FORM 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of November, 2013
 
Commission File Number   001-31522

Eldorado Gold Corporation
 (Translation of registrant's name into English)	

1188-550 Burrard Street
Bentall 5
Vancouver, B.C.
Canada  V6C 2B5
 (Address of principal executive offices)	

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F....[    ]..... Form 40-F...[. X .]...
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes  [    ]  No [ X ]
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date:  November 8, 2013	ELDORADO GOLD CORPORATION

/s/ Dawn Moss

Dawn Moss, Corporate Secretary	

 

 
 
Exhibits
 
99.1    Q3 2013 Consolidated Financials
99.2     MD&A Q3 2013
99.3     CEO Certification
99.4    CFO Certification

 

 

 

 

September 30, 2013	 	 	Unaudited Condensed Consolidated Financial Statements	

 

 

 

 

 
 
Suite 1188, 550 Burrard Street
Vancouver, British Columbia
V6C 2B5
Phone: (604) 687-4018
Fax: (604) 687-4026	

 

 
 
Eldorado Gold Corporation
Unaudited Condensed Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)
 
 	 	Note	 	 	September 30, 2013	 	 	December 31,  2012	 	
 	 	 	 	 	 	$	 	 	 	$	 	
ASSETS	 	 	 	 	 	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	 	 	 	 	665,840	 	 	 	816,843	 	
Term deposits	 	 	 	 	 	59,600	 	 	 	-	 	
Restricted cash	 	 	 	 	 	261	 	 	 	241	 	
Marketable securities	 	 	 	 	 	3,156	 	 	 	1,988	 	
Accounts receivable and other	 	 	 	 	 	99,211	 	 	 	112,324	 	
Inventories	 	 	 	 	 	220,888	 	 	 	220,766	 	
 	 	 	 	 	 	1,048,956	 	 	 	1,152,162	 	
Investments in associates	 	 	6	 	 	 	15,935	 	 	 	27,949	 	
Deferred income tax assets	 	 	 	 	 	 	1,673	 	 	 	3,149	 	
Restricted assets and other	 	 	 	 	 	 	34,062	 	 	 	31,846	 	
Defined benefit pension plan	 	 	 	 	 	 	5,513	 	 	 	4,571	 	
Property, plant and equipment	 	 	 	 	 	 	6,081,177	 	 	 	5,868,742	 	
Goodwill	 	 	 	 	 	 	839,710	 	 	 	839,710	 	
 	 	 	 	 	 	 	8,027,026	 	 	 	7,928,129	 	
LIABILITIES & EQUITY	 	 	 	 	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	 	 	 	 	
Accounts payable and accrued liabilities	 	 	 	 	 	 	215,514	 	 	 	224,567	 	
Current debt	 	 	7	 	 	 	16,265	 	 	 	10,341	 	
 	 	 	 	 	 	 	231,779	 	 	 	234,908	 	
Debt	 	 	7	 	 	 	584,519	 	 	 	582,974	 	
Asset retirement obligations	 	 	 	 	 	 	80,974	 	 	 	79,971	 	
Deferred income tax liabilities	 	 	8	 	 	 	959,300	 	 	 	816,941	 	
 	 	 	 	 	 	 	1,856,572	 	 	 	1,714,794	 	
Equity	 	 	 	 	 	 	 	 	 	 	 	 	
Share capital	 	 	9	 	 	 	5,309,770	 	 	 	5,300,957	 	
Treasury stock	 	 	 	 	 	 	(11,084	)	 	 	(7,445	)	
Contributed surplus	 	 	 	 	 	 	76,416	 	 	 	65,382	 	
Accumulated other comprehensive loss	 	 	 	 	 	 	(26,273	)	 	 	(24,535	)	
Retained earnings	 	 	 	 	 	 	544,148	 	 	 	594,876	 	
Total equity attributable to shareholders of the Company	 	 	 	 	 	 	5,892,977	 	 	 	5,929,235	 	
Attributable to non-controlling interests	 	 	 	 	 	 	277,477	 	 	 	284,100	 	
 	 	 	 	 	 	 	6,170,454	 	 	 	6,213,335	 	
 	 	 	 	 	 	 	8,027,026	 	 	 	7,928,129	 	
 
Approved on behalf of the Board of Directors
 
(Signed) Robert R. Gilmore             Director	 	(Signed) Paul N. Wright              Director	
 
The accompanying notes are an integral part of these consolidated financial statements.

 

Eldorado Gold Corporation
Unaudited Condensed Consolidated Income Statements
(Expressed in thousands of U.S. dollars except per share amounts)
 
 	 	 	 	 	Three months ended	 	 	Nine months ended	 	
 	 	 	 	 	September 30,	 	 	September 30,	 	
 	 	Note	 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
 	 	 	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Metal sales	 	 	 	 	 	287,254	 	 	 	281,839	 	 	 	892,251	 	 	 	797,579	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Production costs	 	 	 	 	 	120,753	 	 	 	107,615	 	 	 	367,254	 	 	 	293,340	 	
  Depreciation and amortization	 	 	 	 	 	40,461	 	 	 	26,082	 	 	 	112,809	 	 	 	78,635	 	
 	 	 	 	 	 	161,214	 	 	 	133,697	 	 	 	480,063	 	 	 	371,975	 	
Gross profit	 	 	 	 	 	126,040	 	 	 	148,142	 	 	 	412,188	 	 	 	425,604	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploration expenses	 	 	 	 	 	9,866	 	 	 	11,130	 	 	 	27,730	 	 	 	29,899	 	
General and administrative expenses	 	 	 	 	 	14,671	 	 	 	17,518	 	 	 	49,396	 	 	 	53,345	 	
Defined benefit pension plan expense	 	 	 	 	 	616	 	 	 	638	 	 	 	1,864	 	 	 	1,899	 	
Share based payments	 	 	 	 	 	3,765	 	 	 	4,396	 	 	 	15,933	 	 	 	17,210	 	
Acquisition costs	 	 	5	 	 	 	-	 	 	 	552	 	 	 	-	 	 	 	20,005	 	
Foreign exchange loss (gain)	 	 	 	 	 	 	(939	)	 	 	(1,926	)	 	 	4,879	 	 	 	(2,227	)	
Operating profit	 	 	 	 	 	 	98,061	 	 	 	115,834	 	 	 	312,386	 	 	 	305,473	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss (gain) on disposal of assets	 	 	 	 	 	 	(120	)	 	 	(23	)	 	 	(135	)	 	 	423	 	
Gain on marketable securities and other investments	 	 	 	 	 	 	-	 	 	 	-	 	 	 	(21	)	 	 	(1,032	)	
Loss on investments in associates	 	 	 	 	 	 	1,426	 	 	 	1,375	 	 	 	2,549	 	 	 	3,119	 	
Impairment loss on investment in associates	 	 	6	 	 	 	12,707	 	 	 	-	 	 	 	12,707	 	 	 	-	 	
Other income	 	 	 	 	 	 	(2,460	)	 	 	(264	)	 	 	(7,574	)	 	 	(2,641	)	
Asset retirement obligation accretion	 	 	 	 	 	 	278	 	 	 	457	 	 	 	1,003	 	 	 	1,328	 	
Interest and financing costs	 	 	 	 	 	 	9,748	 	 	 	1,481	 	 	 	31,310	 	 	 	3,615	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Profit before income tax	 	 	 	 	 	 	76,482	 	 	 	112,808	 	 	 	272,547	 	 	 	300,661	 	
Income tax expense	 	 	8	 	 	 	38,152	 	 	 	34,435	 	 	 	233,954	 	 	 	98,965	 	
Profit for the period	 	 	 	 	 	 	38,330	 	 	 	78,373	 	 	 	38,593	 	 	 	201,696	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Attributable to:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shareholders of the Company	 	 	 	 	 	 	36,410	 	 	 	75,845	 	 	 	34,221	 	 	 	190,320	 	
Non-controlling interests	 	 	 	 	 	 	1,920	 	 	 	2,528	 	 	 	4,372	 	 	 	11,376	 	
Profit for the period	 	 	 	 	 	 	38,330	 	 	 	78,373	 	 	 	38,593	 	 	 	201,696	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	 	 	 	 	715,083	 	 	 	712,789	 	 	 	714,901	 	 	 	680,121	 	
Diluted	 	 	 	 	 	 	715,364	 	 	 	713,340	 	 	 	715,229	 	 	 	681,222	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per share attributable to shareholders of the Company:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	0.05	 	 	 	0.11	 	 	 	0.05	 	 	 	0.28	 	
Diluted earnings per share	 	 	 	 	 	 	0.05	 	 	 	0.11	 	 	 	0.05	 	 	 	0.28	 	

The accompanying notes are an integral part of these consolidated financial statements.

 

 
Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in thousands of U.S. dollars)

 	 	Three months ended	 	 	Nine months ended	 	
 	 	September 30,	 	 	September 30,	 	
 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Profit for the period	 	 	38,330	 	 	 	78,373	 	 	 	38,593	 	 	 	201,696	 	
Other comprehensive loss:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Change in fair value of available-for-sale financial assets	 	 	(321	)	 	 	(231	)	 	 	(1,721	)	 	 	(1,368	)	
Realized gains on disposal of available-for-sale	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   financial assets transferred to net income	 	 	-	 	 	 	-	 	 	 	(17	)	 	 	(24	)	
Actuarial losses on defined benefit pension plans	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(5,701	)	
Total other comprehensive loss for the period	 	 	(321	)	 	 	(231	)	 	 	(1,738	)	 	 	(7,093	)	
Total comprehensive income for the period	 	 	38,009	 	 	 	78,142	 	 	 	36,855	 	 	 	194,603	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Attributable to:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shareholders of the Company	 	 	36,089	 	 	 	75,614	 	 	 	32,483	 	 	 	183,227	 	
Non-controlling interests	 	 	1,920	 	 	 	2,528	 	 	 	4,372	 	 	 	11,376	 	
Total comprehensive income for the period	 	 	38,009	 	 	 	78,142	 	 	 	36,855	 	 	 	194,603	 	

The accompanying notes are an integral part of these consolidated financial statements.

 

 
Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in thousands of U.S. dollars)

 	 	 	 	 	Three months ended	 	 	Nine months ended	 	
 	 	 	 	 	September 30,	 	 	September 30,	 	
 	 	Note	 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
 	 	 	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	
Cash flows generated from (used in):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Profit for the period	 	 	 	 	 	38,330	 	 	 	78,373	 	 	 	38,593	 	 	 	201,696	 	
Items not affecting cash	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asset retirement obligation accretion	 	 	 	 	 	278	 	 	 	457	 	 	 	1,003	 	 	 	1,328	 	
Depreciation and amortization	 	 	 	 	 	40,461	 	 	 	26,082	 	 	 	112,809	 	 	 	78,635	 	
Unrealized foreign exchange loss (gain)	 	 	 	 	 	(44	)	 	 	(446	)	 	 	480	 	 	 	(809	)	
Deferred income tax expense (recovery)	 	 	8	 	 	 	7,388	 	 	 	(42	)	 	 	143,836	 	 	 	(6,730	)	
Loss (gain) on disposal of assets	 	 	 	 	 	 	(120	)	 	 	(23	)	 	 	(135	)	 	 	423	 	
Loss on investments in associates	 	 	 	 	 	 	1,426	 	 	 	1,375	 	 	 	2,549	 	 	 	3,119	 	
Impairment loss on investment in associates	 	 	 	 	 	 	12,707	 	 	 	-	 	 	 	12,707	 	 	 	-	 	
Gain on marketable securities and other investments	 	 	 	 	 	 	-	 	 	 	-	 	 	 	(21	)	 	 	(1,032	)	
Share based payments	 	 	 	 	 	 	3,765	 	 	 	4,396	 	 	 	15,933	 	 	 	17,210	 	
Defined benefit pension plan expense	 	 	 	 	 	 	616	 	 	 	638	 	 	 	1,864	 	 	 	1,899	 	
 	 	 	 	 	 	 	104,807	 	 	 	110,810	 	 	 	329,618	 	 	 	295,739	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Changes in non-cash working capital	 	 	12	 	 	 	15,454	 	 	 	20,743	 	 	 	(20,811	)	 	 	(121,914	)	
 	 	 	 	 	 	 	120,261	 	 	 	131,553	 	 	 	308,807	 	 	 	173,825	 	
Investing activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash received on acquisition of subsidiary	 	 	5	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	18,789	 	
Purchase of property, plant and equipment	 	 	 	 	 	 	(119,055	)	 	 	(136,779	)	 	 	(336,818	)	 	 	(303,891	)	
Proceeds from the sale of property, plant and equipment	 	 	 	 	 	 	412	 	 	 	99	 	 	 	604	 	 	 	890	 	
Proceeds on pre-production sales	 	 	 	 	 	 	9,438	 	 	 	17,412	 	 	 	24,666	 	 	 	37,434	 	
Purchase of marketable securities	 	 	 	 	 	 	-	 	 	 	2,152	 	 	 	-	 	 	 	-	 	
Proceeds from the sale of marketable securities	 	 	 	 	 	 	-	 	 	 	-	 	 	 	332	 	 	 	230	 	
Funding of non-registered supplemental retirement plan	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   investments, net	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	14,486	 	
Investments in associates	 	 	 	 	 	 	-	 	 	 	(11,947	)	 	 	(6,357	)	 	 	(15,359	)	
Decrease (increase) on investment in term deposits	 	 	 	 	 	 	161,841	 	 	 	-	 	 	 	(59,600	)	 	 	-	 	
Decrease (increase) in restricted cash	 	 	 	 	 	 	(17	)	 	 	20,240	 	 	 	(12	)	 	 	18,571	 	
 	 	 	 	 	 	 	52,619	 	 	 	(108,823	)	 	 	(377,185	)	 	 	(228,850	)	
Financing activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Issuance of common shares for cash	 	 	 	 	 	 	1,945	 	 	 	3,430	 	 	 	3,546	 	 	 	20,261	 	
Dividend paid to non-controlling interests	 	 	 	 	 	 	-	 	 	 	(967	)	 	 	-	 	 	 	(2,238	)	
Dividend paid to shareholders	 	 	 	 	 	 	(34,708	)	 	 	(43,262	)	 	 	(84,949	)	 	 	(93,142	)	
Purchase of treasury stock	 	 	 	 	 	 	-	 	 	 	(691	)	 	 	(6,462	)	 	 	(6,702	)	
Long-term and bank debt proceeds	 	 	 	 	 	 	3,565	 	 	 	-	 	 	 	15,977	 	 	 	50,000	 	
Long-term and bank debt repayments	 	 	 	 	 	 	-	 	 	 	(24,429	)	 	 	(10,354	)	 	 	(35,516	)	
Loan financing costs	 	 	 	 	 	 	-	 	 	 	-	 	 	 	(383	)	 	 	-	 	
 	 	 	 	 	 	 	(29,198	)	 	 	(65,919	)	 	 	(82,625	)	 	 	(67,337	)	
Net increase (decrease) in cash and cash equivalents	 	 	 	 	 	 	143,682	 	 	 	(43,189	)	 	 	(151,003	)	 	 	(122,362	)	
Cash and cash equivalents - beginning of period	 	 	 	 	 	 	522,158	 	 	 	522,158	 	 	 	816,843	 	 	 	522,158	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents - end of period	 	 	 	 	 	 	665,840	 	 	 	478,969	 	 	 	665,840	 	 	 	399,796	 	

