NEWS RELEASE | ELD No. 10-13 |
TSX: ELD NYSE: EGO ASX: EAU | June 29, 2010 |
Q2, 2010 Financial and Operating Results
Record Production, $0.11 earnings per share
(all figures in United States dollars, unless otherwise noted)
VANCOUVER, BC – Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, (“Eldorado” or the “Company”) is pleased to report on the Company's financial and operational results for the second quarter ended June 30, 2010. Eldorado reported net income of $60.5 million or $0.11 per share for the period and the Company generated $92.3 million in cash from operating activities before changes in non-cash working capital.
Q2 2010 Highlights
Produced 167,940 ounces of gold at an average cash operating cost of $ 357 per ounce (total cash cost $410 per ounce)
Sold 172,826 ounces of gold at a realized average price of $1,195 per ounce
Reported record earnings of $0.11 per share
Generated $92.3 million of cash or $0.17 per share from operating activities before changes in non-cash working capital
Paid an initial dividend, June 18, 2010 (C$0.05/share)
Announced the acquisition of Brazauro Resources
“The Company continues to have a very successful year, with our mines delivering in accordance with our stated plan and contributing to six consecutive quarters of increased production. Production of 167,940 ounces of gold at a cash operating cost of $357 per ounce resulted in the increase in net income and revenue of 130% and 158% respectively over the comparable period in 2009.” commented Paul N. Wright President and CEO. “Continued strong performance combined with our outlook for the balance of the year has resulted in a favourable adjustment in operating guidance for the year. We now plan to produce 625,000 ounces of gold at cash operating costs of $375 per ounce.”
Financial Results
Eldorado’s consolidated net income for the second quarter of 2010 was $60.5 million or $0.11 per share, compared with $25.9 million or $0.07 per share in the second quarter of 2009. Increase in profit for the period resulted from significantly higher sales volumes and increased realized prices.
In the second quarter of the year we sold 172,826 ounces of gold at an average price of $1,195 per ounce resulting in a 99% increase in sales over the second quarter of 2009 when we sold 86,453 ounces of gold at an average price of $927 per ounce.
Operating Performance
Kisladag
During the quarter we placed 2,686,284 tonnes of ore on the leach pad at a grade of 1.12 grams per tonne of gold. We produced 70,451 ounces of gold at a cash operating cost of $304 per ounce, compared to 62,985 ounces of gold at a cash operating cost of $268 per ounce in the second quarter of 2009. Kisladag continued to benefit from improvements made to the processing circuit late in 2009. Management is undertaking a review of heap leach recoveries at Kisladag as a result of the strong gold production in recent quarters.
Tanjianshan
We milled 271,749 tonnes of ore at a grade of 4.38 grams per tonne of gold in Q2 2010, and produced 28,884 ounces of gold at a cash operating cost of $387 compared to 21,587 ounces at a cash operating cost of $412 per ounce in Q2 2009. Both the mine and plant are operating according to plan.
Jinfeng
We milled 392,211 tonnes of ore at a grade of 4.51 g/t and produced 52,659 ounces of gold at a cash operating cost of $381 per ounce. Mill feed at Jinfeng is being provided by both the open pit and underground mines, which are performing as expected.
White Mountain
At White Mountain we milled 167,981 tonnes of ore at a grade of 3.78 grams per tonne gold and produced 15,946 ounces of gold at a cash operating cost of $442 per ounce.
Development
Efemcukuru
Construction is proceeding in accordance with plan. Major focus areas for the quarter included final setting of process equipment with piping and mechanical installations are underway within the process plant. Concrete placement was completed at the filter and backfill plant, steel erection is underway. Truck shop and mine dry concrete and steel erection was completed; foundation work was also started on the administration building; and the water treatment plant was completed and is ready for operation. The mining contractor was mobilized at the end of June and work on the preparation of the portal was begun.
Vila Nova Iron Ore
Mining activities were initiated during the quarter, mostly directed towards waste stripping and stock piling of iron ore from the top benches. We are projecting iron ore sales to begin early in the fourth quarter.
Perama Hill Project
The Greek Ministry of Environment continued its review of the Pre Environmental Impact Assessment (“PEIA”) which was submitted in October 2009. During the quarter work progressed on the full Environmental Impact Assessment which will be submitted upon approval of the PEIA.
