Newcrest Mining Limited - Financial Results for the 12 months ending 30 June 2013

Newcrest Mining Limited - Financial Results for the 12 months ending 30 June 
MELBOURNE, Australia, Aug. 12, 2013 /CNW/ - Newcrest Mining Limited 
("Newcrest") (ASX: NCM) (TSX: NM) today released its Financial Results for the 
twelve months ending 30 June 2013. 
Key Points 

    --  Asset impairment and asset write-down A$6,229 million resulting
        in Statutory loss of A$5,778 million
    --  Underlying profit(1) A$451 million
    --  Operating cash flow A$707 million
    --  Major project delivery at Cadia East and Lihir; both operating
        in line with the Company's expectations
    --  A$958 million in cash and undrawn, committed bank facilities,
        and gearing of 29.1%, at 30 June 2013
    --  Company expected to be free cash flow positive in FY14 at a
        gold price of A$1,450 per ounce with all capital expenditure,
        exploration programs and corporate overheads funded from
        operating cash flow
    --  Each asset is being managed to be free cash flow neutral or
        positive in FY14 at gold price of A$1,450/oz


The 2013 financial year was a significant one for Newcrest with the completion 
of major projects at Cadia Valley and Lihir. The projects establish a platform 
for cost effective production growth at the Company's two largest and most 
important assets.

After a period of price weakness, the gold price suffered a large fall in mid 
April 2013 which has been sustained and accompanied with increased volatility. 
The year-end review of Newcrest's asset carrying values in the context of the 
continuing lower gold price environment, combined with a compression of 
valuations in the gold industry and other factors, has resulted in the 
impairment of the carrying value of some assets, and contributed to the 
write-down in the book value of some assets and the recognition of costs 
associated with business restructuring. As a result, Newcrest has reported a 
Statutory loss of A$5,778 million for the 12 months ended 30 June 2013, after 
significant items totalling A$6,229 million after tax relating to asset 
impairments of A$5,556 million after tax, asset write-downs of A$349 million 
after tax, a write-down of its investment in Evolution Mining Limited of A$273 
million after tax and a charge for restructure costs of A$51 million after 
tax. The Statutory profit for the prior year was A$1,117 million.

Underlying profit for the 12 months ended 30 June 2013 was A$451 million. This 
was lower than the prior year of A$1,084 million, reflecting the expected 
transitions of an operating nature occurring at certain assets in the 2013 
financial year, lower than planned production at Lihir and Gosowong, and the 
decline in commodity prices.

1      Underlying profit is profit/ (loss) after tax before significant
       items attributable to the owners of the parent.  Underlying
       Profit is non-IFRS financial information and has not been
       subject to audit by the Company's external auditor.  Refer to
       page 12 for the reconciliation to Statutory Profit/(Loss).

Operating cash flow was A$707 million for the year ended 30 June 2013 and 
reflects a substantially different operating environment to the prior year 
which generated operating cash flow of A$1,726 million. The reduction in the 
current period was primarily attributable to lower gold sales volumes and 
lower gold and copper prices. Increased investment in the year in waste 
stripping to expose ore for future gold production and a 13% increase in ore 
processed, coupled with elevated levels of plant maintenance activity, also 
contributed to reduced cash flow.

On 7 June 2013, Newcrest reconfirmed its focus on maximising free cash flow in 
a lower gold price environment by removing higher cost ounces from the 
production profile and accelerating reductions in operating costs, corporate 
costs and capital expenditure.

Capital expenditure for the year ended 30 June 2013 was A$1,946 million, 24% 
lower than the prior period of A$2,556 million. The reduction reflects the 
completion of the Company's two major projects during 2013, being achievement 
of commercial production at Cadia East and the processing plant expansion at 

At 30 June 2013, Newcrest's gearing level was 29.1% and the Company had A$958 
million in cash and undrawn, committed bank facilities (at the applicable 
exchange rates). Newcrest remains committed to maintaining a conservative 
balance sheet and is managing its business activity in the lower gold price 
environment with the objective of being free cash flow neutral or positive in 
the 2014 financial year.

The Newcrest Board has determined there will be no final dividend in relation 
to the 2013 financial year due to the reduced level of profitability in the 
2013 financial year, the increase in the level of gearing at 30 June 2013, and 
the planned application of operating cash flow to progression of the Cadia 
East Panel Cave 2 in the coming 2014 financial year.

|Financial Highlights (2) |30 June 2013|30 June 2012|Change |
|12 months ended          |    A$M     |    A$M     |   %   |
|Statutory profit / (loss)|   (5,778)  |     1,117  |       |
|Underlying profit        |      451   |     1,084  | (58%) |
|Operating cash flow      |      707   |     1,726  | (59%) |
|EBITDA                   |     1,367  |     2,151  | (36%) |
|EBIT                     |      756   |     1,590  | (52%) |

(2)   EBITDA, EBIT and Underlying profit are non-IFRS financial
      information and have not been subject to audit by the Company's
      external auditor.  Refer to page 12 for the reconciliation of
      EBITDA, EBIT and Underlying profit to the Statutory profit/(loss)