The accompanying notes are an integral part of these consolidated financial statements.

 

 
Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Changes in Equity
(Expressed in thousands of U.S. dollars)
 	 	 	 	 	Three months ended	 	 	Nine months ended	 	
 	 	 	 	 	September 30,	 	 	September 30,	 	
 	 	Note	 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
 	 	 	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	
Share capital	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance beginning of period	 	 	 	 	 	5,306,947	 	 	 	5,282,368	 	 	 	5,300,957	 	 	 	2,855,689	 	
Shares issued upon exercise of share options, for cash	 	 	 	 	 	1,945	 	 	 	3,430	 	 	 	3,546	 	 	 	20,261	 	
Transfer of contributed surplus on exercise of options	 	 	 	 	 	694	 	 	 	4,518	 	 	 	1,683	 	 	 	22,674	 	
Shares issued on acquisition of European Goldfields Ltd.	 	 	5	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	2,380,140	 	
Transfer of contributed surplus on exercise of deferred	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   phantom units	 	 	 	 	 	 	184	 	 	 	-	 	 	 	3,584	 	 	 	11,552	 	
Balance end of period	 	 	 	 	 	 	5,309,770	 	 	 	5,290,316	 	 	 	5,309,770	 	 	 	5,290,316	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Treasury stock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance beginning of period	 	 	 	 	 	 	(11,775	)	 	 	(7,355	)	 	 	(7,445	)	 	 	(4,018	)	
Purchase of treasury stock	 	 	 	 	 	 	-	 	 	 	(691	)	 	 	(6,462	)	 	 	(6,702	)	
Shares redeemed upon exercise of restricted share units	 	 	 	 	 	 	691	 	 	 	729	 	 	 	2,823	 	 	 	3,403	 	
Balance end of period	 	 	 	 	 	 	(11,084	)	 	 	(7,317	)	 	 	(11,084	)	 	 	(7,317	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Contributed surplus	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance beginning of period	 	 	 	 	 	 	71,389	 	 	 	70,444	 	 	 	65,382	 	 	 	30,441	 	
Share based payments	 	 	 	 	 	 	3,685	 	 	 	4,081	 	 	 	16,213	 	 	 	16,231	 	
Shares redeemed upon exercise of restricted share units	 	 	 	 	 	 	(691	)	 	 	(729	)	 	 	(2,823	)	 	 	(3,403	)	
Options issued on acquisition of European Goldfields Ltd.	 	 	5	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	31,130	 	
Deferred phantom units granted on acquisition of European	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Goldfields Ltd.	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	29,105	 	
Reversal of portion of non-controlling interest acquired due to buy out	 	 	 	 	 	 	2,911	 	 	 	-	 	 	 	2,911	 	 	 	-	 	
Transfer to share capital on exercise of options and deferred	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   phantom units	 	 	 	 	 	 	(878	)	 	 	(4,518	)	 	 	(5,267	)	 	 	(34,226	)	
Balance end of period	 	 	 	 	 	 	76,416	 	 	 	69,278	 	 	 	76,416	 	 	 	69,278	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive loss	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance beginning of period	 	 	 	 	 	 	(25,952	)	 	 	(16,931	)	 	 	(24,535	)	 	 	(10,069	)	
Other comprehensive loss for the period	 	 	 	 	 	 	(321	)	 	 	(231	)	 	 	(1,738	)	 	 	(7,093	)	
Balance end of period	 	 	 	 	 	 	(26,273	)	 	 	(17,162	)	 	 	(26,273	)	 	 	(17,162	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retained earnings	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance beginning of period	 	 	 	 	 	 	542,446	 	 	 	447,311	 	 	 	594,876	 	 	 	382,716	 	
Dividends paid	 	 	 	 	 	 	(34,708	)	 	 	(43,262	)	 	 	(84,949	)	 	 	(93,142	)	
Profit attributable to shareholders of the Company	 	 	 	 	 	 	36,410	 	 	 	75,845	 	 	 	34,221	 	 	 	190,320	 	
Balance end of period	 	 	 	 	 	 	544,148	 	 	 	479,894	 	 	 	544,148	 	 	 	479,894	 	
Total equity attributable to shareholders of the Company	 	 	 	 	 	 	5,892,977	 	 	 	5,815,009	 	 	 	5,892,977	 	 	 	5,815,009	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-controlling interests	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance beginning of period	 	 	 	 	 	 	286,302	 	 	 	316,029	 	 	 	284,100	 	 	 	56,487	 	
Profit attributable to non-controlling interests	 	 	 	 	 	 	1,920	 	 	 	2,528	 	 	 	4,372	 	 	 	11,376	 	
Dividends declared to non-controlling interests	 	 	 	 	 	 	(7,584	)	 	 	-	 	 	 	(7,584	)	 	 	(9,399	)	
Non-controlling interest acquired from European Goldfields Ltd.	 	 	5	 	 	 	(2,911	)	 	 	-	 	 	 	(2,911	)	 	 	260,093	 	
Non-controlling interest buy out	 	 	 	 	 	 	(250	)	 	 	-	 	 	 	(500	)	 	 	-	 	
Balance end of period	 	 	 	 	 	 	277,477	 	 	 	318,557	 	 	 	277,477	 	 	 	318,557	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	 	 	 	 	 	 	6,170,454	 	 	 	6,133,566	 	 	 	6,170,454	 	 	 	6,133,566	 	

The accompanying notes are an integral part of these consolidated financial statements.

 

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)

1.   General Information
 
Eldorado Gold Corporation (“Eldorado” or the “Company”) is a gold exploration, development and mining company. The Company has operations and ongoing exploration and development projects in Turkey, China, Greece, Brazil and Romania. The Company acquired control of European Goldfields Ltd. (“EGU”) in February 2012, including its producing mine, Stratoni, and development projects, Olympias and Skouries in Greece and Certej in Romania.
 
Eldorado is a public company which is listed on the Toronto Stock Exchange and New York Stock Exchange and is incorporated and domiciled in Canada.

2.   Basis of preparation
 
These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’.  They do not include all of the information and footnotes required by the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board for full annual financial statements and should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2012.
 
The same accounting policies are used in the preparation of these unaudited condensed consolidated interim financial statements, except as included in note 3, as for the most recent audited annual financial statements and reflect all the adjustments necessary for fair presentation in accordance with IFRS for the interim periods presented.
 
3.   Adoption of new accounting standards and upcoming changes
 
The following standards and amendments to existing standards have been adopted by the company commencing January 1, 2013:
 
·  	IAS 19 ‘ Employee Benefits’ – On June 16, 2011, the International Accounting Standards Board (IASB) published a revised version of IAS 19.  The revised IAS 19 (“IAS 19R”) represents IASB’s effort to improve the accounting for employee retirement benefits.  The revisions include:	
 
-  	Requirement to recognize past service costs immediately in net income rather than using the corridor method.	
-  	Requirement to recognize actuarial gains and losses immediately in other comprehensive income OCI. Previously, companies had the option of recognizing actuarial gains and losses through OCI immediately or via use of the corridor method.	
-  	Requirement that expected return on plan assets be calculated based on the rate used to discount the defined benefit obligation which is based on high quality bond yields.  Previously, equity returns were incorporated into the expected return on plan assets.	
-  	Requirement for more disclosure relating to the characteristics and risks of the amounts in the financial statements regarding defined benefit plans, including the timing and uncertainty of the entity’s cash flows.	
 
The adoption of this standard had a nominal impact on the Company’s unaudited condensed interim consolidated financial statements. Therefore comparative periods have not been restated.
 
·  	IFRS 10 ‘Consolidated Financial Statements’ – This IFRS establishes control as the basis for an investor to consolidate its investee; it defines control as an investor’s power over the investee with exposure, or rights, to variable returns from the investee and the ability to affect the investor’s return through its power over the investee. At January 1, 2013, the Company adopted this standard and there was no impact on its unaudited condensed interim consolidated financial statements.	

(1)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)
 
3.  Adoption of new accounting standards and upcoming changes (continued)
 
·  	IFRS 11 ‘Joint Arrangements’ – This standard replaces the guidance in IAS 31 ‘Interests in Joint Ventures’ .  Under IFRS 11, joint arrangements are classified as either joint operations or joint ventures.  Joint ventures entities are now accounted for using the equity method. 	
 
  	Upon application of IFRS 11, entities which had previously accounted for joint ventures using proportionate consolidation shall collapse the proportionately consolidated net asset value into a single investment balance at the beginning of the earliest period presented.  The investment’s opening balance is tested for impairment in accordance with IAS 28 and IAS 36 ‘ Impairment of Assets’ .  Any impairment losses are recognized as an adjustment to opening retained earnings at the beginning of the earliest period presented. At January 1, 2013, the Company adopted this standard and there was no impact on its unaudited condensed interim consolidated financial statements.	
 
·  	IFRS 12 ‘Disclosure of Interests in Other Entities’ – This IFRS is a new standard that applies to companies with an interest in subsidiaries, joint arrangements, associates or unconsolidated structured entities.  The application of this standard intends to enable users of the financial statements to evaluate the nature of and risks associated with its interests in other entities, and the effects of those interests on its financial position, financial performance and cash flows. Companies are now required to disclose information about significant judgments and assumptions made in determining the control of another entity, the joint control of an arrangement or significant influence over another entity and the type of joint arrangement when the arrangement has been structured through a separate vehicle.  At January 1, 2013, the Company adopted this standard. The adoption did not require any adjustments to its unaudited condensed interim consolidated financial statements but will require extended disclosures at year end.	
 
·  	IFRS 13 ‘ Fair value measurement ’ – This IFRS aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRS. The requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRS. At January 1, 2013, the Company adopted this standard and the required disclosures are included in note 10 of these unaudited condensed interim consolidated financial statements.	
 
·  	IFRIC 20 ‘Stripping costs in the production phase of a surface mine’ – This interpretation applies to waste removal costs that are incurred in open pit mining activity during the production phase of the mine.  Recognition of a stripping activity asset requires the asset to be related to an identifiable component of the ore body.  Stripping costs that relate to inventory produced should be accounted for as a current production cost in accordance with IAS 2, ‘Inventories’ . Stripping costs that generate a benefit of improved access and meet the definition of an asset should be accounted for as an addition to an existing asset.  Existing stripping costs on the balance sheet at transition that do not relate to a specific ore body should be written off to opening retained earnings. The stripping activity asset shall be depreciated on a systematic basis, over the expected useful life of the identified component of the ore body that becomes more accessible as a result of the stripping activity.  At January 1, 2013, the Company adopted this interpretation and there was no impact on its unaudited condensed interim consolidated financial statements.	
 
