TSX: G $ 30.57 +0.06 +0.2% Volume: 443,747 July 28, 2014
NYSE: GG $ 28.30 +0.10 +0.34% Volume: 1,420,469 July 28, 2014
GOLD: US $ 1,303.60 -3.55 -0.27% Volume: July 28, 2014
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Investor Kit

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April 3, 2014 2014 IR Factsheet 329 KB
April 1, 2014 2013 Annual Report 2.68 MB
April 2, 2013 2013 Annual Information Form 2.03 MB
October 17, 2011 Corporate Presentation 3.69 MB

Building our future.

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

Financial Highlights: 2013

Gold production

Production totaled 768,900 ounces for the fourth quarter and 2,666,600 ounces for 2013, compared to 700,400 ounces and 2,396,200 ounces, respectively, in 2012.

Total cash costs

All-in sustaining cash costs(1) for the fourth quarter were $810 per ounce, and $1,031 per ounce for 2013.  On a by-product basis cash costs(2) were $467 per ounce, compared to $360 per ounce in 2012, and $553 per ounce for 2013, compared to $300 per ounce in 2012. On a co-product basis cash costs(2) were $677 and $687 per gold ounce for the fourth quarter and 2013, respectively, compared to $632 and $638 per gold ounce, respectively, in 2012.

Shareholder earnings

Adjusted net earnings(3) amounted to $74 million or $0.09 per share for the fourth quarter and $634 million or $0.78 per share for 2013, compared to $465 million or $0.57 per share and $1.6 billion or $2.03 per share, respectively, in 2012.

During the fourth quarter of 2013, the Company recorded $763 million of tax charges due primarily to the recently enacted Mexico income laws effective January 1, 2014.  The Company also recorded impairment charges of $443 million, net of tax, including a $276 million impairment at Alumbrera due primarily to changes in short term metal price assumptions.  These items, in combination with declining gold prices, contributed to a reported net loss for the quarter of $1.1 billion or ($1.34) per share, compared to net earnings of $504 million or $0.62 per share in the fourth quarter of 2012

Reported net loss totaled for 2013 totaled $2.7 billion or ($3.34) per share, compared to net earnings of $1.7 billion or $2.16 per share,  in 2012.

Operating cash flows

Adjusted operating cash flow from operations totaled $439 million or $0.54 per share, for the fourth quarter and $1.6 billion or $1.97 per share for 2013, compared to $723 million or $0.89 per share and $2.4 billion or $2.97 per share, respectively, in 2012. Operating cash flows before working capital changes(4) were $721 million ($0.89 per share) for the fourth quarter and $2,408 million ($2.97 per share) for 2012, compared to $831 million ($1.03 per share) and $2,692 million ($3.35 per share), respectively, in 2011.

Dividends

Dividends paid in 2013 totaled $486 million, compared to dividends paid of $438 million in 2012.

Financial
(US$ millions except per share data) 2013A 2012A 2011A
Adjusted revenues(1) 4,657 5,435 5,362
Earnings from operations 1,062 2,114 2,626
Adjusted net earnings(1),(2) 634 1,642 1,786
Adjusted cash flow(1),(3) 1,601 2,409 2,692
       
Financial Position
Cash and cash equivalents 625 757 1,502
Total assets 29,564 30,979 29,374
Long-term debt 1,482 783 737
Capital expenditures 2,400 2,800 1,778
Total equity 19,758 22,929 21,485
       
Operating Statistical Data
Gold produced (ounces) 2,666,600 2,396,200 2,514,700
Gold sold (ounces) 2,597,200 2,340,600 2,490,200
All-in sustaining cost ($/oz)(1),(4) 1,031 884
Realized gold price ($/oz) 1,385 1,672 1,572
       
Per Share Data
Adjusted earnings per share (basic)(1),(2) 0.78 2.03 2.22 
Adjusted cash flow per share (basic)(1),(3) 1.97 2.97 3.35
       
Shareholder Data (Millions)      
Basic shares outstanding 812 810 804
Fully diluted shares 812 830 826
       
Share Trading Data
NYSE (US$ per share)      
High 38.61 50.74 56.31
Low  20.54 31.54 39.04
Close (Dec. 31) 21.67 36.70 44.25
       
TSE (C$ per share)
High  38.33 50.17 55.93
Low  21.87 32.34 38.99
Close (Dec. 31) 23.04 36.57 45.21

(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 operation, Marigold.

(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 59 of the 2013 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 61 of the 2013 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 57 of the 2013 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:
2013 2012 2011
Gold $1,600 $1,600 $1,250
Silver 30.00 34.00 20.00
Copper 3.50 3.50 3.25
Lead 0.90 0.90 0.90
Zinc 0.90 0.90 0.90

Refer to page 43 of the 2013 Annual MD&A for a reconciliation of total cash costs to reported production costs.