OREANDA-NEWS. March 31, 2014. Polyus Gold International Limited (LSE - PGIL, OTC (US) - PLZLY, “PGIL”, “Polyus Gold” or the “Company”), the largest gold producer in Russia, releases its audited financial results for the full year 2013.

Highlights
Gold sales down by 14% to USD 2.3 billion, reflecting a 17% fall in the gold price, but partly offset by a 4% increase in gold sold (FY 2012: USD 2.6 billion)

Total cash costs (TCC) per oz sold1 rose by just 1% to USD 707 per oz following improved cost control throughout the operations and the appreciation of the US dollar against the Russian rouble by 2%, which helped to offset cost inflation

Following the significant fall in the gold price in 2013 an impairment of USD 472 million was recognised, primarily related to the Nezhdaninskoye (USD 248 million) and Degdekanskoye (USD 48 million) deposits at the exploration stage and the Kuranakh mine (USD 138 million)

Adjusted operating profit2 of USD 694 million, compared to USD 1,211 million in 2012

Adjusted EBITDA3 of USD 910 million (2012: USD 1,303 million), and Adjusted EBITDA margin of 39% (2012: 49%)

Adjusted profit for the year from continuing operations 4decreased 42% to USD 564 million (FY 2012: USD 978 million)

Adjusted earnings per share5 of 17 US cents (FY 2012: 32 US cents)

Profit for the year from continuing operations decreased to USD 143 million, compared to USD 965 million in 2012

Net debt position of USD 349 million compared with a net cash position of USD 680 million at the end of 2012.

1 Total cash costs per oz sold is total cash costs divided by the ounces of gold sold during the period. For more details refer to page 19 of the Financial review.

2Adjusted operating profit represents Operating profit, before impairment charges.

3Adjusted EBITDA is defined by the Group as profit before finance costs, income tax, income/(losses) from investments, depreciation, amortisation and finance cost, and is further adjusted for certain items, being mainly impairments. For more details refer to page 17 of the Financial review.

4Adjusted profit for the year from continuing operations represents profit from continuing operations before impairment charges.

5Adjusted earnings per share represents adjusted profit from continuing operations attributable to the shareholders of the Company divided by the weighted average number of ordinary shares.