Eldorado Gold Corporation (“Eldorado” or “the Company”) today
reports the Company’s financial and operational results for the
first quarter of 2019.
- Q1 2019 production on plan and reiterating 2019
guidance: Gold production totaled 82,977 ounces in Q1 2019
(Q1 2018: 89,374 ounces) including 19,678 ounces of pre-commercial
production from Lamaque. Q1 2019 gold production was on plan and
the Company is reiterating its full year production and cost
guidance. Despite lower than expected sales volumes during the
quarter (see Efemcukuru shipment delays below), gold sales are
expected to exceed production during the second quarter and
rebalance throughout the remainder of the year.
- Commercial production declared at
Lamaque: The Company achieved commercial production
at Lamaque on March 31, 2019. Lamaque produced 19,678 ounces of
pre-commercial production gold in Q1 2019 and is expected to meet
production guidance of 100,000–110,000 ounces (including
pre-commercial production gold) in 2019. Production at Lamaque is
expected to increase to 125,000–135,000 ounces of gold in 2020 and
2021.
- Resumption of mining, crushing and placing of ore at
Kisladag: The Company announced on April 2, 2019 that
mining, crushing and placing of ore on the Kisladag heap leach pad
had resumed on April 1, 2019. Further testwork is underway to
determine the effects of 250 day leach cycles on recoveries related
to the deeper material in the Kisladag open pit, the results of
which are expected in late 2019 or early 2020.
- Efemcukuru shipment delays: Gold sales at
Efemcukuru were lower than expected in Q1 2019 due to a contract
dispute with a customer, combined with delays in port shipments as
a result of inclement weather. The Company has entered into
contracts with alternate customers. Delayed shipments of
concentrate (totaling approximately 20,000 ounces) in the first
quarter have been partially completed in April, with the remainder
expected to be completed throughout Q2 and Q3 of 2019. The shipment
delays resulted in lower than expected total revenue in Q1 2019 of
$80.0 million (Q1 2018: $131.9 million).
- Cash costs higher due to lower sales volumes:
Q1 2019 cash operating costs were $625 per ounce sold (Q1 2018:
$571) and all-in sustaining costs (“AISC”) were $1,132 per ounce
sold (Q1 2018: $878) with lower sales volumes impacting cash
operating costs and AISC further impacted by lower sustaining
capital expenditures. As noted above, sales volumes in the quarter
were impacted by the timing of concentrate shipments at
Efemcukuru.
- Continued financial liquidity: At the end of
Q1 2019 the Company had $227.5 million in cash, cash equivalents
and term deposits. The Company also currently has access to $250
million in an undrawn line of credit.
Eldorado’s President and CEO, George Burns,
stated: “We achieved two major milestones already this year with
the resumption of full operations at Kisladag and the start of
commercial operations at Lamaque. It was another solid operating
quarter with production ramping up at Lamaque and steady operating
performance at Kisladag, Efemcukuru and Olympias. The Company is
reaffirming its production and cost guidance and expects to
generate significant free cash flow over the next several
quarters."
Consolidated Financial and Operational
Highlights
|
3 months ended March 31, |
in millions of U.S. dollars, unless otherwise
noted |
|
2019 |
|
2018 |
Revenue (1) |
$ |
80.0 |
|
$ |
131.9 |
|
Gold revenue (1) |
$ |
54.5 |
|
$ |
115.5 |
|
Gold produced (oz) |
|
82,977 |
|
|
89,374 |
|
Gold sold (oz) (1) |
|
43,074 |
|
|
86,587 |
|
Average realized gold price ($/oz sold) (4) |
$ |
1,265 |
|
$ |
1,333 |
|
Cash
operating cost ($/oz sold) (2, 4) |
|
625 |
|
|
571 |
|
Total cash cost ($/oz sold) (2, 4) |
|
652 |
|
|
598 |
|
All-in sustaining cost ($/oz sold) (2, 4) |
|
1,132 |
|
|
878 |
|
Net earnings (loss) for the period (3) |
|
(27.0 |
) |
|
8.7 |
|
Net earnings (loss) per share – basic ($/share) (3) |
|
(0.17 |
) |
|
0.05 |
|
Adjusted net earnings (loss) (3, 4) |
|
(17.9 |
) |
|
14.0 |
|
Adjusted net earnings (loss) per share ($/share) (3, 4) |
|
(0.11 |
) |
|
0.09 |
|
Cash flow
from operating activities before changes in working capital
(4) |
|
(9.0 |
) |
|
37.9 |
|
Cash, cash equivalents and term deposits |
$ |
227.5 |
|
$ |
459.7 |
|
- Excludes sales of inventory produced at Lamaque during the
pre-commercial production period.
