Click here to close now.

SYS-CON MEDIA Authors: Trevor Parsons, Jnan Dash, Kevin Jackson, Peter Silva, Greg Wind

News Feed Item

Eldorado Gold Corporation: 2014 Second Quarter Financial and Operating Results

Full Year Production Guidance Raised, Operating Costs Reduced

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/31/14 -- Eldorado Gold Corporation ("Eldorado" or "the Company") (TSX: ELD)(NYSE: EGO) today reported the Company's financial and operational results for the second quarter ended June 30, 2014. Net profit attributable to shareholders of the Company for the quarter was $37.6 million or $0.05 per share.

"The Company has finished the second quarter ahead of our expectations and the operations are now on track to deliver production at the high end of the initial full year range our teams had established. Total gold production for the period was 200,551 ounces, and cash operating costs continue to remain in the bottom quartile of the gold industry at $489 per ounce," said Paul Wright, Chief Executive Officer of Eldorado Gold. "We are especially pleased to report that the Kisladag EIA was approved during the quarter by the Turkish authorities and we plan on completing the expansion to 20 million tonnes per year by mid-2016. Reflecting the strong results year-to-date and our outlook for the balance of 2014, we are confidently revising our guidance for the year to production of 790,000 ounces of gold with average cash costs for commercial production of $495 per ounce and all-in sustaining cash costs of $850 per ounce."

Second Quarter Financial and Operational Highlights


--  Net profit attributable to shareholders of the Company was $37.6 million
    ($0.05 per share).
--  Gold revenues were $247.6 million on sales of 190,621 ounces of gold at
    an average realized gold price of $1,299 per ounce.
--  Liquidity of $959.5 million, including $584.5 million in cash, cash
    equivalents and term deposits, and $375.0 million in lines of credit.
--  A positive Environmental Impact Assessment ("EIA") decision from the
    Ministry of Environment and Urbanization of Turkey on the Kisladag Mine
    Expansion project was received during the quarter.
--  Gold production of 200,551 ounces, including Olympias production from
    tailings retreatment (2013 - 183,971 ounces), a 9% increase year over
    year.
--  Cash operating costs averaged $489 per ounce and all-in sustaining cash
    costs averaged $829 per ounce.
--  Major concrete placements began at Skouries, and the semi-autogenous
    grinding (SAG) mill foundation was completed.
--  On July 31, 2014, the Company declared that it will pay a dividend of
    CDN$0.01 per Common Share on August 26, 2014 to the holders of the
    Company's outstanding Common Shares as the close of business on the
    record date of August 15, 2014.

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 page 10 of the MD&A for an explanation and discussion of these non IFRS measures.

All figures in US dollars unless otherwise stated.

Financial Results


----------------------------------------------------------------------------
Summarized financial results           3 months ended        6 months ended
(Millions, except where noted)               June 30,              June 30,
----------------------------------------------------------------------------
                                      2014       2013       2014       2013
----------------------------------------------------------------------------
Revenues (millions)              $   265.5  $   266.9  $   545.4  $   605.0
----------------------------------------------------------------------------
Gold revenues (millions)         $   247.6  $   243.6  $   495.2  $   550.8
----------------------------------------------------------------------------
Gold sold (ounces)                 190,621    176,260    381,249    365,606
----------------------------------------------------------------------------
Average realized gold price
 (US$ per ounce)                 $   1,299  $   1,382  $   1,299  $   1,506
----------------------------------------------------------------------------
Cash operating costs (US$ per
 ounce sold)                     $     489  $     478  $     504  $     492
----------------------------------------------------------------------------
Total cash cost (US$ per ounce
 sold)                           $     549  $     536  $     563  $     552
----------------------------------------------------------------------------
All-in sustaining cash cost
 (US$ per ounce sold)            $     829        n/a  $     809        n/a
----------------------------------------------------------------------------
Gross profit from gold mining
 operations (millions)           $   100.8  $   117.2  $   196.2  $   281.0
----------------------------------------------------------------------------
Adjusted net earnings
 (millions)                      $    35.9  $    48.2  $    73.2  $   131.5
----------------------------------------------------------------------------
Net profit (loss) attributable
 to shareholders of the Company
 (millions)                      $    37.6  $    43.3  $    68.9  $    (2.2)
----------------------------------------------------------------------------
Earnings (loss) per share
 attributable to shareholders
 of the Company - Basic
 (US$/share)                     $    0.05  $    0.06  $    0.10  $    0.00
----------------------------------------------------------------------------
Earnings (loss) per share
 attributable to shareholders
 of the Company - Diluted
 (US$/share)                     $    0.05  $    0.06  $    0.10  $    0.00
----------------------------------------------------------------------------
Dividends paid (Cdn$/share)      $    0.00  $    0.00  $    0.01  $    0.07
----------------------------------------------------------------------------
Cash flow from operating
 activities before changes in
 non-cash working capital
 (millions)                      $    92.2  $    84.9  $   186.9  $   224.8
----------------------------------------------------------------------------

Financial Results

Net income for the quarter was $37.6 million (or $0.05 per share), compared with $43.3 million (or $0.06 per share) in the second quarter of 2013. Gold revenues of $247.6 million were two percent higher year over year as higher gold sales volumes were partially offset by lower gold prices. Gross profit from gold mining operations was fourteen percent lower than that of the second quarter of 2013 reflecting higher production costs and depreciation expense as a result of higher sales volumes. Total cash cost per ounce increased two percent year over year.

Exploration expenses fell $6.4 million year over year, reflecting changes in the Company's exploration program in response to lower gold prices. The Company reported a foreign exchange gain of $1.6 million for the quarter as compared to a loss of $5.9 million for the second quarter of 2013 mainly as a result of changes in foreign exchange rates on the Company's Canadian dollar investments. Interest and financing costs fell $3.1 million year over year, reflecting an increase in capitalization of interest on the Company's Greek development projects.

