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Molycorp_Financial_Tables_Q4_FY_2012_FINAL(莫利公司2012财报)

Molycorp_Financial_Tables_Q4_FY_2012_FINAL(莫利公司2012财报)
Molycorp_Financial_Tables_Q4_FY_2012_FINAL(莫利公司2012财报)

FINANCIAL STATEMENTS AND SUPPLEMENTARY TABLES

TABLE 1: BALANCE SHEETS

MOLYCORP, INC.

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

December 31,

2012 December 31,

2011

ASSETS

Current assets:

Cash and cash equivalents $ 227,790 $ 418,855 Trade accounts receivable, net 52,430 70,679 Inventory 287,376 111,943 Deferred charges 9,412 7,318 Deferred tax assets 9,789 — Income tax receivable 25,087 10,514 Prepaid expenses and other current assets 21,794 19,735 Total current assets 633,678 639,044 Non-current assets:

Deposits 26,769 23,286 Property, plant and equipment, net 1,544,304 561,628 Inventory 26,096 4,362 Intangible assets, net 450,938 3,072 Investments 65,126 20,000 Deferred tax assets 1,083 — Goodwill 239,742 3,432 Other non-current assets 6,972 301 Total non-current assets 2,361,030 616,081 Total assets$ 2,994,708 $ 1,255,125

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Trade accounts payable $ 241,994 $ 161,587 Accrued expenses 59,013 12,898 Income tax payable 15,267 — Deferred tax liabilities — 1,356 Debt and capital lease obligations 39,604 1,516 Other current liabilities 3,539 1,266 Total current liabilities 359,417 178,623 Non-current liabilities:

Asset retirement obligation 18,586 15,145 Deferred tax liabilities 166,215 18,899 Debt and capital lease obligations 1,188,832 196,545 Derivative liability 7,816 — Pension liabilities 3,292 — Other non-current liabilities 2,659 683 Total non-current liabilities 1,387,400 231,272 Total liabilities$ 1,746,817 $ 409,895

December 31,

2012 December 31,

2011

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.001 par value; 350,000,000 shares authorized at December 31, 2012 139 84 Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2012 2 2 Additional paid-in capital 1,680,838 838,547 Accumulated other comprehensive loss (9,433 )(8,481 ) (Deficit) retained earnings (434,476 )15,078 Total Molycorp stockholders’ equity 1,237,070 845,230 Noncontrolling interests 10,821 — Total stockholders’ equity 1,247,891 845,230 Total liabilities and stockholders’ equity$ 2,994,708 $ 1,255,125

TABLE 2: INCOME STATEMENTS

MOLYCORP, INC.

Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per share amounts)

Years Ended December 31,

2012 2011 2010 Revenues $ 528,910 $ 396,831 $ 35,157 Costs of sales:

Costs excluding depreciation and amortization (480,655 )(164,351 )(28,797 ) Depreciation and amortization (30,910 )(13,539 )(5,694 ) Gross profit 17,345 218,941 666 Operating expenses:

Selling, general and administrative (113,669 )(50,757 )(45,175 ) Corporate development (19,796 )(5,912 )— Depreciation, amortization and accretion (22,215 )(1,688 )(1,231 ) Research and development (27,796 )(7,718 )(2,338 ) Impairment of goodwill and other long-lived assets (270,140 )— (3,100 ) Operating (loss) income (436,271 )152,866 (51,178 ) Other (expense) income:

Other (expense) income (38,798 )(153 )155 Foreign exchange gain (loss), net 2,872 (5,415 )— Interest (expense) income, net of capitalized interest (22,116 )(388 )249

(58,042 )(5,956 )404 (Loss) income before income taxes and equity earnings (494,313 )146,910 (50,774 ) Income tax benefit (expense) 54,075 (28,576 )— Equity in results of affiliates (3,490 )— — Net (loss) income (443,728 )118,334 (50,774 ) Net income attributable to noncontrolling interest (5,826 )(808 )— Net (loss) income attributable to Molycorp stockholders $ (449,554 )$ 117,526 $ (50,774 )

Net (loss) income $ (443,728 )$ 118,334 $ (50,774 ) Other comprehensive income:

Foreign currency translation adjustments (952 )(8,481 )— Comprehensive (loss) income $ (444,680 )$ 109,853 $ (50,774 ) Comprehensive (loss) income attributable to:

