OREANDA-NEWS. April 05, 2012. Polyus Gold, (LSE – PLGL, OTC (US) – PLZLY, PGIL or ‘the Company’), the largest gold producer in Russia, releases its financial results for the year 2011, reported the press-centre of Polyus Gold.

Highlights:
Gold sales increased to a record USD 2.3 billion, reflecting increased sales volumes and higher gold price (2010: USD 1.7bn)

Operating profit increased by 53% to USD839 million (2010: USD 547m)

EBITDA reached USD 1.1 billion, a 55% increase, while EBITDA margin improved from 41% to 46%

Total cash costs per ounce rose by 19% to USD 661 per troy ounce, the Group demonstrated an ability to contain TCC growth in comparison to previous years

Operating cash flows increased by 72% to a record USD 765 million (2010: USD 445m)

Capital expenditures amounted to USD 341 million, devoted to the development of the Group’s diversified project portfolio.
 
German Pikhoya, CEO of Polyus Gold, commented:
“2011 was another year of significant progress for Polyus Gold cementing our position as the leading Russian gold producer, supported by the third largest gold reserves in the world. Being fully exposed to the rising gold prices, the Company improved its cash flows, demonstrated a competitive level of profitability, and maintained capital expenditures to develop new projects”.

The Financial Statements and Management Report will be available from 11 am London time at the Company’s web-site under the following link:
http://www.polyusgold.com/eng/news/reports/financials/