As at 30 June 2013, Newcrest had net debt, comprising total borrowings less cash, of A$4,142 million. This was A$1,976 million higher than the 30 June 2012 net debt position. The primary driver of the movement during the period was funding of the Company’s major growth projects and the impact of a stronger USD on the foreign currency translation of USD denominated debt. The gearing ratio (net debt to net debt plus equity) as at 30 June 2013 was 29.1%, after effecting the asset impairments and write-downs. Movements in net debt during the period: A$M Net debt at 30 June 2012 (Gearing 12.5%) 2,166 Issue of USD corporate bonds 948 Net drawdown on USD bilateral bank facilities 431 Retranslation of USD denominated debt 427 Net movement in cash balances 173 Net movement in finance leases (3) Net debt at 30 June 2013 (Gearing 29.1 %) 4,142
NCM Price at posting:
$7.77 Sentiment: None Disclosure: Held