Molycorp stockholders (438,854 )109,468 (50,774 ) Noncontrolling interest (5,826 )385 —

$ (444,680 )$ 109,853 $ (50,774 ) (Loss) income per share of common stock:

Basic $ (4.31 )$ 1.29 $ (0.81 ) Diluted $ (4.31 )$ 1.27 $ (0.81 )

TABLE 3: STATEMENTS OF CASH FLOWS

MOLYCORP, INC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Years Ended December 31,

2012 2011 2010 Cash flows from operating activities:

Net (loss) income $ (443,728 ) $ 118,334 $ (50,774 ) Adjustments to reconcile net (loss) income to net cash from operating activities:

Depreciation, amortization and accretion 53,125 15,227 6,927 Deferred income tax benefit (23,563 )2,924 — Inventory write-downs 83,039 3,776 3,473 Release of inventory step-up value 24,729 10,200 — Impairment of goodwill 258,278 — — Impairment of other long-lived assets 11,862 — — Stock-based compensation expense 3,434 4,671 28,739 Amortization of debt discount 2,544 674 — Allowance for doubtful accounts 2,556 — — Foreign exchange loss 1,988 5,415 — Other operating adjustments (4,019 )1,933 3,055 Net change in operating assets and liabilities (59,880 )(120,189 )(20,137 ) Net cash (used in) provided by operating activities (89,635 )42,965 (28,717 ) Cash flows from investing activities:

Cash paid in connection with acquisitions, net of cash acquired (591,011 )(30,023 )— Investment in joint ventures (33,044 )— — Deposits (3,999 )2,897 (26,200 ) Cash paid to acquire non-marketable securities — (20,000 )— Capital expenditures (791,469 )(302,180 )(33,129 ) Acquisition of exploration rights (8,167 )— — Other investing activities 4,761 (84 )(102 ) Net cash used in investing activities (1,422,929 )(349,390 )(59,431 ) Cash flows from financing activities:

Capital contributions 390,093 — 15,000 Repayments of short-term borrowings—related party — (3,150 )(1,107 ) Repayments of debt (228,708 )(4,428 )— Net proceeds from sale of preferred stock — 199,642 — Net proceeds from sale of common stock 132,130 — 378,633 Issuance of 10% Senior Secured Notes 635,373 — — Issuance of 6.00% Convertible Notes 395,712 — — Issuance of 3.25% Convertible Notes — 223,100 — Payments of preferred dividends (11,385 )(9,015 )— Dividend paid to noncontrolling interests (5,977 )— — Proceeds from debt 14,699 5,131 — Proceeds from short-term borrowings—related party — — 5,008 Other financing activities (1,554 )— 115 Net cash provided by financing activities 1,320,383 411,280 397,649 Effect of exchange rate changes on cash 1,116 (2,430 )— Net change in cash and cash equivalents (191,065 )102,425 309,501 Cash and cash equivalents at beginning of the period 418,855 316,430 6,929 Cash and cash equivalents at end of period $ 227,790 $ 418,855 $ 316,430

TABLE 5: EARNINGS (LOSS) PER SHARE

Years Ended December 31,

(In thousands, except share and per share amounts) 2012 2011 2010 Net (loss) income attributable to Molycorp stockholders $ (449,554 ) $ 117,526 $ (50,774 ) Dividends on Convertible Preferred Stock (11,385 )(9,962 )— (Loss) income attributable to common stockholders (460,939 )107,564 (50,774 ) Weighted average common shares outstanding—basic 107,064,892 83,454,221 62,332,054 Basic (loss) earnings per share $ (4.31 ) $ 1.29 $ (0.81 )

(Loss) income attributable to common stockholders $ (460,939 ) $ 107,564 $ (50,774 ) Effect of dilutive 3.25% Convertible Notes — 413 — (Loss) income attributable to common stockholders adjusted for effect of

dilution (460,939 )107,977 (50,774 ) Weighted average common shares outstanding—diluted 107,064,892 85,220,017 62,332,054 Diluted (loss) earnings per share $ (4.31 ) $ 1.27 $ (0.81 )

