TORONTO, March 3, 2014 /CNW/ - AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico" or the "Company") reports financial results for the three and
twelve months ended December 31, 2013. The Company will host a
conference call on Tuesday, March 4, 2014 beginning at 8:30 a.m.
Eastern Time (details below). (All amounts are in U.S. dollars, unless otherwise indicated)
Financial Highlights
For the fourth quarter, the Company reported the following results:
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Revenues of $50.8 million
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Operating cash flow before changes in working capital(1) of $17.5 million, or $0.07 per share
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Adjusted net loss(1) of $5.5 million, or $0.02 per share
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Net loss of $106.4 million, or $0.43 per share, including non-cash
impairment charges and net realizable value adjustments of $71.7
million, or ($0.29) per share, net of taxes
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Production of 49,526 gold ounces(2)
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Cash costs of $771 per gold ounce(3)
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All-in sustaining costs of $1,232 per gold ounce(3)
For the full year, the Company reported the following results:
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Revenues of $227.6 million
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Operating cash flow before changes in working capital(1) of $78.1 million, or $0.31 per share
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Adjusted net earnings(1) of $13.1 million, or $0.05 per share
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Net loss of $176.8 million, or $0.71 per share, including non-cash
impairment charges and net realizable value adjustments of $171.4
million, or ($0.68) per share, net of taxes
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Production of 192,602 gold ounces(2)
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Cash costs of $676 per gold ounce(3)
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All-in sustaining costs of $1,181 per gold ounce(3)
AuRico Gold Company-Wide Production Growth
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(1)
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See the table at the end of this press release for a reconciliation of
adjusted net earnings and adjusted operating cash flow and refer to the
discussion of Non-GAAP measures below.
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(2)
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Includes 3,509 pre-production gold ounces produced at Young-Davidson
during the three months ended December 31, 2013.
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(3)
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Total cash costs per gold ounce and all-in sustaining costs per gold
ounce have been presented prior to inventory net realizable value
adjustments. See the discussion of Non-GAAP measures provided below.
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2013 Operational Results
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First Quarter
March 31/13
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Second Quarter
June 30/13
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Third Quarter
Sept. 30/13
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Fourth Quarter
Dec. 31/13
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Year-End
Dec. 31/13
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Gold Ounces Produced3
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46,170
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48,003
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48,903
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49,526
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192,602
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Total Cash Costs per oz.1,2
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$635
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$655
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$628
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$771
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$676
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All-in Sustaining Costs per oz.2
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$1,090
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$1,189
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$1,210
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$1,232
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$1,181
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1.
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Prior to commissioning the underground mine at Young-Davidson, cash
costs were calculated on ounces produced from
the open pit only. All underground costs were capitalized, and any
revenue related to underground ounces sold was
credited against capital. Subsequent to the declaration of commercial
production in the underground mine, cash costs
are calculated on ounces produced from both the open pit and underground
mines, and revenue related to the sale of
underground ounces is recognized in the Company's Statement of
Operations as revenue.
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2.
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Cash costs, prior to inventory net realizable value adjustments. See the
Non-GAAP Measures section on page 23 of the
Management's Discussion and Analysis for the year ended December 31,
2013.
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3.
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Includes pre-production gold ounces from the Young-Davidson underground
mine prior to the declaration of commercial
production on October 31, 2013.
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Recent Highlights
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Commercial production of the underground mine was declared on October
31, 2013, following the commissioning of the shaft hoisting system,
which will facilitate significant increases in underground
productivities and ongoing unit operating cost improvements.
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During the fourth quarter, the Company averaged 2,590 tpd from the
Young-Davidson underground mine (approx. 3,000 tpd in November and
December), exceeding the year-end targeted level of 2,000 tpd.
Underground productivity for the first quarter of 2014 is expected to
remain in-line with overall fourth quarter levels (approx. 2,500 tpd)
and increase steadily throughout the remainder of the year to reach a
productivity target of 4,000 tpd by the end of the year.
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During the first two months of commercial production, underground unit
mining costs were approximately $39 per tonne and are expected to
average approximately $45 per tonne in Q1 2014, which reflects the
inclusion of paste fill operations following the recent commissioning
of paste backfill plant. Unit costs are expected to decrease steadily
throughout the year, corresponding with planned quarter-over-quarter
increases in underground productivity.