Eastern Dragon
Permitting activities remained the focus during Q2 2010, along with regional exploration activities as the weather improved.
Exploration
Turkey
Work on our reconnaissance projects at MH, Sizma, Dolek, and AS focused on completing geological mapping, geophysical surveys, and geochemical sampling programs directed towards defining targets for drilling during Q3 and Q4. At Efemcukuru, we completed the preliminary drilling program on the
Kokarpinar vein, which lies parallel to and approximately 400 m east of the Kestane Beleni vein hosting the Efemcukuru deposit. Four of the six holes drilled contained potentially economic widths and gold grades, and additional stepout and infill drilling will be completed in Q3. At the Kisladag mine, we conducted over 16,300 metres of diamond drilling in Q2, nearly completing our planned 42 drill hole program. The new drilling has further defined the zone of higher grade gold mineralization discovered in 2009 along the south-eastern margin of the deposit, and has identified continuous high-grade zones within intrusion 2a, in areas previous modeled to contain low gold grades and waste sub-zones.
Brazil
No exploration activity was completed at Tocantinzinho during Q2. At the Triguiero option property in NE Brazil, we completed a comprehensive stream sediment sampling reconnaissance sampling program.
China
At Tanjianshan, we completed 16 infill and step out drillholes on the 323 zone, and have produced a geological model for the zone. In the Jinfeng district, resource drilling was initiated at the mine proper, along with reconnaissance drilling at the nearby Lintan and Bannian prospects. Drilling at these prospects is targeting down-dip projections of high-grade mineralized fault zones exposed in surface trenches and excavations. At the White Mountain mine, drilling recently commenced targeting down-dip and along-strike extensions to the deposit. The first drill hole intersected alteration and mineralization styles identical to those characterizing the deposit, at a position several hundred metres down dip from previous drilling. Also in the White Mountain district, we completed a three-hole test program at the optioned Caijiagou property. Work at Eastern Dragon focused on completing ground magnetic surveys and prospecting, along with permitting activities.
Corporate Activities
Completion of the Acquisition of Brazauro Resources
On July 20, 2010 we completed the acquisition of all the shares of Brazauro Resources Corporation that we did not previously hold. With this acquisition, we have acquired 100% of the Tocantinzinho Gold Project and options agreements to earn 100% of the Aqua Branca and Piranhas properties.
Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil China, Greece, and Turkey and surrounding regions. We are one of the lowest cost pure gold producers. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as we create and pursue new opportunities.
ON BEHALF OF
ELDORADO GOLD CORPORATION
“Paul N. Wright”
Paul N. Wright
President and Chief Executive Officer
Eldorado will host a conference call Thursday, July 29, 2010 to discuss the 2010 Second Quarter Financial Results at 8:30 a.m. EDT (5:30 a.m. PDT). You may participate in the conference call by dialling 416-695-6622 in Toronto or 1-800-355-4959 toll free in North America and asking for the Eldorado Conference Call with Chairperson: Paul Wright, President and CEO of Eldorado Gold. The call will be available on Eldorado’s websitewww.eldoradogold.com. A replay of the call will be available until August 5, 2010 by dialing 416-695-5800 in Toronto or 1-800-408-3053 toll free in North America and entering the Pass code 4748143.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, 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 and 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. 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 stat ements or information. These risks, uncertainties and other factors include, among others, the following: gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled “Forward-Looking Statements” and "Risk Factors" in the Company's Annual Information Form & Form 40-F dated March 31, 2010.
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 and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.
Eldorado Gold Corporation common shares on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE:EGO). Eldorado CDI’s trade on the Australian Securities Exchange (ASX:EAU).
