40 King Street West, 52 Floor
Toronto, ON M5H 3Y2
www.kinross.com
Tel: 416 365 5123
Fax: 416 363 6622
Toll Free: 866-561-3636
nd
Kinross Announces Filing of Audited Financial Statements for 2004 and
Restated Audited Financial Statements for 2003, Change of Auditors and
Court Application to Extend Shareholders Meeting Date
All dollar amounts stated in this press release are expressed in U.S. dollars
November 30, 2005… Toronto, Ontario – Kinross Gold Corporation (“Kinross” or the
“Company”)
(TSX-K; NYSE-KGC) announces that it has filed today its audited financial statements for
the year ended December 31, 2004 which include the audited comparative restated financial
statements for the year ended December 31, 2003 and the related management discussion and
analysis (“MD&A”), and that it has also filed its restated quarterly financial statements and MD&A for
2004. Kinross expects to file its quarterly financial statements and MD&A for the quarters of 2005 by
mid December.
In finalizing the restated financial statements Kinross has made minor adjustments to the preliminary
results previously announced in the October 20, 2005 press release, to reflect updated information
related to the size of certain exploration properties acquired in the Echo Bay and TVX acquisition.
These changes resulted in an increase in the value of exploration properties of $5.4 million, a related
decrease in the future income tax liability of $0.4 million and a corresponding decrease in goodwill of
$5.8 million on the acquisition of TVX and Echo Bay, as of January 31, 2003. These changes resulted
in a decrease in goodwill impairment of $5.7 million and a related increase in the amount of the
impairment of Kinross’ exploration properties of $0.5 million as of December 31, 2003. The reported
net loss for 2004 was slightly higher due to a $0.2 million tax adjustment; this did not change net loss
per share.
Kinross also announced that an application (the “Application”) will be made to the Ontario Superior
Court of Justice for an order extending the time for holding the Company’s 2005 annual and special
meeting of shareholders past December 31, 2005. The application will seek an order from the Court to
extend the meeting deadline until February 28, 2006, although Kinross anticipates holding its meeting,
together with an investor information update, in late January 2006. This meeting will replace the
previously scheduled December 21, 2005 shareholders’ meeting.
Kinross hereby notifies its shareholders that a court date to hear the Application has been set for
December 13, 2005 at 10:00 a.m. to be heard at 393 University Avenue, 8
th
Floor, Toronto, Ontario.
Shareholders who wish to appear on this application should serve a Notice of Appearance, in
accordance with the Ontario Rules of Civil Procedure on Robert Cohen of Cassels Brock & Blackwell
LLP at 40 King Street West, Suite 2100, Scotia Plaza, Toronto, Ontario, M5H 3C2 or by fax to Robert
Cohen at 416-350-6929. The Court Application materials will be made available on our website at
www.kinross.com.
In addition, Kinross announced today that it has filed a Change of Auditor Notice and related
documents with the securities regulatory authorities of all Canadian provinces in accordance with
National Instrument 51-102
Continuous Disclosure Obligations
(“NI 51-102”). Deloitte & Touche LLP
has confirmed to Kinross, following the request of the Company, that it will not stand for reappointment
as auditor of the Company for the financial year ended December 31, 2005. In this connection, the
board of directors of Kinross has appointed KPMG LLP as its auditor for the financial year ended
December 31, 2005. The shareholders of the Company will be asked to ratify the appointment of
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KPMG as auditor of the Company at the next annual meeting of shareholders scheduled to be held
before the end of January.
In accordance with NI 51-102, there is a reportable event noted in the Change of Auditor Notice, which
consisted of the following disagreement (as defined in NI 51-102): On November 9, 2004, the
Company entered into a letter of intent in connection with the purchase from Rio Tinto PLC of a 51%
interest in the Paracatu gold mine in Brazil. Deloitte & Touche LLP disagreed with the Company’s view
that this proposed transaction did not result in an event or a change of circumstances during the third
quarter of 2004, that more likely than not reduced the fair value of Kinross’ previously owned 49%
interest in the Paracatu gold mine below its carrying value, which would have resulted in a requirement
to test goodwill for impairment. Management ultimately agreed to assess whether goodwill was
impaired as a result of the negotiation of that letter of intent, and the disagreement was resolved to the
satisfaction of Deloitte & Touche LLP by Kinross recognizing a goodwill impairment of $143 million in
the third quarter of 2004.
