Leverage Ratios

FY 2017
IFRS Net debt1 US$555.3m
Consolidated net debt for bank debt covenant measurement US$616.8m
Gearing2 86%
Adjusted EBITDA3 US$157.2m
EBITDA margin4 33%
Consolidated net debt: EBITDA5 3.9x
EBITDA net interest cover6 2.8x
Adjusted operating cashflow7 US$160.2m

Notes:

1. Net debt is the US$ loan notes and bank loans and borrowings net of cash at bank
2. Gearing is calculated as IFRS net debt divided by total equity
3. Adjusted EBITDA, stated before depreciation, share-based expense, net finance expense, tax expense, impairment charges, net unrealised foreign exchange gains
and losses and loss on discontinued operations
4. EBITDA margin is Adjusted EBITDA divided by revenue
5. Consolidated net debt: EBITDA is Consolidated net debt divided by Adjusted EBITDA
6. EBITDA: net interest cover is EBITDA divided by net finance costs, exchange gains or losses and unwinding of present value adjustment for rehabilitation costs