Polyus 3m2021 MDA and FS (ESMA)

 
PJSC “Polyus”
 
Condensed consolidated 
interim financial statements 
 
for the three months ended 
31 March 2021 (unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 
PJSC “POLYUS” 
 
CONDENSED CONSOLIDATED INTERIM STATEMENT 
OF PROFIT OR LOSS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED) 
(in millions of US Dollars) 
 
Three months 
ended 
31 March 
Notes 
2021 
2020 
Gold sales 
 
5 
1,017
861
Other sales 
11
11
Total revenue 
1,028
872
Cost of gold sales 
 
6 
(301)
(281)
Cost of other sales 
(10)
(10)
Gross profit 
717
581
Selling, general and administrative expenses 
 
7 
(73)
(86)
Other expenses, net 
 
8 
(32)
(14)
Operating profit 
612
481
Finance costs, net 
 
9 
(51)
(70)
Interest income 
3
11
Loss on revaluation of derivative financial instruments, net 
 
10 
(12)
(534)
Foreign exchange loss, net 
(15)
(339)
Profit / (loss) before income tax 
537
(451)
Income tax (expense) / benefit 
(87)
62
Profit / (loss) for the period 
450
(389)
Profit / (loss) for the period attributable to: 
Shareholders of the Company 
449
(408)
Non-controlling interests 
1
19
 
450
(389)
Weighted average number of ordinary shares ’000 
- 
for basic earnings per share 
 
19 
134,690
133,308
- 
for diluted earnings per share 
 
19 
135,043
133,550
Earnings / (loss) per share (US Dollar per share) 
- 
basic 
3.33
(3.06)
- 
diluted 
3.32
(3.06)
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 
PJSC “POLYUS” 
 
CONDENSED CONSOLIDATED INTERIM 
STATEMENT 
OF OTHER COMPREHENSIVE INCOME 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED) 
(in millions of US Dollars) 
 
Three months 
ended 
31 March 
2021 
2020 
Profit / (loss) for the period 
450
(389)
Other comprehensive loss for the period
Items that may be subsequently reclassified to profit or loss: 
Effect of translation to presentation currency 
(67)
(361)
Other comprehensive loss for the period 
(67)
(361)
Total comprehensive income / (loss) for the period 
383
(750)
Total comprehensive income / (loss) for the period 
attributable to: 
Shareholders of the Company 
384
(746)
Non-controlling interests 
(1)
(4)
383
(750)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 
PJSC “POLYUS” 
 
CONDENSED CONSOLIDATED INTERIM STATEMENT 
OF FINANCIAL POSITION 
AT 31 MARCH 2021 (UNAUDITED) 
(in millions of US Dollars) 
 
Notes 
31 Mar. 
2021 
31 Dec. 
2020 
Assets 
Non-current assets 
Intangible assets 
 
11 
131
132
Property, plant and equipment 
 
12 
4,083
4,121
Inventories 
 
14 
541
519
Deferred tax assets 
108
109
Derivative financial instruments 
 
15 
21
17
Other receivables and non-current assets 
25
28
4,909
4,926
Current assets 
Inventories 
 
14 
590
595
Deferred expenditure 
33
17
Advances paid to suppliers and prepaid expenses 
44
29
Trade and other receivables 
 
16 
26
133
Taxes receivable 
 
17 
75
120
Income tax prepaid 
23
30
Cash and cash equivalents 
 
18 
1,800
1,445
2,591
2,369
Total assets 
7,500
7,295
Equity and liabilities 
Capital and reserves 
Share capital 
 
19 
5
5
Additional paid-in capital 
 
19 
2,380
2,410
Treasury shares 
 
19 
(226)
(288)
Translation reserve 
(3,109)
(3,044)
Retained earnings 
3,696
3,272
Equity attributable to shareholders of the Company 
2,746
2,355
Non-controlling interests 
90
91
2,836
2,446
Non-current liabilities 
Borrowings 
 
20 
2,813
3,329
Derivative financial instruments 
 
15 
330
330
Deferred tax liabilities 
264
259
Site restoration, decommissioning and environmental obligations 
58
63
Other non-current liabilities 
40
57
3,505
4,038
Current liabilities 
Borrowings 
 
20 
703
225
Derivative financial instruments 
 
15 
49
42
Trade and other payables 
 
21 
290
399
Taxes payable 
 
22 
98
101
Income tax payable 
 
19
44
1,159
811
Total liabilities 
4,664
4,849
Total equity and liabilities 
7,500
7,295

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 
PJSC “POLYUS” 
 
CONDENSED CONSOLIDATED INTERIM STATEMENT 
OF CHANGES IN EQUITY 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED) 
(in millions of US Dollars) 
 
Equity attributable to shareholders of the Company 
Notes 
Number of 
outstanding 
shares ’000 
Share capital 
Additional 
paid-in 
capital 
Treasury 
shares 
Translation 
reserve 
Retained 
earnings 
Total 
Non-
controlling 
interests 
Total 
Balance 
at 31 
December 
2019 
 
133,196
5
2,049
(103)
(2,727)
2,586
1,810
103
1,913
Profit 
/ (loss) 
for the 
period 
 
-
-
-
-
-
(408)
(408)
19
(389)
Other 
comprehensive 
income 
/ (loss) 
 
-
-
-
-
(338)
-
(338)
(23)
(361)
 
Total comprehensive 
income 
/ (loss) 
 
-
-
-
-
(338)
(408)
(746)
(4)
(750)
 
Equity-settled 
share-based 
compensation 
(LTIP), net 
of tax 
 
-
-
9
-
-
-
9
-
9
Execution 
of conversion 
option 
by bondholders 
 
 
156
 
-
4
15
(3)
-
16
-
16
Shares 
awarded 
under 
LTIP 
 
370
-
(13)
36
(5)
(24)
(6)
-
(6)
Purchase 
of additional 
ownership 
in SL 
Gold 
 
246
-
5
24
-
2
31
(2)
29
 
Balance 
at 31 
March 
2020 
 
133,968
5
2,054
(28)
(3,073)
2,156
1,114
97
1,211
 
Balance 
at 31 
December 
2020 
 
134,705
5
2,410
(288)
(3,044)
3,272
2,355
91
2,446
Profit 
for the 
period 
 
-
-
-
-
-
449
449
1
450
Other 
comprehensive 
loss 
 
-
-
-
-
(65)
-
(65)
(2)
(67)
 
Total comprehensive 
income 
/ (loss) 
 
-
-
-
-
(65)
449
384
(1)
383
Equity-settled 
share-based 
compensation 
(LTIP), net 
of tax 
 
19 
-
-
4
-
-
-
4
-
4
Shares 
awarded 
under 
LTIP 
 
19 
351
-
(34)
74
-
(39)
1
-
1
Share 
buyback 
 
19 
(62)
-
-
(14)
-
14
-
-
-
Other 
 
11
-
-
2
-
-
2
-
2
 
Balance 
at 31 
March 
2021 
 
135,005
5
2,380
(226)
(3,109)
3,696
2,746
90
2,836
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6 
PJSC “POLYUS” 
 
