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February 24, 2014 11:38

Nordgold reports Q4 IFRS EBITDA of $99.6 mln (Part 2)

MOSCOW. Feb 24 (Interfax) - Nordgold is reporting earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter of last year of $99.6 million to International Financial Reporting Standards (IFRS), which accords with a consensus forecast compiled by Interfax.

Nordgold said that was down 31% year-on-year. It was down 8% quarter-on-quarter and 15% for the year at $420.6 million.

"Gold production increased by 29% to 924.4 thousand ounces ("koz")," the company said.

"The new Bissa mine launched in January 2013 significantly boosted annual production and improved the consolidated cost base.

"All-in sustaining costs decreased by 10% to $1,062/oz and TCC decreased by 2% to $819.

"Cash flow from operating activities of US$310.7 million and positive free cash flow of US$63.2 million.

"LTIFR improved by 15% to 1.51compared to LTIFR of 1.77 in 2012," Nordgold said,

Highlights Q4 2013 Q4 2012 Change, YoY Q3 2013 Change, QoQ 2013 2012 Change, YoY
Gold production, koz 263.4 201.9 30% 244.7 8% 924.4 716.9 29%
Average realized gold price per ounce sold, US$/oz 1,250 1,711 (27%) 1,327 (6%) 1,376 1,670 (18%)
Revenue, US$m 328.8 346.8 (5%) 325.3 1% 1,271.3 1,197.9 6%
EBITDA, US$m (*) 99.6 143.8 (31%) 108.2 (8%) 420.6 493.0 (15%)
TCC, US$/oz (*) 758 844 (10%) 791 (4%) 819 836 (2%)
AISC, US$/oz (*) 1,016 1,176 (14%) 1,015 0% 1,062 1,174 (10%)
LTIFR 1.33 1.74 (24%) 1.88 (29%) 1.51 1.77 (15%)

*Normalised EBITDA, total cash costs and all-in sustaining costs as defined in the section for Non-IFRS financial measures

Financial Highlights

"2013 revenues increased by 6% from 2012 to $1,271.3 million despite a materially lower gold price, mainly due to increased gold sales, which were achieved as a result of higher production volumes. Revenues for Q4 2013 increased by 1% from Q3 2013 and decreased by 5% compared with Q4 2012 to $328.8 million," the company said.

"In 2013, total cash costs ("TCC") were $819 per ounce, down from $836 per ounce in 2012 due to the launch of the low-cost Bissa mine and the implementation of efficiency programs. TCC for Q4 2013 was $758/oz, a 10% decrease compared with Q4 2012 and a 4% decrease compared with Q3 2013. The main contributors to the quarter-on-quarter TCC improvement were Taparko (down 21%), Berezitovy (down 10%), Neryungri (down 10%) and Lefa (down 3%). We continue to implement cost optimization programs at all our assets.

"All-in sustaining costs (AISC) were $1,062/oz for the full year 2013, which is 10% lower than in 2012 ($1,174/oz). Q4 2013 AISC of $1,016/oz was a 14% improvement on Q4 2012 ($1,176/oz) and in line with Q3 2013 ($1,015/oz). We expect consolidated AISC to be in the range of $1,050/oz - $1,100/oz for the full year 2014, which in the absence of large standalone capex projects, will enable Nordgold to generate meaningful positive free cash flow.

"EBITDA for 2013 was $420.6 million, a 15% decrease compared to 2012 ($493.0 million). EBITDA for Q4 2013 was $99.6 million, a decrease of 31% over Q4 2012 and 8% over Q3 2013. Despite lower gold prices in 2013, higher production and strict cost control have helped shield EBITDA from a larger decrease. EBITDA margin for 2013 was 33.1%," Nordgold said.

"In 2013 Nordgold generated $310.7 million of cash flow from operating activities (after interest and income tax paid), compared with $121.6 million in 2012.

"Net loss for 2013 was $170.0 million compared to net income of $76.0 million in 2012. Net loss for Q4 2013 was $29.9 million compared to net loss of $47.2 million in Q4 2012. In accordance with Nordgold's accounting policies, the company reviewed the carrying value of tangible and intangible assets including, exploration and evaluation assets, inventories and other operating assets. Consideration was given to a range of indicators including the decline in gold price that occurred in 2013. This resulted in one-off non-cash write-offs for the second half of 2013 of approximately $54.5 million, bringing total write-offs for the full year 2013 to approximately $290.4 million.

"Net income for 2013, adjusted for the non-current assets and inventories impairment, was $118.3 million, compared with adjusted net income of $178.0 million in 2012. In Q4 2013 adjusted net income was $22.3 million, compared with $34.8 million in Q3 2013 and $54.8 million in Q4 2012.

"Capital expenditure ("capex") for the full year 2013 was $237.7 million (including $79.0 million for exploration and evaluation), a 50% decrease over 2012. In 2014, we expect capex to be approximately $200 million, including exploration costs of $60 million.

"The company delivered $48.8 million of positive free cash flow in Q4 2013, compared to negative free cash flow in Q4 2012 ($75.1 million), on the back of higher operating cash flow and reduced capex. For the full year 2013, Nordgold recorded positive free cash flow of $63.2 million, compared with negative free cash flow in 2012 of $334.1 million.

"Cash and cash equivalents as at December 31, 2013 were $244.0 million with net debt at $723.9 million, compared to $45.0 million cash and cash equivalents as at December 31, 2012, and net debt of $680.5 million.

"The board of directors has approved an interim dividend of 1.43 U.S. cents per share or per Global Depositary Receipt in respect of the three months ended December 31, 2013, payable to shareholders on the register as of March 03, 2014," the company said.

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