·  	IFRIC 21 ‘ Levies ’ – This interpretation of IAS 37,   ‘Provisions, Contingent Liabilities and Contingent Assets’, applies to the accounting for levies imposed by governments. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event (“obligating event”). IFRIC 21 clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. IFRIC 21 is effective for annual periods commencing on or after January 1, 2014. The Company is currently evaluating the extent of the impact of adoption of this standard.	

(2)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)
 
4.   Critical accounting estimates and judgements
 
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
 
Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
 
Significant areas requiring the use of management estimates include assumptions and estimates relating to determining defined proven and probable reserves, value beyond proven and probable reserves, fair values for purposes of purchase price allocations for business acquisitions, asset impairment analyses, asset retirement obligations, share-based payments and warrants, pension benefits, valuation allowances for deferred income tax assets, the provision for income tax liabilities, deferred income taxes and assessing and evaluating contingencies.
 
Actual results could differ from these estimates.  Outlined below are some of the areas which require management to make estimates and assumptions in determining carrying values.
 
Purchase price allocation
Business combinations require estimates to be made at the date of acquisition in relation to determining asset and liability fair values and the allocation of the purchase consideration over the fair value of the assets and liabilities.
 
In respect of mining company acquisitions, such as the acquisition of EGU in February 2012, purchase consideration is typically allocated to the mineral reserves and resources being acquired. The estimate of reserves and resources is subject to assumptions relating to life of the mine and may change when new information becomes available. Changes in reserves and resources as a result of factors such as production costs, recovery rates, grade or reserves or commodity prices could impact depreciation rates, asset carrying values and environmental and restoration provisions. Changes in assumptions over long-term commodity prices, market demand and supply, and economic and regulatory climates could also impact the carrying value of assets, including goodwill.
 
Estimated recoverable reserves and resources
Mineral reserve and resource estimates are based on various assumptions relating to operating matters, including, with respect to production costs, mining and processing recoveries, cut-off grades, as well as assumptions relating to long-term commodity prices and, in some cases, exchange rates, inflation rates and capital costs. Cost estimates are based on feasibility study estimates or operating history. Estimates are prepared by appropriately qualified persons, but will be impacted by forecasted commodity prices, inflation rates, exchange rates, capital and production costs and recoveries amongst other factors. Estimated recoverable reserves and resources are used to determine the depreciation of property, plant and equipment at operating mine sites, in accounting for deferred stripping costs, in performing impairment testing and for forecasting the timing of the payment of decommissioning and restoration costs. Therefore, changes in the assumptions used could impact the carrying value of assets, depreciation and impairment charges recorded in the income statement and the carrying value of the decommissioning and restoration provision.
 
Current and deferred taxes
 
The Company calculates current and deferred tax provisions for each of the jurisdictions in which it operates. Actual amounts of income tax expense are not final until tax returns are filed and accepted by the relevant authorities. This occurs subsequent to the issuance of financial statements. Therefore, profit in subsequent periods will be affected by the amount that estimates differ from the final tax return.
 
Estimates of recoverability are required in assessing whether deferred tax assets and certain deferred tax liabilities are recognized on the balance sheet. The Company also evaluates the recoverability of deferred tax assets based on an assessment of the ability to use the underlying future tax deductions before they expire against future taxable income. Deferred tax liabilities arising from temporary differences on investments in subsidiaries, joint ventures and associates are recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable future and can be controlled.

(3)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)

4.  Critical accounting estimates and judgements (continued)
 
Assumptions about the generation of future taxable profits and repatriation of retained earnings depend on management’s estimates of future production and sales volumes, commodity prices, reserves, operating costs, decommissioning and restoration costs, capital expenditures, dividends and other capital management transactions.
 
Judgement is also required in the application of income tax legislation. These estimates and judgments are subject to risk and uncertainty and could result in an adjustment to current and deferred tax provisions and a corresponding credit or debit to profit.
 
5.   Acquisition of European Goldfields Ltd.
 
On February 24, 2012 the Company acquired 100% of the issued and outstanding shares of EGU.  Under the terms of the Arrangement former EGU shareholders received 0.85 of an Eldorado common share and C$0.0001 in cash for each EGU share. Eldorado issued 157,959,316 common shares pursuant to the Arrangement.  EGU holds a 95% stake in the Kassandra Mines district in Greece, which is comprised of the Stratoni Mine, and the Olympias and Skouries development projects, and an 80% stake in the Certej development project in Romania.
 
The Company acquired EGU to increase its presence in the Aegean region and leverage local operating knowledge and expertise.
 
The goodwill of $473,782 resulting from the acquisition arises mainly on the recognition of deferred income tax liabilities and non-controlling interests and represents, among other things, the exploration potential within the assets acquired and future variability in the price of minerals. None of the goodwill is deductible for tax purposes.
 
In April 2007, Hellas Gold (“Hellas”), a subsidiary of EGU, agreed to sell to Silver Wheaton (Caymans) Ltd. (“Silver Wheaton”) all of the silver metal to be produced from ore extracted during the mine-life within an area of approximately seven square kilometres around the Stratoni mine up to 15 million ounces, or 20 million ounces if additional silver is processed through the Stratoni mill from areas other than the current producing mine. The sale was made in consideration of a prepayment to Hellas of $57.5 million in cash, plus a payment per ounce of payable silver equal to the lesser of $3.90 and the prevailing market price per ounce calculated, due and payable at the time of delivery. The expected cash flows associated with the sale of the silver to Silver Wheaton at a price lower than market price have been reflected in the fair value of the mining interest recorded upon acquisition of EGU. The Company has presented the value of any expected future cash flows from the sale of any future silver production to Silver Wheaton as part of the mining interest, as the Company did not receive any of the original upfront payment. Further, the Company does not believe that the agreement to sell to Silver Wheaton meets the definition of an onerous contract or other liability as the obligation only arises upon production of the silver.

(4)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)
 
5.  Acquisition of European Goldfields Ltd. (continued)
 
The allocation of the purchase price is as follows:
 
Purchase price:	 	 	 	
 	 	 	 	
157,959,316 common shares of shares of Eldorado at C$15.05/share	 	$	2,380,140	 	
4,713,248 replacement options	 	 	31,130	 	
1,931,542 equity settled deferred phantom units	 	 	29,105	 	
Cash consideration	 	 	19	 	
Total Consideration	 	$	2,440,394	 	
 	 	 	 	 	
Net assets acquired:	 	 	 	 	
 	 	 	 	 	
Cash	 	$	18,808	 	
Accounts receivable	 	 	20,844	 	
Inventory	 	 	9,689	 	
Other assets	 	 	9,232	 	
Mining interests	 	 	2,745,440	 	
Goodwill	 	 	473,782	 	
Accounts payable	 	 	(71,944	)	
Other liabilities	 	 	(45,457	)	
Deferred income taxes	 	 	(495,744	)	
Non-controlling interest	 	 	(224,256	)	
 	 	$	2,440,394	 	
 
The purchase price allocation was finalized as at March 31, 2013. There were no changes from what was reported in the Company’s annual financial statements for the year ended December 31, 2012.
 
The fair value of the common shares and replacement options issued and the equity settled deferred phantom units (“DPUs”) as part of the consideration paid for EGU was based on the closing share price on February 24, 2012 on the Toronto Stock Exchange. The value of the replacement options was calculated using the Black-Scholes model.  The following inputs were used to value the replacement options:

Risk-free interest rate	 	 	1.28	%	
Expected volatility (range)	 	 	39% – 44	%	
Expected life (range)	 	0.7 – 1.7 years	 	
Expected dividends per share	 	Cdn $0.09	 	
Forfeiture rate	 	 	0	%	

Acquisition related costs of $552 have been charged to transaction costs in the unaudited condensed consolidated income statement for the three months ended September 30, 2012 (2012 YTD – $20,005).
 
The unaudited condensed consolidated financial statements for the period ended September 30, 2012 include EGU’s results from February 24, 2012 to September 30, 2012. The revenue included in the unaudited condensed consolidated income statement for the period from February 24, 2012 to September 30, 2012 contributed by EGU was $34,358.  This was from the sales of zinc, lead and silver concentrates produced at the Stratoni Mine in Greece. The net loss before tax was $18,776.
 
Had EGU been consolidated from January 1, 2012, the unaudited condensed consolidated income statement for the period ended September 30, 2012 would include revenue of $42,136 and a net loss before tax of $41,820 from EGU.
 
Eldorado received net cash of $18,789 as a result of the EGU transaction. This net increase of cash was a result of an acquired cash balance of $18,808 less cash consideration of $19.

(5)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)
 
6.   Impairment on investment in associates
 
During the quarter ended September 30, 2013 the Company recorded an impairment loss on its investment in Nordic Mines in the amount of $12,707 due to the decline in fair value of the investment.
 
7.   Debt
 
 	 	September 30, 2013	 	 	December 31, 2012	 	
Current:	 	$	 	 	$	 	
Jinfeng China Merchant Bank (“CMB”) working capital loan (a)	 	 	16,265	 	 	 	-	 	
Eastern Dragon HSBC revolving loan facility (b)	 	 	-	 	 	 	10,341	 	
 	 	 	16,265	 	 	 	10,341	 	
Non-current:	 	 	 	 	 	 	 	 	
Senior notes  (c)	 	 	584,519	 	 	 	582,974	 	
 	 	 	600,784	 	 	 	593,315	 	
 
(a) Jinfeng CMB working capital loan
 
On January 16, 2013, Jinfeng entered into a RMB 100.0 million ($16,265) working capital loan with CMB. Each drawdown bears fixed interest at the prevailing lending rate stipulated by the People’s Bank of China on the date of drawdown. The Facility has a term of up to one year, from January 16, 2013 to January 14, 2014. The facility is unsecured.
 
As at September 30, 2013, Jinfeng has drawn down the full amount of RMB 100.0 million ($16,265) under this facility, in three tranches, and has used the proceeds to fund working capital obligations. All tranches of the loan have a term of six months and a fixed interest rate of 5.6%.
 
(b) Eastern Dragon HSBC revolving loan facility
 
In March 2013, Eastern Dragon re-paid the full amount of this loan.
 
(c) Senior notes
 
On December 10, 2012, the Company completed an offering of $600.0 million senior notes (“the notes”) at par value, with a coupon rate of 6.125% due December 15, 2020.  The notes pay interest semi-annually on June 15 and December 15.  Net deferred financing costs of $15,481 have been included as an offset in the balance of the notes in the financial statements and are being amortized over the term of the notes.
 
The fair market value of the notes as at September 30, 2013 was $581.3 million.
 
(d) Entrusted loan
 
In November 2010, Eastern Dragon, HSBC Bank (China) and Qinghai Dachaidan Mining Ltd (“QDML ”) , our 90% owned subsidiary, entered into a RMB 12.0 million ($1,952) entrusted loan agreement, which has been increased to RMB 720.0 million ($117,111) through a series of amendments.
 
Under the terms of the entrusted loan, QDML with its own funds entrusts HSBC Bank (China) to provide a loan facility in the name of QDML to Eastern Dragon. The loan can be drawn down in tranches. Each drawdown bears interest fixed at the prevailing lending rate stipulated by the People’s Bank of China on the date of drawdown. Each draw down has a term of three months and can be rolled forward at the discretion of QDML. The interest rate on this loan as at September 30, 2013 was 4.59%.
 
As at September 30, 2013, RMB 629.0 million ($102,310) had been drawn under the entrusted loan. Subsequent to September 30, 2013, RMB 1.5 million ($244) was drawn under this loan.
 
The entrusted loan has been recorded on a net settlement basis.

(6)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)
 
8.   Income tax expense and deferred taxes
 
On January 11, 2013 the government of Greece enacted legislation increasing the corporate income tax rate from 20% to 26%, effective January 1, 2013.  As required by IAS 12, “Income Taxes”, when an income tax rate has changed the deferred tax liability must be adjusted to reflect the change in the income tax rate.  This non-cash adjustment is required to be charged to deferred income tax expense. The Company recorded the adjustment during the quarter ended March 31, 2013 increasing its deferred tax liability and deferred tax expense by $125.2 million.
 
9.   Share capital
 
Eldorado’s authorized share capital consists of an unlimited number of voting common shares without par value and an unlimited number of non-voting common shares without par value. At September 30, 2013 there were no non-voting common shares outstanding (December 31, 2012 – none).

