Polyus 9m2021 MDA and FS (ESMA) XBRL

PJSC “Polyus”
Condensed consolidated 
interim financial statements 
for the three and nine months ended 
30 September 2021 (unaudited) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 
PJSC “POLYUS” 
CONDENSED CONSOLIDAT 
ED INTERIM STATEMENT 
OF PROFIT OR LOSS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED) 
(in millions of US Dollars) 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
Notes 
2021 
2020 
2021 
2020 
Gold sales 
 
5 
1,383
1,444
3,630
3,453
Other sales 
17
10
43
30
Total revenue 
1,400
1,454
3,673
3,483
Cost of gold sales 
 
6 
(428)
(386)
(1,084)
(993)
Cost of other sales 
(14)
(7)
(38)
(25)
Gross profit 
958
1,061
2,551
2,465
Selling, general and administrative expenses 
 
7 
(74)
(83)
(227)
(245)
Other expenses, net 
 
8 
(41)
(30)
(116)
(89)
Operating profit 
843
948
2,208
2,131
Finance costs, net 
 
9 
(45)
(59)
(147)
(186)
Interest income 
4
4
10
19
Gain / (loss) on revaluation of derivative financial 
instruments, net 
 
10 
5
(178)
62
(639)
Foreign exchange loss, net 
(4)
(77)
(17)
(290)
Profit before income tax 
803
638
2,116
1,035
Income tax expense 
(139)
(122)
(359)
(224)
Profit for the period 
664
516
1,757
811
Profit for the period attributable to: 
Shareholders of the Company 
657
482
1,750
759
Non-controlling interests 
7
34
7
52
 
664
516
1,757
811
Weighted average number of ordinary shares ’000 
- 
for basic earnings per share 
 
19 
135,005
134,261
134,900
133,894
- 
for diluted earnings per share 
 
19 
135,380
134,621
135,279
134,367
Earnings per share (US Dollar per share) 
- 
basic 
4.87
3.59
12.97
5.67
- 
diluted 
4.85
3.58
12.94
5.65
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 
PJSC “POLYUS” 
CONDENSED CONSOLIDATED 
INTERIM STATEMENT 
OF OTHER COMPREHENSIVE INCOME 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED) 
(in millions of US Dollars) 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Profit for the period 
664
516
1,757
811
Other comprehensive (loss) / income for the 
period
Items that may be subsequently reclassified 
to profit or loss: 
Effect of translation to presentation currency 
(8)
(292)
58
(475)
Other comprehensive (loss) / income for the 
period 
(8)
(292)
58
(475)
Total comprehensive income for the period 
656
224
1,815
336
Total comprehensive income for the period attributable to: 
Shareholders of the Company 
649
205
1,807
312
Non-controlling interests 
7
19
8
24
656 
224 
1,815 
336
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 
PJSC “POLYUS” 
CONDENSED CONSOLIDAT 
ED INTERIM STATEMENT 
OF FINANCIAL POSITION 
AT 30 SEPTEMBER 
2021 (UNAUDITED) 
(in millions of US Dollars) 
Notes 
30 Sep. 
2021 
31 Dec. 
2020 
Assets 
Non-current assets 
Intangible assets 
 
11 
144
132
Property, plant and equipment 
 
12 
4,573
4,121
Inventories 
 
14 
593
519
Deferred tax assets 
116
109
Derivative financial instruments and investments 
 
15 
42
17
Other receivables and non-current assets 
27
28
5,495
4,926
Current assets 
Inventories 
 
14 
640
595
Deferred expenditure 
17
17
Advances paid to suppliers and prepaid expenses 
58
29
Trade and other receivables 
 
16 
54
133
Taxes receivable 
 
17 
117
120
Income tax prepaid 
2
30
Cash and cash equivalents 
 
18 
1,675
1,445
2,563
2,369
Total assets 
8,058
7,295
Equity and liabilities 
Capital and reserves 
Share capital 
 
19 
5
5
Additional paid-in capital 
 
19 
2,394
2,410
Treasury shares 
 
19 
(226)
(288)
Translation 
reserve 
(2,987)
(3,044)
Retained earnings 
3,826
3,272
Equity attributable to shareholders of the Company 
3,012
2,355
Non-controlling interests 
30
91
3,042
2,446
Non-current liabilities 
Borrowings 
 
20 
2,870
3,329
Derivative financial instruments 
 
15 
267
330
Deferred tax liabilities 
317
259
Site restoration, decommissioning and environmental 
obligations 
62
63
Other non-current liabilities 
46
57
3,562
4,038
Current liabilities 
Borrowings 
 
20 
506
225
Derivative financial instruments 
 
15 
-
42
Trade and other payables 
 
21 
823
399
Taxes payable 
 
22 
91
101
Income tax payable 
 
34
44
1,454
811
Total liabilities 
5,016
4,849
Total equity and liabilities 
8,058
7,295

