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Unformatted text preview: exchange gains of $11.3 million. Income
tax expense during 2012 was $261.5 million compared with $496.8 million during 2011. Excluding the
impact of a remeasurement of the deferred tax liability for 2012, in the amount of $116.5 million, as a result
of the increase in the Ghanaian corporate income tax rate from 25% to 35% and the Chilean corporate
income tax rate from 17% to 20%, and the impairment charges for 2012 and 2011, the Company’s effective
tax rate was 37.8% compared with 35.6% for 2011. Excluding the impact of these items, the increase in the
Company’s effective tax rate was largely due to differences in the level of income in the Company’s
operating jurisdictions from one year to the next.
The adjusted net earnings from continuing operations attributable to common shareholders was $879.2
million, or $0.77 per share, for 2012 compared with $850.8 million, or $0.75 per share, for 2011. The 3%
increase in adjusted net earnings from continuing operations attributable to common shareholders was
mainly due to an increase in metal prices realized.
Net cash flow of continuing operations provided from operating activities during 2012 was $1,302.9 million
compared with $1,378.8 million 2011, with the decrease largely due to less favourable working capital
changes in 2012 compared with 2011 and higher exploration and business development expenses, partially
offset by an increase in margins (metal sales less production cost of sales) as well as cash payments made
during 2011 on the close out and early settlement of derivative instruments, with no such payments made in
The adjusted operating cash flow from continuing operations during 2012 decreased to $1,527.0 million
from $1,561.8 million, mainly due to an increase in exploration and business development expenses.
Consolidated production cost of sales from continuing operations per equivalent ounce sold was 20% higher
in 2012 compared with 2011, largely due to an increase in the processing of lower grade ore and increases in
labour, energy, consumables and other production costs a...
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- Spring '14