Voting common shares	 	Number of
Shares	 	 	Total
$	 	
 	 	 	 	 	 	 	
At January 1, 2013	 	 	714,344,476	 	 	 	5,300,957	 	
Shares issued upon exercise of share options, for cash	 	 	665,484	 	 	 	3,546	 	
Estimated fair value of share options exercised	 	 	-	 	 	 	1,683	 	
Shares issued for deferred phantom units	 	 	449,062	 	 	 	3,584	 	
At September 30, 2013	 	 	715,459,022	 	 	 	5,309,770	 	
 
10.   Share-based payments
 
(a) Share option plans
 
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
 
 	 	2013	 	
 	 	Weighted average
 exercise price Cdn $	 	 	Number
of
options	 	
 	 	 	 	 	 	 	 	 	
At January 1,	 	 	13.68	 	 	 	15,074,444	 	
Granted	 	 	10.28	 	 	 	5,792,130	 	
Exercised	 	 	5.44	 	 	 	(665,484	)	
Forfeited	 	 	13.63	 	 	 	(2,289,587	)	
At September 30,	 	 	12.89	 	 	 	17,911,503	 	

At September 30, 2013, 12,347,754 share options (September 30, 2012 – 10,547,424) with a weighted average exercise price of Cdn$13.42 (September 30, 2012 – Cdn$12.99) had vested and were exercisable.
 
Share based compensation expense related to share options for the quarter ended September 30, 2013 was $2,551 (YTD – $10,766).

 (b) Restricted share unit plan

A total of 657,151 restricted share units (“RSUs”) at a grant-date fair value of Cdn$10.43 per unit were granted during the nine month period ended September 30, 2013 under the Company’s RSU plan and 219,050 were exercisable as at September 30, 2013.

(7)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)
 
10. Share-based payments (continued)
 
The fair value of each RSU issued is determined as the closing share price at grant date. The current maximum number of common shares authorized for issue under the RSU plan is 5,000,000.
 
A summary of the status of the RSU plan and changes during the period ended September 30, 2013 is as follows:
 
 	 	Total RSUs	 	
Balance at December 31, 2012	 	 	465,832	 	
RSUs Granted	 	 	657,151	 	
Redeemed	 	 	(324,616	)	
Forfeited	 	 	-	 	
Balance at September 30, 2013	 	 	798,367	 	

As at September 30, 2013, 798,367 common shares purchased by the Company remain held in trust in connection with this plan. At the end of the period, 203,329 RSUs were fully vested and exercisable. These shares purchased and held in trust have been included in treasury stock in the balance sheet.
 
Restricted share units expense for the quarter ended September 30, 2013 was $1,134 (YTD – $5,447).
 
(c) Deferred share units plan
 
At September 30, 2013, 199,034 deferred share units (“DSUs”) were outstanding with a value of $1,425, which is included in accounts payable and accrued liabilities.
 
Compensation expense related to the DSUs was $80 for the quarter ended September 30, 2013 (YTD income – $280).
 
11.   Fair value of financial instruments
 
Fair values are determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed from relevant markets.
 
The three levels of the fair value hierarchy are described below:
 
·  	Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.	
 
·  	Level 2 – Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs (i.e.,quoted prices for similar assets or liabilities).	
 
·  	Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).	
 
Assets and liabilities measured at fair value as at September 30, 2013 include:
 
 	 	Balance at
September 30,
2013	 	 	Quoted Prices in Active Markets for Identical Assets	 	 	Significant Other Observable Inputs	 	 	Significant Unobservable
inputs	 	
 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	
 	 	 	 	 	 	(Level 1)	 	 	(Level 2)	 	 	(Level 3)	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Available-for-sale financial assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Marketable securities	 	 	3,156	 	 	 	3,156	 	 	 	-	 	 	 	-	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-current assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Investments in associates - Nordic Mines (note 6)	 	 	1,213	 	 	 	1,213	 	 	 	-	 	 	 	-	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	4,369	 	 	 	4,369	 	 	 	-	 	 	 	-	 	

(8)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)
 
11. Fair value of financial instruments (continued)
 
No liabilities are measured at fair value on a recurring basis as at September 30, 2013.
 
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily publicly-traded equity investments classified as held-for-trading securities or available-for-sale securities.
 
The following table provides the carrying value and the fair value of financial instruments at September 30, 2013 and December 31, 2012:

 	 	September 30, 2013	 	 	December 31, 2012	 	
 	 	Carrying amount	 	 	Fair value	 	 	Carrying amount	 	 	Fair value	 	
 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	
Financial Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Available-for-sale	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Marketable securities	 	 	3,156	 	 	 	3,156	 	 	 	1,988	 	 	 	1,988	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loans and receivables	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Cash and cash equivalents	 	 	665,840	 	 	 	665,840	 	 	 	816,843	 	 	 	816,843	 	
  Term depostis	 	 	59,600	 	 	 	59,600	 	 	 	-	 	 	 	-	 	
  Restricted cash	 	 	261	 	 	 	261	 	 	 	241	 	 	 	241	 	
  Accounts receivable and other	 	 	82,809	 	 	 	82,809	 	 	 	105,600	 	 	 	105,600	 	
  Restricted assets and other	 	 	19,631	 	 	 	19,631	 	 	 	17,001	 	 	 	17,001	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Financial Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Accounts payable and accrued liabilities	 	 	215,514	 	 	 	215,514	 	 	 	224,567	 	 	 	224,567	 	
  Debt	 	 	600,784	 	 	 	597,515	 	 	 	593,315	 	 	 	622,341	 	

12.   Supplementary cash flow information
 
 	 	Three months ended
September 30,	 	 	Nine months ended
September 30,	 	
 	 	 	2013
$	 	 	 	2012
$	 	 	 	2013
$	 	 	 	2012
$	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Changes in non-cash working capital	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accounts receivable and other	 	 	16,800	 	 	 	(4,239	)	 	 	11,109	 	 	 	(2,981	)	
Inventories	 	 	(4,909	)	 	 	5,451	 	 	 	(6,815	)	 	 	(27,912	)	
Accounts payable and accrued liabilities	 	 	3,563	 	 	 	19,531	 	 	 	(25,105	)	 	 	(91,021	)	
Total	 	 	15,454	 	 	 	20,743	 	 	 	(20,811	)	 	 	(121,914	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Supplementary cash flow information	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income taxes paid	 	 	20,533	 	 	 	18,939	 	 	 	77,802	 	 	 	81,576	 	
Interest paid	 	 	348	 	 	 	741	 	 	 	17,704	 	 	 	3,279	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-cash investing and financing activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares, options and DPUs issued on acquisition of European
Goldfields Ltd.	 	 	-	 	 	 	-	 	 	 	-	 	 	 	2,440,375	 	

(9)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)
 
13.   Segment information
 
Identification of reportable segments
 
The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management (the chief operating decision makers or CODM) in assessing performance and in determining the allocation of resources.
 
The CODM considers the business from both a geographic and product perspective and assesses the performance of the operating segments based on measures of profit and loss as well as assets and liabilities. These measures include gross profit (loss), expenditures on exploration, property, plant and equipment and non-current assets, as well as total debt. As at September 30, 2013, Eldorado had six reportable segments based on the geographical location of mining and exploration and development activities.
 
13.1  Geographical segments
 
Geographically, the operating segments are identified by country and by operating mine or mine under construction as follows:
 
·  	The Brazil reporting segment includes the Vila Nova mine, development activities of Tocantinzinho and exploration activities in Brazil.	
 
·  	The Turkey reporting segm ent includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkey.	
 
·  	The China reporting segment includes the Tanjianshan (“TJS”), Jinfeng and White Mountain mines, the Eastern Dragon development project and exploration activities in China.	
 
·  	The Greece reporting segment includes the Stratoni mine and the Olympias, Skouries and Perama Hill development projects and exploration activities in Greece.	
 
·  	The Romania reporting segment includes the Certej development project and exploration activities in Romania.	
 
·  	Other reporting segment includes operations of Eldorado’s corporate office and exploration activities in other countries.	
 
Financial information about each of these operating segments is reported to the CODM on at least a monthly basis.
 
For the three months ended September 30, 2013	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Turkey	 	 	China	 	 	Brazil	 	 	Greece	 	 	Romania	 	 	Other	 	 	Total	 	
 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	
Information about profit and loss	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Metal sales to external customers	 	 	150,160	 	 	 	117,762	 	 	 	9,414	 	 	 	9,918	 	 	 	-	 	 	 	-	 	 	 	287,254	 	
Production costs	 	 	45,461	 	 	 	61,383	 	 	 	7,297	 	 	 	6,612	 	 	 	-	 	 	 	-	 	 	 	120,753	 	
Depreciation	 	 	10,081	 	 	 	26,510	 	 	 	1,174	 	 	 	2,282	 	 	 	-	 	 	 	414	 	 	 	40,461	 	
Gross profit (loss)	 	 	94,618	 	 	 	29,869	 	 	 	943	 	 	 	1,024	 	 	 	-	 	 	 	(414	)	 	 	126,040	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other material items of income and expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploration expenses	 	 	5,370	 	 	 	1,484	 	 	 	1,395	 	 	 	274	 	 	 	154	 	 	 	1,189	 	 	 	9,866	 	
Income tax expense (recovery)	 	 	32,569	 	 	 	9,067	 	 	 	195	 	 	 	(3,679	)	 	 	-	 	 	 	-	 	 	 	38,152	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additions to property, plant and
  equipment during the period	 	 	42,429	 	 	 	27,928	 	 	 	1,088	 	 	 	41,832	 	 	 	5,597	 	 	 	771	 	 	 	119,645	 	

(10)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)
 
13.  Segment information (continued)
 
For the three months ended September 30, 2012	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Turkey
$	 	 	China
$	 	 	Brazil
$	 	 	Greece
$	 	 	Romania
$	 	 	Other
$	 	 	Total
$	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Information about profit and loss	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Metal sales to external customers	 	 	141,031	 	 	 	118,990	 	 	 	7,292	 	 	 	14,526	 	 	 -	 	 	 -	 	 	 	281,839	 	
Production costs	 	 	31,606	 	 	 	57,722	 	 	 	6,954	 	 	 	11,333	 	 	 -	 	 	 -	 	 	 	107,615	 	
Depreciation	 	 	3,550	 	 	 	18,969	 	 	 	1,094	 	 	 	1,845	 	 	 -	 	 	 	624	 	 	 	26,082	 	
Gross profit (loss)	 	 	105,875	 	 	 	42,299	 	 	 	(756	)	 	 	1,348	 	 	 -	 	 	 	(624	)	 	 	148,142	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other material items of income and expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploration expenses	 	 	2,390	 	 	 	4,578	 	 	 	3,215	 	 	 	(124	)	 	 	84	 	 	 	987	 	 	 	11,130	 	
Income tax expense (recovery)	 	 	23,511	 	 	 	10,815	 	 	 	171	 	 	 	(64	)	 	 	-	 	 	 	2	 	 	 	34,435	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additions to property, plant and
  equipment during the period	 	 	71,068	 	 	 	36,807	 	 	 	4,538	 	 	 	32,853	 	 	 	2,125	 	 	 	(3,786	)	 	 	143,605	 	
 
For the nine months ended September 30, 2013
 
 	 	Turkey
$	 	 	China
$	 	 	Brazil
$	 	 	Greece
$	 	 	Romania
$	 	 	Other
$	 	 	Total
$	 	
Information about profit and loss	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Metal sales to external customers	 	 	489,756	 	 	 	333,230	 	 	 	33,254	 	 	 	36,011	 	 	 -	 	 	 -	 	 	 	892,251	 	
Production costs	 	 	145,828	 	 	 	167,466	 	 	 	21,858	 	 	 	32,102	 	 	 -	 	 	 	-	 	 	 	367,254	 	
Depreciation	 	 	32,161	 	 	 	68,095	 	 	 	3,281	 	 	 	7,859	 	 	 -	 	 	 	1,413	 	 	 	112,809	 	
Gross profit (loss)	 	 	311,767	 	 	 	97,669	 	 	 	8,115	 	 	 	(3,950	)	 	 -	 	 	 	(1,413	)	 	 	412,188	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other material items of income and expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploration expenses	 	 	10,335	 	 	 	4,458	 	 	 	5,876	 	 	 	1,188	 	 	 	637	 	 	 	5,236	 	 	 	27,730	 	
Income tax expense	 	 	85,367	 	 	 	24,503	 	 	 	1,899	 	 	 	122,022	 	 	 	108	 	 	 	55	 	 	 	233,954	 	
Additions to property, plant and
  equipment during the period	 	 	137,920	 	 	 	77,562	 	 	 	8,612	 	 	 	99,247	 	 	 	17,440	 	 	 	1,649	 	 	 	342,430	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Information about assets and liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Property, plant and equipment	 	 	809,244	 	 	 	1,965,756	 	 	 	202,524	 	 	 	2,490,805	 	 	 	610,475	 	 	 	2,373	 	 	 	6,081,177	 	
Goodwill	 	 	-	 	 	 	365,928	 	 	 	-	 	 	 	473,782	 	 	 	-	 	 	 	-	 	 	 	839,710	 	
 	 	 	809,244	 	 	 	2,331,684	 	 	 	202,524	 	 	 	2,964,587	 	 	 	610,475	 	 	 	2,373	 	 	 	6,920,887	 	
Debt	 	 	-	 	 	 	16,265	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	584,519	 	 	 	600,784	 	