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 
PJSC “POLYUS” 
CONDENSED CONSOLIDAT 
ED INTERIM STATEMENT 
OF CHANGES IN EQUITY 
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 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 
for 
the 
period 
 
-
-
-
-
-
759
759
52
811
Other 
comprehensive 
loss 
 
-
-
-
-
(447)
-
(447)
(28)
(475)
 
Total comprehensive 
income 
/ (loss) 
 
-
-
-
-
(447)
759
312
24
336
 
Equity-settled 
share-based 
compensation 
(LTIP), 
net of 
tax 
 
-
-
20
-
-
-
20
-
20
Execution 
of conversion 
option 
by bondholders 
 
449
-
317
43
(3)
-
357
-
357
Shares 
awarded 
under 
LTIP 
 
370
-
(13)
36
(5)
(24)
(6)
-
(6)
Purchase 
of additional 
ownership 
in SL 
Gold 
 
246
-
5
24
-
6
35
(6)
29
Issue 
of treasury 
shares 
to a 
subsidiary 
 
-
-
436
(436)
-
-
-
-
-
Increase 
of ownership 
in subsidiaries 
 
-
-
-
-
-
(6)
(6)
6
-
Dividends 
declared 
to shareholders 
of the 
Company 
 
-
-
-
-
-
(855)
(855)
-
(855)
Dividends 
declared 
to shareholders 
of non-controlling 
interests 
 
-
-
-
-
-
-
-
(1)
(1)
Other 
 
-
-
 
- 
-
-
(7)
(7)
-
(7)
 
Balance 
at 30 
September 
2020 
 
134,261
5
2,814
(436)
(3,182)
2,459
1,660
126
1,786
 
Balance 
at 31 
December 
2020 
 
134,705
5
2,410
(288)
(3,044)
3,272
2,355
91
2,446
Profit 
for 
the 
period 
 
-
-
-
-
-
1,750
1,750
7
1,757
Other 
comprehensive 
income 
 
-
-
-
-
57
-
57
1
58
 
Total comprehensive 
income 
 
-
-
-
-
57
1,750
1,807
8
1,815
Equity-settled 
share-based 
compensation 
(LTIP), 
net of 
tax 
 
19 
-
-
18
-
-
-
18
-
18
Shares 
awarded 
under 
LTIP 
 
19 
351
-
(34)
74
-
(39)
1
-
1
Share 
buyback 
 
19 
(62)
-
-
(14)
-
14
-
-
-
Dividends 
declared 
to shareholders 
of the 
Company 
 
19 
-
-
-
-
-
(1,209)
(1,209)
-
(1,209)
Dividends 
declared 
to shareholders 
of non-controlling 
interests 
 
-
-
-
-
-
-
-
(31)
(31)
Decrease 
of non-controlling 
interests 
due 
to change 
in the 
net assets 
of the 
subsidiary 
 
19 
-
-
-
-
-
38
38
(38)
-
Other 
 
11
-
-
2
-
-
2
-
2
Balance 
at 30 
September 
2021 
 
135,005
5
2,394
(226)
(2,987)
3,826
3,012
30
3,042

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6 
PJSC “POLYUS” 
CONDENSED CONSOLIDAT 
ED INTERIM STATEMENT 
OF CASH FLOWS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED) 
(in millions of US Dollars) 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
Notes
2021 
2020 
2021 
2020 
Operating activities 
Profit before income tax 
803
638
2,116
1,035
Adjustments for: 
Finance costs, net 
 
9 
45
59
147
186
Interest income 
(4)
(4)
(10)
(19)
(Gain) / loss on revaluation of derivative financial 
instruments, net 
 
10 
(5)
178
(62)
639
Depreciation and amortisation 
96
93
268
253
Foreign exchange loss, net 
4
77
17
290
Other 
9
5
31
24
948
1,046
2,507
2,408
Movements in working capital 
Inventories 
(7)
(66)
(58)
(182)
Deferred expenditure 
24
20
2
(5)
Trade and other receivables 
(18)
(19)
75
89
Advances paid to suppliers and prepaid expenses 
(6)
26
(29)
(11)
Taxes receivable 
(18)
(15)
4
(8)
Trade and other payables and accrued expenses 
12
41
26
68
Taxes payable 
1
29
(27)
44
Cash flows from operations 
936
1,062
2,500
2,403
Income tax paid 
(110)
(107)
(295)
(252)
Net cash generated from operating activities 
826
955
2,205
2,151
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 
(298)
(160)
(715)
(493)
Purchase of additional ownership in LLC SL Gold 
-
(128)
-
(156)
Payments for the Omchak high voltage power 
grid 
 
5 
-
(9)
-
(27)
Interest received 
4
4
11
19
Loans issued 
(7)
-
(24)
-
Net cash utilised in investing activities 
(301)
(293)
(728)
(657)
Financing activities
1
Proceeds from borrowings 
-
-
-
112
Repayment of borrowings 
 
