Eldorado Gold Corp (EGO) 2018年年度報告「AMEX」.pdf

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1、FINANCIALS2018Eldorado Gold CorporationTABLE OF CONTENTSMANAGEMENTS DISCUSSION AND ANALYSISAbout Eldorado 2 Summarized Annual Financial Results 4Summarized Quarterly Financial Results 5 2018 Highlights 6Fourth Quarter Highlights 7 Review of Financial and Operating Performance 7 20192021 Outlook 10 O

2、perations Update and Outlook 11Annual Review Operations 12 Development Projects 16 Exploration 17 Non-IFRS Measures 18 Quarterly Results 24 Financial Condition and Liquidity 25 Capital Resources 25Contractual Obligations 25 Debt 26Defined Benefit Plans 27 Equity 27Managing Risk 28 Accounting Matters

3、 37 Accounting Policies 39 Internal Controls over Financial Reporting 41 Qualified Person 42 Forward-Looking Statements and Information 42FINANCIALSManagements Responsibility for Financial Reporting 44Report of Independent Registered Public Accounting Firm 45Consolidated Statements of Financial Posi

4、tion 47Consolidated Statements of Operations 48Consolidated Statements of Comprehensive Loss 50Consolidated Statements of Cash Flows 51Consolidated Statements of Changes in Equity 52Notes to the Consolidated Financial Statements 53Board of Directors,Officers and Senior Management Team 96Shareholder

5、Information 97Corporate Information 98ELDORADO GOLD FINANCIALS 20181MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017MANAGEMENTS DISCUSSION AND ANALYSIS FOR THE YEARS ENDED DECEMBER 31,2018 AND 20

6、17This Managements Discussion and Analysis(“MD&A”)dated February 21,2019 for Eldorado Gold Corporation contains information that management believes is relevant for an assessment and understanding of the Companys consolidated financial position and the results of its consolidated operations for the

7、year ended December 31,2018.The MD&A should be read in conjunction with the audited Consolidated Financial Statements for the years ended December 31,2018 and 2017,which were prepared in accordance with International Financial Reporting Standards(“IFRS”),as issued by the International Accounting Sta

8、ndards Board(“IASB”).Throughout this MD&A,Eldorado,we,us,our and the Company means Eldorado Gold Corporation.This quarter means the fourth quarter of 2018.Forward-Looking Statements and InformationThis MD&A contains forward-looking statements and information and should be read in conjunction with th

9、e risk factors described in the“Managing Risk”and“Forward-Looking Statements and Information”sections of this MD&A.Additional information,including this MD&A,the audited Consolidated Financial Statements for the years ended December 31,2018 and 2017,the Companys Annual Information Form(“AIF”)for the

10、 year ended December31,2017,and press releases have been filed electronically through the System for Electronic Document Analysis and Retrieval(“SEDAR”)andtheElectronic Data Gathering,Analysis and Retrieval system(“EDGAR”),and are available online under the Eldorado profile at ,www.sec.gov/edgar and

11、 onthe Companys website().Non-IFRS MeasuresCertain non-IFRS measures are included in this MD&A,including average realized gold price per ounce sold;cash operating costs and cash operating cost per ounce sold;total cash costs and total cash costs per ounce sold;all-in sustaining cost(“AISC”)and AISC

12、per ounce sold;adjusted net earnings/(loss)from continuing operations;adjusted net earnings/(loss)per share from continuing operations;working capital,earnings from gold mining operations;earnings before interest,taxes,depreciation and amortization(“EBITDA”);adjusted EBITDA;and cash flow from operat

13、ions before changes in non-cash working capital.In the gold mining industry,these are common performance measures but may not be comparable to similar measures presented by other issuers.The Company believes that these measures,in addition to information prepared in accordance with IFRS,provides inv

14、estors with useful information to assist in their evaluation of the Companys performance and ability to generate cash flow from its operations.Accordingly,it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepare

15、d in accordance with IFRS.Forfurther information,refer to the“Non-IFRS Measures”section of this MD&A.The following additional abbreviations may be used throughout this MD&A:General and Administrative Expenses(“G&A”);Property,Plant and Equipment(“PPE”);Gold(“Au”);Ounces(“oz”);Grams per Tonne(“g/t”);M

16、illion Tonnes(“Mt”);Tonnes(“t”);Kilometre(“km”);Metres(“m”);TonnesperDay(“tpd”);Kilo Tonnes(“kt”);Percentage(“%”);Cash-Generating Unit(“CGU”);Depreciation,Depletion and Amortization(“DDA”);andLifeof Mine(“LOM”).Reporting CurrencyAll amounts are presented in U.S.dollars(“$”)unless otherwise stated.Un

17、less otherwise specified,all tabular amounts are expressed in millions ofU.S.dollars,except share,per share or per ounce amounts.ELDORADO GOLD FINANCIALS 20182MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2

18、018 and 2017About Eldorado Eldorado Gold is a Canadian gold and base metals producer with 25 years of experience in discovering,building and operating mines in Europe,Asia and the Americas.Dual-listed on the Toronto(TSX:ELD)and New York(NYSE:EGO)stock exchanges,the Company is focused on creating val

19、ue for its stakeholders at each stage of the mining process.Eldorados operations are global and the Company has assets in Turkey,Canada,Greece,Romania,Serbia and Brazil.The Company operates four mines:Klada and Efemukuru located in western Turkey,and Olympias and Stratoni located in northern Greece.

20、Both Klada and Efemukuru are wholly-owned gold mines,while 95%-owned Olympias and Stratoni are polymetallic operations.Olympias produces three concentrates bearing leadsilver,zinc and gold.Stratoni produces two concentrates bearing leadsilver and zinc.Eldorados 2018 production profile was 84%gold an

21、d 16%silver and base metals.The Company produced approximately 350,000 ounces of gold in 2018 and had proven and probable gold reserves of approximately 17 million ounces as at September 30,2018.Complementing Eldorados producing portfolio are the Companys advanced stage development projects,includin

22、g the wholly-owned Lamaque gold project in Quebec,Canada and the Skouries(95%ownership)goldcopper project in northern Greece.Lamaque is expected to enter commercial production in the first quarter of 2019 and produce 100,000110,000 ounces of gold in 2019,including 10,000 ounces of pre-commercial pro

23、duction.Skouries is currently oncare and maintenance(“C&M”)pending receipt of outstanding permits from the Government of Greece.Other development projects in Eldorados portfolio include:Perama Hill(100%),goldsilver,Greece;Certej(80.5%),gold,Romania;andTocantinzinho(100%),gold,Brazil.The Companys ope

24、rating mines and development projects provide excellent opportunities for reserve growth through near-mine exploration,with programs planned at Lamaque,Efemukuru,Olympias and Stratoni in 2019.Eldorado also conducts early-stage exploration programs in highly prospective regions to provide low-cost gr

25、owth through discovery,such as the Bolcana goldcopper porphyry project in Romania.Eldorados strategy is to focus on jurisdictions that offer the potential for long-term growth and access to high-quality assets.Fundamental to executing on this strategy is the strength of the Companys in-country teams

26、 and stakeholder relationships.The Company has a highly skilled and dedicated workforce ofover 4,800 people world-wide,with the majority of employees and management being nationals of the country of operation.Through discovering and acquiring high-quality assets,developing and operating world-class

27、mines,growing resources and reserves,responsibly managing impacts and building opportunities for local communities,Eldorado strives to deliver value for all its stakeholders.Looking back at the year,Eldorado had a solid 2018,and successfully met its consolidated production goals.The Company ended th

28、e year with 349,147ounces of gold produced,which exceeded the original mid-point of guidance for the year by 12%,and ended at the upper limit of the revised guidance.Cash operating costs of$625 per ounce of gold sold were in line with revised guidance of$600650 per ounce sold.These positive results

29、were driven by better-than-expected leach pad production at Klada,pre-commercial production from Lamaque and solid execution by operational teams.FIRST FULL YEAR OF OLYMPIAS COMMERCIAL PRODUCTIONOlympias produced 46,750 ounces of gold at$764 per ounce sold in 2018 after declaring commercial producti

30、on at the end of 2017.Olympias had a strong first half;however,in the second half of 2018,the site experienced challenges relating to blending of the ore feed to the mill and start-up of the newly installed paste plant,which impacted the mines production.Teams made good progress addressing these iss

31、ues and Olympias is expected to perform better in 2019.2018 was Olympias first full year of production,having declared commercial production on December 31,2017.Due to continued jurisdictional challenges in Greece and changes in the global markets for sale of concentrates,an impairment was recorded

32、in Q4 2018 forthe Olympias CGU of$330.2 million($247.7 million net of deferred tax).DEVELOPMENT PROGRESS AT LAMAQUEProgress at key development projects advanced throughout 2018 with the Company focused on construction at Lamaque and determining feasibility ofthe Klada mill project.$189.9 million in

33、capital,including capitalized exploration,was spent at Lamaque,offset by$39.7 million in pre-commercial revenues.Since acquiring the Lamaque project in July 2017,Eldorado has drilled over 150,000 m in resource expansion and infill programs,completed 14,000m of underground development and largely com

34、pleted refurbishment of the existing Sigma Mill,which began commissioning in November2018.A total of 42,411 ounces were produced from a series of toll milling campaigns in 2017 and 2018,and in December 2018,the first gold was poured from ore processed in the Sigma Mill.Eldorado expects to declare co

35、mmercial operations at Lamaque in the first quarter of 2019.ELDORADO GOLD FINANCIALS 20183MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017PATH FORWARD AT KILADAIn March 2018,the Company completed

36、 three technical studies on Klada,Lamaque and Skouries.The Technical Study for Klada proposed milling as a solution to the recovery issues that had been observed in late 2017.Based on the study economics,the Company made the decision to stop mining ore at Klada in April 2018 in order to place the im

37、mediately available high-grade ore in the base of the open pit through the mill,once it was constructed.The Company continued to extract gold from the existing heap leach pad and achieved better-than-expected recoveries that led to increasing production guidance on two occasions during the year.In O

38、ctober 2018,the Company announced that it had completed a feasibility study on the mill and its Board of Directors had approved advancement of the project.Subsequent to that announcement,gold recovery from the leach pad increasingly exceeded expectations.The Company then focused testwork and analysi

39、s on the viability of resuming mining and heap leaching at Klada.In parallel to Klada mill engineering and analysis,testwork to extract maximum value from ore already placed on the heap leach pad and the remaining reserves was ongoing throughout 2018.Approximately 900,000 tonnes of ore were placed o

40、n a lined test pad in the first quarter of 2018.Late in the year,results from this pad showed recoveries of approximately 58%from an extended leach cycle approaching 250 days(compared to approximately 40%recoveries from the original 90-day column tests).In early 2019,the Company analyzed the new dat

41、a and developed revised heap leaching plans,showing significantly improved economics for the heap leaching scenario.As a result,in January 2019,the Company announced it would resume mining and heap leaching and suspend advancement of the mill project at Klada.While the mill project has been suspende

42、d,the project remains viable in the short term.The viability of the mill project will continue to be assessed in light of the results from ongoing heap leach metallurgical testwork on deeper material and inview of other investment opportunities within the portfolio.In Q3 2018,as a result of the comp

43、letion of the feasibility study and the Board approval to advance the Klada mill project,a review of the useful lives ofthe Klada heap leach assets resulted in an impairment charge of$117.6 million($94.1 million net of deferred income tax)recognized during the thirdquarter.POSITIVE ARBITRATION OUTCO