- By-product revenues are off-set against cash operating
costs.
- Attributable to shareholders of the Company.
- These measures are non-IFRS measures. See "Non-IFRS Measures"
for additional information.
Gold sales of 43,074 ounces decreased from
86,587 ounces in the first quarter of 2018 due to delays of
Efemcukuru concentrate shipments resulting from a contract dispute
with a customer, combined with inclement port weather. Sales at
Kisladag also continued to be impacted by lower production
following the suspension of new ore being stacked on the heap leach
pad. These decreases were partially offset by increased sales from
Olympias. The delayed shipments at Efemcukuru (totaling
approximately 20,000 ounces) in the first quarter have been
partially completed in April, with the remainder expected to be
completed throughout Q2 and Q3 of 2019. Mining, crushing and
stacking ore on the Kisladag heap leach pad resumed on April 1,
2019.
Total revenues decreased to $80.0 million from
$131.9 million in the first quarter of 2018 as a result of lower
sales volumes, and to a lesser extent, a lower average realized
gold price of $1,265 per ounce compared to $1,333 per ounce in the
first quarter of 2018.
An increase in average operating cash cost per
ounce sold to $625 from $571 in the first quarter of 2018 reflected
lower sales volumes at Efemcukuru and increased production costs at
Olympias, partially offset by lower production costs at Kisladag as
a result of suspending mining operations. Mine standby costs of
$8.0 million increased from $2.7 million in the first quarter of
2018 due to the suspension of Kisladag mining and crushing
operations in April 2018.
Tax expense of $6.0 million in the quarter
reflected earnings at Kisladag, partially offset by deferred tax
recoveries. This, combined with lower earnings from mine
operations, resulted in a net loss attributable to shareholders of
$27.0 million in the quarter ($0.17 loss per share) as compared to
net earnings attributable to shareholders in the first quarter of
2018 of $8.7 million ($0.05 per share).
Adjusted net loss was $17.9 million ($0.11 per
share) in the quarter, compared to adjusted net earnings of $14.0
million ($0.09 per share) in Q1 2018, also a reflection of lower
revenues from lower production and sales, primarily driven by the
delayed shipments from Efemcukuru.
Gold Operations
|
3 months ended March 31, |
|
|
2019 |
|
2018 |
Total |
|
|
Ounces produced (1) |
|
82,977 |
|
|
89,374 |
|
Ounces sold (2, 4) |
|
43,074 |
|
|
86,587 |
|
Cash operating costs ($/oz sold) (6) |
$ |
625 |
|
$ |
571 |
|
All in sustaining costs ($/oz sold) (6) |
|
1,132 |
|
|
878 |
|
Sustaining capex ($millions) (6) |
$ |
10.8 |
|
$ |
13.8 |
|
Kisladag |
|
|
Ounces produced (3) |
|
27,247 |
|
|
53,814 |
|
Ounces
sold |
|
27,255 |
|
|
53,839 |
|
Cash operating costs ($/oz sold) (6) |
$ |
558 |
|
$ |
576 |
|
All in sustaining costs ($/oz sold) (6) |
|
703 |
|
|
765 |
|
Sustaining capex ($millions) (6) |
$ |
3.1 |
|
$ |
7.5 |
|
Efemcukuru |
|
|
Ounces
produced |
|
26,124 |
|
|
22,855 |
|
Ounces sold (4) |
|
5,818 |
|
|
27,000 |
|
Cash
operating costs ($/oz sold) (6) |
$ |
636 |
|
$ |
532 |
|