The effective tax rate for the quarter was thirty-nine percent as compared to a rate of thirty-six percent in the second quarter of 2013. The effective tax rate for the second quarter of 2013 was lower due to a tax recovery related to recognition of investment tax credits in Turkey, partly offset by the impact of movements in the Turkish lira on deferred tax balances. The effective tax rate for the second quarter of 2014 was higher due to higher withholding tax accruals on dividends from our Turkish and Chinese subsidiaries.

Operations Update


----------------------------------------------------------------------------
Summarized Operating Results              3 months ended      6 months ended
                                                 June 30             June 30
----------------------------------------------------------------------------
                                          2014      2013      2014      2013
----------------------------------------------------------------------------
Gross profit - gold mining
 operations (millions)                $  100.8  $  117.2  $  196.2  $  281.0
----------------------------------------------------------------------------
Ounces produced - including Olympias
 production from tailings
 retreatment                           200,551   183,971   397,074   347,739
----------------------------------------------------------------------------
Cash operating costs ($ per ounce
 sold)                                $    489  $    478  $    504  $    492
----------------------------------------------------------------------------
Total cash cost ($ per ounce sold)    $    549  $    536  $    563  $    552
----------------------------------------------------------------------------
Kisladag
Gross profit - gold mining
 operations (millions)                $   52.5  $   77.6  $  100.2  $  162.6
----------------------------------------------------------------------------
Ounces produced                         76,980    76,735   144,055   146,956
----------------------------------------------------------------------------
Cash operating costs ($ per ounce
 sold)                                $    443  $    327  $    449  $    331
----------------------------------------------------------------------------
Total cash cost ($ per ounce sold)    $    466  $    348  $    470  $    353
----------------------------------------------------------------------------
Efemcukuru
Gross profit - gold mining
 operations (millions)                $   11.6  $   12.2  $   26.3  $   51.0
----------------------------------------------------------------------------
Ounces produced                         25,034    26,289    52,003    46,145
----------------------------------------------------------------------------
Cash operating costs ($ per ounce
 sold)                                $    552  $    519  $    538  $    561
----------------------------------------------------------------------------
Total cash cost ($ per ounce sold)    $    576  $    537  $    561  $    592
----------------------------------------------------------------------------
Tanjianshan
Gross profit - gold mining
 operations (millions)                $   13.5  $   15.2  $   27.0  $   34.2
----------------------------------------------------------------------------
Ounces produced                         25,790    27,938    54,169    54,145
----------------------------------------------------------------------------
Cash operating costs ($ per ounce
 sold)                                $    391  $    398  $    407  $    419
----------------------------------------------------------------------------
Total cash cost ($ per ounce sold)    $    570  $    577  $    581  $    605
----------------------------------------------------------------------------
Jinfeng
Gross profit - gold mining
 operations (millions)                $   17.0  $    8.3  $   29.4  $   17.0
----------------------------------------------------------------------------
Ounces produced                         45,568    28,889    86,863    50,631
----------------------------------------------------------------------------
Cash operating costs ($ per ounce
 sold)                                $    540  $    757  $    581  $    789
----------------------------------------------------------------------------
Total cash cost ($ per ounce sold)    $    622  $    845  $    664  $    881
----------------------------------------------------------------------------
White Mountain
Gross profit - gold mining
 operations (millions)                $    6.2  $    3.9  $   13.3  $   16.2
----------------------------------------------------------------------------
Ounces produced                         21,000    17,462    47,473    38,377
----------------------------------------------------------------------------
Cash operating costs ($ per ounce
 sold)                                $    583  $    742  $    596  $    683
----------------------------------------------------------------------------
Total cash cost ($ per ounce sold)    $    623  $    781  $    636  $    726
----------------------------------------------------------------------------
Olympias
Ounces produced from tailings
 retreatment                             6,179     6,658    12,511    11,485
----------------------------------------------------------------------------

Kisladag


----------------------------------------------------------------------------
Operating Data                3 months ended June 30  6 months ended June 30
----------------------------------------------------------------------------
                                    2014        2013        2014        2013
----------------------------------------------------------------------------
Tonnes placed on pad           3,127,844   3,301,333   6,984,726   6,216,841
----------------------------------------------------------------------------
Average treated head grade -
 grams per tonne                    1.11        1.26        0.90        1.28
----------------------------------------------------------------------------
Gold (ounces)
----------------------------------------------------------------------------
  - Produced                      76,980      76,735     144,055     146,956
----------------------------------------------------------------------------
  - Sold                          72,815      76,680     139,667     146,930
----------------------------------------------------------------------------
Cash operating costs (per
 ounce sold)                  $      443  $      327  $      449  $      331
----------------------------------------------------------------------------
Total cash costs (per ounce
 sold)                        $      466  $      348  $      470  $      353
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Gold revenues                 $     93.7  $    108.6  $    180.2  $    223.1
----------------------------------------------------------------------------
Depreciation and depletion    $      6.4  $      3.6  $     12.7  $      6.8
----------------------------------------------------------------------------
Gross profit - gold mining
 operations                   $     52.5  $     77.6  $    100.2  $    162.6
----------------------------------------------------------------------------
Capital expenditure on
 mining interests             $     17.2  $     35.3  $     25.1  $     70.7
----------------------------------------------------------------------------

Gold production at Kisladag during the quarter was level year over year, while sales of approximately 4,600 ounces of gold were delayed into the third quarter due to the timing of dore shipments to the refinery. Leaching of run of mine ore placed on the pad during the first quarter of 2014 contributed to gold production during the second quarter, making up for lower tonnes and grade year over year. Cash costs in the quarter were higher than the same period of 2013 due to lower head grade and an increase in operational waste mining (2014 - 4.9 million tonnes versus 2013 - 0.7 million tonnes). Capital expenditures during the quarter included equipment for expansion and capitalized waste stripping.

