Information  X 
Enter a valid email address

EURO Ressources (0JSG)

  Print   

Friday 11 November, 2011

EURO Ressources

EURO Ressources : EURO RESSOURCES REPORTS EARNI...






  EURO RESSOURCES REPORTS EARNINGS FOR THE THIRD QUARTER AND NINE MONTHS ENDED
                               SEPTEMBER 30, 2011

PARIS,  France,  November 11, 2011:  EURO Ressources  S.A. ("EURO") (Paris: EUR)
today  announced  its  unaudited  financial  results prepared in accordance with
International  Financial Reporting Standards  ("IFRS") for the  quarter and nine
months  ended September 30, 2011.  These financial  results were approved by the
Board of Directors on November 10, 2011.

Under  IFRS, EURO reported a net profit  of €5.85 million (€0.094 per share) for
the  third quarter of 2011 and,  €15.60 million (€0.250 per  share) for the nine
months  ended September 30, 2011; this  compares to   €4.48  million (€0.072 per
share)  for the third quarter of 2010, and €10.43 million (€0.167 per share) for
the  nine months ended September  30, 2010.  All financial amounts are expressed
in Euros.

To  comply with  French requirements,  EURO reported  revenues of  €9.97 million
under  French GAAP for  the quarter ended  September 30, 2011, compared to €7.37
million  for  the  quarter  ended  September  30, 2010.  Further  details on the
revenues are discussed below.

The  following comments  on the  results for  the quarter  and nine months ended
September  30, 2011, are  taken  from  EURO's  IFRS  Management's Discussion and
Analysis:

Three  months ended September 30, 2011 compared  to three months ended September
30, 2010

EURO  recorded  revenues  of  €9.97  million  for  the third quarter of 2011, an
increase  of 35% as compared  to €7.37 million for  the third quarter of 2010.
Substantially  all  of  this  revenue  is  income from the Rosebel royalty.  The
increase  in revenue is primarily explained by the record average gold price for
the  quarter ended September 30, 2011 of $1,702  per ounce as compared to $1,227
per  ounce for the third quarter of  2010, an increase of 39%.  The Rosebel gold
mine  produced 99,125 ounces  of gold  during the  third quarter  of 2011, a 6%
decrease  from the 105,623 ounces  of gold produced  during the third quarter of
2010.

Operating expenses for the third quarter of 2011 were €0.23 million, as compared
to €0.24 million in the third quarter of 2010.  This decrease of 4% reflects the
general decline in activity for EURO.

The 10% decrease in amortization expense to €0.151 million for the third quarter
of 2011 as compared to €0.168 million for the third quarter of 2010 reflects the
6% decrease  in production for the  quarter ended September 30, 2011 compared to
the same period in 2010.

EURO  recorded an income tax  expense of €3.25 million  for the third quarter of
2011 (2010: €2.47 million) due to higher profit.

Nine  months ended  September 30, 2011 compared  to nine  months ended September
30, 2010

EURO  recorded revenues  of €25.34  million for  the first  nine months of 2011
compared  to €18.83  million for  the same  period in  2010, with €25.16 million
earned  from  the  Rosebel  royalty  (€18.76  million  during the same period in
2010).  The  35% increase  in  revenue  is  essentially attributable to the 30%
increase in the average gold price for the nine months ended September 30, 2011
to  $1,534  per  ounce  of  gold  (2010:  $1,178  per  ounce  of gold).  Another
contributing  factor was the 2% increase in production for the nine months ended
September 30, 2011 to 295,870 ounces of gold (2010: 290,016 ounces of gold).

EURO  recorded an income tax expense of  €7.76 million for the nine months ended
September 30, 2011 (2010: €5.69 million).

Liquidity

Cash  and cash equivalents at September 30, 2011, totalled €8.85 million.   EURO
expects to have sufficient cash flow to fund its on-going operational needs.

The second instalment of the issuance premium is scheduled to be paid on Monday,
November  14, 2011, to  all  shareholders  of  record  as  of  Friday,  November
11, 2011, in the amount of €0.19 per share, totalling €11.874 million.

The  distribution of  the issuance  premium was  approved by the shareholders on
June  21, 2011.  The first  instalment of  the issuance  premium was paid to all
shareholders  on  July  11, 2011, in  the  amount  of €0.28 per share, totalling
€17.499 million.

About EURO

EURO  is a French company  whose principal asset is  the Rosebel Royalty on gold
production  at the  Rosebel mine  operated by  IAMGOLD Corporation ("IAMGOLD").
EURO   has   approximately   62.5 million  shares  outstanding.  Since  December
17, 2008, EURO  is a majority-owned  subsidiary of IAMGOLD.   IAMGOLD owns today
directly approximately 86% of EURO.

Statements Regarding Forward-Looking Information:   Some statements in this news
release  are forward-looking  statements. Investors  are cautioned that forward-
looking   statements   are   inherently   uncertain   and   involve   risks  and
uncertainties.    There can be  no assurance that  future developments affecting
the Company will be those anticipated by management.
Not for distribution to United States newswire services or for dissemination in
the United States. The securities referred to herein have not been registered
under the United States Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States or to a U.S. person
absent registration, or an applicable exemption from the registration
requirements of, the Securities Act.


Additional information relating to EURO Ressources S.A. is available on SEDAR at
www.sedar.com.  Further requests for information should be addressed to:

Brian Trnkus
Directeur-Général
Tel:+1 4169334739
Email :[email protected]

Susanne A. Hermans
Vice-President Finance
Tél.: +1 303 204 7771
Email :[email protected]




EURO RESSOURCES REPORTS EARNINGS FOR PERIOD ENDED SEPTEMBER 30, 2011 : 


http://hugin.info/143433/R/1563133/484493.pdf




This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: EURO Ressources via Thomson Reuters ONE

[HUG#1563133]

a d v e r t i s e m e n t