20 
(207)
(154)
(214)
(1,065)
Interest paid 
(70)
(76)
(162)
(211)
Commissions on borrowings paid 
-
-
-
(4)
Repayments of lease liability 
(4)
(4)
(12)
(12)
Net proceeds on exchange of interest payments 
under cross currency swaps 
 
9 
7
8
8
24
Net payment on exchange of interest payments 
under interest rate swaps 
 
9 
(1)
(1)
(3)
(1)
Payments on expiration of cross-currency swaps 
 
20 
(47)
-
(47)
-
Payments for close out of revenue stabilizer programme 
-
-
-
(32)
Increase of ownership in subsidiaries 
-
-
(24)
-
Payment for share buyback 
 
19 
-
-
(32)
-
Dividends paid to shareholders of the Company 
 
19
(28)
(430)
(729)
(430)
Dividends paid to shareholders of non-controlling interests 
(31)
(1)
(31)
(1)
Other 
 
-
-
2
-
Net cash utilised in financing activities 
(381)
(658)
(1,244)
(1,620)
Net increase / (decrease) in cash and cash equivalents 
144
4
233
(126)
Cash and cash equivalents at the beginning 
of the period 
 
18 
1,532
1,654
1,445
1,801
Effect of foreign exchange rate changes on cash and 
cash equivalents 
(1)
(25)
(3)
(42)
Cash and cash equivalents at the end of 
the period 
 
18 
1,675
1,633
1,675
1,633
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 CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
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 
an 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 30 September 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 CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
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
Amendment to IFRS 16 
Extension of the availability of the 
practical expedient for COVID-19-
related rent concessions 
1 April 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 12 
Deferred Tax related to Assets and 
Liabilities arising from a Single 
Transaction 
1 January 2022 
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. 

 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
9 
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 30 September 2021, quarterly-end RUB/ 
US 
Dollar exchange rate used in the preparation of the condensed 
consolidated interim financial 
statements was 72.76 (31 December 2020: 73.88).
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 
and nine months ended 30 September 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 
by a combination of operating activities and geographical area 
bases with separate financial 
information available and reported regularly to the chief 
operating decision maker (“CODM”), being 
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. 
●
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; 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
 
10 
●
 
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 
●
 
Capital expenditures. 
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 30 September 2021 
Olimpiada 
520 
293 
383 
106 
354 
62 
Blagodatnoye 
194 
109 
141 
43 
378 
61 
Natalka 
240 
134 
180 
45 
338 
27 
Verninskoye 
149 
83 
111 
29 
350 
22 
Kuranakh 
117 
66 
73 
37 
563 
25 
Alluvials 
163 
91 
76 
81 
900 
4 
Exploration 
- 
- 
- 
- 
- 
3 
Sukhoi Log 
- 
- 
1 
- 
- 
16 
Unallocated 
- 
- 
21 
(9) 
- 
13 
Total 
1,383 
776 
986 
332 
427 
233 
For the three months ended 30 September 2020 
Olimpiada 
592 
325 
475 
91 
284 
32 
Blagodatnoye 
226 
118 
174 
42 
359 
14 
Natalka 
225 
118 
174 
37 
316 
23 
Verninskoye 
130 
69 
102 
22 
323 
21 
Kuranakh 
128 
67 
90 
32 
485 
8 
Alluvials 
143 
75 
77 
63 
837 
4 
Exploration 
- 
- 
- 
- 
- 
2 
Sukhoi Log 
- 
- 
- 
- 
- 
11 
Unallocated 
- 
- 
11 
(2) 
- 
15 
Total 
1,444 
772 
1,103 
285 
369 
130 
 
For the nine months ended 30 September 2021
Olimpiada 
1,456 
814 
1,063 
303 
372 
126 
Blagodatnoye 
571 
318 
422 
117 
363 
128 
Natalka 
672 
374 
489 
135 
360 
72 
Verninskoye 
407 
226 
307 
76 
337 
51 
Kuranakh 
315 
176 
194 
98 
556 
50 
Alluvials 
209 
116 
90 
104 
897 
14 
Exploration 
- 
- 
- 
- 
- 
10 
Sukhoi Log 
- 
- 
1 
- 
- 
38 
Unallocated 
- 
- 
58 
(17) 
- 
50 
 
Total 
3,630 
2,024 
2,624 
816 
403 
539 
For the nine months ended 30 September 2020
Olimpiada 
1,438 
841 
1,097 
268 
320 
90 
Blagodatnoye 
591 
338 
446 
117 
348 
28 
Natalka 
566 
323 
404 
116 
360 
89 
Verninskoye 
356 
206 
271 
67 
327 
51 
Kuranakh 
307 
175 
197 
90 
518 
23 
Alluvials 
195 
105 
98 
85 
811 
13 
Exploration 
- 
- 
- 
- 
- 
9 
Sukhoi Log 
- 
- 
- 
- 
- 
21 
Unallocated 
- 
- 
39 
(15) 
- 
57 
 
