Welcome to the Perseus Mining Investor Webinar and Conference Call. All attendees are in a listen only mode. If you would like to ask a question, please enter it into the Q&A panel within Zoom. I'll now hand over to Perseus Mining CEO and Managing Director, Jeff Quartermaine. Thank you, Geoff.
Thanks very much, Nathan, and Welcome to Perseus Mining's Webinar to Discuss Our Full Financial Year 2022 Results. I'm joined on the call today by my colleague, Lee-Anne de Bruin, our Chief Financial Officer, who will take you through the details of the financial report that was released this morning to the market. She'll also be available later in the call to answer any detailed questions that you have about either the financial results or indeed our very comprehensive financial report. I'm also joined on the call by Paul Thompson, our Head of Organic Growth. Paul will be available later in the call as well, should there be any questions about the releases that we put out yesterday concerning our resources and reserves and the Yaouré underground in particular.
Before passing to Lee-Anne, though, let me just say that, fiscal 2022 has been an excellent year for Perseus, as we've consolidated our transition to now being a highly profitable multi-mine, multi-jurisdictional company that consistently delivers on our promises. Our production during the year of 494,014 ounces of gold at an all-in site cost of $952 an ounce ranks very favorably when compared to our peers, both here in Australia and internationally. We acquired our next multi-million ounce gold development project through the acquisition of Orca Gold during the year.
As Lee-Anne will tell you, we've just delivered a record financial performance as measured by both cash flow and earnings, placing Perseus in a strong position to continue what has become one of the better stories in the Australian gold space. Enough of this. Let me now pass over to Lee-Anne to tell you exactly what has been achieved in fiscal 2022. Lee-Anne, please.
Thanks, Jeff. As you can see, the operational production has delivered a record performance against Perseus's key financial metrics, which I will talk to in a little bit more depth. In summary, Perseus for FY 2022 has delivered a milestone revenue of AUD 1.1 billion, up 66% on the financial year 2021. This has delivered a profit after tax of AUD 280 million, up 101% on last year. Operating cash flow is up 73% from last year at AUD 523 million, positioning the group well for repayment of debt, delivery of our growth strategies, and returning to shareholders via a declaration of a final dividend of AUD 0.0164 per share.
As mentioned earlier, the revenue's up 66% to AUD 1.1 billion, and this has resulted in an EBITDA of AUD 564 million, up 86%. This was a result of the higher gold prices combined with higher production due to full-year contribution from the Yaouré Gold Mine. The Yaouré contribution was offset by an expected reduced production at Sissingué Gold Mine and the underperformance at Edikan. The revenue increase translated into excellent growth in all Perseus' earnings metrics, with gross profit from operations up 75% at AUD 350 million. A slightly deeper dive into the strong growth earnings metrics, namely profit after tax of AUD 280 million, which is up 101%. It's worth noting the following material inclusions.
Cost of sales increased by 49%, proportionately less than the 66% increase in revenue. This was due to the increased production coming from Yaouré, which achieved an all-in site cost of AUD 668 per ounce during the FY 2022 financial year. Income tax decreased by AUD 23 million due to lower profits from Edikan. Depreciation and amortization increased by AUD 214 million, 107% up. This was predominantly due to the amortization of the Yaouré Gold Mine for a full financial year-end, when compared to only three months in FY 2021, and that was obviously due to the declaration of commercial production in March 2021.
The increase in profit after tax was achieved after recording impairments of AUD 43.4 million as well, in 2022, compared to the FY 2021 impairment of AUD 6.8 million. An impairment assessment was prepared in relation to the Bagoé project due to the finalization of the related feasibility study and its inclusion in the sustaining Life of Mine plan during the year. An impairment of AUD 33 million was processed in relation to the Bagoé project, with the balance of the carrying value being transferred to assets under construction as part of the Sissingué Gold Mine project moving forward. The remaining AUD 10 million of impairment relates to write-offs in relation to unsuccessful exploration of near-mine targets at Sissingué and Edikan. The earnings per share has increased up by 96% to AUD 0.1877 per share. Excuse me.