CONDENSED CONSOLIDATED INTERIM STATEMENT 
OF CASH FLOWS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED) 
(in millions of US Dollars) 
 
Three months 
ended 
31 March 
Notes 
2021 
2020 
Operating activities 
Profit / (loss) before income tax 
537
(451)
Adjustments for: 
Finance costs, net 
 
9 
51
70
Interest income 
(3)
(11)
Loss on revaluation of derivative financial instruments, net 
 
10 
12
534
Depreciation and amortisation 
81
74
Foreign exchange loss, net 
15
339
Other 
5
13
698
568
Movements in working capital 
Inventories 
(21)
(53)
Deferred expenditure 
(17)
(19)
Trade and other receivables 
107
78
Advances paid to suppliers and prepaid expenses 
(16)
(15)
Taxes receivable 
37
9
Trade and other payables and accrued expenses 
16
24
Taxes payable 
(22)
14
Cash flows from operations 
782
606
Income tax paid 
(96)
(62)
Net cash generated from operating activities 
686
544
Investing activities
1
Purchase of property, plant and equipment (excluding 
purchase of additional ownership in LLC SL Gold 
and construction of the Omchak high-voltage power grid) and intangible assets 
(196)
(177)
Purchase of additional ownership in LLC SL Gold 
-
(28)
Payments for the Omchak high voltage power grid 
 
5 
-
(8)
Interest received 
3
11
Net cash utilised in investing activities 
(193)
(202)
Financing activities
1
Proceeds from borrowings 
-
112
Repayment of borrowings 
(4)
(230)
Interest paid 
(68)
(87)
Commissions on borrowings paid 
-
(4)
Repayments of lease liability 
 
(5)
(4)
Net (payment) / proceeds on exchange of interest payments under cross currency swaps 
 
9 
(1)
10
Net payment on exchange of interest payments under interest rate swaps 
 
9 
(1)
-
Payments for close out of revenue stabilizer programme 
-
(32)
Increase of ownership in subsidiaries 
(24)
-
Payment for share buyback 
 
19 
(32)
-
Unpaid dividends for previous periods returned 
1
-
Other 
2
-
Net cash utilised in financing activities 
(132)
(235)
Net increase in cash and cash equivalents 
361
107
Cash and cash equivalents at the beginning of the period 
 
18 
1,445
1,801
Effect of foreign exchange rate changes on cash and cash equivalents 
(6)
(30)
Cash and cash equivalents at the end of the period 
 
18 
1,800
1,878
 
1
 
Significant non-cash transactions relating to investing (right-of-use assets recognition and LTIP payments in treasury shares) and financing activities 
(lease liabilities recognition) are disclosed in the notes 13 and 19 to these condensed consolidated interim financial 
statements, respectively.
 

 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
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CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
7 
1. 
GENERAL 
Public Joint Stock Company Polyus (the “Company” or “Polyus”) was incorporated in Moscow, 
Russian Federation, on 17 March 2006
. 
The principal activities of the Company and its controlled entities (the “group”) are the 
extraction, 
refining and sale of gold
. The mining and processing facilities of the group are located in the 
Krasnoyarsk, Irkutsk, Magadan regions and the Sakha Republic of the 
Russian Federation
. The 
group also performs research and exploration works. Further details regarding the nature of the 
business of the significant subsidiaries of the group are presented in note 27. 
The shares of the Company are “level one” listed on the Moscow Exchange. Global depository 
shares (“GDSs”) each representing interest in ½ of ordinary share in the Company are traded on 
the main market for listed securities of the London Stock Exchange plc (“LSE”). The controlling 
shareholder of the Company is 
Polyus Gold International Limited
 
(“PGIL”), a company registered in 
Jersey. The most senior parent of the Company is Wandle Holdings Limited, а company registered 
in Cyprus. As of 31 March 2021 and 31 December 2020, the ultimate controlling party of the 
Company was 
Mr. Said Kerimov
.
 
 
 
2. 
BASIS OF 
PREPARATION AND 
PRESENTATION 
2.1. Going concern 
In assessing the appropriateness of the going concern assumption, management has taken account 
of the group’s financial position, 
expected future 
trading performance, 
its borrowings, 
available 
credit 
facilities 
and its capital expenditure commitments, expectations of the future gold price, currency 
exchange rates and other risks facing the group. After making appropriate enquiries, management 
considers that the group has adequate resources to continue in operational existence for at least 
the next 12 months from the date of signing these condensed consolidated interim financial 
statements and that it is appropriate to adopt the going concern basis in preparing these condensed 
consolidated interim financial statements. 
 
 
2.2. Compliance with the International Financial Reporting Standards (“IFRS”) 
These condensed consolidated interim financial statements have been prepared in accordance 
with International Accounting Standard 34 
Interim Financial Reporting
 
(“IAS 34”). Accordingly, 
the condensed consolidated interim financial statements do not include all information and 
disclosures required for a complete set of financial statements, and should be read in conjunction 
with the group’s consolidated financial statements for the year ended 31 December 2020. 
 
2.3. Basis of presentation 
The entities of the group maintain their accounting records in accordance with the laws, accounting 
and reporting 
regulations 
of the 
jurisdiction 
in which 
they 
are incorporated 
and registered. 
The accounting 
principles and financial reporting procedures in these jurisdictions may differ substantially from those 
generally accepted under IFRS. Accordingly, such financial information has been adjusted to ensure 
that the condensed consolidated interim financial statements are presented in accordance with IFRS. 
 
The condensed 
consolidated 
interim 
financial 
statements 
of the 
group 
are prepared 
on the 
historical 
cost 
basis, 
except 
for derivative 
financial 
instruments 
and certain 
trade 
receivables, 
which are accounted for 
at fair value. 
 