Total 
3,453 
1,988 
2,552 
728 
366 
381 
2
 
Unaudited and not reviewed 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
 
11 
Adjusted EBITDA reconciles to the IFRS reported figures 
on a consolidated basis as follows: 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Profit before income tax
803 
638 
2,116 
1,035 
Finance costs, net (note 
9) 
45 
59 
147 
186 
Interest income 
(4) 
(4) 
(10) 
(19) 
Depreciation and amortisation 
96 
93 
268 
253 
Foreign exchange loss, net
4 
77 
17 
290 
(Gain) / loss on revaluation of derivative financial 
instruments, net
 
(note 10) 
(5) 
178 
(62) 
639 
Equity-settled share-based plans (LTIP) (note 19) 
7 
22 
29 
65 
Expenses related to COVID-19
(note 25) 
16 
36 
60 
72 
Special charitable contributions 
23 
3 
46 
27 
Impairment of property, plant and equipment 
- 
- 
5 
2 
Gain on disposal of property, plant and equipment and intangible assets 
1 
1 
8 
2 
Adjusted EBITDA 
986 
1,103 
2,624 
2,552 
The measurement of TCC per ounce of gold sold reconciles 
to the IFRS reported figures 
on
a
consolidated basis as follows: 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Cost of gold sales before by-product 
432 
397 
1,095 
1,005 
Antimony by-product sales 
(4) 
(11) 
(11) 
(12) 
Cost of gold sales
(note 6)
428 
386 
1,084 
993 
Adjusted for:
Depreciation and amortisation (note 6) 
(95) 
(102) 
(282) 
(313) 
Effect of depreciation, amortisation, accrual and provisions 
in inventory 
change 
6 
16 
41 
82 
Expenses related to COVID-19 in cost of gold 
sales 
(7) 
(15) 
(27) 
(34) 
TCC
3
332 
285 
816 
728 
Ounces of gold sold, in thousands
3
776 
772 
2,024 
1,988 
TCC per ounce of gold sold, USD per ounce
3
427 
369 
403 
366 
Gold sales 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Refined gold 
1,366 
1,337 
3,599 
3,299 
Gold in flotation concentrate 
17 
107 
31 
154 
Total 
1,383 
1,444 
3,630 
3,453 
Gold sales reported above represent revenue generated from 
external customers. There were no 
inter-segment gold sales during the three and nine months ended 
30 September 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. 
Geographical segments of gold sales 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Russian Federation 
1,367 
1,337 
3,600 
3,319 
Outside of Russian Federation 
16 
107 
30 
134 
Total 
1,383 
1,444 
3,630 
3,453 
3
Unaudited and not reviewed

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
12 
Reconciliation of capital expenditures to the property plant 
and equipment additions (note 12) 
is presented below: 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Capital expenditures 
233 
130 
539 
381 
Construction of the Omchak high-voltage power 
grid 
- 
9 
- 
27 
Stripping activity assets additions (note 12) 
87 
43 
230 
145 
Less: intangible and other non-current assets additions 
(6)
(10)
(20)
(26)
Property plant and equipment additions (note 
12) 
314 
172 
749 
527 
6. 
COST OF GOLD SALES 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Depreciation and amortisation 
95 
102 
282 
313 
Employee compensation 
93 
108 
272 
290 
Consumables and spares 
84 
80 
218 
223 
Mineral extraction tax 
70 
71 
181 
169 
Fuel 
32 
30 
83 
92 
Power 
15 
15 
45 
46 
Other 
49 
39 
105 
102 
Total cost of production 
438 
445 
1,186 
1,235 
Increase in stockpiles, gold-in-process and refined gold 
inventories 
(10)
(59)
(102)
(242)
Total 
428 
386 
1,084 
993
 
7. 
SELLING, GENERAL AND ADMINISTRATIVE 
EXPENSES 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Employee compensation 
48 
59 
160 
181 
Depreciation and amortisation 
6 
5 
19 
17 
Taxes other than mineral extraction tax and income taxes 
5 
4 
14 
14 
Professional services 
5 
5 
10 
9 
Distribution expenses related to gold flotation concentrate 
1 
5 
2 
9 
Other 
9 
5 
22 
15 
Total 
74 
83 
227 
245
8. 
OTHER EXPENSES, NET 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Special charitable contributions 
23
3
46
27
Expenses related to COVID-19 (note 25) 
9 
21 
33 
38 
Gain on disposal of property, plant and equipment and intangible assets 
 
