{"id":74,"date":"2023-01-05T12:46:19","date_gmt":"2023-01-05T12:46:19","guid":{"rendered":"https:\/\/reports.anglogoldashanti.com\/22\/?page_id=74"},"modified":"2023-03-24T12:39:29","modified_gmt":"2023-03-24T12:39:29","slug":"financial-flexibility","status":"publish","type":"page","link":"https:\/\/reports.anglogoldashanti.com\/22\/ir\/strategic-focus-areas\/financial-flexibility\/","title":{"rendered":"Maintain financial flexibility"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull is-style-mega-page-header has-horizontal-orange-to-naartjie-gradient-background has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group alignwide is-style-default is-justify-content-stretch is-content-justification-space-between is-layout-flex wp-container-core-group-is-layout-9366075c wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group has-background-color has-text-color is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/reports.anglogoldashanti.com\/22\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/reports.anglogoldashanti.com\/22\/ir\/\">Integrated Report<\/a><\/span> \u00bb <span><a href=\"https:\/\/reports.anglogoldashanti.com\/22\/ir\/strategic-focus-areas\/\">Performance and delivery by strategic focus area<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\">Maintain financial flexibility<\/span><\/span><\/div>\n\n<h1 class=\"wp-block-post-title\">Maintain financial flexibility<\/h1>\n\n\n<p class=\"has-large-font-size\">We must ensure our balance sheet always remains able to meet our core funding needs.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-style-bubble-block has-background is-alignment-center has-foreground-color has-yellow-background-color has-text-color is-vertical is-content-justification-center is-layout-flex wp-container-core-group-is-layout-81423f52 wp-block-group-is-layout-flex\">\n<p class=\"has-text-align-center has-x-large-font-size\">Accounts for <\/p>\n\n\n\n<p class=\"has-text-align-center is-style-statistic has-colossal-font-size\"><strong>35% <\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-large-font-size\"><strong>of DSP performance award<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-6c531013 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>AngloGold Ashanti is committed to maximising long-term shareholder value and returns and so must ensure that our balance sheet remains able to meet our core funding needs. We achieve this by applying a clear Capital Allocation Framework.<\/p>\n\n\n\n<p>The framework prioritises investment in our asset base, to support the health and sustainability of the business. The sustaining free cash flow that comes as a result is earmarked to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Return cash to shareholders through our defined dividend pay\u0002out ratio focused on dividend returns based on free cash flow before growth capital expenditure<\/li>\n\n\n\n<li>Self-fund growth capital expenditure, with a disciplined focus on risk-adjusted returns<\/li>\n\n\n\n<li>Maintain a solid balance sheet, giving us strategic flexibility through the cycle<\/li>\n<\/ul>\n\n\n\n<p>We ensure sufficient flexibility at all times to reinvest continuously in our asset base and so supporting the long-term sustainability of our business. Maintaining a strong balance sheet remains important in the current operating environment in which global economic volatility, rising interest rates and high inflation present added complexity and risk to the mining industry in general, and more so, for a single commodity producer such as AngloGold Ashanti, for which no true pricing power exists.<\/p>\n\n\n\n<p>While our ability to generate free cash flow improves markedly as the gold price increases, we nonetheless maintain our focus on ensuring a strong balance sheet through all stages of the commodity cycle.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\"><\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-6c531013 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Disciplined, shareholder-focused capital allocation<\/h2>\n\n\n\n<h3 class=\"has-dark-green-color has-text-color wp-block-heading\">Transparent allocation hierarchy to maximise long-term shareholder value and returns<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large style-svg\"><img loading=\"lazy\" decoding=\"async\" width=\"983\" height=\"880\" src=\"https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/diagram-capital-allocation.svg\" alt=\"\" class=\"wp-image-8342\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reinvesting in our asset base to support the long-term sustainability of our business<\/li>\n\n\n\n<li>Commitment to cash returns to shareholders<\/li>\n\n\n\n<li>Solid balance sheet underpins flexibility and optionality through the cycle<\/li>\n\n\n\n<li>Growth focused on risk-adjusted returns<\/li>\n\n\n\n<li>Allocation of cash tested against shareholder returns<\/li>\n<\/ul>\n\n\n\n<p>One measure of the success of our capital allocation strategy is our ability to generate sustainable free cash flow through the cycle, as well as total shareholder returns. Other metrics monitored include: adjusted net debt to adjusted EBITDA ratio (as defined in the Revolving Credit Agreements); and cash and cash equivalents.