All in sustaining costs ($/oz sold) (6) |
|
1,394 |
|
|
728 |
|
Sustaining capex ($millions) (6) |
$ |
3.6 |
|
$ |
3.7 |
|
Olympias |
|
|
Ounces produced |
|
9,928 |
|
|
9,965 |
|
Ounces
sold (5) |
|
10,001 |
|
|
5,748 |
|
Cash operating costs ($/oz sold) (6) |
$ |
800 |
|
$ |
699 |
|
All in sustaining costs ($/oz sold) (6) |
|
1,284 |
|
|
1,363 |
|
Sustaining capex ($millions) (6) |
$ |
4.1 |
|
$ |
2.6 |
|
Lamaque |
|
|
Ounces produced (1) |
|
19,678 |
|
|
2,740 |
|
Cash
operating costs ($/oz sold) (6) |
n/a |
n/a |
All in sustaining costs ($/oz sold) (6) |
n/a |
n/a |
Sustaining capex ($millions) (6) |
n/a |
n/a |
1. Includes pre-commercial production at
Lamaque.2. Excludes sales of inventory produced at Lamaque
during the pre-commercial production period.3. Kisladag resumed
mining, crushing and placing ore on the heap leach pad on April 1,
2019. This activity had been suspended since April 2018.4.
Efemcukuru unit costs were impacted by lower ounces sold resulting
from delayed shipments in Q1 2019. The delayed shipments represent
a timing issue and are expected to be remedied in the following
quarters as shipments are completed in Q2 and Q3 2019.5. Includes
pre-commercial sales at Olympias (Q1 2018).6. These measures are
non-IFRS measures. See "Non-IFRS Measures" for additional
information.
Gold production of 82,977 ounces was below last
year’s first quarter production of 89,374 ounces due to the
suspension of new ore being stacked on the Kisladag heap leach pad.
This decrease was partially offset by increased production from
Efemcukuru and the inclusion of 19,678 ounces from Lamaque during
the pre-commercial production period.
Corporate
Management changes that occurred during the quarter
included:
- Jason Cho was promoted to Executive Vice President, Chief
Strategy Officer
- Shane Williams assuming the role of Senior Vice President,
Capital Projects and Greece & Quebec Operations
- Cara Allaway joined the Company as Vice President, Finance
- Andor Lips assuming the role of Vice President, European
Strategy and Corporate Sustainability
- Krista Muhr, Senior Vice President, External Affairs and
Sustainability, departed the Company
Conference Call
A conference call to discuss the details of the
Company’s Q1 2019 results will be held by senior management on
Friday, May 3, 2019 at 8:30 AM PT (11:30 AM ET). The call will be
webcast and can be accessed at Eldorado Gold’s website:
www.eldoradogold.com and via this link:
http://services.choruscall.ca/links/eldoradogold20190503.html
Conference Call Details |
|
Replay (available until June 7, 2019) |
Date: |
May 3, 2019 |
|
Vancouver: |
1 604 638 9010 |
Time: |
8:30 am PT (11:30 am
ET) |
|
Toll Free: |
1 800 319 6413 |
Dial in: |
1 604 638 5340 |
|
Pass code: |
3049 |
Toll free: |
1 800 319 4610 |
|
|
|
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkey, Canada,
Greece, Romania, Serbia, and Brazil. The Company has a highly
skilled and dedicated workforce, safe and responsible operations, a
portfolio of high-quality assets, and long-term partnerships with
local communities. Eldorado's common shares trade on the
Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange
(NYSE: EGO).
