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Eldorado Gold Corp. Message Board

  • bluecheese4u bluecheese4u Feb 22, 2013 7:32 AM Flag

    Eldorado Reports Year-End and Fourth Quarter Financial and Operational Results

    Eldorado Reports Year-End and Fourth Quarter Financial and Operational Results

    Earnings: $0.16 per share - Q4; $0.44 per share - full year 2012
    (all figures in United States dollars unless otherwise noted)

    February 22, 2013
    VANCOUVER, BC - Paul N. Wright, Chief Executive Officer of Eldorado Gold Corporation, ("Eldorado" the "Company" or "we") is pleased to report on the Company's financial and operational results for the year ended December 31, 2012. Eldorado reported profit attributable to shareholders of the Company of $305.3 million for the year ended December 31, 2012 on sales of 625,394 ounces of gold at an average price of $1,674 per ounce.

    "In addition to the continued strong earnings and production achieved in 2012, the Company completed its acquisition of European Goldfields Limited ("EGU") during the year, significantly increasing our gold reserves" said Paul Wright, President and CEO of Eldorado Gold. "As well, the Company strengthened its cash position through the issuance of Senior Notes totalling $600.0 million, proceeds of which will be used to fund a strong set of development projects in the pipeline."

    2012 Results and Corporate Developments
    Gold production, including pre-commercial production from Efemcukuru: 656,324 ounces - 2012; 658,652 ounces - 2011.
    Gold revenues: $1,047.1 million - 2012; $1,042.1 million - 2011.
    Basic earnings per share: $0.44 per share - 2012; $0.58 per share - 2011.
    Cash generated from operating activities before changes in non-cash working capital (a non-IFRS measure): $447.7 million - 2012; $502.1 million - 2011. Additionally, sales of pre-commercial production from Efemcukuru generated proceeds of $54.7 million.
    The Company paid dividends totalling Cdn$0.15 per share compared to Cdn$0.11 per share in 2011.
    European Goldfields Limited was acquired on February 24, 2012.
    Reserves increased significantly year over year.
    The Company issued Senior Notes totalling $600.0 million in December 2012.

    Change in Greek corporate income tax rate post acquisition

    On January 11, 2013 the government of Greece enacted legislation increasing the corporate income tax rate from 20% to 26%, effective January 1, 2013. The Company calculated its deferred tax liability with respect to its Greek assets including the assets acquired as part of the EGU acquisition based on the 20% Greek income tax rate (the legislated tax rate at the acquisition date). As required by IAS 12, "Income Taxes", when an income tax rate changes, the deferred tax liability must be adjusted to reflect the change in the income tax rate. The adjustment is required to be charged to deferred income tax expense. The Company anticipates that the increase in the Greek income tax rate from 20% to 26% will increase the deferred tax liability and the deferred tax expense by approximately $130.0 million or approximately $0.18 per share in the first quarter of 2013.

    eldoradogoldDOTcom/s/NewsReleasesDOTasp?ReportID=572195

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