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Integrated Annual Report 2019
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BALANCE SHEET

BENEFITS FOR STAKEHOLDERS
AND ADDRESSING THEIR CONCERNS:

Shareholders benefit from the operational cash we generate as it allows us to pay increased dividends and offers them a higher return on investment. Improved cash-flow and reduced debt also enable us to provide employees with benefits and payment bonuses, while our communities benefit from additional investments in projects in their areas. It also secures the long-term sustainability of our business as we can invest directly in growth projects without relying heavily on debt and equity funding.

HIGHLIGHTS DURING 2019

  • All-in Cost (AIC) at US$1,064/oz and All-in Sustaining Cost (AISC) at US$970/oz below 2018 levels and 2019 guidance
  • Net debt (pre-IFRS 16) reduced by almost US$360m to US$1,331m. Net debt:EBITDA ratio of 1,08, below target for the year and despite continued significant capital expenditure
  • Total capital expenditure of US$613m significantly reduced from the US$814m in 2018
  • US$179m raised from the sale of non-core investments, all at a significant profit
  • Our debt maturity profile improved significantly as we issued new bonds and refinanced credit facilities
   
Paul Smith

"Gold Fields' business strategy has consistently focused on growing margins and free cash-flow (FCF) for every ounce of gold produced, and to sustain this FCF in the long term. However, our drive to generate a FCF margin of at least 15% at a gold price of US$1,300/oz is balanced by the strategic imperative of strengthening the balance sheet and funding future growth."

Paul Schmidt
CFO

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