2 2,541 2,717 (6%) 1,473 1,068 38% 1,454 1%
Gold sold (koz) 2,423 2,736 (11%) 1,408 1,015 39% 1,488 (5%)
Financial performance
Total revenue 4,257 4,966 (14%) 2,405 1,852 30% 2,693 (11%)
Operating profit 1,898 2,959 (36%) 862 1,036 (17%) 1,594 (46%)
Operating profit margin 45% 60% (15) ppts 36% 56% (20) ppts 59% (23) ppts
Profit for the period 1,559 2,278 (32%) 172 1,387 (88%) 1,185 (85%)
Earnings per share - basic (US Dollar) 11.53 16.82 (31%) 1.27 10.26 (88%) 8.71 (85%)
Earnings per share - diluted (US Dollar) 11.47 16.77 (32%) 1.26 10.24 (88%) 8.69 (86%)
Adjusted net profit 3 1,516 2,287 (34%) 724 792 (9%) 1,236 (41%)
Adjusted net profit margin 36% 46% (10) ppts 30% 43% (13) ppts 46% (16) ppts
Adjusted EBITDA 4 2,584 3,529 (27%) 1,369 1,215 13% 1,880 (27%)
Adjusted EBITDA margin 61% 71% (10) ppts 57% 66% (9) ppts 70% (13) ppts
Net cash flow from operations 1,881 2,936 (36%) 1,180 701 68% 1,557 (24%)
Capital expenditure 5 1,119 928 21% 735 384 91% 622 18%
Cash costs
Total cash cost (TCC) per ounce sold ($/oz) 6 519 405 28% 580 435 33% 420 38%
All-in sustaining cash cost (AISC) 981 715 37% 1,095 825 33% 765 43%
per ounce sold ($/oz) 7
Financial position
Cash and cash equivalents 1,317 1,343 (2%) 1,317 780 69% 1,343 (2%)
Net debt (incl. derivatives) 8 2,269 2,197 3% 2,269 2,452 (7%) 2,197 3%
Net debt (incl. derivatives)/adjusted EBITDA (x) 9 0.9 0.6 50% 0.9 0.8 13% 0.6 50%
Total Cash Costs
In the second half of 2022, the group's TCC increased to $580 per ounce, from
$435 per ounce in the previous half of the year. This growth was attributable
to a seasonal increase in output at the structurally higher-cost alluvial
operations, ongoing inflation in consumables, wage indexation, as well as
lower average grades in ore processed at Natalka and Verninskoye and rouble
appreciation. Those factors were partially offset by higher head grades at
Olimpiada, compared to the first half of 2022.
In 2022, the group's TCC increased by 28% to $519 per ounce compared to 2021.
This reflects lower average grades in ore processed at almost all hard-rock
deposits. The Company notes that the consumables prices inflation, wage
indexation and rouble appreciation have also negatively impacted the Company's
cost performance in 2022, and those factors were common to all operations of
the group.
TCC performance by mine, $/oz
2H 2022 1H 2022
Olimpiada 563 433
Blagodatnoye 455 405
Natalka 493 382
Verninskoye 500 404
Kuranakh 716 645
Alluvials 1,244 1,123
2022 2021
Olimpiada 509 369
Blagodatnoye 434 367
Natalka 441 368
Verninskoye 456 358
Kuranakh 684 569
Alluvials 1,234 950
In the second half of 2022, TCC at Olimpiada rose to $563 per ounce, up 30%
compared to the first half of 2022. In addition to the aforementioned factors,
TCC were also affected by scheduled maintenance works at Mill 1 and Mill 2,
while higher grades in ore processed partially offset the impact of negative
factors in the second half of 2022. In 2022, TCC at Olimpiada totalled $509
per ounce, compared to $369 per ounce in 2021. This growth was also
attributable to a decline in sales of the antimony-rich flotation concentrate.
The latter resulted in a lower by-product credit ($4 per ounce in 2022,
compared to $18 per ounce in 2021).
TCC at Blagodatnoye in the second half of 2022 amounted to $455 per ounce, up
12% on the previous half of the year. The rouble appreciation, inflationary
pressures and wage indexation were the key negative factors impacting cost
performance at Blagodatnoye in the second half of 2022. This was partially
offset by an increase in head grades (1.59 grams per tonne in the second half
of 2022 compared to 1.48 grams per tonne in the first half of 2022). In 2022,
TCC at Blagodatnoye increased 18% year-on-year to $434 per ounce.
In the second half of 2022, TCC at Natalka increased to $493 per ounce, up 29%
compared to the first half of 2022 reflecting, among other factors, higher
maintenance expenses and a lower recovery rate. TCC for the full year amounted
to $441 per ounce, a 20% increase on a year-on-year basis. Similarly to
Olimpiada and Blagodatnoye, an increase in TCC at Natalka was mainly driven by
lower average grades in ore processed, rouble appreciation, inflation across
the key consumables and wage indexation.