Efemcukuru


----------------------------------------------------------------------------
Operating Data               3 months ended June 30  6 months ended June 30
----------------------------------------------------------------------------
                                   2014        2013        2014        2013
----------------------------------------------------------------------------
Tonnes Milled                   110,706     109,349     217,207     196,228
----------------------------------------------------------------------------
Average treated head grade -
 grams per tonne                   7.99        9.28        8.27        8.91
----------------------------------------------------------------------------
Average Recovery Rate (to
 Concentrate)                      93.2%       94.0%       93.1%       93.8%
----------------------------------------------------------------------------
Gold (ounces)
----------------------------------------------------------------------------
  - Produced                     25,034      26,289      52,003      46,145
----------------------------------------------------------------------------
  - Sold                         25,435      25,187      53,082      75,478
----------------------------------------------------------------------------
Cash operating costs (per
 ounce sold)                  $     552   $     519   $     538   $     561
----------------------------------------------------------------------------
Total cash costs (per ounce
 sold)                        $     576   $     537   $     561   $     592
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Gold revenues                 $    33.1   $    31.6   $    69.7   $   112.7
----------------------------------------------------------------------------
Depreciation and depletion    $     6.6   $     5.3   $    13.0   $    15.1
----------------------------------------------------------------------------
Gross profit - gold mining
 operations                   $    11.6   $    12.2   $    26.3   $    51.0
----------------------------------------------------------------------------
Capital expenditure on
 mining interests             $     5.8   $     6.8   $    11.3   $    16.6
----------------------------------------------------------------------------

Gold production at Efemcukuru during the quarter was lower year over year and cash operating costs per ounce were higher mainly due to a lower planned average treated head grade. Capital spending in the quarter included costs related to capitalized underground development and mobile equipment, surface infrastructure, and process improvements.

Tanjianshan


----------------------------------------------------------------------------
Operating Data               3 months ended June 30  6 months ended June 30
----------------------------------------------------------------------------
                                   2014        2013        2014        2013
----------------------------------------------------------------------------
Tonnes Milled                   278,226     273,065     541,836     520,126
----------------------------------------------------------------------------
Average treated head grade -
 grams per tonne                   3.30        3.50        3.37        3.61
----------------------------------------------------------------------------
Average Recovery Rate              82.0%       83.6%       81.6%       82.3%
----------------------------------------------------------------------------
Gold (ounces)
----------------------------------------------------------------------------
  - Produced                     25,790      27,938      54,169      54,145
----------------------------------------------------------------------------
  - Sold                         25,790      27,938      54,169      54,145
----------------------------------------------------------------------------
Cash operating costs (per
 ounce sold)                  $     391   $     398   $     407   $     419
----------------------------------------------------------------------------
Total cash costs (per ounce
 sold)                        $     570   $     577   $     581   $     605
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Gold revenues                 $    33.7   $    38.4   $    70.7   $    81.0
----------------------------------------------------------------------------
Depreciation and depletion    $     5.4   $     6.7   $    11.8   $    13.3
----------------------------------------------------------------------------
Gross profit - gold mining
 operations                   $    13.5   $    15.2   $    27.0   $    34.2
----------------------------------------------------------------------------
Capital expenditure on
 mining interests             $     3.7   $     3.2   $     4.8   $     5.0
----------------------------------------------------------------------------

Gold production at Tanjianshan during the quarter was lower year over year as a result of lower average treated head grade and recovery rate. Capital spending included exploration activities and waste stripping.

Jinfeng


----------------------------------------------------------------------------
Operating Data               3 months ended June 30  6 months ended June 30
----------------------------------------------------------------------------
                                   2014        2013        2014        2013
----------------------------------------------------------------------------
Tonnes Milled                   371,971     336,707     736,958     688,608
----------------------------------------------------------------------------
Average treated head grade -
 grams per tonne                   4.17        3.33        4.08        2.87
----------------------------------------------------------------------------
Average Recovery Rate              86.4%       84.5%       87.0%       83.4%
----------------------------------------------------------------------------
Gold (ounces)
----------------------------------------------------------------------------
  - Produced                     45,568      28,889      86,863      50,631
----------------------------------------------------------------------------
  - Sold                         45,581      28,993      86,858      50,676
----------------------------------------------------------------------------
Cash operating costs (per
 ounce sold)                  $     540   $     757   $     581   $     789
----------------------------------------------------------------------------
Total cash costs (per ounce
 sold)                        $     622   $     845   $     664   $     881
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Gold revenues                 $    59.6   $    40.8   $   113.0   $    75.9
----------------------------------------------------------------------------
Depreciation and depletion    $    14.2   $     8.1   $    26.0   $    14.2
----------------------------------------------------------------------------
Gross profit - gold mining
 operations                   $    17.0   $     8.3   $    29.3   $    17.0
----------------------------------------------------------------------------
Capital expenditure on
 mining interests             $     1.6   $    15.4   $     7.1   $    29.3
----------------------------------------------------------------------------

Gold production at Jinfeng during the quarter was higher year over year and cash operating costs per ounce were lower mainly due to higher tonnes milled, average treated head grade and recovery rate, mainly due to ore production from the open pit. The open pit had resumed full mining operations midway through the second quarter of 2013 after completion of a cutback. Capital spending during the quarter included underground mine development and tailings dam construction.

White Mountain


----------------------------------------------------------------------------
Operating Data               3 months ended June 30  6 months ended June 30
----------------------------------------------------------------------------
                                   2014        2013        2014        2013
----------------------------------------------------------------------------
Tonnes Milled                   213,741     203,033     414,423     401,967
----------------------------------------------------------------------------
Average treated head grade -
 grams per tonne                   3.56        3.25        3.84        3.52
----------------------------------------------------------------------------
Average Recovery Rate              88.5%       87.0%       87.6%       86.3%
----------------------------------------------------------------------------
Gold (ounces)
----------------------------------------------------------------------------
  - Produced                     21,000      17,462      47,473      38,377
----------------------------------------------------------------------------
  - Sold                         21,000      17,462      47,473      38,377
----------------------------------------------------------------------------
Cash operating costs (per
 ounce sold)                  $     583   $     742   $     596   $     683
----------------------------------------------------------------------------
Total cash costs (per ounce
 sold)                        $     623   $     781   $     636   $     726
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Gold revenues                 $    27.5   $    24.2   $    61.7   $    58.1
----------------------------------------------------------------------------
Depreciation and depletion    $     8.1   $     6.6   $    18.1   $    13.9
----------------------------------------------------------------------------
Gross profit - gold mining
 operations                   $     6.2   $     3.9   $    13.3   $    16.2
----------------------------------------------------------------------------
Capital expenditure on
 mining interests             $     6.2   $     5.8   $     9.2   $    11.9
----------------------------------------------------------------------------

Gold production at White Mountain for the quarter was higher year over year mainly as a result of increased process throughput, higher head grades, and improved recovery rates. Cash operating costs per ounce decreased significantly due to higher gold production and reduced operation costs. Capital spending this quarter included underground development, exploration, camp improvements, and completion of the new mobile maintenance work shop.