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The Company recently received the necessary permits to increase the
daily processing limit of the Young-Davidson mill facility to 10,000
tonnes per day from the previous 8,000 tonnes per day. While the mill
facility is expected to average between 7,000 and 7,500 tonnes per day
in 2014, this future increase in throughput capacity will provide
considerable flexibility as the mine continues ramping up to its target
of 8,000 tonnes per day at the end of 2016. This productivity upgrade
provides organic growth optionality that could permit early treatment
of the longer term stockpile inventory, which could potentially enhance
our future cash flow profile.
"The Company has reported solid results for 2013 that are in-line with
market expectations and with the fourth quarter representing the sixth
consecutive quarter of company-wide production growth. As we start
2014, both assets are performing at, or above, expected levels and this
gives us confidence that the first quarter will represent the seventh
consecutive quarter of company-wide production growth, a trend that we
expect to continue throughout the year," stated
Scott Perry
, President
and Chief Executive Officer. He continued, "At our cornerstone
Young-Davidson mine we are well positioned for long-term success. We
have declared underground commercial production, and completed
construction activities such that all required infrastructure is
currently in place. Our focus in 2014 will be to continue ramping-up
underground productivity and advancing underground development at
Young-Davidson to secure reliable, sustainable and profitable
production growth going forward."
Managing Long-Term Liquidity
The Company is fortunate to be well positioned with a quality asset
base, a growing production profile and a strong liquidity position that
provides the Company with access to a number of shareholder friendly,
non-dilutive debt financing options. The Company intends to issue
longer dated term debt to enhance our balance sheet, repay existing
debt, bolster our already strong liquidity position, and to secure
additional flexibility to pursue future organic growth opportunities at
our cornerstone Young-Davidson operation.
Operational Highlights - Continuing Operations
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Young-Davidson
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El Chanate
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Total
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(in thousands, except ounces,
average realized prices and total
cash costs)
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Quarter Ended
December 31, 2013
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Quarter Ended
December 31, 2012
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Quarter Ended
December 31, 2013
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Quarter Ended
December 31, 2012
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Quarter Ended
December 31, 2013
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Quarter Ended
December 31, 2012
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Gold ounces produced
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29,597
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19,236
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16,420
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14,782
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46,017
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34,018
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Pre-production gold ounces produced(3)
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3,509
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7,127
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-
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-
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3,509
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7,127
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Total gold ounces produced
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33,106
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26,363
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16,420
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14,782
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49,526
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41,145
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Total cash costs per gold ounce(1)(2)(3)
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$850
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$744
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$615
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$520
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$771
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$650
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Revenue from mining operations
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$31,420
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$38,425
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$19,362
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$24,694
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$50,782
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$63,119
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Average realized gold price per ounce
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$1,261
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$1,722
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$1,251
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$1,717
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$1,257
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$1,720
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Young-Davidson
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El Chanate
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Total
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(in thousands, except ounces,
average realized prices and total
cash costs)
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Year Ended
December 31, 2013
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Year Ended
December 31, 2012
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Year Ended
December 31, 2013
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Year Ended
December 31, 2012
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Year Ended
December 31, 2013
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Year Ended
December 31, 2012
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Gold ounces produced
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89,236
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29,139
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71,864
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71,145
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161,100
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100,284
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Pre-production gold ounces produced(3)
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31,502
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26,999
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-
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-
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31,502
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26,999
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Total gold ounces produced
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120,738
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56,138
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71,864
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71,145
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192,602
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127,283
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Total cash costs per gold ounce(1)(2)(3)
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$744
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$708
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$592
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$462
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$676
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$536
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Revenue from mining operations
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$124,439
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$45,492
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$103,192
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$118,130
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$227,631
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$163,622
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Average realized gold price per ounce
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$1,395
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$1,728
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$1,395
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$1,676
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$1,395
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$1,690
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Financial Highlights - Continuing Operations
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(in thousands, except per share amounts)
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Quarter Ended
December 31, 2013
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Quarter Ended
December 31, 2012(2)
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Adjusted net (loss) / earnings(1)
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($5,484)
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$13,505
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Adjusted net (loss) / earnings per share, basic(1)
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($0.02)
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$0.05
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Net loss
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($106,412)
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($135,142)
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Net loss per share, basic
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($0.43)
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($0.48)
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Adjusted operating cash flow(1)
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$17,508
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$30,426
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(in thousands, except per share amounts)
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Year Ended
December 31, 2013
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Year Ended
December 31, 2012(2)
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Adjusted net earnings(1)
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$13,052
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$16,903
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Adjusted net earnings per share, basic(1)
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$0.05
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$0.06
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Net loss
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($176,770)
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($99,779)
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Net loss per share, basic
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($0.71)
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($0.35)
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Adjusted operating cash flow(1)
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$78,079
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$37,142
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(1)
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See the tables at the end of this press release for a reconciliation of
adjusted net earnings and adjusted operating cash flow and refer to the
discussion of Non-GAAP measures below. Total cash costs per gold ounce
have been presented prior to inventory net realizable value
adjustments. The Company has restated adjusted net earnings for 2012.
