Eldorado Reports 2015 First Quarter Financial and Operational Results

Gold production of 189,414 ounces, All-In Sustaining Costs of $729 per ounce

TSX: ELD  NYSE: EGO

VANCOUVER, April 30, 2015 /CNW/ - Eldorado Gold Corporation, ("Eldorado" or "the Company") is pleased to announce the Company's financial and operational results for the first quarter 2015.  Eldorado reported gold production of 189,414 ounces (Q1 2014: 196,523 oz) at an average cash cost of $521 per ounce (Q1 2014: $519/oz).  Adjusted net earnings for the first quarter were $19.5 million ($0.03 per share) compared to $37.3 million ($0.05 per share) in the first quarter 2014.

"The solid first quarter production and continued low all-in sustaining cash costs of $729 per ounce, contributes to the Company remaining in a strong position to meet our annual production guidance of 640,000-700,000 ounces of gold at an all-in sustaining cash cost between $960-995 per ounce," said Paul Wright, Chief Executive Officer of Eldorado Gold.  "We continue to gain further support for our investments in Greece while making progress at all of the operations in the Halkidiki region.  With approximately $870 million in total liquidity at quarter-end, our balance sheet remains one of the strongest in the industry, allowing us to continue to internally fund our robust growth pipeline."

First Quarter Financial and Operational Highlights

  • Gold production of 189,414 ounces (including production from tailings retreatment at Olympias).
  • Adjusted net earnings of $19.5 million ($0.03 per share).  Loss attributable to shareholders of the Company was $8.2 million ($0.01 per share).
  • Gold revenues of $224.0 million on sales of 181,820 ounces of gold at an average realized gold price of $1,232 per ounce.
  • Liquidity of $869.3 million, including $494.3 million in cash, cash equivalents and term deposits, and $375.0 million in unused lines of credit.
  • All-in sustaining cash costs averaged $729 per ounce; cash operating costs averaged $521 per ounce.
  • Continued developments at Skouries: piling and earthworks in the main process area, and open pit stripping.
  • Certej Feasibility Study results expected during the second quarter of 2015.
  • 8,500 metres of exploration drilling completed at the operations and exploration projects.


Throughout this press release we use cash operating cost per ounce, total cash costs per ounce, all-in sustaining cost per ounce, gross profit from gold mining operations, adjusted net earnings and cash flow from operating activities before changes in non-cash working capital as additional measures of Company performance. These are non IFRS measures. Please see our MD&A for an explanation and discussion of these non IFRS measures. All dollar amounts in US dollars unless stated otherwise.

First Quarter Financial Results




($ millions except as noted)

Q1 2015

Q1 2014


Revenues

$238.3

$279.9


Gold revenues

$224.0

$247.6


Gold sold (ounces)

181,820

190,628


Average realized gold price (per ounce)

$1,232

$1,299


Cash operating costs (per ounce sold)

$521

$519


Total cash cost (per ounce sold)

$578

$577


All-in sustaining cash cost (per ounce sold)

$729

$786


Gross profit from gold mining operations

$77.1

$96.8


Adjusted net earnings

$19.5

$37.3


Net profit (loss) attributable to shareholders of the Company

($8.2)

$31.3


Earnings (loss) per share attributable to shareholders of the Company – Basic (US$/share)

($0.01)

$0.04


Earnings (loss) per share attributable to shareholders of the Company – Diluted (US$/share)

($0.01)

$0.04


Dividends paid (Cdn$/share)

$0.01

$0.01


Cash flow from operating activities before changes in non-cash working capital

$58.9

$94.7

Loss attributable to shareholders of the Company was $8.2 million ($0.01 per share) for the quarter compared with profit of $31.3 million ($0.04 per share) in the first quarter of 2014.  Gold sales volumes and realized prices both fell 5% year over year, resulting in a 10% decrease in gold revenues.  Cash operating costs from gold mining operations were unchanged compared with the first quarter of 2014.  Gross profit from gold mining operations fell 20% year over year, reflecting lower revenues.

A number of items, further detailed in the Management's Discussion and Analysis for the three-month period ended March 31, 2015, contributed to the Company's loss this quarter.  Adjusted net earnings for the quarter were $19.5 million ($0.03 per share) compared to $37.3 million ($0.05 per share) in the first quarter of 2014.