<\/p>\n\n\n\n<h3 class=\"has-dark-green-color has-text-color wp-block-heading\">Key metrics and related targets 2022<\/h3>\n\n\n\n<figure class=\"wp-block-table\">\n    <table>\n        <thead>\n            <tr>\n                <th class=\"has-text-align-left\" data-align=\"left\" style=\"width: 30%\">\n                    Metrics\n              <\/th>\n              <th class=\"has-text-align-left\" data-align=\"left\" style=\"width: 25%\">\n                    Aims, targets\n              <\/th>\n              <th class=\"has-text-align-left\">\n                    Performance\n              <\/th>\n              <th class=\"has-text-align-center\">\n                    Status\n              <\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <ul>\n                        <li>\n                            Relative total shareholder return (TSR)\n                        <\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <ul>\n                        <li>\n                            Improve shareholder returns relative\n                            to comparator group\n                        <\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <ul>\n                        <li class=\"status progress-made\">\n                            13% shareholder return, not meeting\n                            threshold measure in 2022\n                        <\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"has-text-align-center shade\" data-align=\"center\" valign=\"middle\">&nbsp;\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <ul>\n                        <li>\n                            Absolute TSR\n                        <\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <ul>\n                        <li>\n                            Improve absolute shareholder\n                            returns with reference to the US cost\n                            of equity\n                        <\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <ul>\n                        <li class=\"status achieved\">\n                            13% shareholder return, exceeding the stretch measure\n                        <\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"has-text-align-center shade\" data-align=\"center\" valign=\"middle\">&nbsp;\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <ul>\n                        <li>\n                            Normalised cash return on equity\n                            (nCROE)\n                        <\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <ul>\n                        <li>\n                            Improve free cash flow generation\n                            relative to shareholders\u2019 equity and\n                            the US cost of equity, on a three-year\n                            trailing basis\n                        <\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">\n                    <ul>\n                        <li class=\"status achieved\">\n                            24.4% nCROE, exceeding stretch  measure\n                        <\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"has-text-align-left shade\" data-align=\"center\" valign=\"middle\">&nbsp;\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/figure>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-6c531013 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-6c531013 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group has-naartjie-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"font-size:0.7rem\"><\/div>\n\n\n\n<p>Progress still to be made<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-6c531013 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group has-dark-green-background-color has-background is-content-justification-center is-layout-constrained wp-block-group-is-layout-constrained\" style=\"font-size:0.7rem\"><\/div>\n\n\n\n<p>Achieved<\/p>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-fe9cc265 wp-block-group-is-layout-flex\">\n<p><strong>Related risk:<\/strong><\/p>\n\n\n\n<p><strong>Risk 1<\/strong> \u2014 Adverse regulatory changes to mining rights and fiscal requirements<\/p>\n\n\n\n<p><strong>Risk 2<\/strong> \u2014 Failure to successfully deliver and ramp up growth projects<\/p>\n\n\n\n<p><strong>Risk 3<\/strong> \u2014 Adverse future implications of event risks<\/p>\n\n\n\n<p><strong>Risk 4<\/strong> \u2014 Inability to convert Mineral Resource and Mineral Reserve<\/p>\n\n\n\n<p><strong>Risk 