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(2)
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Certain comparative information has been restated as a result of the
adoption of IFRIC 20, Stripping Costs in the Production Phase of a
Surface Mine, which was applied prospectively to production stripping
costs incurred on or after January 1, 2012. For further details, refer
to the Critical Accounting Estimates, Policies and Changes section on
page 30 in the Company's Management's Discussion & Analysis or note
3(a) to the Company's consolidated financial statements for the year
ended December 31, 2013.
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(3)
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The Young-Davidson open pit mine declared commercial production on
September 1, 2012, and is therefore excluded from cash costs prior to
this date. The Young-Davidson underground mine declared commercial
production on October 31, 2013, and is therefore excluded from cash
costs prior to this date. Pre-production ounces produced are excluded
from consolidated ounces produced as these ounces are credited against
capitalized project costs when sold.
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Adjusted Net Earnings Reconciliation
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(in thousands, except per share metrics)
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Quarter Ended
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Quarter Ended
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December 31, 2013
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December 31, 2012
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Net loss from continuing operations
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($106,412)
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($135,142)
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Adjustments:
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Deferred income tax expense related to foreign exchange
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$19,781
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$629
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Foreign exchange gain
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(3,732)
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(2,298)
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Net realizable value adjustments on inventory
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37,196
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-
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Impairment charges
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59,886
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127,000
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(Gain) / loss on option component of convertible notes
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(772)
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6,186
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Unrealized loss on investments
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-
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17,778
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Unrealized loss on derivatives
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-
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210
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Unrealized loss on contingent consideration
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483
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3,569
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Equity in loss / (earnings) of jointly-controlled entity
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2,533
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(83)
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Gain on disposition of 50% interest in Orion
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-
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(6,620)
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Impact of new Mexican mining tax
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4,917
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-
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Other (including tax effect of adjustments)
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(19,364)
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2,276
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Adjusted net (loss) / earnings from continuing operations
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($5,484)
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$13,505
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Adjusted net (loss) / earnings from continuing operations, per share
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($0.02)
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$0.05
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Net earnings from discontinued operations
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$-
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$108,977
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Adjustments:
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Unrealized foreign exchange gain
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$-
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($391)
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Net realizable value adjustments on inventory
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-
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7,778
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Disposition-related costs
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-
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6,796
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Loss on disposition of El Cubo and Guadalupe y Calvo
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-
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2,277
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Gain on disposition of Ocampo
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-
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(150,793)
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Ocampo outside tax basis adjustment
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-
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(39,168)
