{"id":785,"date":"2024-03-11T07:32:35","date_gmt":"2024-03-11T07:32:35","guid":{"rendered":"https:\/\/reports.anglogoldashanti.com\/23\/ar\/strategy\/maintain-financial-flexibility\/"},"modified":"2024-04-06T12:39:56","modified_gmt":"2024-04-06T12:39:56","slug":"maintain-financial-flexibility","status":"publish","type":"post","link":"https:\/\/reports.anglogoldashanti.com\/23\/ar\/strategy\/maintain-financial-flexibility\/","title":{"rendered":"Maintain financial flexibility"},"content":{"rendered":"\n<div class=\"wp-block-columns are-vertically-aligned-top has-super-light-gray-background-color has-background is-layout-flex wp-container-core-columns-is-layout-1a2ddb66 wp-block-columns-is-layout-flex\" style=\"padding-right:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<div class=\"wp-block-column is-vertically-aligned-top is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:150px\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"362\" height=\"360\" src=\"https:\/\/reports.anglogoldashanti.com\/23\/wp-content\/uploads\/2024\/02\/icon-sr-maintain-finance.svg\" alt=\"\" class=\"wp-image-798\"\/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-top is-layout-flow wp-block-column-is-layout-flow\">\n<p>To maximise long-term shareholder value and returns, we aim to ensure that our balance sheet remains able to meet our core funding needs. Our capital allocation framework thus prioritises investment in our asset base to support the health and sustainability of the business.<\/p>\n\n\n\n<p>The resulting sustained free cash flow <strong><em><sup><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-primary-color\">APM<\/mark><\/sup><\/em><\/strong> is used to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Return cash to shareholders through our defined dividend pay-out 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 throughout the commodity cycle<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<style>\n.is-aligned-vertical-top table td{vertical-align: top; border-bottom: 1px solid currentcolor}\n.is-aligned-vertical-top table td ul{margin-block-start: 0}\n.wp-block-table {overflow-x: visible}\n<\/style>\n\n\n\n<h3 class=\"wp-block-heading\">Key metrics, related targets and performance 2023<\/h3>\n\n\n\n<figure class=\"wp-block-table is-aligned-vertical-top is-style-regular\"><table><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">DSP metrics<\/th><th class=\"has-text-align-left\" data-align=\"left\">Aims\/targets<\/th><th class=\"has-text-align-left\" data-align=\"left\">Performance<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\"><ul>    <li>Relative total shareholder return (TSR) \u2013 measured in dollars <\/li>  <\/ul><\/td><td class=\"has-text-align-left\" data-align=\"left\"><ul><li>Improve shareholder returns relative to comparator group <\/li>     <\/ul><\/td><td class=\"has-text-align-left\" data-align=\"left\"><ul><li>Declined by 11.26% on the year<\/li>    <\/ul><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\"><ul>    <li>Normalised cash return on equity (nCROE) <\/li>  <\/ul><\/td><td class=\"has-text-align-left\" data-align=\"left\"><ul>    <li>Improve free cash flow<em> <strong><sup><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-primary-color\">APM<\/mark><\/sup><\/strong><\/em> generation relative to shareholders\u2019 equity and the US cost of equity, on a three-year trailing basis \u2013 increase nCROE by between 7% and 19% <\/li>  <\/ul><\/td><td class=\"has-text-align-left\" data-align=\"left\"><ul>    <li>nCROE of 18.43% \u2013 exceeded 2023 target measure of 13% <\/li>  <\/ul><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>By ensuring financial flexibility, we will facilitate access to funding to weather periods of low gold prices, to reward shareholders and to act on strategic opportunities throughout the economic cycle.<\/p>\n","protected":false},"author":2,"featured_media":798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[20],"tags":[],"class_list":["post-785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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