Financial and operating results for the second quarter and first half - - PowerPoint PPT Presentation

financial and operating results for the second quarter
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Financial and operating results for the second quarter and first half - - PowerPoint PPT Presentation

Financial and operating results for the second quarter and first half ended June 30, 2012 August 30 th 2012 Disclaimer These materials are confidential and have been prepared by Nord Gold N.V. (Nordgold) solely for your information and may


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Financial and operating results for the second quarter and first half ended June 30, 2012

August 30th 2012

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These materials are confidential and have been prepared by Nord Gold N.V. (“Nordgold”) solely for your information and may not be reproduced, retransmitted or further distributed to any other person or published, in whole or in part, for any other purpose. These materials may contain projections and other forward-looking statements regarding future events or the future financial performance of Nordgold. You can identify forward-looking statements by terms such as “expect,” “believe,” “estimate,” “intend,” “will,” “could,” “may” or “might”, or other similar expressions. Nordgold cautions you that these statements are only predictions and that actual events or results may differ materially. Nordgold will not update these statements to reflect events and circumstances occurring after the date hereof. Factors that could cause the actual results to differ materially from those contained in projections or forward-looking statements of Nordgold may include, among others, general economic and competitive environment conditions in the markets in which Nordgold operates, market change in the gold industry, as well as many other risks affecting Nordgold and its operations. These materials do not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of Nordgold in any jurisdiction, nor shall they or any part of them nor the fact of their presentation, communication or distribution form the basis of, or be relied on in connection with, any contract or investment decision. No representation or warranty, express or implied, is given by Nordgold, its affiliates or any of their respective advisers, officers, employees or agents, as to the accuracy

  • f the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of these materials or their contents.

Disclaimer

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Results at a Glance Nikolai Zelenski, CEO Financial Review Sergey Zinkovich, CFO Operational Review Nikolai Zelenski, CEO

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Nikolai Zelenski Chief Executive Officer

Results at a Glance

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5

Financial Highlights

» Revenues for H1 2012 were US$529 m (H1 2011: US$543 m), down 3%, mainly due to lower gold sales, but

partially offset by higher realised gold prices

» Total cash costs for H1 2012 were US$832 / oz (H1 2011: US$672 / oz), mainly due to higher costs at the Lefa,

Taparko and Suzdal mines due to lower grades and recoveries

» EBITDA was US$218 m, (H1 2011: US$268 m) » Cash flow from operating activity after interest and income taxes for the second quarter was at US$2.4 m, the

result of a one-off payment of the accumulated interest on debt financing from Severstal, which was refinanced in March 2012, amounting to US$42.0 m

» Excluding this one-off payment, operating cash flow for the second quarter amounted to US$44.4 m

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SLIDE 6

198 (0.2) (4) 165 (9) (5) (8) (3) (4) 50 100 150 200 250 Q2 2011 LEFA Taparko Suzdal Neryungri Aprel- kovo Berezi- tovy Buryat- zoloto Q2 2012 372 1 (3) 321 (26) (10) (3) (4) (6) 100 200 300 400 H1 2011 LEFA Taparko Suzdal Neryungri Aprel- kovo Berezi- tovy Buryat- zoloto H1 2012

6 H1 2011- H1 2012 Production Bridge

Operational Highlights

Q2 2011- Q2 2012 Production Bridge Key H1 2012 Production Results Key Q2 2012 Production Results » H1 2012 production at 321 koz, 14% lower than H1 2011 » Nordgold has taken a number of operational measures to improve production at several mines, and positive dynamics at some of the mines has been achieved » Record production at Berezitovy in June 2012, as a result of

  • perational improvements made, which is expected to continue

going forward » Q2 production at 165 koz gold equivalent ounces, 6% ahead of Q1 2012 and 17% lower than Q2 2011 » Gold production increased at Lefa, Berezitovy, Neryungri and Aprelkovo over the previous quarter, while small production falls at Taparko, Suzdal and Buryatzoloto » Nordgold continues to make progress at resolving operational issues across its asset portfolio and expects production growth to continue in the second half of the year » LTIFR for Q2 2012 slumped 51% to 1.03 from 2.11 in Q2 2011 Safety continues to be a clear focus for the Board and management with the objective of Zero Harm for our employers and contractors.