44、ME IN GREECEHellas Gold,Eldorados subsidiary in Greece,received a formal notice from the Government in Greece in late 2017 initiating domestic arbitration.Thearbitration notice,pursuant to the provisions of the Transfer Contract between the Greek State and Hellas Gold,alleged that the Technical Stud

45、y for the proposed Madem Lakkos Metallurgical Plant(Olympias Phase 3)for treating Olympias and Skouries concentrates in the Stratoni Valley was deficient and thereby in violation of the Contract and the environmental terms of the project.The results from the arbitration were received in April 2018,w

46、hereby the arbitration panel rejected the Greek States motion that the Technical Study was in breach of the Transfer Contract.The Company continues to attempt towork with the Government of Greece to find a path forward for its investments.SHARE CONSOLIDATIONIn June 2018,the Company received approval

47、 from its shareholders to grant the Board of Directors the authority to consolidate the Companys common shares on a 5:1 basis.Consolidation was necessary to ensure that the Companys share price met the New York Stock Exchange listing requirement of aminimum threshold of US$1 per share.The Company ef

48、fected this consolidation in late December 2018.ELDORADO GOLD FINANCIALS 20184MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017CONSOLIDATED FINANCIAL AND OPERATIONAL HIGHLIGHTSSummarized Annual Fi

49、nancial Results*(Continuing operations,except where noted)20182017Revenue$459.0$391.4Gold revenue$386.0$333.3Gold produced349,147292,971Gold sold(oz)(1)304,256264,080Average realized gold price($/oz)$1,269$1,262Cash operating costs($/oz)(2)625509Total cash costs($/oz)(2)650534All-in sustaining cost(

50、$/oz)(2)994922Net earnings from gold mining operations83.5121.2Net loss(3,4)(361.9)(9.9)Net loss per share basic($/share)(3,4)(2.28)(0.07)Adjusted net earnings(loss)(3,4,5)(28.6)15.2Adjusted net earnings(loss)per share($/share)(3,4)(0.17)0.10Cash flow from operating activities(6)61.366.5Dividends pa

51、id(10.6)Cash,cash equivalents and term deposits293.0485.0Total assets4,628.95,090.3Total long-term financial liabilities(7)$710.2$703.7(1)Excludes pre-commercial sales from Lamaque and Olympias.(2)By-product revenues are offset against costs.(3)Includes discontinued operations China in 2017.(4)Attri

52、butable to shareholders of the Company.(5)See reconciliation of net earnings to adjusted net earnings on page 22.(6)Before changes in non-cash working capital.(7)Includes all long-term liabilities except deferred income tax liabilities.*Throughout this MD&A we use cash operating cost per ounce sold,

53、AISC per ounce sold,earnings from gold mining operations,adjusted net earnings(loss),average realized price per ounce sold,EBITDA from continuing operations,adjusted EBITDA from continuing operations,working capital,non-cash operating costs,non-cash operating costs per ounce sold and cash flow from

54、operations before changes in non-cash working capital as additional measures of Company performance.These are non-IFRS measures.Please see pages 1824 for explanations and discussion of these non-IFRS measures.ELDORADO GOLD FINANCIALS 20185MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AN

55、D RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017Summarized Quarterly Financial Results*(Continuing operations,except where noted)2018Q1Q2Q3Q42018Revenue$131.9$153.2$81.1$92.8$459.0Gold revenue$115.4$121.3$76.0$73.3$386.0Gold produced(oz)86,63499,10584,7837

56、5,887349,147Gold sold(oz)(1)86,58794,22464,58958,856304,256Average realized gold price($/oz)$1,333$1,287$1,177$1,245$1,269Cash operating cost($/oz)(2)571587754626625Total cash cost($/oz)(2)598610762666650All-in sustaining cost($/oz)(2)8789341,1121,200994Net earnings from gold mining operations34.730

57、.14.714.083.5Net earnings(loss)(3,4)8.7(24.4)(128.0)(218.2)(361.9)Net earnings(loss)per share basic($/share)(3,4)0.06(0.15)(0.81)(1.38)(2.28)Adjusted net earnings(loss)(3,4,5)14.0(1.8)(21.9)(18.9)(28.6)Adjusted net earnings(loss)per share($/share)(3,4)0.09(0.01)(0.14)(0.11)(0.17)Cash flow from opera

58、ting activities(6)37.923.523.2(23.3)61.3Cash,cash equivalents and term deposits$459.7$429.8$385.0$293.0$293.02017Q1Q2Q3Q42017Revenue$111.9$82.7$95.4$101.4$391.4Gold revenue$90.5$72.2$84.4$86.2$333.3Gold produced(oz)75,17263,69270,05383,887292,971Gold sold(oz)(1)74,06857,20665,43967,367264,080Average

59、 realized gold price($/oz)$1,222$1,262$1,290$1,280$1,262Cash operating cost($/oz)(2)466484508577509Total cash cost($/oz)(2)483502547602534All-in sustaining cost($/oz)(2)7918469251,104922Net earnings from gold mining operations37.028.130.126.0121.2Net earnings(loss)(3,4)3.811.2(4.2)(20.7)(9.9)Net ear

60、nings(loss)per share basic($/share)(3,4)0.030.08(0.03)(0.15)(0.07)Adjusted net earnings(loss)(3,4)8.06.31.3(0.4)15.2Adjusted net earnings(loss)per share($/share)(3,4)0.060.040.01(0.02)0.10Cash flow from operating activities(6)28.216.916.35.166.5Cash,cash equivalents and term deposits$873.9$752.1$546

61、.1$485.0$485.0(1)Excludes pre-commercial sales from Lamaque and Olympias.(2)By-product revenues are offset against costs.(3)Includes discontinued operations China in 2017.(4)Attributable to shareholders of the Company.(5)See reconciliation of net earnings to adjusted net earnings on page 22.(6)Befor

62、e changes in non-cash working capital.*Throughout this MD&A we use cash operating cost per ounce sold,AISC per ounce sold,earnings from gold mining operations,adjusted net earnings(loss),average realized price per ounce sold,EBITDA from continuing operations,adjusted EBITDA from continuing operation

63、s,working capital,non-cash operating costs,non-cash operating costs per ounce sold and cash flow from operations before changes in non-cash working capital as additional measures of Company performance.These are non-IFRS measures.Please see pages 1824 for explanations and discussion of these non-IFR

64、Smeasures.ELDORADO GOLD FINANCIALS 20186MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 20172018 Highlights*Solid year for gold production:349,147 ounces of gold produced in 2018(2017:292,971 ounces)

65、,including pre-commercial production of 35,350ounces from Lamaque;exceeded original 2018 production guidance of 290,000333,000 ounces of gold,and was at the upper threshold ofrevised guidance of 345,000350,000 ounces of gold.Revenue growth:Total revenue from continuing operations during the year was

66、$459.0 million(2017:$391.4 million).Gold revenue from continuing operations was$386.0 million(2017:$333.3 million)on sales of 304,256 ounces of gold at an average realized gold price of$1,269 per ounce(2017:264,080 ounces at$1,262 per ounce).Cash operating costs consistent with guidance:Cash operati

67、ng costs were$625 per ounce sold for 2018(2017:$509 per ounce)and were in-line with expectations of$600650 per ounce.Continued solid financial liquidity:The Company closed the year with total liquidity of approximately$543 million,including$293 million in cash,cash equivalents and term deposits,and$

68、250 million in an undrawn line of credit.Increased cash flow provided by continuing operations:Net cash provided by operating activities of continuing operations was$66.3 million in2018(2017:$30.8 million).Net loss attributable to shareholders:2018 Net loss attributable to shareholders of the Compan

69、y from continuing operations was$361.9 million or$2.28 per share,mainly attributable to impairment adjustments of$328.4 million,net of deferred tax,for Olympias and Klada.Net loss attributable to shareholders of the Company from continuing operations in 2017 was$7.1 million or$0.07 per share.Adjuste

70、d net loss attributable to shareholders of the Company in 2018 was$28.6 million,or$0.17 per share(2017:adjusted net earnings attributed to shareholders of the Company of$15.2 million,or$0.10 per share).Start-up of Olympias:Olympias declared commercial production on December 31,2017.In 2018 a total o

71、f 322,659 tonnes of ore were processed with an average grade of 7.75 g/t Au,resulting in 46,750 payable ounces of gold produced,at operating cash costs of$764 per ounce sold.Due to continued jurisdictional challenges in Greece and changes in the global markets for sale of concentrates,an impairment

72、was recorded in Q4 2018 for theOlympias CGU of$330.2 million($247.7 million net of deferred tax).Klada heap leach:Production from the heap leach pad continued to beat expectations during the year.After the decision was announced to suspend placement of ore on the pad in Q2 2018,recoveries continued

73、to improve,resulting in production of 172,009 ounces for the year.In Q3 2018,as a result of the completion of the feasibility study and the Board approval to advance the Klada mill project,a review of the useful lives of the Klada heap leach assets resulted in an impairment charge of$117.6 million($

74、94.1 million net of deferred income tax)recognized during the third quarter.In January 2019,the decision was announced to suspend the mill project and resume mining and stacking material on the heap leach pad.Progress at Lamaque:A total of 35,350 pre-commercial ounces were produced during the year,i

75、ncluding the first gold pour from ore processed in theSigma Mill in December 2018.$189.9 million in capital,including capitalized exploration was spent at Lamaque in 2018,offset by$39.7 million inpre-commercial revenues.The Company expects to be in commercial operation at Lamaque in Q1 2019.Updated

76、Reserves and Resources:As of September 30,2018 total Proven and Probable Reserves of 389 million tonnes at 1.35 grams per tonne gold containing 16.9 million ounces of gold were reported.Share consolidation:In December 2018,the Company completed a 5:1 consolidation of the common shares of the Company

77、.Increased gold production and lower cost guidance for 2019:The Company expects to resume Klada heap leach operations and be in commercial production at Lamaque in Q1 2019.Consequently,Eldorado has increased consolidated production guidance for 2019 to 390,000420,000 ounces.Cash operating costs are

78、forecast to decline to$550600 per ounce sold.AISC are forecasted in the range of$9001,000 per ounce sold.*Throughout this MD&A we use cash operating cost per ounce sold,AISC per ounce sold,earnings from gold mining operations,adjusted net earnings(loss),average realized price per ounce sold,EBITDA f

79、rom continuing operations,adjusted EBITDA from continuing operations,working capital,non-cash operating costs,non-cash operating costs per ounce sold and cash flow from operations before changes in non-cash working capital as additional measures of Company performance.These are non-IFRS measures.Ple

80、ase see pages 1824 for explanations and discussion of these non-IFRS measures.ELDORADO GOLD FINANCIALS 20187MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017Fourth Quarter 2018 Highlights*Steady c

81、ash operating costs:Q4 cash operating costs of$626 per ounce and AISC of$1,200 per ounce were in line with Q4 2017 including an increase of$21 per ounce in non-cash operating costs from inventory change($577 per ounce and$1,104 per ounce,respectively,for2017).Updated Reserves and Resources:As of Sep

82、tember 30,2018,total Proven and Probable Reserves of 389 million tonnes at 1.35 grams per tonne gold containing 16.9 million ounces were reported.Added new reserves of 60,000 ounces of gold at Lamaque Replaced depletion of 80,000 ounces of gold at EfemukuruAdded 572,000 ounces of gold to the Lamaque

83、 Inferred Resources which now total 1.8 million ounces of goldMaiden Inferred Resource at Bolcana in Romania of 381 million tonnes at 0.53 grams per tonne gold and 0.18%copper containing 6.5millionounces of gold and 686,000 tonnes of copperLamaque gold pour:A total of 16,046 ounces of gold were prod

84、uced during the quarter,including the first gold pour from ore processed in the SigmaMill in December 2018.Olympias impairment:Due to continued jurisdictional challenges in Greece and changes in the global markets for sale of concentrates,an impairment was recorded in Q4 for the Olympias CGU of$330.