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Tax impact
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-
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80,101
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Adjusted net earnings from discontinued operations
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$-
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$15,577
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Adjusted net earnings from discontinued operations, per share
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$-
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$0.06
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Adjusted net (loss) / earnings
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($5,484)
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$29,082
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Adjusted net (loss) / earnings, per share
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($0.02)
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$0.10
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(in thousands, except per share metrics)
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Year Ended
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Year Ended
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December 31, 2013
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December 31, 2012
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Net loss from continuing operations
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($176,770)
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($99,779)
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Adjustments:
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Deferred income tax expense / (recovery) related to foreign exchange
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$24,999
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($15,785)
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Foreign exchange (gain) / loss
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(10,927)
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10,663
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Net realizable value adjustments on inventory
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42,069
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-
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Impairment charges
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158,574
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127,000
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Gain on option component of convertible notes
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(15,622)
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(4,046)
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Unrealized loss on investments
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-
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146
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Unrealized gain on derivatives
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(2,183)
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(1,713)
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Unrealized loss / (gain) on contingent consideration
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7,395
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(1,568)
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Equity in loss / (earnings) of jointly-controlled entity
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2,533
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(83)
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Gain on disposition of 50% interest in Orion
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-
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(6,620)
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Impact of new Mexican mining tax
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4,917
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-
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Other (including tax effect of adjustments)
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(21,933)
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8,688
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Adjusted net earnings from continuing operations
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$13,052
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$16,903
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Adjusted net earnings from continuing operations, per share
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|
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$0.05
|
|
|
$0.06
|
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Net earnings from discontinued operations
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$-
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$131,052
|
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Adjustments:
|
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|
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Unrealized foreign exchange loss
|
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|
|
$-
|
|
|
$9,080
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Loss on disposition of Australian operations
|
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|
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-
|
|
|
1,736
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Net realizable value adjustments on inventory
|
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|
|
-
|
|
|
16,070
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Impairment of Australian Operations
|
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|
|
-
|
|
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22,857
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|
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Disposition-related costs
|
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|
|
-
|
|
|
12,123
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|
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Gain on disposition of El Cubo and Guadalupe y Calvo
|
|
|
|
-
|
|
|
(21,785)
|
|
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Gain on disposition of Ocampo
|
|
|
|
|
|
|
(150,793)
|
|
|
Tax impact
|
|
|
|
-
|
|
|
83,005
|
|
Adjusted net earnings from discontinued operations