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Sergey Zinkovich Chief Financial Officer

Financial Review

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Key Financial Results

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Average Realized Gold Price (US$ /oz)

1 513 1 602 1 461 1 645 Q2 2011 Q2 2012 H1 2011 H1 2012

Revenue (US$ m)

+13% 299 265 543 529 Q2 2011 Q2 2012 H1 2011 H1 2012 (3%) (12%)

Revenue Breakdown (US$ m)

H1 2011 by geography

100% = US$543 m

H1 2012 by geography

100% = US$529 m

41% 11% 19% 29% Guinea 43% 12% 19% 26% Russia Burkina Faso Kazakhstan Russia Guinea Kazakhstan Burkina Faso

» Growing gold demand from the developing economies and unstable macroeconomic environment were the key drivers for the continued gold price rally observed in H1 2012 » Average realized gold price was up 13% in H1 2012 versus H1 2011 reached US$1,645 / oz » H1 2012 revenue of US$529 m was down 3% from H1 2011 (US$534 m) as a result of a decrease in the quantity of gold sold by 50.5 koz, partly compensated by an increase in the average realised gold sales price » In H1 2012, 57% of revenue originated from outside

  • f Russia, with Africa as main contributor at 45%,

compared to 48% in H1 2011

+6%

11%

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Key Financial Results (continued)

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Total Cash Cost (US$ /oz)

721 863 672 832 Q2 2011 Q2 2012 H1 2011 H1 2012

EBITDA (US$ m)

+24% +20% 133 104 268 218 Q2 2011 Q2 2012 H1 2011 H1 2012 (19%) (22%)

EBITDA Margin (%)

45% 39% 49% 41% Q2 2011 Q2 2012 H1 2011 H1 2012

» EBITDA for the period was US$217.7 m, down 19% from H1 2011, mainly as a result of both lower production volumes at Lefa, Taparko, Berezitovy and Neryungri, and by increased production costs at Lefa and Taparko » H1 2012 EBITDA margin decreased by 8% compared to H1 2011, to 41% » Cash costs growth is mainly explained by the combined effect of lower volume and recovery, dramatized by the inflation factor

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Key Financial Results (continued)

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94 22 174 2 Q2 2011 Q2 2012 H1 2011 H1 2012

Operating Cash Flow (US$ m) Capital Expenditures (US$ m)

70 128 107 224 Q2 2011 Q2 2012 H1 2011 H1 2012 Other Capex Exploration 109% +83%

» Cash flow from operating activity decrease due to a one-off payment of the accumulated interest on debt financing from Severstal, which was refinanced in March 2012, amounting to US$42.0 m » Excluding this one-off payment, operating cash flow for the second quarter 2012 amounted to US$44.4 m » The CAPEX programme for 2012 is on budget and

  • n schedule

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Key Financial Results (continued)

Key Balance Sheet Statistics June 2012 Total Debt Structure Comments Debt Position Dynamics

432 431 261 380

0.5x 0.7x

Q1 2012 Q2 2012 Total Debt Net Debt Net Debt / LTM EBITDA

Notes and Bonds 14%

Bank Financing 78%

Other 8%

USD (bond) 11% USD (loan)* 77% NOK (bond) 3% USD (SWAP) 9%

Debt Structure (by Lenders) Debt Structure (by Currency)

» The Q2 2012 Net Debt increased compared to the Q1 2012 - remaining at the comfortable level

US$ m Q2 2011 Q2 2012 Change Q1 2012 Q2 2012 Change Cash & Equivalents 298 51 (83%) 171 51 (70%) Current Assets 772 719 (7%) 761 719 (6%) Total Assets 2,714 2,698 (1%) 2,784 2,698 (3%) Short-term Debt 358 60 (83%) 59 60 1% Current Liabilities 561 280 (50%) 262 280 7% Long-term Debt 129 431 234% 373 371 (1%) Total Debt 487 432 (11%) 432 431 0% Equity att. to Shareholders 1,495 1,519 2% 1,597 1,519 (5%) Total Equity 1,742 1,780 2% 1,871 1,780 (5%) Net Debt 189 380 101% 261 380 45% * Loan is RUR-nominated, treated as USD as a result of FX and % hedge instrument using

Total = US$430.9 m

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Financial Highlights for Individual Mines

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(1) Unallocated corporate costs not attributable to a specific segment

Selected Financials by Segment (US$ m) Revenue Breakdown by Region (H1 2012) EBITDA Breakdown by Region (H1 2012)

Russia 43% Guinea 26% Burkina Faso 19% Kazakhstan 12% Russia 52% Kazakhstan 10% Burkina Faso 29% Guinea 14%

