Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2011material agreement▲ GoodMajor
Secured an extra 8.4Mt of Newcastle port capacity over May 2012 to June 2016, covering most planned export growth until the PWCS T4 terminal opens in late 2015. Supports the target of about 15Mtpa; a further PWCS nomination outcome is due in December.
9 Sept 2011investor presentation● Neutral
September investor presentation restating known facts: resources 1,772Mt, reserves 426Mt, a plan for up to 15Mtpa, and legacy contracts ending in 2011. No new announcements visible in the text provided.
5 Sept 2011contract award● Neutral
Contractor Delta SBD announces it has begun the surface build of the Narrabri longwall for equipment supplier Caterpillar. Underground installation phase is expected from early January 2012. Not a Whitehaven announcement; consistent with the longwall build already under way.
2 Sept 2011material agreement▲ Good
NCIG commits to its full 66Mtpa port capacity, satisfying a condition for Whitehaven to nominate for more Port Waratah (PWCS) capacity, which it has done. Whitehaven has about 10.2Mtpa of Newcastle port capacity under contract; PWCS outcome expected by December 2011.
31 Aug 2011other● Neutral
Pre-IPO investors First Reserve and AMCI sold 65 million shares (13.15%) at $6.00 each, underwritten by Credit Suisse. They remain the largest holders at 14.7% and 9.7%. Free float rises above 50%. No new money goes to Whitehaven.
25 Aug 2011joint venture update▲ GoodMajor
Formal agreements signed with Idemitsu's Boggabri Coal to extend the Tarrawonga JV (Whitehaven 70%, Boggabri 30%), converting the May Heads of Agreement. Still conditional on expansion approvals at both mines; gives access to Boggabri's CHPP and rail spur.
23 Aug 2011investor presentation● Neutral
Results presentation repeating the FY11 figures: underlying profit $73.3m, net profit $9.9m, resources 1,771.5Mt and reserves 426.1Mt. Narrabri longwall still scheduled for February 2012; plan to reach 15Mtpa within five years. No new information.
23 Aug 2011resource reserve update▲ GoodMajor
Resources rise 21.5Mt to 1,771.5Mt and marketable reserves 60.4Mt to 426.1Mt (from 365.7Mt in February). Vickery open-cut marketable reserves rise 56.7Mt to 104.5Mt on an extended pit design; Tarrawonga adds 8Mt.
23 Aug 2011annual report● NeutralMajor
FY11 underlying profit $73.3m (up 33%) but net profit only $9.9m after $63.4m of significant items, mainly legacy contract losses and a US dollar receivable loss on the Narrabri sale. Final dividend 4.1c declared; cash $207.6m.
23 Aug 2011annual report● Neutral
Re-release of the FY11 result: underlying profit $73.3m, net profit $9.9m, final dividend 4.1c (7.4c for the year). Management expects all but 230,000 tonnes of legacy contracts to be fulfilled by calendar year end; Werris Creek and Rocglen approvals expected.
16 Aug 2011material agreement▲ GoodMajor
Whitehaven signs long-term rolling ten-year rail track access arrangements with ARTC, securing track capacity between its mines and Newcastle Port to match planned production and port capacity. The managing director calls it a significant milestone for growth plans.
15 June 2011investor presentation● Neutral
June investor briefing restates known facts: resources 1,750Mt, reserves 366Mt, open-cut capacity about 5.5Mtpa, and about 11.5Mtpa saleable by FY2013 including Narrabri. Vickery is expected to contribute over 4Mtpa from 2013. No new announcements visible.
31 May 2011joint venture update▲ GoodMajor
Heads of Agreement with Idemitsu's Boggabri Coal to extend the Tarrawonga JV (Whitehaven 70%, Boggabri 30%). It would give access to the Boggabri CHPP and rail spur and restructure tenements to 70/30. Subject to conditions including expansion approvals at both mines.
26 May 2011other● Neutral
Updated Securities Trading Policy lodged, amended 24 May 2011 from the December 2010 version. Administrative document on trading windows and insider trading; no operational or financial substance.