Vila Nova


----------------------------------------------------------------------------
Operating Data               3 months ended June 30  6 months ended June 30
----------------------------------------------------------------------------
                                   2014        2013        2014        2013
----------------------------------------------------------------------------
Tonnes Processed                190,721     179,864     394,202     392,775
----------------------------------------------------------------------------
Iron Ore Produced               162,721     155,172     337,799     338,598
----------------------------------------------------------------------------
Average Grade (% Fe)               62.8%       60.1%       62.8%       59.8%
----------------------------------------------------------------------------
Iron Ore Tonnes
----------------------------------------------------------------------------
  - Sold                         87,518      81,874     304,900     211,421
----------------------------------------------------------------------------
Average Realized Iron Ore
 Price                        $      56   $     106   $      74   $     113
----------------------------------------------------------------------------
Cash Costs (per tonne
 produced)                    $      69   $      74   $      62   $      69
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Revenues                      $     3.9   $     8.7   $    22.5   $    23.8
----------------------------------------------------------------------------
Depreciation and depletion    $     0.9   $     0.9   $     3.1   $     2.1
----------------------------------------------------------------------------
Gross profit / loss from
 mining operations            $    (3.0)  $     1.8   $     0.4   $     7.2
----------------------------------------------------------------------------
Capital expenditure on
 mining interests             $       0   $     0.2   $     0.1   $     3.6
----------------------------------------------------------------------------

Vila Nova recorded a loss of $3.0 million for the quarter compared with gross profit of $1.8 million in the second quarter of 2013. A $1.0 million negative price adjustment related to prior quarters' shipments impacted profitability. The average realized iron ore price for the quarter not including the price adjustment fell from $106 per tonne to $56 per tonne year over year. The Company is reviewing options to improve profitability at Vila Nova in light of the recent decline in iron ore prices.

Stratoni


----------------------------------------------------------------------------
Operating Data               3 months ended June 30  6 months ended June 30
----------------------------------------------------------------------------
                                   2014        2013        2014        2013
----------------------------------------------------------------------------
Tonnes ore mined (wet)           57,275      60,109     114,517     114,234
----------------------------------------------------------------------------
Tonnes ore processed (dry)       55,548      62,331     110,997     110,852
----------------------------------------------------------------------------
Pb grade (%)                       6.03%       6.57%       6.15%       6.41%
----------------------------------------------------------------------------
Zn grade (%)                      11.39%       9.38%      11.33%       9.37%
----------------------------------------------------------------------------
Ag grade (g/t)                      150         173         157         168
----------------------------------------------------------------------------
Tonnes of concentrate
 produced                        15,714      16,054      31,650      28,332
----------------------------------------------------------------------------
Tonnes of concentrate sold       12,989      16,783      29,706      30,751
----------------------------------------------------------------------------
Average realized concentrate
 price (per tonne)            $     981   $     783   $     845   $     849
----------------------------------------------------------------------------
Cash Costs (per tonne of
 concentrate sold)            $     735   $     829   $     671   $     829
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Revenues                      $    12.7   $    13.1   $    25.1   $    26.1
----------------------------------------------------------------------------
Depreciation and depletion    $     1.9   $     3.4   $     4.0   $     5.3
----------------------------------------------------------------------------
Gross profit from mining
 operations                   $     0.3   $    (4.2)  $     0.2   $    (4.7)
----------------------------------------------------------------------------
Capital expenditure on
 mining interests             $     1.1   $     0.5   $     1.5   $     0.6
----------------------------------------------------------------------------

Combined metal concentrate production at Stratoni for the quarter was level year over year, with lower lead concentrate production offset by higher zinc concentrate production as a result of changes in metal head grades. The average realized combined concentrate price increased year over year as zinc prices improved while lead prices weakened. Taken in conjunction with the increase in zinc concentrate production the change in metal prices contributed to Stratoni's gross profit performance year over year.

Development Project Update

Kisladag Mine Expansion

During the quarter the Company received a positive EIA decision from the Ministry of Environment and Urbanization of Turkey on the Kisladag Mine Expansion project. The EIA approval will allow for the expansion of the Kisladag open pit mine production from its current 12.5 million tonnes per annum to a maximum of 35.0 million tonnes per annum. The Company has decided to proceed with an expansion to an annual production rate of 20 million tonnes per year of crushed ore to the leach pad at an additional capital cost of approximately $90.0 million. We are forecasting completion in mid-2016, producing an average of 325,000 ounces per annum in the first five years after expansion.

Skouries

Major structural concrete placements for the SAG and ball mills commenced in the quarter. The SAG mill foundation was completed, and concrete placement in the SAG mill plinths began. The majority of the ball mill concrete piles were completed and reinforcing fabrication and formwork for other major plant foundations was ongoing. Mill mechanical equipment was being pre-assembled in a nearby warehouse and will be mobilized to site with onsite erection scheduled to begin in the third quarter. Construction of access roads to the tailings dam progressed during the quarter. A review of the tailings dam construction materials and methodology was completed and design modifications to enhance constructability were finalized. Site earthwork continued during the quarter, and included excavation and fill for the regrind mill, the flotation area and the tailings thickening area. The site batch plant construction commenced and is scheduled to be completed in the third quarter. The open pit surface area was cleared and topsoil removal commenced. Progress continued on the underground decline during the quarter. Capital spending totaled $29.7 million during the quarter.