Unallocated corporate costs -5%

Q2 2012 Q2 2011 Change H1 2012 H1 2011 Change Revenue Buryatzoloto 49 51

  • 4%

102 94 9% Taparko 47 51

  • 8%

101 103

  • 2%

Suzdal 30 40

  • 25%

63 60 5% Berezitovy 40 45

  • 11%

75 77

  • 3%

Neryungri & Aprelkovo 28 32

  • 13%

50 50 0% LEFA 70 80

  • 13%

138 159

  • 13%

Total revenue 264 299

  • 12%

529 543

  • 3%

EBITDA Buryatzoloto 24 23 4% 52 61

  • 15%

Taparko 28 34

  • 18%

63 69

  • 9%

Suzdal 9 17

  • 47%

21 24

  • 13%

Berezitovy 22 25

  • 12%

41 41 0% Neryungri & Aprelkovo 11 11 0% 21 16 33% LEFA 15 27

  • 44%

31 67

  • 53%

Unallocated costs(1)

  • 5
  • 4

n.a.

  • 11
  • 10

n.a. Total EBITDA 104 133

  • 22%

218 268

  • 19%

EBITDA margin 39% 45% 41% 49%

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Nordgold TCC by Mine – Focus on Reducing Cost Pressures

Nordgold Cash Cost Curve (H1 2011) Nordgold Cash Cost Curve (H1 2012) 13

440 588 629 721 743 774 776 100 200 300 400 500 600 700 800 900 50 100 150 200 250 300 350 Production, koz Taparko Suzdal Buryatzoloto Neryungri Aprelkovo Berezitovy LEFA Total Cash Costs, US$ /oz

Nordgold TCC: US$ 672/ oz

588 675 740 818 842 867 1 137 200 400 600 800 1 000 1 200 50 100 150 200 250 300 Production, koz Taparko Suzdal Buryatzoloto Neryungri Aprelkovo Berezitovy LEFA Total Cash Costs, US$ /oz

Nordgold TCC: US$ 832 / oz

579 675 751 785 800 869 1 066 200 400 600 800 1 000 1 200 50 100 150 200 250 300 350 Production, koz Taparko Suzdal Buryatzoloto Neryungri Aprelkovo Berezitovy LEFA Total Cash Costs, US$ /oz

Nordgold TCC: US$ 798 / oz

599 675 724 843 884 885 1 202 200 400 600 800 1 000 1 200 1 400 50 100 150 200 250 300 Production, koz Taparko Suzdal Buryatzoloto Neryungri Aprelkovo Berezitovy LEFA Total Cash Costs, US$ /oz

Nordgold TCC: US$ 863 oz

Nordgold Cash Cost Curve (Q1 2012) Nordgold Cash Cost Curve (Q2 2012)

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Nikolai Zelenski Chief Executive Officer

Operational Review

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Buryatzoloto 17% Berezitovy 14% Neryungri & Aprelkovo 9% Taparko 19% LEFA 30% Suzdal 11%

15 H1 2011 – H1 2012 Production Breakdown

Diversified Production Base

Q2 2011 – Q2 2012 Production Breakdown Key Production Highlights

» Nordgold continues to successfully diversify its production and the share of the West African business has increased, shifting the balance away from the share of traditional Russia and CIS business » Launch of Nordgold’s key growth projects Bissa and Gross will further drive the production shift to West Africa leading to a more balanced geographical structure

H1 2012 321 koz H1 2011 372 koz Q2 2012 165 koz Q2 2011 198 koz

Buryatzoloto 19% Berezitovy 14% Neryungri & Aprelkovo 10% LEFA 26% Taparko 19% Suzdal 12% Buryatzoloto 17% Berezitovy 15% Neryungri & Aprelkovo 11% Taparko 17% LEFA 27% Suzdal 13% Buryatzoloto 18% Berezitovy 16% Neryungri & Aprelkovo 11% Taparko 18% LEFA 26% Suzdal 11%

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Key Developments and Priorities Key Operating Statistics

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LEFA and Taparko

» Successfully completed important maintenance works, improving plant productivity and currently implementing a series of technical improvements » New geological and block models will improve mine plan and grade control » Newly arrived mining equipment expected to accelerate access to higher grade ore blocks » Expect an improvement in head grade during H2 2012

