+1% (US$m)
This top-line indicator is heavily dependent on commodity prices but also driven by the delivery of production volumes.
In 2021, revenue increased by 1% year-on-year to $2,890 million driven by the growth of gold and silver average realised prices. Gold and silver sales were broadly in line with production volume trends.
+15% (US$/GE oz)
High-grade, full-capacity utilisation and continued operational improvement, as well as foreign exchange rates and oil prices are the key drivers behind total cash cost (TCC) per ounce.
TCC was $730/GE oz, up 15% year-on-year, owing to above-CPI inflation in the mining industry and planned decline in grades processed at Kyzyl, Svetloye and Mayskoye.
+18% (US$/GE oz)
AISC increased by 18% to $1,030/GE oz, reflecting higher inflationary pressures on capital expenditure.
-13% (US$m)
Adjusted EBITDA provides an indicator of our ability to generate operating cash flows from the current business.
In 2021, Adjusted EBITDA was $1,464 million, 12% lower than in 2020, mainly driven by higher costs against the backdrop of relatively stable sales volumes and revenue.
-31% (US$m)
In 2021, Polymetal generated significant free cash flow of $418 million (2020: $610 million) driven by strong commodity prices and an excellent operational performance, and paid out $635 million of dividends.
-25% (US$/share)
Our aim is to deliver significant dividends to our shareholders at all stages of both the commodity cycle and our investment cycle.
In 2021, dividends of $459 million were proposed, representing $0.97 per share compared with $1.29 per share in 2020.
-23 p.p. (ROE) (%)
The most important metric for evaluating a company’s profitability. Measures the efficiency with which a company generates income using the funds that shareholders have invested.
+30% (US$m)
In 2021, total capital expenditure was US$ 7591 million, up 36% year-on-year mainly due to accelerated spending across the development projects portfolio, notably, POX-2, Kutyn, Voro flotation and Veduga.
-15% (US$m)
Underlying net income is a comprehensive benchmark of our core profitability, excluding foreign exchange gains/losses, impairments and one-off non-recurring items.
Underlying net earnings decreased by 13% to $913 million, reflecting the decrease in operating profit.
-17% (US$m)
Underlying net income is a comprehensive benchmark of our core profitability, excluding foreign exchange gains/losses, impairments and one-off non-recurring items.
Underlying net earnings decreased by 13% to $913 million, reflecting the decrease in operating profit.
+8% (Koz)
Annual target for gold equivalent (GE) production is an indicator to the market of our confidence in delivering stable and reliable growth.
In 2021, GE output amounted to 1,677 Koz, a 2% increase year-on-year and 5% above the original production guidance of 1.6 Moz.
+7% (Moz)
Extending life-of-mine, both through near-mine exploration and new discoveries from greenfield exploration, contributes to the Company’s long-term growth prospects.
In 2021, the Company increased its ore reserves by 7% to 29.9 Moz of GE on the back of successful near-mine exploration at Nezhda, Veduga and Kutyn (Albazino hub), as well as initial reserve estimates at Elevator (Varvara hub), Saum (Voro hub), and Nevenrekan (Omolon hub).
0% (LTIFR)
An improvement in the health and safety record at our operations, with a goal of zero fatalities, is a key priority.
No fatal accidents occurred among the Group employees in 2021 (2020: zero fatalities). Sadly, a contract driller lost his life in July at Saum, part of the Voro hub (2020: zero fatalities). Lost time injury frequency rate (LTIFR) among the Group’s employees was stable at 0.12.
-11% (tonnes per Kt of ore processed)
To achieve sustainable deceleration of global warming and rising temperatures, we continue to reduce our GHG emissions and are committed to developing long-term goals for 2050 and successfully achieving carbon neutrality.
In 2021, we reduced our GHG intensity (Scope 1 and Scope 2) by 7% compared with 2020 and by 9% compared with 2019 (target base year).