Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2022annual report▲ Good
The FY22 Annual Report repeats the audited results: record EBITDA of A$423m, 8.96Mt total coal sales and a 10c dividend paid. The chairman flags a capital management review that may include buy-backs, and a focus on Australian assets.
30 Aug 2022annual report▲ GoodMajor
Preliminary FY22 results: revenue A$804.6m (up 46.5%), profit after tax A$215.7m, A$170.6m attributable, against last year's loss. Net tangible assets are 16.76c per share. Accounts are still being audited; the 10c dividend is confirmed.
26 Aug 2022dividend declaration▲ GoodMajor
A 10c unfranked final dividend (7.5c ordinary plus 2.5c special) is declared, payable 19 September. Policy is revised to 60-90% of profit paid quarterly, replacing the April 40-70% half-yearly policy, with future dividends franked. A capital management review is under way.
8 July 2022director officer appointment● NeutralMajor
Founder and Executive Chairman Craig Ransley retires under his employment contract, having founded the company (then Guildford Coal) in 2010. Non-executive director Graeme Campbell becomes Non-Executive Chairman, and the board is reviewing its composition.
17 June 2022admin correction● Neutral
Re-release of the 16 June offtake announcement, only adding a footnote naming the Japanese partner as JERA Global Markets. No other change.
16 June 2022contract award▲ GoodMajor
Offtake agreement signed with a Japanese trading partner for up to 1.25Mt over 13 monthly cargoes, August 2022 to August 2023, priced to the Newcastle index. Blair Athol targets 2.2Mt in FY23 and is fully sold until October 2022; the 10c dividend forecast is repeated.
10 June 2022other▲ GoodMajor
Blair Athol June quarter EBITDA is forecast at about A$180m, with full-year attributable EBITDA of about A$423m. OCP Asia is converting its US$20m note into 39.9m shares (about 5%), removing a roughly A$27m cash liability. A first dividend of about 10c is forecast for September.
25 May 2022debt financing▲ GoodMajor
The Euroclear bond is fully repaid after the final US$20m of prepayment funds went to bondholders. It had been restructured in October 2021 and was originally due 31 December 2022; a dividend for the period to 30 June 2022 is still expected.
20 May 2022debt financing▲ Good
US$20m more of prepayment funds went to bondholders, cutting principal to US$18.8m. US$40m of the US$60m prepayment has now been received, with the last US$20m expected by 27 May.
16 May 2022other● NeutralMajor
US$10m more of the prepayment arrived, with US$30m expected by 27 May, and the customer has made it interest free (previously 8%). TerraCom is withdrawing from all Guinea interests, ending the Kalia iron ore and bauxite threads, and reviewing non-core assets. June quarter: eight Blair Athol cargoes, about 650kt.
5 May 2022debt financing▲ Good
A further US$15m went to bondholders, cutting bond principal to US$38.8m. The remaining US$40m of the prepayment is delayed, but the chair says a dividend for the period to 30 June 2022 is still on track.
20 Apr 2022debt financing▲ GoodMajor
US$35m was paid to bondholders in April, including the first US$20m of the US$60m prepayment, cutting bond principal to US$53.5m. With the remaining US$40m and a further US$15m from operations, the bond would be fully repaid.
8 Apr 2022dividend declaration▲ GoodMajor
The board adopts a formal dividend policy of paying 40% to 70% of attributable net profit after tax, half-yearly and yearly, starting once all debt is repaid. This formalises earlier talk of dividends after deleveraging; the first dividend since 2019's 1c.
28 Mar 2022debt financing▲ Good
A further US$15m was paid in March, taking bond principal to US$87.7m. With the US$60m prepayment due in April, the bond is now expected to be mostly repaid in April, and a dividend for the half to 30 June is still expected.
18 Mar 2022contract award▲ Good
Blair Athol is now fully sold until the end of July 2022, with ten cargoes (about 750kt) scheduled for April to July. One cargo is fixed at US$300/t; the March quarter target is about 600kt.
