G Mining Ventures said a restatement due to non-cash foreign exchange accounting adjustments will reduce fourth-quarter net income by about $32 million.
The gold miner said the adjustments are related to the application of IAS 21 — The Effects of Changes in Foreign Exchange Rates. The company said the underlying business remains strong, and the restatement reflects a technical correction with no effect on the company’s financial health or performance.
G Mining Ventures said about $11 million of unrealized foreign exchange losses relating to certain external debt balances were recorded through the Consolidated Statements of Comprehensive Income under Cumulative Translation Adjustment rather than being reflected in the Consolidated Statements of Income. Another adjustment is for about $21 million in income tax recovery related to unrealized foreign exchange losses on intercompany loans at the subsidiary level.
The company will report first-quarter results after market close Wednesday.
Write to Josh Beckerman at [email protected]
