Statutory Profit - Financial Data - Cost Margin - Managing Director - Accounting Assessment Answer

Statutory Profit - Financial Data - Cost Margin - Managing Director - Assessment Answer 

Task:

Newcrest has reported an FY16 full year Statutory profit1 of US$332 million and an Underlying profit2 of US$323 million underpinned by production of 2.439 million ounces of gold. As reported to the market on 17 December 2015, Newcrest has changed its reporting (presentation) currency from Australian dollars to US dollars (US$) in the current financial year. All financial data presented in this release is quoted in US$ unless otherwise stated.

Key Points for FY164

• Statutory profit of US$332 million and Underlying profit of US$323 million
• Free Cash Flow2 of US$814 million
• Net debt reduced 27% (US$0.8 billion) over the year to US$2.1 billion as at 30 June 2016
•  Final dividend of US 7.5 cents per share
•  Gold production5 increased 1% to 2.4 million ounces for the year
• Group All-In Sustaining Cost2 per ounce decreased 2% to US$762 per ounce for the year
•  Group All-In Sustaining Cost margin decreased 8% to US$404 per ounce for the year\

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said: “Newcrest’s financial performance in the 2016 financial year was solid, with all sites contributing positive free cash flow and the Group achieving a 27% reduction in net debt. The resulting improvement in Newcrest’s target financial metrics, together with Newcrest’s profitability and market conditions, has given the Board confidence to announce a final unfranked dividend of US 7.5 cents per share. Newcrest continues to focus on safety, operational discipline and cash flow generation, and has identified a range of opportunities to improve its performance in FY17 and pursue profitable growth.” With gold production of 2.439 million ounces, at an All-In Sustaining Cost of $762 per ounce, and copper production of 83kt, Newcrest was within its guidance ranges despite challenges at some sites. This achievement was driven by record gold production at Lihir, which produced 900,034 ounces for the year. At Cadia, Panel Cave 2 continued its ramp up and Cadia East became the sole feed source for the plant with Ridgeway placed on care and maintenance in March 2016. In parallel with a focus on safe production, Newcrest’s pursuit of profitable growth has progressed through advancing studies at Lihir, Cadia and Golpu and continued to build its low cost early entry portfolio of exploration options – all of which are aimed at profitable growth.

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