Contacts
Investor Relations
Peter Lekich, Manager Investor
Relations604.687.4018 or 1.888.353.8166
peter.lekich@eldoradogold.com
Media
Louise Burgess, Director Communications &
Government Relations604.687.4018 or 1.888.353.8166
louiseb@eldoradogold.com
Non-IFRS Measures
Certain non-IFRS measures are included in this
press release, including average realized gold price per ounce
sold, cash operating costs and cash operating cost per ounce sold,
total cash costs and total cash costs per ounce sold, all-in
sustaining cost ("AISC") and AISC per ounce sold, adjusted net
earnings/(loss), adjusted net earnings/(loss) per share, working
capital, cash flow from operations before changes in non-cash
working capital and sustaining capital. Please see the
March 31, 2019 MD&A for explanations and discussion of
these non-IFRS measures. The Company believes that these measures,
in addition to conventional measures prepared in accordance with
International Financial Reporting Standards (“IFRS”), provide
investors an improved ability to evaluate the underlying
performance of the Company. The non-IFRS measures are intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. These measures do not have any
standardized meaning prescribed under IFRS, and therefore may not
be comparable to other issuers.
Cautionary Note about Forward-looking Statements and
Information
Certain of the statements made and information
provided in this press release are forward-looking statements or
information within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws. Often, these forward-looking statements and
forward-looking information can be identified by the use of words
such as "plans", "expects", "is expected", "budget",
“continue”, “projected”, "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negatives thereof or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved.
Forward-looking statements or information
contained in this release include, but are not limited to,
statements or information with respect to: our guidance and
outlook, including expected production, cost guidance and
recoveries of gold, including higher heap leach recoveries at
Kisladag, expected sales and revenue recognition of delayed
Efemcukuru concentrate, favourable economics for our heap leaching
plan and the ability to extend heap leach mine life at Kisladag
through further metallurgical tests on deeper material, planned
capital and exploration expenditures; our expectation as to our
future financial and operating performance, including expectations
around generating significant free cash flow and debt retirement,
expected metallurgical recoveries, gold price and global
concentrate outlook; and our strategy, plans and goals, including
our proposed exploration, development, construction, permitting and
operating plans and priorities and related timelines and schedules
and results of litigation and arbitration proceedings.
Forward-looking statements and forward-looking
information by their nature are based on assumptions and involve
known and unknown risks, market uncertainties and other factors,
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information.
We have made certain assumptions about the
forward-looking statements and information, including assumptions
about the geopolitical, economic, permitting and legal climate that
we operate in; the future price of gold and other commodities; the
global concentrate market; exchange rates; anticipated costs and
expenses; production, mineral reserves and resources and
metallurgical recoveries, the impact of acquisitions, dispositions,
suspensions or delays on our business and the ability to achieve
our goals. In particular, except where otherwise stated, we
have assumed a continuation of existing business operations on
substantially the same basis as exists at the time of this
release.
Even though our management believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that the forward-looking statement or information will prove to be
accurate. Many assumptions may be difficult to predict and are
beyond our control.
Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or information.
These risks, uncertainties and other factors include, among others,
the following: results of further testwork, recoveries of gold and
other metals; geopolitical and economic climate (global and local),
risks related to mineral tenure and permits; gold and other
commodity price volatility; continued softening of the global
concentrate market; risks regarding potential and pending
litigation and arbitration proceedings relating to the Company’s,
business, properties and operations; expected impact on reserves
and the carrying value; the updating of the reserve and resource
models and life of mine plans; mining operational and development
risk; financing risks, foreign country operational risks; risks of
sovereign investment; regulatory risks and liabilities including,
environmental regulatory restrictions and liability; discrepancies
between actual and estimated production, mineral reserves and
resources and metallurgical testing and recoveries; additional
funding requirements; currency fluctuations; community and
non-governmental organization actions; speculative nature of gold
exploration; dilution; share price volatility; competition; loss of
key employees; and defective title to mineral claims or properties,
as well as those risk factors discussed in the sections titled
“Forward-Looking Statements” and "Risk factors in our business" in
the Company's most recent Annual Information Form & Form
40-F. The reader is directed to carefully review the detailed risk
discussion in our most recent Annual Information Form filed on
SEDAR under our Company name, which discussion is incorporated by
reference in this release, for a fuller understanding of the risks
and uncertainties that affect the Company’s business and
operations.
Forward-looking statements and information is
designed to help you understand management’s current views of our
near and longer term prospects, and it may not be appropriate for
other purposes.
