Newcrest: Result 2012

A year of higher gold prices has closed with Newcrest generating negative free cash flow. Again.

Although higher gold prices propelled Newcrest Mining’s revenue 8% higher for the full year, underlying profit rose just 2% to $1.08bn. Flooding in New South Wales and technical problems at Lihir drove production 8% lower to 2.3m ounces. Earnings per share rose 3% to 142 cents per share, from which a 35 cent partly-franked dividend was declared  (ex date not yet known). Operating cashflow was unchanged at $1.7bn, but the company spent $2.7bn on capital expenditure, leaving it with negative free cashflow of about $1bn.


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