Copies of the:
1) Market Release - Financial Results,
2) Preliminary final report (ASX Appendix 4E); and
3) Full Year Results 2012-2013 presentation can be found on Newcrest's 
website:; and on SEDAR:


Forward Looking Statements

These materials include forward looking statements. Often, but not always, 
forward looking statements can generally be identified by the use of forward 
looking words such as "may", "will", "expect", "intend", "plan", "estimate", 
"anticipate", "continue", and "guidance", or other similar words and may 
include, without limitation, statements regarding plans, strategies and 
objectives of management, anticipated production or construction commencement 
dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, 
uncertainties and other factors that may cause the company's actual results, 
performance and achievements to differ materially from any future results, 
performance or achievements. Relevant factors may include, but are not limited 
to, changes in commodity prices, foreign exchange fluctuations and general 
economic conditions, increased costs and demand for production inputs, the 
speculative nature of exploration and project development, including the risks 
of obtaining necessary licenses and permits and diminishing quantities or 
grades of reserves, political and social risks, changes to the regulatory 
framework within which the company operates or may in the future operate, 
environmental conditions including extreme weather conditions, recruitment and 
retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the company and its management's good 
faith assumptions relating to the financial, market, regulatory and other 
relevant environments that will exist and affect the company's business and 
operations in the future. The company does not give any assurance that the 
assumptions on which forward looking statements are based will prove to be 
correct, or that the company's business or operations will not be affected in 
any material manner by these or other factors not foreseen or foreseeable by 
the company or management or beyond the company's control.

Although the company attempts and has attempted to identify factors that would 
cause actual actions, events or results to differ materially from those 
disclosed in forward looking statements, there may be other factors that could 
cause actual results, performance, achievements or events not to be as 
anticipated, estimated or intended, and many events are beyond the reasonable 
control of the company. Accordingly, readers are cautioned not to place 
undue reliance on forward looking statements. Forward looking statements in 
these materials speak only at the date of issue. Subject to any continuing 
obligations under applicable law or any relevant stock exchange listing rules, 
in providing this information the company does not undertake any obligation to 
publicly update or revise any of the forward looking statements or to advise 
of any change in events, conditions or circumstances on which any such 
statement is based.

Ore Reserves and Mineral Resources Reporting Requirements

As an Australian company with securities listed on the Australian Securities 
Exchange ("ASX"), Newcrest is subject to Australian disclosure requirements 
and standards, including the requirements of the Corporations Act and the ASX. 
Investors should note that it is a requirement of the ASX listing rules that 
the reporting of ore reserves and mineral resources in Australia comply with 
the 2004 Edition of the Australasian Code for Reporting of Exploration 
Results, Mineral Resources and Ore Reserves (the "JORC Code") and that 
Newcrest's ore reserve and mineral resource estimates comply with the JORC 
Code. As a company listed on the Toronto Stock Exchange ("TSX"), Newcrest is 
subject to certain Canadian disclosure requirements and standards, including 
the requirements of National Instrument 43-101 - Standards of Disclosure for 
Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). In 
accordance with NI 43-101, Newcrest reports its ore reserves and mineral 
resources estimates in compliance with the JORC Code, along with 
reconciliation to the material differences between the JORC Code and the 
applicable definitions adopted by the Canadian Institute of Mining, Metallurgy 
and Petroleum (CIIM Definition Standards). In relation to the December 2012 
Resources and Reserves Statement, the reconciliation is set out in Newcrest's 
Canadian News Release dated 8February2013, and is available at and at Newcrest's website Except as 
otherwise noted in that document, there are no material differences between 
the definitions of Measured, Indicated and Inferred Mineral Resources, and 
Proven and Probable Reserves, under the CIM Definition Standards and the 
equivalent or corresponding definitions in the JORC Code.

Competent Person's Statement

The information in this report that relates to Exploration Results and other 
scientific and technical information is based on information compiled by C. 
Moorhead, EGM Minerals for Newcrest who is a Fellow of The Australasian 
Institute of Mining and Metallurgy, and a full-time employee of Newcrest. Mr 
Moorhead has sufficient experience which is relevant to the styles of 
mineralisation and types of deposits under consideration and to the activity 
which he is undertaking to qualify as a Competent Person as defined in the 
JORC Code and is a Qualified Person within the meaning of NI 43-101. Mr 
Moorhead consents to and has approved the inclusion in this report of the 
matters based on this information in the form and context in which it appears 
including sampling, analytical and test data underlying the results. For 
details of exploration reports refer to the Newcrest website at

Non-IFRS Financial Information

This release uses Non-IFRS financial information including Underlying profit, 
EBITDA and EBIT. Underlying profit is presented to assist in the assessment 
of the relative performance of the Group. EBITDA and EBIT are used to 
measure segment performance and have been extracted from the Segment 
Information disclosed in the ASX Appendix 4E. Non-IFRS information has not 
been subject to audit by Newcrest's external auditor.

Investor Enquiries Steve Warner T: + 61 3 9522 5493

Media Enquiries Kerrina Watson T: +61 3 9522 5593 

This information is available on our website and

SOURCE: Newcrest Mining Limited

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CO: Newcrest Mining Limited

-0- Aug/12/2013 02:42 GMT

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