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In part due to a generous break fee Gold Fields was paid when a deal to acquire Yamana Gold fell flat, Gold Fields on Thursday declared $335 million (R6.12 billion) in dividends for 2022, representing a payout ratio of 47% of normalised earnings.
"Recognising the windfall we received from the break fee together with our strong financial performance", Gold Fields declared a final dividend of R4.45, bringing the dividend for 2022 to R7.45 SA cents per share when it released its annual results on Thursday.
An all-share deal to acquire Yamana Gold fell flat last year when the Canadian precious metals miner accepted a rival bid from Agnico Eagle and Pan American Silver Corp.
The pain of the failed deal, which ultimately saw Gold Fields CEO Chris Griffith quit, was eased by a $300 million "break fee", which bumped up the dividend and also helped the company to pay down its debt by $265 million.
Gold Fields revised its dividend policy in 2022 and committed to paying out between 30% and 45% of normalised earnings from 2023 onwards – as compared to 25% to 35% previously.
The generous 2022 payout still, however, represents a decrease of 9% compared to the $369 million returned to shareholders in 2021.
As Gold Fields' reported on Thursday, normalised earnings of $860 million for the year were 7% lower, while profit decreased 13% from $830 million in 2021 to $772 million in 2022.
Gold Fields recognised several impairments at year-end, driven by an increase in discount rates and inflationary cost pressures experienced in 2022.
Operationally - and despite the Yamana transaction occupying a significant amount of senior corporate management's time and attention during last year - Gold Fields exceeded the upper end of its 2022 guidance which remained unchanged throughout 2022, said interim CEO Martin Preece. "This bears testament to the stability of our operating regions and the great work being done by our exceptional people running our assets."
Gold production of 2.4 million ounces was 3% higher. The group all-in sustaining and all-in costs were below the guidance mainly due to weaker exchange rates.
"Gold Fields remains in a strong position, with high-quality near-term production growth that sets us apart from our global peers," said Preece. "In addition, we have a disciplined capital allocation framework, focusing on maintaining a strong balance sheet; returning cash to shareholders; investing in our business; and seeking appropriate value accretive external opportunities."