85、2 million($247.7 million net of deferred tax).*Throughout this MD&A we use cash operating cost per ounce sold,all-in sustaining cost per ounce sold,earnings from gold mining operations,adjusted net earnings(loss),average realized price per ounce sold,EBITDA from continuing operations,adjusted EBITDA

86、 from continuing operations,working capital,non-cash operating costs,non-cash operating costs per ounce sold and cash flow from operations before changes in non-cash working capital as additional measures of Company performance.These are non-IFRS measures.Please see pages 1824 for explanations and d

87、iscussion of these non-IFRS measures.Review of Financial and Operating PerformancePRODUCTION,SALES AND REVENUEThe Company produced 349,147 ounces of gold in 2018,an increase of 19%over 2017 production of 292,971 ounces.The increase reflected a full-year contribution of gold production from Olympias

88、of 46,750 ounces in 2018 compared to pre-commercial production of 18,472 ounces in 2017.Efemukuru produced 95,038 ounces during the year,consistent with 2017 production of 96,080 ounces,reflecting slightly lower grades but higher mill throughput.Despite the decision to cease placing material on the

89、heap leach pad in Q2 2018,production of 172,009 ounces at Klada was slightly higher than 2017 production of 171,358 ounces,as improved heap leach recoveries from longer leach cycles contributed to higher production despite 75%less material being placed on the pad in 2018.Gold sales from commercial o

90、perations in 2018 totalled 304,256 ounces,a 15%increase from 264,080 ounces in 2017.The higher volume of gold sales was the primary contributor to increased total revenue of$459.0 million,representing a 17%increase over revenue of$391.4 million in 2017.The realized gold price in 2018 was$1,269 per o

91、unce,marginally higher than the realized gold price of$1,262 per ounce in 2017.Q4 2018 consolidated gold production was 75,887 ounces,representing a 10%decrease from Q4 2017 production of 83,887 ounces.The decrease reflected lower production at Klada and Efemukuru during the quarter partially offset

92、 by a full quarter of production from Olympias of 8,101 ounces,together with pre-commercial production from Lamaque of 16,046 ounces.Klada produced 28,196 ounces during Q4 2018,36%less than the comparable quarter in 2017 of 44,357 ounces due to the decision to cease placement of material on the pad

93、in Q2 2018.Production from Efemukuru during the quarter was 23,544 ounces,down 7%from Q4 2017,primarily due to lower grades.Q4 2018 gold sales of 58,856 ounces were 13%lower than the Q4 2017 due to lower sales from Klada as a result of fewer ounces recovered from the pad during Q4 2018.Total revenue

94、 was$92.8 million in Q4 2018 compared to$101.4 million in Q4 2017,as a result of lower gold sales volumes and alower gold price.The realized gold price in Q4 2018 was$1,245 per ounce,3%lower than the realized gold price of$1,280 in Q4 2017.ELDORADO GOLD FINANCIALS 20188MANAGEMENTS DISCUSSION AND ANA

95、LYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017UNIT COST PERFORMANCE Operating cash costs per ounce sold in 2018 averaged$625,an increase from$509 in 2017,mainly reflecting the impact of the first year of operations at Olymp

96、ias in 2018 where operating cash costs per ounce sold were$764 for the year.Operating cash costs in 2018 were also impacted by higher non-cash inventory change at Klada during the year.Operating cash costs per ounce sold at Klada were$662 in 2018,compared to$500 in 2017,the increase due primarily to

97、 the non-cash inventory change impact of$309 per ounce sold as a result of lower inventory on the pad in 2018.Lower average grade in 2018 at Efemukuru was offset by higher mill throughput,resulting in a decrease in operating cash costs per ounce sold to$511 from$524 in 2017.AISC per ounce sold avera

98、ged$994 in 2018,an increase from$922 in 2017,reflecting higher levels of operating cash costs partially offset by reduced sustaining capital expenditures per ounce sold compared to the prior year.Sustaining capital expenditures in 2018 totalled$54.4 million($179 per ounce sold),compared to$56.8 mill

99、ion($215 per ounce sold)in 2017.In Q4 2018,operating cash costs per ounce sold averaged$626,up slightly from$577 in Q4 2017,but a 20%improvement over$754 in Q3 2018.Higher production from the first full year of production at Olympias and the impact of the non-cash inventory change at Klada during th

100、e quarter were key factors contributing to the improvement from Q4 2017.AISC per ounce sold for Q4 2018 averaged$1,200,compared to$1,104 in Q4 2017.The marginal increase year over year reflected the higher operating cash cost per ounce sold at Olympias,which more than offset the 4%decrease in sustai

101、ning capital expenditures per ounce sold.Sustaining capital expenditures in Q4 2018 totalled$17.2 million($293 per ounce sold)compared to$24.5 million($362 per ounce sold)in Q4 2017.The decrease in sustaining capital primarily related to the transition to care and maintenance of the Klada mining and

102、 crushing operations during the year subsequent to the decision to cease placement of material on the leach pad in Q2 2018.OTHER EXPENSESExploration and evaluation expenditures decreased from$38.3 million in 2017 to$33.8 million in 2018.Exploration and evaluation expenditures in Q42018 totalled$7.2

103、million compared to$14.2 million in Q4 2017.The decrease for both the year and fourth quarter reflected the exploration focus onbrownfields resource expansion at the Companys mining operations and development projects during 2018.Mine standby costs of$16.5 million were recorded during the year relat

104、ed to Klada,Vila Nova,Perama Hill and Skouries,reflecting an increase from$4.9million in 2017,as Klada mining and crushing operations transitioned to care and maintenance during 2018 subsequent to the decision to cease placing ore on the heap leach pad in Q2 2018.G&A expenses of$46.8 million in 2018

105、 decreased 14%from$54.6 million in 2017.G&A expenses in 2017 included a one-time adjustment associated with the acquisition of Integra.G&A expenses in Q4 2018 were$13.7 million,compared to$18.7 million in Q4 2017,due to higher legal and consulting expenses related to arbitration in Greece during Q4

106、2017.Share-based payment expense for 2018 was$7.0 million compared to$11.2 million in 2017.The decrease was reflective of fewer grants of share-based compensation together with valuation adjustments based on equity pricing.Share-based payment expense in Q4 2018 totalled$1.2 million,a reduction from$

107、2.0 million in Q4 2017.Other income in 2018 totalled$16.2 million,compared to$17.6 million in 2017.The decrease reflects lower interest income on lower cash and cash equivalent balances during the year.Other income in Q4 2018 was$6.9 million,down from$7.8 million in Q4 2017.In 2018,the Company recor

108、ded impairment adjustments for Klada and Olympias totalling$447.8 million($328.4 million net of deferred tax).In Q42018,an impairment adjustment was recorded for Olympias of$330.2 million($247.7 million net of deferred tax).The Company believes this is reflective of the continued jurisdictional risk

109、 with obtaining permits in Greece,and the recent softening of the global concentrate market.In Q3 2018,the Company recorded an impairment of the Klada leach pad assets in the amount of$117.6 million($94.1 million net of tax).Tax recovery of$86.5 in 2018 included$118.8 million of deferred tax recover

110、y primarily due to the impairments recorded for Klada and Olympias,together with a 1%decrease in the Greece corporate income tax rate.The Corporate income tax rate in Greece was 29%in 2018 and will gradually decrease 1%each year to 25%by 2022.In Q4 2018,tax recovery was$115.8 million,including defer

111、red tax recovery of$114.2 million due to the Olympias impairment recorded during the quarter,further augmented by the strengthening of the lira in Turkey in Q4 2018.The fourth quarter deferred tax recovery was partially offset by a$20 million deferred tax liability recorded for withholding tax in Tu

112、rkey on estimated dividend distributions in 2019.Quarterly income tax expense/recovery will continue to be sensitive to currency volatility in Turkey and Brazil.ELDORADO GOLD FINANCIALS 20189MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and t

113、welve months ended December 31,2018 and 2017NET EARNINGS FROM GOLD MINE OPERATIONS In 2018 the net loss to shareholders from continuing operations was$361.9 million($2.28 per share),compared to a net loss from continuing operations of$7.1 million and a net loss from discontinuing operations of$2.8 m

114、illion in 2017.Net earnings from gold mine operations in 2018 were$83.5 million,down from$121.2 million in 2017,reflecting the higher gold revenues offset by higher depreciation,depletion and amortization(“DDA”)as a result of the first year of Olympias commercial production and higher non-cash inven

115、tory changes as a result of more ounces being drawn down from the heap leach pad inventory at Klada compared to the previous year.Production costs from gold mine operations in 2018 totalled$229.0 million compared to$145.6million in 2017,primarily a reflection of higher DDA costs.DDA expense increase

116、d 47%from$71.2 million in 2017 to$104.7 million in 2018 as a result of Olympias first year of production,together with a higher DDA rate per tonne at Klada.In addition,non-cash inventory costs changed from($35.8)million in 2017 as a result of ounces being added to inventory to$36.6 million in 2018 p

117、rimarily due to a draw-down of ounces from Klada inventory in 2018.In Q4 2018,net earnings from gold mine operations totalled$14.0 million,a decrease of 46%from$26.0 million in Q4 2017.The decrease was primarily afactor of lower revenues in Q4 2018 together with marginally higher production costs wh

118、en compared to Q4 2017.Total production costs in Q4 2018 were$58.8 million versus$56.8 million in Q4 2017,driven primarily by lower production costs at Klada as a result of the decision to cease placing ore on the leach pad,partially offset by Olympias production costs during the quarter.DDA expense

119、 of$21.9 million in Q4 2018 was 10%higher than$19.9million in 2017.NET LOSS TO SHAREHOLDERS In 2018 the net loss to shareholders from continuing operations was$361.9 million($2.28 per share),compared to net loss from continuing operations of$7.1 million and a net loss from discontinuing operations o

120、f$2.8 million in 2017,reflective of the impairment charge of$330.2 million($247.7 million net of deferred tax)at Olympias in Q4 2018,and impairment of Klada leach pad assets of$117.6 million($94.1 million net of tax)in Q3 2018.In Q4 2018,the Company recorded an impairment adjustment for Olympias of$

121、330.2 million($247.7 million net of deferred tax).The Company believesthis is reflective of the continued jurisdictional risk with obtaining permits in Greece,and the recent softening of the global concentrate market.As a result,the net loss attributable to shareholders during the quarter was$218.2

122、million($1.38 per share),compared to a net loss attributable to shareholders for the quarter ended December 31,2017 of$20.7 million($0.15 per share).In 2018,the adjusted net loss from continuing operations was$28.6 million,compared to adjusted net earnings of$15.2 million in 2017,a reflection of hig

123、her production and gold price in Q4 2017.The adjusted net loss from continuing operations in Q4 2018 was$18.9 million,compared to the Q4 2017 adjusted net loss of$0.4 million.Adjusted net earnings for Q4 2018 were slightly lower year over year due to reduced sales volumes and marginally lower gold p

124、rices,together with increased production costs due to first year of Olympias production.CASH FLOW FROM OPERATING ACTIVITIES Cash,cash equivalents and term deposits at December 31,2018 totalled$293 million,compared to cash,cash equivalents and term deposits of$485.0million as at December 31,2017 and$

