18 Aug 2016investor presentation▲ Good
Results presentation repeating the FY2016 figures: $20.5m profit, $224.1m EBITDA, unit cost $56/t, net debt $859m, gearing 23%. Adds leverage (net debt/EBITDA) of 3.8 versus 7.2 a year earlier.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Aug 2016annual report● Neutral
FY2016 annual financial report with directors' report and accounts, repeating the reported results. Notes commercial production began at Maules Creek during the year. The text shown contains no new figures.
18 Aug 2016annual report▲ Good
FY2016 result: net profit $20.5m versus a $342.7m loss, on revenue up 53% to $1,164.4m and EBITDA up 72% to $224.1m. Net debt fell $76.7m to $859.1m (gearing 23%); a further $35m of senior debt was repaid after year end.
18 Aug 2016annual report▲ GoodMajor
FY2016 result: revenue up 52.6% to $1,164.4m and net profit $20.5m, versus a $330.6m loss in FY2015. Earnings per share were 2.1 cents. No final dividend; AGM set for 27 October 2016.
15 Aug 2016resource reserve update▲ GoodMajor
Reserves rose 94Mt to 982Mt (marketable up 82Mt to 883Mt), driven by Maules Creek open cut reserves up 129Mt (34%) to 510Mt after infill drilling. Total resources slipped 8Mt to 4,029Mt. Could add years to Maules Creek's life.
15 July 2016quarterly activities report▲ Good
FY2016 delivered record ROM production of 20.5Mt, saleable 19.7Mt and sales of 20.1Mt (up 44%), meeting guidance. Maules Creek ran above 9.0Mtpa in the June quarter. Narrabri's second longwall changeout was completed, and LW06 is the last 300m panel.
14 Apr 2016quarterly activities report▲ Good
March quarter set records: ROM production 5.7Mt, saleable 5.3Mt, sales 5.5Mt (up 48%). FY2016 cost guidance is now $57/t, and Maules Creek's next ramp-up to 10.5Mtpa starts January 2017. Narrabri was slowed by ground conditions in LW105.
29 Feb 2016investor presentation● Neutral
BMO conference presentation in Miami repeating known facts: mine portfolio, premium Asian markets, and costs. Says met coal should exceed 35% of sales once Maules Creek is fully ramped. No new company information visible.
5 Feb 2016half year report▲ GoodMajor
Half-year to December 2015: net profit $7.8m versus a $77.9m loss a year earlier, on revenue up 54% to $574.3m and operating EBITDA of $106.4m. Net debt fell to $924.9m (from $935.8m). No interim dividend.
5 Feb 2016investor presentation▲ Good
Half-year results presentation repeating the reported figures: $7.8m profit, $106m EBITDA, $58/t costs, net debt $925m. Adds that Maules Creek capex is cut by $50m to $716m and 0.75Mt of met coal is contracted for CY2016.
5 Feb 2016half year report▲ Good
Media release on the half-year result: $7.8m profit, EBITDA up 104% to $106.4m, unit costs down 8% to $58/t, net debt $924.9m. Maules Creek capex is now $716m total, with $701m spent. Repeats the interim report figures.
12 Jan 2016quarterly activities report▲ Good
December quarter saleable output was 4.9Mt (up 108%) and sales 4.9Mt (up 67%). Maules Creek ran at an 8.5Mt annualised rate and made its first met coal sales; Narrabri set a 8.3Mt CY2015 record. Maules Creek FY2016 guidance rises to 7.6Mt ROM.
16 Dec 2015other▲ GoodMajor
Whitehaven expects H1 FY2016 EBITDA of $100-105m, almost double the prior period, and confirms a first-half profit. FY2016 ROM coal guidance is lifted to 19.5-20.1Mtpa from 18.8-19.4Mtpa, and net debt is expected to fall over FY2016.
10 Dec 2015regulatory community update▲ GoodMajor
NSW approval lifts Narrabri's permitted output from 8Mtpa to 11Mtpa and allows a 400m-wide longwall face. LW07, the first such panel, is expected in H2 FY2017. It should add about 750Ktpa of ROM coal and cut full-production costs by about A$3/t.
