EURO Ressources

EURO RESSOURCES REPORTS EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2012 - Seite 2

Liquidity and Capital resources

Cash and cash equivalents at December 31, 2012 totalled €10.00 million as compared to      €5.58 million at December 31, 2011.  All the cash and cash equivalents are unrestricted. EURO expects to have sufficient cash flow to fund its on-going operational needs.

Select IFRS results for the three months and twelve months ended December 2012, as compared to the three months and twelve months ended December 31, 2011

Since December 31, 2010, EURO no longer prepares and publishes consolidated financial statements for French purposes; only French GAAP can be applied for the presentation of statutory financial statements and approval by the shareholders. However, in order to comply with Canadian requirements and have equivalency of information between French financial requirements and Canadian financial requirements, the following information on the financial results is provided for comparison purposes.

Three months ended December 31, 2012 compared to three months ended December 31, 2011

Under IFRS, EURO reported a net profit of €7.41 million (€0.117 per share) for the fourth quarter of 2012, compared to a net profit of €7.55 million (€0.121 per share) for the fourth quarter of 2011.

EURO recorded revenues of €11.09 million for the fourth quarter of 2012, a decrease of 5% as compared to €11.68 million for the fourth quarter of 2011.  Substantially all of this revenue is income from the Rosebel royalty.  The Rosebel gold mine produced 104,919 ounces of gold during the fourth quarter of 2012, a 4% decrease from the 109,673 ounces of gold produced during the fourth quarter of 2011.  The decrease in revenues is primarily explained by the 4% decrease in gold production for €0.49 million, and the strengthened euro currency for            €0.21 million, partially offset by a 2% increase in the average gold price for the quarter ended December 31, 2012 to $1,722 per ounce of gold as compared to $1,688 per ounce of gold for the fourth quarter of 2011 for €0.27 million.

Operating expenses for the fourth quarter of 2012 were €0.20 million, a 13% reduction compared to €0.23 million for the fourth quarter in 2011; this continues to reflect the general decline in activity for EURO.

EURO recorded an income tax expense of €3.8 million for the fourth quarter of 2012 (2011: €4.4 million). The decrease is mainly due to the decrease in revenues for the fourth quarter of 2012 as compared to the same period in 2011.

2012 compared to 2011

EURO recorded a net profit of €25.09 million (€0.401 per share) for 2012 as compared to    €23.15 million (€0.370) for 2011.