EX-99.1 2 unauditedcondensedconsolid.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1


 newlogoa27.jpg
 
Condensed Consolidated Interim Financial Statements
June 30, 2020 and 2019
(Unaudited)
(Expressed in thousands of U.S. dollars)







 
Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position    
As at June 30, 2020 and December 31, 2019
(Unaudited – in thousands of U.S. dollars)

As at
Note
 
June 30, 2020

 
December 31, 2019

ASSETS

 
 
 
 
Current assets

 
 
 
 
Cash and cash equivalents

 
$
435,469

 
$
177,742

Term deposits

 
4,836

 
3,275

Marketable securities

 
4,654

 
3,828

Accounts receivable and other
4
 
86,351

 
75,310

Inventories
5
 
162,785

 
163,234

Current portion of employee benefit plan assets

 
6,025

 
—

Assets held for sale

 
11,929

 
12,471



 
712,049

 
435,860

Restricted cash

 
1,983

 
3,080

Other assets

 
30,647

 
22,943

Employee benefit plan assets

 
—

 
6,244

Property, plant and equipment

 
4,044,955

 
4,088,202

Goodwill

 
92,591

 
92,591



 
$
4,882,225

 
$
4,648,920

LIABILITIES & EQUITY

 

 

Current liabilities

 

 

Accounts payable and accrued liabilities

 
$
144,629

 
$
139,104

Current portion of capital lease liabilities

 
10,342

 
9,913

Current portion of debt
6
 
216,667

 
66,667

Current portion of asset retirement obligations

 
1,783

 
1,782

Current portion of employee benefit plan obligations

 
1,133

 
—

Liabilities associated with assets held for sale

 
4,229

 
4,257



 
378,783

 
221,723

Debt
6
 
380,423

 
413,065

Lease liabilities

 
11,399

 
15,143

Employee benefit plan obligations

 
17,464

 
18,224

Asset retirement obligations

 
94,174

 
94,235

Deferred income tax liabilities

 
413,339

 
412,717



 
1,295,582

 
1,175,107

Equity

 

 

Share capital
10
 
3,135,955

 
3,054,563

Treasury stock

 
(11,587
)
 
(8,662
)
Contributed surplus

 
2,634,246

 
2,627,441

Accumulated other comprehensive loss

 
(28,266
)
 
(28,966
)
Deficit

 
(2,189,129
)
 
(2,229,867
)
Total equity attributable to shareholders of the Company

 
3,541,219

 
3,414,509

Attributable to non-controlling interests
11
 
45,424

 
59,304



 
3,586,643

 
3,473,813



 
$
4,882,225

 
$
4,648,920

Approved on behalf of the Board of Directors

(signed)     John Webster Director          (signed)    George Burns     Director

Date of approval: July 30, 2020

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


Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Operations        
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars except share and per share amounts)            

 
 
 
Three months ended
 
Six months ended
 
 
 
June 30,
 
June 30,

Note
 
2020

 
2019


2020

 
2019

Revenue

 
 
 
 




  Metal sales
7
 
$
255,917

 
$
173,678


$
460,572


$
253,702



 
 
 
 



 
Cost of sales

 
 
 
 



 
  Production costs

 
109,477

 
100,896


210,839


152,817

  Depreciation and amortization
 
 
58,328

 
41,188


110,691


61,130



 
167,805

 
142,084


321,530


213,947



 
 
 
 



 
Earnings from mine operations

 
88,112

 
31,594


139,042


39,755



 
 
 
 



 
Exploration and evaluation expenses

 
2,333

 
2,529


5,560


7,894

Mine standby costs
8
 
5,029

 
3,450


9,059


11,443

General and administrative expenses

 
6,157

 
8,084


14,444


15,256

Employee benefit plan expense
 
 
766

 
510


1,457


1,109

Share-based payments expense
12
 
2,863

 
2,498


4,658


5,400

Reversal of impairment
 
 
—

 
(11,690
)

—


(11,690
)
Write-down (reversal) of assets
 
 
(295
)
 
410


(92
)

427

Foreign exchange loss (gain)

 
(1,238
)
 
480


(2,000
)

235

Earnings from operations

 
72,497

 
25,323


105,956


9,681



 
 
 
 



 
Other income
9
 
1,356

 
8,655


36


10,288

Finance costs
9
 
(6,480
)
 
(16,786
)

(22,687
)

(24,117
)
Earnings (loss) from operations before income tax

 
67,373

 
17,192


83,305


(4,148
)
 
 
 
 
 
 
 
 
 
 
Income tax expense
 
 
23,671

 
8,010


45,076


14,042

Net earnings (loss) for the period

 
$
43,702

 
$
9,182


$
38,229


$
(18,190
)


 
 
 
 



 
Attributable to:

 
 
 
 



 
Shareholders of the Company

 
45,618

 
12,151


40,738


(14,814
)
Non-controlling interests

 
(1,916
)
 
(2,969
)

(2,509
)

(3,376
)
Net earnings (loss) for the period

 
$
43,702

 
$
9,182


$
38,229


$
(18,190
)


 
 
 
 



 
Weighted average number of shares outstanding (thousands)
 
 
 
 
 



 
Basic

 
169,867

 
158,372


167,524


158,345

Diluted

 
173,787

 
161,276


171,342


158,345



 
 
 
 



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

 
 
 
 



 
Basic earnings (loss) per share

 
$
0.27

 
$
0.08


$
0.24


$
(0.09
)
Diluted earnings (loss) per share

 
$
0.26

 
$
0.08


$
0.24


$
(0.09
)









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


Eldorado Gold Corporation                        
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars)                            




Three months ended
 
Six months ended
 
 
 
June 30,
 
June 30,
 
 
 
2020

 
2019

 
2020

 
2019







 
 
 
 
Net earnings (loss) for the period


$
43,702


$
9,182

 
$
38,229

 
$
(18,190
)
Other comprehensive (loss) income:





 
 
 
 
Items that will not be reclassified to earnings or loss:
 
 
 
 
 
 
 
 
 
Change in fair value of investments in equity securities, net of tax


1,766


1,016

 
898

 
1,163

Actuarial gains (losses) on employee benefit plans, net of tax
 

30


(63
)
 
(198
)
 
(409
)
Total other comprehensive income for the period


1,796


953

 
700

 
754

Total comprehensive income (loss) for the period


$
45,498


$
10,135

 
$
38,929

 
$
(17,436
)






 
 
 
 
Attributable to:





 
 
 
 