2.4. IFRS standards first time applied in 2021 
The following is a list of new or amended IFRS standards and interpretations that have been applied 
by the group in these condensed consolidated interim financial statements: 

 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
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CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
8 
Title 
Subject 
Effective for annual 
periods beginning 
on or after 
Effect 
on the condensed 
consolidated interim 
financial statements 
 
Interest Rate Benchmark Reform 
phase 2 (Amendments to IFRS 9, 
IAS 39, IFRS 7, IFRS 4 and IFRS 
16)
Replacement of LIBOR with alternative 
Risk-free Rates
1 January 2021
No effect
 
2.5. IFRS standards to be applied after 2021 
The following standards and interpretations, which have not been applied in these condensed 
consolidated interim financial statements, were in issue but not yet effective: 
Title
Subject
Effective for annual 
periods beginning 
on or after
Effect 
on the condensed 
consolidated interim 
financial statements
Amendment IFRS 3 
 
Updates of references to or from 
the Conceptual Frameworks to 
the IFRS standards 
 
1 January 2022 
 
No effect 
Amendment IAS 16 
 
Proceeds before Intended Use 
 
1 January 2022 
 
Under review 
Amendment IFRS 1 
 
Subsidiary as a first-time adopter 
 
1 January 2022 
 
No effect 
Amendment IAS 41 
 
Taxation in fair value 
measurements 
 
1 January 2022 
 
No effect 
Amendment IAS 37 
 
Onerous Contracts—Cost of Fulfilling 
a Contract 
 
1 January 2022 
 
No effect 
Amendment IFRS 9 
 
Fees in the ‘10 per cent’ test for 
derecognition of financial liabilities 
 
1 January 2022 
 
No effect 
IFRS 17 
Insurance contracts 
1 January 2023 
No effect 
Amendments to IFRS 17 
Insurance contracts 
1 January 2023 
No effect 
Amendment IAS 1 
 
Classification of Liabilities as Current or 
Non-Current 
 
1 January 2023 
 
No effect 
Amendment IAS 8
New definition of the accounting 
estimates
1 January 2023
No effect
Amendment IAS 1
Disclosure of accounting policy
1 January 2023
No effect
 
 
 
3. 
SIGNIFICANT ACCOUNTING POLICIES 
The same accounting policies, presentation and methods of computation have been followed 
in these condensed consolidated interim financial statements as were applied in the group’s audited 
consolidated financial statements for the year ended 31 December 2020. 
 
IAS 34 requires calculation of income tax benefit/expense for interim reporting periods to be based 
on the expected annual effective income tax rate. Non-taxable / (non-deductible) gains / (losses) on 
revaluation of certain 
Derivative financial instruments
 
as well as certain other items of less 
predictable nature are excluded from determining the expected annual effective income tax rate, 
which may result in significant variations of effective income tax rate between different interim 
periods. 
 
The group presents its condensed consolidated interim financial statements in the US Dollar 
(“USD”), as management believes it is a more convenient presentation currency for international 
users of the condensed consolidated interim financial statements of the group as it is a common 
presentation currency in the mining industry. As of 31 March 2021, quarterly-end RUB/ US Dollar 
exchange rate used in the preparation of the condensed consolidated interim financial statements 
was 75.70 (31 December 2020: 73.88).
 
 
 

 
 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
9 
 
 
4. 
CRITICAL 
ACCOUNTING 
JUDGEMENTS 
AND KEY 
SOURCES 
OF ESTIMATION 
UNCERTAINTY 
The critical accounting judgements, estimates and assumptions made by management of the group 
and applied in the accompanying condensed consolidated interim financial statements for the three 
months ended 31 March 2021 are consistent with those applied in the preparation of the 
consolidated financial statements of the group for the year ended 31 December 2020.
 
 
 
5. 
SEGMENT INFORMATION 
For management purposes the group is organised by separate business segments identified 
on a combination of operating activities and geographical area bases with separate financial 
information available and reported regularly to the chief operating decision maker (“CODM”), 
determined as the Budget Committee and the Investment Committee. 
The following is a description of operations of the group’s identified reportable segments 
and those that do not meet the quantitative reporting threshold: 
●
 
Olimpiada 
business unit 
(Krasnoyarsk 
region of 
the Russian 
Federation) 
– mining (including 
initial processing) 
and sale of 
gold from 
the Olimpiada 
mine, as 
well as research, 
exploration 
and 
development work at the Olimpiada deposit. 
●
 
Blagodatnoye 
business unit 
(Krasnoyarsk 
region of 
the Russian 
Federation) 
– mining 
(including 
initial processing) 
and sale of 
gold from 
the Blagodatnoye 
mine, as 
well as research, 
exploration 
and development 
work at the 
Blagodatnoye 
deposit. 
●
 
Natalka business 
unit 
(Magadan region 
of the Russian 
Federation) 
– mining (including 
initial 
processing) 
and sale 
of gold from 
the Natalka 
mine, as well 
as research, 
exploration 
and 
development 
work at the 
Natalka deposit. 
●
 
Verninskoye business unit 
(Irkutsk region of the Russian Federation) – mining (including 
initial processing) and sale of gold from the Verninskoye mine, research, exploration and 
development works at the Smezhny and Medvezhy Zapadny deposits. 
●
 
Kuranakh 
business unit 
(Sakha Republic 
of the Russian Federation) – mining (including initial 
processing) and sale of gold from the Kuranakh mines. 
●
 
Alluvials business unit 
(Irkutsk region of the Russian Federation) – mining (including initial 
processing) and sale of gold from several alluvial deposits. 
●
 
Exploration business unit
 
(Krasnoyarsk, Irkutsk, Amur and other regions of the Russian 
Federation) – exploration and evaluation works in several regions of the Russian Federation 
other than those related to Sukhoi Log deposit. 
●
 
Sukhoi Log business unit 
(Irkutsk region of the
 
Russian Federation)
 
– exploration and 
evaluation works at the Sukhoi Log deposit. 
●
 
Unallocated 
– the group does not allocate segment results of companies that perform 
management, investing activities and certain other functions. Neither standalone results nor 
the aggregated results of these companies are significant enough to be disclosed as operating 
segments because quantitative thresholds are not met. 
The reportable gold production segments derive their revenue primarily from gold sales. The CODM 
performs an analysis of the operating results based on these separate business units and evaluates 
the reporting segment’s results, for purposes of resource allocation, based on the measurements of: 
●
 
Gold
 
sales;
 
●
 
Ounces
 
of
 
gold
 
sold,
 
in
 
thousands;
 
●
 
Adjusted
 
earnings
 
before
 
interest,
 
tax,
 
depreciation
 
and
 
amortisation
 
and
 
other
 
items
 
 
(Adjusted EBITDA); 
●
 
Total
 
cash
 
cost
 
(TCC);
 
●
 
Total
 
cash
 
cost
 
per
 
ounce
 
of
 
gold
 
sold
 
(TCC
 
per
 
ounce
);
 
and
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
 
10 
●
 
Capital
 
expenditure
s
.
 
 
Business segment assets and liabilities are not reviewed by the CODM and therefore are not 
disclosed in these condensed consolidated interim financial statements. The group’s non-current 
assets are located in the Russian Federation. 
 
