Financial results for the fourth quarter and full year 2019
Key highlights
1. In the fourth quarter, total gold sales volumes amounted to 894 thousand ounces, up 23% compared to the third quarter of 2019. This includes 172 thousand ounces of gold contained in concentrate from Olimpiada. In 2019, the Company sold a total of 2,878 thousand ounces of gold, up 23% compared to the prior-year. This was primarily driven by higher volumes of refined gold output from Natalka following the completion of its ramp-up in December 2018 and higher output of gold contained in concentrate from Olimpiada.
2. Revenue for the fourth quarter totalled $1,287 million, up 20% compared to the previous quarter, driven by higher volumes of refined gold output from Olimpiada, Blagodatnoye and Natalka, reflecting changes in the amount of gold in inventory at the refinery. In addition, an increase in flotation concentrate sales to 172 thousand ounces, compared to 79 thousand ounces in the third quarter of 2019 also resulted in higher gold sales volumes during the period. In 2019, revenue totalled $4,005 million, a 37% increase from the prior year, mainly driven by higher volumes of refined gold output from Natalka and higher output of gold contained in concentrate from Olimpiada. In addition, the average realised refined gold price was 11% higher compared to the previous year, at $1,403 per ounce.
3. The group’s TCC for the fourth quarter amounted to $341 per ounce, down 17% compared to $412 per ounce in the third quarter. In 2019, the group’s TCC increased 5% to $365 per ounce compared to 2018. This reflects a decline in average grades in ore processed at Olimpiada (3.92 grams per tonne in 2019 compared to 4.10 grams per tonne in 2018) and lower by-product credit from sales of antimony-rich flotation concentrate ($10 per ounce in 2019 compared to $21 per ounce in 2018). Inflation in consumables and diesel prices also negatively impacted the cost performance during the reporting period. These factors were partially offset by a higher share of lower cost flotation concentrate in total gold sold and modest local currency depreciation compared to the previous year.
4. Polyus further refines its initial TCC guidance for 2020 of below $450 per ounce. The Company now expects TCC for 2020 to stay within the range of $400 - $450 per ounce. The Company anticipates a gradual increase in TCC from the 2019 level, driven mainly by inflationary factors in 2020. The estimate
2
continues to be based on the assumptions of foreign exchange rate of 60
roubles per dollar and gold price of $1,200 per ounce.
5. Adjusted EBITDA for the fourth quarter amounted to $883 million, a 25%
increase compared to $705 million in the previous quarter, driven by higher
gold sales volumes over the period. In 2019, the group’s adjusted EBITDA
stood at $2,680 million, a 44% increase compared to the previous year. This
was driven by production growth, following the ramp-up of operations at
Natalka and higher production volumes of flotation concentrate at Olimpiada.
Increased TCC on a per ounce basis were offset by the higher gold price in
2019.
6. Adjusted net profit amounted to $520 million in the fourth quarter, up 13%
compared to the third quarter of 2019. For the full year of 2019, adjusted net
profit increased to $1,587 million, which mainly reflects the growth in operating
profit during the year.
7. Net cash generated from operations was $682 million in the fourth quarter,
compared to $603 million in the previous quarter. In 2019, net cash generated
from operations increased to $2,174 million, compared to $1,464 million in
2018.
http://polyus.com/en/media/pre…arter-and-full-year-2019/
Ich hatte gehofft ich kom nochmal günstiger rein...
Sieht nicht danach aus nach den Zahlen.
Danke.