|
|
|
|
$-
|
|
|
$103,345
|
|
Adjusted net earnings from discontinued operations, per share
|
|
|
|
$-
|
|
|
$0.37
|
|
Adjusted net earnings
|
|
|
|
$13,052
|
|
|
$120,248
|
|
Adjusted net earnings, per share
|
|
|
|
$0.05
|
|
|
$0.43
|
Adjusted Operating Cash Flow Reconciliation
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share metrics)
|
|
|
|
Quarter Ended
|
|
|
Quarter Ended
|
|
December 31, 2013
|
|
|
December 31, 2012
|
|
Operating cash flow from continuing operations
|
|
|
|
$11,954
|
|
|
($7,813)
|
|
Add back: Non-cash change in operating working capital
|
|
|
|
5,554
|
|
|
38,239
|
|
Adjusted operating cash flow from continuing operations
|
|
|
|
$17,508
|
|
|
$30,426
|
|
Adjusted operating cash flow from continuing operations, per share
|
|
|
|
$0.07
|
|
|
$0.11
|
|
|
|
|
|
|
|
|
|
|
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|
|
(in thousands, except per share metrics)
|
|
|
|
Year Ended
|
|
|
Year Ended
|
|
December 31, 2013
|
|
|
December 31, 2012
|
|
Operating cash flow from continuing operations
|
|
|
|
$63,266
|
|
|
($7,231)
|
|
Add back: Non-cash change in operating working capital
|
|
|
|
14,813
|
|
|
$44,373
|
|
Adjusted operating cash flow from continuing operations
|
|
|
|
$78,079
|
|
|
$37,142
|
|
Adjusted operating cash flow from continuing operations, per share
|
|
|
|
$0.31
|
|
|
$0.13
|
Earnings before Interest, Taxes, Depreciation and Amortization
("EBITDA")
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
Year Ended
|
|
|
Year Ended
|
|
December 31, 2013
|
|
|
December 31, 2012
|
|
Net loss from continuing operations
|
|
|
|
|
|
($176,770)
|
|
|
($99,779)
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs
|
|
|
|
|
|
2,928
|
|
|
2,237
|
|
|
Amortization and depletion
|
|
|
|
|
|
65,529
|
|
|
18,723
|
|
|
Deferred income tax expense / (recovery)
|
|
|
|
|
|
14,456
|
|
|
(7,849)
|
|
|
Current income tax (recovery) / expense
|
|
|
|
|
|
(140)
|
|
|
6,625
|
|
EBITDA
|
|
|
|
|
|
($93,997)
|
|
|
($80,043)
|
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization
("Adjusted EBITDA")
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
Year Ended
|
|
|
Year Ended
|
|
December 31, 2013
|
|
|
December 31, 2012
|
|
EBITDA
|
|
|
|
($93,997)
|
|
|
($80,043)
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
Exploration
|
|
|
|
41
|
|
|
1,307
|
|
|
Non-cash items identified in supplemental cash flow note,
excluding amortization and depletion, and deferred
income tax expense / recovery
|
|
|
|
181,770
|
|
|
143,967
|
|
Adjusted EBITDA
|
|
|
|
$87,814
|
|
|
$65,231
|
Non-GAAP Measures
The Company uses the measures adjusted net earnings, cash costs per
ounce, all-in sustaining costs per ounce, adjusted operating cash flow,
EBITDA and Adjusted EBITDA in this press release, which do not have a
standardized meaning prescribed by International Financial Reporting
Standards ("IFRS" or "GAAP"). They are, therefore, considered to be
non-GAAP measures and may not be comparable to similar measures
presented by other companies. The non-GAAP measures cash costs per
ounce and all-in sustaining costs per ounce are reconciled to the
Company's financial statements beginning on page 23 of the Company's
Management's Discussion and Analysis for the year ended December 31,
2013.
Adjusted net earnings is comprised of net earnings from both continuing
and discontinued operations, adjusted for specific items. While the
adjustments to net earnings in this measure include items that are
recurring, adjusted net earnings is a useful measure as the unrealized
gains / losses on foreign exchange, fair value adjustments on
contingent consideration and derivatives, impairment charges, net
realizable value adjustments, and other non-recurring items do not
reflect the underlying operating performance of the Company's core
mining business in the periods presented and are not necessarily
indicative of future operating results.
Adjusted operating cash flow excludes the change in non-cash operating
working capital, which includes changes in receivables, inventories,
prepaid assets, and payables. Management uses adjusted operating cash
flow as a measure internally to evaluate the underlying operating cash
flow performance of the Company as a whole for the reporting periods
presented, and to assist with the planning and forecasting of future
operating cash flow.
EBITDA represents net loss from continuing operations before interest,
taxes, amortization, and depreciation. Adjusted EBITDA represents
EBITDA, adjusted for exploration expense and other non-cash items
included in earnings. While the adjustments to net earnings in these
measures include items that are recurring, EBITDA and adjusted EBITDA a
valuable indicator of the Company's ability to generate liquidity by
producing operating cash flow to fund working capital needs, service
debt obligations, and fund capital expenditures.
Financial Statements and Management's Discussion and Analysis
The financial statements and related Management's Discussion and
Analysis can be found on the Company's website at www.auricogold.com or under the Company's profile on www.sedar.com and with the Securities and Exchange Commission at www.sec.gov/edgar.shtml ("Edgar").
2014 Dividend Schedule
In 2014, the quarterly dividend will be linked to operating cash flow
("OCF"), whereby the Company intends to pay out 20% of the OCF
generated in the preceding quarter, divided by the Company's
outstanding common shares at the time the dividend is approved.
Dividend payments corresponding to the 2014 quarterly financial results
are expected to be paid, subject to the approval of the Board of
Directors, within three to four weeks following the release of the
Company's financial statements. The first quarter 2014 dividend is
therefore expected to be paid in late May 2014. Information on the
Company's dividend reinvestment plan (DRIP) is available through the
following link: www.auricogold.com/DRIP.
Upcoming News Flow
The Company expects to issue the following updates during the first half
of 2014:
-
Q1 2014 Production Preview (April 21)
-
Q1 2014 Financial Results (May 8)
-
Annual General Meeting (May 9)
-
Company-Wide Exploration Update (late-May)
Fourth Quarter Conference Call and Webcast
A webcast and conference call will be held on Tuesday, March 4, 2014 starting at 8:30 a.m. Eastern Time. Senior management will be on the call to discuss the results.