Business units
 
Gold sales 
Ounces of 
gold sold in 
thousands
2
Adjusted 
EBITDA 
TCC
2
TCC 
per ounce 
(US dollar)
2
Capital 
expenditures 
 
For the three months ended 31 March 2021
Olimpiada 
 
434 
243 
310 
95 
395 
28 
Blagodatnoye 
 
165 
92 
121 
33 
359 
21 
Natalka 
 
205 
115 
144 
43 
377 
20 
Verninskoye 
 
116 
65 
87 
22 
338 
15 
Kuranakh 
 
97 
54 
59 
29 
539 
12 
Alluvials 
 
- 
- 
(5) 
- 
- 
4 
Exploration 
 
- 
- 
- 
- 
- 
4 
Sukhoi Log 
 
- 
- 
- 
- 
- 
9 
Unallocated 
 
- 
- 
23 
(4) 
- 
14 
 
Total 
 
1,017 
569 
739 
218 
386 
127 
 
For the three months ended 31 March 2020
Olimpiada 
 
357 
226 
252 
85 
377 
25 
Blagodatnoye 
 
165 
103 
117 
37 
361 
8 
Natalka 
 
151 
95 
94 
39 
414 
38 
Verninskoye 
 
108 
69 
78 
24 
353 
16 
Kuranakh 
 
80 
51 
44 
29 
568 
6 
Alluvials 
 
- 
- 
(4) 
- 
- 
4 
Exploration 
 
- 
- 
- 
- 
- 
4 
Sukhoi Log 
 
- 
- 
- 
- 
- 
4 
Unallocated 
 
- 
- 
8 
1 
- 
19 
 
Total 
 
861 
544 
589 
215 
394 
124 
 
Adjusted EBITDA reconciles to the IFRS reported figures on a consolidated basis as follows: 
Three months 
ended 
31 March 
2021 
2020 
Profit / (loss) before income tax
537 
(451) 
Finance costs, net (note 9) 
51 
70 
Interest income 
(3) 
(11) 
Depreciation and amortisation 
81 
74 
Foreign exchange loss, net
15 
339 
Loss on revaluation of derivative financial instruments, net
 
(note 10) 
12 
534 
Equity-settled share-based plans (LTIP) (note 19) 
10 
26 
Expenses related to COVID-19
(note 25) 
24 
- 
Special charitable contributions 
7 
5 
Impairment of property, plant and equipment 
- 
2 
Loss on disposal of property, plant and equipment 
and intangible assets 
5 
1 
Adjusted EBITDA 
739 
589 
2
 
Unaudited and not reviewed 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
11 
The measurement of TCC per ounce of gold sold reconciles to the IFRS reported figures 
on
 
a
 
consolidated basis as follows: 
Three months 
ended 
31 March 
2021 
2020 
Cost of gold sales
(note 6)
301 
281 
Adjusted for:
Depreciation and amortisation (note 6) 
(94) 
(96) 
Effect of depreciation, amortisation, accrual and provisions in inventory change 
22 
30 
Expenses related to COVID-19 in cost of gold sales 
(11) 
- 
TCC
2
218 
215 
Ounces of gold sold, in thousands
2
569 
544 
TCC per ounce of gold sold, USD per ounce
2
386 
394 
Gold sales 
Three months 
ended 
31 March 
2021 
2020 
Refined gold 
1,017 
848 
Gold in flotation concentrate 
- 
13 
Total 
1,017 
861 
Gold sales reported above represent revenue generated from external customers. There were no 
inter-segment gold sales during the three months ended 31 March 2021 and 2020. 
Gold sales in the Alluvial business unit are more heavily weighted towards the second half of 
the calendar year, with all annual sales usually occurring from May until October. 
There were no gold sales outside of Russian Federation during the three months ended 31 March 
2021 and 2020. 
Reconciliation of capital expenditures to the property plant and equipment additions (note 12) 
is presented below: 
Three months 
ended 
31 March 
2021 
2020 
Capital expenditures 
127 
124 
Construction of the Omchak high-voltage power grid 
- 
8 
Stripping activity assets additions (note 12) 
67 
53 
Less: intangible and other non-current assets additions 
(5) 
(9) 
Property plant and equipment additions (note 12) 
189 
176
 
 
 
6. 
COST OF GOLD SALES 
 
Three months 
ended 
31 March 
2021 
2020 
Depreciation and amortisation 
94 
96 
Employee compensation 
87 
80 
Consumables and spares 
64 
71 
Mineral extraction tax 
50 
44 
Fuel 
25 
35 
Power 
15 
16 
Other 
24 
32 
Total cost of production 
359 
374 
Increase in stockpiles, gold-in-process and refined gold inventories 
(58) 
(93) 
Total 
301 
281
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
12 
 
7. 
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 
 
Three months 
ended 
31 March 
2021 
2020 
Employee compensation 
54 
66 
Depreciation and amortisation 
6 
6 
Taxes other than 
mineral extraction tax and income taxes 
4 
5 
Professional services 
2 
2 
Distribution expenses related to gold flotation concentrate 
1 
1 
Other 
6 
6 
Total 
73 
86
 
 
 
 
8. 
OTHER EXPENSES, NET 
Three months 
ended 
31 March 
2021 
2020 
Expenses related to COVID-19 (note 25) 
13 
- 
Special charitable contributions 
7 
5 
Loss on disposal of property, plant and equipment 
and intangible assets 
 
5 
1 
Impairment of property, plant and equipment 
- 
2 
Other 
7 
6 
Total 
32 
14
 
 
 
 
9. 
FINANCE 
COSTS, 
NET 
 
Three months 
ended 
31 March 
2021 
2020 
Interest on borrowings 
47 
71 
Interest on lease liabilities 
1 
1 
Loss / (gain) on exchange of interest payments under cross currency swaps 
1 
(10) 
Loss on exchange of interest payments under interest rate swaps 
1 
- 
Unwinding of discounts 
1 
4 
Bank commission and write-off of unamortised debt cost due to early extinguishment 
- 
4 
Total 
51 
70
 
 
 
10. 
LOSS ON 
REVALUATION OF DERIVATIVE 
FINANCIAL 
INSTRUMENTS, 
NET 
 
Three months 
ended 
 
31 March 
2021 
2020 
Revaluation loss on cross currency swaps 
(13) 
(437) 
Revaluation loss on revenue stabiliser 
- 
(29) 
Revaluation gain / (loss) on interest rate swaps 
1 
(7) 
Revaluation loss on conversion option 
- 
(61) 
Total 
(12) 
(534)
 
 

 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
13 
 
11. 
INTANGIBLE 
ASSETS 
 
Internally-
generated 
software 
 
Purchased 
software 
Internally-
generated 
other 
Total 
 
Cost 
 
85 
 
28 
 
30 
 
143 
Accumulated amortisation and impairment 
 
(9)
 
(8)
 
(3)
 
(20)
Net book value at 31 December 2019 
 
76 
 
20 
 
27 
 
123 
 
Additions 
 
5
 
1
 
2
 
8
Reclassification 
 
-
 
1
 
-
 
1
Amortisation charge 
 
(1)
 
(2)
 
(1)
 
(4)
Effect of translation to presentation currency 
 
(16)
 
(4)
 
(6)
 
(26)
 
Cost 
 
72 
 
24 
 
26 
 
122 
Accumulated amortisation and impairment 
 
(8)
 
(8)
 
(4)
 
(20)
Net book value at 31 March 2020 
 
64 
 
16 
 
22 
 
102 
 
Cost 
 
95 
 
28 
 
34 
 
157 
Accumulated amortisation and impairment 
 
(12)
 