4 Mar 2022debt financing▲ Good
A further US$20.8m was paid to bondholders in February, cutting bond principal to US$102m. Coal sales and EBITDA reporting move to quarterly, while debt updates continue monthly.
28 Feb 2022half year report▲ GoodMajor
Half-year to December 2021: revenue A$387.4m (up 51%), profit after tax A$57.4m (up 186%), reversing last year's loss. No dividend was paid. North Block was deconsolidated from 31 October 2021 after the operating agreement expired, as TerraCom lost operational control.
28 Feb 2022debt financing▲ GoodMajor
Binding term sheet for a US$60m prepayment against 600,000t of Blair Athol coal, delivered June 2022 to May 2023, at 8% fixed interest. Proceeds go to the bond, now to be fully repaid by 30 June 2022, with dividends expected for the period to 30 June.
28 Feb 2022admin correction● Neutral
Re-release of the half-year accounts, unchanged apart from a date added on page 9. No new substance.
15 Feb 2022production update▲ Good
January combined operating EBITDA was A$54.9m: Blair Athol A$38.5m and South Africa A$16.4m on a 100% basis, on 548kt sold. South Africa has returned to its year-to-date run rate after December's weather.
14 Feb 2022debt financing▲ GoodMajor
Bond principal was US$121.3m at 31 January, and US$20m will be paid in February, taking it to about US$102.6m. About US$15m a month is expected thereafter, with full repayment now forecast in the September 2022 quarter, earlier than the December 2022 maturity.
10 Feb 2022production update▲ Good
Blair Athol January operating EBITDA was A$38.5m on 247kt sold, a margin of about A$156/t, 32% above December's, including the delayed December shipment. Chair reiterates focus on debt reduction and capital returns.
8 Feb 2022production update▲ Good
January equity coal sales were 516kt, with three Blair Athol cargoes shipped including the delayed December one. South Africa sales recovered 53% on December. Year-to-date annualised equity sales are 5.5Mt; Blair Athol stays fully sold to mid-May.
31 Jan 2022investor presentation● Neutral
AGM presentation stating the company has begun a balance sheet transformation, with the next 12 months focused on debt reduction and capital returns to shareholders. The visible text is the quote and a disclaimer; no new figures.
28 Jan 2022director officer appointment● NeutralMajor
Graeme Campbell and Mark Lochtenberg, the nominees of the two requisitioning shareholder groups, were appointed to the board on 28 January, ahead of the AGM. This settles the October challenge by agreement; their election votes still go ahead.
18 Jan 2022production update● Neutral
December combined operating EBITDA was A$24.5m: Blair Athol A$19.8m on 167kt (A$118/t) and South Africa A$4.7m on a 100% basis, hit by heavy rain. The delayed 79kt cargo's revenue moves into January.
7 Jan 2022production update● Neutral
December quarter Blair Athol sold 502kt at A$219/t, short of the 575kt forecast because a 79kt shipment sailed on 5 January after weather delays at the port. Revenue beat the A$210/t forecast; FY2022 target remains about 2.3Mt.
4 Jan 2022debt financing▲ GoodMajor
Euroclear bond principal fell US$32.2m (19%) in the second half of 2021 to US$134.9m, after US$44.1m of interest, fees and principal payments. This is early progress on the repayment plan towards the December 2022 maturity.
20 Dec 2021contract award▲ Good
Blair Athol coal is now fully sold until mid-May 2022, after a sale of four cargoes (about 320,000t) for March to June 2022 to its main Japanese buyer, priced off the globalCOAL Newcastle Index.
16 Dec 2021production update▲ Good
November combined operating EBITDA was A$31.9m: Blair Athol A$20.0m (A$112/t) and South Africa A$11.9m on a 100% basis. Blair Athol stays on target for 575kt in the December quarter.