There can be no assurance that forward-looking
statements or information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, you should not place
undue reliance on the forward-looking statements or information
contained herein. Except as required by law, we do not expect to
update forward-looking statements and information continually as
conditions change.
Financial Information and condensed statements
contained herein or attached hereto may not be suitable for readers
that are unfamiliar with the Company and is not a substitute for
reading the Company’s financial statements and related MD&A
available on our website and on SEDAR under our Company name. The
reader is directed to carefully review such document for a full
understanding of the financial information summarized herein.
Except as otherwise noted, scientific and
technical information contained in this press release was reviewed
and approved by Paul Skayman, FAusIMM, Chief Operating Officer for
Eldorado Gold Corporation, and a "qualified person" under NI
43-101.
Mineral resources which are not mineral reserves
do not have demonstrated economic viability. With respect to
“indicated mineral resource” and “inferred mineral resource”, there
is a great amount of uncertainty as to their existence and a great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of a “measured mineral resource”,
“indicated mineral resource” or “inferred mineral resource” will
ever be upgraded to a higher category.
Cautionary Note to US Investors
Concerning Estimates of Measured, Indicated and Inferred
Resources
The terms “mineral resource”, “measured mineral
resource”, “indicated mineral resource”, “inferred mineral
resource” used herein are Canadian mining terms used in accordance
with NI 43-101 under the guidelines set out in the Canadian
Institute of Mining and Metallurgy and Petroleum (the “CIM”)
Standards on Mineral Resources and Mineral Reserves, adopted by the
CIM Council, as may be amended from time to time. These definitions
differ from the definitions in the United States Securities &
Exchange Commission (“SEC”) Industry Guide 7. In the United States,
a mineral reserve is defined as a part of a mineral deposit which
could be economically and legally extracted or produced at the time
the mineral reserve determination is made.
While the terms “mineral resource”, “measured
mineral resource,” “indicated mineral resource”, and “inferred
mineral resource” are recognized and required by Canadian
regulations, they are not defined terms under standards in the
United States and normally are not permitted to be used in reports
and registration statements filed with the SEC. As such,
information contained herein concerning descriptions of
mineralization and resources under Canadian standards may not be
comparable to similar information made public by U.S. companies in
SEC filings.
Accordingly, information herein containing
descriptions of our mineral deposits may not be comparable to
similar information made public by US companies subject to the
reporting and disclosure requirements under US federal securities
laws and the rules and regulations thereunder.
Eldorado Gold CorporationCondensed Consolidated
Interim Statements of Financial Position (Unaudited –
in thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
As at |
Note |
|
March 31, 2019 |
|
|
December 31, 2018 |
|
ASSETS |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and cash
equivalents |
|
|
$ |
220,780 |
|
|
$ |
286,312 |
|
Term
deposits |
|
|
6,672 |
|
|
6,646 |
|
Restricted cash |
|
|
290 |
|
|
296 |
|
Marketable securities |
|
|
2,719 |
|
|
2,572 |
|
Accounts
receivable and other |
|
|
66,426 |
|
|
80,987 |
|
Inventories |