Contact:
Nancy Woo, Vice President Investor Relations
Eldorado Gold Corporation
Phone: 604.601-6650 or 1.888.353.8166
1188, 550 Burrard Street
Fax :604.687.4026
Vancouver, BC V6C 2B5
Email:nancyw@eldoradogold.com
Website www .eldoradogold.com
Request for information packages:laurelw@eldoradogold.com
PRODUCTION HIGHLIGHTS
| First Quarter 2010 | Second Quarter 2010 | Second Quarter 2009 | First Six Months 2010 | First Six Months 2009 |
Gold Production |
|
|
|
|
|
Ounces Sold | 163,446 | 172,826 | 86,453 | 336,272 | 143,912 |
Ounces Produced | 164,928 | 167,940 | 84,572 | 332,868 | 145,998 |
Cash Operating Cost ($/oz)1,3, 4 | 370 | 357 | 303 | 364 | 297 |
Total Cash Cost ($/oz)2,3, 4 | 397 | 410 | 325 | 404 | 318 |
Realized Price ($/oz - sold) | 1,110 | 1,195 | 927 | 1,154 | 920 |
Kişladağ Mine, Turkey |
|
|
|
|
|
Ounces Sold | 83,974 | 69,197 | 65,484 | 153,171 | 110,696 |
Ounces Produced | 82,240 | 70,451 | 62,985 | 152,691 | 109,177 |
Tonnes to Pad | 2,898,199 | 2,686,284 | 2,428,611 | 5,584,483 | 4,513,325 |
Grade (grams / tonne) | 1.12 | 1.12 | 1.18 | 1.12 | 1.26 |
Cash Operating Cost ($/oz)3, 4 | 304 | 304 | 268 | 304 | 271 |
Total Cash Cost ($/oz)2,3, 4 | 307 | 345 | 270 | 324 | 273 |
Tanjianshan Mine, China |
|
|
|
|
|
Ounces Sold | 18,947 | 38,261 | 20,969 | 57,208 | 33,216 |
Ounces Produced | 25,423 | 28,884 | 21,587 | 54,307 | 36,821 |
Tonnes Milled | 249,738 | 271,749 | 231,874 | 521,487 | 459,940 |
Grade (grams / tonne) | 4.01 | 4.38 | 5.63 | 4.20 | 4.81 |
Cash Operating Cost ($/oz)3, 4 | 420 | 387 | 412 | 398 | 383 |
Total Cash Cost ($/oz)2,3, 4 | 517 | 483 | 495 | 494 | 467 |
Jinfeng Mine, China |
|
|
|
|
|
Ounces Sold | 49,674 | 48,623 | - | 98,297 | - |
Ounces Produced | 45,615 | 52,659 | - | 98,274 | - |
Tonnes Milled | 389,851 | 392,211 | - | 782,062 | - |
Grade (grams / tonne) | 4.23 | 4.51 | - | 4.37 | - |
Cash Operating Cost ($/oz)3, 4 | 422 | 381 | - | 402 | - |
Total Cash Cost ($/oz)2,3, 4 | 462 | 423 | - | 443 | - |
White Mountain Mine, China |
|
|
|
|
|
Ounces Sold | 10,851 | 16,745 | - | 27,596 | - |
Ounces Produced | 11,650 | 15,946 | - | 27,596 | - |
Tonnes Milled | 130,643 | 167,981 | - | 298,624 | - |
Grade (grams / tonne) | 4.09 | 3.78 | - | 3.91 | - |
Cash Operating Cost ($/oz)3, 4 | 550 | 442 | - | 484 | - |
Total Cash Cost ($/oz)2,3, 4 | 589 | 474 | - | 519 | - |
1
Cost figures calculated in accordance with the Gold Institute Standard.
2
Cash Operating Costs, plus royalties and the cost of off-site administration.
3
Cash operating costs and total cash costs are non-GAAP measures. See the section"Non-GAAP Measures" of this Review.
4
Cash operating costs and total cash costs have been recalculated for prior quarters based on ounces sold.
