I'm pretty happy with the result. Half Year Financial Results...

I'm pretty happy with the result.

Half Year Financial Results and Resources and Reserves Update

Today Newcrest Mining Limited released its Financial Results for the six months ended 31 December 2013 (ASX

Key points

? Statutory profit1 of A$40 million and Underlying profit2,4 of A$207 million
? EBITDA3,4 of A$731 million and EBIT3,4 of A$404 million
? Cash flow from operating activities was an inflow of A$228 million
? Free cash flow5 was an outflow of A$229 million
? Cash flow from operating activities and free cash flow were adversely impacted by the reversal of favourable working capital balances at 30 June 2013 (approximately A$200 million) and the tax payment
relating to the voluntary amendment to research and development claims claims (approximately A$70
million)
? Gearing6 of 30.5% at 31 December 2013 
? A$1,250 million7 in cash and undrawn, committed bank facilities at 31 December 20138
? Gold production of 1,207,697 ounces and gold sales of 1,204,507 ounces
? All-In Sustaining Cost,4,9 of A$1,003/oz (US$925/oz at an A$:US$ exchange rate of $0.922710)
? A$47 million after tax impairment of West African exploration assets after assessing the carrying value of all assets, and after taking into account the December 2013 Resources and Reserves update11
? No interim dividend
? Group Mineral Resources and Ore Reserves 11 are estimated to contain 150 million ounces of gold and 78
million ounces of gold respectively, a reduction of around 7% and 11% respectively compared with the
previous estimate at 31 December 2012.
Newcrest Chief Executive Officer, Greg Robinson said, “Newcrest has made steady progress on producing lower
cost, higher margin ounces, while reducing costs and capital expenditure across the business. Delivering the
second block cave at Cadia and driving group costs lower remain key priorities. Overall, our focus remains on
optimising our current operations, maintaining our growth options and maximising free cash flow to enable the
Company to reduce gearing and return to paying dividends to shareholders.”