EURO Ressources reports earnings for the second quarter and six months ended June 30, 2023
NEWS RELEASE | Paris: EUR |
EURO RESSOURCES REPORTS EARNINGS FOR THE
SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2023
Paris, France, August 11, 2023: EURO Ressources S.A. (“EURO” or “the Company”) (Paris: EUR) today announced its unaudited statutory interim financial results prepared in accordance with French Generally Accepted Accounting Principles (“GAAP”) and its unaudited condensed interim financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) for the six months ended June 30, 2023. These unaudited interim financial statements were approved by the Board of Directors on August 11, 2023. All financial amounts are expressed in Euros (“€” or “euros”) unless otherwise specified.
Highlights
Under French GAAP, EURO reported net earnings of €11.0 million (€0.177 per share) for the six months ended June 30, 2023 (€5.2 million for the second quarter of 2023 (€0.084 per share)) compared to €8.1 million (€0.130 per share) for the six months ended June 30, 2022 (€4.4 million for the second quarter of 2022 (€0.07 per share)).
Under IFRS, EURO reported net earnings of €12.5 million (€0.199 per share) for the six months ended June 30, 2023 (€6.4 million for the second quarter of 2023 (€0.102 per share)) compared to €6.4 million (€0.103 per share) for the six months ended June 30, 2022 (€3.3 million for the second quarter of 2022 (€0.052 per share)).
EURO recorded revenues of €15.9 million in the first six months of 2023 (€7.7 million in the second quarter of 2023) compared to revenues of €10.3 million (excluding foreign exchange gain) in the first six months of 2022 (€5.5 million reported in the second quarter of 2022).
On June 8, 2023, EURO paid dividends of €15.6 million (€0.25 per share).
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Liquidity and capital resources
Cash at June 30, 2023 totaled €17.1 million as compared to €21.4 million at December 31, 2022. The decrease was mainly due to the dividends paid, partially offset by cash flow from operating activities.
Marketable securities
EURO holds marketable securities related to mining companies which are part of a volatile market. Share market price exposure risk is related to the fluctuation in the market price of marketable securities. Investments in marketable securities are recorded at fair value.