(8)
 
(5)
 
(25)
Net book value at 31 December 2020 
 
83 
 
20 
 
29 
 
132 
 
Additions 
 
3
 
1
 
1
 
5
Reclassification 
 
2
 
(2)
 
-
 
-
Amortisation charge 
 
(1)
 
(2)
 
-
 
(3)
Effect of translation to presentation currency 
 
-
 
(1)
 
(2)
 
(3)
 
Cost 
 
99 
 
26 
 
33 
 
158 
Accumulated amortisation and impairment 
 
(12)
 
(10)
 
(5)
 
(27)
Net book value at 31 March 2021 
 
87 
 
16 
 
28 
 
131

 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
14 
 
12. 
PROPERTY, PLANT 
AND EQUIPMENT 
Fixed 
assets 
 
Stripping 
activity 
assets 
 
Capital 
construction 
in progress 
 
Exploration 
and 
evaluation 
assets 
 
Total 
 
Cost 
 
4,484 
 
918 
 
717 
 
641 
 
6,760 
Accumulated depreciation and impairment 
 
(1,686) 
 
(301) 
 
(63) 
 
(30) 
 
(2,080) 
Net book value at 31 December 2019 
 
2,798 
 
617 
 
654 
 
611 
 
4,680 
 
Additions 
 
- 
 
53 
 
112 
 
11 
 
176 
Transfers 
 
69 
 
- 
 
(69) 
 
- 
 
- 
Disposals 
 
(1) 
 
- 
 
- 
 
- 
 
(1) 
Depreciation charge 
 
(108) 
 
(18) 
 
- 
 
- 
 
(126) 
Impairment 
 
- 
 
- 
 
- 
 
(2) 
 
(2) 
Effect of translation to presentation currency 
 
(566) 
 
(130) 
 
(139) 
 
(126) 
 
(961) 
Other 
 
(1) 
 
- 
 
- 
 
1 
 
- 
 
Cost 
 
3,615 
 
776 
 
609 
 
519 
 
5,519 
Accumulated depreciation and impairment 
 
(1,424) 
 
(254) 
 
(51) 
 
(24) 
 
(1,753) 
Net book value at 31 March 2020 
 
2,191 
 
522 
 
558 
 
495 
 
3,766 
 
Cost 
 
4,130 
 
971 
 
629 
 
590 
 
6,320 
Accumulated depreciation and impairment 
 
(1,767) 
 
(346) 
 
(61) 
 
(25) 
 
(2,199) 
Net book value at 31 December 2020 
 
2,363 
 
625 
 
568 
 
565 
 
4,121 
 
Additions 
 
- 
 
67 
 
103 
 
19 
 
189 
Transfers 
 
148 
 
- 
 
(148) 
 
- 
 
- 
Disposals 
 
- 
 
- 
 
(1) 
 
- 
 
(1) 
Depreciation charge 
 
(104) 
 
(22) 
 
- 
 
- 
 
(126) 
Effect of translation to presentation currency 
 
(56) 
 
(16) 
 
(13) 
 
(14) 
 
(99) 
Other 
 
5 
 
- 
 
(1) 
 
(5) 
 
(1) 
 
Cost 
 
4,178 
 
1,014 
 
566 
 
590 
 
6,348 
Accumulated depreciation and impairment 
 
(1,822) 
 
(360) 
 
(58) 
 
(25) 
 
(2,265) 
Net book value at 31 March 2021 
 
2,356 
 
654 
 
508 
 
565 
 
4,083 
 
The carrying value of rights-of-use assets included in fixed assets is disclosed in note 13. 
 
Mineral rights 
The carrying values of mineral rights included in fixed assets and exploration and evaluation assets 
were as follows: 
31 Mar. 
2021 
 
31 Dec. 
2020 
Mineral rights presented within: 
 
- fixed assets 
55 
 
57 
 
- exploration and evaluation assets 
340 
 
346 
 
Total 
395 
 
403 
Exploration and evaluation assets 
The carrying values of exploration and evaluation assets were as follows:

 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
15 
31 Mar. 
2021 
 
31 Dec. 
2020 
 
Sukhoi Log 
404 
 
409 
Chertovo Koryto
31 
 
31 
Olimpiada
31 
 
27 
Razdolinskoye
28 
 
29 
Burgakhchan area
18 
 
17 
Panimba
16 
 
17 
Bamsky
15 
 
15 
Natalka
7 
 
7 
Blagodatnoye
6 
 
6 
Other
9 
 
7 
Total
565 
 
565
 
Depreciation and amortisation charges are allocated as follows: 
Three months 
ended 
31 March
2021 
2020 
Depreciation in change in inventory 
22 
29 
Capitalised within property, plant and equipment 
26 
27 
Less: amortisation of intangible and other non-current assets 
(3) 
(4) 
Total depreciation capitalised as part of other assets 
45 
52 
Depreciation and amortisation within cost of production (note 6) 
94 
96 
Less: depreciation in change in inventory 
(22) 
(29) 
Selling, general and administrative expenses (note 7) 
6 
6 
Cost of other sales 
3 
1 
Total depreciation in profit or loss 
81 
74 
Total depreciation of property, 
plant and equipment 
126 
126
 
13. 
LEASES 
 
The most significant leases of the group are office leases. Movements of the right-of-use assets 
presented within 
Property, Plant and Equipment
 
(note 12) were as follows: 
 
Three months ended 31 March 2021
Three months ended 31 March 2020
Related party 
transactions
Non-related 
party 
transactions
Total
 
Related party 
transactions
Non-related 
party 
transactions
Total
 
Carrying value as of the 
beginning of the period
46 
11 
57 
 
58 
22 
80 
Changes in right-of-use 
assets due to lease 
indexation, modification 
and recognition of new 
contracts 
- 
 
5 
 
5 
 
1 
- 
1 
Depreciation charge 
(1) 
 
(2) 
 
(3) 
 
(1) 
(1) 
(2) 
Effect of translation to 
presentation currency 
(1) 
 
- 
 
(1) 
 
(13) 
(6) 
(19) 
 
Carrying value as of the 
end of the period
44 
 
14 
 
58 
 
45 
15 
60 
 
Movements of the lease liabilities presented within 
Borrowings
 
(note 20) were as follows:

 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
16 
Three months ended 31 March 2021
Three months ended 31 March 2020
Related party 
transactions
Non-related 
party 
transactions
Total
 
Related party 
transactions
Non-related 
party 
transactions
Total
 
Carrying value as of the 
beginning of the period
51 
 
19 
 
70 
 
53 
27 
80 
Changes in lease liabilities 
due to lease indexation, 
modification and 
recognition of new 
contracts 
- 
 
5 
 
5 
 
1 
- 
1 
Foreign 
exchange 
loss, 
net 
1 
 
1 
 
2 
 
12 
2 
14 
Interest on lease liabilities 
1 
 
- 
 
1 
 
1 
- 
1 
Repayments of lease 
liability 
(2) 
 