TCC at Verninskoye in the second half of 2022 totalled $500 per ounce, up 24%
compared to the first half of 2022, due to the aforementioned common factors
and higher maintenance expenses. In 2022, TCC at Verninskoye increased 27%
year-on-year to $456 per ounce. In addition to factors common to all
operations, an increase in TCC at Verninskoye reflects an increase in the MET
rate (from 2.4% to 6%) due to the conclusion of the regional investment
project regime for the deposit. The improvement in the hourly throughput of
the mill (468 t/h, a new record high), as well as a higher utilization rate of
equipment resulted in the achievement of an annualized throughput capacity of
3.8 million tonnes per annum. This mitigated the impact of factors that
negatively affected TCC in 2022.
At Kuranakh, TCC in the second half of 2022 rose to $716 per ounce, up 11%
compared to the previous half of the year. Due to a seasonality of heap
leaching activities, the share of lower-cost gold produced from the heap
leaching facilities in total volumes of gold sold increased in the second half
of 2022. This supported cost performance at Kuranakh and partially offset the
increase in maintenance expenses as well as consumables prices inflation, wage
indexation and rouble appreciation. In 2022, TCC at Kuranakh amounted to $684
per ounce, up 20% on the previous year.
In the second half of 2022, TCC at Alluvials amounted to $1,244 per ounce. In
2022, TCC at Alluvials totaled $1,234 per ounce, a 30% increase on 2021.
All-in sustaining costs (AISC)
In the second half of 2022, the group's AISC increased to $1,095 per ounce, up
33% compared to the first half of 2022, reflecting higher TCC per ounce and
higher sustaining capital expenditures across all deposits.
In 2022, the group's AISC amounted to $981 per ounce, a 37% increase
year-on-year. In addition to higher TCC and higher sustaining capital
spending, an increase in the group's AISC on year-on-year basis was also
driven by lower gold sales volumes, compared to 2021.
Despite increased TCC and AISC, Polyus still resides in the first decile of
the global cash cost curve amid persisting inflationary pressures in the
global mining industry.
Debt management
The Company's gross debt increased to $3,586 million, compared to $3,540
million as at the end of 2021 (30 June 2022: $3,232 million).
As at 31 December 2022, the Company's estimated cash position declined to
$1,317 million from $1,343 million at the end of 2021 (30 June 2022: $780
million). The Company's estimated net debt increased from $2,197 million in
2021 to $2,269 million in 2022, (30 June 2022: $2,452 million).
Among other factors, the change in cash position reflects a redemption of
Notes due 2022 (in the total amount of $494 million), as well as the
acquisition of a 100% stake in the Chulbatkan gold deposit for cash
consideration of $140 million. The cash outflows were offset by the issue of
5-year yuan-denominated bonds (CNY 4.6 billion with a coupon rate of 3.80% per
annum).
Debt maturity schedule (as at 31 December 2022) 10 , $ million
2023 2024 2025 2026 2027 2028
341 1,793 34 0 647 690
Capex
In the second half of 2022, capital expenditures amounted to $735 million, a
91% increase compared to $384 million in the first half of 2022, as the
Company accelerated its capex programme.
In 2022, capital expenditures increased to $1,119 million, from $928 million
in the previous year. This increase reflects higher capital expenditures
across all business units.
· At Olimpiada, the Company improved the BIO complex efficiency by
launching four additional reactors at BIO-2. Polyus completed its deep-level
and flank drilling campaign at Olimpiada. The Company also finished
construction and installation works at the service complex for truck
maintenance.
· At Blagodatnoye, Polyus completed the closing of a thermal envelope
of the buildings. Major parts of the foundation works for an in-pit crushing
and conveying (IPCC) system were completed during 2022. Polyus also finished
the installation of the SAG-mill and desorption site equipment. The
construction of the Yenashimo river bridge was finalized.
· At Natalka, the Company completed the construction of the first and
second tiers of the main tailings storage facility dam. Polyus also conducted
pilot testing of the flotation technology at the Natalka mill. Based on
positive results, the Company decided to introduce a flotation circuit at the
Natalka mill.
· At Verninskoye, the Company proceeded with the development of a new
tailings storage facility project. In 2022, the Company completed
comprehensive engineering studies and started the construction of drainage
canals and backfilling of the dam.
· At Kuranach, Polyus is at an active phase of construction activities
under the Kuranakh mill expansion to 7.5 mtpa project. Most of long-lead key
technological equipment, including components for the ball mill, were
delivered to the site. The Company completed construction works at thickeners,
commissioned new compressor stations, and finished the installation of 16
sorption columns. The Company also finalized the technical solutions to expand
throughput capacity at Kuranakh' existing heap leaching facilities aimed at
increasing capacity from 1.5 million tonnes to 5.0 million tonnes per annum.