6<\/strong> \u2014 Failure to move down the industry cost curve \u2013 all-in sustaining cost competitiveness<\/p>\n\n\n\n<p><strong>Risk 7<\/strong> \u2014 Loss of or threats to the social licence to operate<\/p>\n\n\n\n<p><strong>Risk 8 <\/strong>\u2014 Adverse gold and commodity prices, and currency movements<\/p>\n\n\n\n<p><strong>Risk 9<\/strong> \u2014 Inability to meet investor expectations on responsible mining<\/p>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\"><\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-6c531013 wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Performance outcomes<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The relative and absolute TSRs are based on a three-year trailing average using the average share price achieved in 2019 as the base and comparing it to the average share price achieved in 2022. The average share price in 2019 ($16.74\/ share) grew by 13% over this period, inclusive of dividends paid ($1.09\/share) from January 2020 through to the end of December 2022<\/li>\n\n\n\n<li>Absolute TSR growth exceeded the stretch target set, while the Relative TSR performance is compared to a comparator peer group. The median TSR of the comparator peer group was 49.05% at 31 December 2022<\/li>\n\n\n\n<li>A three-year trailing average nCROE of 24.4% was achieved on the back of strong free cash flow generation over the same period, notwithstanding an annualised increase in shareholders\u2019 equity of 3%<\/li>\n\n\n\n<li>Improved balance sheet flexibility was achieved with the new five-year multi-currency revolving credit facility maturing in June 2027, with two one-year extensions on application, with a syndicate of 13 banks<\/li>\n\n\n\n<li>Liquidity remains strong, providing good financial flexibility with $1.1bn of cash and cash equivalents and overall Group liquidity at approximately $2.5bn as at 31 December 2022<\/li>\n\n\n\n<li>A total dividend for the year of ~47 US cents was declared, based on the dividend pay-out ratio under the policy of 20% of free cash flow before growth capital expenditure<\/li>\n\n\n\n<li>Credit ratings remained unchanged at investment grade from Moody\u2019s (Baa3, stable outlook) and Fitch (BBB-, stable outlook changing to negative outlook). The Standard &amp; Poor\u2019s rating remained one notch below investment grade (BB+, stable outlook).<\/li>\n<\/ul>\n\n\n\n<p class=\"has-light-gray-background-color has-background\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)\">For further detail on our performance in relation to this strategic pillar, see the <strong><em><a href=\"https:\/\/reports.anglogoldashanti.com\/22\/ir\/value-created-preserved-eroded\/cfos-review-outlook\/\">CFO\u2019s report and outlook<\/a><\/em><\/strong> and the <em><strong><a href=\"https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/04\/AGA-AFS22.pdf\">&lt;AFS&gt;<\/a><\/strong><\/em>.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\"><\/div>\n<\/div>\n<\/section>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light\" style=\"min-height:600px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1383\" class=\"wp-block-cover__image-background wp-image-8420\" alt=\"\" src=\"https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/Truck-carrying-material-from-the-open-pit-scaled.jpg\" style=\"object-position:69% 69%\" data-object-fit=\"cover\" data-object-position=\"69% 69%\" srcset=\"https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/Truck-carrying-material-from-the-open-pit-scaled.jpg 2560w, https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/Truck-carrying-material-from-the-open-pit-480x259.jpg 480w, https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/Truck-carrying-material-from-the-open-pit-768x415.jpg 768w, https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/Truck-carrying-material-from-the-open-pit-1536x830.jpg 1536w, https:\/\/reports.anglogoldashanti.com\/22\/wp-content\/uploads\/2023\/03\/Truck-carrying-material-from-the-open-pit-2048x1107.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size\"><\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>AngloGold Ashanti is committed to maximising long-term shareholder value and returns and so must ensure that our balance sheet remains able to meet our core funding needs. We achieve this by applying a clear Capital Allocation Framework.<\/p>\n","protected":false},"author":1,"featured_media":8420,"parent":70,"menu_order":31,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-74","page","type-page","status-publish","has-post-thumbnail","hentry","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Maintain financial flexibility - 2022 | AngloGold Ashanti<\/title>\n<meta name=\"description\" content=\"Our balance sheet remains able to meet our core funding needs. 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