(2) 
 
(4) 
 
(2) 
(3) 
(5) 
Effect of translation to 
presentation currency 
(1) 
 
(1) 
 
(2) 
 
(12) 
(4) 
(16) 
 
Carrying value as of the 
end of the period
50 
 
22 
 
72 
 
53 
22 
75
 
14. 
INVENTORIES 
31 Mar. 
2021 
31 Dec. 
2020 
Stockpiles 
526 
505 
Gold-in-process 
15 
14 
Inventories expected to be used after 12 months 
541 
519 
Stockpiles 
152 
150 
Gold-in-process 
108 
101 
Antimony in gold-antimony flotation concentrate and silver 
10 
4 
Refined gold and gold in flotation concentrate 
5 
4 
Materials and supplies 
344 
365 
Less: obsolescence provision for materials and supplies 
(29) 
(29) 
Inventories expected to be used in the next 12 months 
590 
595 
Total 
1,131 
1,114
 
15. 
DERIVATIVE FINANCIAL 
INSTRUMENTS 
 
31 March 2021 
31 December 2020 
 
Non-Current 
Current 
Total 
 
Non-Current 
Current 
Total 
 
Cross currency swaps 
21 
- 
21 
17 
- 
17 
 
Total derivative financial assets 
21 
- 
21 
17 
- 
17
 
Cross currency swaps 
322 
49 
371 
321 
42 
363 
Interest rate swaps 
8 
- 
8 
9 
- 
9 
 
Total derivative financial liabilities 
330 
49 
379 
330
42 
372
 
Cross currency swaps 
The following terms were in place as of 31 March 2021:

 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
17 
 
Nominal 
 
Interest payments 
 
Expiration 
date 
 
Group pays 
(USD million) 
 
Group receives 
(RUB million) 
 
Frequency 
 
Group pays 
(in USD) 
 
Group receives 
(in RUB) 
 
July 2021 
 
173 
 
10,000 
 
semi-annually 
 
LIBOR + 4.45% 
 
12.1% 
July 2021 
 
82 
 
5,300 
 
semi-annually 
 
5.9% 
 
12.1% 
March 2024 
 
125 
 
8,225 
 
quarterly 
 
5.09% 
 
MosPrime 3m + 0.2% 
April 2024 
 
965 
 
64,801 
 
quarterly 
 
5.00% 
 
MosPrime 3m - 0.45% 
October 2024 
 
310 
 
20,000 
 
semi-annually 
 
3.23% 
 
7.4% 
March 2025 
 
125 
 
8,169 
 
quarterly 
 
2.8% 
 
MosPrime 3m + 0.27% 
 
Interest rate swaps 
The following 
terms were 
in place as 
of 31 March 2021: 
 
Nominal 
 
Interest payments 
 
Expiration date 
 
(USD million) 
 
Frequency 
 
Group pays 
 
Group receives 
 
February 2024 
 
150 
 
monthly 
 
2.425%-2.44% 
 
LIBOR
 
16. 
TRADE AND 
OTHER RECEIVABLES 
31 Mar. 
2021 
31 Dec. 
2020 
Trade receivables for gold-bearing products 
6 
115 
Other receivables 
33 
32 
Less: allowance for other receivables 
(13) 
(14) 
Total 
26 
133
 
17. 
TAXES RECEIVABLE 
31 Mar. 
2021 
31 Dec. 
2020 
Reimbursable value added tax 
74 
118 
Other prepaid taxes 
1 
2 
Total 
75 
120
 
18. 
CASH AND 
CASH EQUIVALENTS 
31 Mar. 
2021 
31 Dec. 
2020 
Current USD bank accounts 
1,422 
1,115 
Current RUB bank accounts 
20 
69 
Bank deposits denominated in USD 
278 
178 
Bank deposits denominated in RUB 
80 
83 
Total 
1,800 
1,445

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
18 
Bank deposits 
within cash 
and cash 
equivalents 
include deposits 
with original 
maturity less 
than 
three months 
or repayable 
on demand 
without loss 
on principal 
and accrued 
interest 
denominated 
in 
RUB and USD 
and accrue 
interest 
at the following 
rates: 
Interest rates:
- Bank deposits denominated in USD 
0.5-0.9% 
0.5-0.9% 
- Bank deposits denominated in RUB 
3.6-4.7% 
4.0-4.7%
 
 
 
19. 
SHARE 
CAPITAL AND 
RESERVES 
 
Authorised share capital of the Company as of 31 March 2021 comprised issued and fully paid 
136,069 thousand ordinary shares at par value of RUB 1 each, of which 1,064 thousand were 
included within treasury shares. 
Equity-settled share-based compensation (long-term incentive plan)
 
PJSC Polyus grants long-term incentive awards according to which the members of management of 
the group are entitled to a conditional award in the form of PJSC Polyus’ ordinary shares, which vest 
upon achievement of financial and non-financial performance targets on expiry of performance 
periods. Expenses arising from the LTIP are recognised in the condensed consolidated interim 
statement of profit or loss within 
Employee compensation
 
included within 
Selling, general and 
administrative expenses. 
 
Share buyback 
During the three months ended 31 March 2021, the group completed a share buyback started in 
December 2020 by acquiring 62 thousand of the Company’s ordinary shares from its shareholders. 
As of 31 December 2020 a liability in the amount of USD 14 million was recognised in respect of 
shares to be delivered. 
 
Weighted average number of ordinary shares
 
The weighted 
average number 
of ordinary 
shares used 
in the calculation 
of basic 
and diluted 
earnings 
per share 
(“EPS”) is 
as follows 
(in thousands 
of shares): 
Three months 
ended 
 
31 March
2021
2020
Ordinary shares in issue at the beginning of the period
134,705
133,196
Conversion 
of convertible 
bond 
-
156 
Shares 
awarded 
under 
LTIP 
351 
370
Purchase 
of additional 
ownership 
in SL 
Gold (payable 
in treasury 
shares) 
-
246
Share 
buyback 
(62) 
- 
Other 
11 
- 
Ordinary shares in issue at the end of the period
135,005 
133,968 
Weighted average number of ordinary shares – basic EPS
134,690 
133,308 
Dilutive effect of potentially issuable shares under LTIP 
353 
242 
Weighted average number of ordinary shares – diluted EPS
135,043 
133,550 
Profit / (loss) after tax attributable to the shareholders of the Company (million USD) 
449 
(408) 
Profit / (loss) after tax attributable to the shareholders of the Company for diluted EPS 
calculation (million USD)
449 
(408)
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
19 
 