(11)

 
Eldorado Gold Corporation
Notes to the unaudited condensed consolidated financial statements
(Expressed in thousands of U.S. dollars, unless otherwise stated)
 
13.  Segment information (continued)
 
For the nine months ended September 30, 2012
 
 	 	Turkey
$	 	 	China
$	 	 	Brazil
$	 	 	Greece
$	 	 	Romania
$	 	 	Other
$	 	 	Total
$	 	
Information about profit and loss	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Metal sales to external customers	 	 	353,256	 	 	 	380,567	 	 	 	29,398	 	 	 	34,358	 	 	 -	 	 	 -	 	 	 	797,579	 	
Production costs	 	 	80,103	 	 	 	164,591	 	 	 	23,337	 	 	 	25,309	 	 	 -	 	 	 -	 	 	 	293,340	 	
Depreciation	 	 	8,949	 	 	 	60,465	 	 	 	3,241	 	 	 	4,522	 	 	 -	 	 	 	1,458	 	 	 	78,635	 	
Gross profit (loss)	 	 	264,204	 	 	 	155,511	 	 	 	2,820	 	 	 	4,527	 	 	 -	 	 	 	(1,458	)	 	 	425,604	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other material items of income and expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploration expenses	 	 	5,793	 	 	 	11,616	 	 	 	8,572	 	 	 	-	 	 	 	84	 	 	 	3,834	 	 	 	29,899	 	
Income taxexpense (recovery)	 	 	57,756	 	 	 	40,829	 	 	 	1,006	 	 	 	(640	)	 	 	-	 	 	 	14	 	 	 	98,965	 	
Additions to property, plant and
  equipment during the period	 	 	144,787	 	 	 	80,113	 	 	 	15,449	 	 	 	55,807	 	 	 	4,680	 	 	 	1,157	 	 	 	301,993	 	

For the year ended December 31, 2012	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Turkey	 	 	China	 	 	Brazil	 	 	Greece	 	 	Romania	 	 	Other	 	 	Total	 	
 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	 	 	$	 	
Information about assets and liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Property, plant and equipment	 	 	699,182	 	 	 	1,952,545	 	 	 	198,586	 	 	 	2,422,868	 	 	 	593,210	 	 	 	2,351	 	 	 	5,868,742	 	
Goodwill	 	 	-	 	 	 	365,928	 	 	 	-	 	 	 	473,782	 	 	 	-	 	 	 	-	 	 	 	839,710	 	
 	 	 	699,182	 	 	 	2,318,473	 	 	 	198,586	 	 	 	2,896,650	 	 	 	593,210	 	 	 	2,351	 	 	 	6,708,452	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Debt	 	 	-	 	 	 	10,341	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	582,974	 	 	 	593,315	 	

The Turkey and China segments derive their revenues from sales of gold.  The Brazil segment derives its revenue from sales of iron ore. The Greece segment derives its revenue from sales of zinc, lead and silver concentrates.
 
The measure of total debt represents the current and long-term portions of debt.
 
13.2  Economic dependence
 
At September 30, 2013, each of our Chinese mines had one major customer, to whom each sells its entire production, as follows:
 
TJS Mine	Henan Zhongyuan Gold Smelter Factory Co. Ltd.of Zhongjin Gold Holding Co. Ltd.	
 	 	
Jinfeng Mine	Zijin Refinery	
 	 	
White Mountain Mine	Refinery of Shandong Humon Smelting Co. Ltd.	
 
13.3  Seasonality/cyclicality of operations
 
Management does not consider operations to be of a significant seasonal or cyclical nature.
 
14.   Events occurring after the reporting date
 
On October 30, 2013, Eldorado announced that it will acquire, through one of its subsidiaries and by way of a friendly cash takeover, all of the outstanding shares of Glory Resources Limited that are not already owned or controlled by the Company for total consideration of approximately A$30.5 million. Eldorado currently owns 19.9% of the shares in Glory. Eldorado also proposed to acquire all the issued options of Glory for total consideration of approximately A$1.8 million and to settle Glory's deferred obligations in the Sapes Gold Project to Cape Lambert Resources Limited for A$6.5 million.

(12 )

 
 
MANAGEMENT’S DISCUSSION and ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)
for the three and nine-month periods ended September 30, 2013
 
Throughout this MD&A, Eldorado , we, us, our and the Company mean Eldorado Gold Corporation. This quarter means the third quarter of 2013. All dollar amounts are in United States dollars unless stated otherwise.
 
The information in this MD&A is as of November 7, 2013. You should also read our audited consolidated financial statements for the year ended December 31, 2012 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and the unaudited interim condensed consolidated financial statements for the three and nine-month periods ended September 30, 2013 prepared in accordance with International Accounting Standard (IAS) 34 – “Interim Financial Reporting”. We file our financial statements and MD&A with appropriate regulatory authorities in Canada and the United States. You can find more information about Eldorado, including our annual information form, on SEDAR at www.sedar.com.
 
There have been no changes to the following since we published our 2012 MD&A: critical accounting estimates, financial related risks and other risks and uncertainties. There has also been no material change in the legal status of our worldwide projects and operations since that time.
 
What’s inside	 	 	 	
 	 	 	 	
About Eldorado	 	 	1	 	
 	 	 	 	 	
Third quarter summary results	 	 	1	 	
 	 	 	 	 	
Corporate developments	 	 	2	 	
 	 	 	 	 	
Review of Financial Results	 	 	2	 	
 	 	 	 	 	
Quarterly updates	 	 	 	 	
Operations	 	 	3	 	
Development projects	 	 	7	 	
Exploration 	 	 	8	 	
 	 	 	 	 	
Quarterly results	 	 	9	 	
 	 	 	 	 	
Non-IFRS measures	 	 	9	 	
 	 	 	 	 	
Operating cash flow, financial condition and liquidity	 	 	 	 	
Capital expenditures, Liquidity and capital resources	 	 	10	 	
Liquidity and capital resources	 	 	11	 	
Contractual obligations, Debt, Dividends, Equity	 	 	11	 	
Debt, Dividends, Equity 	 	 	11	 	
 	 	 	 	 	
Other information	 	 	 	 	
New accounting developments	 	 	12	 	
Internal controls over financial reporting	 	 	14	 	
Qualified person	 	 	14	 	
Forward-looking information and risks	 	 	14	 	

 

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
About Eldorado

Based in Vancouver, Canada, Eldorado owns and operates gold mines around the world. Its activities involve all facets of the gold mining industry including exploration, development, production and reclamation.

Operating gold mines:
·  	Kisladag, in Turkey (100%)	
·  	Efemcukuru, in Turkey (100%)	
·  	Tanjianshan, in China (90%)	
·  	Jinfeng, in China (82%)	
·  	White Mountain, in China (95%)	

Development gold projects:
·  	Olympias, in Greece (95%)	
·  	Skouries, in Greece (95%)	
·  	Perama Hill, in Greece (100%)	
·  	Certej, in Romania (80%)	
·  	Eastern Dragon, in China (95%)	
·  	Tocantinzinho, in Brazil (100%)	

Other mines:
·  	Vila Nova – iron ore, in Brazil (100%)	
·  	Stratoni – silver, lead, zinc, in Greece (95%)	

Eldorado’s common shares are listed on the following exchanges:
·  	Toronto Stock Exchange (TSX) under the symbol ELD	
·  	New York Stock Exchange (NYSE) under the symbol EGO	

ELD is part of the S&P/TSX Global Gold Index. EGO is part of the AMEX Gold BUGS Index.
 
Third quarter summary results

·  	Profit attributable to shareholders of the Company (net income) for the quarter was $36.4 million or $0.05 per share compared to $75.8 million or $0.11 per share for the same quarter in 2012.	

·  	Gold revenues were 3% higher than the same quarter in 2012 on sales of 199,117 ounces of gold (2012 – 154,841 ounces of gold). Gold revenues were impacted by 20% lower gold prices year over year.	

·  	Gross profits from gold mining operations before taxes were $123.1 million for the quarter, 16% lower than the third quarter of 2012 due to lower gold prices partially offset by lower total cash costs.	

·  	The Company generated $104.8 million in cash from operating activities before changes in non-cash working capital – a 5% decrease over the same quarter in 2012.	

·  	The Company paid a dividend of Cdn$0.05 per share on August 26, 2013 related to gold sales during the first half of 2013.	

·  	During the quarter the Company announced updated resources for Certej and Olympias.	

1

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
Corporate developments
 
On October 30, 2013, Eldorado announced that it will acquire, through one of its subsidiaries and by way of a friendly cash takeover, all of the outstanding shares of Glory Resources Limited that are not already owned or controlled by the Company for total consideration of approximately A$30.5 million. Eldorado currently owns 19.9% of the shares in Glory. Eldorado also proposes to acquire all the issued options of Glory for total consideration of approximately A$1.8 million and to settle Glory's deferred obligations in the Sapes Gold Project to Cape Lambert Resources Limited for A$6.5 million.
 
Review of Financial Results

Summarized Financial Results	 	3 months ended September 30,	 	 	9 months ended September 30,	 	
 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Revenues (millions)	 	$	287.3	 	 	$	281.8	 	 	$	892.3	 	 	$	797.6	 	
Gold Revenues (millions)	 	$	266.4	 	 	$	258.5	 	 	$	817.2	 	 	$	729.9	 	
Gold sold (ounces)	 	 	199,117	 	 	 	154,841	 	 	 	564,723	 	 	 	438,421	 	
Average realized gold price ($/ounce)	 	$	1,338	 	 	$	1,670	 	 	$	1,447	 	 	$	1,665	 	
Cash operating costs ($/ounce sold) (1)	 	$	472	 	 	$	493	 	 	$	485	 	 	$	475	 	
Total cash cost ($ per ounce sold) (1)	 	$	528	 	 	$	567	 	 	$	544	 	 	$	549	 	
Gross profit from gold mining operations (1) (millions)	 	$	123.1	 	 	$	146.8	 	 	$	404.2	 	 	$	416.3	 	
Net Income (millions)	 	$	36.4	 	 	$	75.8	 	 	$	34.2	 	 	$	190.3	 	
Earnings per share attributable to shareholders of the Company – Basic ($/share)	 	$	0.05	 	 	$	0.11	 	 	$	0.05	 	 	$	0.28	 	
Earnings per share attributable to shareholders of the Company – Diluted ($/share)	 	$	0.05	 	 	$	0.11	 	 	$	0.05	 	 	$	0.28	 	
Dividends paid (Cdn$/share)	 	$	0.05	 	 	$	0.06	 	 	$	0.12	 	 	$	0.15	 	
Cash flow from operating activities before changes in non-cash working capital (1) (millions)	 	$	104.8	 	 	$	110.8	 	 	$	329.6	 	 	$	295.7	 	
 
(1)	The Company has included non-IFRS performance measures such as cash operating costs, total cash costs, gross profit from gold mining operations and cash flow from operations before changes in non-cash working capital throughout this document. Please see Non-IFRS Measures in this MD&A for a discussion of these measures.	
 
Net income for the quarter was $36.4 million (or $0.05 per share), compared with $75.8 million (or $0.11 per share) in the third quarter of 2012. Gross profit from gold mining operations fell $23.7 million year over year as a result of a 20% decline in realized gold prices year over year partially offset by a 7% decline in total cash costs. Net income for the quarter was also impacted by a non-cash $12.7 million write-down in the Company’s investment in associates. The effective tax rate for the third quarter was 50% as compared to a rate of 31% in the third quarter of 2012 mainly as a result of the impact of the weakening Turkish lira against the US dollar on the tax basis of our Turkish tax assets. Other factors affecting the effective tax rate during the quarter included taxable foreign exchange gains on US dollar cash balances held by our Turkish subsidiaries as well as withholding taxes on dividends paid by Jinfeng.