125、385.0 million as at September 30,2018.The decrease in cash in 2018 was a result of the capital development requirements during the year,primarily at Lamaque,and financing costs,partially offset by cash generated from operations.Cash flow fromoperating activities in 2018 totalled$66.3 million,compare

126、d to$30.8 million and net cash used by operating activities of discontinued operations of$2.8million in 2017.ELDORADO GOLD FINANCIALS 201810MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 20172019202

127、1 OutlookFull-year gold production of 390,000420,000 ounces in 2019(versus 349,147 ounces in 2018)is expected from Klada,Lamaque,Efemukuru and Olympias,with higher levels of production expected in the second half of the year.The Company expects average cash operating costs to decline from$625per oun

128、ce of gold sold in 2018,to$550600 per ounce of gold sold in 2019.The Company will focus on maximizing free cash flow,including optimizing and improving unit costs and production at all assets and decreasing global G&A expenses.As mining and heap leaching at Klada ramps up in 2019,consolidated gold p

129、roduction is expected to increase to 520,000550,000 ounces of gold in 2020.Production is expected to decrease to 350,000380,000 ounces of gold in 2021.Guidance at Klada will be updated later in 2019 based on results of testwork being completed on deeper material and prevailing economics around both

130、heap leaching and the mill project.Production(oz)2018 Actual(1)2019 Estimated2020 Estimated2021 Estimated Klada172,009145,000165,000240,000260,00075,00095,000 Lamaque35,350100,000110,000(2)125,000135,000125,000135,000 Efemukuru95,03890,000100,00090,000100,00090,000100,000 Olympias46,75050,00055,0005

131、5,00065,00055,00065,000 Total349,147390,000420,000520,000550,000350,000380,000 Consolidated Costs($/oz sold)2018 Actual2019 Estimated2020 Estimated2021 Estimated Cash operating cost C1$625$550600$500600$600700 Total operating cost C2650600650550650650750 AISC$994$9001,000$800900$9001,000(1)Includes

132、pre-commercial production from Lamaque and Olympias.(2)Includes 10,000 ounces of pre-commercial production.ELDORADO GOLD FINANCIALS 201811MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017Operation

133、s Update and OutlookGOLD OPERATIONS3 months ended December 31,12 months ended December 31,20182017201820172019 OutlookGold OperationsTotal Ounces produced(1)75,88783,887349,147292,971390,000420,000Cash operating costs($/oz)$626$577$625$509$550600All-in sustaining costs($/oz)(2)1,2001,1049949229001,0

134、00Sustaining capex$17.2$24.5$54.4$56.8$80105KladaOunces produced28,19644,357172,009171,358145,000165,000Cash operating costs($/oz)$547$604$662$500$570620All-in sustaining costs($/oz)(2)770n/a812n/an/aSustaining capex$4.2$11.4$17.8$27.9$1015EfemukuruOunces produced23,54425,29595,03896,08090,000100,00

135、0Cash operating costs($/oz)$535$525$511$524$550600All-in sustaining costs($/oz)(2)1,041n/a834n/an/aSustaining capex$9.1$13.1$24.4$28.9$1520OlympiasOunces produced(1)8,1017,17446,75018,47250,00055,000Cash operating costs($/oz)$1,237n/a$764n/a$550650All-in sustaining costs($/oz)(2)2,038n/a1,297n/an/aS

136、ustaining capex$3.9n/a$12.2n/a$2025LamaqueOunces produced(3)16,0467,06135,3507,061100,000110,000Cash operating costs($/oz)n/an/an/an/a$550600All-in sustaining costs($/oz)(2)n/an/an/an/an/aSustaining capexn/an/an/an/a$3545(1)Includes pre-commercial production in 2017 and 2018.(2)The Company commenced

137、 reporting AISC by site in 2018.(3)Includes pre-commercial production at Lamaque.ELDORADO GOLD FINANCIALS 201812MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017Annual Review OperationsKILADA3 mon

138、ths ended December 31,12 months ended December 31,Operating Data2018201720182017Tonnes placed on pad(1)3,332,9903,206,49413,061,861Average treated head grade(g/t Au)(1)1.021.131.03Gold(oz)Produced28,19644,357172,009171,358 Sold28,20244,318171,741171,505Cash operating costs($/oz)$547$604$662$500Total

139、 cash costs($/oz)$770n/a$812n/aFinancial DataGold revenue$34.8$56.6$220.4$215.7Depreciation and depletion6.211.141.235.7Earnings from mining operations12.017.861.990.5Sustaining capital expenditures$4.2$11.4$17.8$27.9(1)Suspension of adding ore to the pad in Q2 2018.In 2018,Klada produced 172,009 ou

140、nces of gold,a slight increase from 171,358 ounces of gold in 2017.This exceeded guidance for the year and reflected the better-than-expected recoveries from longer leach cycles.Revenue increased to$220.4 million in 2018 compared to$215.7 million in 2017 as a result of a slightly higher average real

141、ized gold price and higher volume of sales.Cash costs per ounce sold increased from$500 in 2017 to$662 in 2018,including$309 of non-cash inventory change impact during 2018 due to inventory draw-downs on the heap leach pad,partially offset by lower production costs as the decision was made to cease

142、placement of ore on the pad in Q2 2018.Subsequent to the adjustment to increase leach pad inventory ounces in Q3 2018,the impact of this non-cash inventory change was then spread over a larger base of ounces,reducing its comparative impact in Q4 2018.Sustaining capital decreased$10.1 million to$17.8

143、 million in 2018 from$27.9 million in 2017,a reflection of reduced mining operations during the year.AISC per ounce sold averaged$812 in 2018,improving from$1,010 in Q3 2018 to$770 in Q4 2018.The improvement from the previous quarter was primarily a result of reduced sustaining capital and reduced i

144、mpact of inventory change.Klada reported gold production of 28,196 ounces for Q4 2018,lower than 44,357 ounces in the same period the prior year due to suspension of ore being placed on the pad.Placement of ore on the pad continued to be suspended during Q4 2018 in conjunction with the progression o

145、f a feasibility study for a new mill at Klada.Revenue during the quarter of$34.8 million was lower by 39%from Q4 2017 revenue of$56.6 million,driven by lower sales volumes.Cash operating costs per ounce sold were 10%lower during the quarter at$547 compared to$604 in Q4 2017,reflecting the reduced im

146、pact ofnon-cash inventory change during the quarter,together with reduced mining costs compared to Q4 2017.Sustaining capital during the quarter decreased compared tothe same period the prior year,from$11.4 million in Q4 2017 to$4.2 million in Q4 2018,due to increased mining operations in Q42017.In

147、January 2019,Eldorado announced that it would resume mining,crushing,stacking and leaching at the Klada mine and that the advancement of the mill project had been suspended.Please refer to our press release date January 30,2019(“Eldorado Announces Decision to Resume Mining and Heap Leaching at Klada

148、”)for further information.ELDORADO GOLD FINANCIALS 201813MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017EFEMUKURU3 months ended December 31,12 months ended December 31,Operating Data201820172018

149、2017Tonnes milled127,991119,135499,121481,649Average treated head grade(g/t Au)6.557.456.767.01Average recovery rate(to concentrate)(%)93.3%95.8%94.2%94.8%Gold(oz)Produced23,54425,29595,03896,080 Sold23,52823,05097,48592,575Cash operating costs($/oz)$535$525$511$524All-in sustaining costs($/oz)$1,04

150、1n/a$834n/aFinancial DataGold revenue$30.0$29.6$124.0$117.6Depreciation and depletion8.28.534.435.5Earnings from mining operations8.28.236.930.7Sustaining capital expenditures$9.1$13.1$24.4$28.9Efemukuru produced 95,038 ounces of gold in 2018 compared to 96,080 ounces of gold in 2017.The slightly lo

151、wer production was a result of lower average grade and recovery partially offset by a 4%increase in mill throughput during the year.Revenues increased 5%to$124.0 million in 2018 from$117.6 million in 2017 as a result of a higher realized gold price.Cash operating costs improved from$524 per ounce so

152、ld in 2017 to$511 per ounce sold in 2018,with the 3%decrease in unit costs a reflection of higher sales and throughput compared to 2017.In 2018 sustaining capital was$24.4 million,compared to$28.9 million in 2017.The decrease was due to less underground development and the decommissioning of the gra

153、vity circuit at Efemukuru at the end of 2017.AISC in 2018 averaged$834 per ounce sold,a reflection of consistent sales and sustaining capital expenditure.Gold production for the quarter was 23,544 ounces,marginally lower year over year compared to 25,295 ounces in Q4 2017,primarily due to lower aver

154、age grade and recovery.Revenues in Q4 2018 were$30.0 million,compared to$29.6 million in Q4 2017,driven by slightly higher sales volumes.Cashoperating costs per ounce sold were marginally higher year over year,at$535 in Q4 2018 compared to$525 in Q4 2017 due to higher production costs resulting from

155、 the increased throughput.Sustaining capital in Q4 2018 was$9.1 million compared to$13.1 million in Q4 2017 as a result of higher mobile equipment overhauls in the comparative period in 2017.AISC averaged$1,041 during Q4 2018,an increase from Q3 2017 primarily due to sustaining capital spend during

156、the fourth quarter related to equipment overhauls.ELDORADO GOLD FINANCIALS 201814MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017OLYMPIAS3 months ended December 31,12 months ended December 31,Ope

157、rating Data2018201720182017Tonnes milled61,838n/a322,659n/aAverage treated head grade(g/t Au)6.98n/a7.75n/aAverage recovery rate(to concentrate)(%)78.1%n/a82.0%n/aGold(oz)(1)Produced8,1017,17446,75018,472 Sold7,126n/a35,030n/aSilver(oz)(2)126,504119,774563,267351,606Lead(t)(2)1,2491,1635,5453,327Zin

158、c(t)(2)1,5541,4527,8104,504Cash operating costs($/oz)$1,237n/a$764n/aAll-in sustaining costs($/oz)$2,038n/a$1,297n/aFinancial DataGold revenue$7.7n/a$41.5n/aSilver and base metal revenue6.3n/a27.1n/aDepreciation and depletion7.4n/a29.1n/aEarnings(loss)from mining operations(8.7)n/a(15.3)n/aSustainin

159、g capital expenditures$3.9n/a$12.2n/a(1)Includes pre-commercial production in 2017 and payable ounces in PbAg concentrate.(2)Payable metal produced.Olympias produced 46,750 ounces of gold in 2018 with an average gold grade of 7.75 grams per tonne,compared to 2017 pre-commercial production of18,472 o

160、unces.In 2018,Olympias also produced 563,267 payable ounces of silver,5,545 payable tonnes of lead and 7,810 payable tonnes of zinc.Goldrevenue in 2018 amounted to$41.5 million,and silver and base metal revenue was$27.1 million.Cash operating costs for the year averaged$764perounce sold,slightly abo

161、ve guidance as a result of strong production performance in the first half of the year,followed by underground paste backfill and metallurgy issues in the second half of 2018 contributing to higher cash costs and lower recoveries.Sustaining capital in 2018 was$12.2million,reflecting underground deve

162、lopment completed during the year.In Q4 2018,Olympias produced 8,101 ounces of gold,up from 7,174 ounces in Q4 2017.Other metal production for the quarter was 126,504 payable silver ounces,1,249 payable lead tonnes and 1,554 payable zinc tonnes.During the second half of 2018,challenges relating to t

