Ann: FY17 Financial Report, Appendix 4E, briefing and webcast, page-9

The kings of cash generation. St Barbara, Northern Star and Evolution have so far stood out as the cash generation performers over this reporting period. Highlights of financial reports below:

•  SBM has presented as a leader in cash generation of our coverage universe so far this reporting season. SBM reported underlying EBITDA of $321m within 1% of our forecast. NPAT of $158m was 8% lower than our forecast due to a slightly higher D&A charge. Operating cash flow of $303m and an impressive free cash result of $250m were both in line with expectations. SBM repaid $228m in USD notes during the year, leaving the company debt free with net cash of $161m.
  
  
•  NST delivered a quality FY17 result in line with our expectations. The company delivered Npat of $215.3m and generated free cash flow (after exploration) of $154.3m, both in line with our expectation and demonstrating the cash-generative capacity of the business.
  
  
•  EVN’s strong result was driven by a strong beat at Ernest Henry. FY17 earnings were stronger than we forecast, with higher earnings delivering Ebitda of $704.8m—12% better than the forecast—and Npat of $217.6m, a 27% improvement on our expected