1
 
1
 
8
 
2
Impairment of property, plant and equipment 
-
-
5
2
Other 
8
5
24
20
Total 
41
30
116
89

 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
13 
9. 
FINANCE 
COSTS, NET 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Interest on borrowings 
48 
50 
144 
182 
Interest on lease liabilities 
1 
1 
3 
3 
Gain on exchange of interest payments under 
cross currency swaps 
(7)
(8)
(8)
(24)
Loss on exchange of interest payments under 
interest rate swaps 
1
1
3
1
Unwinding of discounts 
2 
4 
5 
9 
Bank commission and write-off of unamortised debt cost 
due to early 
extinguishment 
- 
6 
- 
10 
Loss on early redemption of deferred consideration 
- 
5 
- 
5 
Total 
45 
59 
147 
186
10. 
GAIN / 
(LOSS) ON 
REVALUATION OF DERIVATIVE FINANCIAL 
INSTRUMENTS, 
NET 
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Revaluation gain / (loss) on cross currency swaps 
4 
(178)
59 
(497)
Revaluation loss on revenue stabiliser 
- 
- 
- 
(29) 
Revaluation gain / (loss) on interest rate swaps 
1 
-
3 
(8)
Revaluation loss on conversion option 
- 
- 
- 
(105) 
Total 
5 
(178)
62 
(639)
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 
 
17
 
3
 
4
 
24
Reclassification 
 
-
 
1
 
-
 
1
Amortisation charge 
 
(3)
 
(5)
 
(1)
 
(9)
Effect of translation to presentation currency 
 
(19)
 
(4)
 
(7)
 
(30)
 
Cost 
 
80 
 
24 
 
29 
 
133 
Accumulated amortisation and impairment 
 
(10)
 
(9)
 
(5)
 
(24)
Net book value at 30 September 2020 
 
70 
 
15 
 
24 
 
109 
 
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 
 
13
 
4
 
2
 
19
Reclassification 
 
2
 
(2)
 
-
 
-
Amortisation charge 
 
(2)
 
(5)
 
(2)
 
(9)
Effect of translation to presentation currency 
 
2
 
-
 
-
 
2
 
Cost 
 
112 
 
28 
 
36 
 
176 
Accumulated amortisation and impairment 
 
(14)
 
(11)
 
(7)
 
(32)
Net book value at 30 September 2021 
 
98 
 
17 
 
29 
 
144

 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
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 
 
- 
 
145 
 
340 
 
42 
 
527 
Transfers 
 
192 
 
- 
 
(183) 
 
(9) 
 
- 
Disposals 
 
(5) 
 
- 
 
(3) 
 
- 
 
(8) 
Depreciation charge 
 
(310) 
 
(70) 
 
- 
 
- 
 
(380) 
Impairment 
 
- 
 
- 
 
- 
 
(2) 
 
(2) 
Effect of translation to presentation currency 
 
(611) 
 
(145) 
 
(162) 
 
(139) 
 
(1,057) 
Other 
 
4 
 
- 
 
- 
 
1 
 
5 
 
Cost 
 
3,630 
 
845 
 
696 
 
527 
 
5,698 
Accumulated depreciation and impairment 
 
(1,562)
 
(298)
 
(50)
 
(23)
 
(1,933)
Net book value at 30 September 2020 
 
2,068 
 
547 
 
646 
 
504 
 
3,765 
 
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 
 
- 
 
230 
 
443 
 
76 
 
749 
Transfers 
 
352 
 
- 
 
(352) 
 
- 
 
- 
Disposals 
 
(2) 
 
- 
 
(5) 
 
- 
 
(7) 
Depreciation charge 
 
(306) 
 
(58) 
 
- 
 
- 
 
(364) 
Impairment 
 
- 
 
- 
 
(5) 
 
- 
 
(5) 
Effect of translation to presentation currency 
 
38 
 
12 
 
9 
 
9 
 
68 
Other 
 
16 
 
- 
 
- 
 
(5) 
 
11 
 
Cost 
 
4,544 
 
1,004 
 
722 
 
671 
 
6,941 
Accumulated depreciation and impairment 
 
(2,083)
 
(195)
 
(64)
 
(26)
 
(2,368)
Net book value at 30 September 2021 
 
2,461 
 
809 
 
658 
 
645 
 
4,573 
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: 
30 Sep. 
2021 
31 Dec. 
2020 
Mineral rights presented within: 
 
