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Leverage Ratios

30 June 2019 30 June 2018
Net debt1 US$564.8m US$520.7m
Consolidated net debt for bank debt covenant measurement US$595.2m US$531.6m
Gearing2 173% 92%
Adjusted EBITDA3 US$153.0m US$195.4m
EBITDA margin4 33% 39%
Consolidated net debt: EBITDA5 3.9x 2.7x
EBITDA net interest cover6 2.6x 2.7x


1. Net debt is the US$ loan notes and bank loans and borrowings net of cash at bank
2. Gearing is calculated as 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
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, (excluding exchange gains or losses and unwinding of present value adjustment for rehabilitation costs) plus capitalised interest.