Euro Ressources SA Proposes Amendment to Article 25 of the Bylaws
Apr 17 15
Euro Ressources SA proposed amendment to article 25 of the bylaws to comply with the change of the law concerning the account record date of the shareholder to participate to general shareholders meeting at AGM to be held on May 13, 2015.
EURO Ressources S.A. Announces Audited Statutory Financial and Operating Results for the Fourth Quarter Results and Year Ended December 31, 2014; Provides Cash Flow and Production Guidance for the Year 2015
Feb 25 15
EURO Ressources S.A. announced audited statutory financial results for the year ended December 31, 2014 and audited statutory financial and operating results for the fourth quarter ended December 31, 2014. For the year, under French GAAP, the company reported a net profit of EUR 15.2 million or EUR 0.243 per share for the year ended December 31, 2014, compared to EUR 23.3 million or EUR 0.373 per share for the year ended December 31, 2013. Under French GAAP, the company recorded revenues from ordinary activities of EUR 24.2 million for 2014, a decrease of 17% compared to revenues of EUR 29.3 million in 2013. Revenues are mainly attributable to the Rosebel royalty for EUR 23.9 million against EUR 28.9 million for the same period in the year 2013. The decrease in revenues is due to the lower average gold price of USD 1,266 per ounce in 2014 compared to USD 1,411 per ounce in 2013 for EUR 3.7 million, and to the lower gold production with 342,057 ounces in 2014 compared to 353,677 ounces during 2013 for EUR 1.3 million.
For the quarter, the company recorded a net profit of EUR 3.4 million or EUR 0.055 per share for the fourth quarter of 2014 compared to EUR 9.8 million or EUR 0.157 per share for the fourth quarter of 2013. The decrease in mainly explained by the other income of EUR 10.0 million recorded in 2013, partially offset by higher revenues from royalties and lower income tax in 2014. Revenues from ordinary activities were EUR 6.9 million during the fourth quarter of 2014, an increase of 35% compared to revenues of EUR 5.1 million for the fourth quarter of 2013. Revenues are mainly attributable to the Rosebel royalty of EUR 6.9 million against fourth quarter of 2013 of EUR 5.1 million. The increase in revenues is due to higher gold production with 98,901 ounces in the fourth quarter of 2014 as compared to 74,216 ounces during the fourth quarter of 2013 for EUR 1.7 million, and the weakened EUR for EUR 0.6 million, partially offset by the lower average gold price during the fourth quarter of 2014 of USD 1,201 per ounce of gold compared to USD 1,276 per ounce of gold during the fourth quarter of 2013 for EUR 0.5 million.
In 2015, the Rosebel royalty is expected to provide cash flow to the company of between approximately EUR 23.0 million and EUR 23.8 million. These pre-tax numbers assume a gold price of USD 1,250 per ounce and an exchange rate of 1 for USD 1.2. The Rosebel royalty production is anticipated to be approximately between 305,000 and 316,000 ounces in 2015. The impact of changes in the average gold price on the company’s annual revenues, based on an estimated production of 311,000 ounces, would be approximately USD 3.0 million for each change in gold price of USD 100 per ounce. The company’s cash flow will primarily be affected by income tax payments, since there are no tax losses carried forward to offset any future revenue. The company expects its cash-flow will be adequate to meet all corporate and related expenses.
EURO Ressources S.A. Declares Interim Dividend Payable on November 26, 2014
Nov 13 14
EURO Ressources S.A. has determined that an interim dividend in the amount of EUR 0.14 per ordinary share will be paid to shareholders. The ex-dividend date will be November 24, 2014, the dividend record date will be November 25, 2014, and the dividend payment date will be on November 26, 2014.