Shareholders of the Company


47,414


13,104

 
41,438

 
(14,060
)
Non-controlling interests


(1,916
)

(2,969
)
 
(2,509
)
 
(3,376
)



$
45,498


$
10,135

 
$
38,929

 
$
(17,436
)






























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


Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Cash Flows        
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars)

 
 
 
Three months ended
 
Six months ended

 

June 30,
 
June 30,
 
Note
 
2020

 
2019

 
2020

 
2019

Cash flows generated from (used in):





 
 
 
 
Operating activities





 
 
 
 
Net earnings (loss) for the period


$
43,702


$
9,182

 
$
38,229

 
$
(18,190
)
Items not affecting cash:





 
 
 
 
Depreciation and amortization
 

58,883


41,188

 
111,810

 
61,130

Finance costs
 
 
6,498

 
16,786

 
22,722

 
24,117

Interest income
 
 
(894
)
 
(939
)
 
(1,283
)
 
(2,154
)
Unrealized foreign exchange gain
 
 
(512
)
 
(178
)
 
(3,050
)
 
(351
)
Income tax expense
 

23,671


8,010

 
45,076

 
14,042

Loss on disposal of assets

 
96

 
951

 
2,550

 
1,013

Write-down (reversal) of assets


(295
)

410

 
(92
)
 
427

Share-based payments expense
12

2,863


2,498

 
4,658

 
5,400

Employee benefit plan expense


766


510

 
1,457

 
1,109

Income from royalty sale
 
 
—

 
(8,075
)
 
—

 
(8,075
)
Reversal of impairment
 

—


(11,690
)
 
—

 
(11,690
)



134,778


58,653

 
222,077

 
66,778

Property reclamation payments


(474
)

(896
)
 
(1,000
)
 
(1,796
)
Employee benefit plan payments


(435
)

(1,349
)
 
(671
)
 
(1,349
)
Income taxes paid
 
 
(18,128
)
 
(4,010
)
 
(32,847
)
 
(4,010
)
Interest paid
 
 
(17,588
)
 
(14,886
)
 
(20,358
)
 
(15,136
)
Interest received
 
 
894

 
939

 
1,283

 
2,154

Changes in non-cash working capital
13

583


12,572

 
(15,587
)
 
3,754

Net cash generated from operating activities


99,630


51,023

 
152,897

 
50,395







 
 
 
 
Investing activities





 
 
 
 
Purchase of property, plant and equipment


(37,126
)

(48,020
)
 
(77,608
)
 
(113,940
)
Proceeds from the sale of property, plant and equipment
 

683


3,392

 
705

 
3,772

Value added taxes related to mineral property expenditures, net


168


(5,348
)
 
(5,483
)
 
(7,719
)
Decrease (increase) in term deposits


49,964


1,897

 
(1,561
)
 
1,871

Decrease (increase) in restricted cash
 

(77
)

10,640

 
1,097

 
10,194

Capitalized interest
 
 
—

 
(3,848
)
 
—

 
(3,848
)
Proceeds on pre-commercial production sales, net
 

—


7,606

 
—

 
12,159

Net cash generated from (used in) investing activities


13,612


(33,681
)
 
(82,850
)
 
(97,511
)






 
 
 
 
Financing activities





 
 
 
 
Cash received for issuance of shares
 

60,243


18

 
87,079

 
18

Acquisition of non-controlling interest
11
 
(7,500
)
 
—

 
(7,500
)
 
—

Contributions from non-controlling interests


301


—

 
301

 
—

Proceeds from borrowings
6
 
—

 
494,000

 
150,000

 
494,000

Repayment of borrowings
6
 
(33,333
)
 
(600,000
)
 
(33,333
)
 
(600,000
)
Loan financing costs
 
 
—

 
(14,995
)
 
—

 
(14,995
)
Principal portion of lease liabilities
 
 
(2,499
)
 
(1,312
)
 
(5,033
)
 
(2,386
)
Purchase of treasury stock
 
 
(3,679
)
 
—

 
(3,679
)
 
—

Net cash generated from (used in) financing activities


13,533


(122,289
)
 
187,835

 
(123,363
)






 
 
 
 
Net increase (decrease) in cash and cash equivalents


126,775


(104,947
)
 
257,882

 
(170,479
)
Cash and cash equivalents - beginning of period


308,780


220,780

 
177,742

 
286,312

Cash in disposal group held for sale
 
 
(86
)
 
(724
)
 
(155
)
 
(724
)
Cash and cash equivalents - end of period


$
435,469


$
115,109

 
$
435,469

 
$
115,109



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


Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars)

 
 
Three months ended
 
Six months ended
 
 
June 30,
 
June 30,


2020

 
2019

 
2020

 
2019

Share capital

 
 
 
 



Balance beginning of period

$
3,075,100

 
$
3,007,924

 
$
3,054,563


$
3,007,924

Shares issued upon exercise of share options, for cash

1,392

 
18

 
1,816


18

Transfer of contributed surplus on exercise of options

560

 
2

 
730


2

Shares issued to the public, net of share issuance costs

58,903

 
—

 
78,846


—

Balance end of period

$
3,135,955

 
$
3,007,944

 
$
3,135,955


$
3,007,944



 
 
 
 
 


Treasury stock

 
 
 
 
 


Balance beginning of period

$
(8,314
)
 
$
(9,269
)
 
$
(8,662
)

$
(10,104
)
Purchase of treasury stock (Note 12(b))

(3,679
)
 
—

 
(3,679
)

—

Shares redeemed upon exercise of restricted share units

406

 
456

 
754


1,291

Balance end of period

$
(11,587
)
 
$
(8,813
)
 
$
(11,587
)

$
(8,813
)


 
 
 
 
 


Contributed surplus

 
 
 
 
 


Balance beginning of period

$
2,628,820

 
$
2,621,866

 
$
2,627,441


$
2,620,799

Share based payments

2,221

 
2,115

 
4,118


4,017

Acquisition of non-controlling interest (Note 11)
 
4,171

 
—

 
4,171

 
—

Shares redeemed upon exercise of restricted share units

(406
)
 
(456
)
 
(754
)

(1,291
)
Transfer to share capital on exercise of options

(560
)
 
(2
)
 
(730
)

(2
)
Balance end of period

$
2,634,246

 
$
2,623,523

 
$
2,634,246


$
2,623,523



 
 
 
 
 


Accumulated other comprehensive loss

 
 
 
 
 


Balance beginning of period

$
(30,062
)
 
$
(24,693
)
 