- fixed assets 
56 
57 
 
- exploration and evaluation assets 
354 
346 
Total 
410 
403 
Exploration and evaluation assets 
The carrying values of exploration and evaluation assets 
were as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
15 
30 Sep. 
2021 
31 Dec. 
2020 
Sukhoi Log 
449 
409 
Olimpiada
46 
27 
Chertovo Koryto
33 
31 
Razdolinskoye
29 
29 
Burgakhchan area
22 
17 
Panimba
16 
17 
Bamsky
16 
15 
Kuranakh
8 
4 
Blagodatnoye
8 
6 
Natalka
7 
7 
Other
11 
3 
Total
645 
565 
Depreciation and amortisation charges are allocated as follows: 
Three months 
ended 
30 September
Nine months 
ended 
30 September
2021 
2020 
2021 
2020 
Depreciation in change in inventory 
7 
18 
40 
84 
Capitalised within property, plant and equipment 
18 
7 
65 
53 
Less: amortisation of intangible and other non-current assets 
(3) 
(3) 
(9) 
(10) 
Total depreciation capitalised as part of other assets 
22 
22 
96 
127 
Depreciation and amortisation within cost of production 
(note 6) 
95 
102 
282 
313 
Less: depreciation in change in inventory 
(7) 
(18) 
(40) 
(84) 
Selling, general and administrative expenses (note 
7) 
6 
5 
19 
17 
Cost of other sales 
2 
4 
7 
7 
Total depreciation in profit or loss 
96 
93 
268 
253 
Total depreciation of property, plant and equipment 
118 
115 
364 
380
 
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: 
Nine months ended 30 September 2021
Nine months ended 30 September 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 
- 
16 
16 
1 
(1)
- 
Depreciation charge 
(3)
(4)
(7)
(3)
(4)
(7)
Effect of translation to 
presentation currency 
1 
1 
2 
(12)
(8)
(20)
 
Carrying value as of the 
end of the period
44 
24 
68 
44 
9 
53 
Movements of the lease liabilities presented within 
Borrowings
 
(note 20) were as follows: 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
16 
Nine months ended 30 September 2021
Nine months ended 30 September 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 
18 
69 
53 
27 
80 
Changes in lease liabilities 
due to lease indexation, 
modification and 
recognition of new 
contracts 
- 
16 
16 
1 
(1)
- 
Foreign 
exchange 
loss, 
net 
(1)
1 
- 
8 
12 
20 
Interest on lease liabilities 
2 
1 
3 
2 
1 
3 
Repayments of lease 
liability 
(4)
(6)
(10)
(4)
(9)
(13)
Effect of translation to 
presentation currency 
1 
1 
2 
(8)
(12)
(20)
 
 
 
 
Carrying value as of the 
end of the period
49 
31 
80 
52 
18 
70
 
14. 
INVENTORIES 
30 Sep. 
2021 
31 Dec. 
2020 
Stockpiles 
577 
505 
Gold-in-process 
16 
14 
Inventories expected to be used after 12 months 
593 
519 
Stockpiles 
181 
150 
Gold-in-process 
109 
101 
Antimony in gold-antimony flotation concentrate and 
silver 
9 
4 
Refined gold and gold in flotation concentrate 
2 
4 
Materials and supplies 
366 
365 
Less: obsolescence provision for materials and supplies 
(27)
(29)
Inventories expected to be used in the next 
12 months 
640 
595 
Total 
1,233 
1,114
15. 
DERIVATIVE FINANCIAL 
INSTRUMENTS 
AND INVESTMENTS 
 
30 September 2021 
31 December 2020 
 
Non-Current 
Current 
Total 
Non-Current 
Current 
Total 
 
 
 
 
 
 
Cross currency swaps 
18 
- 
18 
17 
- 
17 
Loans receivable 
24 
- 
 
24 
- 
- 
 
- 
 
Total derivative financial assets 
and investments 
42 
- 
42 
17 
- 
17
 
 
 
 
 
 
Cross currency swaps 
261 
- 
261 
321 
42 
363 
Interest rate swaps 
6 
- 
6 
9 
- 
9 
 
 
 
 
 
 
Total derivative financial liabilities 
267 
- 
267 
330
42 
372
Cross currency swaps 
The following terms were in place as of 30 September 
2021: 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
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) 
 
 
 
 
 
 
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 30 September 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 
30 Sep. 
2021 
31 Dec. 
2020 
Trade receivables for gold-bearing products 
3 
115 
Other receivables 
67 
32 
Less: allowance for other receivables 
(16)
(14)
Total 
54 
133
17. 
TAXES RECEIVABLE 
30 Sep. 
2021 
31 Dec. 
2020 
Reimbursable value added tax 
116 
118 
Other prepaid taxes 
1 
2 
Total 
117 
120
18. 
CASH AND 
CASH EQUIVALENTS 
30 Sep. 
2021 
31 Dec. 
2020 
Current USD bank accounts 
1,476 
1,115 
Current RUB bank accounts 
31 
69 
Bank deposits denominated in USD 
68 
178 
Bank deposits denominated in RUB 
100 
83 
Total 
1,675 
1,445 
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 
0.3-0.7% 
0.5-0.9% 
- Bank deposits denominated in RUB 
4.6-7.3% 
4.0-4.7%
 