In addition, Polyus proceeded with the engineering of a new project that
envisages the construction of a 12.5 million tonnes per annum heap leaching
facility at Kuranakh's Southern group of deposits.
· At Sukhoi Log, the Company progressed with the construction project
for the Vitim substation and 220 kV gridline, which are within the Polyus
project scope for the technical connection of Sukhoi Log to the existing power
grid. In addition, Polyus completed the project design documentation for the
warehousing storage capacity expansion at Taksimo Yard, and started
preparatory works for construction. In 2022, the Company also completed a
general project layout and is progressing on the design documentation for the
auxiliary infrastructure and tailings storage facility. As the Company
discontinued working with a few international processing equipment
manufacturers, Polyus has already identified alternative suppliers for the
project. Polyus' engineering team now proceeds with amendments to the initial
project design with a focus on the mill reconfiguration, including the
redesign of the mill's building and foundation, with reference to the updated
equipment list.
Capex breakdown 11
$ million 2022 2021 Y-o-Y 2H 2022 1H 2022 H-o-H 2H 2021 Y-o-Y
Olimpiada 199 197 1% 135 64 N.A. 133 2%
Blagodatnoe 250 238 5% 174 76 N.A. 171 2%
Natalka 148 110 35% 102 46 N.A. 65 57%
Verninskoye 102 79 29% 73 29 N.A. 50 46%
Alluvials 30 27 11% 17 13 31% 17 0%
Kuranakh 129 94 37% 90 39 N.A. 69 30%
Sukhoi Log 88 69 28% 57 31 84% 47 21%
IT capex 71 51 39% 37 34 9% 35 6%
Other 12 102 63 62% 50 52 (4%) 35 43%
CAPEX 1,119 928 21% 735 384 91% 622 18%
Items capitalised 13 , net 218 227 (4%) 100 118 (15%) 131 (24%)
Change in working capital for purchase of property, plant and equipment 18 (25) N.A. (31) 49 N.A. (40) (23%)
Purchase of PP&E 1,355 1,130 20% 804 551 46% 713 13%
In the second half of 2022, the total cash amount spent on the purchase of
PP&E increased to $804 million, compared to $551 million in the first half
of 2022. This mainly reflects the respective increase in total capital
expenditures outlined above.
In 2022, the total cash amount spent on the purchase of PP&E increased to
$1,355 million, compared to $1,130 million in 2021.
http://www.rns-pdf.londonstockexchange.com/rns/1059T_1-2023-3-15.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1059T_1-2023-3-15.pdf)
http://www.rns-pdf.londonstockexchange.com/rns/1059T_2-2023-3-15.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1059T_2-2023-3-15.pdf)
Enquiries:
Investor and Media contact
Victor Drozdov, Director Communications & Investor Relations (CIR)
Department
+7 (495) 641 33 77
drozdovvi@polyus.com (mailto:drozdovvi@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 of
the date of this announcement. Polyus and/or any Polyus 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 )) New projects correspond to an investment criterion of internal rate of
return of at least 20%, based on assumptions: a gold price of $1,400 per ounce
and foreign exchange rate of 65 roubles per dollar.
(#_ftnref2) (2) Gold production is comprised of 2,457.6 thousand ounces of
refined gold and 83.7 thousand ounces of gold in flotation concentrate in the
2022.
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, foreign exchange (gain) /
loss, gain on acquisition of subsidiaries and associated deferred and current
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 (including the effect of the disposal of a subsidiary
and subsequent accounting at equity method), finance costs, interest income,
foreign exchange loss / (gain), impairment loss / (reversal of impairment),
(gain) / loss on property, plant and equipment disposal, expenses associated
with an equity-settled share-based payment plan, expenses associated with
covid-19, gain on acquisition of subsidiaries and special charitable
contributions as required to ensure calculation of the Adjusted EBITDA is
comparable with the prior period.
5 Capital expenditure figures are presented on an accrual basis.
6 TCC is defined by the group as the cost of gold sales, less property,
plant and equipment depreciation and amortisation and change in allowance for
obsolescence of inventory, expenses associated with covid-19 and adjusted by
non-monetary change in inventory. 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 also includes assets and
liabilities under cross-currency and interest rate swaps at the reporting
date. Net debt excludes derivative financial instrument assets/liabilities
other than cross-currency and interest rate swaps, site restoration and
environmental obligations, deferred tax 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 (incl. derivatives) to Adjusted EBITDA as
net debt (including derivatives) divided by Adjusted EBITDA for the last
twelve months
10 The breakdown is based on actual maturities and excludes $23 million of
banking commissions and lease liabilities recognised under IFRS 16 as of 31
December 2022 in amount of $104 million.
11 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
12 Reflects expenses related to exploration business unit and other
unallocated CAPEX.
13 Including capitalised stripping costs.
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