$
(28,966
)

$
(24,494
)
Other comprehensive income for the period

1,796

 
953

 
700


754

Balance end of period

$
(28,266
)
 
$
(23,740
)
 
$
(28,266
)

$
(23,740
)


 
 
 
 
 


Deficit

 
 
 
 
 


Balance beginning of period

$
(2,234,747
)
 
$
(2,337,418
)
 
$
(2,229,867
)

$
(2,310,453
)
Net earnings (loss) attributable to shareholders of the Company

45,618

 
12,151

 
40,738


(14,814
)
Balance end of period

$
(2,189,129
)
 
$
(2,325,267
)
 
$
(2,189,129
)

$
(2,325,267
)
Total equity attributable to shareholders of the Company

$
3,541,219

 
$
3,273,647

 
$
3,541,219


$
3,273,647



 
 
 
 
 


Non-controlling interests

 
 
 
 
 


Balance beginning of period

$
58,711

 
$
63,007

 
$
59,304


$
63,414

Net loss attributable to non-controlling interests

(1,916
)
 
(2,969
)
 
(2,509
)

(3,376
)
Acquisition of non-controlling interest (Note 11)
 
(11,672
)
 
—

 
(11,672
)
 
—

Contributions from non-controlling interests

301

 
219

 
301


219

Balance end of period

$
45,424

 
$
60,257

 
$
45,424


$
60,257

Total equity

$
3,586,643

 
$
3,333,904

 
$
3,586,643


$
3,333,904



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


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

1. General Information
Eldorado Gold Corporation (individually or collectively with its subsidiaries, as applicable, “Eldorado” or the “Company”) is a gold and base metals mining, development, and exploration company. The Company has mining operations, ongoing development projects and exploration in Turkey, Canada, Greece, Romania, and Brazil.
Eldorado is a public company listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and is incorporated in the province of British Columbia, Canada.
The Company's head office, principal address and records are located at 550 Burrard Street, Suite 1188, Vancouver, British Columbia, Canada, V6C 2B5.

2. Basis of preparation
(a)
Statement of compliance
These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 ‘Interim Financial Reporting’. They do not include all of the information and footnotes required by International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) for full annual financial statements and should be read in conjunction with the Company’s audited annual consolidated financial statements as at and for the year ended December 31, 2019.
Except as described in note 3, the same accounting policies were used in the preparation of these unaudited condensed consolidated interim financial statements as for the most recent audited annual consolidated financial statements and reflect all the adjustments necessary for fair presentation in accordance with IFRS for the interim periods presented.
Certain prior period balances have been reclassified to conform to current period presentation.
These unaudited condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on July 30, 2020.
(b)
Critical accounting estimates and judgements
The preparation of these unaudited condensed consolidated interim financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
Significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the audited annual consolidated financial statements as at and for the year ended December 31, 2019.

3. Adoption of new accounting standards
The following standards and amendments to existing standards have been adopted by the Company commencing January 1, 2020:
(a) Interest rate benchmark reform
In September 2019, the IASB issued first phase amendments IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Hedging and IFRS 7 Financial Instrument Disclosures to address the financial reporting impact of the reform on interest rate benchmarks, such as the discontinuance of the interbank offered rates. The first phase amendment is focused on the impact to hedge accounting requirements. The Company adopted the first phase amendment and there was no material impact on its consolidated financial statements. The Company will continue to assess the effect of amendments related to the interest rate benchmark reform on its consolidated financial statements.



(1)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

3. Adoption of new accounting standards (continued)
(b) Conceptual framework for financial reporting
In March 2018, the IASB revised the Conceptual Framework for financial reporting. The Conceptual Framework sets out fundamental concepts for financial reporting and guides companies in developing accounting policies when no IFRS standard exists. The Conceptual Framework sets out the objective of general purpose financial reporting; the qualitative characteristics of useful financial information; a description of the reporting entity; definitions of an asset, a liability, equity, income and expenses and guidance on recognition and de-recognition criteria; measurement bases and guidance on when to use them; concepts and guidance on presentation and disclosure; and concepts relating to capital and capital maintenance. The Company adopted this standard and there was no material impact on its consolidated financial statements.
The following amendment to existing standards has been issued but not yet adopted by the Company:
(a) Property, plant and equipment - proceeds before intended use
On May 14, 2020, the IASB published a narrow scope amendment to IAS 16 Property, Plant and Equipment - Proceeds before Intended Use. The amendment prohibits deducting from the cost of property, plant and equipment amounts received from selling items produced while preparing the asset for its intended use.  Instead, amounts received will be recognized as sales proceeds and related cost in profit or loss.  The effective date is for annual periods beginning on or after January 1, 2022.  The Company is assessing the effect of the narrow scope amendment on its consolidated financial statements. 

4. Accounts receivable and other
 
June 30, 2020

 
December 31, 2019

 
 
 
 
Trade receivables
$
45,682

 
$
35,107

Value added tax and other taxes recoverable
12,965

 
17,658

Other receivables and advances
13,691

 
10,756

Prepaid expenses and deposits
14,013

 
11,789

 
$
86,351

 
$
75,310


5. Inventories
 
June 30, 2020

 
December 31, 2019

 
 
 
 
Ore stockpiles
$
4,076

 
$
3,859

In-process inventory and finished goods
75,694

 
81,282

Materials and supplies
83,015

 
78,093

 
$
162,785

 
$
163,234


As at June 30, 2020, the Company recognized $740 and $72 in production costs and depreciation, respectively, to reduce the cost of lead and zinc concentrate inventory at Stratoni to net realizable value (as at June 30, 2019 – $386 and $1,241 recognized in production costs and depreciation, respectively, relating to lead and zinc concentrate inventory at Olympias).


