EX-99.1 2 newrelease.htm NEWS RELEASE DATED JULY 29, 2010 MD Filed by Filing Services Canada Inc.  (403) 717-3898


[newrelease001.jpg]

 

 

 

 

 

 


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 website www.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 statements 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)

 

 

 

 

 

 

 

 

 

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 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




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.