163、he blending of the ore feedto the mill and start-up of the newly installed paste plant impacted metallurgical performance and contributed to lower second-half production and higher costs compared to the first half of 2018.Gold revenues in the fourth quarter were$7.7 million and base metal revenues w

164、ere$6.3 million.Cashoperating costs in Q4 2018 were$1,237 per ounce sold,reflecting the metallurgical challenges described above.ELDORADO GOLD FINANCIALS 201815MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,

165、2018 and 2017STRATONI3 months ended December 31,12 months ended December 31,Operating Data2018201720182017Tonnes ore processed(dry)35,42035,636146,726150,734Pb grade(%)6.5%5.1%6.7%5.8%Zn grade(%)9.1%8.9%9.3%9.4%Tonnes of concentrate produced8,6308,09137,09136,699Tonnes of concentrate sold12,18411,10

166、734,76441,693Average realized concentrate price($/t)(1)$1,090$1,272$1,204$1,227Cash operating costs($/t of concentrate sold)$1,113$1,361$1,135$1,062Financial Data($millions)Concentrate revenues$13.3$14.1$41.9$51.2Depreciation and depletionn/an/an/an/aEarnings from mining operations(0.3)(1.2)1.45.4Su

167、staining capital expenditures$0.0$0.1$0.0$0.6(1)Average realized price includes mark-to-market adjustments.Stratoni produced 37,091 tonnes of concentrate during 2018 at an average cash cost per tonne of$1,135,reflecting a slight increase in production from 36,699 tonnes produced in 2017.Cash operati

168、ng costs were slightly higher than 2017 at$1,062 per tonne.Increased tonnes of concentrate produced were due to higher lead and silver feed grades which more than offset slightly lower mill throughput.Lower tonnes of concentrate sold year over year were due to unsold lead and zinc concentrate invent

169、ory at the end of 2018.Revenue in 2018 was$41.9 million,a decrease from$51.2 million in 2017,and areflection of lower sales volumes.Evaluation and exploration expenditures for 2018 totalled$14.9 million.Concentrate production in Q4 2018 was 8,630 tonnes,compared to 8,091 tonnes in Q4 2017 as a resul

170、t of higher lead and zinc grades.Revenue was slightly lower year over year for the quarter at$13.3 million,down from$14.1 million in Q4 2017.The decrease was due to softening in average realized lead prices by 14%,which more than offset a slight increase in sales volumes.Exploration and evaluation e

171、xpenditures during the quarter were$4.2 million.VILA NOVAVila Nova remained on care and maintenance during 2018.No iron ore shipments were completed during the year.ELDORADO GOLD FINANCIALS 201816MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three

172、and twelve months ended December 31,2018 and 2017Development ProjectsLAMAQUE CANADAIn December 2018,a major milestone was achieved ahead of schedule with the first pouring of gold from the Sigma Mill.Eldorado acquired the Lamaque project in July 2017.In the 18 months following the acquisition,Eldora

173、do filed a prefeasibility study(“PFS”),drilled over 150,000 m,completed 14,000m of underground development and largely completed refurbishment of the existing Sigma Mill,which began commissioning in November2018.During 2017 and 2018,a total of 42,411 ounces were produced from a series of toll millin

174、g campaigns.Excluding proceeds from gold sales,total 2017 and 2018 capital spending was slightly above the PFS estimate.The increase related primarily to the decision to purchase rather than lease certain mobile equipment,additional costs associated with underground development,and further work on t

175、he existing tailings dam to increase storage capacity,offset by the deferral of construction of the Sigma paste plant.Lamaque is expected to declare commercial production in Q1 2019 and is planning to mine and process over 500,000 tonnes of ore in 2019 at an average grade of 7.0 g/t.Production is ex

176、pected to be 100,000110,000 ounces of gold(including pre-commercial production),at cash operating costs of$550600 per ounce of gold sold.Spending in Q4 2018 totalled$97.5 million,offset by$39.7 million of pre-commercial sales.During Q3 2018,the Certificate of Authorization(“CofA”)oftheoperations per

177、mit for the Sigma Mill was received,allowing for the operation of the Sigma Mill complex.All permits were received in the quarter toenable start-up.Underground development continued to ramp up slightly ahead of plan,with over 2,600 m of underground development completed at the Triangle Deposit durin

178、g the quarter.The main ramp reached a vertical depth of 325 m and development on the western portion progressed to a vertical depth of 297 m.In the eastern portion of the deposit,development was completed to level 202.During the quarter,approximately 71,000 tonnes were processed at two custom millin

179、g facilities nearby,with excellent recoveries.During Q4 2018,the tailings management facility construction was completed ahead of schedule.The permit of operation to allow tailings disposal in the facility was also received.Key activities at the Sigma Mill focused on advancing the construction,pre-c

180、ommissioning and commissioning of the process plant.In December the operations team commenced pre-commercial ore processing with a total of 27,321 tonnes from the Triangle Deposit processed through the plant.During the quarter,construction activity peaked in the Sigma Mill with over 250 people worki

181、ng on two shifts.The construction crew started progressive demobilization in mid-November and operational readiness activities also began to ramp up during the quarter with the hiring and training of the operations team.The project remains on track for commercial production in Q1 2019.KILADA MILL PR

182、OJECT TURKEYFollowing the publication of an NI-43-101-compliant PFS on the Klada Mill study in March 2018,management decided to advance engineering and develop a feasibility study.During the year work was focused on the completion of basic engineering and identification of opportunities for early de

183、tailed engineering progress in key areas.Enabling works commenced on site with water management activities and the completion of geotechnical drilling.Projectmobilization began with a focus on construction management team mobilization,engineering procurement construction management(“EPCM”)negotiatio

184、ns,and contractor pre-qualification.During Q4 2018,key activities under existing commitments continued,but no new significant commitments were made.Negotiations for long-lead items progressed towards year end but no commitments were made.On January 30,2019,the Company announced the decision to resum

185、e mining,crushing,stacking and heap leaching.Advancement of the previously announced mill project was suspended.While the mill project has been suspended,the project remains viable in the short term.The viability of the mill project will continue to be assessed in light of the results from ongoing h

186、eap leach metallurgical testwork on deeper material and in view of other investment opportunities within the portfolio.SKOURIES PROJECT GREECEDuring Q4 2018,the Skouries site continued to transition to care and maintenance(C&M).Storm activity at the site earlier in the year delayed the final handove

187、r to Operations C&M teams until the end of Q4 2018.The process plant was handed over to operations for ongoing C&M in Q3 2018.Capital spending during the year totalled$23 million.Storm water management construction,tailings dam embankment works and final open pit grading works were the primary works

188、 advanced during Q42018.Capital spending in the quarter totalled$2.7 million.ELDORADO GOLD FINANCIALS 201817MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017TOCANTINZINHO PROJECT BRAZILA value eng

189、ineering exercise on the Tocantinzinho project continued during the year.Project economics continued to be examined for opportunities for improvement with a focus on material reductions to project capital.Spending on the project in the year was$6.5 million.A report to demonstrate these value enginee

190、ring improvements to the project was advanced during the quarter and the updated PFS report is expected in Q2 2019.Spending onthe project in the quarter totalled$1.6 million.CERTEJ PROJECT ROMANIAIn 2018,design work advanced on engineering studies for process optimization,tailings impoundment and wa

191、ste rock storage.Evaluation of the limestone quarry and oxidation process requirements continued.In Q4 2018,off-site infrastructure construction work continued,including water tank installation,water supply pipeline installation and power line construction.Spending in the quarter totalled$2.7 millio

192、n.ExplorationA total of$28.3 million,expensed and capitalized,was spent on exploration programs during the year.Drilling programs were conducted at projects in Canada,Greece,Romania and Turkey.In Q4 2018,the Company spent$6.0 million and completed 26,138 m of exploration drilling,for a year end tota

193、l of116,368 m.A majority of the exploration completed during the year focused on brownfields resource expansion at the Companys mining operations anddevelopment projects.At the Lamaque project,45,718 m of surface exploration drilling were completed in 2018,including 8,022 m in Q4 2018.Drilling teste

194、d lower parts of the Triangle Deposit and targets in the Parallel Deposit area.Results continued to highlight the resource expansion potential of the lower Triangle Deposit,with several holes expanding the known extent of the lower mineralized shear zones and one intersecting a significant interval

195、of high grade stockwork style mineralization.These results contributed to the marked increase in Inferred Resources as of the end of Q3(5,368 thousand tonnes in 2017 versus 8,397thousand tonnes in 2018).Re-interpretation and addition of new zones below C5,including a maiden stockwork resource associ

196、ated with C9,formed the basis of this increase.Expanding resources below C5 will comprise the primary exploration focus at Triangle during 2019 and 2020.In addition,resource conversion drilling of the existing Inferred Resources in the C4 vein as well as the entire C5 vein is planned in order to exp

197、and mineral reserves in that area.The anticipated reserve increases will potentially enable an increase in production by as much as 30%within a five-year plan,and the engineering teams are currently examining the requirements in mine infrastructure to access and handle the increased tonnage.At Efemu

198、kuru,11,050 m of exploration drilling during the quarter from both surface and underground platforms tested the Kestanebeleni vein footwall area and resource expansion targets at the Kokarpinar vein.With good exploration potential and continued success,the current mine life of nineyears is expected

199、to be extended.Turkey greenfields exploration programs focused on advancing the Bambal project in Central Turkey and early-stage licences in thePontide belt.Exploration drilling in 2018 at Olympias totalled 5,786 m,including 1,496 m in Q4 2018.This drilling focused on resource expansion within the E

200、ast Zone and in the poorly tested area between the West and East zones.At Stratoni,189 m of underground exploration development were completed during the year to provide platforms for resource expansion drilling.Drilling tested down-dip and along-strike extensions to the Mavres Petres orebody,with 2

201、,622 m completed in Q4 2018 and 9,622 m for the year.This drilling identified a new mineralized massive sulfide lens down-dip from areas currently in production,which will be further delineated in 2019.Updated mineral resources at Stratoni,based on Q1Q3 drilling results,included a significant increa

202、se in high-grade AgPbZn Inferred Resources(245 thousand tonnes in 2017 versus 1,120 thousand tonnes in 2018).The Company is targeting similar growth in the mineral resources in 2019 based on continued stepout drilling.If realized,a sufficient inventory of resources will be available to conduct a pre

203、liminary economic assessment of strategies to optimize the financial performance of the Stratoni mine.The first phase of resource drilling at the Bolcana exploration project in Romania was completed in Q3 2018,with 25,631 m drilled during the year.The two-year exploration program at Bolcana focused

204、on the drill definition of a major copper gold deposit and outlined a maiden Inferred Resource of 381 million tonnes at 0.53 grams per tonne gold and 0.18%copper,containing 6.5 million ounces of gold and 686,000 tonnes of copper.In Q4 2018,exploration drilling continued on the adjacent Certej North

205、exploration licence(2,670 m),which covers the northern edge of the Bolcana system.TheCompany is currently reviewing options for advancing the Bolcana project,and will be conducting further resource expansion drilling on the Certej North licence in 2019.ELDORADO GOLD FINANCIALS 201818MANAGEMENTS DISC

206、USSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017Non-IFRS MeasuresThe Company has included certain non-IFRS measures in this document,as discussed below.The Company believes that these measures,in addition to con

207、ventional measures prepared in accordance with IFRS,provide investors an improved ability to evaluate the underlying performance of the Company.Thenon-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance

208、 prepared in accordance with IFRS.These measures do not have any standardized meaning prescribed under IFRS,and therefore may not becomparable to other issuers.CASH OPERATING COSTS,CASH OPERATING COSTS PER OUNCE SOLDCash operating costs and cash operating cost per ounce sold are non-IFRS measures.In

209、 the gold mining industry,these metrics are common performance measures but do not have any standardized meaning under IFRS.Cash operating costs include mine site operating costs such as mining,processing and administration,but exclude royalty expenses,depreciation and depletion and share-based paym

210、ent expenses and reclamation costs.Cash operating cost per ounce sold is based on ounces sold and is calculated by dividing cash operating costs by volume of gold ounces sold.The Company discloses cash operating costs and cash operating cost per ounce sold as it believes the measures provide valuabl

211、e assistance to investors and analysts in evaluating the Companys operational performance and ability to generate cash flow.We calculate costs according to the Gold Institute Standard.The most directly comparable measure prepared in accordance with IFRS is production costs.Cash operating costs and c

212、ash operating cost per ounce of gold sold should notbe considered in isolation or as a substitute for measures prepared in accordance with IFRS.RECONCILIATION OF PRODUCTION COSTS TO CASH OPERATING COSTSQ4 2018Q4 201720182017Production costs$58.8$56.8$268.0$192.7Vila Nova and Stratoni production cost

213、s13.715.140.247.1Production costs excluding Vila Nova and Stratoni45.141.7227.8145.6By-product credits and other adjustments(5.9)(1.0)(30.1)(4.6)Royalty expense and production taxes(2.4)(1.8)(7.4)(6.7)Cash operating cost$36.8$38.9$190.3$134.3Gold ounces sold58,85667,367304,256264,080Cash operating c

214、ost per ounce sold$626$577$625$509RECONCILIATION OF CASH OPERATING COSTS AND CASH OPERATING COST PER OUNCE SOLD,BY ASSET,FOR THE THREE MONTHS ENDED DECEMBER 31,2018Direct mining costs By-product credits Refining and selling costs Other(1)Cash operating costsCash operating cost/oz sold Gold oz soldKl

215、ada$10.3($0.3)$0.1$5.3$15.4$54728,202Efemukuru12.0(0.6)1.5(0.3)12.653523,528Olympias17.2(6.3)1.7(3.7)8.81,2377,126Total consolidated$39.5($7.1)$3.2$1.2$36.8$62658,856(1)Other costs indicated are primarily inventory change costs.ELDORADO GOLD FINANCIALS 201819MANAGEMENTS DISCUSSION AND ANALYSIS OF FI

216、NANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017RECONCILIATION OF CASH OPERATING COSTS AND CASH OPERATING COST PER OUNCE SOLD,BY ASSET,FOR THE YEAR ENDED DECEMBER 31,2018Direct mining costs By-product credits Refining and selling costs

217、Other(1)Cash operating costsCash operating cost/oz sold Gold oz soldKlada$61.4($1.2)$0.6$53.0$113.7$662171,741Efemukuru45.6(2.9)6.20.949.851197,485Olympias63.4(27.1)7.7(17.3)26.876435,030Total consolidated$170.4($31.3)$14.5$36.6$190.2$625304,256(1)Other costs indicated are primarily inventory change

218、 costs.Non-cash Operating Costs,Non-cash Operating Costs per OunceNon-cash operating costs and non-cash operating costs per ounce are non-IFRS measures.In the gold mining industry,these metrics are common performance measures but do not have any standardized meaning under IFRS.Non-cash operating cos

219、ts separate non-cash items such as inventory change from cash operating costs.The measure is intended to assist readers in evaluating non-cash operating costs and non-cash operating costs per ounce realized at Klada.RECONCILIATION OF NON-CASH OPERATING COSTS AND NON-CASH OPERATING COSTS PER OUNCE SO

220、LD,AT KILADA,FOR THE THREE MONTHS ENDED DECEMBER 31,2018Cash operating costs Gold oz sold Cash operating costs/oz sold Non-cash operating costsNon-cash operating costs/oz soldKlada$15.428,202$547$5.3$188RECONCILIATION OF NON-CASH OPERATING COSTS AND NON-CASH OPERATING COSTS PER OUNCE SOLD,AT KILADA,

221、FOR THE YEAR ENDED DECEMBER 31,2018Cash operating costs Gold oz sold Cash operating costs/oz sold Non-cash operating costsNon-cash operating costs/oz soldKlada$113.7171,741$662$53.0$309All-in Sustaining CostAISC and AISC per ounce sold are non-IFRS measures.These measures are intended to assist read

222、ers in evaluating the total costs of producing gold from current operations.While there is no standardized meaning across the industry for this measure,the Companys definition conforms to the definition of AISC set out by the World Gold Council and the updated guidance note dated November 14,2018.Th

223、e Company defines AISC as the sum of operating costs(as defined and calculated above),royalty expenses,sustaining capital,corporate expenses and reclamation cost accretion related to current operations.Corporate expenses include G&A expenses,transaction related costs,severance expenses for managemen

224、t changes andinterest income.AISCexcludes growth capital and reclamation cost accretion not related to current operations,all financing charges(including capitalized interest),except for financing charges related to leasing arrangements,costs related to business combinations,asset acquisitions and a

225、sset disposals,and adjustments made to normalize earnings(for example,impairments on non-current assets,one-time material severance charges,or legal costs or settlements related tosignificant lawsuits).ELDORADO GOLD FINANCIALS 201820MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESU

226、LTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017RECONCILIATION OF ALL-IN SUSTAINING COSTS AND ALL-IN SUSTAINING COSTS PER OUNCE SOLDQ4 2018Q4 201720182017Cash operating costs$36.8$38.9$190.3$134.3Royalties and production taxes2.41.87.46.7Corporate and allocated

227、G&A12.38.644.344.5Exploration costs1.30.52.81.1Reclamation costs and amortization(1)0.63.1Sustaining capital expenditure17.224.554.456.8AISC$70.6$74.4$302.3$243.4Gold ounces sold58,85667,367304,256264,080AISC per ounce sold$1,200$1,104$994$922(1)In 2017 reclamation costs and amortization were includ

228、ed in corporate and allocated G&A.RECONCILIATION OF ALL-IN SUSTAINING COSTS AND ALL-IN SUSTAINING COSTS PER OUNCE SOLD,BY OPERATING ASSET AND CORPORATE OFFICE,FOR THE THREE MONTHS ENDED DECEMBER 31,2018Cash operating costsRoyalties&production taxesCorporate&allocated G&AExploration costsReclamation

229、costs&amortizationSustaining capexTotal AISCGold oz sold Total AISC/oz soldKlada$15.4$1.1$0.8$0.2$4.2$21.728,202$770Efemukuru12.61.10.60.90.29.124.523,5281,041Olympias8.80.21.00.40.23.914.57,1262,038Corporate(1)9.99.958,856168Total consolidated$36.8$2.4$12.3$1.3$0.6$17.2$70.658,856$1,200(1)Excludes

230、G&A expenses related to business development activities and projects.Includes share-based payments expense and defined benefit pension plan expense.RECONCILIATION OF ALL-IN SUSTAINING COSTS AND ALL-IN SUSTAINING COSTS PER OUNCE SOLD,BY OPERATING ASSET AND CORPORATE OFFICE,FOR THE YEAR ENDED DECEMBER

231、 31,2018Cash operating costsRoyalties&production taxesCorporate&allocated G&AExploration costsReclamation costs&amortizationSustaining capexTotal AISCGold oz sold Total AISC/oz soldKlada$113.7$3.5$3.2$1.3$17.8$139.5171,741$812Efemukuru49.82.91.81.60.824.481.397,485834Olympias26.81.03.31.21.012.245.4

232、35,0301,297Corporate(1)36.036.0304,256118Total consolidated$190.2$7.4$44.3$2.8$3.1$54.4$302.3304,256$994(1)Excludes G&A expenses related to business development activities and projects.Includes share-based payments expense and defined benefit pension plan expense.ELDORADO GOLD FINANCIALS 201821MANAG

233、EMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017RECONCILIATION OF G&A COSTS INCLUDED IN ALL-IN SUSTAINING COSTS,FOR THE THREE MONTHS ENDED DECEMBER 31,2018 AND 201720182017General and administrative e

234、xpenses(from consolidated statement of operations)$13.7$18.7Add:Share-based payments1.22.0Defined benefit pension plan expense from corporate and operating gold mines1.21.0Accretion from operating gold mines(1)0.2Less:General and administrative expenses from non-gold mines(4.8)(6.0)Business developm

235、ent(0.8)(2.7)Development projects(0.7)(0.5)Adjusted general and administrative expenses$9.8$12.7(1)For 2018 accretion from operating gold mines is included in the individual mine site AISC calculation.RECONCILIATION OF G&A COSTS INCLUDED IN ALL-IN SUSTAINING COSTS,FOR THE YEAR ENDED DECEMBER 31,2018

236、 AND 201720182017General and administrative expenses(from consolidated statement of operations)$46.8$54.6Add:Share-based payments7.011.2Defined benefit pension plan expense from corporate and operating gold mines3.61.5Accretion from operating gold mines(1)0.9Less:General and administrative expenses

237、from non-gold mines(17.0)(18.3)Business development(1.9)(3.5)Development projects(2.4)(1.9)Adjusted general and administrative expenses$36.0$44.5(1)For 2018,Accretion from operating gold mines is included in the individual mine site AISC calculation.Cash Flow from Operations before Changes in Non-ca

238、sh Working CapitalThe Company uses cash flow from operations(or operating activities)before changes in non-cash working capital to supplement its Consolidated Financial Statements,and calculates it by not including the period to period movement of non-cash working capital items,like accounts receiva

239、ble,advances and deposits,inventory,accounts payable and accrued liabilities.The Company believes this provides an alternative indication of its cash flow from operations and may be meaningful to investors in evaluating our past performance or future prospects.It is not meant to be a substitute for

240、cash flow from operations(or operating activities),which is calculated according to IFRS.Sustaining and Growth CapitalSustaining capital and growth capital are non-IFRS measures.The Company defines sustaining capital as capital required to maintain current operations at existing levels.Growth capita

241、l is defined as capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.Average Realized Price per Ounce SoldIn the gold mining industry,average realized price per ounce sold is a common performance measure that does no

242、t have any standardized meaning.Themost directly comparable measure prepared in accordance with IFRS is revenue from gold sales.Average realized price per ounce sold should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.The measure is intended to assi

243、st readers in evaluating the total revenues realized in a period from current operations.ELDORADO GOLD FINANCIALS 201822MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017AVERAGE REALIZED PRICE PER

244、OUNCE SOLD IS RECONCILED FOR THE FOLLOWING PERIODSQ4 2018Q4 201720182017Realized gold revenue$73.3$86.2$386.0$333.3Gold ounces sold58,85667,367304,256264,080Average realized price per ounce sold$1,245$1,280$1,269$1,262Adjusted Net Earnings/(Loss)Adjusted net earnings/(loss)from continuing operations

245、 and adjusted net earnings/(loss)per share from continuing operations are used by management and investors to measure the underlying operating performance of the Company.Adjusted net earnings/(loss)from continuing operations is defined as net earnings/(loss)adjusted to exclude the after-tax impact o

246、f specific items that are significant,but not reflective of the underlying operations of the Company,including impairment adjustments;foreign exchange on deferred tax balances;changes in tax rates;gain(loss)on sale of securities;gain(loss)on disposal of assets;other write-down of assets;transaction

