Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Aug 2013investor presentation● Neutral
Presentation repeats the FY2013 results: net loss $82.2m, underlying EBITDA $18.6m, cash $110.5m, interest-bearing debt $582.0m, gearing 12.5%. Includes the capital spend and the Coalworks acquisition cost of $154.9m. No new announcements in the text provided.
20 Aug 2013production update▲ Good
Narrabri thermal coal, now blended with the new CHPP by-pass circuit, tested at over 6,000kcal/kg, meeting the Newcastle benchmark. Narrabri PCI output is forecast at about 650,000t in FY2014. Addresses the earlier below-benchmark quality problem and should lift margins.
19 Aug 2013other● Neutral
Second and final in-specie distribution of Orpheus Energy shares paid to former Coalworks shareholders, at 0.0672 Orpheus shares per Coalworks share. Completes the arrangement announced in September 2012.
22 July 2013production update▲ Good
Narrabri's first longwall changeout is finished safely, on time and on budget, and cutting started in panel 2. Weekly output should return to normal levels over coming weeks. Addresses a point of shareholder focus on the ramp-up.
19 July 2013regulatory community update▼ BadMajor
A group has started Federal Court proceedings against the Environment Minister and Whitehaven, challenging the 11 February 2013 Maules Creek approval on legal grounds. Whitehaven says construction can proceed meanwhile and will seek an expedited hearing. A new risk to the approval just won.
4 July 2013regulatory community update▲ GoodMajor
Maules Creek receives all approvals needed to start construction. Capex is about $767m, with $607m still to spend ($455m Whitehaven's 75% share), funded from existing facilities and cashflow. Rail loop work starts August; first coal sales expected second half of 2014.
19 June 2013security holder rights change● NeutralMajor
Farallon Capital buys about 9.91% of Whitehaven from Tinkler entities and agrees to buy another 1.63%, becoming largest shareholder. Rest of Tinkler's stake went to other members of its lending syndicate. Ends Tinkler Group's role as largest shareholder.
12 June 2013investor presentation● Neutral
UBS conference presentation by MD Paul Flynn largely repeats known facts: Maules Creek at 75%, Vickery now 100%, and a path to about 23Mtpa saleable production by FY2017. No new figures or events are announced.
13 May 2013other▲ Good
Whitehaven settles the claim by Hamish Collins, ex-Aston CEO, over alleged equity entitlements under his Aston contract. Terms are confidential, but Whitehaven says it paid an immaterial sum. Resolves the lawsuit filed in April 2012.
7 May 2013production update▲ Good
Record monthly coal railings of 0.95Mt in April, beating the 0.82Mt record set in January, reflecting the Narrabri ramp-up. Whitehaven projects FY2013 ROM production and sales of 9.0Mt each, including 0.9Mt of purchased coal, and expects lower take-or-pay charges.
30 Apr 2013admin correction● Neutral
Re-release of the March quarterly report, amended only to add the equity-basis production tables on page 4. Other content is unchanged.
22 Mar 2013regulatory community update▼ Bad
Whitehaven cuts costs at Rocglen and Tarrawonga, removing one excavator and four trucks at each site. About 30 permanent and 10 contractor jobs go. It cites weak coal prices, the exchange rate and cash margin pressure, and says the mines stay viable at current prices.
12 Mar 2013regulatory community update▲ GoodMajor
The federal government approves the Tarrawonga expansion, subject to conditions, following NSW approval in January. Output can rise from 2 to 3Mtpa and mine life extend from 2017 to 2030. Whitehaven owns 70% and Idemitsu 30%. Closes that open thread.
8 Mar 2013asset acquisition disposition▲ GoodMajor
Whitehaven buys Itochu's 29% interest in Vickery South, plus its right to rise to 49%, taking the project to 100%. Payment is 11.47 million Whitehaven shares, and Itochu's offtake and sales agency rights end. Vickery's environmental impact statement went on display 5 March.
26 Feb 2013investor presentation● Neutral
Presentation repeats the half-year results: underlying EBITDA $8.2m, net loss $47.0m, and undrawn debt facilities of $650m. Maules Creek construction is targeted for mid-2013. No new information beyond the results release.