(2)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

6. Debt
 
June 30, 2020

 
December 31, 2019

 
 
 
 
Senior notes due June 2024, net of unamortized discount and transaction fees of $12,252 (2019 - $13,806) (Note 6 (a))
$
289,121

 
$
287,568

Term loan, net of unamortized transaction costs of $1,865
(2019 - $2,239) (Note 6 (b))
164,802

 
197,761

Revolving credit facility (Note 6 (b))
150,000

 
—

Redemption option derivative asset (Note 6 (a))
(6,833
)
 
(5,597
)
 
$
597,090

 
$
479,732

Less current portion, including credit facility
216,667

 
66,667

Long-term portion
$
380,423

 
$
413,065


(a) Senior Secured Second Lien Notes due 2024
On June 5, 2019, the Company completed an offering of $300 million senior secured second lien notes (the "senior secured notes”) at 98% of par value, with a coupon rate of 9.5% due June 1, 2024. The senior secured notes pay interest semi-annually on June 1 and December 1, beginning December 1, 2019.
The senior secured notes contain certain redemption features that constitute an embedded derivative asset, which is recognized separately at fair value and is classified as fair value through profit and loss. The increases in fair value for the three and six months ended June 30, 2020, respectively, are $5,665 and $1,236, which are recognized in finance costs.
The senior secured notes contain covenants that restrict, among other things, the ability of the Company to incur certain capital expenditures, distributions in certain circumstances and sales of material assets, in each case, subject to certain conditions. The Company is in compliance with these covenants at June 30, 2020.
The fair market value of the senior secured notes as at June 30, 2020 is $322 million (December 31, 2019 – $324 million).
(b) Senior Secured Credit Facility
In May 2019, the Company executed a $450 million amended and restated senior secured credit facility (the "third amended and restated credit agreement" or "TARCA") which consists of the following:
i) A $200 million non-revolving term loan ("term loan") with six equal semi-annual payments commencing June 30, 2020.
ii) A $250 million revolving credit facility with a maturity date of June 5, 2023.
As at June 30, 2020, the Company has outstanding EUR 57.6 million and CDN $0.4 million ($65.2 million) (December 31, 2019 - EUR 57.6 million and CDN $0.4 million, totaling $64.5 million) in non-financial letters of credit. The non-financial letters of credit were issued to secure certain obligations in connection with the Company's operations and reduce availability under the revolving credit facility by corresponding amounts.
The TARCA contains covenants that restrict, among other things, the ability of the Company to incur additional unsecured indebtedness except in compliance with certain conditions, incur certain lease obligations, make distributions in certain circumstances, sell material assets or carry on a business other than one related to mining. Significant financial covenants include a minimum Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) to interest ratio and a maximum debt net of unrestricted cash ("net debt") to EBITDA ratio ("net leverage ratio"). The Company is in compliance with its covenants at June 30, 2020. 



(3)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

6. Debt (continued)
Both the term loan and revolving credit facility bear interest at LIBOR ("London Inter-Bank Offered Rate") plus a margin of 2.25% – 3.25%, dependent on a net leverage ratio pricing grid. As at June 30, 2020, the Company’s current interest charges and fees are as follows: LIBOR plus margin of 2.25% on the term loan and any amounts drawn from the revolving credit facility; two thirds the applicable margin (1.5%) on non-financial letters of credit secured by the revolving credit facility and 0.5625% standby fees on the available and undrawn portion of the revolving credit facility.
On March 30, 2020, the Company drew $150 million under the revolving credit facility as a proactive measure in light of the uncertainty surrounding the novel coronavirus ("COVID-19") pandemic. The Company has no immediate need for the funds and this amount remains outstanding at June 30, 2020 (December 31, 2019 - nil). At this time, the Company expects to repay this amount within the next twelve months. Accordingly, the amount is included in the current portion of debt.
On June 30, 2020, the Company made a scheduled $33.3 million payment on the $200 million term loan.

7. Revenue
For the three months ended June 30, 2020, revenue from contracts with customers by product and segment were as follows:
 
Turkey

 
Canada

 
Greece

 
Total

 
 
 
 
 
 
 
 
Gold revenue - doré
$
103,364

 
$
55,595

 
$
—

 
$
158,959

Gold revenue - concentrate
46,446

 
—

 
28,885

 
75,331

Silver revenue - doré
489

 
168

 
—

 
657

Silver revenue - concentrate
747

 
—

 
6,569

 
7,316

Lead concentrate
—

 
—

 
3,007

 
3,007

Zinc concentrate
—

 
—

 
6,175

 
6,175

Revenue from contracts with customers
$
151,046

 
$
55,763

 
$
44,636

 
$
251,445

Gain on revaluation of derivatives in trade receivables for provisional pricing
324

 
—

 
4,148

 
4,472

 
$
151,370

 
$
55,763

 
$
48,784

 
$
255,917


For the three months ended June 30, 2019, revenue from contracts with customers by product and segment were as follows:
 
Turkey

 
Canada

 
Greece

 
Total

 
 
 
 
 
 
 
 
Gold revenue - doré
$
34,265

 
$
32,368

 
$
—

 
$
66,633

Gold revenue - concentrate
64,420

 
—

 
18,212

 
82,632

Silver revenue - doré
264

 
150

 
—

 
414

Silver revenue - concentrate
1,056

 
—

 
3,588

 
4,644

Lead concentrate
—

 
—

 
7,853

 
7,853

Zinc concentrate
—

 
—

 
13,017

 
13,017

Revenue from contracts with customers
$
100,005

 
$
32,518

 
$
42,670

 
$
175,193

Gain (loss) on revaluation of derivatives in trade receivables for provisional pricing
695

 
—

 
(2,210
)
 
(1,515
)
 
$
100,700

 
$
32,518

 
$
40,460

 
$
173,678


(4)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

7. Revenue (continued)
For the six months ended June 30, 2020, revenue from contracts with customers by product and segment were as follows:
 
Turkey

 
Canada

 
Greece

 
Total

 
 
 
 
 
 
 
 
Gold revenue - doré
$
185,091

 
$
98,177

 
$
—

 
$
283,268

Gold revenue - concentrate
86,432

 
—

 
50,837

 
137,269

Silver revenue - doré
889

 
353

 
—

 
1,242

Silver revenue - concentrate
1,231

 
—

 
11,040

 
12,271

Lead concentrate
—

 
—

 
8,474

 
8,474

Zinc concentrate
—

 
—

 
17,011

 
17,011

Revenue from contracts with customers
$
273,643

 
$
98,530

 
$
87,362

 
$
459,535

Gain (loss) on revaluation of derivatives in trade receivables for provisional pricing
(779
)
 
—

 
1,816

 
1,037

 
$
272,864

 
$
98,530

 
$
89,178

 
$
460,572


For the six months ended June 30, 2019, revenue from contracts with customers by product and segment were as follows:
 
Turkey

 
Canada

 
Greece

 
Total

 
 
 
 
 
 
 
 
