Eldorado Gold(EGO) - 2023 Q4 - Annual Report

Revenue and Earnings - Revenue for 2023 reached $1,008.5 million, a 15.7$872.0 million in 2022[16] - Net earnings for the period were $104.6 million, a significant recovery from a net loss of$353.8 million in 2022[16] - Total revenue for 2023 was $1,008.5 million, compared to$872.0 million in 2022, reflecting a year-over-year increase of 15.6%[34] - Net earnings for 2023 were $104.6 million, compared to a net loss of$353.8 million in 2022[34] - Total revenue for Q4 2023 was $306.9 million, a 24.3$246.2 million[153] - Net earnings from continuing operations in Q4 2023 were $91.8 million, compared to a net loss of$28.4 million in Q3 2022[153] Production and Sales - Gold produced in 2023 was 485,139 ounces, up 6.9% from 453,916 ounces in 2022[16] - Total gold production in 2023 was 485,000 ounces, within the guidance range of 475,000 – 495,000 ounces, with Q4 production increasing by 11% year-over-year to 143,166 ounces[36] - Gold sales in 2023 totaled 483,978 ounces, a 7% increase from 452,953 ounces in 2022, with Q4 sales rising by 9% to 144,827 ounces[37] - Gold ounces sold in 2023 reached 483,978, up from 452,953 in 2022, resulting in a total cash cost per ounce sold of $850, compared to$878 in the previous year[181] Costs and Expenses - Cash operating costs per ounce sold decreased to $743 in 2023 from$788 in 2022, a reduction of 5.7%[16] - Total cash costs per ounce sold also decreased to $850 in 2023, down from$878 in 2022, a decline of 3.2%[16] - Production costs rose to $478.9 million in 2023 from$459.6 million in 2022, with Q4 costs increasing to $137.6 million[39] - Cash operating costs averaged$743 per ounce sold in 2023, down from $788 per ounce in 2022, with Q4 costs at$716 per ounce[42] - All-in sustaining costs (AISC) per ounce sold increased to $1,089 in 2023 from$1,036 in 2022, and to $977 in Q4 2023 from$925 in Q4 2022[76] Cash Flow and Financial Position - Free cash flow for 2023 was $(47.2) million, an improvement from$(104.5) million in 2022[16] - Cash, cash equivalents, and term deposits increased to $541.6 million in 2023, up from$314.7 million in 2022[16] - Net cash generated from operating activities increased to $382.9 million in 2023 from$211.2 million in 2022, driven by higher revenue and lower operating costs[54] - The company's working capital as of December 31, 2023, was $639.4 million, up from$404.3 million in 2022, indicating a growth of 58.2%[141] Debt and Financing - Debt increased to $636.1 million in 2023 from$494.4 million in 2022, reflecting a 28.7% rise[16] - The company closed a €680.4 million project financing facility for the Skouries project, with drawdowns of €153.2 million ($166.7 million) completed by December 31, 2023[24] - The Term Facility for the Skouries project amounts to €680.4 million ($766.7 million), with drawdowns of €153.2 million ($166.7 million) completed by December 31, 2023[127] Capital Expenditures and Investments - The company invested$401.9 million in capital expenditures in 2023, up from $289.9 million in 2022, representing an increase of 38.6$135 million and $160 million in 2024, focusing on underground mine development and processing improvements[59] - Growth capital investments at Skouries are expected to be between$375 million and $425 million in 2024, as the site is in its peak construction year[61] Safety and Environmental Measures - The company achieved a lost-time injury frequency rate (LTIFR) of 0.65 in 2023, a 45$840 and $940 per ounce sold, while all-in sustaining costs (AISC) are expected to range from$1,190 to $1,290 per ounce sold[59] Impairments and Adjustments - The Certej project recorded an impairment of$394.7 million, presented as a disposal group held for sale as of December 31, 2023[115] - The company recorded a net loss of $365.4 million from discontinued operations in Q1 2022, primarily due to impairments related to the Certej project[162] Non-IFRS Financial Measures - The company continues to evaluate its non-IFRS financial measures to provide investors with improved insights into its underlying performance[167] - Free cash flow excluding Skouries is considered a useful indicator of the company's ability to generate cash from operations[171]