|
|
140,889 |
|
|
137,885 |
|
|
|
|
437,776 |
|
|
514,698 |
|
Restricted cash |
|
|
13,901 |
|
|
13,449 |
|
Other assets |
|
|
11,854 |
|
|
10,592 |
|
Defined benefit pension
plan |
|
|
9,335 |
|
|
9,120 |
|
Property, plant and
equipment |
3 |
|
4,009,451 |
|
|
3,988,476 |
|
Goodwill |
|
|
92,591 |
|
|
92,591 |
|
|
|
|
$ |
4,574,908 |
|
|
$ |
4,628,926 |
|
LIABILITIES
& EQUITY |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts
payable and accrued liabilities |
|
|
$ |
103,139 |
|
|
$ |
137,900 |
|
Current
portion of lease liabilities |
3 |
|
6,108 |
|
|
2,978 |
|
Current
portion of asset retirement obligations |
|
|
824 |
|
|
824 |
|
|
|
|
110,071 |
|
|
141,702 |
|
Debt |
4 |
|
596,526 |
|
|
595,977 |
|
Lease liabilities |
3 |
|
14,115 |
|
|
6,538 |
|
Defined benefit pension
plan |
|
|
14,784 |
|
|
14,375 |
|
Asset retirement
obligations |
|
|
93,052 |
|
|
93,319 |
|
Deferred income tax
liabilities |
|
|
424,943 |
|
|
429,929 |
|
|
|
|
1,253,491 |
|
|
1,281,840 |
|
Equity |
|
|
|
|
|
Share capital |
6 |
|
3,007,924 |
|
|
3,007,924 |
|
Treasury stock |
|
|
(9,269 |
) |
|
(10,104 |
) |
Contributed
surplus |
|
|
2,621,866 |
|
|
2,620,799 |
|
Accumulated other
comprehensive loss |
|
|
(24,693 |
) |
|
(24,494 |
) |
Deficit |
|
|
(2,337,418 |
) |
|
(2,310,453 |
) |
Total equity
attributable to shareholders of the Company |
|
|
3,258,410 |
|
|
3,283,672 |
|
Attributable to
non-controlling interests |
|
|
63,007 |
|
|
63,414 |
|
|
|
|
3,321,417 |
|
|
3,347,086 |
|
|
|
|
$ |
4,574,908 |
|
|
$ |
4,628,926 |
|
|
Eldorado Gold CorporationCondensed Consolidated
Interim Statements of Financial Position For the three months ended
March 31, 2019 and 2018 (Unaudited – in thousands of
U.S. dollars) |
|
|
|
|
|
|
|
|
|
Note |
|
Three months ended March 31, 2019 |
|
|
Three months ended March 31, 2018 |
|
Revenue |
|
|
|
|
|
Metal sales |
5 |
|
$ |
80,024 |
|
|
$ |
131,905 |
|
|
|
|
|
|
|
Cost of
sales |
|
|
|
|
|
Production
costs |
|
|
51,921 |
|
|
67,235 |
|
Depreciation and
amortization |
10 |
|
20,161 |
|
|
29,188 |
|
|
|
|
72,082 |
|
|
96,423 |
|
|
|
|
|
|
|
Earnings from mine
operations |
|
|
7,942 |
|
|
35,482 |
|
|
|
|
|
|
|
Exploration and
evaluation expenses |
|
|
5,365 |
|
|
4,148 |
|
Mine standby costs |
|
|
7,993 |
|
|
2,706 |
|
General and
administrative expenses |
|
|
6,953 |
|
|
8,225 |
|
Defined benefit pension
plan expense |
|
|
599 |
|
|
1,083 |
|
Share based
payments |
7 |
|
2,902 |
|
|
1,318 |
|
Write-down of
assets |
|
|
17 |
|
|
4,024 |
|
Foreign exchange (gain)
loss |
|
|
(245 |
) |
|
1,142 |
|
(Loss) earnings
from operations |
|
|
(15,642 |
) |
|
12,836 |
|
|
|
|
|
|
|
(Loss) gain on disposal
of assets |
|
|
(62 |
) |
|
86 |
|
Gain on derivatives and
other investments |
|
|
— |
|
|
788 |
|
Other income |
|
|
1,695 |
|
|
3,097 |
|
Asset retirement
obligation accretion |
|
|
(633 |
) |
|
(510 |
) |
Interest and financing
costs |
4 |
|
(6,698 |
) |
|
(3,564 |
) |
|
|
|
|
|
|
(Loss) earnings
from operations before income tax |
|
|
(21,340 |
) |
|
12,733 |
|
Income tax expense |
|
|
6,032 |
|
|
7,084 |
|
Net (loss)
earnings for the period |
|
|
$ |
(27,372 |
) |
|
$ |
5,649 |
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
Shareholders of the
Company |
|
|
(26,965 |
) |
|
8,718 |
|
Non-controlling
interests |
|
|
(407 |
) |
|
(3,069 |
) |
Net (loss)
earnings for the period |
|
|
$ |
(27,372 |
) |
|
$ |
5,649 |
|
|
|
|
|
|
|
Weighted average number
of shares outstanding (thousands) |
|
|
|
|
|
Basic |
|
|
158,318 |
|
|
158,461 |
|
Diluted |
|
|
158,318 |
|
|
158,461 |
|
|
|
|
|
|
|
Net (loss)
earnings per share attributable to shareholders of the
Company: |
|
|
|
|
|
Basic (loss) earnings
per share |
|
|
$ |
(0.17 |
