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Polyus Gold International Annual Report 2014 Polyus Gold International Gold International Polyus Annual Report 2014 Annual Report On the transformation path Strategic report Highlights 01 Who we are 02 1.1 Track record 04 1.2 Chairman’s statement 07 1.3 Market review 10 1.4 Business model 11 1.5 Strategy 12 1.6 Principal risks and uncertainties 14 1.7 Chief Executive Officer’s review 21 1.8 Operational review 24 1.9 JORC resources and reserves 32 1.10 Key performance indicators 34 1.11 Management discussion and 36 analysis (MD&A) on financial performance Sustainability report Message from the Chairman of 52 the Health, Safety, Environment and Community Committee 2.1 About this Report 53 2.2 Sustainability approach 56 2.3 Independent assurance statement 59 2.4 Sustainability governance 62 2.5 Materiality assessment 64 2.6 An integrated Health, Safety and 66 Environment Management system 2.7 Health and Safety 67 2.8 Environmental stewardship 71 2.9 Employees 77 2.10 Communities 84 2.11 GRI content index 89 Governance 3. Directors’ report 102 Board of Directors 102 4. Corporate governance report 107 5. Remuneration report 127 Statement of Directors’ responsibility 135 Independent auditor’s report 136 Financial statements Consolidated financial statements 140 Consolidated statement of profit or loss 141 Consolidated statement of comprehensive income 142 Consolidated statement of financial position 143 Consolidated statement of changes in equity 144 Consolidated statement of cash flows 146 Notes to the consolidated financial statements 148 National Gold Mining Champion No.1 Largest gold producer in Russia Polyus Gold International is the largest gold producer in Russia and is in the Top 10 globally. 1,696koz of gold produced in 2014 (2013: 1,652 koz) 2014 marked the 7th consecutive year of sustained production growth. 1,696koz LTIFR0.09 per 200k hours worked 18% improvement y-o-y (2013: 0.11) This followed the implementation by Polyus of a full-scale safety culture improvement programme. LTIFR0.09 $585/oz Total cash cost1 down 17% y-o-y (2013: $707/oz) 1. Hereinafter TCC/oz and AISC/oz imply costs per ounce sold, not produced. A material decrease in production costs improved the Group’s competitiveness in a volatile market. $825/oz All-in sustaining costs1 down 18% y-o-y (2013: $1,002/oz) 1. Hereinafter TCC/oz and AISC/oz imply costs per ounce sold, not produced. A sizeable cost reduction propelled Polyus to one of the global leaders by this major competitiveness metric. $1,011 million2 Adjusted EBITDA up 11% y-o-y (2013: $910 million) 2. For a definition and calculation of Adjusted EBITDA see pages 37 and 43. Efficiency programmes and a weaker rouble, supported by a positive Revenue Stabiliser effect, shored up Polyus earnings. $1,011 million2 $284million Free cash flow3 (2013: ($608) million) 3. Free cash flow is calculated as net operating cash flow minus investment cash flow net of change in deposits and interest paid. Rigorous cost controls, a weaker RUB combined with a prudent Capex approach, resulted in a positive free cash flow. $284million Strategic report 01 Financial highlights Revenue report Strategic $ million » Revenue fell to $2,239 million, 4% lower than 2014 2,239 in 2013 2013 2,329 » TCC and AISC fell 17% and 18%, to $585/oz 2012 2,680 and $825/oz, respectively report Sustainability Adj. EBITDA » Adjusted (adj.) EBITDA grew 11% y-o-y, to $ million $1,011 million 2014 1,011 2013 910 » The adj. EBITDA margin advanced to 45%, vs. 39% in 2013 2012 1,303 4 » Net debt /adj. EBITDA was 0.32x, against Governance Adj. EBITDA margin 0.38x in 2013 % 2014 45 » Net loss of $182 million, compared to a profit of $143 million in FY 2013 following 2013 39 losses on derivative financial instruments 2012 50 and investments of $934 million statements Financial (2013: $5 million) Net debt/ adj. EBITDA 2014 0.32x Operational highlights 2013 0.38x » LTIFR in 2014 was 0.09, a 18% improvement 2012 -0.50x on 2013 (0.11) » Ore processed amounted to 23.7 mt, 6% above the previous year’s level » Average grade in ore processed remained flat y-o-y, at 2.5 g/t » Average recovery rate climbed to 82.2%, 1.0 ppts above the 2013 level » Total gold production grew 3% vs. 2013, to 1,696 koz » Results of the block model revision at Natalka indicated a 49% reduction in reserves » GHG emissions totalled 3.1 million tonnes, 6% lower than a year ago 4. For a definition and calculation of net debt see page 48. polyusgold.com www.polyusgold.com Strategic report 02 Who we are A national gold champion. A Top-10 global player. Top-10 global gold producers in 2014 by output, moz 6.2 Natalka 4.8 4.4 2.8 2.7 2.3 2.3 2.2 1.7 1.6 Barrick Newmont Anglogold Goldcorp Kinross Newcrest Navoi Goldfields Polyus Sibanye MMC Blagodatnoye Titimukhta