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Polyus Gold International Limited Polyus Gold International Limited Consolidated financial statements for the year ended 31 December 2016 POLYUS GOLD INTERNATIONAL LIMITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 TABLE OF CONTENTS Index Page Officers and professional advisers 1 Directors’ report 2-3 Independent auditor’s report to the members of Polyus Gold International Limited 4-5 Consolidated statement of profit or loss 6 Consolidated statement of comprehensive income 7 Consolidated statement of financial position 8 Consolidated statement of changes in equity 9 Consolidated statement of cash flows 10 Notes to the consolidated financial statements 11-57 POLYUS GOLD INTERNATIONAL LIMITED OFFICERS AND PROFESSIONAL ADVISERS Directors Sergei Nossoff Alexandra Maria Beckwith Antonios Theodosiou Antoniou Ilya Yuzhanov Vitalii Koval Pavel Grachev Anastasia Galochkina Igor Gordin Secretary Computershare Registered office Queensway House Hilgrove Street St Helier Jersey JE1 1ES Company’s office Ergon House Dean Bradley Street London UK SW1P 2AL Bankers Credit Agricole Indosuez (Switzerland) SA PJSC Rosbank PJSC VTB Bank Renaissance Securities (Cyprus) Limited Auditors CJSC Deloitte&Touche CIS 1 POLYUS GOLD INTERNATIONAL LIMITED DIRECTORS’ REPORT The directors present their report together with the audited consolidated financial statements of Polyus Gold International Limited and its subsidiaries (the “Group”) for the year ended 31 December 2016. ACTIVITIES The principal activity of the Group is the extraction, refining and sale of gold. RESULTS AND MANAGEMENT COMMENTARY The results for the year are set out in the Consolidated statement of profit or loss and Consolidated statement of comprehensive income on pages 6 and 7. Full details of the Group's performance and commentary can be found in the consolidated financial statements. DIVIDEND Dividends to shareholders of the Group were not declared and paid during 2016 year (2015: USD 184,356 thousand). DIRECTORS The following have served as directors during the year or to date: Sergei Nossoff – appointed 1 March 2016 Alexandra Maria Beckwith – appointed 22 January 2016 Antonios Theodosiou Antoniou – appointed 1 March 2016 Ilya Yuzhanov – resigned 1 March 2016 Vitalii Koval – resigned 1 March 2016 Pavel Grachev – resigned 1 March 2016 Anastasia Galochkina – resigned 1 March 2016 Igor Gordin – resigned 1 March 2016 2 POLYUS GOLD INTERNATIONAL LIMITED DIRECTORS’ REPORT STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors are responsible for preparing the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare consolidated or stand-alone financial statements for each financial year. Under that law the directors have elected to prepare the consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The consolidated financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. International Accounting Standard 1 requires that consolidated financial statements present fairly for each financial year the company's financial position, financial performance and cash flows. This requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International Accounting Standards Board's 'Framework for the preparation and presentation of financial statements'. In virtually all circumstances, a fair presentation will be achieved by compliance with all applicable IFRSs. However, directors are also required to: properly select and apply accounting policies; present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group's consolidated financial position and consolidated financial performance; and make an assessment of the company's ability to continue as a going concern. The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the consolidated financial position of the Group and enable them to ensure that the consolidated financial statements comply with the Companies (Jersey) Law 1991. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. SECRETARY Computershare served as secretary during the year and to date. AUDITORS CJSC Deloitte & Touche CIS were appointed by Board of directors as auditors on 28 October 2016. 11 April 2017 Sergei Nossoff Director 3 ZAO Deloitte & Touche CIS 5 Lesnaya Street Moscow, 125047, Russia Tel: +7 (495) 787 06 00 Fax: +7 (495) 787 06 01 deloitte.ru INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF POLYUS GOLD INTERNATIONAL LIMITED We have audited the consolidated financial statements of Polyus Gold International Limited and its subsidiaries (collectively – the “Group”) for the year ended 31 December 2016, which comprise Consolidated Statement of profit or loss, Consolidated statement of comprehensive income, Consolidated statement of financial position, Consolidated statement of changes in equity, Consolidated statement of cash flows and the related notes 1 to 27. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union. This report is made solely to the Group’s members, as a body, in accordance with Article 113A of the Companies (Jersey) Law 1991. Our audit work has been undertaken so that we might state to the Group’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and the Group’s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditor As explained more fully in the Statement of directors’ responsibilities, the directors are responsible for the preparation of the consolidated financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the consolidated financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. Scope of the audit of the consolidated financial statements An audit involves obtaining evidence about the amounts and disclosures in the consolidated financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Group’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the consolidated financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited consolidated financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms. © ZAO Deloitte & Touche CIS. All rights reserved. Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the Group’s affairs as at 31 December 2016 and of its profit for the year then ended; have been properly prepared in accordance with IFRSs as issued by the IASB; and have been properly prepared in accordance with the Companies (Jersey) Law 1991. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies (Jersey) Law 1991 requires us to report to you if, in our opinion: proper accounting records have not been kept, or proper returns adequate for our audit have not been received from branches not visited by us; or the consolidated financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Srbuhi Hakobyan, ACCA for and on behalf of CJSC Deloitte and Touche CIS Chartered Accountants Moscow, Russian Federation 11 April
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