Olympias

Approximately 168,000 tonnes of tailings were reprocessed during the quarter at a grade of 2.84 grams per tonne. A total of 6,179 payable ounces of gold in concentrate were produced. Cash proceeds from the sale of concentrate generated $11.8 million during the quarter on approximately 9,300 ounces of gold in concentrate. Capital spending totalled $35.6 million during the quarter including approximately $11.0 million related to tailings reprocessing, production royalties and transportation and selling costs, $1.9 million related to capitalized interest, and the remainder on mine development as well as Phase II engineering.

Perama Hill

Preliminary engineering continued on the project during the quarter with completion expected in the third quarter this year. Metallurgical test work to optimise the process is planned to be completed during the third quarter this year, with detailed engineering expected to begin shortly thereafter. The Company continues to work with Greek government authorities to facilitate approval of the Environmental Impact Assessment. Capital spending totaled $3.1 million during the quarter.

Certej

During the quarter studies were conducted focusing on optimization of critical elements of the project identified in the prefeasibility study, including pressure oxidation, oxygen supply, open pit development and use of Romanian resources to build the mine. Metallurgical test work continued during the quarter in order to provide further data for optimization of the pressure oxidation circuit. The Company plans to commence work on the feasibility study in the third quarter this year. Capital spending totaled $2.3 million during the quarter.

Tocantinzinho

During the quarter work continued on optimization of the Tocantinzinho feasibility study. Additionally, preparations were begun to upgrade the access road to the site, including obtaining the necessary permits and authorizations from the municipality. Capital spending totaled $0.5 million during the quarter.

Eastern Dragon

Eastern Dragon remained on care and maintenance pending resolution of permitting issues. Site management worked with the local authorities to maintain local permits and permissions in good standing. Work continued on the preparation of the revised Environmental Impact Assessment for submission to the Ministry of Environmental Protection. This will be followed by submission of the Project Permit Approval to the National Development and Reform Commission.

Exploration Update

Greece

In the Halkidiki District, underground exploration drilling continued at the Mavres Petres mine, targeting the western extension of the orebody. Several drillholes cut massive sulfide zones outside of the existing resource, and activities are now focused on extending underground development to allow further stepout drilling. Drilling commenced late in the quarter at the Piavitsa deposit with a 6,000 meter program planned to test the continuity of mineralized zones identified in previous widely-spaced drillholes. At the Olympias deposit, drilling completed in the east ramp development project encountered several significant zones of high grade gold and silver mineralization that lie outside of the current resource model.

In the Perama district exploration activities focused on extending geological mapping coverage in the Perama South area, conducting reconnaissance field visits to nearby prospects, and evaluating historical data for the newly acquired Sappes project.

Romania

Exploration activities during the quarter near Certej focused on defining drill targets at the Magura, Bocsa, and P. Avram prospect areas. Reconnaissance mapping, soil sampling, and drillhole targeting commenced during the quarter at the nearby Muncel and Brad exploration licenses.

Turkey

Exploration activities in Turkey focussed on reconnaissance of regional target areas in western Turkey, and definition of new drilling targets at the Efemcukuru minesite.

China

Underground drilling at White Mountain targeted down-plunge extensions in the middle and north ore zones. Detailed geological mapping was conducted over the mine area, and surface exploration drilling programs will commence in the third quarter. At Tanjianshan, drilling programs were completed at the Xijingou deposit and Dushugou prospect, and drilling is ongoing at the Qinlongtan North deposit.

Brazil

Exploration resumed at the Tapajos region projects, including soil sampling along the Tocantinzinho trend northwest of the Tocantinzinho deposit, and drill-testing of geochemical anomalies at the adjacent Ruben Zilio project.

2014 Outlook

Total gold production for 2014 is forecast to be 790,000 ounces of gold with average cash costs for commercial production of $495 per ounce and average all-in sustaining cash costs of $850 per ounce. Previous guidance was production of 730,000 - 800,000 ounces at average cash costs of $550 to $590 per ounce and average all-in sustaining cash costs of $915 to $985 per ounce. Capital spending is forecast to be $170.0 million in sustaining capital and $265.0 million in project development capital compared with previous guidance of $170.0 million and $345.0 million respectively. The forecast for project development capital is lower than original guidance mainly due to presently projected lower capital spending at Skouries.

The Company is evaluating the merits of pursuing a potential overseas listing on the Hong Kong Stock Exchange in relation to its Chinese business. Eldorado is the largest foreign producer of gold in China with three operating gold mines (Jinfeng, Tanjianshan and White Mountain) and the Eastern Dragon project. The Company's Chinese operations presently produce roughly 300,000 ounces of gold annually.

Conference Call

Eldorado will host a conference call on Friday, August 1, 2014 to discuss the Second Quarter 2014 Financial and Operating Results at 8:30am PDT (11:30am EDT). You may participate in the conference call by dialling 416-340-2219 in Toronto or 1-866-225-0198 toll free in North America and asking for the Eldorado Conference Call.

The call will be available on Eldorado's website: www.eldoradogold.com. A replay of the call will be available until August 8, 2014 by dialling 905-694-9451 in Toronto or 1-800-408-3053 toll free in North America and entering the Passcode: 5888733.

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 they operate. 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 2014 Second 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 28, 2014.

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.

Cautionary Note Regarding Mineral Reserves and Mineral Resources

The terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" used in this release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be amended from time to time by the CIM. These definitions differ from the definitions in the United States Securities & Exchange Commission ("SEC") Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.