TABLE 6: PRODUCT REVENUES, VOLUMES, ASP

Years Ended December 31, Revenues (in thousands) 2012 2011 Resources (1) $ 96,126 $ 308,718 Chemicals and Oxides (2) 207,566 54,118 Magnetic Materials and Alloys (3) 179,335 56,772 Rare Metals (4) 78,856 46,280 Intersegments eliminations (32,973 )(69,057 ) Total Net Revenues $ 528,910 $ 396,831

Years Ended December 31,

Volumes (in metric tons) 2012 2011 Resources 2,661 3,764 Chemicals and Oxides 4,631 1,177 Magnetic Materials and Alloys 3,115 578 Rare Metals 366 260 Intersegments eliminations (1,550 )(1,564 )

Years Ended December 31,

ASP per kilogram 2012 2011

Resources $ 36.12 $ 82.00 Chemicals and Oxides $ 44.82 $ 45.00 Magnetic Materials and Alloys $ 57.57 $ 98.20 Rare Metals $ 215.45 $ 178.00 1. The Resources segment includes the Company's operations at its Molycorp Mountain Pass facility where it conducts rare earth minerals

extraction to produce: rare earth concentrates; REO, including lanthanum, cerium, neodymium, praseodymium and yttrium; heavy rare earth concentrate, which includes samarium, europium, gadolinium, terbium, dysprosium, and others; and SorbX TM , a line of proprietary rare earth-based water treatment products, formerly known as XSORBX.

2. The Chemicals and Oxides division includes: production of REO at the Company's operations in Sillam?e, Estonia; separeted heavy rare earth oxides other custom engineered materials from the Company's facilities in Jiangyin, Jiangsu Province, China; and production of REO, salts of rare earth elements ("REEs"), zirconium-based engineered materials and mixed rare earth/zirconium oxides from the Company's facilities in Zibo, Shandong Province, China. Rare earth and zirconium applications from products made in this segment include catalytic converters, computers, television display panels, optical lenses, mobile phones, electronic chips, and many others.

3. The Magnetic Materials and Alloys segment includes: the production of Neo Powders? through the Company's wholly-owned manufacturing facilities in Tianjin, China, and Korat, Thailand, under the Molycorp Magnequench brand. This operating segment also includes manufacturing of neodymium and samarium magnet alloys, other specialty alloy products and rare earth metals at the Molycorp Metals and Alloys ("MMA") facility, located in Tolleson, Arizona. Neo Powders? are used in micro motors, precision motors, sensors, and other applications requiring high levels of magnetic strength, flexibility, small size, and reduced weight.

4. The Rare Metals segment produces, reclaims, refines and markets high value niche metals and their compounds that include gallium, indium, rhenium, tantalum, and niobium. Operations in this segment include the following: Quapaw, Oklahoma; Blanding, Utah; Peterborough, Ontario; Napanee, Ontario; Sagard, Germany; Hyeongok Industrial Zone in South Korea; and Sillam?e, Estonia. Applications from products made in this segment include wireless technologies, light-emitting diode ("LED"), flat panel display, turbine, solar, catalyst, steel additive, electronics applications, and others.

TABLE 7: NON-GAAP ADJUSTED NET LOSS RECONCILIATION

Molycorp, Inc.

Non-GAAP financial measures

Adjusted Net Loss

(In thousands, except share and per share data) December 31, 2012

Year Ended Quarter Ended Net loss attributable to Molycorp stockholders (449,554 )$ (359,581 ) Certain non-cash and other items:

Stock-based compensation 3,434 255 Inventory write-downs 83,039 41,957 Impact of purchase accounting on cost of inventory sold 24,729 (1,699 ) Impairment of goodwill and other long-lived assets 270,140 266,400

Out of the ordinary items:

Water removal 22,100 10,874 Molycorp Mountain Pass non-capitalizable costs 16,973 2,401

Business Expansion items:

Due diligence and other transaction costs 64,973 286 Other business expansion expenses 8,956 588 Release of tax provision (15,100 )— Income tax effect of above adjustments (57,517 )(14,196 ) Adjusted net loss (27,827 )(52,715 ) Dividends on Convertible Preferred Stock (11,385 )(2,846 ) Adjusted net loss attributed to common stockholders $ (39,212 )$ (55,561 ) Weighted average shares outstanding 107,064,892 124,690,286 Adjusted net loss per share $ (0.37 )$ (0.45 )

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