2

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
Operations update

Summarized Operating Results	 	3 months ended
September 30,	 	 	9 months ended
September 30,	 	
 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Gross profit – gold mining operations (millions)	 	$	123.1	 	 	$	146.8	 	 	$	404.2	 	 	$	416.3	 	
Ounces produced – including pre-commercial production	 	 	204,620	 	 	 	169,565	 	 	 	552,359	 	 	 	465,794	 	
Cash operating costs ($ per ounce sold)	 	$	472	 	 	$	493	 	 	$	485	 	 	$	475	 	
Total cash cost ($ per ounce sold)	 	$	528	 	 	$	567	 	 	$	544	 	 	$	549	 	
Kisladag	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit – gold mining operations (millions)	 	$	79.5	 	 	$	104.7	 	 	$	242.1	 	 	$	261.3	 	
Ounces produced	 	 	84,762	 	 	 	84,016	 	 	 	231,718	 	 	 	211,298	 	
Cash operating costs ($ per ounce sold)	 	$	324	 	 	$	334	 	 	$	328	 	 	$	335	 	
Total cash cost ($ per ounce sold)	 	$	343	 	 	$	363	 	 	$	349	 	 	$	365	 	
Efemcukuru 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit – gold mining operations (millions)	 	$	13.9	 	 	 	-	 	 	$	64.9	 	 	 	-	 	
Ounces produced  (2012 includes pre-commercial production)	 	 	23,438	 	 	 	14,442	 	 	 	69,583	 	 	 	26,957	 	
Cash operating costs ($ per ounce sold)	 	$	551	 	 	 	-	 	 	$	558	 	 	 	-	 	
Total cash cost ($ per ounce sold)	 	$	568	 	 	 	-	 	 	$	586	 	 	 	-	 	
Tanjianshan	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit – gold mining operations (millions)	 	$	15.3	 	 	$	24.5	 	 	$	49.6	 	 	$	69.6	 	
Ounces produced	 	 	28,179	 	 	 	28,944	 	 	 	82,324	 	 	 	84,932	 	
Cash operating costs ($ per ounce sold)	 	$	377	 	 	$	396	 	 	$	405	 	 	$	411	 	
Total cash cost ($ per ounce sold)	 	$	557	 	 	$	593	 	 	$	589	 	 	$	606	 	
Jinfeng	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit – gold mining operations (millions)	 	$	9.9	 	 	$	8.9	 	 	$	26.9	 	 	$	48.1	 	
Ounces produced	 	 	40,212	 	 	 	25,821	 	 	 	90,843	 	 	 	86,686	 	
Cash operating costs ($ per ounce sold)	 	$	684	 	 	$	946	 	 	$	743	 	 	$	775	 	
Total cash cost ($ per ounce sold)	 	$	767	 	 	$	1,044	 	 	$	831	 	 	$	855	 	
White Mountain	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit – gold mining operations (millions)	 	$	4.5	 	 	$	8.7	 	 	$	20.7	 	 	$	37.3	 	
Ounces produced	 	 	19,287	 	 	 	16,342	 	 	 	57,664	 	 	 	55,921	 	
Cash operating costs ($ per ounce sold)	 	$	713	 	 	$	766	 	 	$	693	 	 	$	634	 	
Total cash cost ($ per ounce sold)	 	$	751	 	 	$	813	 	 	$	734	 	 	$	679	 	
Olympias 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit – gold mining operations (millions)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Ounces produced –  pre-commercial production	 	 	8,742	 	 	 	-	 	 	 	20,227	 	 	 	-	 	
Cash operating costs ($ per ounce sold)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Total cash cost ($ per ounce sold)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
 
1   	Gold concentrate produced at Efemcukuru and Olympias prior to the date of commercial production has been treated as pre-commercial production. All costs and revenues associated with the production and sale of these concentrate are considered part of the capital expenditures of the projects. Efemcukuru declared commercial production on November 1, 2012.	

3

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
Kisladag

Operating Data	 	3 months ended
September 30,	 	 	9 months ended
September 30,	 	
 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Tonnes placed on pad	 	 	3,336,465	 	 	 	3,245,700	 	 	 	9,553,306	 	 	 	9,645,766	 	
Average treated head grade - grams per tonne (g/t)	 	 	1.28	 	 	 	1.05	 	 	 	1.28	 	 	 	1.16	 	
Gold (ounces)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
-   Produced	 	 	84,762	 	 	 	84,016	 	 	 	231,718	 	 	 	211,298	 	
-   Sold	 	 	85,029	 	 	 	83,750	 	 	 	231,959	 	 	 	210,905	 	
Cash operating costs (per ounce sold)	 	$	324	 	 	$	334	 	 	$	328	 	 	$	335	 	
Total cash costs (per ounce sold)	 	$	343	 	 	$	363	 	 	$	349	 	 	$	365	 	
Financial Data (millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold revenues	 	$	113.4	 	 	$	139.8	 	 	$	336.5	 	 	$	350.1	 	
Depreciation and depletion	 	$	4.1	 	 	$	3.4	 	 	$	10.9	 	 	$	8.7	 	
Gross profit – gold mining operations	 	$	79.5	 	 	$	104.7	 	 	$	242.1	 	 	$	261.3	 	
Capital expenditure on mining interests	 	$	33.3	 	 	$	26.3	 	 	$	104.0	 	 	$	77.6	 	

Gold production at Kisladag during the third quarter was slightly higher than the same quarter of 2012 mainly due to the higher grade ore placed on the pad. Production for the nine-month period of 2013 was higher than 2012 also due to higher grades. Capital expenditures during the quarter included waste stripping, acquisition of mining equipment, and construction activities.

Efemcukuru

Operating Data	 	3 months ended
September 30,	 	 	9 months ended
September 30,	 	
 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Tonnes Milled	 	 	105,641	 	 	 	93,779	 	 	 	301,869	 	 	 	259,556	 	
Average treated head grade - grams per tonne (g/t)	 	 	8.50	 	 	 	9.28	 	 	 	8.77	 	 	 	9.25	 	
Average Recovery Rate (to Concentrate)	 	 	93.2	%	 	 	93.3	%	 	 	93.6	%	 	 	92.9	%	
Gold (ounces)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
-   Produced –  incl. pre commercial production (2012)	 	 	23,438	 	 	 	14,442	 	 	 	69,583	 	 	 	26,957	 	
-   Sold – commercial production	 	 	26,410	 	 	 	-	 	 	 	101,888	 	 	 	-	 	
Cash operating costs (per ounce sold)	 	$	551	 	 	 	-	 	 	$	558	 	 	 	-	 	
Total cash costs (per ounce sold)	 	$	568	 	 	 	-	 	 	$	586	 	 	 	-	 	
Financial Data (millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold revenues	 	$	35.4	 	 	 	-	 	 	$	148.1	 	 	 	-	 	
Depreciation and depletion	 	$	5.9	 	 	 	-	 	 	$	20.9	 	 	 	-	 	
Gross profit – gold mining operations	 	$	13.9	 	 	 	-	 	 	$	64.9	 	 	 	-	 	
Capital expenditure on mining interests	 	$	5.3	 	 	$	25.0	 	 	$	21.8	 	 	$	54.5	 	

During the quarter Efemcukuru sold 26,410 ounces of gold in concentrate from third quarter operations and some inventory from second quarter production. Efemcukuru was in full production in the third quarter of 2013 as compared to the same quarter of 2012, at which time commissioning was ongoing. The mine and mill have both reached full design capacity. Capital expenditures during the quarter included underground development as well as plant upgrades and improvements.

4

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
Tanjianshan

Operating Data	 	3 months ended
September 30,	 	 	9 months ended
September 30,	 	
 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Tonnes Milled	 	 	285,406	 	 	 	283,654	 	 	 	805,532	 	 	 	791,904	 	
Average treated head grade - grams per tonne (g/t)	 	 	3.40	 	 	 	3.55	 	 	 	3.54	 	 	 	3.75	 	
Average Recovery Rate	 	 	82.9	%	 	 	82.9	%	 	 	82.5	%	 	 	82.8	%	
Gold (ounces)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
-   Produced	 	 	28,179	 	 	 	28,944	 	 	 	82,324	 	 	 	84,932	 	
-   Sold	 	 	28,179	 	 	 	28,944	 	 	 	82,324	 	 	 	84,932	 	
Cash operating costs (per ounce sold)	 	$	377	 	 	$	396	 	 	$	405	 	 	$	411	 	
Total cash costs (per ounce sold)	 	$	557	 	 	$	593	 	 	$	589	 	 	$	606	 	
Financial Data (millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold revenues	 	$	38.1	 	 	$	43.9	 	 	$	119.0	 	 	$	93.6	 	
Depreciation and depletion	 	$	6.7	 	 	$	6.3	 	 	$	20.0	 	 	$	13.6	 	
Gross profit – gold mining operations	 	$	15.3	 	 	$	24.5	 	 	$	49.6	 	 	$	69.6	 	
Capital expenditure on mining interests	 	$	4.2	 	 	$	8.2	 	 	$	9.3	 	 	$	15.1	 	

Gold production at Tanjianshan during the third quarter was slightly lower than the same quarter of 2012 as a result of lower head grades, partially offset by higher throughput. Cash operating costs per ounce decreased from the third quarter of 2012 as a result of lower processing costs. Capital spending included exploration activities and process improvements.

Jinfeng

Operating Data	 	3 months ended
September 30,	 	 	9 months ended
September 30,	 	
 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Tonnes Milled	 	 	363,798	 	 	 	356,575	 	 	 	1,052,406	 	 	 	1,062,891	 	
Average treated head grade - grams per tonne (g/t)	 	 	3.66	 	 	 	2.43	 	 	 	3.14	 	 	 	2.77	 	
Average Recovery Rate	 	 	88.0	%	 	 	83.4	%	 	 	85.0	%	 	 	84.8	%	
Gold (ounces)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
-   Produced	 	 	40,212	 	 	 	25,821	 	 	 	90,843	 	 	 	86,686	 	
-   Sold	 	 	40,212	 	 	 	25,805	 	 	 	90,888	 	 	 	86,663	 	
Cash operating costs (per ounce sold)	 	$	684	 	 	$	946	 	 	$	743	 	 	$	775	 	
Total cash costs (per ounce sold)	 	$	767	 	 	$	1,044	 	 	$	831	 	 	$	855	 	
Financial Data (millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold revenues	 	$	53.8	 	 	$	42.9	 	 	$	129.7	 	 	$	144.8	 	
Depreciation and depletion	 	$	13.0	 	 	$	7.0	 	 	$	27.2	 	 	$	22.5	 	
Gross profit – gold mining operations	 	$	9.9	 	 	$	8.9	 	 	$	26.9	 	 	$	48.1	 	
Capital expenditure on mining interests	 	$	15.0	 	 	$	21.5	 	 	$	44.3	 	 	$	36.4	 	
 
Gold production at Jinfeng in the third quarter was higher than the same quarter of 2012 due to higher head grades, recovery, and throughput. Production from the open pit reached full capacity during the quarter and contributed to the improved head grade. Capital spending during the quarter included open pit stripping, underground mine development, and process improvements.

5

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
White Mountain

Operating Data	 	3 months ended
September 30,	 	 	9 months ended
September 30,	 	
 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Tonnes Milled	 	 	209,581	 	 	 	210,114	 	 	 	611,548	 	 	 	556,266	 	
Average treated head grade - grams per tonne (g/t)	 	 	3.28	 	 	 	3.14	 	 	 	3.44	 	 	 	3.67	 	
Average Recovery Rate	 	 	84.0	%	 	 	83.1	%	 	 	85.5	%	 	 	85.4	%	
Gold (ounces)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
-   Produced	 	 	19,287	 	 	 	16,342	 	 	 	57,664	 	 	 	55,921	 	
-   Sold	 	 	19,287	 	 	 	16,342	 	 	 	57,664	 	 	 	55,921	 	
Cash operating costs (per ounce sold)	 	$	713	 	 	$	766	 	 	$	693	 	 	$	634	 	
Total cash costs (per ounce sold)	 	$	751	 	 	$	813	 	 	$	734	 	 	$	679	 	
Financial Data (millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gold revenues	 	$	25.7	 	 	$	27.4	 	 	$	83.9	 	 	$	93.0	 	
Depreciation and depletion	 	$	6.7	 	 	$	5.3	 	 	$	20.6	 	 	$	17.6	 	
Gross profit – gold mining operations	 	$	4.5	 	 	$	8.7	 	 	$	20.7	 	 	$	37.3	 	
Capital expenditure on mining interests	 	$	9.1	 	 	$	21.5	 	 	$	20.9	 	 	$	20.3	 	

Gold production at White Mountain in the third quarter was higher than in the same period of 2012. This increase was largely a result of higher head grades. Cash operating costs per ounce decreased due to improved productivity from underground mining operations. Capital spending this quarter included underground development, exploration, tailings facility uplift, and acquisition of underground mining equipment.

Vila Nova

Operating Data	 	3 months ended
September 30,	 	 	9 months ended
September 30,	 	
 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Tonnes Processed	 	 	219,925	 	 	 	161,859	 	 	 	612,700	 	 	 	528,024	 	
Iron Ore Produced	 	 	189,858	 	 	 	139,553	 	 	 	528,456	 	 	 	456,419	 	
Average Grade (% Fe)	 	 	63.2	%	 	 	63.5	%	 	 	63.1	%	 	 	63.5	%	
Iron Ore Tonnes	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
-   Sold	 	 	126,835	 	 	 	123,180	 	 	 	338,257	 	 	 	383,785	 	
Average Realized Iron Ore Price	 	$	74	 	 	$	59	 	 	$	98	 	 	$	77	 	
Cash Costs (per tonne produced)	 	$	58	 	 	$	56	 	 	$	65	 	 	$	61	 	
Financial Data (millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	$	9.4	 	 	$	7.3	 	 	$	33.3	 	 	$	29.4	 	
Depreciation and depletion	 	$	1.2	 	 	$	1.1	 	 	$	3.3	 	 	$	3.2	 	
Gross profit from mining operations	 	$	0.9	 	 	$	(0.8	)	 	$	8.1	 	 	$	2.8	 	
Capital expenditure on mining interests	 	$	0.3	 	 	$	0.4	 	 	$	3.9	 	 	$	0.7	 	

Iron ore production in the third quarter increased 35% at Vila Nova as compared to the same quarter of 2012.   The higher production year over year was due to mechanical and operational adjustments made in the treatment plant as well as an increase in scheduled operating hours in order to improve plant productivity. Iron ore sales were 3% higher than in 2012. Shipping continued through the public port in Santana while the Anglo-Ferrous port facility remains closed.

