Exhibit 99.1
Central GoldTrust
Friday April 24, 2015
Central GoldTrust (symbol: TSX – GTU.UN (Cdn.$) and GTU.U (U.S.$) NYSE MKT – GTU (U.S.$)) has today released selected financial information in U.S. dollars relating to net assets and financial results for the three months ended March 31, 2015.
The interim financial statements of Central GoldTrust are prepared and reported in United States (“U.S.”) dollars in accordance with International Accounting Standards (“IAS”) 34 “Interim Financial Reporting” and may not include all of the information required for full annual financial statements.
STATEMENTS OF FINANCIAL POSITION
(expressed in U.S. dollars, unaudited)
| | | March 31, | | | December 31, | |
| | | 2015 | | | 2014 | |
| | | $ | | | $ | |
| Assets: | | | | | | |
| Gold bullion at market | | | 836,421,924 | | | | 845,053,911 | |
| Cash and cash equivalents | | | 9,615,594 | | | | 11,064,910 | |
| Other receivables and prepayments | | | 192,233 | | | | 113,691 | |
| Total assets | | | 846,229,751 | | | | 856,232,512 | |
| | | | | | | | | |
| Liabilities: | | | | | | | | |
| Accrued liabilities | | | 612,268 | | | | 955,712 | |
| Total liabilities | | | 612,268 | | | | 955,712 | |
| | | | | | | | | |
| Equity: | | | | | | | | |
| Capital | | | 744,870,733 | | | | 744,870,733 | |
Retained earnings inclusive of
unrealized appreciation of holdings | | | 100,746,750 | | | | 110,406,067 | |
| Total equity | | | 845,617,483 | | | | 855,276,800 | |
| Total liabilities and equity | | | 846,229,751 | | | | 856,232,512 | |
| Total equity per Unit | | | 43.82 | | | | 44.32 | |
| Exchange rate: U.S. $1.00 = Cdn. | | | 1.2683 | | | | 1.1601 | |
Total equity per Unit
expressed in Canadian dollars | | | 55.57 | | | | 51.41 | |
The change in net assets (total assets less total liabilities) as reported in U.S. dollars, which will occur from period to period, will primarily be a result of the changing market price of gold and the proportion of gold held by the Trust.
Net assets decreased by $9.7 million or 1.1% during the three months ended March 31, 2015. This decrease was attributable to the 1.0% decrease in the price of gold during the period.
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STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(expressed in U.S. dollars, unaudited)
| | | Three months ended March 31, | |
| | | 2015 | | | 2014 | |
| Income: | | $ | | | $ | |
| Interest | | | 7,023 | | | | 8,854 | |
| Total income | | | 7,023 | | | | 8,854 | |
| Expenses: | | | | | | | | |
| Administration fees | | | 432,052 | | | | 454,153 | |
| Safekeeping fees and bank charges | | | 166,091 | | | | 250,470 | |
| Trustees’ fees and expenses | | | 44,792 | | | | 42,814 | |
| Unitholder information | | | 22,392 | | | | 11,685 | |
| Auditors’ fees | | | 21,831 | | | | 26,250 | |
| Regulatory filing fees | | | 18,287 | | | | 18,526 | |
| Legal fees | | | 13,331 | | | | 13,802 | |
| Stock exchange fees | | | 11,535 | | | | 12,680 | |
| Registrar and transfer agent fees | | | 4,513 | | | | 5,208 | |
| Special meeting costs | | | 250,790 | | | | - | |
| Total expenses | | | 985,614 | | | | 835,588 | |
| Net loss from Trust administration | | | (978,591 | ) | | | (826,734 | ) |
| Change in unrealized appreciation of holdings | | | (8,680,726 | ) | | | 63,569,035 | |
Net income (loss) and comprehensive income (loss)
inclusive of the change in unrealized
appreciation of holdings | | | (9,659,317 | ) | | | 62,742,301 | |
Net loss, inclusive of the change in unrealized appreciation of holdings, was $9.7 million ($0.50 per Unit) for the three months ended March 31, 2015 compared to
net income of $62.7 million ($3.25 per Unit) for the comparable three-month period in 2014. Virtually all of the reported net income (loss) for both three-month periods was a result of the change in unrealized appreciation of holdings, which is not distributable income. The Trust’s interest income is nominal. Certain expenses, such as administration fees and safekeeping fees, have varied in proportion to net asset levels. Administration fees, which are scaled and calculated monthly based on the net assets at each month end, decreased during the three-month period ended March 31, 2015 as compared to the same period in 2014. The decrease in administration fees was a direct result of the lower level of average net assets under administration during the period.
Expenses as a percentage of the average of the month-end net assets (the “expense ratio”) for the three-month period ended March 31, 2015 was 0.11% compared to 0.09% for the three-month period in 2014. For the twelve-month period ended March 31, 2015 the expense ratio was 0.38% compared to 0.36% for the twelve-month period ended March 31, 2014. The increases in the expense ratios were a direct result of costs incurred for the Special Meeting to be held on May 1, 2015.If not for the expense of the Special Meeting, the expense ratio would have remained unchanged from last year for both the three and twelve-month periods.
Central GoldTrust is a passive, self-governing, single purpose trust, which invests primarily in long-term holdings of gold bullion and does not speculate in gold prices. At March 31, 2015, the Units of Central GoldTrust were 98.9% invested in unencumbered, allocated and segregated gold bullion. Units may be purchased or sold on the Toronto Stock Exchange and the NYSE MKT.
For further information, contact J.C. Stefan Spicer, President & CEO;
Email:info@gold-trust.com Website:www.gold-trust.com ; Telephone: 905-304-GOLD (4653).
