Directors’ Report
44
www.kingsgate.com.au
Financial results
Kingsgate made an after tax loss of $323.7 million for the full year to 30 June 2013 compared to an after tax profit of $75.0 million for the 
previous corresponding year. The result for the year reflected an impairment of $311.9 million pre-tax ($291.3 million post-tax) against the 
Challenger Mine and associated assets and an impairment of $20.4 million against greenfield exploration projects in Australia and Thailand.
2013 2012 2011 2010 2009
Net (loss) / profit after tax ($’000)  (323,726) 75,006 20,879 73,066 32,522
Dividends paid (Cash and DRP) ($’000)  22,739 22,026 33,647 29,082 –
Share price 30 June ($)  1.27 4.85 8.00 9.47 6.70
Basic (loss) / earnings per share (Cents)  (213.3) 52.5 18.7 75.2 34.9
Diluted (loss) / earnings per share (Cents)  (213.3) 52.5 18.6 74.5 34.9
EBITDA before significant items
Before pre-tax significant items, the pre-tax profit of the Group was $17.2 million. Pre-tax significant items are detailed below.
EBITDA before significant items was $115.8 million down from $168.6 million in the previous year.
Consolidated
2013 
$’000
2012 
$’000
(Loss) / Profit before tax  (339,615)  91,277
Significant items (pre-tax)
Foreign exchange (gain) / loss  745 (1,268)
Dominion acquisition costs  –  964
Write off of capitalised borrowing fees  5,722  –
Change in fair value of undesignated gold contracts held for trading (1,414)  425
Change in fair value of available-for-sale financial assets  855  260
Share of loss in associate  1,353  –
Loss on sale of exploration assets (Quadrio Resources Limited)  16,709  –
Impairment Challenger Gold Project  311,850  –
Impairment of capitalised exploration  20,421  –
Impairment of associate  537  –
Profit before tax and significant items  17,163  91,658
Finance costs  13,087  9,372
Depreciation and amortisation  85,595  67,553
EBITDA before significant items  115,845  168,583
 
EBITDA before significant items is a financial measure which is not prescribed by International Financial Reporting Standards (“IFRS”) and 
represents the profit under IFRS adjusted for specific significant items. The table above summarises key items between statutory profit 
before tax and EBITDA before significant items. The EBITDA before significant items has not been subject to any specific auditor review 
procedures by our auditor but has been extracted from the accompanying audited financial statements.