First Quarter Review

TURKEY

Kisladag
Gold production of 79,256 ounces at Kisladag in the first quarter was 18% higher year over year due to more tonnes of higher grade ore placed on the heap leach pad at the end of 2014. Cash operating costs of $522 per ounce were higher year over year as a result of higher production waste and an increase in government fees related to the lease of lands managed by the Forestry Ministry. Capital expenditures for the quarter included costs for the capitalized waste stripping, construction of additional leach pad cells, a new overland conveyor and a 154KV power line and substation.

Efemcukuru
Gold production of 21,220 ounces at Efemcukuru decreased 21% year over year due to extremely wet weather during the quarter, which impacted tailings placement and site water management.  Despite the changes to the short term mine plan, which resulted in lower grades during the quarter, Efemcukuru is still on track to reach production guidance for the year. Cash operating costs of $604 per ounce were 15% higher year over year due to lower gold production.  Capital spending during the quarter included underground development and mine mobile equipment.

Exploration at Efemcukuru included detailed geological mapping, soil sampling, and rock sampling.  The soil sampling program is filling gaps in the southern portion of the license area left in previous sampling programs.  Mapping and rock sampling programs gathered information from a previously untested vein exposure adjacent to the southeastern license boundary.

Exploration
Reconnaissance level field activities elsewhere in Turkey are currently focused on greenfields exploration for porphyry and epithermal systems in the central Pontide belt.

CHINA

Jinfeng
Gold production of 36,686 ounces at Jinfeng in the first quarter was 11% lower year over year as a result of lower tonnes milled and lower production from gold in circuit inventory in 2015, as compared with 2014.  A planned shutdown occurred for preventative mill maintenance causing the lower throughput. The material mined during the quarter and not treated was placed on stockpile and will be treated over the rest of the year.  Cash operating costs of $518 per ounce were 17% lower than the same period in 2014 due to lower mining contractor costs. Capital expenditures included capitalized underground development and process plant improvements.

Surface exploration work at Jinfeng included soil sampling over the Anbao exploration license and geological mapping of near-pit areas.  The 2015 soil sampling program has now been completed.

Tanjianshan
Gold production of 26,626 ounces at Tanjianshan in the first quarter was 6% lower year over year due to lower production from gold in circuit inventory in 2015, as compared to 2014. Cash operating costs of $407 per ounce during the quarter were 4% lower year over year as a result of lower processing costs. Capital expenditures included capitalized waste stripping on the Jinlonggou pit and the construction of the exploration decline at the Qinlongtan deposit.

At Tanjianshan, development of the Qinlongtan North decline is on schedule, and delineation drilling commenced at the end of the quarter.

White Mountain
Gold production of 20,883 ounces at White Mountain during the first quarter was 21% lower year over year due to reduced head grade and lower production from gold in circuit inventory in 2015 as compared with 2014. Cash operating costs per ounce of $600 were 1% lower than 2014 as a result of cost savings initiatives. Capital expenditures included capitalized underground development, exploration drilling and sustaining capital projects within the processing plant.

At White Mountain, over 5,500 metres of underground exploration drilling were completed during the quarter.  Most drilling consisted of modest stepout holes from existing resources and reserves in the north and south zones.  Exploration drilling later this year will shift to testing deeper targets, defined on the basis of the improved geological model developed through our relogging/reinterpretation program.

Eastern Dragon
Permitting at Eastern Dragon continues to move forward with good support from the various government agencies involved.  The Company expects the PPA to be approved in May, after which the applications for the supplemental permits needed for construction will be submitted. Based on the timing of these approvals the Company will revise and update the schedule for the remaining construction activities.

GREECE

With approximately $450 million invested to date in developing the Skouries and Olympias projects, Eldorado is one of the largest investors in Greece.  The Company now directly employs over 2,200 people in the country and paid in excess of $50 million in payroll taxes to the Greek Government and $160 million to Greek suppliers in 2014.  This business accounts for approximately 30% of shipping container traffic through the Port of ThessalonikiGreece's second-largest port.  The Company is committed to partnering with communities and governments to develop sustainable opportunities over the 25 plus years our Greek projects are projected to be in operation.

