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Centerra Gold Inc.Condensed Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss)(Unaudited) Three months ended Twelve months ended December 31, December 31, 2012 2011 2012 2011--------------------------------------------------------------------------------------------------------------------------------------------------------(Expressed in Thousands of United States Dollars)(except per share amounts)Revenue from Gold Sales $ 368,461 $ 247,962 $ 660,737 $ 1,020,344 Cost of sales 165,199 104,083 387,470 382,295 Abnormal mining costs 8,855 - 60,881 - Mine standby costs - - 4,585 213 Regional office administration 5,636 5,930 21,042 21,322----------------------------------------------------------------------------Earnings from mine operations 188,771 137,949 186,759 616,514 Revenue based taxes 44,499 33,558 74,697 131,750 Other operating expenses 4,793 3,592 34,280 15,471 Loss on de-recognition of underground assets 180,673 - 180,673 - Exploration and business development 11,551 11,070 38,531 42,894 Corporate administration 8,794 10,279 27,046 44,902----------------------------------------------------------------------------Earnings (loss) from operations (61,539) 79,450 (168,468) 381,497 Other (income) and expenses (55) (1,377) (132) (1,056) Finance costs 1,263 521 3,978 3,545----------------------------------------------------------------------------Earnings (loss) before income taxes (62,747) 80,306 (172,314) 379,008 Income tax expense 5,239 894 11,684 8,130----------------------------------------------------------------------------Net Earnings (loss) and comprehensive income (loss) (67,986) 79,412 (183,998) 370,878--------------------------------------------------------------------------------------------------------------------------------------------------------Basic and diluted earnings (loss) per common share $ (0.29) $ 0.34 $ (0.78) $ 1.57--------------------------------------------------------------------------------------------------------------------------------------------------------Centerra Gold Inc.Condensed Consolidated Statements of Cash Flows Three months ended Twelve months ended(Unaudited) December 31, December 31, 2012 2011 2012 2011--------------------------------------------------------------------------------------------------------------------------------------------------------(Expressed in Thousands of United States Dollars)Operating activitiesNet (loss) earnings $ (67,986) $ 79,412 $ (183,998) $ 370,878Items not requiring (providing) cash: Depreciation, depletion and amortization 92,038 30,366 152,869 98,840 Finance costs 1,262 521 3,978 3,545 Loss on disposal of equipment 932 383 1,403 1,305 Share-based compensation expense 704 483 2,335 1,759 De-recognition of underground assets 180,673 - 180,673 - Change in provision (123) (12,481) 614 - Income tax expense 5,239 894 11,684 8,130 Other operating items (128) (250) (673) (2,430) ------------------------------------------------ 212,611 99,328 168,885 482,027 Change in operating working capital 935 (40,560) 1,593 (44,150) Change in long-term inventory 439 - 2,080 703 Revenue-based taxes (advanced) utilized 155 - (30,000) - Income taxes paid (5,952) 1,546 (7,838) (3,657) ------------------------------------------------Cash provided by operations 208,188 60,314 134,720 434,923 ------------------------------------------------Investing activities Additions to property, plant and equipment (83,362) (29,833) (366,423) (175,155) Net redemption (purchase) of short-term investments (45,985) (106,971) 324,683 (290,389) Increase in restricted cash (3,096) (19) (5,908) (616) Increase in other assets 6,752 77 (1,070) (7,375) Proceeds from disposition of fixed assets 32 11 79 19 ------------------------------------------------Cash used in investing (125,659) (136,735) (48,639) (473,516) ------------------------------------------------Financing activities Dividends paid (6,571) - (22,238) (99,322) Payment of borrowing costs (231) (57) (1,416) (630) Proceeds from short term debt - - 76,000 - Proceeds from common shares issued for cash (20) 321 149 3,347 ------------------------------------------------Cash provided by (used in) financing (6,822) 264 52,495 (96,605) ------------------------------------------------(Decrease) increase in cash during the period 75,707 (76,157) 138,576 (135,198)Cash and cash equivalents at beginning of the period 258,408 271,696 195,539 330,737 ------------------------------------------------Cash and cash equivalents at end of the period $ 334,115 $ 195,539 $ 334,115 $ 195,539 ------------------------------------------------ ------------------------------------------------Cash and cash equivalents consist of:Cash $ 51,675 $ 75,193 $ 51,675 $ 75,193Cash equivalents 282,440 120,346 282,440 120,346 ------------------------------------------------ $ 334,115 $ 195,539 $ 334,115 $ 195,539 ------------------------------------------------ ------------------------------------------------Centerra Gold Inc.Condensed Consolidated Statements of Shareholders' Equity(Unaudited)--------------------------------------------------------------------------------------------------------------------------------------------------------(Expressed in Thousands of United States Dollars, except share information) Number of Share Common Capital Contributed Retained Shares Amount Surplus Earnings Total----------------------------------------------------------------------------Balance at January 1, 2011 235,869,397 $ 655,178 $ 33,827 $ 572,792 $ 1,261,797----------------------------------------------------------------------------Share-based compensation expense - - 1,759 - 1,759Shares issued on exercise of stock options 469,644 4,939 (1,592) - 3,347Dividend declared - - - (99,322) (99,322)Net earnings for the period - - - 370,878 370,878----------------------------------------------------------------------------Balance at December 31, 2011 236,339,041 $ 660,117 $ 33,994 $ 844,348 $ 1,538,459----------------------------------------------------------------------------Share-based compensation expense - - 2,335 - 2,335Shares issued on exercise of stock options 30,752 235 (86) - 149Shares issued on redemption of restricted share units 6,218 68 - - 68Dividend declared - - - (28,187) (28,187)Net loss for the period - - - (183,998) (183,998)----------------------------------------------------------------------------Balance at December 31, 2012 236,376,011 $ 660,420 $ 36,243 $ 632,163 $ 1,328,826--------------------------------------------------------------------------------------------------------------------------------------------------------