Eldorado Gold Corporation
Unaudited Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)
|
| June 30, |
| December 31, |
| 2010 | 2009 | ||
Assets |
| $ |
| $ |
|
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
| 306,983 |
| 265,369 |
Restricted cash (note 4) |
| 52,221 |
| 50,000 |
Marketable securities |
| 26,058 |
| 13,951 |
Accounts receivable and other |
| 29,598 |
| 26,434 |
Inventories |
| 122,835 |
| 129,197 |
Future income taxes |
| 1,495 |
| - |
|
| 539,190 |
| 484,951 |
Inventories |
| 39,028 |
| 31,534 |
Investment in significantly influenced company |
| 5,375 |
| - |
Restricted assets and other |
| 17,325 |
| 13,872 |
Mining interests |
| 2,606,437 |
| 2,580,816 |
Goodwill |
| 324,935 |
| 324,935 |
|
| 3,532,290 |
| 3,436,108 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
| 130,476 |
| 157,250 |
Debt - current (note 6) |
| 69,045 |
| 56,499 |
Future income taxes |
| 3,658 |
| 4,264 |
|
| 203,179 |
| 218,013 |
Debt - long-term (note 6) |
| 110,556 |
| 134,533 |
Asset retirement obligations |
| 27,682 |
| 26,566 |
Future income taxes |
| 383,546 |
| 390,242 |
|
| 724,963 |
| 769,354 |
|
|
|
|
|
Non-controlling interest |
| 31,682 |
| 26,144 |
|
|
|
|
|
Shareholders* equity |
|
|
|
|
|
|
|
|
|
Share capital (note 7(b)) |
| 2,708,322 |
| 2,671,634 |
Contributed surplus |
| 19,052 |
| 17,865 |
Accumulated other comprehensive income (loss) (note 7(c)) |
| 12,391 |
| 2,227 |
Retained earnings (deficit) |
| 35,880 |
| (51,116) |
|
| 2,775,645 |
| 2,640,610 |
|
| 3,532,290 |
| 3,436,108 |
|
|
|
|
|
Subsequent events (note 6(d) and note 11) |
|
|
|
|
|
|
|
|
|
Approved on behalf of the Board of Directors
(Signed) Robert R. Gilmore Director (Signed) Paul N. Wright Director
.
See accompanying notes to consolidated financial statements.
Eldorado Gold Corporation
Unaudited Consolidated Statements of Operations
For the periods ended June 30,
(Expressed in thousands of U.S. dollars except per share amounts)
|
| Three months ended |
|
|
|
| ||
|
| 2010 |
| 2009 |
| 2010 |
| 2009 |
$ | $ | $ | $ | |||||
Revenue |
|
|
|
|
|
|
|
|
Gold sales |
| 206,443 |
| 80,147 |
| 387,922 |
| 132,353 |
Interest and other income |
| 1,338 |
| 391 |
| 2,009 |
| 587 |
|
| 207,781 |
| 80,538 |
| 389,931 |
| 132,940 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Operating costs |
| 72,303 |
| 28,502 |
| 139,176 |
| 46,944 |
Depletion, depreciation and amortization |
| 29,504 |
| 6,538 |
| 52,746 |
| 10,998 |
General and administrative |
| 13,828 |
| 7,897 |
| 29,357 |
| 16,659 |
Exploration |
| 2,950 |
| 3,374 |
| 6,552 |
| 5,436 |
Mine standby costs |
| 607 |
| 936 |
| 1,313 |
| 936 |
Asset retirement obligation costs |
| 511 |
| 78 |
| 1,024 |
| 131 |
Foreign exchange (gain) loss |
| (1,353) |
| 1,962 |
| (5,033) |
| (1,127) |
|
| 118,350 |
| 49,287 |
| 225,135 |
| 79,977 |
|
|
|
|
|
|
|
|
|
Loss (gain) on disposal of assets |
| 21 |
| (1,463) |
| (1,485) |
| (1,463) |
Loss (gain) on marketable securities |
| 254 |
| (1,083) |
| (858) |
| (119) |
Interest and financing costs |
| 1,656 |
| 77 |
| 4,269 |
| 158 |
|
| 120,281 |
| 46,818 |
| 227,061 |
| 78,553 |
Income before income taxes and non-controlling interest |
| 87,500 |
| 33,720 |
| 162,870 |
| 54,387 |
|
|
|
|
|
|
|
|
|
Income tax (expense) recovery |
|
|
|
|
|
|
|
|
Current |
| (26,808) |
| (7,636) |
| (47,939) |
| (13,653) |
Future |
| 3,835 |
| 469 |
| 5,247 |
| (758) |
|
| (22,973) |
| (7,167) |
| (42,692) |
| (14,411) |
|
|
|
|
|
|
|
|
|
Non-controlling interest |
| (4,019) |
| (653) |
| (6,825) |
| (1,015) |
|
|
|
|
|
|
|
|
|
Net income for the period |
| 60,508 |
| 25,900 |
| 113,353 |
| 38,961 |
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding |
|
|
|
|
|
|
|
|
Basic |
| 539,398 |
| 371,118 |
| 538,707 |
| 370,494 |
Diluted | 541,193 |
| 371,964 |
| 540,439 |
| 371,868 | |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
Basic income per share - US$ |
| 0.11 |
| 0.07 |
| 0.21 |
| 0.11 |
Diluted income per share - US$ |
| 0.11 |
| 0.07 |
| 0.21 |
| 0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements.