Eldorado conducts its business in Greece in a similar fashion to the other countries where it operates – with respect for human rights, the environment, and the well-being of all stakeholders.  All operations are legally permitted and operate in accordance with all Greek and European regulations.  International and in-country guidelines are followed to ensure that the environmental and safety practices meet the highest standards.  The integrity of the Hellas Gold Environmental Impact Assessment, which took five years to prepare, has been affirmed by Greece's Council of State on three separate occasions.

Skouries
Despite unusually wet weather during the quarter, construction continued to advance with piling and earthworks in the main process area as well as open pit stripping.  The placement of concrete for the flotation raft slabs commenced as well as construction of a number of retaining walls within the process plant.  Overburden and topsoil removal from the open pit continued and is expected to be completed during the second quarter.  Capital spending during the quarter totalled $22.6 million.

Exploration work for the quarter included sampling and mapping programs in the Skouries and Tsikara area.

Olympias
Underground development and refurbishing continued during the quarter in parallel with tailings retreatment.  Development of the main decline accessing the orebody from the Kokkinolakkas valley was restarted in the quarter following completion of a probe hole ahead of the excavation to assess ground conditions and potential water inflows.  The practice of cover grouting continues to provide control of ground water inflows during excavation.  During the quarter, 157,040 tonnes of tailings were treated and produced 4,743 ounces of gold.

Engineering and development for the Phase II reconfiguration program were advanced during the quarter.  Differential flotation design criteria have been established along with process equipment lists.  Procurement of long lead equipment is underway along with the development of basic engineering design for the operation.  Capital costs of $12.8 million were incurred during the quarter for mine development.  A total of $6.9 million was spent on tailings retreatment against proceeds of $5.7 million from the sale of gold recovered from the retreatment process.

Stratoni
Concentrate production at Stratoni was lower year over year due to lower ore tonnes processed and lower zinc head grade.  Plant throughput was affected by lower mine production as a result of fewer production areas in the mine.  Cash operating costs of $738 per tonne increased 19% year over year due to the impact of lower concentrate production on fixed costs as well as higher processing costs. 

Two stepout drillholes at Mavres Petres tested the open western and downdip extension of the deposit. One cut a 26.3 metre (apparent width) interval grading 4.11 g/t Au, 58.8 g/t Ag, 2.54% Pb, and 8.54% Zn, while the second intersected Pb+Zn rich massive sulfide over a 37.5 metre apparent width (assays pending). Development of the 138 level footwall exploration drive continued, reaching the first drill station late in the quarter.

Perama Hill
Expenditures at Perama Hill were kept to a minimum during the quarter pending receipt of approval of the Perama Hill Environmental Impact Assessment.

BRAZIL

Vila Nova
Vila Nova was placed on care and maintenance late in the fourth quarter of 2014. A nominal amount of iron ore was processed and shipped in the first quarter of 2015 while preparing the plant for shutdown. Weak iron ore prices continued during the quarter, resulting in an additional $6.2 million non-cash write-down of the remaining iron ore inventory cost on the balance sheet. The remaining inventory is expected to be sold in the second half of 2015 after the end of the rainy season subject to a rebound in iron ore prices.

Tocantinzinho
Optimization work for the Feasibility Study has focused on enhancing its financial return.

There was no exploration activity during the quarter at Tocantinzinho.

Exploration
The Project Generation team continues to evaluate new opportunities in Goias, Tocantins, Para, and Minas Gerais states.

ROMANIA

Certej
Work on Certej during the quarter focused on finalizing the feasibility study and preparing the necessary technical specifications to support ongoing permitting work.  The Company is planning to release the Certej feasibility study in the second quarter this year.  The feasibility study assumes open pit mining followed by flotation, oxidation and leaching of the ore to produce a gold/silver doré on site, as was outlined in the Prefeasibility Study completed in 2014. 

The new Certej geological model was finalized early in the quarter, and the exploration focus has now shifted to other nearby targets within the land package.

Exploration
Drilling programs at the Muncel, Deva and P. Avram prospects, initiated in 2014, were completed early in the quarter.

Conference Call

Senior management of the Company will host a conference call on May 1, 2015 at 11:30 AM ET to discuss Eldorado's First Quarter 2015 Financial and Operating Results.  The call will be webcast and can be accessed at Eldorado's website at www.eldoradogold.com.  Participants may join the call by dialing toll-free 1 888 231 8191 or 1 647 427 7450.  A replay is available until May 8, 2015 by dialing toll-free 1 855 859 2056 or 416 849 0833 (pass code 2888 9039).