16 Nov 2015investor presentation● Neutral
UBS conference presentation repeating known facts: FY2016 saleable production guidance of 18.9-19.4Mt, rising to 26Mt in FY2019, A$1.2bn facility with A$900m drawn, market cap A$1.1bn. No new company information is visible in the text shown.
30 Oct 2015agm notice● Neutral
All five AGM resolutions passed on a poll, including the remuneration report (95.81% for), CEO rights grant, election of Julie Beeby and re-election of John Conde and Tony Haggarty. The board is unchanged.
30 Oct 2015investor presentation● Neutral
AGM chairman's address and MD presentation. Repeats known points: FY2015 targets delivered, second-half profit before significant items of $1.7m, gearing 25%, and the 23Mtpa by FY2018 target. No new information is visible in the text shown.
15 Oct 2015quarterly activities report● Neutral
September quarter: saleable production 4.3Mt (up 31%) and sales 4.5Mt (up 47%). Maules Creek ran at 6.0Mtpa and Narrabri's longwall changeout finished on schedule. Met coal averaged US$70.95/t, with December quarter expected at US$68-72/t.
30 Sept 2015investor presentation● Neutral
Presentation to a Deutsche Bank leveraged finance conference repeating known facts: A$1.2bn facility with A$900m drawn, net debt A$936m, unit costs A$60/t in H2 FY15. Guides FY2016 saleable production of 18.9-19.4Mt, rising to 26Mt in FY2019. Market cap given as A$1.0bn.
25 Sept 2015annual report● Neutral
The 2015 Annual Report repeats the year's results: revenue $763.3m, 14.6Mt saleable coal, net loss $342.7m, net debt $935.8m. Restates the 23Mtpa by FY2018 target. The text shown contains no new figures.
25 Sept 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the website. Administrative filing with no new company information.
25 Sept 2015agm notice● Neutral
Notice of the 30 October 2015 AGM. Items include the remuneration report, a grant of 1,027,907 rights to CEO Paul Flynn, and election of Julie Beeby and re-election of John Conde and Tony Haggarty.
2 Sept 2015regulatory community update▲ Good
Maules Creek mine was officially opened by the Industry and Science Minister. It runs at 6.0Mtpa and should reach 8.5Mtpa by end of 2015. Final cost is expected to be at least $27m below the $767m estimate. Ceremonial milestone, not new operating news.
13 Aug 2015investor presentation● Neutral
FY2015 results presentation repeating the release: operating EBITDA $130.3m, costs down for a fifth successive half, Maules Creek 97% complete and declared commercial 1 July, capex $27m below the $767m estimate.
13 Aug 2015annual report● Neutral
Media release on the FY2015 result: operating EBITDA up 44% to $130.3m and costs down 12% to $61/t. Second-half profit before significant items was $1.7m, the first in three years. Net loss was $342.7m after the exploration asset impairment. Repeats the earlier results.
13 Aug 2015annual report▼ Bad
Appendix 4E for FY2015: revenue $763.3m, net loss attributable to members $330.6m (vs $38.4m), no dividend, NTA per share $2.77. AGM set for 30 October 2015. Large loss reflects significant items detailed in the results release.
13 Aug 2015resource reserve update▲ GoodMajor
Total coal resources rose 182Mt (4.7%) to 4,037Mt, mainly from 201Mt more Vickery underground resource after EL8224 was granted and 2014 drilling added. Reserves slipped to 874Mt (marketable 789Mt, down 12Mt) from mining depletion.
13 Aug 2015annual report● Neutral
Full FY2015 annual financial report with directors' report and audited accounts. Says Maules Creek construction was substantially completed in the year. Detailed results are covered in the results announcement; the extract shown adds no new figures.
13 Aug 2015annual report▼ BadMajor
FY2015 result: operating EBITDA $130.3m (up 44%), costs down to $61/t, but net loss $342.7m after a $355m write-down of early-stage exploration assets plus MRRT and refinancing charges. Net debt rose to $935.8m; Maules Creek capex came in under budget.
17 July 2015director officer appointment● Neutral
Non-executive director Rick Gazzard, on the board since the May 2012 Aston merger, resigned. Dr Julie Beeby, former CEO of Westside Corporation with prior roles at Peabody and BHP Billiton, joins as an independent non-executive director.