Audited 2004 financial statements including restated comparable results for 2003 are available on
SEDAR, EDGAR, and on the Company’s website at
www.kinross.com
About the Company
Kinross Gold Corporation, www.kinross.com, is a senior gold producer with eleven gold producing
properties in six countries, primarily in North and South America. Kinross’ head office is located in
Toronto and its common shares trade under the symbol K on the Toronto Stock Exchange, and under
the symbol KGC on the New York Stock Exchange.
For additional information, e-mail
info@kinross.com
or contact:
Christopher T. Hill
Senior Vice President,
Corporate Communications
Tel. (416) 365-7254
Tracey M. Thom
Director, Investor Relations
and Communications
Tel. (416) 365-1362
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Consolidated balance sheets
(expressed in millions of U.S. dollars)
As at December 31
2004
Assets
Current assets
Cash and cash equivalents
Restricted cash
Short-term investments
Accounts receivable and other assets
Inventories
Property, plant and equipment
Goodwill
Future income and mining taxes
Long-term investments
Deferred charges and other long-term assets
$
Liabilities
Current liabilities
Accounts payable and accrued liabilities
Current portion of long-term debt
Current portion of reclamation and remediation obligations
Long-term debt
Reclamation and remediation obligations
Future income and mining taxes
Other long-term liabilities
Redeemable retractable preferred shares
Commitments and contingencies
Non-controlling interest
Convertible preferred shares of subsidiary company
Common shareholders' equity
Common share capital and common share purchase warrants
Contributed surplus
Accumulated deficit
Cumulative translation adjustments
$
Total issued and outstanding common shares (millions)
1,775.8
33.9
(487.7)
(2.0)
1,320.0
1,834.2
345.1
$
0.4
13.3
$
143.2
6.0
23.6
172.8
116.9
108.1
90.6
9.5
2.6
500.5
$
$
47.9
1.4
5.7
40.9
111.0
206.9
1,244.1
329.9
-
25.7
27.6
1,834.2
$
$
2003
Restated
245.8
5.1
-
42.2
109.2
402.3
1,010.4
342.3
1.5
2.1
35.9
1,794.5
101.9
29.4
19.2
150.5
0.7
111.1
126.6
6.9
3.0
398.8
0.7
12.6
1,783.5
30.0
(429.1)
(2.0)
1,382.4
1,794.5
345.6
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Consolidated statements of operations
(expressed in millions of U.S. dollars, except per share amounts)
For the years ended December 31
2004
Revenue and other operating income
Metal sales
Operating costs and expenses
Cost of sales (excludes accretion, depreciation, depletion
and amortization)
Accretion
Depreciation, depletion and amortization
Other operating costs
Exploration and business development
General and administrative
Impairment charges:
Goodwill
Property, plant and equipment
Investments
Gain on disposal of assets
Operating loss
Other income - net
Loss before taxes and other items
Income and mining taxes recovery (expense)
Non-controlling interest
Share in loss of investee companies
Dividends on convertible preferred shares of subsidiary
Net loss
Attributable to common shareholders:
Net loss
Increase in equity component of convertible debentures
Gain on redemption of equity component of convertible debentures
Net loss attributable to common shareholders
Loss per share
Basic and diluted
Weighted average number of common shares outstanding
(millions)
Basic and diluted
$
(0.16)
$
$
$
(56.1)
$
-
-
(56.1)
$
$
12.4
46.1
1.4
(1.7)
(67.9)
3.7
(64.2)
8.6
0.3
-
(0.8)
(56.1)
$
402.4
21.4
170.1
72.9
25.8