20. 
BORROWINGS 
 
Nominal rate % 
31 Mar. 
2021 
 
31 Dec. 
2020 
 
 
Eurobonds with fixed interest rate due in 2022 
4.699% 
 
481 
 
481 
Eurobonds with fixed interest rate due in 2023 
5.250% 
 
785 
 
785 
Eurobonds with fixed interest rate due in 2024 
4.7% 
 
469 
 
468 
Notes due in 
2029 (Rusbonds) 
with noteholders’ 
early repayment 
option in 
2024 
7.4% 
 
264 
 
270 
Notes due in 
2025 (Rusbonds) 
with noteholders’ 
early repayment 
option in 
2021 
12.1% 
 
198 
 
203 
Credit facilities 
with financial 
institutions 
nominated in 
RUR with variable 
interest rates 
Central bank rate + 
2.3% 
MosPrime + 0.2% / + 
0.27% / - 0.45% 
 
1,098 
 
1,128 
Credit facilities 
with financial 
institutions 
nominated in 
USD with variable 
interest 
rates 
USD LIBOR + 
1.40% / 
+ 1.65% 
 
149 
 
149 
Lease liabilities 
nominated in 
USD and RUR 
5.26% 
 
72 
 
70 
 
 
Sub-total
 
 
3,516 
 
3,554
Less: current 
portion of 
long-term borrowings 
due within 
12 months 
 
(703) 
 
(225) 
 
Long-term borrowings
 
 
2,813 
 
3,329 
 
Unused credit facilities 
As of 31 March 2021, the group has unused credit facilities in the total amount of USD 1,213 million 
(31 December 2020: USD 1,243 million). 
Pledge
 
As of 31 March 2021 and 31 December 2020, all shares of JSC TaigaEnergoStroy belonging to the 
group were pledged to secure a credit line. Additionally, the group pledged proceeds from certain 
gold sale agreements as a security for another credit facility. 
 
Other matters 
There were a number of financial covenants under several loan agreements in effect as of 31 March 
2021 according to which the respective subsidiaries of the Company and the Company itself are 
limited in their level of leverage and other financial and non-financial parameters. 
The group tests covenants quarterly and was in compliance with the covenants as of 31 March 2021.
 
 
 
21. 
TRADE AND 
OTHER PAYABLES 
31 Mar. 
2021 
31 Dec. 
2020 
Employee compensation payable 
79 
94 
Interest payable 
35 
57 
Trade payables 
65 
49 
Accrued annual leave 
39 
33 
Share buyback (note 19) 
- 
33 
Payables for shares of PJSC Lenzoloto 
- 
24 
Dividends payable 
2 
2 
Other accounts payable and accrued expenses 
70 
107 
Total 
290 
399
 
 

 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
/
 
CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
20 
 
22. 
TAXES PAYABLE 
31 Mar. 
2021 
31 Dec. 
2020 
Value added tax 
21 
33 
Social taxes 
40 
24 
Mineral extraction tax 
17 
24 
Property tax 
4 
5 
Other taxes 
16 
15 
Total 
98 
101
 
23. 
RELATED PARTIES 
 
There were no transactions with related parties throughout three months ended 31 March 2021, 
except for those presented within note 13 and compensation of the key management personnel as 
detailed below.
 
Key management personnel
3
 
Three months 
ended 
 
31 March 
2021 
2020 
Short-term compensation to key management personnel accrued 
6 
5 
Equity-settled share-based compensation (LTIP) 
8 
21 
Total 
14 
26
 
24. 
COMMITMENTS 
Commitments for future lease payments due under non-cancellable lease agreements 
excluded from the scope of IFRS 16 
The Land in the Russian Federation on which the group’s production facilities are located is owned 
by the state. The group leases this land through operating lease agreements, which expire in various 
years through to 2065. Future lease payments due under non-cancellable operating lease 
agreements excluded from IFRS 16 scope (note 13) were as follows: 
 
31 Mar. 
2021
 
31 Dec. 
2020
 
Due within one year 
8 
 
8 
From one to five years 
24 
 
24 
Thereafter 
48 
 
49 
 
Total 
80 
 
81 
 
Capital commitments 
The group’s contracted capital expenditure commitments are as follows: 
31 Mar. 
2021
 
31 Dec. 
2020
Projects in Krasnoyarsk 
103 
97 
Project Natalka 
74 
73 
Project Sukhoi Log 
28 
- 
Other capital commitments 
24 
26 
Total 
229 
196
 
3
 
During the three months ended 31 March 2021, following the analysis of involvement of each individual 
member of the key management personnel in 
the decision making process within the group, it was concluded that certain members were to be excluded 
from the list. Amounts for the three months 
ended 31 March 2020 were updated, respectively.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
TED
 
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CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
21 
 
25. 
OPERATING ENVIRONMENT 
- IMPACT OF 
COVID-19 
PANDEMIC 
 
On March 11, 2020, the World Health Organization declared the novel strain of coronavirus 
(COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. 
The group 
may face increasingly 
broad effects 
of COVID-19 
due to its 
negative impact 
on the global 
economy and 
major financial 
markets from 
production 
interruptions 
or closure 
of facilities, 
supply chain 
disruptions, 
quarantines 
of personnel, 
reduced demand 
and difficulties 
in raising 
financing. 
The 
significance 
of COVID-19 
on the group’s 
business largely 
depends on 
the duration 
and the incidence 
of 
the pandemic 
effects on the 
world and 
Russian economy. 
 
The health and safety of employees remains the group’s utmost focus. The group continues 
to monitor the COVID-19 threat level and assess the potential health risks for its employees, with all 
monitoring systems in place. The impact on the group’s operations was principally limited to 
provision of temporary accommodation and treatment facilities at the group’s production sites for the 
affected employees, implementation of additional sanitary measures, and charitable contributions to 
hospitals and other institutions in group’s operating regions. 
 
Costs directly attributable to dealing with the COVID-19 pandemic comprise additional compensation 
paid to employees, donations to regional administrations, hospitals and other institutions as well as 
additional health and safety expenses. The group’s direct and incremental costs related to COVID-19 
were included in the following captions of the condensed consolidated interim financial statements as 
follows: 
Three months 
ended 
31 March 
2021 
2020 
Cost of gold sales (Employee compensation) 
11 
- 
Other expenses, net
13 
- 
Total expenses related to COVID-19 recognised in profit 
or loss 
24 
- 
Increase in stockpiles, gold-in-process and refined gold inventories 
 
4 
- 
Property plant and equipment additions (infrastructure facilities and stripping activity asset) 
 
7 
- 
Total costs related to COVID-19 
35 
-
 
 
 
