Avocet Mining PLC Prospectus December 2011

c105718pu030 Proof 5: 7.12.11_13:38 B/L Revision:
PART V
SELECTED FINANCIAL AND OPERATING INFORMATION AND OPERATING
AND FINANCIAL REVIEW
The following discussion of the financial condition and results of operations of the Group should be read
in conjunction with Part VII ‘‘Consolidated Historical Financial Information’’, Part VIII ‘‘Unaudited
Consolidated Interim Financial Information for the six months ended 30 June 2010’’, Part IX
‘‘Unaudited Consolidated Interim Financial Information for the three months and the nine months ended
30 September 2011’’ and with the information relating to the business of the Group included elsewhere in
this Prospectus. The discussion includes forward looking statements that reflect the current view of
management and involve risks and uncertainties. The actual results of the Group could differ materially
from those contained in any forward looking statements as a result of factors discussed below and
elsewhere in this Prospectus, particularly in the part entitled ‘‘Risk Factors’’. Investors should read the
whole of this Prospectus, including the financial information set out in Part VII, VIII and IX and not
rely just on summarised information contained within this Part V.
1. Selected Financial and operating Information
The table below sets out selected financial information of the Group for the year ended 31 March
2009, the nine months ended 31 December 2009, the year ended 31 December 2010 and the six
months ended 30 June 2011 and 30 June 2010, in each case prepared on a consolidated basis in
accordance with IFRS. The selected financial information of the Group for the year ended 31 March
2009, the nine months ended 31 December 2009, the year ended 31 December 2010 and the six
months ended 30 June 2011 has been audited to the extent that it is extracted from the Group’s
financial information contained in Part VII ‘‘Consolidated Historical Financial Information’’. The
selected financial information of the Group as at and for the six months ended 30 June 2010 and the
three months ended 30 September 2011 are unaudited.
Other than gold produced, which has been extracted without material adjustment from the MER in
Part XII ‘‘Mineral Experts’ Report’’, the financial information for the 12 months ended 31 March
2009, the nine months ended 31 December 2009, the 12 months ended 31 December 2010 and the six
months ended 30 June 2011 has been extracted without material adjustment from Part VII
‘Consolidated Historical Financial Information’ and has been prepared on the basis described in the
notes to the Consolidated Historical Financial Information in Part VII except for the EBITDA and
cash costs information, which have each been calculated as set forth in this Part V.
The financial information for the six months ended 30 June 2010 has been extracted from the
comparatives presented in Avocet Mining’s 30 June 2011 published interim financial information for
that period, and has been prepared on the basis described in the notes to that interim consolidated
financial information except for the EBITDA and cash costs information, which has been calculated
as set forth in this Part V.
The financial information for the three months ended 30 September 2011 has been extracted from
Avocet Mining’s 30 September 2011 published interim financial information for that period, and has
been prepared on the basis described in the notes to that interim consolidated financial information
except for the EBITDA and cash costs information, which has been calculated as set forth in this
Part V.
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