) |
|
$ |
0.05 |
|
Diluted (loss) earnings
per share |
|
|
$ |
(0.17 |
) |
|
$ |
0.05 |
|
Eldorado Gold CorporationCondensed Consolidated
Interim Statements of Comprehensive (Loss) Income For
the three months ended March 31, 2019 and 2018(Unaudited – in
thousands of U.S. dollars) |
|
|
|
|
|
|
|
Note |
|
Three months ended March 31, 2019 |
|
|
Three months ended March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
(Loss) earnings
for the period |
|
|
$ |
(27,372 |
) |
|
$ |
5,649 |
|
Other
comprehensive (loss) income: |
|
|
|
|
|
Items that will not be
reclassified to earnings or loss: |
|
|
|
|
|
Change in
fair value of investments in equity securities |
|
|
147 |
|
|
(739 |
) |
Actuarial
(losses) gains on defined benefit pension plans |
|
|
(346 |
) |
|
9 |
|
Total other
comprehensive loss for the period |
|
|
(199 |
) |
|
(730 |
) |
Total
comprehensive (loss) income for the period |
|
|
$ |
(27,571 |
) |
|
$ |
4,919 |
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
Shareholders of the
Company |
|
|
(27,164 |
) |
|
7,988 |
|
Non-controlling
interests |
|
|
(407 |
) |
|
(3,069 |
) |
|
|
|
$ |
(27,571 |
) |
|
$ |
4,919 |
|
Eldorado Gold CorporationCondensed Consolidated
Interim Statements of Cash Flows For the three months
ended March 31, 2019 and 2018(Unaudited – in thousands of U.S.
dollars) |
|
|
|
|
|
|
|
Note |
|
Three months ended March 31, 2019 |
|
|
Three months ended March 31, 2018 |
|
Cash flows generated
from (used in): |
|
|
|
|
|
Operating
activities |
|
|
|
|
|
(Loss) earnings for the
period |
|
|
$ |
(27,372 |
) |
|
$ |
5,649 |
|
Items not affecting
cash: |
|
|
|
|
|
Asset retirement
obligation accretion |
|
|
633 |
|
|
510 |
|
Depreciation and
amortization |
|
|
17,129 |
|
|
29,188 |
|
Depreciation and
amortization related to inventory write-down |
10 |
|
3,032 |
|
|
— |
|
Unrealized foreign
exchange (gain) loss |
|
|
(173 |
) |
|
249 |
|
Deferred income tax
recovery |
|
|
(4,900 |
) |
|
(2,399 |
) |
Loss (gain) on disposal
of assets |
|
|
62 |
|
|
(86 |
) |
Gain on derivatives and
other investments |
|
|
— |
|
|
(788 |
) |
Write-down of
assets |
|
|
17 |
|
|
4,024 |
|
Share based
payments |
7 |
|
2,902 |
|
|
1,318 |
|
Defined benefit pension
plan expense |
|
|
599 |
|
|
1,083 |
|
|
|
|
(8,071 |
) |
|
38,748 |
|
Property reclamation
payments |
|
|
(900 |
) |
|
(807 |
) |
Changes in non-cash
working capital |
8 |
|
12,191 |
|
|
(14,944 |
) |
Net cash
generated from operating activities |
|
|
3,220 |
|
|
22,997 |
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
Purchase of property,
plant and equipment |
|
|
(86,071 |
) |
|
(66,986 |
) |
Proceeds from the sale
of property, plant and equipment |
|
|
380 |
|
|
61 |
|
Proceeds on
pre-commercial production sales |
|
|
20,856 |
|
|
13,382 |
|
Value added taxes
related to mineral property expenditures, net |
|
|
(2,371 |
) |
|
6,214 |
|
Investment in term
deposits |
|
|
(26 |
) |
|
(16 |
) |
Increase in restricted
cash |
|
|
(446 |
) |
|
(842 |
) |
Net cash used
in investing activities |
|
|
(67,678 |
) |
|
(48,187 |
) |
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
Lease payments |
|
|
(1,074 |
) |
|
(111 |
) |
Net cash used
in financing activities |
|
|
(1,074 |
) |
|
(111 |
) |
|
|
|
|
|
|
Net decrease in
cash and cash equivalents |
|
|
(65,532 |
) |
|
(25,301 |
) |
Cash and cash
equivalents - beginning of period |
|
|
286,312 |
|
|
479,501 |
|
Cash and cash
equivalents - end of period |
|
|
$ |
220,780 |
|
|
$ |
454,200 |
|
Supplementary cash flow information (note 8)
Eldorado Gold CorporationCondensed Consolidated
Interim Statements of Changes in Equity For the three months
ended March 31, 2019 and 2018(Unaudited – in thousands of U.S.