6

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
Stratoni

Operating Data	 	3 months ended
September 30,	 	 	9 months ended
September 30,	 	
 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Tonnes ore mined (wet)	 	 	60,011	 	 	 	58,591	 	 	 	174,245	 	 	 	144,062	 	
Tonnes ore processed (dry)	 	 	56,463	 	 	 	55,911	 	 	 	167,315	 	 	 	136,785	 	
Pb grade (%)	 	 	6.33	%	 	 	5.96	%	 	 	6.39	%	 	 	6.22	%	
Zn grade (%)	 	 	9.37	%	 	 	9.69	%	 	 	9.49	%	 	 	9.74	%	
Ag grade (g/t)	 	 	161	 	 	 	155	 	 	 	166	 	 	 	163	 	
Tonnes of concentrate produced	 	 	14,586	 	 	 	14,084	 	 	 	42,918	 	 	 	35,224	 	
Tonnes of concentrate sold	 	 	12,096	 	 	 	15,891	 	 	 	42,847	 	 	 	37,281	 	
Average realized concentrate price (per  tonne)	 	$	820	 	 	$	913	 	 	$	840	 	 	$	899	 	
Cash Costs (per tonne of concentrate sold)	 	$	547	 	 	$	717	 	 	$	749	 	 	$	679	 	
Financial Data (millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues	 	$	9.9	 	 	$	14.5	 	 	$	36.0	 	 	$	34.4	 	
Depreciation and depletion	 	$	2.2	 	 	$	2.0	 	 	$	7.5	 	 	$	4.7	 	
Gross profit from mining operations	 	$	1.1	 	 	$	1.2	 	 	$	-3.6	 	 	$	4.4	 	
Capital expenditure on mining interests	 	$	1.4	 	 	$	0.5	 	 	$	2.0	 	 	$	2.6	 	

During the third quarter, Stratoni mined 60,011 tonnes of run-of-mine ore and produced 14,586 tonnes of lead and zinc concentrate at an average cash cost of $547 per tonne of concentrate sold. During the same period, Stratoni sold 12,096 tonnes of concentrate at an average price of $820 per tonne. Stratoni operating and financial data for 2012 shown in the table above reflects operations subsequent to February 24, 2012, the date of the European Goldfields Ltd. acquisition.
 
Olympias
 
During the third quarter, Olympias treated 185,012 tonnes of tailings and produced 8,742 payable gold ounces. Due to an unanticipated volume of fines in the tailings, production slowed during the quarter and modifications to the filtering process were begun. Commercial production is now expected during the fourth quarter, once the modifications to the filtering process equipment are complete. Capital spending totalled $22.8 million during the quarter and included underground decline development, underground rehabilitation and process plant improvements.
 
Development projects update
 
Skouries
 
General earthworks in the plant site area and site clearing of the first tailings dam footprint continued during the quarter. The main decline work advanced as planned, with a total of 115 meters completed. Geotechnical investigations to support underground and open pit designs progressed during the quarter.
 
Olympias
 
The Stratoni-Olympias 8km decline advanced 55 meters during the quarter, putting the face at 1242 meters. Water inflow increased during the quarter, impacting the rate of advance, and requiring cover grouting to slow the inflow. More extensive controls will be implemented during the fourth quarter to deal with anticipated continuing inflow. Olympias mine rehabilitation and development advanced 212 meters and 270 meters, respectively, as the pace of hiring and new employee training increased during the quarter to meet the mine’s objectives.

7

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
Perama Hill
 
We are awaiting final approval of the Environmental Impact Assessment (“EIA”) for Perama Hill. Approval of the EIA will allow construction of the initial infrastructure to commence, and is required in order to obtain the permits to commence full construction. Preliminary engineering was substantially completed during the quarter. Additional engineering to support procurement of items with long lead-times was commenced during the quarter. Metallurgical testwork was completed and the results of the testwork will be included in the final plant design.
 
Certej
 
Geotechnical drilling and rock characterization work was conducted during the quarter in support of a pit slope stability analysis which will be used in the ultimate pit design. Geotechnical work was also performed to assess the conditions for the foundations of the process plant. Metallurgical testing continued throughout the quarter, including confirmatory flotation testing of extended ore zones and pressure oxidation testing. This work will continue during the fourth quarter. Design information from these areas will be incorporated into an updated prefeasibility study. Also included in the update will be infrastructure upgrades to accommodate the additional ore and waste tonnage expected to be handled over the life of the mine as a result of the updated resource model. Work was completed during the quarter on the first phase of construction of an alternate access road to the property.
 
Tocantinzinho
 
Permitting activities continued during the quarter at both the state and federal levels. Engineering efforts focussed on optimizing capital requirements of the project, and development of updated operating costs. Work began on optimizing the layout of the site facilities and on the design of the site infrastructure. A business case for contractor mining was evaluated as an alternative to owner operated mining. Significant work was completed on development of a comprehensive tax model covering both investment capital and operating costs. During the fourth quarter we plan to review the geological model and develop a revised mine plan for incorporation into a revised life of mine economic analysis along with updated capital, operating and sustaining costs.  Nonessential field work was cancelled during the quarter. Field activity was limited to survey work needed to develop basic access to the site along the proposed main access road.
 
Eastern Dragon
 
Eastern Dragon remained on care and maintenance pending resolution of permitting issues. Site management worked with the local authorities to maintain local permits and permissions in good standing. Work continued on preparing the necessary paperwork to submit to the National Development and Reform Commission (“NDRC”), as well as determining the timeline for review and approval.

Exploration update

In the third quarter approximately 27,500 metres of exploration drilling were completed at the Company’s operating mines and development and exploration projects, bringing the 2013 drilling total to 108,000 metres.

In Greece, continued drilling at the Piavitsa project focused on extending the first-pass drill coverage over the 2.5 km strike length of the mineralized Stratoni Fault Zone. Completion of a comprehensive relogging program and geological reinterpretation of the Olympias deposit culminated in an updated resource model late in the quarter.

In Romania, the resource expansion and infill drilling at the Certej deposit was completed early in the quarter, and results were incorporated into an updated resource model which was published in our press release no. 13-12 dated September 9, 2013. Exploration activities in Romania during the fourth quarter will be directed towards defining targets for drilling programs on three nearby exploration licenses.

In Turkey, drilling continued at the Efemcukuru minesite (both Kokarpinar and Kestane Beleni vein targets) and at the Ardala/Salinbas exploration project.

8

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
In China, exploration drilling programs focused on further delineation of Inferred Resources at the White Mountain Northern Extension, infilling high-grade zones at the Jinlonggou Bridge Zone and West Wall targets, and step-out drilling in the newly defined Qinlongtan North Zone.
 
In Brazil exploration activities concentrated on developing drilling targets at our early-stage projects and on new project generation.
 
Quarterly results

millions (except per share amounts)
 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	2011	 	
 	 	Third
quarter	 	 	Second quarter	 	 	First
quarter	 	 	Fourth quarter	 	 	Third
quarter	 	 	Second quarter	 	 	First
quarter	 	 	Fourth quarter	 	
Total revenues	 	$	287.3	 	 	$	266.9	 	 	$	338.1	 	 	$	350.0	 	 	$	281.8	 	 	$	244.2	 	 	$	271.5	 	 	$	304.6	 	
Net income	 	$	36.4	 	 	$	43.3	 	 	$	(45.4	)	 	$	115.0	 	 	$	75.8	 	 	$	46.6	 	 	$	67.9	 	 	$	88.8	 	
Earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
- basic	 	$	0.05	 	 	$	0.06	 	 	$	(0.06	)	 	$	0.16	 	 	$	0.11	 	 	$	0.07	 	 	$	0.11	 	 	$	0.16	 	
- diluted	 	$	0.05	 	 	$	0.06	 	 	$	(0.06	)	 	$	0.16	 	 	$	0.11	 	 	$	0.07	 	 	$	0.11	 	 	$	0.16	 	

Quarterly loss for the first quarter of 2013 was due to a one-time $125.2 million non-cash adjustment to deferred income taxes related to an increase in Greek income tax rates.
 
Non-IFRS measures

Throughout this document, we have provided measures prepared in accordance with IFRS, as well as some non-IFRS performance measures as additional information for investors who also use them to evaluate our performance.

Since there is no standard method for calculating non-IFRS measures, they are not a reliable way to compare us against other companies. Non-IFRS measures should be used along with other performance measures prepared in accordance with IFRS. We have defined our non-IFRS measures below and reconciled them with the IFRS measures we report.

Cash operating cost and total cash cost
The table below reconciles cash operating cost from our gold mining operations to production costs. We calculate costs according to the Gold Institute Standard. Total cash cost is the sum of cash operating cost, royalty expense and production tax expense.
 
Reconciliation of cash operating costs to production costs	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
millions (except for gold ounces sold and cash operating cost per ounce sold)	 	 	Q3	 	 	 	Q3	 	 	YTD	 	 	YTD	 	
Production costs – excluding Vila Nova and Stratoni
(from consolidated income statement)	 	$	106.8	 	 	$	89.1	 	 	$	313.3	 	 	$	244.7	 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
By-product credits and other adjustments	 	$	(1.7	)	 	$	(1.3	)	 	$	(6.3	)	 	$	(4.2	)	
Total Cash Cost	 	$	105.1	 	 	$	87.8	 	 	$	307.0	 	 	$	240.5	 	
Royalty expense and production taxes	 	$	(11.1	)	 	$	(11.4	)	 	$	(33.2	)	 	$	(32.2	)	
Cash operating cost	 	$	94.0	 	 	$	76.4	 	 	$	179.8	 	 	$	208.3	 	
Gold ounces sold	 	 	199,117	 	 	 	132,919	 	 	 	564,723	 	 	 	283,580	 	
Total cash cost per ounce sold	 	$	528	 	 	$	567	 	 	$	544	 	 	$	549	 	
Cash operating cost per ounce sold	 	$	472	 	 	$	493	 	 	$	485	 	 	$	475	 	

9

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
Cash flow from mining operations before changes in non-cash working capital
We use cash flow from mining operations before changes in non-cash working capital to supplement our consolidated financial statements, and calculate it by not including the period to period movement of non-cash working capital items, like accounts receivable, advances and deposits, inventory, accounts payable and accrued liabilities.
 
Gross profit from gold mining operations
We use gross profit from gold mining operations to supplement our consolidated financial statements, and calculate it by deducting operating costs and depreciation, depletion and amortization directly attributable to gold mining operations from gross revenues directly attributable to gold mining operations.

These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers. We disclose these measures, which have been derived from our financial statements and applied on a consistent basis, because we believe they are of assistance in understanding the results of our operations and financial position and are meant to provide further information about our financial results to investors.
 
Operating cash flow, financial condition and liquidity
 
Operating activities before changes in non-cash working capital generated $104.8 million in cash this quarter, compared to $110.8 million in the same quarter of 2012.

Capital expenditures
 
We invested $119.1 million in capital expenditures, mine development, mining licences and other assets this quarter.

Mine development expenditures totalled $45.3 million:
 
·  	$22.8 million at Olympias	
·  	$14.3 million at Skouries	
·  	$1.8 million at Perama Hill	
·  	$5.6 million at Certej	
·  	$0.8 million at Tocantinzinho	

Spending at our producing mines totalled $68.3 million:
 
·  	$33.3 million at Kisladag	
·  	$5.3 million at Efemcukuru	
·  	$15.0 million at Jinfeng	
·  	$9.1 million at White Mountain	
·  	$4.2 million at Tanjianshan	
·  	$1.4 million at Stratoni	

We also spent $4.8 million on land acquisition costs in Turkey, and $0.7 million related to fixed assets for our corporate offices in Canada and China.
 
Liquidity and capital resources

(millions)	 	September 30,
2013	 	 	December 31,
2012	 	
Cash, cash equivalents and term deposits	 	$	725.4	 	 	$	816.8	 	
Working capital	 	$	817.2	 	 	$	917.3	 	
Restricted collateralized accounts	 	$	0.3	 	 	$	0.2	 	
Debt	 	$	600.8	 	 	$	593.3	 	

10

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
Management believes that the working capital at September 30, 2013, together with future cash flows from operations and, where appropriate, selected financing sources, including an available credit line in the amount of $375 million, are sufficient to support our planned and foreseeable commitments, and dividends, if declared, in 2013 and beyond.