 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
18 
19. 
SHARE CAPITAL AND 
RESERVES 
Authorised share capital of the Company as of 30 September 
2021 comprised issued and fully paid 
136,069 thousand ordinary shares at par value of RUB 
1 each, of which 1,064 thousand was 
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 
Selling, general and administrative expenses. 
Share buyback 
During the first quarter of 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. 
Dividends 
On 27 May 2021, Shareholders of the Company declared 
dividends of 387.15 RUB per share and 
equivalent of USD 717 million (at the CBR currency exchange 
rate as of 27 May 2021) in total in 
respect of the second half of financial year 2020 (including 
dividends on treasury shares owned by 
the subsidiary of the Company and equivalent of USD 
6 million). 
On 29 September 2021, Shareholders of the Company 
declared dividends of 267.48 RUB per share 
and equivalent of USD 502 million (at the CBR currency exchange 
rate as of 29 September 2021) in 
total in respect of the first half of 2021 financial 
year (including dividends on treasury shares owned 
by the subsidiary of the Company and equivalent of USD 4 million). 
Thus during the nine months ended 30 September 2021 
the total amount of dividends declared was 
USD 1,219 million (including dividends on treasury shares 
owned by the subsidiary of the Company 
and equivalent of USD 10 million) and the total amount of 
dividends paid in cash to the shareholders 
was USD 729 million (at the CBR currency exchange 
rate ruling at the date of payment). 
During the second quarter of 2021, dividends to non-controlling 
interests in the amount of 
USD 31 million were declared. This resulted in a decrease 
of the share of the subsidiary’s net assets 
that remained attributable to the non-controlling interests 
in the amount of USD 38 million.
 
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): 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
19 
Three months 
ended 
30 September
Nine months 
ended 
30 September
2021
2020
2021
2020
Ordinary shares in issue at the beginning of 
the period
135,005
134,261 
134,705 
 
133,196 
Conversion 
of convertible 
bond 
-
- 
- 
449 
Shares 
awarded 
for 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
134,261 
135,005 
 
134,261 
Weighted average number of ordinary shares – basic 
EPS
135,005
 
134,261 
134,900 
133,894 
Dilutive effect of potentially issuable shares under LTIP 
375
360 
379 
473 
Weighted average number of ordinary shares – diluted 
EPS
135,380
134,621 
135,279 
134,367 
Profit after tax attributable to the shareholders of 
the Company (million USD) 
657 
482 
1,750 
759 
Profit after tax attributable to the shareholders 
of the Company 
for diluted EPS calculation (million USD)
657 
482 
1,750 
759
20. 
BORROWINGS 
 
Nominal rate % 
30 Sep. 
2021 
31 Dec. 
2020 
Eurobonds with fixed interest rate due in 2022 
4.699% 
482 
481 
Eurobonds with fixed interest rate due in 2023 
5.250% 
786 
785 
Eurobonds with fixed interest rate due in 2024 
4.7% 
468 
468 
Notes due 
in 2029 
(Rusbonds) 
with noteholders’ 
early repayment 
option in 
2024 
7.4% 
274 
270 
Notes due 
in 2025 
(Rusbonds) 
with noteholders’ 
early repayment 
option in 
2021 
12.1% 
- 
203 
Credit facilities 
with financial 
institutions 
nominated 
in RUB with 
variable interest 
rates 
Central bank rate + 
2.3% 
MosPrime + 0.2% / + 
0.27% / - 0.45% 
1,137 
1,128 
Credit facilities 
with financial 
institutions 
nominated 
in USD with 
variable interest 
rates 
USD LIBOR 
+ 1.65% 
 
149 
149 
Lease liabilities 
nominated 
in USD and 
RUB 
5.26% 
 
80 
70 
 
Sub-total
 
 
3,376 
 
3,554
Less: current 
portion 
of long-term 
borrowings 
due within 
12 months 
(506)
(225)
Long-term borrowings
 
2,870 
3,329 
Notes due in 2025 (Rusbonds) with noteholders’ early 
repayment option in 2021 
In July 2021, the group exercised its call-option and repaid 
in advance of maturity USD 203 million of 
Rusbonds (RUB 15,000 million translated at exchange 
rate at the date of transaction). In connection 
with this on expiration of cross currency swaps the group exchanged 
principal amounts paying 
USD 255 million and receiving RUB 15,300 million. Net 
cash outflow related to payments on 
expiration of cross-currency swaps amounted to USD 47 million. 
Unused credit facilities 
As of 30 September 2021, the group has unused credit 
facilities in the total amount of USD 1,262 
million (31 December 2020: USD 1,243 million). 
Pledge
As of 30 September 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. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
 
20 
Other matters 
There were a number of financial covenants under several 
loan agreements in effect as of 30 
September 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 30 September 
2021.
 