26 Feb 2013half year report▼ BadMajor
Half-year to December 2012: underlying EBITDA $8.2m, as guided, but net loss $47.0m versus a $19.9m profit a year earlier, including about $20m from Sunnyside closure accounting. No interim dividend. Cash $83.2m, debt $487.5m; Maules Creek construction targeted mid-2013.
26 Feb 2013resource reserve update▲ GoodMajor
Total coal resources rise 2% to 3,787.9Mt from 3,706.7Mt in August 2012, with marketable reserves unchanged at 776.58Mt. Ferndale rises 21% to 445.7Mt and Pearl Creek to 52.4Mt, while Vickery resources dip 6.5Mt.
21 Feb 2013director officer appointment● NeutralMajor
Paul Flynn, a Whitehaven non-executive director and former Tinkler Group MD, becomes MD/CEO from 25 March 2013, replacing Tony Haggarty, who stays as a non-executive director. Flynn's fixed pay is $1.3m a year. Resolves the succession thread.
11 Feb 2013regulatory community update▲ GoodMajor
Minister Burke grants conditional federal approval for Maules Creek, only four days after the extension. Resolves the long-awaited federal approval, following NSW approval in October. Whitehaven will seek to start production as soon as possible despite the difficult coal market.
7 Feb 2013regulatory community update▼ Bad
The federal environment department and Minister Burke extend the Maules Creek assessment by three months to 30 April 2013. Whitehaven is 'extremely disappointed' and says it knows of no substantive issues. Delays the December-assumed federal approval for the 75%-owned project.
31 Jan 2013quarterly activities report▼ BadMajor
December quarter ROM output rose 96% to 2.367Mt, with Narrabri producing 1.063Mt. But weak coal prices and a strong Australian dollar leave first-half EBITDA expected below $10m, with the second half similar if conditions persist. Writedowns and the derailment also weigh.
25 Jan 2013regulatory community update▲ GoodMajor
The NSW Planning Assessment Commission approves the Tarrawonga expansion, subject to stringent conditions, lifting output from 2Mtpa to 3Mtpa and extending mine life to 2030. Federal approval is still awaited. Follows Maules Creek's NSW approval in October.
25 Jan 2013director officer appointment● Neutral
Jamie Frankcombe, from Fortescue, becomes Executive General Manager Operations from 4 February, replacing Allan Davies, who retires after about four years in the role and stays on part-time as a consultant.
7 Jan 2013admin correction● Neutral
Whitehaven says a hoax media release claiming ANZ had withdrawn the $1.2 billion bank facility is false, and ANZ has confirmed it is a hoax. The facility is unaffected.
28 Dec 2012contract award▲ GoodMajor
Aurizon announces a 12-year contract from 1 July 2014 to haul up to 16Mtpa of Whitehaven coal from four sites including Maules Creek, with Aurizon investing up to $280m. It adds a second rail operator in the Gunnedah Basin.
28 Dec 2012material agreement▲ Good
Whitehaven confirms a long-term rail haulage agreement with Aurizon for up to 16Mtpa of Gunnedah Basin export coal, supplementing existing arrangements and brought on progressively as growth requires. Whitehaven's own release gives no term or start date.
21 Dec 2012debt financing▲ GoodMajor
Financial completion of the A$1.2 billion four-year senior secured bank facility, now underwritten by ANZ, CBA, Macquarie and NAB. It replaces existing facilities and funds corporate needs and Maules Creek. Closes the refinancing thread.
19 Dec 2012price query● Neutral
Responding to a press report, Whitehaven says it has discussed possible synergies with Shenhua in the Gunnedah Basin, but has received no proposal from Shenhua to sell assets to it or to acquire Whitehaven.
17 Dec 2012director officer appointment● Neutral
Jonathan Vandervoort, former CEO of the Hunter Valley Coal Chain Co-ordinator, is appointed Executive General Manager Infrastructure from mid January. He also takes over new projects previously under Business Development, the unit just scaled back.
14 Dec 2012regulatory community update● Neutral
The rail line is now expected to reopen on 20 December, five days earlier than advised. The trucking application is still being assessed, and a small trial raised issues mainly around increased grain and freight traffic.
