TSX: G $ 17.45 +0.99 +6.01% Volume: 3,480,718 July 31, 2015
NYSE: GG $ 13.07 -0.21 -1.58% Volume: 10,457,321 August 3, 2015
GOLD: US $ 1,085.55 -10.46 -0.95% Volume: August 3, 2015

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Thumb Date Download
April 1, 2015 2014 Annual Report 2.48 MB
October 13, 2014 2014 Sustainability Report
April 3, 2014 IR Factsheet 2.24 MB
April 2, 2013 2014 Annual Information Form 1.05 MB
October 17, 2011 Corporate Presentation 3.29 MB

Building our future.

With a strong balance sheet, an exceptional high-quality asset portfolio and a dedicated management team, we are building a future of sustained prosperity for our shareholders.

Financial Highlights: 2014

Gold production

Gold production(1) totaled 890,900 ounces for the fourth quarter and 2,871,200 ounces for 2014, compared to 768,900 ounces and 2,666,600 ounces, respectively, in 2013.'

Total cash costs

All-in sustaining cash costs(1),(4) for the fourth quarter were $1,035 per ounce, and $949 per ounce for 2014, compared to $810 per ounce and $1,031 per ounce, respectively, in 2013.  On a by-product basis cash costs(1),(5) for the fourth quarter were $589 per ounce and $542 per ounce for 2014, compared to $467 per ounce and $553 per ounce, respectively, in 2013.

Shareholder earnings

Adjusted net earnings(1),(2) amounted to $55 million or $0.07 per share for the fourth quarter and $498 million or $0.61 per share for 2014, compared to $74 million or $0.09 per share and $634 million or $0.78 per share, respectively, in 2013. During the fourth quarter of 2014, the Company recorded an impairment charge of $2.3 billion, net of tax, for the Cerro Negro mine in Argentina due to the decline in market valuations of future exploration potential and the ongoing challenging fiscal conditions in Argentina.  This contributed to a reported net loss for the quarter of $2.4 billion, or ($2.94) per share compared to a net loss of $1.1 billion, or ($1.34) per share in the fourth quarter of 2013.  Reported net loss for 2014 totaled $2.2 billion or ($2.66) per share, compared to a net loss of $2.7 billion or ($3.34) per share,  in 2013.

Operating cash flows

Adjusted operating cash flows(1),(3) totaled $337 million or $0.41 per share, for the fourth quarter and $1.4 billion or $1.71 per share for 2014, compared to $439 million or $0.54 per share and $1.6 billion or $1.97 per share, respectively, in 2013. Operating cash flows were $274 million for the fourth quarter and $1.0 billion for 2014, compared to $307 million and $955 million, respectively, in 2013.

Dividends

Dividends paid in 2014 totaled $488 million, compared to dividends paid of $486 million in 2013.

Financial
(US$ millions except per share data) 2014A 2013A 2012A
Adjusted revenues(1) 4,519 4,657 5,435
Earnings from operations 604 1,040 2,114
Adjusted net earnings(1),(2) 498 634 1,642
Adjusted cash flow(1),(3) 1,393 1,601 2,409
       
Financial Position
Cash & cash equivalents and money market investments 535 625 757
Total assets 27,866 29,564 30,979
Long-term debt 3,442 1,510 783
Capital expenditures 2,200 2,400 2,600
Total equity 17,175 19,758 22,929
       
Operating Statistical Data
Gold produced (ounces) 2,871,200 2,666,600 2,396,200
Gold sold (ounces) 2,672,800 2,597,200 2,340,600
All-in sustaining cost ($/oz)(1),(4) 949 1,031
Realized gold price ($/oz) 1,264 1,385 1,672
       
Per Share Data
Adjusted earnings per share (basic)(1),(2) 0.61 0.78 2.03
Adjusted cash flow per share (basic)(1),(3) 1.71 1.97 2.97
       
Shareholder Data (Millions)
Basic shares outstanding 813 812 810
Fully diluted shares 813 812 830
       