Location Guinea, 700km northeast of Conakry Proven & probable reserves 4,533 koz at 1.47 g/t(1)(2) M + I + I resources 7,780 koz at 1.26 g/t(1)(2) Taxation (Mining / Profit) 5% per sold / 30% Unit Q2 2012 Q2 2011 Change H1 2012 H1 2011 Change Ore mined (kt) 1,829 1,672 9% 3,690 3,835 (4%) Ore milled (kt) 1,466 1,448 1% 2,842 3,024 (6%) Grade (g/t) 1.13 1.20 (6%) 1.13 1.23 (8%) Recovery (%) 83.6% 86.7% (3.8pp) 83.4% 86.9% (3.5pp) Gold production (koz) 43.6 52.7 (17%) 83.4 109.5 (24%) Cash costs (US$/oz) 1,202 940 28% 1,137 781 46%

LEFA – Brief Overview Key Developments and Priorities Key Operating Statistics

» Working on several upgrades designed to improve recovery including the installation of a regrind mill and two leach tanks » Mobile crusher to reduce negative impact of the wet season

Location Burkina Faso, 200km northeast of Ouagadougou Proven & probable reserves 629 koz at 2.72 g/t(1)(3) M + I + I resources 1,276 koz at 2.19 g/t(1)(3) Taxation (Mining / Profit) 3% per sold / 17.5% Unit Q2 2012 Q2 2011 Change H1 2012 H1 2011 Change Ore mined (kt) 401 270 49% 764 677 13% Ore milled (kt) 361 352 3% 765 732 5% Grade (g/t) 3.19 3.64 (12%) 3.11 3.55 (12%) Recovery (%) 79.0% 85.1% (6.1pp) 81.9% 85.6% (3.7pp) Gold production (koz) 29.3 34.0 (14%) 61.8 71.3 (13%) Cash costs (US$/oz) 599 415 44% 588 440 34%

Taparko – Brief Overview

Notes: (1) Based on WAI CPR (2) Includes LEFA Corridor and other regional assets (3) Includes Bouroum, F12 and Welcome Stranger

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Key Developments and Priorities Key Operating Statistics

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Berezitovy and Buryatzoloto

» Secondary crusher and new SAG mill pinion installed as planned, in May 2012 » Plant demonstrated record productivity in June 2012, and the improved performance is expected to continue going forward

Location Russia, 100km from Skovorodino railway station Proven & probable reserves 963 koz at 1.63 g/t(1) M + I + I resources 1,323 koz at 1.50 g/t(1) Taxation (Mining / Profit) 6% per dore / 20% Unit Q2 2012 Q2 2011 Change H1 2012 H1 2011 Change Ore mined (kt) 462 480 (4%) 904 903 0% Ore milled (kt) 333 367 (9%) 576 692 (17%) Grade (g/t) 2.67 2.71 (1%) 2.73 2.61 4% Recovery (%) 90.0% 92.4% (2.4pp) 90.3% 89.7%

(0.6pp)

Gold production (koz) 25.5 29.8 (14%) 45.8 52.2 (12%) Cash costs (US$/oz) 675 550 23% 675 588 15%

Berezitovy – Brief Overview Key Developments and Priorities Key Operating Statistics

» Working on a new geological model, which should provide better visibility on shape of the ore bodies and their grade distribution » Due to geological complexity, the work will take an extended period of time – expect to apply new model to mine planning in H1 2013

Location Russia, Irokinda and Zun-Holba Proven & probable reserves 174 koz at 9.3 g/t(1) M + I + I resources 524 koz at 12.7 g/t(1) Taxation (Mining / Profit) 6% per dore / 15.5% Unit Q2 2012 Q2 2011 Change H1 2012 H1 2011 Change Ore mined (kt) 178 170 5% 347 324 7% Ore milled (kt) 173 176 (2%) 344 329 5% Grade (g/t) 5.58 6.44 (13%) 5.71 6.63 (14%) Recovery (%) 92.2% 93.8% (1.6pp) 93.0% 92.3% (0.7pp) Gold production (koz) 30.2 33.9 (11%) 61.9 64.6 (4%) Cash costs (US$/oz) 724 801 (10%) 740 721 3%

Buryatzoloto – Brief Overview

Note: (1) Based on WAI CPR

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Key Developments and Priorities Key Operating Statistics

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Neryungri and Aprelkovo

» Four new dump trucks, an excavator and mobile crusher arrived in May 2012 » Expect higher mining volumes and improved productivity in H2 2012, with lower stripping ratio