Gold revenue - doré
$
69,888

 
$
32,368

 
$
—

 
$
102,256

Gold revenue - concentrate
71,897

 
—

 
29,857

 
101,754

Silver revenue - doré
535

 
150

 
—

 
685

Silver revenue - concentrate
1,154

 
—

 
8,054

 
9,208

Lead concentrate
—

 
—

 
15,042

 
15,042

Zinc concentrate
—

 
—

 
24,661

 
24,661

Revenue from contracts with customers
$
143,474

 
$
32,518

 
$
77,614

 
$
253,606

Gain (loss) on revaluation of derivatives in trade receivables for provisional pricing
695

 
—

 
(599
)
 
96

 
$
144,169

 
$
32,518

 
$
77,015

 
$
253,702



(5)

 
Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)


8. Mine standby costs
 
Three months ended June 30,
 
 
Six months ended June 30,
 
2020

 
2019

 
2020

 
2019

 
 
 
 
 
 
 
 
Lamaque
$
2,031

 
$
—

 
$
3,086

 
$
—

Kisladag
—

 
—

 
—

 
5,627

Skouries
2,171

 
2,042

 
4,224

 
3,783

Vila Nova
191

 
1,078

 
458

 
1,509

Other mine standby costs
636

 
330

 
1,291

 
524

 
$
5,029

 
$
3,450

 
$
9,059

 
$
11,443


In accordance with the Quebec government-mandated restrictions to address the COVID-19 pandemic in the province, operations were temporarily suspended at Lamaque on March 25, 2020. Operations restarted on April 15, 2020.

9. Other income and finance costs
 
Three months ended June 30,
 
 
Six months ended June 30,
 
(a) Other income (loss)
2020

 
2019

 
2020

 
2019

 
 
 
 
 
 
 
 
Loss on disposal of assets
$
(96
)
 
$
(951
)
 
$
(2,550
)
 
$
(1,013
)
Interest and other income
1,452

 
1,531

 
2,586

 
3,226

Income from royalty sale
—

 
8,075

 
—

 
8,075

 
$
1,356

 
$
8,655

 
$
36

 
$
10,288


 
Three months ended June 30,
 
 
Six months ended June 30,
 
(b) Finance costs
2020

 
2019

 
2020

 
2019

 
 
 
 
 
 
 
 
Interest on senior secured notes
$
6,348

 
$
2,278

 
$
14,250

 
2,278

Interest on term loan
1,258

 
902

 
3,556

 
902

Interest on $600 million senior notes
—

 
7,790

 
—

 
17,526

Other interest and financing costs
4,048

 
1,624

 
5,136

 
2,434

Write-off of unamortized transaction costs of 2012 notes
—

 
3,559

 
—

 
3,559

Gain on redemption option derivative
(Note 6(a))
(5,665
)
 
—

 
(1,236
)
 
—

Asset retirement obligation accretion
491

 
633

 
$
981

 
1,266

Total finance costs
$
6,480

 
$
16,786

 
$
22,687

 
$
27,965

Less: Capitalized interest
—

 
—

 
—

 
(3,848
)
 
$
6,480

 
$
16,786

 
$
22,687

 
$
24,117



(6)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

10. Share capital and earnings per share
(a) Share capital     
Voting common shares
Number of Shares

 
Total

As at December 31, 2019
164,963,324

 
$
3,054,563

Shares issued upon exercise of share options, for cash
427,232

 
1,816

Transfer of contributed surplus on exercise of options
—

 
730

Shares issued to the public
8,353,042

 
76,956

Share issuance costs
—

 
(1,605
)
Flow-through shares issued, net of costs and premium
384,616

 
3,495

As at June 30, 2020
174,128,214

 
$
3,135,955


On September 26, 2019, the Company established an at-the-market equity program (the “ATM Program”) which allows the Company to issue up to $125 million worth of common shares from treasury from time to time at prevailing market prices. As at June 30, 2020, 14,458,000 common shares have been issued since the establishment of the ATM Program for total net proceeds of $123 million, including 6,166,660 and 8,353,042 common shares issued during the three and six months ended June 30, 2020, respectively.
On June 25, 2020, the Company completed a private placement of 384,616 common shares at a price of CDN $13.00 per share. The aggregate gross proceeds of CDN $5,000 ($3,664), will be used to fund the initial stage of the Lamaque decline project. The shares will qualify as flow-through shares for Canadian tax purposes and were issued at a premium of CDN $0.45 per share to the closing market price of the Company’s common shares at the date of issue. The premium of $127 was recognized in accounts payable and accrued liabilities and will be recognized in other income as required expenditures are incurred and related tax benefits renounced.

(b) Earnings per share
The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to the weighted average number of ordinary shares used in the calculation of basic earnings per share as follows:
 
Three months ended June 30,
 
 
Six months ended June 30,
 
 
2020

 
2019

 
2020

 
2019

 
 
 
 
 
 
 
 
Weighted average number of ordinary shares used in the calculation of basic earnings per share
169,866,635

 
158,372,166

 
167,524,192

 
158,345,354

Dilutive impact of share options
1,113,860

 
—

 
1,068,456

 
—

Dilutive impact of restricted share units
375,359

 
618,512

 
420,508

 
—

Dilutive impact of performance share units and restricted share units with performance criteria
2,431,144

 
2,285,236

 
2,328,359

 
—

Weighted average number of ordinary shares used in the calculation of diluted earnings per share
173,786,998

 
161,275,914

 
171,341,515

 
158,345,354


As at June 30, 2020, 3,008,224 options (June 30, 2019 - 6,058,277) were excluded from the dilutive weighted-average number of ordinary shares calculation because their effect would have been anti-dilutive. As the six months ended June 30, 2019 was in a net loss position, the effect of all share instruments were anti-dilutive.


(7)

 
Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)


11. Acquisition of non-controlling interest
On May 11, 2020, the Company purchased the remaining 5% interest in Hellas Gold SA ("Hellas"), a subsidiary of the Company, for cash consideration of $7,500. Hellas operates the Olympias and Stratoni mines and holds the Skouries project. Additional consideration may become payable under certain circumstances but is not expected to be material. 
As Hellas was controlled by the Company prior to the acquisition, $4,171 was recorded in contributed surplus representing the difference between the cash consideration and the carrying value of the non-controlling interest at the date of purchase.

