Download 2004 Annual Report - Polymetal

JSC “ISPA “POLYMETAL”STATEMENT OF OPERATIONS(In thousands of U.S. Dollars, except as indicated)NotesYear endedDecember 312004Year endedDecember 312003Revenues 22 204 487 92 357Cost of sales 23 (92 850) (55 800)Income from mining operations 111 637 36 557Exploration expenses (554) (256)General, administrative and selling expenses (15 523) (9 542)Operating income 95 560 26 759Interest expense (29 223) (21 110)Capital lease finance costs 19 (5 541) (5 441)Other expenses, net (7 546) (4 395)Gain on partial disposal of interest in a consolidated subsidiary 28 − 13 850Exchange gains, net 8 725 7 587Income from continuing operations before income taxand minority interest61 975 17 250Income tax (expense) benefit 24 (11 277) 3 163Income from continuing operations before minority interest 50 698 20 413Minority interest (12 782) (642)Income from continuing operations 37 916 19 771Discontinued operationsLoss from operations of disposed subsidiary (1 884) (6 303)Gain on disposal of subsidiary 25 47 551 −Income (loss) on discontinued operations 45 667 (6 303)Net income 83 583 13 468The accompanying notes are an integral part of these consolidated financial statements.Appendix #1: Consolidated financial statements51