16 May 2011business combination● NeutralMajor
The formal sale process is terminated: the Board decided no proposal was attractive enough to recommend to shareholders. Management will keep developing existing assets and seeking growth. This resolves the process launched 29 October 2010 with no takeover.
28 Apr 2011quarterly activities report▼ BadMajor
Full-year underlying profit guidance cut to about $70m from $83-88m, mainly because metallurgical shipments to Japan were deferred after the earthquake and tsunami. Narrabri longwall start now likely February 2012, about 5 weeks later than the December 2011 target, due to the labour shortage.
21 Apr 2011price query● Neutral
Responding to media reports, Whitehaven confirms Yanzhou Coal is one of the shortlisted parties in the formal process. No change to that status has been advised.
13 Apr 2011business combination● Neutral
The formal sale process is reaching a conclusion: short-listed parties have completed due diligence and submitted formal proposals. Whitehaven is in discussions with several of them; the Board may or may not recommend one.
7 Mar 2011admin correction● Neutral
Computershare notice that its Brisbane office is moving address on 7 March 2011, listing affected clients including Whitehaven. Not a Whitehaven announcement and no company substance.
22 Feb 2011investor presentation● Neutral
Half-year results presentation repeats the figures already announced: underlying profit $32.9m, net loss $35.1m, 3.3c dividend, and resources and reserves updated in February. No new substance.
22 Feb 2011half year report▼ BadMajor
Half-year underlying profit $32.9m (up 21%), but net loss $35.1m after $68.0m of significant items, mostly legacy contract losses. Interim dividend 3.3c; cash $192.1m, debt $142.3m. Longwall at Narrabri still said to be on target for December 2011. Confirms January guidance.
22 Feb 2011dividend declaration● Neutral
Administrative correction: the record date for the 3.3c interim dividend moves from 14 March to 15 March 2011 because ASX says 14 March is a non-settlement date. Payment stays 31 March.
21 Feb 2011resource reserve update▲ GoodMajor
Resources rise 7% to 1,749.7Mt and marketable reserves 15% to 365.7Mt (from 1,632.9Mt and 318.1Mt in August 2010). Drivers are an initial 111.7Mt inferred Merton resource and an initial Vickery Main Pit reserve of 47.6Mt marketable, building on the 2010 Vickery purchase.
7 Feb 2011business combination● Neutral
Several non-binding indicative proposals received in the formal process launched 29 October 2010; a short-list has been invited to complete due diligence and submit binding proposals. The process is expected to run months and may not produce a recommended proposal.
31 Jan 2011other▼ BadMajor
Guidance: first-half underlying profit $30-35m, but a net loss of $38-43m after significant items, mainly about $25m realised loss on fixed-price legacy contracts and a provision for further losses. Full-year underlying profit guided $80-90m, reported $7-17m. Confirms the wet-weather and legacy-contract hit flagged in December.
31 Dec 2010other● Neutral
Securities Trading Policy lodged, adopted by the board on 22 December 2010. Administrative document setting trading windows and insider-trading rules for directors and key staff; no operational or financial substance.
24 Dec 2010production update▼ BadMajor
Wet weather has cost about 3,200 operating hours at the open cuts in five months, against about 950 a year earlier. First-half saleable output is expected about 700kt (24%) below budget, forcing over 1Mt of coal purchases, with a significant negative effect on half-year earnings.
29 Oct 2010business combination▲ GoodMajor
Board starts a formal process inviting selected parties to do due diligence and submit proposals, citing ongoing interest in the company. Follows the 5 August disclosure of preliminary talks. Grant Samuel and Goldman Sachs advise; may not result in any proposal.
30 Sept 2010annual report● Neutral
Glossy 2010 Annual Report lodged, repeating the financial report: $114.9m profit, $227m Narrabri Stage 1, $300m Stage 2 approved. Cover letter and re-presentation of known facts.
9 Sept 2010annual report● Neutral
Annual Financial Report for FY10 lodged, including chairman's letter, MD's report and audited accounts. Repeats the results already announced on 24 August (profit $114.9m, final dividend 2.8c); no new substance visible.
