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Polymetal: Preliminary results for the year ended 31 December 2019

Polymetal International plc (POLY) 
Polymetal: Preliminary results for the year ended 31 December 2019 
 
04-March-2020 / 10:00 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY 
Date         04 March 2020 
 
Polymetal International plc 
 
Preliminary results for the year ended 31 December 2019 
 
Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY) (together with its 
    subsidiaries - "Polymetal", the "Company", or the "Group") is pleased to 
     announce the Group's preliminary results for the year ended 31 December 
           2019. 
 
  "We are pleased to report record earnings and solid free cash flow for the 
     year underpinned by a robust operating performance and strong commodity 
       prices", said Vitaly Nesis, Group CEO of Polymetal, commenting on the 
results. "We have also advanced our key strategic projects, reduced net debt 
           and paid substantial dividends". 
 
           FINANCIAL HIGHLIGHTS 
 
? In 2019, revenue increased by 19%, totalling US$ 2,246 million (2018: 
US$ 1,882 million). Average realised gold and silver prices followed 
market dynamics and increased by 13% and 11%, respectively. Gold sales 
were 1,366 Koz, up 14% year-on-year, while silver sales were down 14% to 
22.1 Moz, in line with production volume trends and further supported by 
working capital release. 
 
? Group Total cash costs[1] (TCC) for the full year were stable compared 
to 2018 at US$ 655/GE oz, 1% above the Group's guidance of US$ 600-650/GE 
oz owing to higher domestic diesel prices and higher royalties. All-in 
sustaining cash costs1 (AISC) were broadly unchanged from 2018 at US$ 
866/GE oz, 2% above the Group's guidance of US$ 800-850/GE oz, driven by 
the same factors. 
 
? Polymetal posted record Adjusted EBITDA1 of US$ 1,075 million, a 38% 
increase over 2018, against the backdrop of higher production volumes, 
higher commodity prices, and stable costs. Adjusted EBITDA margin reached 
48% (2018: 41%). 
 
? Net earnings[2] were a record US$ 483 million (2018: US$ 355 million), 
with basic EPS of US$ 1.02 per share (2018: US$ 0.78 per share). 
Underlying net earnings1 increased by 31% to US$ 586 million on the back 
of higher operating profit. 
 
? Capital expenditure was US$ 436 million[3], up 27% compared to US$ 344 
million in 2018 and above the initial guidance of US$ 380 million, mostly 
due to accelerated pre-stripping and construction at Nezhda. Construction 
at Nezhda is around 45% complete as of year end. 
 
? Net debt1 decreased to US$ 1,479 million (31 December 2018: US$ 1,520 
million), representing a Net debt/Adjusted EBITDA ratio of 1.38x (2018: 
1.95x), well below the Group's target leverage ratio of 1.5x. The Company 
continued to generate significant free cash flow1 which amounted to US$ 
299[4] million (2018: US$ 134 million), supported by a net cash operating 
inflow of US$ 696 million (2018: US$ 513 million). 
 
? A final dividend of US$ 0.42 per share (approx. US$ 197 million) 
representing 50% of the Group's underlying net earnings for 2H 2019 has 
been proposed by the Board in accordance with our dividend policy while 
remaining within the Net debt/Adjusted EBITDA target of 1.5x and 
comfortably below the hard ceiling ratio of 2.5x. In January 2020, the 
Board also announced a special dividend of US$ 0.20 per ordinary share 
(approx. US$ 94 million). This will bring the total dividend declared for 
FY 2019 to US$ 385 million (2018: US$ 223 million), or US$ 0.82 per share 
versus US$ 0.48 per share in 2018. 
 
           OPERATING AND ESG HIGHLIGHTS 
 
? The Company's FY2019 GE production amounted to 1,614 Koz, an increase of 
3% over 2018 and 4% above the original production guidance of 1.55 Moz. A 
strong contribution from Kyzyl more than compensated for asset disposals 
while the rest of the portfolio continued to demonstrate stable results. 
Production from continuing operations grew by 14% year-on-year to 1,609 
Koz GE. 
 
? Full year gold production totalled 1,316 Koz, a 8% increase 
year-on-year, while silver output decreased by 15% on the back of asset 
disposals and planned grade decline at Dukat. 
 
? Safety performance in 2019 deteriorated both in terms of frequency of 
lost-time injuries and the number of fatalities. The Board approved 
significant safety-related changes to the remuneration structure for all 
levels of the Company management together with a comprehensive action plan 
focused on impacting behaviors and attitudes of employees. 
 
? Our operational achievements are underpinned by the value that we place 
on environmental, social and governance (ESG) issues and this has 
contributed to Polymetal's international recognition as a leading ESG 
advocate within Russia and the CIS. In 2019, the Company was reaffirmed as 
a member of the Dow Jones Sustainability and FTSE4Good indices, MSCI ESG 
Ratings score improved from BBB to A. 
 