Conference Call Access
-
International & Toronto: 1-647-427-7450
-
Canada & U.S. Toll Free: 1-888-231-8191
When the operator answers, please ask to be placed into the AuRico Gold
2013 Fourth Quarter and Year-End Results Conference Call.
Conference Call Live Webcast
The conference call will be broadcast live on the internet via webcast.
To access the webcast, please follow this link: http://www.newswire.ca/en/webcast/detail/1301913/1436577
Archive Call Access
If you are unable to attend the conference call, a replay will be
available until midnight, March 11, 2014 by dialing the appropriate
number below:
-
International & Toronto: 1-416-849-0833 Passcode: #90211565
-
Canada & U.S. Toll Free: 1-855-859-2056 Passcode: #90211565
Archive Webcast
The webcast will be archived for 90 days. To access the archived
webcast, visit the Company's website at www.auricogold.com or follow this link: http://www.newswire.ca/en/webcast/detail/1301913/1436577
About AuRico Gold
AuRico Gold is a leading Canadian gold producer with mines and projects
in North America that have solid production growth and exploration
potential. The Company is focused on its core operations including the
Young-Davidson gold mine in northern Ontario and the El Chanate mine in
Sonora State, Mexico. AuRico's project pipeline also includes
development opportunities in Canada and Mexico. AuRico's head office is
located in Toronto, Ontario, Canada.
Cautionary Statement
Certain information included in this presentation constitutes
forward-looking statements, including any information as to our
projects, plans and future financial and operating performance. All
statements, other than statements of historical fact, are
forward-looking statements. The words "expect", "believe",
"anticipate", "will", "intend", "estimate", "forecast", "budget",
"schedule" and similar expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of
factors and assumptions that, while considered reasonable by
management, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements.
Such factors include, but are not limited to: changes to current
estimates of mineral reserves and resources; fluctuations in the price
of gold; changes in foreign exchange rates (particularly the Canadian
dollar, Mexican peso and U.S. dollar); the impact of inflation; changes
in our credit rating; any decision to declare a quarterly dividend;
employee relations; litigation; disruptions affecting operations;
availability of and increased costs associated with mining inputs and
labor; development delays at the Young-Davidson mine; operating or
technical difficulties in connection with mining or development
activities; inherent risks associated with mining and mineral
processing; the risk that the Young-Davidson and El Chanate mines may
not perform as planned; uncertainty with the Company's ability to
secure capital to execute its business plans; the speculative nature of
mineral exploration and development, including the risks of obtaining
necessary licenses and permits; contests over title to properties;
changes in national and local government legislation in Canada, Mexico
and other jurisdictions in which the Company does or may carry on
business in the future; risk of loss due to sabotage and civil
disturbances; the impact of global liquidity and credit availability
and the values of assets and liabilities based on projected future cash
flows; risks arising from holding derivative instruments; business
opportunities that may be pursued by the Company. Many of these
uncertainties and contingencies can affect our actual results and could
cause actual results to differ materially from those expressed or
implied in any forward-looking statements made by, or on behalf of, us.
Readers are cautioned that forward-looking statements are not
guarantees of future performance. All of the forward-looking statements
made in this presentation are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a discussion of some of the
factors underlying forward-looking statements.
The Company disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new information,
future events or otherwise, except as required by applicable law.
Cautionary Note to U.S. Investors Concerning Measured, Indicated and
Inferred Resources
This presentation uses the terms "measured," "indicated" and "inferred"
resources. We advise investors that while those terms are recognized
and required by Canadian regulations, the United States Securities and
Exchange Commission does not recognize them. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of
feasibility or other economic studies. United States investors are
cautioned not to assume that all or any part of measured or indicated
mineral resources will ever be converted into mineral reserves. United
States investors are also cautioned not to assume that all or any part
of an inferred mineral resource exists, or is economically or legally
mineable.
SOURCE AuRico Gold Inc.
PDF available at: http://stream1.newswire.ca/media/2014/03/03/20140303_C8868_DOC_EN_37454.pdf