Location Russia, 125km north east of the BAM railway Proven & probable reserves 403 koz at 0.78 g/t(1) M + I + I resources 1,608 koz at 0.85 g/t(1) Taxation (Mining / Profit) 6% per dore / 20% Unit Q2 2012 Q2 2011 Change H1 2012 H1 2011 Change Ore mined (kt) 533 887 (40%) 715 1,344 (47%) Ore milled (kt) 687 1,091 (37%) 901 1,140 (21%) Grade (g/t) 0.94 1.12 (16%) 0.96 1.15 (17%) Recovery (%) 75.0% 75.6%

(0.6pp)

75.0% 75.0% 0pp Gold production (koz) 11.3 14.1 (20%) 19.9 23.9 (17%) Cash costs (US$/oz) 843 620 36% 818 629 30%

Neryungri – Brief Overview Key Developments and Priorities Key Operating Statistics

» Continue to substantially reduce volumes from stockpile » Processing of higher grade ores will balance the reduced recoveries of transitional and sulfide ores

Location Russia, 120km east of the regional centre of Chita Proven & probable reserves 458 koz at 1.01 g/t(1) M + I + I resources 789 koz at 1.02 g/t(1) Taxation (Mining / Profit) 6% per dore / 20% Unit Q2 2012 Q2 2011 Change H1 2012 H1 2011 Change Ore mined (kt) 733 348 111% 1,172 530 121% Ore milled (kt) 739 840 (12%) 809 1,205 (33%) Grade (g/t) 1.32 0.79 67% 1.30 0.82 59% Recovery (%) 47.7% 60.9% (13.2pp) 47.7% 60.0 % (12.3pp) Gold production (koz) 6.6 6.8 (3%) 10.4 9.6 8% Cash costs (US$/oz) 865 639 35% 867 776 12%

Aprelkovo – Brief Overview

Note: (1) Based on WAI CPR

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Key Developments and Priorities Key Operating Statistics

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Suzdal

» Reduced dilution of mined ore bodies, improving head grade » Launched several new initiatives aimed at improving recovery, which have started to make a positive impact with 67% recovery rate for June

Location Kazakhstan, 55km southwest of Semipalatinsk Proven & probable reserves 486 koz at 7.55 g/t(2) M + I + I resources 1,401 koz at 7.08 g/t(2) Taxation (Mining / Profit) 6% per mined / 20% Unit Q2 2012 Q2 2011 Change H1 2012 H1 2011 Change Ore mined (kt) 103 108 (4%) 238 211 13% Ore milled (kt) 108 137 (21%) 232 258 (10%) Grade (g/t) 7.49 6.98 7% 7.40 7.03 5% Recovery (%) 62.53 64.80 (2.3pp) 65.06 63.87 1.2pp Gold production (koz) 18.7 26.8 (30%) 37.8 41.2 (8%) Cash costs (US$/oz) 884 728 21% 842 743 13%

Suzdal (1)– Brief Overview

Notes: (1) Including Zherek (2) Based on WAI CPR

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Summary and 2012 Outlook

20 » Revenue of US$529 million (H1 2011: US$543 m) » Reduction mainly due to lower gold sales, partially offset by higher realised gold prices » Total cash costs of US$832 / oz (H1 2011: US$672 / oz) » Increase mainly due to higher costs at Lefa, Taparko, Suzdal and Berezitovy due to lower grades and recoveries » EBITDA of US$218 m (H1 2011: US$268 m) » EBITDA was impacted by both lower production volumes at Lefa, Taparko, Berezitovy and Neryungri, and by increased production costs at Lefa, Taparko, Suzdal and Berezitovy » EBITDA margin for H1 2012 was 41% » Cash flow from operating activity after interest and income taxes was US$2.4 m (included one-off payment of US$42.0 m) Excluding this

  • ne-off payment, operating cash flow for the second quarter amounted to US$44.4 m

» Net Debt/EBITDA at 0.7x at the end of Q2 2012 » Q2 2012 production at 165 koz, 6% higher compared to Q1 2012 » H1 2012 production at 321 koz, 14% lower compared to the same period last year » Extensive capex programme delivering strong progress:  Construction of the Bissa project in Burkina Faso is progressing on schedule and on budget; on track to deliver first gold in H1 2013  Gross project in Russia is scheduled to complete pre-feasibility phase in H2 2012, with production start expected in Q4 2013  Approximately US$65m spent on exploration activity in the first half of the year » Full year production guidance of 720-770 koz for 2012

