H1 2013 Financial highlights
Revenue of $308.6 million (H1 2012: $354.5 million)
Adjusted EBITDA of $90.4 million (H1 2012: $168.4 million)
Pre-exceptional EPS of $(0.10) (H1 2012: $0.08) which includes $15.4 million ($0.05 per share) foreign exchange loss on cash deposits in Peru - more than offset by positive effects on unit costs and capital expenditure
Exceptional items of $(13.2) million include:
o $45.9 million net gain resulting from reclassification of Gold Resource Corp holding from investment in associate to available-for-sale financial asset
o $59.1 million of impairment charges and severance payments net of taxes2
Interim dividend suspended
Strong balance sheet with total cash of approximately $275 million as at 31 July 2013
Minority investments valued at $103.8 million as at 31 July 2013
Undrawn $140 million loan facility to finance Inmaculada project
Cashflow optimisation programme
Implemented in H1 2013 - approximately $200 million of initiatives identified
o Unit cost increases in Peru revised down to 0-5% for 2013
o Unit cost increase in Argentina revised down to 5-10% for 2013
o 2013 sustaining capex further lowered to $150 million from original 2013 guidance of $180 million
o 2013 exploration budget further reduced to $50 million from original $77 million
o 2013 administration expenses reduced by $20 million
o Reduction in Board size, Directors' fees and senior management remuneration
o Full impact expected in H2 2013 and H1 2014
o Inmaculada and Crespo project schedules maintained