About Eldorado Gold

Eldorado is a leading low cost gold producer with mining, development and exploration operations in Turkey, China, Greece, Romania and Brazil.  The Company's success to date is based on a low cost strategy, a highly skilled and dedicated workforce, safe and responsible operations, and long-term partnerships with the communities where it operates.  Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Certain of the statements made herein may contain 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, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "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 herein include, but are not limited, to statements or information with respect to the Company's 2015 First Quarter Financial and Operating Results.

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, including assumptions about the legal restrictions regarding the payment of dividends by the Company; assumptions about the price of gold; anticipated costs and expenditures; estimated production, mineral reserves and metallurgical recoveries; financial position, reserves and resources and gold production; and the ability to achieve our goals. Although 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 statements 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 statements or information.  These risks, uncertainties and other factors include, among others, the following: gold price volatility; risks of not meeting production and cost targets;  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 and operating in foreign countries; 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 27, 2015. 

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.


Table 1:  Q1 2015 Gold Production Highlights (in US$)







First Quarter
2015

First Quarter
2014

2014

2015 Outlook5

Gold Production






Ounces Sold

181,820

190,628

774,522

n/a


Ounces Produced1

189,414

196,523

789,224

640,000 to 700,000


Cash Operating Cost ($/oz)2,4

521

519

500

570 to 615


Total Cash Cost ($/oz)3,4

578

577

557

n/a


Realized Price ($/oz - sold)

1,232

1,299

1,266

n/a






Kişladağ Mine, Turkey






Ounces Sold

79,002

66,852

311,451

n/a


Ounces Produced

79,256

67,075

311,233

230,000 to 245,000


Tonnes to Pad

4,226,113

3,856,882

15,501,790

n/a


Grade (grams / tonne)

0.70

0.73

1.01

n/a


Cash Operating Cost ($/oz)4

522

456

443

600 to 650


Total Cash Cost ($/oz)3,4

539

473

461

n/a






Efemçukuru Mine, Turkey






Ounces Sold

18,623

27,647

101,717

n/a


Ounces Produced

21,220

26,969

98,829

90,000 to 100,000


Tonnes Milled

105,419

106,501

436,852

n/a


Grade (grams / tonne)

7.32

8.56

8.34

n/a


Cash Operating Cost ($/oz)4

604

526

573

550 to 600


Total Cash Cost ($/oz)3,4

619

547

595

n/a






Tanjianshan Mine, China






Ounces Sold

26,626

28,379

107,614

n/a


Ounces Produced

26,626

28,379

107,614

90,000 to 100,000


Tonnes Milled

257,297

263,609

1,045,440

n/a


Grade (grams / tonne)

3.57

3.44

3.69

n/a


Cash Operating Cost ($/oz)4

407

422

389

475 to 500


Total Cash Cost ($/oz)3,4

573

592

559

n/a






Jinfeng Mine, China






Ounces Sold

36,686

41,277

168,432

n/a


Ounces Produced

36,686

41,295

168,503

135,000 to 145,000


Tonnes Milled

321,706

364,987

1,470,824

n/a


Grade (grams / tonne)

4.10

4.00

3.99

n/a


Cash Operating Cost ($/oz) 4

518

626

575

660 to 700


Total Cash Cost ($/oz) 3,4

611

709

658

n/a






White Mountain Mine, China






Ounces Sold

20,883

26,473

85,308

n/a


Ounces Produced

20,883

26,473

85,308

70,000 to 75,000


Tonnes Milled

206,607

200,682

850,782

n/a


Grade (grams / tonne)

3.55

4.13

3.47

n/a


Cash Operating Cost ($/oz) 4

600

607

617

650 to 690


Total Cash Cost ($/oz) 3,4

638

646

657

n/a






Olympias, Greece






Ounces Sold

-

-

-

n/a


Ounces Produced1

4,743

6,332

17,737

20,000 to 25,000


Tonnes Milled

157,040

144,522

625,345

n/a


Grade (grams / tonne)

2.23

3.08

2.70

n/a


Cash Operating Cost ($/oz)4

-

-

-

n/a


Total Cash Cost ($/oz)3,4

-

-

-

n/a

1

Ounces produced include production from tailings retreatment at Olympias.