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Appendix

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Key Financial Results

US$ millions H1 2012 H1 2011 Change Q2 2012 Q2 2011 Change Sales 529 543 (3%) 265 299 (11%) Cost of Sales (342) (315) 9% (177) (176) 1% Gross Profit 186 229 (19%) 88 123 (28%) General and administrative expenses (32) (6) 433% (17) (13) 30% Taxes other than income tax (34) (35) (3%) (17) (17) Other operating (expenses)/income, net 1 (8) (113%) 4 (9) (144%) Profit from operations 122 180 (32%) 57 84 (32%) Finance Income 2 21 (90%) 2 (100%) Finance costs (31) (32) (5%) (42) (18) 135% Profit before income tax 93 169 (43%) 16 67 (76%) Income tax expense (28) (39) (28%) (11) (22) (50%) Profit for the period 65 130 (50%) 6 45 (87%) Non-controlling interest 29 47 (38%) 9 19 (55%) Attributable to Shareholders of the Company 36 83 (57%) (3) 26 (111%) EBITDA 218 268 (19%) 104 133 (22%) EBITDA Margin 41% 49%

  • 39%

45%

  • »

H1 2012 Sales US$529 m, 3% lower than for the respective period in 2011 » Average realized gold price was up 13% in H1 2012 versus H1 2011 reaching US$1,645 / oz » EBITDA declined by 19% in the first half 2012, compared to H1 2011 but EBITDA margin remained robust at 41.2%

Source: Nordgold.

Consolidated Income Statement

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Key Financial Results (continued)

US$ millions June 30 2012 June 30 2011 Change Operating activities Profit for the period 65 130 (50%) Adjustments for non-cash movements 156 129 20% Changes in operating assets and liabilities (122) (45) 170% Cash flows from operations 99 214 (54%) Interest paid (51) (6) 698% Income taxes paid (45) (33) 36% Cash flows from operating activities 2 174 (99%) Investing activities Cash used in investing activities (229) (110) 109% Financing activities Proceeds from debt finance 376 82 360% Repayment of debt finance (318) (31) 936% Other

  • (38)

nm Cash (used in) / from financing activities 57 13 336% Net increase in cash and cash equivalents (169) 78 (317%) Cash and cash equivalents at end of the period 51 298 (83%)

Consolidated Cash Flow Statement

Source: Nordgold.

» Cash flow from operating activity decreased due to a one-off payment of the accumulated interest on debt financing from the Severstal Group, which was refinanced in March 2012, amounting to US$42.0 m » Excluding this one-off payment, operating cash flow for H1 2012 amounted to US$44.4 m » Strong cashflow is central to our longer term strategy, enabling us to efficiently fund mine expansions and value accretive acquisitions, whilst also maintaining the capacity to return surplus cash to shareholders as appropriate » Nordgold has a focused capex strategy, and the capex programme for 2012 is on budget and on schedule

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Key Financial Results (continued)

Consolidated Balance Sheet

Source: Nordgold.

US$ millions Period ended 30 June 2012 Period ended 30 June 2011 Change Cash and cash equivalents 51 298 (82,89%) Accounts receivable 83 64 29,69% Inventories 481 348 38,22% VAT recoverable 76 46 65,22% Other current assets 28 15 86,67% Total current assets 719 772 (6,87%) Property, plant and equipment 672 524 28,24% Intangible assets 1,226 1,229 (0,24%) Long-term financial investments 69 105 (34,29%) Other non-current assets 13.4 13.7 (23,03%) Total non-current assets 1,979 1,943 1,64% Total assets 2,698 2,714 (0,59%) Short-term debt finance 60 358 (83,24%) Accounts payable 183 159 15,09% Other current liabilities 38 44 (11,63%) Total current liabilities 280 561 (50,09%) Long-term debt finance 371 129 187,60% Other non-current liabilities 266 282 (5,34%) Total non-current liabilities 638 412 55,23% Total liabilities 918 972 (5,56%) Total equity attributable to shareholders 1,519 1,495 1,61% Non-controlling interest 261 246 6,10% Total equity 1,780 1,742 2,18% Total equity and liabilities 2,698 2,714 (0,59%)

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Nordgold Investor Relations

Alexey Shchedrin Director of corporate communications and IR Luna ArenA, Herikerbergweg 238 1101 CM Amsterdam Zuidoost The Netherlands T +31 20 406 4480 F +31 20 406 4555 M +7 917 502 20 48 E alexey.shchedrin@nordgold.com W www.nordgold.com

Contact Us

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