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Financial results
Summary of financial and operating results
---------------------------------------------------------------------------- Three months ended March 31, ----------------------(dollars in millions, except per share and per ounce amounts) 2013 2012----------------------------------------------------------------------------Total gold equivalent ounces(a)(e) - Produced (c) 655,610 611,838Total gold equivalent ounces(a)(e) - Sold (c) 652,197 629,505Gold equivalent ounces from continuing operations (a)(d) - Produced (c) 655,610 595,949Gold equivalent ounces from continuing operations (a)(d) - Sold (c) 652,197 612,352Total attributable gold equivalent ounces(a)(e) - Produced (c) 648,897 604,247Total attributable gold equivalent ounces(a)(e) - Sold (c) 645,252 621,680Attributable gold equivalent ounces from continuing operations (a)(d) - Produced (c) 648,897 588,358Attributable gold equivalent ounces from continuing operations (a)(d) - Sold (c) 645,252 604,527Financial Highlights from Continuing Operations (d)Metal sales $ 1,058.1 $ 1,005.1Production cost of sales $ 475.7 $ 451.7Depreciation, depletion and amortization $ 227.7 $ 142.5Operating earnings $ 250.9 $ 301.2Net earnings from continuing operations attributable to common shareholders $ 160.5 $ 99.6Basic earnings per share from continuing operations attributable to common shareholders $ 0.14 $ 0.09Diluted earnings per share from continuing operations attributable to common shareholders $ 0.14 $ 0.09Adjusted net earnings from continuing operations attributable to common shareholders(b) $ 170.5 $ 196.1Adjusted net earnings from continuing operations per share(b) $ 0.15 $ 0.17Net cash flow of continuing operations provided from operating activities $ 358.1 $ 380.0Adjusted operating cash flow from continuing operations(b) $ 411.8 $ 319.3Adjusted operating cash flow from continuing operations per share(b) $ 0.36 $ 0.28Average realized gold price per ounce from continuing operations $ 1,624 $ 1,644Consolidated production cost of sales from continuing operations per equivalent ounce(c) sold(b) $ 729 $ 738Attributable(a) production cost of sales from continuing operations per equivalent ounce(c) sold(b) $ 729 $ 738Attributable(a) production cost of sales from continuing operations per ounce sold on a by-product basis(b) $ 674 $ 655Attributable(a) all-in sustaining cost from continuing operations per ounce sold on a by-product basis(b) $ 1,038 $ 1,180(a) Total includes 100% of Chirano production. "Attributable" includes Kinross' share of Chirano (90%) production.(b) The definition and reconciliation of these non-GAAP financial measures is included on pages eight to 10 of this news release.(c) "Gold equivalent ounces" include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for the first quarter of 2013 was 54.19:1, compared with 51.82:1 for the first quarter of 2012.(d) The comparative figures have been recast to exclude Crixas' results due to its disposal.(e) The total gold equivalent ounces and total attributable gold equivalent ounces include Crixas.----------------------------------------------------------------------------