12. Share-based payments
Share-based payments expense consists of:
 
Three months ended June 30,
 
 
Six months ended June 30,
 
 
2020

 
2019

 
2020

 
2019

 
 
 
 
 
 
 
 
Share options
$
814

 
$
786

 
$
1,576

 
$
1,569

Restricted shares with no performance criteria
357

 
395

 
664

 
835

Restricted shares with performance criteria
778

 
347

 
1,237

 
508

Deferred units
642

 
384

 
540

 
1,384

Performance shares
272

 
586

 
641

 
1,104

 
$
2,863

 
$
2,498

 
$
4,658

 
$
5,400


(a)    Share option plans
The Company’s Incentive Stock Option Plan (the “Plan”) consists of options which are subject to a 5-year maximum term and payable in shares of the Company when vested and exercised. Options vest at the discretion of the Board of Directors at the time an Option is granted. Options vest in three equal and separate tranches with the first vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third anniversary of the grant date.
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
 
2020
2019
 
Weighted
average
exercise price
Cdn$

Number of
options

Weighted
average
exercise price
Cdn$

Number of
options

At January 1,
$
14.08

5,714,491

$
22.56

5,591,228

Regular options granted
12.72

1,156,744

5.68

2,234,315

Exercised
5.94

(427,232
)
6.20

(3,859
)
Expired
33.40

(813,933
)
39.20

(677,322
)
Forfeited
14.02

(206,597
)
23.09

(1,086,085
)
At June 30,
$
11.53

5,423,473

$
14.38

6,058,277


As at June 30, 2020, a total of 3,708,702 options (December 31, 2019 – 3,748,454) were available to grant under the Plan. As at June 30, 2020, 2,606,860 share purchase options (December 31, 2019 – 2,670,039) with a weighted average exercise price of CDN $14.42 (December 31, 2019 – CDN $21.87) had vested and were exercisable.

(8)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

12. Share-based payments (continued)
The weighted average market share price at the date of exercise for share options exercised for the six months ended June 30, 2020 was CDN $12.96 (June 30, 2019 – CDN $7.33).
During the first six months of 2020, 1,156,744 (June 30, 2019 – 2,234,315) share options were granted. The weighted average fair value per stock option granted was CDN $12.72 (June 30, 2019 – CDN $5.68). The assumptions used to estimate the fair value of options granted during the six months ended June 30, 2020 and 2019 are in the table below. Volatility was determined based on the historical volatility over the estimated lives of the share options.
 
2020

 
2019

Risk-free interest rate (range) (%)
0.25 - 1.51

 
1.78 - 1.80

Expected volatility (range) (%)
59.23 - 69.80

 
 61.17 - 63.21

Expected life (years)
2.96

 
 2.98

Expected dividends
—

 
—


(b)    Restricted share unit plan
The Company has a Restricted Share Unit Plan (“RSU” plan) whereby restricted share units may be granted to senior management of the Company. Such RSUs may be redeemed by the holder in shares or cash, with cash redemptions subject to the approval of the Board. The current maximum number of common shares authorized for issue under the RSU plan is 5,000,000. During the three and six months ended June 30, 2020, the Company purchased 356,315 shares on the open market for $3,679. As at June 30, 2020, 565,878 common shares purchased by the Company remain held in trust in connection with this plan and have been included in treasury stock within equity on the consolidated statement of financial position.  
Currently, the Company has two types of RSUs:
i.RSU with no performance criteria
These RSUs are exercisable into one common share once vested, entitling the holder to receive the common share for no additional consideration. They vest based on service criteria as follows: one third on the first anniversary of the grant date, one third on the second anniversary of the grant date and one third on the third anniversary of the grant date. These RSUs terminate on the third anniversary of the grant date. All vested RSUs which have not been redeemed by the date of termination are automatically redeemed. 
A total of 149,552 RSUs with no performance criteria with an average grant-date fair value of CDN $12.90 per unit were granted during the six months ended June 30, 2020 under this plan. The fair value of each RSU issued is determined as the closing share price at grant date.
A summary of the status of the RSUs with no performance criteria and changes during the six months ended June 30, 2020 and 2019 is as follows:
 
2020

2019

At January 1,
536,330

333,119

Granted
149,552

391,092

Redeemed
(189,671
)
(119,893
)
Forfeited
(16,852
)
(17,766
)
At June 30,
479,359

586,552


As at June 30, 2020, 70,939 restricted share units are fully vested and exercisable (June 30, 2019 – 13,434).

(9)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

12. Share-based payments (continued)
ii.      RSU with performance criteria
RSUs with performance criteria vest on the third anniversary of the grant date, subject to achievement of pre-determined market-based performance criteria. When fully vested, the number of RSUs redeemed will range from 0% to 200% of the target award, subject to the performance of the share price over the 3 year period.
A total of 299,112 RSUs with performance criteria were granted under this plan during the six months ended June 30, 2020 with a fair value of CDN $24.94 per unit. The fair value of each RSU with market-based performance criteria issued is determined based on fair value of the share units on the date of grant which is based on a valuation model which uses the forward price of the Company's shares and an index consisting of global gold-based securities.
A summary of the status of the RSUs with performance criteria and changes during the six months ended June 30, 2020 and 2019 is as follows:
 
2020

2019

At January 1,
457,498

152,927

Granted
299,112

412,473

Forfeited
(66,643
)
(38,695
)
At June 30,
689,967

526,705


(c)    Deferred unit plan
The Company has an Independent Directors Deferred Unit Plan (“DU Plan”) under which DU’s are granted by the Board from time to time to independent directors (“the Participants”). DUs may be redeemed only on retirement of the independent director from the Board (the “Termination Date”) by providing the redemption notice (“Redemption Notice”) to the Company specifying the redemption date which shall be no later than December 15 of the first calendar year commencing after the calendar year in which the Termination Date occurred (the “Redemption Date”) Fifteen (15) trading days after the Redemption Date but no later than December 31 of the first calendar year commencing after the calendar year in which the Termination Date occurred, the Participant receives cash payment equal to the market value of such DUs as of the Redemption Date. 
At June 30, 2020, 345,354 DUs were outstanding (December 31, 2019 – 362,433) with a fair value of $3,323, which is included in accounts payable and accrued liabilities (December 31, 2019 – $2,911). The fair value was determined based on the closing share price at June 30, 2020.