26. 
FAIR VALUE OF FINANCIAL 
INSTRUMENTS 
The carrying 
value of 
cash and cash 
equivalents, 
current trade 
and other 
receivables 
and accounts 
payable approximate 
their fair 
value given 
the short-term 
nature of 
these instruments. 
Non-current 
other receivables 
are discounted 
at discount 
rates derived 
from observable 
market input 
data. Trade 
receivables 
for gold-bearing 
products are 
carried at 
fair value 
through profit 
or loss (Level 
2 of the fair 
value hierarchy 
in accordance 
with IFRS 
13). 
Determination 
of fair value 
of derivative 
financial 
instruments 
Fair value inputs 
Derivative financial 
instrument 
Valuation technique 
Inputs to valuation techniques 
used to measure fair value
Fair value hierarchy of 
inputs in accordance 
with IFRS 13
Cross-currency swaps 
Discounted cash flow 
valuation technique 
Spot currency exchange rates, USD 
LIBOR and RUB interest rates 
Level 2 
Interest rate swaps 
Discounted cash flow 
valuation technique 
USD LIBOR rates 
Level 2 
 
The fair value 
of derivative 
financial 
instruments 
includes an 
adjustment 
for credit 
risk in accordance 
with IFRS 
13. The adjustment 
is calculated 
based on the 
expected 
exposure. 
For positive 
expected 
exposures, 
credit risk 
is based on 
the observed 
credit default 
swap spreads 
for each 
particular 
counterparty 
or, if they are 
unavailable, 
for equivalent 
peers of 
the counterparty. 
For negative 
expected 
exposures, 
the credit 
risk is based 
on the observed 
credit default 
swap spread 
of the group’s 
peer. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
 
NOTES
 
TO
 
THE
 
##D<MD_ENG_CONSOLIDA
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CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
 
22 
Borrowings 
and deferred consideration are 
carried at 
amortised 
cost. The 
fair value 
of the group’s 
borrowings 
excluding 
lease liabilities 
is estimated 
as follows: 
31 March 2021 
31 December 
2020 
Carrying 
amount 
Fair value 
Carrying 
amount 
Fair value 
Eurobonds (Level 1) 
1,735 
1,830 
1,734 
1,852 
Borrowings (Level 2) 
1,247 
1,248 
1,277 
1,278 
Rusbonds (Level 1) 
462 
470 
473 
497 
Total
3,444 
3,548 
3,484 
3,627 
 
The fair value 
of all of 
the group’s 
borrowings 
except for 
the Eurobonds 
and Rusbonds 
is within 
Level 2 
of the fair 
value hierarchy 
in accordance 
with IFRS 
13. The fair 
value of the 
Eurobonds 
and Rusbonds 
is within 
Level 1 of 
the fair value 
hierarchy 
in accordance 
with IFRS 
13, because 
the Eurobonds 
and 
Rusbonds are 
publicly traded 
in an active 
market. The 
fair value 
of borrowings 
and bonds 
is 
determined 
using a discounted 
cash flow 
valuation 
technique 
with reference 
to observable 
market 
inputs: spot 
currency exchange 
rates, forward 
USD LIBOR 
and RUB interest 
rates, the 
company’s own 
credit risk 
and quoted 
price of the 
convertible 
bonds.
 
 
 
 
27. 
INVESTMENTS 
IN SIGNIFICANT 
SUBSIDIARIES 
The basis of distribution of accumulated retained earnings for companies operating in the Russian 
Federation 
is defined 
by legislation 
as the current 
year net 
profit of 
the company, as calculated 
in 
accordance 
with Russian 
accounting 
standards. 
However, the legislation 
and other 
statutory 
laws and 
regulations 
dealing with 
profit distribution 
are open to 
legal interpretation 
and accordingly 
management 
believes 
at present 
it would not 
be appropriate 
to disclose 
an amount 
for distributable 
profits and 
reserves 
in these condensed 
consolidated 
interim financial 
statements. 
 
Information about significant subsidiaries of the group 
 
Effective % held at
4
Subsidiaries 
 
Nature of business 
 
31 Mar. 
2021
 
31 Dec. 
2020 
 
 
 
 
Incorporated in Russian Federation
JSC Polyus Krasnoyarsk
Mining (open pit)
100
100
JSC Polyus Aldan 
Mining (open pit)
100
100
JSC Polyus Verninskoye
Mining (open pit)
100
100
JSC GMC Lenzoloto 
Holding company of Alluvials business unit 
100 
100 
JSC Polyus Magadan
Mining (open pit)
100
100
LLC Polyus Stroy
Construction
100
100
LLC Polyus Sukhoi Log (renamed, 
previously LLC SL Gold)
Exploration and evaluation of 
the Sukhoi Log deposit
100
100
 
JSC Polyus Krasnoyarsk regional investment program (Blagodatnoye business unit) 
JSC Polyus 
Krasnoyarsk 
is undertaking 
an investment 
project to 
increase mining 
and processing 
facilities 
of the Blagodatnoye 
mine (thereafter 
«Mill-5 project»). 
According 
to the Directive 
of the 
Government 
of the Krasnoyarsk 
region JSC 
Polyus Krasnoyarsk 
was included 
in the register 
of the 
participants 
of regional 
investment 
projects (thereafter 
«RInvP») starting 
from 2021. 
As a result, 
the 
subsidiary 
has been granted 
a right to 
apply reduced 
corporate 
income tax 
rates in relation 
to the Mill-5 
project income 
and reducing 
MET coefficients 
in relation 
to minerals 
extracted 
under the 
Mill-5 project. 
 
Considering 
expected start 
of production 
under the 
Mill-5 project, 
JSC Polyus 
Krasnoyarsk 
expects to 
apply the 
following 
reduced tax 
rates: 
 
4
 
Effective % held by the Company, including holdings by other subsidiaries of the group. 

 
PJSC “POLYUS” 
 
NOTES
 
TO
 
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##D<MD_ENG_CONSOLIDA
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CONDENSED
 
CONSOLIDATED
 
INTERIM
 
STATEMENT> 
FINANCIAL STATEMENTS 
FOR THE THREE MONTHS ENDED 31 MARCH 2021 (UNAUDITED)
 
(in millions of US Dollars) 
 
23 
●
 
Mineral
 
extraction
 
tax
 
(MET):
 
0%
 
for
 
2025
-
2026
 
increasing
 
by
 
1.2%
 
e
very
 
two
 
years
 
thereafter
 
to
 
6%. 
Amount of 
tax savings 
should not 
exceed the 
amount of 
investments 
in Mill-5 
project; 
●
 
Corporate
 
income
 
tax:
 
5%
 
for
 
2025
-
2028.
 
 
 
JSC Polyus Verninskoye regional investment program (Verninskoye business unit) 
The group 
expects that 
during 2021 
the amount 
of mineral 
extraction 
tax savings 
is likely 
to exceed 
the 
amount of 
investments 
in regional 
investment 
program, in 
which case 
JSC Polyus 
Verninskoye would 
no longer 
be able to 
benefit from 
the reduced 
mineral extraction 
tax and income 
tax rates 
(as of 
31 March 
2021 savings 
have not 
exceeded investments).
 
 
 
 
28. 
EVENTS 
AFTER THE 
REPORTING 
DATE 
 
There were no events subsequent to the reporting date that would adjust amounts of assets, 
liabilities, income or expenses or that should be disclosed in these condensed consolidated interim 
financial statements.
 
 
 