           2020 OUTLOOK 
 
? The Company reiterates its current production guidance of 1.6 Moz of GE 
for each of FY2020 and 2021. Traditionally, production in both years will 
be weighted towards 2H due to seasonality. 
 
? TCC in 2020 is expected to be in the range of US$ 650-700/GE oz while 
AISC is expected at US$ 850-900/GE oz. The expected increase over 2019 
cost levels is driven by the appreciation of the Russian rouble and 
increased domestic diesel fuel prices compared to 2019, as well as 
increased royalties on the back of continued strong gold and silver price 
performance. The guidance remains contingent on the Rouble/Dollar exchange 
rate and oil price. 
 
Financial highlights[5]                   2019   2018  Change, % 
 
Revenue, US$m                             2,246 1,882    +19% 
Total cash cost, US$ /GE oz                655  654[6]    0% 
All-in sustaining cash cost, US$ /GE oz    866   8642     0% 
Adjusted EBITDA, US$m                     1,075  780     +38% 
 
Average realised gold price, US$ /oz[7]   1,411 1,253    +13% 
Average realised silver price, US$ /oz3   16.5   14.8    +11% 
 
Net earnings, US$m                         483   355     +36% 
Underlying net earnings, US$m              586   447     +31% 
Return on Assets[8], %                     20%   17%      +3% 
Return on Equity (underlying)4, %          19%   16%      +3% 
 
Basic EPS, US$ /share                     1.02   0.78    +31% 
Underlying EPS, US$ /share                1.25   1.00    +26% 
Dividend declared during the period, US$  0.51   0.47     +9% 
/share[9] 
Dividend proposed for the period, US$     0.82   0.48    +71% 
/share[10] 
 
Net debt, US$m                            1,479 1,520     -3% 
Net debt/Adjusted EBITDA                  1.38   1.95    -29% 
 
Net operating cash flow, US$m              696   513     +36% 
Capital expenditure, US$m                  436   344     +27% 
Free cash flow[11], US$m                   256   176     +45% 
Free cash flow post-M&A[12], US$m          299   134     +122% 
 
           CONFERENCE CALL AND WEBCAST 
 
   The company will hold a conference call and webcast on Wednesday, 4 March 
           2020 at 11:00 London time (14:00 Moscow time). 
 
           To participate in the call, please dial: 
 
           From the UK: 
 
           +44 208 089 2860 (local access) 
 
           0800 756 3333 (toll free) 
 
           From the US: 
 
           +1 334 777 6978 (local access) 
 
           800 367 2403 (toll free) 
 
           From Russia: 
 
           +7 499 609 1260 (local access) 
 
           8 800 100 3687 (toll free) 
 
    To participate from other countries, please dial any of the local access 
           numbers listed above. 
 
           Conference code: 2522219 
 
           To participate in the webcast follow the link: 
 https://webcasts.eqs.com/polymetal20200304. Please be prepared to introduce 
           yourself to the moderator or register. 
 
 A recording of the call will be available immediately after the call at +44 
207 660 0134 (from the UK), +1 719 457 0820 (from the USA) and 8 10 800 2702 
  1012 (from Russia), access code 2522219, from 17:30 Moscow time Wednesday, 
  04 March, till 17:30 Moscow time Wednesday, 11 March, 2020. Webcast replay 
    will be available on Polymetal's website (www.polymetalinternational.com 
           [1]) and at https://webcasts.eqs.com/polymetal20200304. 
 
           Enquiries 
 
Media                     Investor Relations 
 
FTI          +44 20 3727  Polymetal ir@polymetalinternational.com 
Consulting   1000 
 
                          Evgeny    +44 20 7887 1475 (UK) 
Leonid Fink               Monakhov 
 
Viktor                    Timofey 
Pomichal                  Kulakov 
 
                                    +7 812 334 3666 (Russia) 
 
                          Kirill 
                          Kuznetsov 
 
Joint Corporate Brokers 
 
Morgan       +44 20 7425  RBC       +44 20 7653 4000 
Stanley      8000         Europe 
                          Limited 
 
Andrew 
Foster                    Marcus 
                          Jackson 
 
Richard 
Brown                     Jamil 
                          Miah 
 
Panmure 
Gordon       +44 20 7886 
             2500 
 
James 
Stearns 
 
Forward-looking statements 
 
       This release may include statements that are, or may be deemed to be, 
"forward-looking statements". These forward-looking statements speak only as 
        at the date of this release. These forward-looking statements can be 
   identified by the use of forward-looking terminology, including the words 
         "targets", "believes", "expects", "aims", "intends", "will", "may", 
   "anticipates", "would", "could" or "should" or similar expressions or, in 
each case their negative or other variations or by discussion of strategies, 
plans, objectives, goals, future events or intentions. These forward-looking 
      statements all include matters that are not historical facts. By their 
    nature, such forward-looking statements involve known and unknown risks, 

(MORE TO FOLLOW) Dow Jones Newswires

March 04, 2020 02:00 ET (07:00 GMT)

© 2020 Dow Jones News
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