EURO Ressources : EURO RESSOURCES HAS RECORD REVENUE FOR THE QUARTER ENDED 31 MARCH, 2009
May 05 2009 - 5:05PM
Marketwired
EURO Ressources S.A. (TSX: EUR) (Paris: EUR) today announced its
unaudited consolidated financial results for the quarter ended 31
March 2009 prepared in accordance with International Financial
Reporting Standards as adopted by the European Union. EURO reported
a profit of EUR 1.90 million (EUR 0.03 per share) for the first
quarter of 2009; this compares to a profit of EUR 0.79 million (EUR
0.013 per share) for same period in 2008. All financial amounts are
expressed in Euros.
The following comments on the results for the quarter ended 31
March, 2009, are taken from our Management's Discussion and
Analysis:
We had record revenue of EUR 3.96 million in the quarter ended
31 March 2009 compared to EUR 3.15 million in the first quarter of
2008, an increase of 26%. Substantially all of this revenue is
income from the Rosebel royalty. The Rosebel gold mine produced
87,717 ounces of gold during the first quarter of 2009, a 15.4%
increase from the 76,002 ounces of gold produced in the first
quarter of 2008. This increase is the result of the improvements in
throughput, cut-off grade optimization and recovery that were
completed towards the end of 2008, even though there was an almost
2% decrease in the average gold price for the quarter ended 31
March 2009 (Q1:2009: $908.41/ounce, Q1 2008: 924.83/ounce).
There were no scheduled gold hedging maturities during the first
quarter of 2009, compared to gold hedging costs in the first
quarter of 2008 of EUR 1.00 million.
General and administrative expenses in the first quarter of 2009
were EUR 0.58 million, as compared to EUR 0.41 during the same
quarter last year, an increase of 41% related in part to a
carryover of expenses from the IAMGOLD takeover in late 2008, but
mainly related to costs for securing our property at Paul Isnard in
French Guiana, due to the many illegal mining operations there.
There was no interest expense incurred in the first quarter of
2009, because we repaid the loan to Macquarie Bank Limited
("Macquarie") in full in December of 2008, this compares to an
interest expense of EUR 0.03 for the same period last year.
The increase in amortization expenses to EUR 0.14 million (2008:
EUR 0.11 million), a 27% increase, reflects the higher gold
production for the quarter ended March 31, 2009.
Notwithstanding the economic effectiveness of the derivatives
used to hedge certain of the future cash flow from the Rosebel
royalty, implemented as a requirement of our loan from Macquarie,
we have recognized against income the total unrealized
mark-to-market position of our outstanding gold hedge position. Our
financial instrument expense for the quarter ended 31 March 2009
was EUR 0.36 million, compared to an expense of EUR 1.61 million
for the same quarter last year. This large decrease can be
explained by the fact that we only have 8,550 ounces of gold
currently remaining in our gold hedge position, whereas at March
31, 2008, there were 31,200 ounces remaining in our gold hedge
position.
We have recognized a future tax credit on the first quarter 2009
balance sheet of EUR 4.64 million being EUR 0.98 million against
the unrealized mark-to-market position at March 31, 2009 and EUR
3.56 million in respect to cumulative net operating losses.
Liquidity
Consolidated cash and cash equivalents at 31 March 2009 totalled
EUR 0.35 million, including EUR 0.2 million of restricted cash. We
expect to have sufficient cash flow to fund our on-going
operational needs.
About EURO
EURO is a French company whose principal asset is the Rosebel
Royalty on gold production at the Rosebel mine operated by IAMGOLD.
EURO has approximately 62.5 million shares outstanding. Since the
17th of December 2008, EURO is an 84.55% owned subsidiary of
IAMGOLD Corporation
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 US Securities Act of 1933
and may not be offered or sold in the United States or to a US
person absent registration or an applicable exemption from
registration.
Additional information relating to EURO Ressources S.A. is
available on SEDAR at www.sedar.com. Further requests for
information should be addressed to:
This information is provided by HUGIN
Larry E. Phillips Directeur-G�n�ral Tel:+1 4163604710 Email :
Email Contact Susanne A. Hermans Vice-President Finance T�l.: +1
303 204 7771 Email : Email Contact
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