Eldorado Gold Corporation
Unaudited Consolidated Statements of Cash Flows
For the periods ended June 30,
(Expressed in thousands of U.S. dollars, unless otherwise stated)
|
| Three months ended |
| Six Months ended | ||||
|
| 2010 |
| 2009 |
| 2010 |
| 2009 |
$ | $ | $ | $ | |||||
Cash flows generated from (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
|
|
Net income for the period |
| 60,508 |
| 25,900 |
| 113,353 |
| 38,961 |
Items not affecting cash |
|
|
|
|
|
|
|
|
Asset retirement obligations costs |
| 511 |
| 78 |
| 1,024 |
| 131 |
Depletion, depreciation and amortization |
| 29,504 |
| 6,538 |
| 52,746 |
| 10,998 |
Unrealized foreign exchange (gain) loss |
| (2,921) |
| 2,257 |
| (5,041) |
| (426) |
Future income taxes (recovery) expense |
| (3,835) |
| (469) |
| (5,247) |
| 758 |
Loss (gain) on disposal of assets |
| 21 |
| (1,463) |
| (1,485) |
| (1,463) |
Loss (gain) on marketable securities |
| 254 |
| (1,083) |
| (858) |
| (119) |
Stock-based compensation (note 8(b)) |
| 3,645 |
| 2,721 |
| 10,592 |
| 5,801 |
Pension expense (note 5) |
| 622 |
| 605 |
| 1,245 |
| 803 |
Non-controlling interest |
| 4,019 |
| 653 |
| 6,825 |
| 1,015 |
|
| 92,328 |
| 35,737 |
| 173,154 |
| 56,459 |
Bonus cash award units payments (note 8(c)) |
| - |
| (484) |
| - |
| (2,543) |
Changes in non-cash working capital (note 9) |
| (13,881) |
| 1,448 |
| (32,267) |
| 8,658 |
|
| 78,447 |
| 36,701 |
| 140,887 |
| 62,574 |
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
Mining interests |
|
|
|
|
|
|
|
|
Capital expenditures |
| (50,332) |
| (19,823) |
| (97,632) |
| (38,852) |
Sales and disposals |
| 18,083 |
| 35 |
| 20,348 |
| 35 |
Marketable securities disposals |
| - |
| 5,931 |
| 692 |
| 36,388 |
Purchases |
|
|
| - |
|
|
| - |
Investment purchases |
| (5,375) |
| - |
| (5,375) |
| - |
Pension plan contributions |
| - |
| (97) |
| - |
| (1,856) |
Restricted cash |
| (100) |
| - |
| (2,221) |
| (5,500) |
Restricted assets and other |
| 29 |
| 2,520 |
| (2,483) |
| 2,495 |
|
| (37,695) |
| (11,434) |
| (86,671) |
| (7,290) |
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
Capital stock |
|
|
|
|
|
|
|
|
Issuance of common shares for cash (note 7(b)) |
| 21,689 |
| 2,493 |
| 27,283 |
| 13,603 |
Dividend paid to non-controlling interest |
| - |
| - |
| (1,286) |
| - |
Dividend paid to shareholders |
| (26,357) |
| - |
| (26,357) |
| - |
Long-term and current debt |
|
|
|
|
|
|
|
|
Proceeds |
| 2,484 |
| 6 |
| 2,484 |
| 4,982 |
Repayments |
| (14,726) |
| - |
| (14,726) |
| - |
|
| (16,910) |
| 2,499 |
| (12,602) |
| 18,585 |
Net increase in cash and cash equivalents |
| 23,842 |
| 27,766 |
| 41,614 |
| 73,869 |
Cash and cash equivalents - beginning of period |
| 283,141 |
| 107,954 |
| 265,369 |
| 61,851 |
Cash and cash equivalents - end of period |
| 306,983 |
| 135,720 |
| 306,983 |
| 135,720 |
|
|
|
|
|
|
|
|
|
Supplementary cash flow information (note 9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements.