Contractual obligations
 
(millions)	 	 	2013
$	 	 	 	2014
$	 	 	 	2015
$	 	 	 	2016
$	 	 	 	2017 and later
$	 	 	 	Total
$	 	
Debt	 	 	16.3	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	600.0	 	 	 	616.3	 	
Capital leases	 	 	0.4	 	 	 	0.9	 	 	 	0.9	 	 	 	0.9	 	 	 	0.9	 	 	 	4.0	 	
Operating leases	 	 	2.1	 	 	 	7.6	 	 	 	10.6	 	 	 	9.9	 	 	 	17.0	 	 	 	47.2	 	
Purchase obligations	 	 	109.4	 	 	 	22.2	 	 	 	14.7	 	 	 	14.2	 	 	 	14.3	 	 	 	174.8	 	
Totals	 	 	128.2	 	 	 	30.7	 	 	 	26.2	 	 	 	25.0	 	 	 	632.2	 	 	 	842.3	 	

The table does not include interest on debt.
 
As at September 30, 2013, Hellas Gold had entered into off-take agreements pursuant to which Hellas Gold agreed to sell a total 36,216 dry metric tonnes of zinc concentrates and 16,275 dry metric tonnes of lead/silver concentrates cumulative through the financial year ending December 31, 2013.
 
In April 2007, Hellas Gold agreed to sell to Silver Wheaton (Caymans) Ltd. (“Silver Wheaton”) all of the silver metal to be produced from ore extracted during the mine-life within an area of approximately seven square kilometres around Stratoni, up to 15 million ounces, or 20 million ounces if additional silver is processed through the Stratoni mill from areas other than the current producing mine. The sale was made in consideration of a prepayment to Hellas Gold of $57.5 million in cash, plus a fee per ounce of payable silver to be delivered to Silver Wheaton of the lesser of $3.90 and the prevailing market price per ounce. As at September 30, 2013 approximately 5.7 million ounces of silver have been delivered of the original 15 million ounce commitment.
 
In May 2013, the Company, in connection with Hellas, entered into a Letter of Guarantee in favour of the Greek Ministry of Environment, Energy and Climate Change, in the amount of Euro50.0 million, as security for the due and proper performance of rehabilitation works committed in connection with the Environmental Impact Assessment approved for the Kassandra Mines. The Letter of Guarantee is renewed annually and expires on July 26, 2026. The Letter of Guarantee has an annual fee of 57 basis points.
 
In September 2013, the company, in connection with Tuprag, entered into a letter of guarantee in favour of the Turkish ministry of environment, energy and climate change, in the amount of $30.0 million, as security for the due and proper performance of rehabilitation works committed in connection with the environmental impact assessment approved for Kisladag and Efemcukuru. The Letter of Guarantee is renewed annually and expires on September 19, 2014. The Letter of Guarantee has an annual fee of 27 basis points.
 
Debt
 
Significant changes in our debt from that disclosed in our December 31, 2012 annual MD&A and consolidated financial statements are as follows:
 
Jinfeng CMB working capital loan
On January 16, 2013, Jinfeng entered into a RMB 100.0 million ($16.3 million) working capital loan with China Merchant Bank (“CMB”). Each drawdown bears fixed interest at the prevailing lending rate stipulated by the People’s Bank of China on the date of drawdown. The Facility has a term of up to one year, from January 16, 2013 to January 14, 2014. The facility is unsecured.

11

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
As at September 30, 2013, Jinfeng has drawn down the full amount of RMB 100.0 million ($16.3 million) under this facility, in three tranches, and has used the proceeds to fund working capital obligations. All tranches of the loan have a term of six months and a fixed interest rate of 5.6%.

Eastern Dragon HSBC revolving loan facility
In March 2013, Eastern Dragon paid the full amount of this loan.

Senior notes
The fair market value of the notes as at September 30, 2013 was $581.3 million. Net deferred financing costs of $15.5 million are included as an offset in the balance of the notes in the financial statements and are being amortized over the term of the notes.

Entrusted loan
The entrusted loan was increased to RMB 720.0 million ($117.1 million) in May 2013. The interest rate on this loan as at September 30, 2013 was 4.59%. As at September 30, 2013, RMB 629.0 million ($102.3 million) had been drawn under the entrusted loan. Subsequent to September 30, 2013, RMB 1.5 million ($0.2 million) was drawn under this loan. The entrusted loan has been recorded on a net settlement basis.

Dividends
 
During the third quarter Eldorado paid $34.7 million in dividends to shareholders of record.

Equity
 
This quarter we received net proceeds of $1.9 million for issuing 400,734 common shares related to stock options and warrants being exercised.

Common shares outstanding
- as of November 7, 2013
- as of September 30, 2013	 	 
716,102,523
715,459,022	
Share purchase options
- as of November 7, 2013
(Weighted average exercise price per share: $12.89 Cdn)	 	17,055,252	

Other information

New accounting developments

The following standards and amendments to existing standards have been adopted by the company commencing January 1, 2013:

·  	IAS 19 ' Employee Benefits’ – On September 16, 2011, the International Accounting Standards Board (IASB) published a revised version of IAS 19. The revised IAS 19 (“IAS 19R”) represents IASB’s effort to improve the accounting for employee retirement benefits. The revisions include:	
 
-	Requirement to recognize past service costs immediately in net income rather than using the corridor method.	
-	Requirement to recognize actuarial gains and losses immediately in other comprehensive income OCI. Previously, companies had the option of recognizing actuarial gains and losses through OCI immediately or via use of the corridor method.	
-	Requirement that expected return on plan assets be calculated based on the rate used to discount the defined benefit obligation which is based on high quality bond yields. Previously, equity returns were incorporated into the expected return on plan assets.	
-	Requirement for more disclosure relating to the characteristics and risks of the amounts in the financial statements regarding defined benefit plans, including the timing and uncertainty of the entity’s cash flows.	

12

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
The adoption of this standard had a nominal impact on the Company’s unaudited condensed interim consolidated financial statements. Therefore comparative periods have not been restated.
 
·  	IFRS 10 ‘Consolidated Financial Statements’ – This IFRS establishes control as the basis for an investor to consolidate its investee; it defines control as an investor’s power over the investee with exposure, or rights, to variable returns from the investee and the ability to affect the investor’s return through its power over the investee. At January 1, 2013, the Company adopted this standard and there was no impact on its unaudited condensed interim consolidated financial statements.	
 
·  	IFRS 11 ‘Joint Arrangements’ – This standard replaces the guidance in IAS 31 ‘Interests in Joint Ventures’ . Under IFRS 11, joint arrangements are classified as either joint operations or joint ventures. Joint ventures entities are now accounted for using the equity method.	
 
Upon application of IFRS 11, entities which had previously accounted for joint ventures using proportionate consolidation shall collapse the proportionately consolidated net asset value into a single investment balance at the beginning of the earliest period presented. The investment’s opening balance is tested for impairment in accordance with IAS 28 and IAS 36 ‘ Impairment of Assets’ . Any impairment losses are recognized as an adjustment to opening retained earnings at the beginning of the earliest period presented. At January 1, 2013, the Company adopted this standard and there was no impact on its unaudited condensed interim consolidated financial statements.
 
·  	IFRS 12 ‘Disclosure of Interests in Other Entities’ – This IFRS is a new standard that applies to companies with an interest in subsidiaries, joint arrangements, associates or unconsolidated structured entities. The application of this standard intends to enable users of the financial statements to evaluate the nature of and risks associated with its interests in other entities, and the effects of those interests on its financial position, financial performance and cash flows. Companies are now required to disclose information about significant judgments and assumptions made in determining the control of another entity, the joint control of an arrangement or significant influence over another entity and the type of joint arrangement when the arrangement has been structured through a separate vehicle. At January 1, 2013, the Company adopted this standard. The adoption did not require any adjustments to its unaudited condensed interim consolidated financial statements but will require extended disclosures at year end.	
 
·  	IFRS 13 ‘ Fair value measurement ’ – This IFRS aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRS. The requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRS. At January 1, 2013, the Company adopted this standard and the required disclosures are included in note 10 of its unaudited condensed interim consolidated financial statements.	
 
·  	IFRIC 20 ‘Stripping costs in the production phase of a surface mine’ – This interpretation applies to waste removal costs that are incurred in open pit mining activity during the production phase of the mine.  Recognition of a stripping activity asset requires the asset to be related to an identifiable component of the ore body.  Stripping costs that relate to inventory produced should be accounted for as a current production cost in accordance with IAS 2, ‘Inventories’. Stripping costs that generate a benefit of improved access and meet the definition of an asset should be accounted for as an addition to an existing asset.  Existing stripping costs on the balance sheet at transition that do not relate to a specific ore body should be written off to opening retained earnings. The stripping activity asset shall be depreciated on a systematic basis, over the expected useful life of the identified component of the ore body that becomes more accessible as a result of the stripping activity.  At January 1, 2013, the Company adopted this interpretation and there was no impact on its unaudited condensed interim consolidated financial statements.	

13

 
MANAGEMENT’S DISCUSSION AND ANALYSIS
for the three and nine-month periods ended September 30, 2013		
 
·  	 IFRIC 21 ‘Levies’ – This interpretation of IAS 37, ‘Provisions, Contingent Liabilities and Contingent Assets’ , applies to the accounting for levies imposed by governments. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event (“obligating event”). IFRIC 21 clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. IFRIC 21 is effective for annual periods commencing on or after January 1, 2014. The Company is currently evaluating the extent of the impact of adoption of this standard.	
 
Internal controls over financial reporting
 
Eldorado’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. As a result, even those systems determined to be effective can only provide reasonable assurance regarding the preparation and presentation of our financial statements. There have been no changes in our internal control over financial reporting in the third quarter of 2013 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
 
Qualified Person

Except as otherwise noted, Norman Pitcher, P. Geo., our President, is the Qualified Person under NI 43-101 responsible for supervising the preparation of the scientific or technical information contained in this MD&A and verifying the technical data disclosed in this document relating to our operating mines and development projects.

Forward-looking information and risks

This MD&A includes statements and information about what we expect to happen in the future. When we discuss our strategy, plans and future financial and operating performance, or other things that have not yet happened in this review, we are making statements considered to be forward-looking information or forward-looking statements under Canadian and United States securities laws. We refer to them in this document as forward-looking information .
 
Key things to understand about the forward-looking information in this document:
 
•	It typically includes words and phrases about the future, such as:   plan, expect, forecast, intend, anticipate, believe, estimate, budget, scheduled, may, could, would, might, will , as well as the negative of these words and phrases.	
•	Although it represents our current views, which we consider to be reasonable, we can give no assurance that the forward-looking information will prove to be accurate.	
•	It is based on a number of assumptions, including things like the future price of gold, anticipated costs and spending, and our ability to achieve our goals.	
•	It is also subject to the risks associated with our business, including	
 	•	the changing price of gold and currencies,	
 	•	actual and estimated production and mineral reserves and resources,	
 	•	the speculative nature of gold exploration,	
 	•	risks associated with mining operations and development,	
 	•	regulatory and permitting risks,	
 	•	acquisition risks, and	
 	•	other risks that are set out in our Annual Information Form.	
•	If our assumptions prove to be incorrect or the risks materialize, our actual results and events may vary materially from what we currently expect.	
 
We recommend that you review our annual information form, which include a more detailed discussion of material risks that could cause actual results to differ significantly from our current expectations.
 
Forward-looking information is designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.

14

 
Form 52-109F2
Certification of Interim Filings
Full Certificate
 
I, Paul Wright, Chief Executive Officer of Eldorado Gold Corporation certify the following:

	1.	I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Eldorado Gold Corporation (the “issuer”) for the interim period ended September 30, 2013.	
 
	2.	Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.	
 
	3.	Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.	
 
	4.	The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.	
 
	5.	Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings	
 
	(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that	
 
	(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and	
 
	(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and	
 
	(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.	
 
	5.1	The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.	
 
	5.2	N/A	

 

 	 	 	

	5.3	N/A	
 
	6.	The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2013 and ended on September 30, 2013 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.	
 
Date: November 8, 2013

 
“Paul Wright”
_______________________________
Paul Wright
Chief Executive Officer

 
Form 52-109F2
Certification of Interim Filings
Full Certificate
 
I, Fabiana Chubbs, Chief Financial Officer of Eldorado Gold Corporation certify the following:

	1.	I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Eldorado Gold Corporation (the “issuer”) for the interim period ended September 30, 2013.	
 
	2.	Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.	
 
	3.	Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.	
 
	4.	The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.	
 
	5.	Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings	
 
	(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that	
 
	(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and	
 
	(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and	
 
	(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.	
 
	5.1	The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.	
 
	5.2	N/A	

 

	5.3	N/A	
 
	6.	The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2013 and ended on September 30, 2013 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.	
 
Date: November 8, 2013

“Fabiana Chubbs”
_______________________________
Fabiana Chubbs
Chief Financial Officer