21. 
TRADE AND 
OTHER PAYABLES 
30 Sep. 
2021 
31 Dec. 
2020 
Dividends payable 
500 
2 
Employee compensation payable 
86 
94 
Trade payables 
67 
49 
Accrued annual leave 
35 
33 
Interest payable 
34 
57 
Share buyback (note 19) 
- 
33 
Payables for shares of PJSC Lenzoloto 
- 
24 
Other accounts payable and accrued expenses 
101 
107 
Total 
823 
399
22. 
TAXES PAYABLE 
30 Sep. 
2021 
31 Dec. 
2020 
Social taxes 
24 
24 
Value added tax 
23 
33 
Mineral extraction tax 
22 
24 
Property tax 
5 
5 
Other taxes 
17 
15 
Total 
91 
101
23. 
RELATED PARTIES 
There were no transactions with related parties throughout 
the nine months ended 30 September 
2021, except for those presented within note 13 and compensation 
of the key management 
personnel as detailed below.
Key management personnel
4
Three months 
ended 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Short-term compensation to key management personnel 
accrued 
4 
3 
14 
14 
Equity-settled share-based compensation (LTIP) 
6 
17 
23 
51 
Total 
10 
20 
37 
65 
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: 
4
During the nine months ended 30 September 2021, following 
an analysis of involvement of each individual member 
of management in the decision 
making process within the group, it was concluded that certain 
members were to be excluded from the list of the key 
management personnel. Amounts 
for the three and nine months ended 30 September 
2020 were updated, respectively.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
21 
30 Sep. 
2021
31 Dec. 
2020
 
 
 
 
Due within one year 
8 
 
8 
From one to five years 
25 
 
24 
Thereafter 
50 
 
49 
 
 
Total 
83 
 
81 
Capital commitments 
The group’s contracted capital expenditure commitments 
are as follows: 
30 Sep. 
2021
31 Dec. 
2020
Project Natalka 
155 
73 
Projects in Krasnoyarsk 
89 
97 
Project Sukhoi Log 
30 
- 
Other capital commitments 
48 
26 
Total 
322 
196
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 
30 September 
Nine months 
ended 
30 September 
2021 
2020 
2021 
2020 
Cost of gold sales (Employee compensation) 
7 
15 
27 
34 
Other expenses, net
9 
21 
33 
38 
Total expenses related to COVID-19 recognised in profit or loss 
16 
36 
60 
72 
(Decrease) / increase in stockpiles, gold-in-process 
and refined gold 
inventories 
(3)
8
-
17
Property plant and equipment additions (infrastructure 
facilities and stripping 
activity asset) 
1
6
14
17
Total costs related to COVID-19 
14 
50 
74 
106 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
22 
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. 
Borrowings and 
deferred consideration are carried at amortised 
cost. The fair 
value of the group’s 
borrowings excluding 
lease liabilities 
is estimated 
as follows: 
30 September 
2021 
31 December 
2020 
Carrying 
amount 
Fair 
value 
Carrying 
amount 
Fair 
value 
Eurobonds (Level 1) 
1,736 
1,827 
1,734 
1,852 
Borrowings (Level 2) 
1,286 
1,286 
1,277 
1,278 
Rusbonds (Level 1) 
274 
273 
473 
497 
Total
3,296 
3,386 
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.

 
 
 
 
 
 
 
PJSC “POLYUS” 
NOTES TO THE CONDENSED CONSOLIDAT 
ED INTERIM FINANCIAL STATEMENTS 
FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 
2021 (UNAUDITED)
(in millions of US Dollars) 
 
23 
Information about significant subsidiaries of the group 
Effective % held at
5
Subsidiaries 
 
Nature of business 
30 Sep. 
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 project 
(Blagodatnoye business unit) 
JSC Polyus Krasnoyarsk 
is undertaking 
an investment 
project to 
increase mining 
and processing 
facilities of 
the Blagodatnoye 
mine (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 (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 
the expected 
start of production 
under the Mill-5 
project, JSC 
Polyus Krasnoyarsk 
expects 
to apply the 
following reduced 
tax rates: 
●
 
Mineral extraction 
tax (MET): 0% 
for 2025-2026 increasing 
by 1.2% every 
two years thereafter 
to 
6%. 
The 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 project (Verninskoye 
business unit)
In July 2021, 
the amount of mineral 
extraction tax 
savings exceeded 
the amount of 
investments 
in the 
regional investment 
project, therefore, 
starting from August 
2021, JSC Polyus 
Verninskoye does not 
benefit from 
the reduced 
mineral extraction 
tax, and a reduced 
income tax rate 
is not applied 
as well. 
 
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, except for the following; 
●
 
In October 2021, the group issued USD 700 million notes 
with coupon rate 3.25% and maturity date 
in October 2028. Proceeds from this issuance were partly 
used to perform partial buy-back of 2023 
and 2024 notes in amount of USD 458 million and USD 
148 million respectively.
5
 
Effective % held by the Company, 
including holdings 
by other subsidiaries of the group. 