[Call starts abruptly]

With me today are our CFO, Paul Schmidt; Nico Muller, EVP for the South Africa Region; Stuart Matthews, Executive Vice President for the Australia Region; Richard Butcher, Executive Vice President of Technical for our group and Avishkar Nagaser, Investor Relations Executive Vice President. Before we start, let me mention the tragic fatality we had at South Deep today. This is the second fatality we have had at the mine so far this year. Obviously it's a severe setback after we have reported some significant improvements over the past few years in our safety record. We are resolved to address the underlying causes to these accidents and to again improve our safety, which is obviously fundamental to our business and is a high moral requirement. During 2016, we achieved a number of our strategic objectives including improving safety, achieving our guidance for the fourth year in a row, generating strong net cash flow, deleveraging a balance sheet and growing the dividend in line with higher normalized earnings. In addition, we are investing in the future to allow us to continue to deliver and grow sustainable free cash flow for years to come. For the year under review, both production and cost beats original guidance with attributable gold equivalent production of 2.146 million ounces, largely flat year-on-year at all-in sustainable costs of $980 per ounce, which compares to $1,007 in the previous year and all-in cost of $1,006 per ounce and that compares to $1,026 an ounce in the previous year. Our focus on generating free cash flow yielded positive results again in 2016 with the eight mines in the group generating net cash flow of $444 million, compared to $254 million in 2015. Now, that cash flow is after all capital expenditure, taxes royalties, G&A -- in other words, everything. A…

Thank you. [Operator Instructions] It seems like there are no questions on the conference call.

Good. Well, in that case, for those people who did dial in, we appreciate your time and I'm sure that we'll talk to you again in the near future. And with that we'll say goodbye.

Apologies, there seem to be one question on the line.

Go ahead.

Our question is from Sergio [ph] from JPMorgan.

Thanks a lot. This is Rafael [ph] from JPMorgan. I thought I might as well give you there some company. I guess I'm talking from the credit perspective. I was wondering if you can just give us some thoughts on given the fact that you delevered now down to less than 1x net debt to EBITDA, but obviously now your CapEx spend is going up. Can you give us some idea about where you should -- I mean assuming gold prices stay around to where also 25 level and given the guidance that you have, what levels are you expecting at the end of this year and what kind of -- do you expect to get any free cash flow or are this going to be a cash year for you?

The net debt EBITDA should be as what process as of today shipping out 1.5x and at that no, we won't make cash for this year. The core business will make and those of existing operations that obviously we've got the heavy investment into the three projects that Nicolas has talked to. It's about 1.5x net debt to EBITDA at the end of the year.

And do you think that I guess the investment cycle is fairly heavy this year? I guess a little bit lighter, but it's still on the heavier side mix and you start getting inflow on the return on investment 2019. So this 1.5x, you think is this a peak level? Do you think it may creep up more [indiscernible] prices?

There will be good -- remember the spin next year is lower and that spot -- we turn positive next year again marginally, but the peak is at the end of this year.

Got it, okay. That's the only question I had. Thanks a lot.

Thank you. We don't have any other questions on the line.

Okay, thanks. Then we'll close the call. Thank you very much, everybody. Have a good day.