2 

Cost figures calculated in accordance with the Gold Institute Standard.

3 

Cash operating costs, plus royalties and the cost of off-site administration.

4 

Cash operating costs and total cash costs are non-IFRS measures.  Please see our MD&A for an explanation and discussion of these.

5 

Outlook assumes the following metal prices:  Gold $1,200 per ounce; Silver $20 per ounce.

 


Eldorado Gold Corporation
Unaudited Condensed Consolidated Balance Sheets
(Expressed in thousands of US dollars)





Note

March 31, 2015

December 31, 2014


ASSETS


$

$

Current assets





Cash and cash equivalents


445,608

498,514


Term deposits


48,702

2,800


Restricted cash


249

262


Marketable securities


9,374

4,251


Accounts receivable and other


82,120

117,995


Inventories


214,148

223,412



800,201

847,234

Deferred income tax assets


-

104

Other assets


52,597

43,605

Defined benefit pension plan


14,160

12,790

Property, plant and equipment


5,988,393

5,963,611

Goodwill


526,296

526,296



7,381,647

7,393,640

LIABILITIES & EQUITY




Current liabilities





Accounts payable and accrued liabilities


168,708

184,712


Current debt

5

16,281

16,343



184,989

201,055

Debt

5

587,761

587,201

Other non-current liabilities

4

51,290

49,194

Asset retirement obligations


109,672

109,069

Deferred income tax liabilities


880,669

869,207



1,814,381

1,815,726

Equity




Share capital

6

5,319,101

5,318,950

Treasury stock


(12,662)

(12,949)

Contributed surplus


41,371

38,430

Accumulated other comprehensive loss


(18,238)

(18,127)

Deficit


(67,816)

(53,804)

Total equity attributable to shareholders of the Company


5,261,756

5,272,500

Attributable to non-controlling interests


305,510

305,414



5,567,266

5,577,914



7,381,647

7,393,640

Approved on behalf of the Board of Directors

(Signed) Robert R. Gilmore          Director
(Signed) Paul N. Wright               Director

The accompanying notes are an integral part of these consolidated financial statements.

 

Eldorado Gold Corporation
Unaudited Condensed Consolidated Income Statements

(Expressed in thousands of US dollars)

For the quarter ended March 31,



2015

2014




$

$

Revenue





 Metal sales



238,311

279,870






Cost of sales





Production costs



119,305

134,785

Inventory write-down



6,210

-

Depreciation and amortization



45,409

45,572




170,924

180,357

Gross profit



67,387

99,513






Exploration expenses



3,123

3,895

Mine standby costs



499

-

General and administrative expenses



16,278

15,844

Defined benefit pension plan expense



426

403

Share based payments



6,415

6,994

Foreign exchange loss (gain)



10,239

(1,361)

Operating profit



30,407

73,738






Loss on disposal of assets



11

6

Loss on marketable securities and other investments

-

772

Loss on investments in associates


-

102

Other expense (income)



(1,858)

784

Asset retirement obligation accretion



603

582

Interest and financing costs



5,175

8,405






Profit before income tax



26,476

63,087

Income tax expense



32,989

32,444

Profit (loss) for the period


(6,513)

30,643






Attributable to:





Shareholders of the Company



(8,244)

31,268

Non-controlling interests



1,731

(625)

Profit (loss) for the period



(6,513)

30,643






Weighted average number of shares outstanding




Basic



716,583

716,217

Diluted



716,583

716,217







Earnings (loss) per share attributable to shareholders of the Company:



Basic earnings (loss) per share 



(0.01)

0.04

Diluted earnings (loss) per share



(0.01)

0.04

The accompanying notes are an integral part of these consolidated financial statements.

 

Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Income

(Expressed in thousands of US dollars except per share amounts)

For the quarter ended March 31,



2015

2014




$

$






Profit (loss) for the period



(6,513)

30,643

Other comprehensive income (loss):





Change in fair value of available-for-sale financial assets


(111)

(489)

Realized losses on disposal of available-for-sale financial assets



-

759

Total other comprehensive income (loss) for the period



(111)

270

Total comprehensive income (loss) for the period



(6,624)

30,913






Attributable to:





Shareholders of the Company



(8,355)

31,538

Non-controlling interests



1,731

(625)




(6,624)

30,913

The accompanying notes are an integral part of these consolidated financial statements.