Share Trading Data
NYSE (US$ per share)      
High 29.65 38.61 50.74
Low  17.01 20.54 31.54
Close (Dec. 31) 18.52 21.67 36.70
       
TSE (C$ per share)
High  32.46 38.33 50.17
Low  19.18 21.87 32.34
Close (Dec. 31) 21.51 23.04 36.57

(1) The Company has included non-GAAP performance measures on an attributable basis (Goldcorp share) throughout the information above. Attributable performance measures include the Company’s mining operations and projects and the Company’s share from Alumbrera and Pueblo Viejo. The Company believes that disclosing certain performance measures on an attributable basis is a more accurate measurement of the Company’s operating and economic performance and reflects the Company’s view of its core mining operations. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. However these performance measures do not have any standardized meaning. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The amounts disclosed also include the results of the Company’s discontinued operations, Marigold and Wharf.

(2) Adjusted net earnings and adjusted net earnings per share are non-GAAP performance measures. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to page 47 of the 2014 Annual Management Discussion & Analysis (“MD&A”) for a reconciliation of adjusted net earnings to reported net earnings attributable to shareholders of Goldcorp.

(3) Adjusted operating cash flows and adjusted operating cash flows per share are non-GAAP performance measures which the Company believes provides additional information about the Company’s ability to generate cash flows from its mining operations. Refer to page 49 of the 2014 Annual MD&A for a reconciliation of adjusted operating cash flows to reported net cash provided by operating activities.

(4) For 2013, the Company adopted an "all-in sustaining cost" non-GAAP performance measure that the Company believes more fully defines the total costs associated with producing gold. All-in sustaining costs include by-product cash costs, sustaining capital expenditures, corporate administrative expense, exploration and evaluation costs and reclamation cost accretion. As the measure seeks to reflect the full cost of gold production from current operations, new project capital is not included in the calculation. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company reports this measure on a sales basis. Refer to page 45 of the 2014 Annual MD&A for a reconciliation of all-in sustaining costs.

(5) The Company has included non-GAAP performance measures - total cash costs, by-product and co-product, per gold ounce, throughout this document. The Company reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the Gold Institute Production Cost Standard. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting cash costs of production by gold mining companies. In addition to conventional measures prepared in accordance with GAAP, the Company assesses this measure in a manner that isolates the impacts of gold production volumes, the by-product credits, and operating costs fluctuations such that the non-controllable and controllable variability is independently addressed. The Company uses total cash costs, by product and co-product, per gold ounce, to monitor its operating performance internally, including operating cash costs, as well as in its assessment of potential development projects and acquisition targets. The Company believes these measures provide investors and analysts with useful information about the Company’s underlying cash costs of operations and the impact of by-product credits on the Company’s cost structure and is a relevant metric used to understand the Company’s operating profitability and ability to generate cash flow. When deriving the production costs associated with an ounce of gold, the Company includes by-product credits as the Company considers that the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing the Company’s management and other stakeholders to assess the net costs of gold production. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Total cash costs on a by-product basis are calculated by deducting Goldcorp’s share of by-product silver, copper, lead and zinc sales revenues from Goldcorp’s share of production costs.

Total cash costs on a co-product basis are calculated by allocating Goldcorp’s share of production costs to each co-product based on the ratio of actual sales volumes multiplied by budget metal prices as compared to realized sales prices. The budget metal prices used in the calculation of co-product total cash costs were as follows:
2014 2013 2012
Gold $1,200 $1,600 $1,600
Silver 20.00 30.00 34.00
Copper 3.00 3.50 3.50
Lead 1.00 0.90 0.90
Zinc 0.90 0.90 0.90

Refer to page 44 of the 2014 Annual MD&A for a reconciliation of total cash costs to reported production costs.

TSX: G $ 17.45 +0.99 +6.01% Volume: 3,480,718 July 31, 2015
NYSE: GG $ 13.07 -0.21 -1.58% Volume: 10,457,321 August 3, 2015
GOLD: US $ 1,085.55 -10.46 -0.95% Volume: August 3, 2015