The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource", "Inferred Mineral Resource" used in this release are Canadian mining terms as defined in accordance with National Instruction 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the CIM Standards. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

For a detailed discussion of resource and reserve estimates and related matters see the Company's reports, including the Annual Information Form and Form 40-F dated March 28, 2014 and technical reports filed under the Company's name at www.sedar.com and www.sec.gov respectively.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources

Note to U.S. Investors. While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in this report concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings. With respect to "indicated mineral resource" and "inferred mineral resource" there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

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
                 Q2 2014 Gold Production Highlights (in US$)
----------------------------------------------------------------------------
                         First     Second     Second       First       First
                       Quarter    Quarter    Quarter  Six Months  Six Months
                          2014       2014       2013        2014        2013
----------------------------------------------------------------------------

Gold Production
  Ounces Sold          190,628    190,621    176,260     381,249     365,606
  Ounces
   Produced(1)         196,523    200,551    183,971     397,074     347,739
  Cash Operating
   Cost ($/oz)(2),
   (4)                     519        489        478         504         492
  Total Cash Cost
   ($/oz)(3), (4)          577        549        536         563         552
  Realized Price
   ($/oz - sold)         1,299      1,299      1,382       1,299       1,506
----------------------------------------------------------------------------

Kisladag Mine,
 Turkey
  Ounces Sold           66,852     72,815     76,680     139,667     146,930
  Ounces Produced       67,075     76,980     76,735     144,055     146,956
  Tonnes to Pad      3,856,882  3,127,844  3,301,333   6,984,726   6,216,841
  Grade (grams /
   tonne)                 0.73       1.11       1.26        0.90        1.28
  Cash Operating
   Cost ($/oz)(4)          456        443        327         449         331
  Total Cash Cost
   ($/oz)(3), (4)          473        466        348         470         353
----------------------------------------------------------------------------

Efemcukuru Mine,
 Turkey
  Ounces Sold           27,647     25,435     25,187      53,082      75,478
  Ounces Produced       26,969     25,034     26,289      52,003      46,145
  Tonnes Milled        106,501    110,706    109,349     217,207     196,228
  Grade (grams /
   tonne)                 8.56       7.99       9.28        8.27        8.91
  Cash Operating
   Cost ($/oz)(4)          526        552        519         538         561
  Total Cash Cost
   ($/oz)(3), (4)          547        576        537         561         592
----------------------------------------------------------------------------

Tanjianshan Mine,
 China
  Ounces Sold           28,379     25,790     27,938      54,169      54,145
  Ounces Produced       28,379     25,790     27,938      54,169      54,145
  Tonnes Milled        263,609    278,227    273,065     541,836     520,126
  Grade (grams /
   tonne)                 3.44       3.30       3.50        3.37        3.61
  Cash Operating
   Cost ($/oz)(4)          422        391        398         407         419
  Total Cash Cost
   ($/oz)(3), (4)          592        570        577         581         605
----------------------------------------------------------------------------

Jinfeng Mine, China
  Ounces Sold           41,277     45,581     28,993      86,858      50,676
  Ounces Produced       41,295     45,568     28,889      86,863      50,631
  Tonnes Milled        364,987    371,971    336,707     736,958     688,608
  Grade (grams /
   tonne)                 4.00       4.17       3.33        4.08        2.87
  Cash Operating
   Cost ($/oz)(4)          626        540        757         581         789
  Total Cash Cost
   ($/oz)(3), (4)          709        622        845         664         881
----------------------------------------------------------------------------

White Mountain
 Mine, China
  Ounces Sold           26,473     21,000     17,462      47,473      38,377
  Ounces Produced       26,473     21,000     17,462      47,473      38,377
  Tonnes Milled        200,682    213,741    203,033     414,423     401,967
  Grade (grams /
   tonne)                 4.13       3.56       3.25        3.84        3.52
  Cash Operating
   Cost ($/oz)(4)          607        583        742         596         683
  Total Cash Cost
   ($/oz)(3), (4)          646        623        781         636         726
----------------------------------------------------------------------------

Olympias, Greece
  Ounces Sold                -          -          -           -           -
  Ounces
   Produced(1)           6,332      6,179      6,658      12,511      11,485
  Tonnes Milled        144,522    168,013    116,972     312,535     206,084
  Grade (grams /
   tonne)                 3.08       2.84       3.80        2.95        3.86
  Cash Operating
   Cost ($/oz)(4)            -          -          -           -           -
  Total Cash Cost
   ($/oz)(3), (4)            -          -          -           -           -
----------------------------------------------------------------------------
(1)  Ounces produced include production from tailings retreatment in
     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.

Eldorado Gold Corporation
Unaudited Condensed Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)


                                                     June 30,  December 31,
                                            Note         2014          2013
                                                            $             $
ASSETS
Current assets
  Cash and cash equivalents                           559,498       589,180
  Term deposits                                        25,026        34,702
  Restricted cash                                         262           262
  Marketable securities                                 4,637         4,387
  Accounts receivable and other                        82,822        89,231
  Inventories                                         233,531       244,042
                                                 ---------------------------
                                                      905,776       961,804
Investment in associate                                     -        10,949
Deferred income tax assets                              1,601           997
Restricted assets and other                            55,581        37,330
Defined benefit pension plan                           15,398        13,484
Property, plant and equipment                       5,806,914     5,684,382
Goodwill                                              526,296       526,296
                                                 ---------------------------
                                                    7,311,566     7,235,242
                                                 ---------------------------
                                                 ---------------------------
LIABILITIES & EQUITY
Current liabilities
  Accounts payable and accrued
   liabilities                                        171,775       211,406
  Current debt                                 5       16,253        16,402
                                                 ---------------------------
                                                      188,028       227,808
Debt                                           5      586,104       585,006
Other non-current liability                  4(b)      47,711             -
Asset retirement obligations                           86,423        85,259
Deferred income tax liabilities                       852,575       842,305
                                                 ---------------------------
                                                    1,760,841     1,740,378
                                                 ---------------------------
Equity
Share capital                                  6    5,314,813     5,314,589
Treasury stock                                        (14,845)      (10,953)
Contributed surplus                                    37,197        78,557
Accumulated other comprehensive loss                  (16,450)      (17,056)
Deficit                                               (80,965)     (143,401)
                                                 ---------------------------
Total equity attributable to shareholders
 of the Company                                     5,239,750     5,221,736
Attributable to non-controlling interests             310,975       273,128
                                                 ---------------------------
                                                    5,550,725     5,494,864
                                                 ---------------------------
                                                    7,311,566     7,235,242
                                                 ---------------------------
                                                 ---------------------------

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 U.S. dollars)

