Avocet Mining PLC Prospectus December 2011

c105718pu040 Proof 5: 7.12.11_13:40 B/L Revision:
SECTION B: CONSOLIDATED HISTORICAL FINANCIAL INFORMATION ON AVOCET MINING
Introduction
The historical financial information set out below of Avocet Mining PLC and its Subsidiary Undertakings for the six months ended 30 June 2011, the year
ended 31 December 2010, the nine months ended 31 December 2009 and the year ended 31 March 2009 has been prepared by the Directors of the Group on the
basis set out in Note 1. The accompanying notes represent an integral part of the historical financial information. The historical financial information contained
within this section does not constitute statutory accounts within the meaning of section 434 of the Act.
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED INCOME
STATEMENT Twelve months ended 31 March 2009 Nine months ended 31 December 2009 Twelve months ended 31 December 2010 Six months ended 30 June 2011
Continuing
Operations
Discontinued
Operations Total
Continuing
Operations
Discontinued
Operations Total
Continuing
Operations
Discontinued
Operations Total
Continuing
Operations
Discontinued
Operations Total
US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
Revenue 4 — 97,042 97,042 — 82,945 82,945 132,779 121,814 254,593 100,516 67,236 167,752
Cost of sales 4 28 (77,624) (77,596) (17) (70,785) (70,802) (95,135) (105,533) (200,668) (73,488) (50,162) (123,650)
Gross profit/(loss) 28 19,418 19,446 (17) 12,160 12,143 37,644 16,281 53,925 27,028 17,074 44,102
Administrative expenses (4,889) — (4,889) (2,859) (93) (2,952) (7,040) — (7,040) (4,806) — (4,806)
Share based payments (1,500) — (1,500) (1,337) — (1,337) (8,625) — (8,625) (666) — (666)
Impairment of capitalised
deferred stripping costs — — — — (7,957) (7,957) — — — — — —
Exploration impairment 12 (5,470) (2,755) (8,225) (3,363) (7,123) (10,486) — — — — — —
Operating (loss)/ profit (11,831) 16,663 4,832 (7,576) (3,013) (10,589) 21,979 16,281 38,260 21,556 17,074 38,630
Profit on disposal of
investments 12 — — — — — — 2,669 — 2,669 8,990 — 8,990
Profit on disposal of property,
plant and equipment 12 2,332 — 2,332 — — — — (151) (151) — — —
Profit/(loss) on disposal of
subsidiaries 12 — — — — — — — — — — 72,807 72,807
Finance items
Exchange (losses)/gains (306) — (306) 44 — 44 (49) — (49) (82) — (82)
Finance income 13 3,163 — 3,163 393 — 393 5 — 5 — — —
Finance expense 13 — — — (476) — (476) (4,766) — (4,766) (3,032) — (3,032)
OSE listing costs 12 — — — — — — (2,363) — (2,363) — — —
Gold collar mark to market 12 24,768 — 24,768 — – — — — — — — —
Net finance items –
discontinued operations — (910) (910) — 73 73 — (56) (56) — (19) (19)
Profit/(loss) before taxation 18,126 15,753 33,879 (7,615) (2,940) (10,555) 17,475 16,074 33,549 27,432 89,862 117,294
93