dollars) |
|
|
|
|
|
|
|
Note |
|
Three months ended March 31, 2019 |
|
|
Three months ended March 31, 2018 |
|
Share
capital |
|
|
|
|
|
|
|
|
|
Balance beginning of
period |
|
|
$ |
3,007,924 |
|
|
$ |
3,007,924 |
|
Balance end of
period |
|
|
$ |
3,007,924 |
|
|
$ |
3,007,924 |
|
|
|
|
|
|
|
Treasury
stock |
|
|
|
|
|
Balance beginning of
period |
|
|
$ |
(10,104 |
) |
|
$ |
(11,056 |
) |
Shares
redeemed upon exercise of restricted share units |
|
|
835 |
|
|
— |
|
Balance end of
period |
|
|
$ |
(9,269 |
) |
|
$ |
(11,056 |
) |
|
|
|
|
|
|
Contributed
surplus |
|
|
|
|
|
Balance beginning of
period |
|
|
$ |
2,620,799 |
|
|
$ |
2,616,593 |
|
Share
based payments |
|
|
1,902 |
|
|
1,730 |
|
Shares
redeemed upon exercise of restricted share units |
|
|
(835 |
) |
|
— |
|
Balance end of
period |
|
|
$ |
2,621,866 |
|
|
$ |
2,618,323 |
|
|
|
|
|
|
|
Accumulated
other comprehensive loss |
|
|
|
|
|
Balance beginning of
period |
|
|
$ |
(24,494 |
) |
|
$ |
(21,350 |
) |
Other
comprehensive loss for the period |
|
|
(199 |
) |
|
(730 |
) |
Balance end of
period |
|
|
$ |
(24,693 |
) |
|
$ |
(22,080 |
) |
|
|
|
|
|
|
Deficit |
|
|
|
|
|
Balance beginning of
period |
|
|
$ |
(2,310,453 |
) |
|
$ |
(1,948,569 |
) |
(Loss)
earnings attributable to shareholders of the Company |
|
|
(26,965 |
) |
|
8,718 |
|
Balance end of
period |
|
|
$ |
(2,337,418 |
) |
|
$ |
(1,939,851 |
) |
Total equity
attributable to shareholders of the Company |
|
|
$ |
3,258,410 |
|
|
$ |
3,653,260 |
|
|
|
|
|
|
|
Non-controlling
interests |
|
|
|
|
|
Balance beginning of
period |
|
|
$ |
63,414 |
|
|
$ |
79,940 |
|
Loss
attributable to non-controlling interests |
|
|
(407 |
) |
|
(3,069 |
) |
Contributions from non-controlling interests |
|
|
— |
|
|
1,001 |
|
Balance end of
period |
|
|
$ |
63,007 |
|
|
$ |
77,872 |
|
Total
equity |
|
|
$ |
3,321,417 |
|
|
$ |
3,731,132 |
|
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