Eldorado Gold Corporation
Unaudited Consolidated Statements of Shareholders’ Equity
For the periods ended June 30,
(Expressed in thousands of U.S. dollars, unless otherwise stated)
|
| Three months ended |
| Six Months ended | ||||
|
| 2010 |
| 2009 |
| 2010 |
| 2009 |
$ | $ | $ | $ | |||||
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
|
|
|
|
Balance beginning of period |
| 2,679,209 |
| 947,736 |
| 2,671,634 |
| 931,933 |
Shares issued upon exercise of share options, |
|
|
|
|
|
|
|
|
for cash |
| 21,689 |
| 2,493 |
| 27,283 |
| 13,603 |
Estimated fair value of share options exercised |
| 7,424 |
| 1,026 |
| 9,405 |
| 5,719 |
Balance at the end of the period |
| 2,708,322 |
| 951,255 |
| 2,708,322 |
| 951,255 |
|
|
|
|
|
|
|
|
|
Contributed surplus |
|
|
|
|
|
|
|
|
Balance beginning of period |
| 22,831 |
| 17,206 |
| 17,865 |
| 19,378 |
Non-cash stock-based compensation |
| 3,645 |
| 2,721 |
| 10,592 |
| 5,242 |
Options exercised, credited to share capital |
| (7,424) |
| (1,026) |
| (9,405) |
| (5,719) |
Balance at the end of the period |
| 19,052 | - | 18,901 |
| 19,052 | - | 18,901 |
|
|
|
|
|
|
|
|
|
Retained earnings (deficit) |
|
|
|
|
|
|
|
|
Balance beginning of period |
| 1,729 |
| (140,459) |
| (51,116) |
| (153,520) |
Dividends paid |
| (26,357) |
| - |
| (26,357) |
| - |
Net income for the period |
| 60,508 |
| 25,900 |
| 113,353 |
| 38,961 |
Balance at the end of the period |
| 35,880 |
| (114,559) |
| 35,880 |
| (114,559) |
|
|
|
|
|
|
|
| &n bsp; |
Accumulated other comprehensive income (loss) |
|
|
|
|
|
|
|
|
Balance beginning of period |
| 3,686 |
| (3,658) |
| 2,227 |
| (5,971) |
Other comprehensive income (loss) |
| 8,705 |
| 4,177 |
| 10,164 |
| 6,490 |
Balance at the end of the period |
| 12,391 |
| 519 |
| 12,391 |
| 519 |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
| 2,775,645 |
| 856,116 |
| 2,775,645 |
| 856,116 |
|
|
|
|
|
|
|
| &n bsp; |
|
|
|
|
|
|
|
| &n bsp; |
See accompanying notes to the consolidated financial statements.
Eldorado Gold Corporation
Unaudited Consolidated Statements of Comprehensive Income
For the periods ended June 30,
(Expressed in thousands of U.S. dollars, unless otherwise stated)
| Three months ended |
| Six months ended | ||||
| 2010 |
| 2009 |
| 2010 |
| 2009 |
| $ |
| $ |
| $ |
| $ |
|
|
|
|
|
|
|
|
Net earnings for the period ended June 30, | 60,508 | 25,900 | 113,353 | 38,961 | |||
| |||||||
Other comprehensive income (loss) | |||||||
Unrealized gains on available-for-sale investments | 10,089 | 3,246 | 11,654 | 5,559 | |||
Future income taxes on unrealized gains on available-for-sale investments | (1,384) | (269) | (1,490) | (269) | |||
Realized losses on available-for-sale investments | - | 1,200 | - | 1,200 | |||
Other comprehensive income | 8,705 | 4,177 | 10,164 | 6,490 | |||
| |||||||
| |||||||
Comprehensive income for the period ended June 30, | 69,213 | 30,077 | 123,517 | 45,451 | |||
|
See accompanying notes to the consolidated financial statements.