20.4
36.4
$
666.8
$
2003
Restated
571.9
$
2002
Restated
261.0
362.0
9.0
172.7
28.2
16.5
24.3
25.0
394.4
15.2
1.9
(29.5)
(419.6)
11.1
(408.5)
(1.5)
(0.2)
-
(0.8)
(411.0) $
169.8
1.6
85.6
4.0
2.7
11.6
11.3
-
-
0.2
(2.7)
(19.1)
4.9
(14.2)
(6.5)
-
(0.6)
(1.5)
(22.8)
(411.0) $
(6.5)
16.5
(401.0) $
(22.8)
(7.3)
-
(30.1)
(1.30) $
(0.25)
346.0
308.6
119.7
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Consolidated statements of cash flows
(expressed in millions of U.S. dollars)
For the years ended December 31
2004
Net inflow (outflow) of cash related to the following activities:
Operating:
Net loss
Items not affecting cash:
Depreciation, depletion and amortization
Impairment charges
Gain on disposal of assets
Future income and mining taxes
Deferred revenue recognized
Other
Changes in operating assets and liabilities:
Accounts receivable and other assets
Inventories
Accounts payable and accrued liabilities
Cash flow provided from operating activities
Investing:
Additions to property, plant and equipment
Business acquisitions, net of cash acquired
Proceeds on sale of marketable securities
Proceeds on sale of long-term investments and other assets
Additions to long-term investments and other assets
Proceeds from the sale of property, plant and equipment
Additions to short-term investments
Decrease (increase) in restricted cash
Cash flow used in investing activities
Financing:
Repurchase of common shares
Issuance of common shares and common share purchase warrants
Redemption of convertible debentures
Acquisition of convertible preferred shares of subsidiary company
Reduction of debt component of convertible debentures
Debt issue costs
Proceeds from issuance of debt
Repayment of debt
Cash flow provided from financing activities
Effect of exchange rate changes on cash
(Decrease) increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
$
(11.8)
3.1
-
-
-
(1.4)
119.5
(26.8)
82.6
0.6
(197.9)
245.8
47.9 $
(169.5)
(261.2)
0.7
14.6
(26.4)
1.5
(5.7)
3.7
(442.3)
4.2
(19.3)
43.6
161.2
170.1
59.9
(1.7)
(26.0)
(6.3)
(7.2)
$
(56.1) $
2003
Restated
2002
Restated
(411.0) $
172.7
411.5
(29.5)
(14.8)
(2.3)
5.8
(1.7)
(11.3)
(29.9)
89.5
(73.4)
(81.9)
4.6
63.3
(6.1)
5.9
-
37.5
(50.1)
-
187.9
(144.8)
(0.3)
(4.2)
-
-
(10.5)
28.1
7.7
75.2
170.6
245.8 $
(22.8)
85.6
0.2
(2.7)
-
(5.1)
3.3
(1.6)
2.4
(2.6)
56.7
(22.6)
(0.1)
2.8
5.5
(3.7)
1.3
-
(21.1)
(37.9)
-
112.8
-
(11.4)
(5.1)
-
-
(28.5)
67.8
3.0
89.6
81.0
170.6
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40 King Street West, 52 Floor
Toronto, ON M5H 3Y2
www.kinross.com
Tel: 416 365 5123
Fax: 416 363 6622
Toll Free: 866-561-3636
nd
Kinross Announces Filing of Audited Financial Statements for 2004 and
Restated Audited Financial Statements for 2003, Change of Auditors and
Court Application to Extend Shareholders Meeting Date
All dollar amounts stated in this press release are expressed in U.S. dollars
November 30, 2005… Toronto, Ontario – Kinross Gold Corporation (“Kinross” or the
“Company”)
(TSX-K; NYSE-KGC) announces that it has filed today its audited financial statements for
the year ended December 31, 2004 which include the audited comparative restated financial
statements for the year ended December 31, 2003 and the related management discussion and
analysis (“MD&A”), and that it has also filed its restated quarterly financial statements and MD&A for
2004. Kinross expects to file its quarterly financial statements and MD&A for the quarters of 2005 by
mid December.