247、costs and executive severance payments;and other non-recurring items.Adjusted net earnings/(loss)per share from continuing operations is calculated using the weighted average number of shares outstanding for adjusted net earnings/(loss)per share from continuing operations.RECONCILIATION OF NET EARNI

248、NGS/(LOSS)ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY TO ADJUSTED NET EARNINGS/(LOSS)ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANYQ4 2018Q4 201720182017Net earnings/(loss)($218.2)($20.7)($361.9)($9.9)Gain(loss)on disposition of subsidiary0.12.9Gain(loss)on available-for-sale securities0.10.2(28.3)Unre

249、alized gain(loss)on foreign exchange translation of deferred tax balances(7.9)12.230.92.3Other write-down of assets,net of tax0.12.71.237.5Impairment of property,plant and equipment,net of tax234.4328.4Transaction costs0.56.2Changes in Greek tax rate(25.0)(25.0)Other non-recurring items(2.3)4.7(2.4)

250、4.6Total adjusted net earnings/(loss)($18.9)($0.4)($28.6)$15.2Weighted average shares outstanding158,404150,531158,509150,531Adjusted net earnings/(loss)per share($/share)($0.11)($0.02)($0.17)$0.10Net Earnings from Gold Mining OperationsNet earnings from gold mining operations represents gross reven

251、ues from gold mining operations less production costs and depreciation,depletion and amortization related to those operations.ELDORADO GOLD FINANCIALS 201823MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,201

252、8 and 2017RECONCILIATION OF NET EARNINGS(LOSS)FROM MINE OPERATIONS TO NET EARNINGS(LOSS)FROM GOLD MINING OPERATIONSQ4 2018Q4 201720182017Net earnings(loss)from mine operations$10.8$24.8$83.8$126.1Net earnings from Stratoni mine(0.3)(1.2)1.45.4Net earnings(loss)from Vila Nova mine(0.2)0.5Other(1)(2.9

253、)0.2(1.1)(1.0)Adjusted net earnings/(loss)per share($/share)$14.0$26.0$83.5$121.2(1)Includes Corporate office depreciation.Earnings before Interest,Taxes and Depreciation and Amortization(“EBITDA”)from Continuing Operations,Adjusted Earnings before Interest,Taxes and Depreciation and Amortization(“A

254、djusted EBITDA”)from Continuing OperationsEBITDA from continuing operations represents net earnings from continuing operations before interest,taxes,depreciation and amortization.In addition to conventional measures prepared in accordance with IFRS,the Company and certain investors use EBITDA from c

255、ontinuing operations and Adjusted EBITDA from continuing operations as an indicator of the Companys ability to generate liquidity by producing operating cash flow to fund working capital needs,service debt obligations and fund capital expenditures.EBITDA is also frequently used by investors and anal

256、ysts for valuation purposes based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company.EBITDA from continuing operations and Adjusted EBITDA from continuing operations are intended to provide additional information

257、to investors and analysts and do not have any standardized definition under IFRS,and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS.EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes,and

258、the effects of changes in operating working capital balances,and therefore is not necessarily indicative of operating earnings or cash flow from operations as determined under IFRS.Other companies may calculate EBITDA differently.RECONCILIATION OF NET EARNINGS(LOSS)FROM CONTINUING OPERATIONS BEFORE

259、TAX TO EBITDA AND ADJUSTED EBITDAQ4 2018Q4 201720182017Earnings(loss)from continuing operations before income tax($346.3)($20.4)($466.1)$0.8Depreciation,depletion and amortization22.219.9105.772.1Interest income(2.1)(1.3)(7.7)(6.8)Interest and financing costs(2.3)1.14.33.2Accretion expense0.50.52.02

260、.0EBITDA($327.9)($0.2)($361.8)$71.4Other write-down of assets0.112.41.546.7Inventory write-down1.01.50.4Non-cash adjustments(1)1.2(5.8)36.6(35.8)Share-based compensation1.22.07.011.2Impairment(reversal of impairment)of mining interests330.2447.8(Gain)loss on disposal of assets0.1(0.1)0.5Adjusted EBI

261、TDA$6.0$8.4$132.4$94.3(1)Includes inventory change.ELDORADO GOLD FINANCIALS 201824MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017Working CapitalWorking capital is a non-IFRS measure.In the gold

262、mining industry,working capital is a common measure of liquidity,but does not have any standardized meaning.The most directly comparable measure prepared in accordance with IFRS is current assets and current liabilities.Working capital is calculated by deducting current liabilities from current asse

263、ts.Working capital should not be considered in isolation or as a substitute from measures prepared in accordance with IFRS.The measure is intended to assist readers in evaluating the Companys liquidity.WORKING CAPITAL FOR THE PERIODS HIGHLIGHTEDAs at December 31,2018As at December 31,2017Current ass

264、ets$514.7$737.5Current liabilities141.7114.0Working capital$373.0$623.5Quarterly Results20182017Q4Q3Q2Q1Q4Q3Q2Q1Total revenue$92.8$81.1$153.2$131.9$101.4$95.4$82.7$111.9Impairment charge on property,plant and equipment,net of tax234.494.137.5Net earnings/(loss)($218.2)($128.0)($24.4)$8.7($20.7)($4.2

265、)$11.2$3.8Net earnings(loss)per share basic(1.38)(0.81)(0.15)0.06(0.15)(0.03)0.080.03 diluted(1.38)(0.81)(0.15)0.06(0.15)(0.03)0.080.03ELDORADO GOLD FINANCIALS 201825MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended Decemb

266、er 31,2018 and 2017Financial Condition and LiquidityOPERATING ACTIVITIESNet cash generated from operating activities increased to$66.3 million as at December 31,2018 from$30.8 million as at December 31,2017,excluding discontinued operations.Operating activities generated$69.1 million in cash in 2018

267、,before changes in non-cash working capital,severance and property reclamation payments,compared to$69.6 million in 2017.INVESTING ACTIVITIESThe Company invested$274.1 million in capital expenditures in 2018.Evaluation and development expenditures,including capitalized drilling programs,totalled$214

268、.9 million while sustaining capital spending at producing mines totalled$54.4 million.A total of$36.8 million in interest was capitalized and charged to capital projects.$2.0 million in land acquisitions in Turkey and Romania were completed in 2018.The remaining$2.8 million related to fixed assets o

269、f our Corporate offices in Canada,Brazil,Turkey,Greece and Romania.In addition,cash proceeds of$48.9 million related to pre-commercial production sales in Lamaque were recorded as cash flows from investing activities.FINANCING ACTIVITIESAs previously announced,the Company suspended cash payment of i

270、ts semi-annual dividend effective the first quarter of 2018.Capital Resources20182017Cash,cash equivalents and term deposits$293.0$485.0Working capital373.0623.5Restricted collateralized accounts0.30.3Debt long-term$596.0$593.8In conjunction with the plan to resume heap leach operations at Klada in

271、2019,management believes that the working capital at December 31,2018,together with future cash flows from operations and,where appropriate,select financing options,including the undrawn credit facility,are sufficient to support the Companys planned and foreseeable commitments for the next 12 months

272、.The Company does not anticipate drawing on the revolving credit facility during this time period.Evaluation of the Companys available financing options is ongoing and continues to be assessed in support of the Companys medium to long-term capital needs.Contractual ObligationsAs at December 31,2018:

273、Within 1 year23 years45 yearsOver 5 yearsTotalDebt$600.0$600.0Purchase obligations30.90.30.231.4Capital leases4.36.80.611.7Operating leases9.315.914.824.664.6Total$44.5$623.0$15.6$24.6$707.7Purchase obligations relate primarily to mine development expenditures at Olympias and Lamaque and mine operat

274、ing costs at Efemukuru and Klada.The table does not include interest on debt.ELDORADO GOLD FINANCIALS 201826MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017As of December 31,2018,Hellas Gold,a su

275、bsidiary of Eldorado,had entered into off-take agreements pursuant to which Hellas Gold agreed to sell a total of 52,500 dry metric tonnes of zinc concentrates,5,250 dry metric tonnes of lead/silver concentrates,and 241,000 dry metric tonnes of gold concentrate,through the year ending December 31,20

276、19.In April 2007,Hellas Gold agreed to sell to Silver Wheaton(Caymans)Ltd.,a subsidiary of Wheaton Precious Metals(“Wheaton Precious Metals”)all of the payable silver contained in lead concentrate produced within an area of approximately 7 km2 around Stratoni.The sale was made in consideration of a

277、prepayment to Hellas Gold of$57.5 million in cash,plus a fixed price per ounce of payable silver to be delivered based on the lesser of$3.90 and the prevailing market price per ounce,adjusted higher by 1%every year.The Agreement was amended in October 2015 to provide for increases in the fixed price

278、 paid by Wheaton Precious Metals upon completion of certain expansion drilling milestones.10,000 m of expansion drilling was reached during the second quarter of 2018 and in accordance with the terms of the agreement,the fixed price has been adjusted by an additional$2.50per ounce.Accordingly,the fi

279、xed price as of July 1,2018 is equal to$6.77 per ounce.In May 2013,the Company,in connection with Hellas Gold,entered into a Letter of Guarantee in favour of the Greek Ministry of Environment and Energy,in the amount of 50.0 million,as security for the due and proper performance of rehabilitation wo

280、rks committed in connection with theEnvironmental Impact Assessment approved for the Kassandra Mines(Stratoni,Olympias and Skouries).The Letter of Guarantee is renewed annually andexpires on July26,2026.The Letter of Guarantee has an annual fee of 57 basis points.In June 2017,the Company,in connecti

281、on with Hellas Gold,entered into a Letter of Guarantee in favour of the Greek Ministry of Environment and Energy,in the amount of 7.5 million,as security for the due and proper performance of the Kokkinolakkas Tailings Management Facility,committed inconnection with the Environmental Impact Assessme

282、nt approved for the Kassandra Mines.The Letter of Guarantee is renewed annually and expires onJuly26,2026.The Letter of Guarantee has an annual fee of 45 basis points.As at December 31,2018,Tprag Metal Madencilik Sanayi Ve Ticaret A.S.(“Tprag”),a subsidiary of Eldorado had entered into off-take agre

283、ements pursuant to which Tprag agreed to sell a total of 45,000 dry metric tonnes of gold concentrate through the year ending December 31,2019.DebtREVOLVING CREDIT FACILITYIn November 2012,the Company entered into a$375 million revolving credit facility with a syndicate of banks.This credit facility

284、 was amended and restatedin June 2016(“the amended and restated credit agreement”or“ARCA”)and reduced to an available credit of$250 million with the option to increase by an additional$100 million through an accordion feature.The maturity date is June 13,2020.The ARCA is secured by the shares of SG

285、Resources and Tprag,wholly-owned subsidiaries of the Company.Fees of$2.0 million were paid on the amendment dated June 2016.This amount has been deferred as pre-payment for liquidity services and is being amortized to financing costs over the term of the credit facility.As at December 31,2018,thepre

286、paid loan cost on the consolidated statement of financial position was$0.7 million(2017:$1.3 million).The ARCA contains covenants that restrict,among other things,the ability of the Company to incur aggregate unsecured indebtedness exceeding$850million,incur secured indebtedness exceeding$200 millio

287、n and permitted unsecured indebtedness exceeding$150 million.The ARCA also contains restrictions for making distributions in certain circumstances,selling material assets and conducting business other than that which relates to the mining industry.Significant financial covenants include a maximum Ne