This is taking into account the weighted average impact of additional 125 million shares issued as part of the Orca transaction. Our earnings per ounce was up 34% at $582 per ounce, or the 50% increase in ounces produced on last year. The growth in cash flow, similar to our strong earnings metrics, the operational performance has delivered excellent growth in Perseus' cash flow metrics. Operating cash flow from operations was up 73% at AUD 523 million, generating operating cash flow per share of AUD 0.42 per share and AUD 1,058 per ounce. The growth in cash flow has positioned Perseus as well to invest in growth strategies such as exploration and Orca during 2022. Moving on to our balance sheet.
The group ended the financial year with a strong balance sheet, including cash and bullion balances of $ 476 million, and interest-bearing debt of $50 million. This cash and bullion balance is after investing cash flows of AUD 166 million, including the initial Orca acquisition of AUD 30 million and exploration of AUD 55 million. It's worth noting that we've made a subsequent payment of AUD 25 million in August 2022 on the corporate revolving facility, leaving a drawn down balance of $25 million and an available draw down of $125 million. Net tangible assets are at AUD 1.2 billion, up 28% on previous financial year, and producing a net tangible assets per share of AUD 0.87 per share.
Looking forward to financial year 2023, Perseus' guidance for the six months to December 2022 remains unchanged, with the focus remaining on the corporate objective of delivering 500,000 ounces per annum at a cash margin of not less than $400 per ounce. Perseus' is guiding for the six months to December 2022, 240,000-265,000 ounces produced at an average all-in site cost of $1,000-$1,100 per ounce. Our continued focus in FY 2023 will be driven by the strong contribution from the Yaouré Gold Mine, significant reduction in capital expenditure and balance sheet management initiatives. We will continue with fiscal discipline in what is an ever-changing fiscal and cost environment.
Our dividend policy will remain focused on disciplined return to shareholders while maintaining a balanced capital structure and capacity to fund our corporate growth objectives. That brings me to the Perseus' dividend declaration of final dividend for FY 2022. Giving consideration to Perseus' strong performance in FY 2022, the board of Perseus' has declared a final dividend of AUD 0.0164 per share, which is a cumulative of AUD 22 million returned to shareholders. This is in addition to the FY 2022 interim dividend paid in March of AUD 0.0081 per share, a cumulative of AUD 10 million, and an annual yield of 1.5%. The final dividend of AUD 0.0164 includes a bonus dividend of AUD 0.0079 per share, or a 0.5% yield over the 1% sustainable dividend policy.
The cumulative return to shareholders since August 25 last year is AUD 50 million, which includes the capital reduction, the FY 2022 interim dividend, and the FY 2022 final dividend declaration. That brings me to the end of the presentation of our financial results. I'll now hand back to our CEO, Jeff Quartermaine.
Well, thanks very much, Lee-Anne. That was a very comprehensive summary. Now, before opening the floor to your questions, can I please take this opportunity to give you a bit of an update on what we've actually achieved at Perseus since the end of the financial year. I'm aware that following the release of our last quarterly report, a few of our investors raised concerns about the challenges that we reported at Edikan last quarter. Now, I'm delighted to tell you that since we restarted our mill at Edikan following the maintenance shutdown in June, everything's gone exceptionally well. In fact, in July, Edikan recorded the best month of gold production since December 2018. The way August is shaping up, I expect that August will be better than July.
By around the middle of August, Edikan had actually passed its total June quarter production. The operation is very well placed to achieve, if not exceed, guidance both this quarter and in the December 2022 half that Lee-Anne just mentioned. Now, not to be outdone, the Yaouré's continued to outperform all of our expectations, as has Sissingué. It just keeps chugging away, beating budget month in, month out. Production-wise, and in terms of all-in site costs, we're in very good shape, having started the quarter very strongly. We're looking forward to reporting another excellent quarter in October, Inshallah, as they say in our new home in Sudan. On the organic growth side of things, the CMA underground is shaping up very well. Now, we released details of an initial ore reserve for CMA underground yesterday.