Olimpiada 2014 Global TCC curve5, $/oz Kuranakh Verninskoye 2,500 TCC $/oz Alluvials 2,000 1,500 1,000 500 Cumulative production, tonnes 0 10 20 30 40 50 60 Operating mines Development projects Operating mines Olimpiada Blagodatnoye Titimukhta • Located in the Krasnoyarsk region • Located in the Krasnoyarsk region • Located in the Krasnoyarsk region • 43% of the Group’s output • 23% of the Group’s output • 6% of the Group’s output • 49% of the Group’s adj. EBITDA • 30% of the Group’s adj. EBITDA • 3% of the Group’s adj. EBITDA • TCC of $541/oz in 2014 • TCC of $442/oz in 2014 • TCC of $956/oz in 2014 • 3,077 employees • 1,800 employees • 736 employees • Processing capacity of 8.0 mtpa • Processing capacity of 6.0 mtpa • Processing capacity of 2.4 mtpa See page 26 See page 27 See page 28 5. 2014 GFMS forecast data vs. actual Polyus 2014 TCC. Polyus Gold International Annual Report 2014 03 report Strategic report Sustainability Natalka Governance Blagodatnoye Titimukhta Olimpiada Kuranakh Verninskoye Alluvials statements Financial Operating mines Development projects Verninskoye Alluvials Kuranakh • Located in the Irkutsk region • Located in the Irkutsk region • Located in the Republic of Yakutia • 9% of the Group’s output • 11% of the Group’s output • 8% of the Group’s output • 9% of the Group’s adj. EBITDA • 7% of the Group’s adj. EBITDA • 5% of the Group’s adj. EBITDA • TCC of $594/oz in 2014 • TCC of $735/oz in 2014 • TCC of $868 in 2014 • 1,601 employees • 2,368 employees • 1,773 employees • Processing capacity of 2.2 mtpa • Processing approx. 10 million m3 • Processing capacity of 3.8 mtpa See page 29 See page 30 See page 31 www.polyusgold.com Strategic report 04 1.1 Track record Revenue, Total cash cost (TCC), All-in sustaining cash cost (AISC), $ million $/oz $/oz 2,680 707 697 1,002 1,007 2,329 2,239 585 825 2014 2013 2012 2014 2013 2012 2014 2013 2012 Adj. EBITDA, Adj. EBITDA margin, Net debt/adj. EBITDA $ million % 50 0.38x 1,303 45 0.32x 39 1,011 910 -0.50x 2014 2013 2012 2014 2013 2012 2014 2013 2012 Key corporate events in 2014 Transformation across the Group in 2014 gave rise to a series of major corporate events and senior management changes. March May July July August 2014 2014 2014 2014 2014 Change of CFO S&P Credit Rating Strategic Price Fitch rating Top Management Mikhail Stiskin Outlook Revision Protection confirmation Appointment appointed Chief S&P confirms ‘BB+’ Programme Fitch confirms ‘BBB-’ Vladimir Polin Financial Officer long-term corporate Polyus initiates long-term issuer appointed Managing of Polyus Gold. credit rating on Polyus Strategic Price default rating on Director of CJSC Gold; outlook on the Protection Programme Polyus Gold and Polyus, Polyus Gold’s Group’s credit rating under which the Group a Stable outlook. main operating revised to Stable enters into a series subsidiary. from Positive. of price protection arrangements. Polyus Gold International Annual Report 2014 05 Ore processed, Average grade in ore processed, Recovery rate, report Strategic million t g/t % 23.7 3.4 22.5 21.8 82.2 81.2 80.0 2.5 2.5 report Sustainability 2014 2013 2012 2014 2013 2012 2014 2013 2012 6 Gold production , Lost Time Injury Frequency Rate Greenhouse gas (GHG) emissions, (CO2-e) koz (LTIFR), per 200k hours worked million t 0.15 1,696 Governance 1,652 1,569 3.29 3.32 0.11 3.08 0.09 2014 2013 2012 2014 2013 2012 2014 2013 2012 statements Financial 6. Including gold in flotation concentrate. August November November December December 2014 2014 2014 2014 2014 Changes to the Board Natalka Project Appointment of CEO Special dividend Listing on Moscow of Directors Update Mr Pavel Grachev, Special dividend Stock Exchange Ms Anna Kolonchina, Announcement of Interim CEO of Polyus of $500 million In addition to the Non-Executive Director, preliminary results Gold International, announced and paid, primary LSE listing resigns from the Board of review of mineral appointed the Group’s approved by the Board. Polyus Gold shares and Ms Anastasia resource and ore Chief Executive Officer. obtained the Galochkina is appointed reserve estimates for secondary listing to the Board as a Natalka deposit. The on the Main Market Non-Executive Director. deposit’s development of the Moscow was put on hold and Stock Exchange on its detailed operational 26 December 2014. review is expected in mid-2015. www.polyusgold.com Strategic report 06 Polyus Gold International Annual Report 2014 1.2 Chairman’s statement 07 Weaker gold prices put much pressure on all gold producers globally, and report Strategic in 2014 Polyus responded with wide-scale initiatives aimed at improving operational efficiency, tightening financial discipline when it comes to operating and capital spending and rolling out best business practices.
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