288、t Debt to EBITDA of 3.5:1 and a minimum EBITDA to Interest of 3:1.The Company is in compliance with these covenants as at December 31,2018.Loan interest on the revolving credit facility is variable,dependent on a net leverage ratio pricing grid.The Companys current net leverage ratio is approximatel

289、y 2.26:1.At this ratio,interest charges and fees are as follows:LIBOR plus margin of 2.625%and undrawn standby fee of 0.725%.No amounts were drawn down under the ARCA in 2018 and as at December 31,the balance is$nil(2017:$nil).ELDORADO GOLD FINANCIALS 201827MANAGEMENTS DISCUSSION AND ANALYSIS OF FIN

290、ANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017SENIOR NOTESOn December 10,2012,the Company completed an offering of$600 million senior notes(“the notes”)at par value,with a coupon rate of 6.125%due December 15,2020.The notes pay interes

291、t semi-annually on June 15 and December 15.The Company received proceeds of$589.5 million from the offering,which is net of the commission payment.The notes are redeemable by the Company in whole or in part,for cash.The fair market value of the notes as at December 31,2018 is$550 million.Net deferre

292、d financing costs of$4.0 million(2017:$6.2 million)have been included as an offset in the balance of the notes in the Consolidated Financial Statements and are being amortized over the term of the notes.The debt balance as at December 31,2018 was$596.0 million(2017:$593.8 million).Defined Benefit Pl

293、ansThe Company operates defined benefit pension plans in Canada,including a registered pension plan(“the Pension Plan”)and a supplemental pension plan(“the SERP”).During the second quarter of 2012,the SERP was converted into a Retirement Compensation Arrangement(“RCA”),a trust account.As it is a tru

294、st account,the assets in the account are protected from the Companys creditors.The RCA requires the Company to remit 50%of any contributions and any realized investment gains to the Receiver General of Canada as refundable tax.These plans,which are available only to certain qualifying employees,prov

295、ide benefits based on an employees years of service and final average earnings at retirement.Annual contributions related to these plans are actuarially determined and are made at or in excess of minimum requirements prescribed bylegislation.Eldorados plans have actuarial valuations performed for fu

296、nding purposes.The last actuarial valuations for funding purposes performed for the Pension Plan and the SERP are as of January 1,2017,and the next valuations will be prepared in accordance with the funding policy as of January 1,2019.Themeasurement date to determine the pension obligation and asset

297、s for accounting purposes was December 31,2018.The SERP is designed to provide supplementary pension benefits to qualifying employees affected by the maximum pension limits under the Income Tax Act pursuant to the registered Pension Plan.Further,the Company is not required to pre-fund any benefit ob

298、ligation under the SERP.Total Cash PaymentsNo contributions were required to the Pension Plan and the SERP during 2018(2017:$1.4 million).Cash payments totalling$4.2 million were made directly to beneficiaries during the year(2017:$1.5 million).For 2019,the expected amount of contributions to the Pe

299、nsion Plan is$0.Nocontributions are expected to the SERP.EquityCommon Shares Outstanding as of February 21,2019 158,801,722 as of December 31,2018 158,801,722Share purchase options as of February 21,2019 5,052,516(Weighted average exercise price per share:CDN$22.16)SHARE CONSOLIDATIONEldorado obtain

300、ed shareholder approval at its Annual Meeting on June 21,2018 for an amendment to Eldorados restated articles of incorporation to implement a proposed share consolidation with a ratio of 5:1 in order to regain compliance with the NYSEs continued listing requirements.Subsequent to this,the Company re

301、ported that it had filed its articles of amendment effective December 27,2018 in respect of the previously announced 5:1 consolidation of the common shares of the Company.At the opening of trading on December 31,2018,Eldorados common shares commenced trading on the Toronto Stock Exchange and the New

302、 York Stock Exchange on a post-consolidated basis.Following the share consolidation,Eldorado had 158,801,722issued and outstanding common shares.ELDORADO GOLD FINANCIALS 201828MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months en

303、ded December 31,2018 and 2017Managing RiskIn its exploration,development and mining of mineral deposits,the Company is subject to various significant risks.Several of these financial and operational risks could have a significant impact on the Companys cash flows and profitability.The most significa

304、nt risks and uncertainties faced by the Company include:the price of gold;the uncertainty of production estimates,including the ability to extract anticipated tonnes and successfully realize estimated grades;changes to operating and capital cost assumptions;the inherent risk associated with project

305、development and permitting processes;the uncertainty of the mineral resources and their development into mineral reserves;the replacement of depleted reserves and the expected impact on reserves and the carrying value of our properties;the updating of resource and reserve models and life of mine pla

306、ns;foreign exchange risks;regulatory;financing;tax as well as health,safety,and environmental risks.For more extensive discussion on risks and uncertainties,refer to the Companys current Annual Information Form(“AIF”)for the year ended December 31,2017,and those to be set out in the Companys AIF to

307、be filed for the year ended December 31,2018,for additional information regarding these risks and other risks and uncertainties in respect of the Companys business and share price.Management monitors risk using a risk management review process.Management prepares a risk assessment report every quart

308、er outlining the operational and financial risks.The Board reviews the report to evaluate and assess the risks that the Company is exposed to in various markets,and discusses the steps management takes to manage and mitigate them.FINANCIAL RISKLiquidity and Financing RiskLiquidity risk is the risk t

309、hat the Company cannot meet its financial obligations.The Company mitigates liquidity risk through the implementation of its capital management policy by spreading the maturity dates of investments over time,managing its capital expenditures and operational cash flows,and by maintaining adequate lin

310、es of credit.Management uses a rigorous planning,budgeting and forecasting process to help determine the funds the Company will need to support ongoing operations and development plans.Management believes that the working capital at December 31,2018,together with expected cash flows from operations

311、and,where appropriate,select financing options,including the undrawn credit facility,are sufficient to support the Companys planned and foreseeable commitments for the next 12months.However,if planning and budgeting is materially different to that forecasted,or financing,if required,is not available

312、 to the Company on terms satisfactory to meet these material changes to planning or budgeting,then this may adversely affect the ability of the Company to meet its financial obligations and operational and development plans.Credit RiskCredit risk is the risk that the counterparty to any financial in

313、strument to which the Company is a party will not meet its obligations and will cause the Company to incur a financial loss.The Company limits counterparty risk by entering into business arrangements with high-credit-quality counterparties,limiting the amount of exposure to each counterparty and mon

314、itoring the financial condition of counterparties.For cash,cash equivalents and accounts receivable,credit risk is represented by the carrying amount on the balance sheet.Payment for metal sales is normally in advance or within 15 days of shipment depending on the buyer.While the historical level of

315、 customer defaults is negligible,which has reduced the credit risk associated with trade receivables at December 31,2018,there is no guarantee that buyers,including those under exclusive sales arrangements,will not default on its commitments,which may have an adverse impact on the Companys financial

316、 performance.The Company invests its cash and cash equivalents in major financial institutions and in government issuances,according to our short-term investment policy.The credit risk associated with these investments is considered to be low.As at December 31,2018,the Company holds a significant am

317、ount of cash and cash equivalents with five financial institutions in North America,the United Kingdom and Turkey.Currency RiskThe Company sells gold in U.S.dollars,but incurs costs mainly in U.S.dollars,Canadian dollars,Turkish lira,Brazilian real,euros,and Romanian lei.Anychange in the value of an

318、y of these currencies against the U.S.dollar can change production costs and capital expenditures,which can affect future cash flows.As of December 31,2018,over 90%of cash is held in U.S.dollars.The Company has a risk management policy that includes hedging its foreign exchange exposure to reduce th

319、e risk associated with currency fluctuations.The Company currently does not have any currency hedges,but may hedge in the future.ELDORADO GOLD FINANCIALS 201829MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,

320、2018 and 2017The table below shows the Companys assets and liabilities and debt held in currencies other than the U.S.dollar at December 31,2018.The Company recognized a gain of$3.6 million on foreign exchange this year,compared to a loss of$2.4 million in 2017.2018(thousands)Canadian dollarAustrali

321、an dollar EuroTurkish liraChinese renminbiSerbian dinarRomanian leiBritish poundBrazilian real$TRYdinleiR$Cash and cash equivalents19,0304336,8612,664728,8481,9049234,539Marketable securities3,509Accounts receivable and other23,672315,55254,7728,3864,4879,970Accounts payable and accrued liabilities(

322、102,027)(7)(34,488)(44,516)(1,004)(2,286)(2,941)Other non-current liabilities(10,064)(9,191)(15,877)Net balance(65,880)429(21,266)(2,957)7216,2304,10592311,568Equivalent in U.S.dollars(48,292)302(24,334)(562)111571,0101,1802,9822017(thousands)Canadian dollarAustralian dollar EuroTurkish liraChinese

323、renminbiSerbian dinarRomanian leiBritish poundBrazilian real$TRYdinleiR$Cash and cash equivalents18,28048213,0304,965774,8459,73036615,991Marketable securities6,286Accounts receivable and other13,706424,50860,11143,1577,54212,547Accounts payable and accrued liabilities(30,900)(42)(45,751)(50,099)(9,

324、000)(6,174)(5,559)Other non-current liabilities(1,269)(6,516)(17,999)Net balance6,103444(14,729)(3,022)7739,00211,09836622,979Equivalent in U.S.dollars4,865347(17,664)(802)123942,8744956,946Accounts receivable and other current and long-term assets relate to goods and services taxes receivable,incom

325、e taxes receivable,value-added taxes and insurance receivables.Interest Rate RiskInterest rates determine how much interest the Company pays on its debt,and how much is earned on cash and cash equivalent balances,which can affect future cash flows.All of the Companys outstanding debt is in the form

326、of notes with a fixed interest rate of 6.125%.However,borrowings under the Companys revolving credit facility,if drawn,are at variable rates of interest and any borrowings would expose the Company to interest rate cost and interest rate risk.In the future the Company may enter into interest rate swa

327、ps that involve the exchange of floating for fixed-rate interest payments in order to reduce interest ratevolatility.Metal Price and Global Market RiskThe profitability of the Companys operations depend,in large part,upon gold and other metal prices and the global concentrate market.Gold and metal p

328、rices can fluctuate widely and can be influenced by many factors beyond its control,including but not limited to:industrial demand;political and economic events(global and regional);gold and financial market volatility,including demand for concentrate and other market factors;and central bank purcha

329、ses and sales of gold and gold lending.The supply of gold is made up of new production from mining,and existing stocks of bullion,scrap and fabricated gold held by governments,public and private financial institutions,industrial organizations and private individuals.ELDORADO GOLD FINANCIALS 201830MA

330、NAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(MD&A)For the three and twelve months ended December 31,2018 and 2017If metal prices decline significantly,or decline for an extended period,or the demand for concentrate continues to be soft,then Eldorado might not be

331、 able to continue operations,develop properties,or fulfill obligations under the permits and licences,or under the agreements with partners.This could result in losing interest in some or all of the Companys properties,or being forced to sell them,which could have a negative effect on the business,r

332、esults of operations,financial condition and share price.The cost of production,development and exploration varies depending on the market prices of certain mining consumables,including diesel fuel and electricity.Electricity is regionally priced in Turkey and semi-regulated by the Turkish governmen

333、t,which reduces the risk of price fluctuations.The Company has elected not to hedge its exposure to metal price risk but may use,from time to time,commodity price contracts to manage its exposure to fluctuations in the price of gold and other metals.OTHER RISKS AND UNCERTAINTIESIn addition to the financial risks identified above,the Company faces a number of other risks and uncertainties.Certain k