Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2024quarterly activities report▼ BadMajor
March quarter: Blair Athol sold 315kt after a shipment slipped into April, and FY24 guidance is cut again to 1.7Mt. No dividend is declared as the company repays historical tax obligations. Cash A$11.4m plus A$56.4m restricted.
29 Feb 2024half year report▼ Bad
Half-year to December 2023: revenue A$141.3m (down 67%) and profit after tax A$31.5m (down 83%). Only the 3c September dividend was paid in the period. NTA is 21.76c. Accounts were reviewed by auditors.
1 Feb 2024director officer appointment● Neutral
Non-executive director Craig Lyons resigns after three and a half years, joined in July 2020 after the South African acquisition. He will stay on as a consultant on South African operational matters.
31 Jan 2024quarterly activities report▼ BadMajor
December quarter: Blair Athol sold 418kt at A$159/t amid a geological event and heavy rain; operating EBITDA was A$24.1m. FY24 guidance is cut to 1.8-2.0Mt from about 2.0Mt. No dividend is declared, citing weather and income tax obligations. Cash A$21.6m plus A$56.4m restricted.
29 Nov 2023investor presentation● Neutral
AGM presentation. Only the disclaimer is visible, with no new figures or events readable, so it appears to repeat known information.
31 Oct 2023quarterly activities report▼ BadMajor
September quarter operating EBITDA was A$35.2m, down from A$55m in June. Blair Athol sold 426kt at A$176/t; FY24 guidance is about 2.0Mt. No dividend is declared for the quarter, after 3c paid in September, to keep liquidity strong.
27 Oct 2023other● Neutral
The 2023 Corporate Governance Statement reports practice against ASX recommendations. It notes the board now has six directors, one of them a non-executive who is not independent. Administrative filing with no new events.
27 Oct 2023annual report● Neutral
The 2023 annual report repeats known FY23 results: record NPAT A$262m, 8Mt coal sales, and 23.5c in dividends. The chairman says management has a formal process to appraise growth projects and acquisitions, though shareholder returns remain the priority.
27 Oct 2023other● Neutral
Appendix 4G, the checklist locating the governance disclosures for the year ended 30 June 2023. It is an administrative filing with no substance of its own.
6 Oct 2023director officer appointment● Neutral
David Norris joins as non-executive director, representing substantial shareholder John Singleton Group, where he is CEO. He is a former Deloitte director and will stand for election at the 29 November AGM. Partly refills the board after Campbell's exit.
31 Aug 2023annual report▲ GoodMajor
FY23 results: revenue A$660.6m (down 18%), profit after tax A$262.5m (up 5%), with A$262.1m attributable to owners. NTA is 20.96c. A$244m of dividends were paid in the year; a 3c final dividend is declared. Control of one South African entity (49% held) was lost.
31 Aug 2023admin correction● Neutral
The company confirms the June-quarter dividend dates despite the date noted in the Appendix 4E: ex-date 11 September, record date 12 September, payment 28 September 2023.
31 Aug 2023dividend declaration▲ Good
A 3.0c fully franked dividend is declared for the June quarter, payable 28 September. FY23 dividends total 23.5c (about 72% of profit). The company describes record profit of A$262m, up 5%.
13 June 2023production update▼ BadMajor
Blair Athol FY23 coal sales are now expected at 1.8-1.9Mt, down from the 2.1Mt forecast (originally 2.2Mt), because of Queensland logistics delays. The company says the shortfall is timing only, with sales moving into early FY2024.
31 May 2023dividend declaration● Neutral
A 3.0c fully franked dividend is declared for the March quarter, payable 27 June, well below the previous 7.5c. Total for the nine months is 20.5c (about 73% of profit), and A$244m will have been returned since July 2022.
26 May 2023price query● Neutral
ASX queried TerraCom after the share price fell from a high of A$0.655 on 24 May to A$0.53 on 25 May on sharply higher volume. The text of the company's reply is garbled and unreadable, so no answer can be confirmed.
19 May 2023director officer appointment▼ BadMajor
Chairman Graeme Campbell resigned after about 16 months on the board; Mark Lochtenberg becomes Non-Executive Chairman immediately. The board is reviewing its composition. It is the third non-executive departure since October 2022. No reason is given.
22 Mar 2023investor presentation● Neutral
Ord Minnett East Coast Mining Conference slides, March 2023. The visible text is only the legal disclaimer (noting South African EBITDA is 100% basis against a 48.9-49.0% equity interest), so no new substance can be confirmed.
3 Mar 2023other▲ Good
S&P Dow Jones index rebalance notice. TerraCom is added to the S&P/ASX 300 and All Ordinaries indices from 20 March 2023. Otherwise a list of other companies' changes.
1 Mar 2023regulatory community update▼ BadMajor
ASIC has filed Federal Court proceedings against the company and current and former officers, including Mr McCarthy, Mr Boom and Mr Ransley, over its disclosures about a former employee in early 2020. The company says it will vigorously defend. Outcome and penalties are unknown.
28 Feb 2023dividend declaration▲ Good
A 7.5c fully franked dividend is declared for the December quarter, payable 23 March, bringing the half-year total to 17.5c (about 77% of profit). The board is considering the frequency of future dividends and will advise of any change.
28 Feb 2023half year report▲ GoodMajor
Half-year to December 2022: revenue A$430.3m (up 11%), profit after tax A$180.4m, up more than 100% on the prior period. A 7.5c fully franked interim dividend is planned. Net tangible assets are 20.07c per share.
8 Dec 2022director officer appointment● Neutral
Mark Ludski is appointed non-executive director and Audit Committee chair, filling the post vacated by Matthew Hunter. He is a chartered accountant and has been CFO and company secretary of Ainsworth Game Technology for 22 years.
28 Nov 2022investor presentation● Neutral
AGM presentation slides. The visible text is only the legal disclaimer, so no new substance can be confirmed from it.
28 Nov 2022director officer appointment● Neutral
Non-executive director Shane Kyriakou, on the board since September 2020, resigned with immediate effect. He is the second non-executive director to leave in two months, after Matthew Hunter.
17 Nov 2022dividend declaration▲ Good
A 10c fully franked dividend (7.5c ordinary plus 2.5c special) is declared for the September quarter, about 75% of attributable profit, payable 9 December. It is the first quarterly dividend under the new policy and the first franked one.
4 Oct 2022director officer appointment● Neutral
Non-executive director and Audit Committee chair Matthew Hunter resigned effective 3 October 2022. He joined in January 2018 as OCP Asia's nominee. This is the second board departure after Craig Ransley's July retirement.
30 Sept 2022other● Neutral
Appendix 4G, the checklist pointing to the corporate governance statement released the same day. Administrative with no new substance.
30 Sept 2022other● Neutral
Annual corporate governance statement assessing practices against ASX recommendations for FY22. Administrative disclosure with no new business information.
30 Sept 2022annual report▲ GoodMajor
Audited FY22 profit after tax is A$249.1m, up A$33.5m from the preliminary A$215.6m, because of adjustments tied to deconsolidating the South African operations. Attributable profit is A$196.1m versus A$170.6m preliminary. Revenue (A$804.6m) and year-end cash (A$69.6m) are unchanged.