13. Supplementary cash flow information
 
Three months ended June 30,
 
 
Six months ended June 30,
 
 
2020

 
2019

 
2020

 
2019

Changes in non-cash working capital
 
 
 
 
 
 
 
Accounts receivable and other
$
(16,133
)
 
$
(11,407
)
 
$
(19,458
)
 
$
3,774

Inventories
4,706

 
9,629

 
3,875

 
5,378

Accounts payable and accrued liabilities
12,010

 
14,350

 
(4
)
 
(5,398
)
 
$
583

 
$
12,572

 
$
(15,587
)
 
$
3,754



(10)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

14. Commitments
Significant changes to the Company's commitments and contractual obligations as at June 30, 2020:
 
Within 1 Year

2 Years

3 Years

4 Years

5 Years

Total

 
 
 
 
 
 
 
Debt
$
66,667

$
66,667

$
183,333

$
300,000

$
—

$
616,667

Purchase obligations and other commitments
50,213

6,125

342

115

115

56,910

 
$
116,880

$
72,792

$
183,675

$
300,115

$
115

$
673,577


Debt obligations represent required repayments of principal for the senior secured notes and term loan and do not include interest on debt. Debt obligations also include the March 30, 2020 draw of $150 million under the revolving credit facility that has been presented in the table above as repayable on June 5, 2023, based on the contractual maturity date of the revolving credit facility. At this time, the Company expects to repay this amount within the next twelve months. Accordingly, the amount is included in the current portion of debt on the statement of financial position as at June 30, 2020. On July 30, 2020, the Company issued a redemption notice for the senior secured notes and intends to redeem $59 million of the principal amount of the senior secured notes in August 2020 using proceeds from the ATM Program. The redemption price is 109.5% of the aggregate principal amount repaid, plus accrued and unpaid interest.
Purchase obligations relate primarily to mine development expenditures at Olympias, mine operating costs and capital projects at Kisladag and capital projects at Efemcukuru.

15. Fair value measurements
Fair values are determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed from relevant markets.
The three levels of the fair value hierarchy are described below:
•
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
•
Level 2 – Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs (i.e., quoted prices for similar assets or liabilities).
•
Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
Assets measured at fair value as at June 30, 2020 include marketable securities of $4,654 (December 31, 2019 – $3,828), comprised of publicly-traded equity investments classified as fair value through other comprehensive income, settlement receivables of $44,928 (December 31, 2019 – $34,461) arising from provisional pricing in contracts for the sale of metals in concentrate classified as fair value through profit and loss and a derivative asset of $6,833 (December 31, 2019 – $5,597), related to the redemption options associated with the senior secured notes classified as fair value through profit and loss. Changes in the fair value of settlement receivables are recorded in revenue and changes in the fair value of the redemption option derivative asset are recorded in finance costs. Valuation of the contingent consideration on the acquisition of interest in Hellas is measured at fair value, with any changes in fair value recorded in profit or loss. No other liabilities are measured at fair value on a recurring basis as at June 30, 2020.





(11)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

15. Fair value measurements (continued)
The fair value of financial instruments traded in active markets is based on quoted market prices at the date of the statement of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the group is the current bid price. The Company's marketable securities are included in Level 1. Instruments included in Level 2 comprise settlement receivables, the redemption option derivative asset and the fair market value of the Company's senior secured notes (note 6). The fair value of settlement receivables is determined based on forward metal prices for the quotational period; the fair value of the Company's redemption option derivative asset is based on models using observable interest rate inputs and the fair value of the Company's senior secured notes in note 6 is based on observable prices in inactive markets. The fair value of the term loan is $167 million and the fair value of the revolving credit facility approximates the carrying value both based on current market rates of interest and the Company's credit risk premium, and represent Level 2 fair value measurements. The Company's assets held for sale, representing the Vila Nova iron ore mine in Brazil, is also measured at fair value which is categorized as a Level 3 fair value based on the expected consideration of a sale. The fair value measurement of contingent consideration is also categorized as a Level 3 fair value. For all other financial instruments, carrying amounts approximate fair value.

16. Financial risk management
Eldorado’s activities expose it to a variety of financial risks. Significant changes to the Company’s financial risks and overall risk management program as at June 30, 2020 are outlined below.
(a)
Interest rate risk
The Company's outstanding debt is in the form of senior secured notes with a fixed interest rate of 9.5% and a term loan with a variable rate based on LIBOR. In March 2020, the Company additionally drew $150 million under the revolving credit facility as a proactive measure in light of the uncertainty surrounding the COVID-19 pandemic. Borrowings under the revolving credit facility are also at variable rates of interest based on LIBOR. Borrowings at variable rates of interest expose the Company to interest rate risk. At June 30, 2020, $167 million is outstanding under the term loan and $150 million is outstanding under the revolving credit facility. A 1% increase in the variable interest rate would result in a $3,170 decrease in net earnings on an annualized basis.
(b)
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. As at June 30, 2020, the Company has made a scheduled $33.3 million payment on the $200 million term loan and has raised net proceeds of $123 million under its ATM Program. In March 2020, the Company drew $150 million under the revolving credit facility and continues to hold these funds as a proactive measure in light of the uncertainty surrounding the COVID-19 pandemic. The Company has no immediate need for the funds. However, management cannot accurately predict the impact COVID-19 will have on the Company’s operations, the fair value of the Company's assets, its ability to obtain financing, third parties’ ability to meet their obligations with the Company and the length of travel and quarantine restrictions imposed by governments of the countries in which the Company operates.
Management continues to monitor the Company’s capabilities to meet ongoing debt and other commitments, including reviewing its operating costs and capital budget to reduce expenditures if required.


(12)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

17. Segment information
Identification of reportable segments
The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management (the chief operating decision makers or "CODM") in assessing performance and in determining the allocation of resources.
The CODM consider the business from both a geographic and product perspective and assess the performance of the operating segments based on measures of profit and loss as well as assets and liabilities. These measures include earnings from mine operations, expenditures on exploration, property, plant and equipment and non-current assets, as well as total debt. As at June 30, 2020, Eldorado had six reportable segments based on the geographical location of mining and exploration and development activities.
Geographical segments
Geographically, the operating segments are identified by country and by operating mine. The Turkey reporting segment includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkey. The Canada reporting segment includes the Lamaque operations and exploration activities in Canada. The Greece reporting segment includes the Stratoni and Olympias mines, the Skouries, Perama Hill and Sapes projects and exploration activities in Greece. The Romania reporting segment includes the Certej project and exploration activities in Romania. The Brazil reporting segment includes the Vila Nova mine, Tocantinzinho project and exploration activities in Brazil. Other reporting segment includes operations of Eldorado’s corporate offices.
Financial information about each of these operating segments is reported to the CODM on a monthly basis. The mines in each of the different reporting segments share similar economic characteristics and have been aggregated accordingly.
As at and for the three months ended June 30, 2020
Turkey

Canada

Greece

Romania

Brazil

Other

Total

 
 
 
 
 
 
 
 
Earnings and loss information
 
 
 