I should stress that these results relate only to the first 200 m down dip. We have a bit of infill drilling to be done to extend the reserve, but from step out holes that we have drilled, we've confirmed that the continuity of the CMA structure for at least about a kilometer down dip and have noted that mineralization also continues. That's pretty exciting. Our deep drilling program at CMA, which is investigating what lies at depth beneath the structure is in its infancy, but the first couple of holes we've completed have returned some really interesting results. You'll certainly be hearing more of this before we're done.
In terms of our next development project in Sudan, this is also looking very good, where we've been doing a lot of preparatory work before striking out on the ground. We're ready to sign a drilling contract with a very highly reputable drilling company with significant global experience, including across Africa, and they should be mobilizing to site within weeks. Their job will be to perform an infill drilling program aimed at materially increasing the mineral resource and ore reserve, and also doing sterilization drilling ahead of construction of mine infrastructure.
We've been working very closely with the Sudanese government to put in place all of the structures and mechanisms needed to cost efficiently import equipment necessary to start preparing the camp and infrastructure ahead of an influx of drillers and later on construction workers. We couldn't be more pleased with the level of support that we're receiving in Sudan from the very highest levels of government. We're very, very excited about what lies ahead of us on that project. Not only have the financial results for fiscal 22 that Lee-Anne has described been excellent, but we're very pleased to say that the strong performance that delivered those results is continuing into the new year. Our shareholders can certainly look forward to the continuing strong results in the periods ahead.
Thank you very much, indeed for your attention today. This brings our presentation to a close. Now, Lee-Anne, Paul, and I are happy to take any questions that you may have in relation to either these results or any other aspect of Perseus' business. Thank you very much.
Just a reminder, if you'd like to ask a question, please enter it into the Q&A panel within Zoom. Your first question comes from Reg Spencer at Canaccord Genuity. He said, "Congratulations on a good year. My question relates to the Yaouré CMA underground." He notes in yesterday's announcement, "Yesterday's announcement included a maiden reserve for the underground. Can you help us understand what development timelines and production scheduling might look like?
Look, we have a good deal of work to be done. We would like to think that we would be bringing this into the mine plan around fiscal 2024. There is some work to be done yet and you know, particularly in regards to regulatory approvals, et cetera, et cetera. Certainly we think that's eminently achievable and we'll be you know issuing a comprehensive Life of Mine plan that includes that underground work as soon as it's available.
Thank you. Your next question comes from Patrick Collier at Credit Suisse. He's asked, "Could you please elaborate on your thinking around the FY 2023 balance sheet initiatives mentioned in the presentation?
Well, look, in terms of FY 2023, we've paid down, subsequent to year-end, I think AUD 25 million, so we're down to AUD 25 million. With an eye to the future, both in terms of development of the Sudan project and various other initiatives, we may look at upsizing our corporate debt facility, which I think starts to step down at the end of this calendar year. That's something that we'll be working on going forward. That will give us the capacity to you know, spend money on growth, et cetera, et cetera. That'll be the main initiative at this point, I think. I mean, as Leanne made the point, you know, fiscal discipline is a key part of what we do.
We won't be getting carried away in any of these things. I think that we would like to have, you know, a level of leverage in the business as we go forward.
Thank you. There are no further questions at this time. I'll now hand back to Jeff for closing remarks.
Okay. Well, thanks, Nathan. Thank you very much, listeners, for your attendance to the call this morning. As I said, it's been a very good year for Perseus, and we are looking forward to delivering more of these excellent results in future periods and confirming our position as one of the better gold stories in the Australian market. Thanks very much.