In finalizing the restated financial statements Kinross has made minor adjustments to the preliminary
results previously announced in the October 20, 2005 press release, to reflect updated information
related to the size of certain exploration properties acquired in the Echo Bay and TVX acquisition.
These changes resulted in an increase in the value of exploration properties of $5.4 million, a related
decrease in the future income tax liability of $0.4 million and a corresponding decrease in goodwill of
$5.8 million on the acquisition of TVX and Echo Bay, as of January 31, 2003. These changes resulted
in a decrease in goodwill impairment of $5.7 million and a related increase in the amount of the
impairment of Kinross’ exploration properties of $0.5 million as of December 31, 2003. The reported
net loss for 2004 was slightly higher due to a $0.2 million tax adjustment; this did not change net loss
per share.
Kinross also announced that an application (the “Application”) will be made to the Ontario Superior
Court of Justice for an order extending the time for holding the Company’s 2005 annual and special
meeting of shareholders past December 31, 2005. The application will seek an order from the Court to
extend the meeting deadline until February 28, 2006, although Kinross anticipates holding its meeting,
together with an investor information update, in late January 2006. This meeting will replace the
previously scheduled December 21, 2005 shareholders’ meeting.
Kinross hereby notifies its shareholders that a court date to hear the Application has been set for
December 13, 2005 at 10:00 a.m. to be heard at 393 University Avenue, 8
th
Floor, Toronto, Ontario.
Shareholders who wish to appear on this application should serve a Notice of Appearance, in
accordance with the Ontario Rules of Civil Procedure on Robert Cohen of Cassels Brock & Blackwell
LLP at 40 King Street West, Suite 2100, Scotia Plaza, Toronto, Ontario, M5H 3C2 or by fax to Robert
Cohen at 416-350-6929. The Court Application materials will be made available on our website at
www.kinross.com.
In addition, Kinross announced today that it has filed a Change of Auditor Notice and related
documents with the securities regulatory authorities of all Canadian provinces in accordance with
National Instrument 51-102
Continuous Disclosure Obligations
(“NI 51-102”). Deloitte & Touche LLP
has confirmed to Kinross, following the request of the Company, that it will not stand for reappointment
as auditor of the Company for the financial year ended December 31, 2005. In this connection, the
board of directors of Kinross has appointed KPMG LLP as its auditor for the financial year ended
December 31, 2005. The shareholders of the Company will be asked to ratify the appointment of
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KPMG as auditor of the Company at the next annual meeting of shareholders scheduled to be held
before the end of January.
In accordance with NI 51-102, there is a reportable event noted in the Change of Auditor Notice, which
consisted of the following disagreement (as defined in NI 51-102): On November 9, 2004, the
Company entered into a letter of intent in connection with the purchase from Rio Tinto PLC of a 51%
interest in the Paracatu gold mine in Brazil. Deloitte & Touche LLP disagreed with the Company’s view
that this proposed transaction did not result in an event or a change of circumstances during the third
quarter of 2004, that more likely than not reduced the fair value of Kinross’ previously owned 49%
interest in the Paracatu gold mine below its carrying value, which would have resulted in a requirement
to test goodwill for impairment. Management ultimately agreed to assess whether goodwill was
impaired as a result of the negotiation of that letter of intent, and the disagreement was resolved to the
satisfaction of Deloitte & Touche LLP by Kinross recognizing a goodwill impairment of $143 million in
the third quarter of 2004.
Audited 2004 financial statements including restated comparable results for 2003 are available on
SEDAR, EDGAR, and on the Company’s website at
www.kinross.com
About the Company
Kinross Gold Corporation, www.kinross.com, is a senior gold producer with eleven gold producing
properties in six countries, primarily in North and South America. Kinross’ head office is located in
Toronto and its common shares trade under the symbol K on the Toronto Stock Exchange, and under
the symbol KGC on the New York Stock Exchange.
For additional information, e-mail
info@kinross.com
or contact:
Christopher T. Hill
Senior Vice President,
Corporate Communications
Tel. (416) 365-7254
Tracey M. Thom
Director, Investor Relations
and Communications
Tel. (416) 365-1362
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