 
 
 
 
Revenue
$
151,370

$
55,763

$
48,784

$
—

$
—

$
—

$
255,917

Production costs
49,537

16,203

43,737

—

—

—

109,477

Depreciation and amortization
26,897

18,842

12,589

—

—

—

58,328

Earnings (loss) from mine operations
$
74,936

$
20,718

$
(7,542
)
$
—

$
—

$
—

$
88,112

 
 
 
 
 
 
 
 
Other significant items of income and expense
 
 
 
 
 
 
 
Exploration and evaluation expenses
$
518

$
601

$
186

$
720

$
41

$
267

$
2,333

Income tax expense (recovery)
20,693

4,621

(726
)
(1,761
)
844

—

23,671

 
 
 
 
 
 
 
 
Capital expenditure information
 
 
 
 
 
 
 
Additions to property, plant and equipment during the period (*)
$
17,876

$
10,342

$
10,837

$
3

$
397

$
21

$
39,476

* Presented on an accrual basis; excludes asset retirement adjustments.








(13)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

17. Segment information (continued)
As at and for the three months ended June 30, 2019
Turkey

Canada

Greece

Romania

Brazil

Other

Total

 
 
 
 
 
 
 
 
Earnings and loss information
 
 
 
 
 
 
 
Revenue
$
100,701

$
32,518

$
40,459

$
—

$
—

$
—

$
173,678

Production costs
43,150

13,548

44,198

—

—

—

100,896

Depreciation and amortization
21,036

10,427

9,424

—

—

301

41,188

Earnings (loss) from mine operations
$
36,515

$
8,543

$
(13,163
)
$
—

$
—

$
(301
)
$
31,594

 
 
 
 
 
 
 
 
Other significant items of income and expense
 
 
 
 
 
 
 
Reversal of impairment
$
—

$
—

$
—

$
—

$
(11,690
)
$
—

$
(11,690
)
Write-down of assets
410

—

—

—

—

—

410

Exploration and evaluation expenses
608

579

—

1,060

117

165

2,529

Income tax expense (recovery)
10,244

1,136

(1,487
)
(1,555
)
(328
)
—

8,010

 
 
 
 
 
 
 
 
Capital expenditure information
 
 
 
 
 
 
 
Additions to property, plant and equipment during the period (*)
$
9,562

$
17,130

$
8,072

$
6

$
827

$
2

$
35,600

* Presented on an accrual basis; excludes asset retirement adjustments.
As at and for the six months ended June 30, 2020
Turkey

Canada

Greece

Romania

Brazil

Other

Total

 
 
 
 
 
 
 
 
Earnings and loss information
 
 
 
 
 
 
 
Revenue
$
272,864

$
98,530

$
89,178

$
—

$
—

$
—

$
460,572

Production costs
93,114

34,049

83,676

—

—

—

210,839

Depreciation and amortization
49,714

36,208

24,769

—

—

—

110,691

Earnings (loss) from mine operations
$
130,036

$
28,273

$
(19,267
)
$
—

$
—

$
—

$
139,042

 
 
 
 
 
 
 
 
Other significant items of income and expense
 
 
 
 
 
 
 
Exploration and evaluation expenses
$
976

$
1,448

$
316

$
1,823

$
108

$
889

$
5,560

Income tax expense (recovery)
39,881

4,578

(4,557
)
(1,183
)
6,357

—

45,076

 
 
 
 
 
 
 
 
Capital expenditure information
 
 
 
 
 
 
 
Additions to property, plant and equipment during the period (*)
$
31,858

$
22,186

$
20,208

$
6

$
895

$
26

$
75,179

 
 
 
 
 
 
 
 
Information about assets and liabilities
 
 
 
 
 
 
 
Property, plant and equipment
$
769,069

$
590,699

$
2,062,765

$
414,582

$
205,073

$
2,767

$
4,044,955

Goodwill
—

92,591

—

—

—

—

92,591

 
$
769,069

$
683,290

$
2,062,765

$
414,582

$
205,073

$
2,767

$
4,137,546

 
 
 
 
 
 
 
 
Debt, including current portion
$
—

$
—

$
—

$
—

$
—

$
597,090

$
597,090

* Presented on an accrual basis; excludes asset retirement adjustments.

(14)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

17. Segment information (continued)
As at and for the six months ended June 30, 2019
Turkey

Canada

Greece

Romania

Brazil

Other

Total

 
 
 
 
 
 
 
 
Earnings and loss information
 
 
 
 
 
 
 
Revenue
$
144,170

$
32,518

$
77,014

$
—

$
—

$
—

$
253,702

Production costs
63,152

13,548

76,117

—

—

—

152,817

Depreciation and amortization
27,291

10,427

22,778

—

—

634

61,130

Earnings (loss) from mine operations
$
53,727

$
8,543

$
(21,881
)
$
—

$
—

$
(634
)
$
39,755

 
 
 
 
 
 
 
 
Other significant items of income and expense
 
 
 
 
 
 
 
Reversal of impairment
$
—

$
—

$
—

$
—

$
(11,690
)
$
—

$
(11,690
)
Write-down of assets
427

—

—

—

—

—

427

Exploration and evaluation expenses
905

583

2,852

2,471

228

855

7,894

Income tax expense (recovery)
18,505

(364
)
(3,119
)
(698
)
(282
)
—

14,042

 
 
 
 
 
 
 
 
Capital expenditure information
 
 
 
 
 
 
 
Additions to property, plant and equipment during the period (*)
$
23,397

$
32,203

$
14,163

$
8

$
1,631

$
7

$
71,409

Capitalized interest
—

3,848

—

—

—

—

3,848

*  Presented on an accrual basis; net of pre-commercial production proceeds and excludes asset retirement adjustments and right-of-use assets of $9,379 recognized upon the adoption of IFRS 16 on January 1, 2019.
As at December 31, 2019
Turkey

Canada

Greece

Romania

Brazil

Other

Total

 
 
 
 
 
 
 
 
Information about assets and liabilities
 
 
 
 
 
 
 
Property, plant and equipment
$
791,354

$
606,274

$
2,067,719

$
415,150

$
204,419

$
3,286

$
4,088,202

Goodwill
—

92,591

—

—

—

—

92,591

 
$
791,354

$
698,865

$
2,067,719

$
415,150

$
204,419

$
3,286

$
4,180,793

 
 
 
 
 
 
 
 
Debt, including current portion
$
—

$
—

$
—

$
—

$
—

$
479,732

$
479,732




(15)