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

                                         2014      2013      2014      2013
                                            $         $         $         $
Revenue
  Metal sales                         265,497   266,929   545,367   604,997
Cost of sales
  Production costs                    122,524   116,133   257,309   246,501
  Depreciation and amortization        44,095    35,234    89,667    72,348
                                    ----------------------------------------
                                      166,619   151,367   346,976   318,849

Gross profit                           98,878   115,562   198,391   286,148

Exploration expenses                    3,890    10,240     7,785    17,864
General and administrative expenses    19,099    18,239    34,943    34,725
Defined benefit pension plan expense      413       619       816     1,248
Share based payments                    5,281     3,291    12,275    12,168
Foreign exchange loss (gain)           (1,553)    5,920    (2,914)    5,818
                                    ----------------------------------------
Operating profit                       71,748    77,253   145,486   214,325
Loss (gain) on disposal of assets       1,819       (51)    1,825       (15)
Loss (gain) on marketable securities
 and other investments                    550         -     1,322       (21)
Loss on investments in associates           -       214       102     1,123
Other income                           (3,631)   (3,138)   (2,847)   (5,114)
Asset retirement obligation
 accretion                                581       386     1,163       725
Interest and financing costs            7,916    11,061    16,321    21,562
                                    ----------------------------------------
                                    ----------------------------------------
Profit before income tax               64,513    68,781   127,600   196,065
Income tax expense                     24,999    24,550    57,443   195,802
                                    ----------------------------------------
                                    ----------------------------------------
Profit for the period                  39,514    44,231    70,157       263
                                    ----------------------------------------
                                    ----------------------------------------

Attributable to:
Shareholders of the Company            37,632    43,274    68,900    (2,189)
Non-controlling interests               1,882       957     1,257     2,452
                                    ----------------------------------------
Profit for the period                  39,514    44,231    70,157       263
                                    ----------------------------------------
                                    ----------------------------------------

Weighted average number of shares
 outstanding
Basic                                 716,249   715,038   716,239   714,739
Diluted                               716,249   715,426   716,239   715,256

Earnings per share attributable to
 shareholders of the Company:
Basic earnings per share                 0.05      0.06      0.10      0.00
Diluted earnings per share               0.05      0.06      0.10      0.00

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 U.S. dollars except per share amounts)


                                     Three months ended    Six months ended
                                               June 30,            June 30,
                                     ---------------------------------------
                                          2014     2013      2014      2013
                                             $        $         $         $

Profit for the period                   39,514   44,231    70,157       263
Other comprehensive gain (loss):
Change in fair value of available-
 for-sale financial assets                 336     (918)     (153)   (1,400)
Realized gains on disposal of
 available-for-sale financial assets         -        -       759       (17)
                                     ---------------------------------------
Total other comprehensive gain (loss)
 for the period                            336     (918)      606    (1,417)
                                     ---------------------------------------
                                     ---------------------------------------
Total comprehensive income (deficit)
 for the period                         39,850   43,313    70,763    (1,154)
                                     ---------------------------------------
                                     ---------------------------------------

Attributable to:
Shareholders of the Company             37,968   42,356    69,506    (3,606)
Non-controlling interests                1,882      957     1,257     2,452
                                     ---------------------------------------
                                     ---------------------------------------
                                        39,850   43,313    70,763    (1,154)
                                     ---------------------------------------
                                     ---------------------------------------

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 U.S. dollars)

                                     Three months ended    Six months ended
                                               June 30,            June 30,
                                    ----------------------------------------
                                    ----------------------------------------
                               Note      2014      2013      2014      2013
                                            $         $         $         $
Cash flows generated from
 (used in):
Operating activities
Profit for the period                  39,514    44,231    70,157       263
Items not affecting cash:
Asset retirement obligation
 accretion                                581       386     1,163       725
Depreciation and
 amortization                          44,095    35,234    89,667    72,348
Unrealized foreign exchange
 loss (gain)                             (508)      403      (124)      524
Deferred income tax expense               471       560     9,667   136,448
Loss (gain) on disposal of
 assets                                 1,819       (51)    1,825       (15)
Loss on investments in
 associates                                 -       214       102     1,123
Loss (gain) on marketable
 securities and other
 investments                              550         -     1,322       (21)
Share based payments                    5,281     3,291    12,275    12,168
Defined benefit pension plan
 expense                                  413       619       816     1,248
                                    ----------------------------------------
                                       92,216    84,887   186,870   224,811

Changes in non-cash working
 capital                          9   (29,383)  (63,433)  (54,600)  (36,265)
                                    ----------------------------------------
                                       62,833    21,454   132,270   188,546
Investing activities
Net cash used on acquisition
 of subsidiary                  4(a)        -         -   (30,318)        -
Purchase of property, plant
 and equipment                       (107,917) (116,549) (188,347) (217,763)
Proceeds from the sale of
 property, plant and
 equipment                                 92       136       176       192
Proceeds on production from
 tailings retreatment                  11,765    10,900    20,557    15,228
Purchase of marketable
 securities                              (852)        -      (852)        -
Proceeds from the sale of
 marketable securities                    243         -       865       332
Investments in associates                   -         -         -    (6,357)
Redemption of (investment
 in) term deposits                    (20,000)  (62,514)    9,676  (221,441)
Decrease in restricted cash               (24)       15         2         5
                                    ----------------------------------------
                                     (116,693) (168,012) (188,241) (429,804)
Financing activities
Issuance of common shares
 for cash                                   -       179         -     1,601
Investment by non-
 controlling interest           4(b)        -         -    40,000         -
Dividend paid to
 shareholders                               -         -    (6,464)  (50,241)
Dividends paid to non-
 controlling interest                    (815)               (815)
Purchase of treasury stock                 (9)     (168)   (6,413)   (6,462)
Long-term and bank debt
 proceeds                                   -         -    16,363    12,412
Long-term and bank debt
 repayments                                 -         -   (16,382)  (10,354)
Loan financing costs                        -        90         -      (383)
                                    ----------------------------------------
                                    ----------------------------------------
                                         (824)      101    26,289   (53,427)
                                    ----------------------------------------
Net decrease in cash and
 cash equivalents                     (54,684) (146,457)  (29,682) (294,685)
Cash and cash equivalents -
 beginning of period                  614,182   668,615   589,180   816,843
                                    ----------------------------------------
                                    ----------------------------------------

