Microsoft Cloud Authors: Lori MacVittie, Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV

News Feed Item

Euro Ressources Reports Earnings for the Third Quarter and Nine Months Ended September 30, 2012

PARIS -- (Marketwire) -- 11/14/12 -- EURO Ressources S.A. ("EURO" or the "Company") (PARIS: EUR) today announced its unaudited interim financial results prepared in accordance with International Financial Reporting Standards ("IFRS") for the third quarter and nine months ended September 30, 2012. These unaudited financial results were approved by the Board of Directors on November 9, 2012. All financial amounts are expressed in Euros unless otherwise specified.

Under IFRS, EURO reported a net profit of EUR 5.67 million (EUR 0.091 per share) for the third quarter of 2012 and a net profit of EUR 17.68 million (EUR 0.283 per share) for the nine months ended September 30, 2012; this compares to a net profit of EUR 5.85 million (EUR 0.094 per share) for the third quarter of 2011 and a net profit of EUR 15.60 million (EUR 0.250 per share) for the nine months ended September 30, 2011.

To comply with French requirements, EURO reported revenues of EUR 10.22 million under French GAAP and IFRS for the three months ended September 30, 2012, as compared to EUR 9.97 million for the three months ended September 30, 2011, an increase of 2.6%. Further details on revenues are discussed below.

The following comments on the financial results for the quarter and nine months ended September 30, 2012, are taken from EURO's IFRS Management's Discussion and Analysis:

Three months ended September 30, 2012 as compared to three months ended September 30, 2011

The revenues are essentially attributable to the Rosebel royalty with EUR 10.16 million (2011: EUR 9.90 million) earned from Rosebel. The Rosebel gold mine produced 100,056 ounces of gold during the third quarter of 2012, which compares to 99,125 ounces of gold during the third quarter of 2011, an increase of 1%. The 2.6% increase in revenues is mainly due to the weakened euro currency for EUR 0.42 million, and to the 1% production increase for EUR 0.1 million for the third quarter of 2012 as compared to the third quarter of 2011, partially offset by the decrease in the average gold price to $1,652 per ounce for the third quarter of 2012 as compared to $1,702 per ounce for the third quarter in 2011 for EUR 0.3 million.

Operating expenses for the third quarter of 2012 were EUR 0.26 million, a 13% increase compared to EUR 0.23 million for the third quarter of 2011; the increase is due to the weakened euro currency for EUR 0.03 million.

The 13% increase in amortization expense to EUR 0.17 million for the third quarter of 2012 (2011: EUR 0.15 million), is due to the weakened euro currency for EUR 0.02 million.

EURO recorded an income tax expense of EUR 3.89 million for the third quarter of 2012 (2011: EUR 3.25 million). This increase is primarily due to the second rectifying Finance Act enacted in August 2012, which imposes a 3% (EUR 0.54 million) additional tax on all dividend distributions.

Nine months ended September 30, 2012 as compared to nine months ended September 30, 2011

EURO recorded revenues of EUR 30.36 million for the first nine months of 2012 compared to EUR 25.34 million for the same period in 2011, with EUR 30.09 million earned from the Rosebel royalty (EUR 25.16 million during the same period in 2011). The 20% increase in revenues is substantially due to the increase in the average gold price for the nine months ended September 30, 2012 to $1,652 per ounce of gold (2011: $1,534 per ounce of gold) for EUR 2.4 million, to the weakened euro currency for EUR 2.3 million, and to a 0.4% increase in gold production with 297,093 ounces of gold production for the period ended September 30, 2012 as compared to 295,870 ounces produced during the same period in 2011 for EUR 0.17 million.

Operating expenses for the nine months ended September 30, 2012 were EUR 0.70 million, a 3% reduction compared to EUR 0.73 million for the nine months ended September 30, 2011; this continues to reflect the general decline in activity for EURO.

The 13% increase in amortization expense to EUR 0.49 million for the nine months ended September 30, 2012 (2011: EUR 0.44 million) is substantially due to the weakened euro currency.

EURO recorded an income tax expense of EUR 11.00 million for the nine months ended September 30, 2012 (2011: EUR 7.76 million). The increase is mainly due to the increase in revenues for the nine months ended September 30, 2012 as compared to the same period in 2011, the weakened euro currency, and the second rectifying Finance Act enacted in August 2012 which imposes a 3% (EUR 0.54 million) additional tax on all dividend distributions.

Liquidity and Capital resources

Cash and cash equivalents at September 30, 2012 totaled EUR 3.55 million (December 31, 2011: EUR 5.58 million). All of the cash and cash equivalents are unrestricted. EURO expects to have sufficient cash flow to fund its 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 Corporation ("IAMGOLD"). EURO has approximately 62.5 million shares outstanding. IAMGOLD France S.A.S., an indirect wholly owned subsidiary of IAMGOLD, owns today approximately 86% of all outstanding shares.

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.

EURO RESSOURCES THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2012: http://hugin.info/143433/R/1657707/536241.pdf

Further requests for information should be addressed to:
Brian Trnkus
Tel:+1 4169334739
Email : [email protected]

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

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.

@ThingsExpo Stories
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
Rodrigo Coutinho is part of OutSystems' founders' team and currently the Head of Product Design. He provides a cross-functional role where he supports Product Management in defining the positioning and direction of the Agile Platform, while at the same time promoting model-based development and new techniques to deliver applications in the cloud.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
In his session at Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to maximize project result...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...