Ratios and statistics

Operating review – gold
Production from continuing operations 000oz2,8622,9132,852
Production from continuing and discontinued operations 000oz3,2813,4003,755
Gold sold from continuing operations 000oz2,8542,9222,869
Gold sold from continuing and discontinued operations 000oz3,2683,4123,772
Continuing operations
Closing spot price at year-end $/oz1,5171,2681,258
Average gold price received $/oz1,3941,2661,257
Total cash costs $/oz746729700
All-in sustaining costs $/oz978942993
All-in costs $/oz1,1511,0341,077
Gross profit $m904750787
Gross margin %262324
Adjusted EBITDA(2) $m1,5801,3881,369
Interest cover times111010
Asset and debt management
Adjusted net debt $m1,5811,6592,001
Adjusted net debt to adjusted EBITDA(2)times1.01.21.5
Continuing and discontinued operations
(Loss) profit attributable to equity shareholders $m(12)133(191)
(Loss) profit attributable to equity shareholders US cents(3)32(46)
Headline earnings $m37922027
Headline earnings US cents91536
Capital expenditure(3) $m814721953
Net cash inflow from operating activities $m1,047857997
Free cash inflow $m127671
Asset and debt management
Equity $m2,6762,6942,704
Net capital employed $m4,4224,6575,031
Net asset value – per share US cents644653659
Market capitalisation $m9,2785,1804,178
Return on net capital employed %1183
Weighted average number of shares million418417415
Issued shares at year-end million415413410
Exchange rates
Rand/dollar average14.4413.2513.30
Rand/dollar closing13.9914.3512.36
Australian dollar/dollar average1.441.341.30
Australian dollar/dollar closing1.421.421.28
Brazilian real/dollar average3.943.663.19
Brazilian real/dollar closing4.033.873.31
Argentinean peso/dollar average48.2928.1416.57
Argentinean peso/dollar closing59.9037.8118.65
  1. (1) Where appropriate, years 2018 and 2017 have been restated for IFRS 5.
  2. (2) The adjusted EBITDA calculation is based on the formula included in the revolving credit agreements for compliance with the debt covenant formula.
  3. (3) Includes attributable share of equity-accounted investments.