Cash and cash equivalents -
 end of period                        559,498   522,158   559,498   522,158
                                    ----------------------------------------
                                    ----------------------------------------

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 U.S. dollars)

                                   Three months ended      Six months ended
                                             June 30,              June 30,
                           Note       2014       2013       2014       2013
                                         $          $          $          $
Share capital
Balance beginning of
 period                          5,314,813  5,303,095  5,314,589  5,300,957
  Shares issued upon
   exercise of share
   options, for cash                     -        179          -      1,601
  Transfer of contributed
   surplus on exercise of
   options                               -        273          -        989
  Transfer of contributed
   surplus on exercise of
   deferred phantom units                -      3,400        224      3,400
                                --------------------------------------------
Balance end of period            5,314,813  5,306,947  5,314,813  5,306,947
                                --------------------------------------------
                                --------------------------------------------

Treasury stock
Balance beginning of
 period                            (17,357)   (12,307)   (10,953)    (7,445)
  Purchase of treasury
   stock                                (9)      (168)    (6,413)    (6,462)
  Shares redeemed upon
   exercise of restricted
   share units                       2,521        700      2,521      2,132
                                --------------------------------------------
Balance end of period              (14,845)   (11,775)   (14,845)   (11,775)
                                --------------------------------------------

Contributed surplus
Balance beginning of
 period                             35,424     71,827     78,557     65,382
  Share based payments               5,035      3,935     11,750     12,528
  Shares redeemed upon
   exercise of restricted
   share units                      (2,521)      (700)    (2,521)    (2,132)
  Recognition of other
   non-current liability
   and related costs        4(b)      (741)         -    (50,365)         -
  Transfer to share
   capital on exercise of
   options and deferred
   phantom units                         -     (3,673)      (224)    (4,389)
                                --------------------------------------------
Balance end of period               37,197     71,389     37,197     71,389
                                --------------------------------------------

Accumulated other
 comprehensive loss
Balance beginning of
 period                            (16,786)   (25,034)   (17,056)   (24,535)
  Other comprehensive
   loss for the period                 336       (918)       606     (1,417)
                                --------------------------------------------
Balance end of period              (16,450)   (25,952)   (16,450)   (25,952)
                                --------------------------------------------

Retained earnings
 (deficit)
Balance beginning of
 period                           (118,597)   499,172   (143,401)   594,876
  Dividends paid                         -          -     (6,464)   (50,241)
  Profit (loss)
   attributable to
   shareholders of the
   Company                          37,632     43,274     68,900     (2,189)
                                --------------------------------------------
                                --------------------------------------------
Balance end of period              (80,965)   542,446    (80,965)   542,446
                                --------------------------------------------
Total equity attributable
 to shareholders of the
 Company                         5,239,750  5,883,055  5,239,750  5,883,055
                                --------------------------------------------

Non-controlling interests
Balance beginning of
 period                            312,503    285,595    273,128    284,100
  Profit attributable to
   non-controlling
   interests                         1,882        957      1,257      2,452
  Dividends declared to
   non-controlling
   interests                        (3,410)         -     (3,410)         -
  Increase during the
   period                   4(b)         -          -     40,000          -
                                --------------------------------------------
Balance end of period              310,975    286,552    310,975    286,552
                                --------------------------------------------

Total equity                     5,550,725  6,169,607  5,550,725  6,169,607
                                --------------------------------------------
                                --------------------------------------------

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 June 30, 2014: http://media3.marketwire.com/docs/eldq2fsmda.pdf.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Soha will exhibit at SYS-CON's DevOps Summit New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Soha delivers enterprise-grade application security, on any device, as agile as the cloud. This turnkey, cloud-based service enables customers to solve secure application access and delivery challenges that traditional or virtualized network solutions cannot solve because they are too expensive, inflexible and operational...
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements...
SYS-CON Events announced today that Tufin, the market-leading provider of Security Policy Orchestration Solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. As the market leader of Security Policy Orchestration, Tufin automates and accelerates network configuration changes while maintaining security and compliance. Tufin's award-winning Orchestration Suite™ gives IT organizations the power and a...
SYS-CON Events announced today that Optimal Design, an Internet of Things solution provider, will exhibit at SYS-CON's Internet of @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Optimal Design is an award winning product development firm offering industrial design and engineering services to the consumer, medical, and defense markets.
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
SYS-CON Events announced today that Stratoscale, the new data center operating system, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Based in Herzeliya, Israel, Stratoscale is redefining the data center, developing a hardware-agnostic, software platform hyper-converging compute, storage and networking across the rack or data center. The self-optimizing platform automatically distributes all physical...
SOASTA, the leader in performance analytics, today reported record growth of the CloudTest community, exceeding 30,000 registered users of the CloudTest platform in Q1 2015. SOASTA also announced widespread adoption of its Web and mobile testing solutions, with more than 1,600 customers completing more than 285,000 tests using CloudTest during the quarter. This rapid growth shows that DevOps-driven digital businesses are embracing a more continuous approach to testing, and CloudTest is meeting t...
ProfitBricks has launched its new DevOps Central and REST API, along with support for three multi-cloud libraries and a Python SDK. This, combined with its already existing SOAP API and its new RESTful API, moves ProfitBricks into a position to better serve the DevOps community and provide the ability to automate cloud infrastructure in a multi-cloud world. Following this momentum, ProfitBricks has also introduced several libraries that enable developers to use their favorite language to code ...
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables c...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Softw...
SYS-CON Events announced today that Creative Business Solutions will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Creative Business Solutions is the top stocking authorized HP Renew Distributor in the U.S. Based out of Long Island, NY, Creative Business Solutions offers a one-stop shop for a diverse range of products including Proliant, Blade and Industry Standard Servers, Networking, Server Options and...
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business applic...
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquir...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...