The Company will continue to report its consolidated financial results in accordance with the
IFRS. Historical consolidated financial results of the Company for the years ended December31, 2009 and 2010 have also been reconciled to the new standards and audited by independent consultants.Copies of the above documents are available on the Company’s website at www.polymetal.ru and have been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do.HIGHLIGHTS1 6 months ended June 30,Operating highlights22011 2010
% change
Ore mined, Kt 4,439 3,303 34% Open pit 3,765 2,807 34% Underground 674 496 36% Ore processed, Kt 4,070 3,371 21%
Production
Gold, Koz 184 209 -12% Silver, Moz 8.2 9.6 -15%
Copper, tonnes 3,512 1,943 81% Headcount 7,704 6,563 17%
Financial highlights (US$ million unless indicated otherwise)Gold sold, Koz | 188 | 210 | -11% |
Average realized gold price, US$/oz | 1,434 | 1,152 | 24% |
Average LBMA gold AM fixing price, US$/oz3 | 1,449 | 1,154 | 26% |
Silver sold, Moz | 7.3 | 9.5 | -24% |
Average realized silver price, US$/oz | 34.8 | 17.5 | 99% |
Average LBMA silver fixing price, US$/oz3 | 35.3 | 17.6 | 101% |
Copper sold, metric tonnes | 2,728 | 1,943 | 40% |
Revenues | 545 | 422 | 29% |
Adjusted EBITDA4 | 249 | 188 | 32% |
Net income | 151 | 85 | 77% |
Diluted EPS from continuing operations | 0.39 | 0.24 | 65% |
TCC/oz gold equivalent | 671 | 544 | 23% |
Capital expenditure5 | 203 | 155 | 30% |
Cash flow from operations | 80 | 115 | -31% |
Net debt | 920 | 7856 | 17% |
Notes: (1) % changes can be different from zero even when absolute amounts are unchanged because of rounding. Likewise, % changes can be equal to zero when absolute amounts differ due to the same reason. This note applies to all the tables in this release
(2) Unaudited
(3) Derived using the data taken from www.lbma.org.uk
(4) The calculation of Adjusted EBITDA is explained below
(5) Accounts for cash spent on capital expenditure but does not include accounts payables (US$12 million in 1H
2011) associated with these expenditures.
1
(6) As at 31 December, 2010