 

Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Cash Flows

(Expressed in thousands of US dollars)

For the quarter ended March 31,


Note

2015

2014




$

$

Cash flows generated from (used in):





Operating activities





Profit (loss) for the period



(6,513)

30,643

Items not affecting cash:





Asset retirement obligation accretion



603

582

Depreciation and amortization



45,409

45,572

Unrealized foreign exchange loss



1,014

384

Deferred income tax expense



11,564

9,196

Loss on disposal of assets



11

6

Loss on investments in associates



-

102

Loss on marketable securities and other investments



-

772

Share based payments



6,415

6,994

Defined benefit pension plan expense



426

403




58,929

94,654






Changes in non-cash working capital


9

16,077

(25,217)




75,006

69,437

Investing activities





Net cash paid on acquisition of subsidiary


4

-

(30,318)

Purchase of property, plant and equipment



(75,071)

(80,430)

Proceeds from the sale of property, plant and equipment


13

84

Proceeds on production of tailings retreatment



5,721

8,792

Purchase of marketable securities



(5,233)

-

Proceeds from the sale of marketable securities



-

622

Redemption of (investment in) term deposits



(45,902)

29,676

Decrease in restricted cash



601

26




(119,871)

(71,548)

Financing activities





Issuance of common shares for cash



121

-

Proceeds from contributions from non-controlling interest


4

-

40,000

Dividend paid to shareholders



(5,768)

(6,464)

Purchase of treasury stock



(2,394)

(6,404)

Long-term and bank debt proceeds



8,171

16,363

Long-term and bank debt repayments



(8,171)

(16,382)




(8,041)

27,113

Net increase (decrease) in cash and cash equivalents



(52,906)

25,002

Cash and cash equivalents - beginning of period



498,514

589,180






Cash and cash equivalents - end of period



445,608

614,182

The accompanying notes are an integral part of these consolidated financial statements.

 

Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Changes in Equity

(Expressed in thousands of US dollars)

For the quarter ended March 31, 

Note

2015


2014



$

$

Share capital 





Balance beginning of period


5,318,950


5,314,589


Shares issued upon exercise of share options, for cash


121


-


Transfer of contributed surplus on exercise of options


30


-


Transfer of contributed surplus on exercise of deferred phantom units


-


224

Balance end of period


5,319,101


5,314,813






Treasury stock





Balance beginning of period


(12,949)


(10,953)


Purchase of treasury stock


(2,394)


(6,404)


Shares redeemed upon exercise of restricted share units


2,681


-

Balance end of period


(12,662)


(17,357)






Contributed surplus





Balance beginning of period


38,430


78,557


Share based payments


6,305


6,715


Shares redeemed upon exercise of restricted share units


(2,681)


-


Recognition of other non-current liability and related costs

4

(653)


(49,624)


Transfer to share capital on exercise of options and deferred phantom units


(30)


(224)

Balance end of period


41,371


35,424






Accumulated other comprehensive loss





Balance beginning of period


(18,127)


(17,056)


Other comprehensive gain (loss) for the period


(111)


270

Balance end of period


(18,238)


(16,786)






Deficit





Balance beginning of period


(53,804)


(143,401)


Dividends paid


(5,768)


(6,464)


Profit (loss) attributable to shareholders of the Company


(8,244)


31,268

Balance end of period


(67,816)


(118,597)

Total equity attributable to shareholders of the Company


5,261,756


5,197,497






Non-controlling interests





Balance beginning of period


305,414


273,128


Profit (loss) attributable to non-controlling interests


1,731


(625)


Dividends declared to non-controlling interests


(1,635)


-


Increase during the period

4

-


40,000

Balance end of period


305,510


312,503






Total equity


5,567,266


5,510,000

The accompanying notes are an integral part of these consolidated financial statements.

Click here for the Unaudited Condensed Consolidated Financial Statements for the quarter ended Mar 31, 2015.

SOURCE Eldorado Gold Corporation

For further information: Contact, Krista Muhr, Vice President Investor Relations & Corporate Communications, kristam@eldoradogold.com, 604 601 6701 or 1 888 353 8166


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