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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Jan 2011quarterly activities report▼ Bad
December quarter saleable output 1.085Mt (up 18%), but wet weather left the half over 0.65Mt short. Coal purchases of 1.184Mt in a rising market, plus 0.715Mt of legacy contracts cash-settled, will hurt half-year results. Narrabri longwall still due December 2011.
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 2010agm notice● Neutral
All ten AGM resolutions passed on a show of hands. Proxies against the remuneration report were 32.7m versus 207.2m for. Krueger and Chatfield were re-elected.
29 Oct 2010quarterly activities report▼ Bad
September quarter saleable output 1.093Mt (up 5%), about 200kt short of plan due to wet weather; cash $132m. Narrabri's labour shortage delays first longwall panel by at least three months, to December 2011. Third drift finished.
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.
29 Oct 2010agm notice● Neutral
Chairman's AGM address and MD presentation largely repeat the quarterly report: Stage 2 cost still about $300m, cash $132m, Narrabri longwall equipment delivery has begun. Also addresses press speculation on the NSW Cobbora coal project (text truncated).
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.
6 Sept 2010contract award● Neutral
Third-party release: The MAC Services Group signed a 4-year take-or-pay contract for 150 accommodation rooms with the Narrabri JV (Whitehaven 70%), subject to council approvals. Minor supplier contract for Narrabri, not a Whitehaven announcement.
24 Aug 2010annual report● NeutralMajor
FY10 underlying profit $55.1m (down 29%) and reported profit $114.9m including Narrabri sale gain; revenue $406.8m. Final dividend 2.8c, cash $141m, net cash $46.1m. Open-cut expansion to 5.5Mtpa is nearing completion.
24 Aug 2010annual report● Neutral
FY10 media release: underlying profit $55.1m, reported $114.9m including $59.8m from the Narrabri 7.5% sale; final dividend 2.8c; cash $141.0m, net cash $46.1m. Saleable output guided to about 6Mtpa in FY11, at least 9.5Mtpa once longwall is at full production in FY13.
24 Aug 2010investor presentation● Neutral
FY10 results presentation repeats known results. It adds resources up 114% to 1,632.9Mt and marketable reserves up 14% to 318.1Mt, a $5m calendar 2010 exploration budget, and NCIG Stage 2 committed in June 2010 (extra capacity from June 2012).
5 Aug 2010other● NeutralMajor
Whitehaven confirms it has had and continues to have preliminary, incomplete discussions with third parties about potential corporate transactions. It says it is highly uncertain whether any proposal will result.
28 July 2010regulatory community update▲ GoodMajor
NSW approved Narrabri Stage 2, a longwall operation permitted up to 8Mtpa, with about $300m of capital spend on top of the $227m already invested in Stage 1. Federal approval was still outstanding, with longwall delivery due early 2011 and installation in the third quarter of 2011.
27 July 2010quarterly activities report▲ Good
June quarter saleable output 1.006Mt (FY10 3.933Mt, up 20%); cash $141m. Narrabri Stage 1 complete at about $227m total, first coal 28 June. New coal train delivered; PCI price around US$173/t fixed for September quarter.
23 July 2010production update▲ Good
The first train of Narrabri coal has been loaded, marking the mine's move from development to operation. Initial output remains 0.5–0.7Mtpa, with about 6Mtpa expected at full production.
28 June 2010production update▲ GoodMajor
First coal cut at Narrabri on 28 June 2010 by the first of three continuous miners, at 0.5–0.7Mtpa initially. Stage 1 cost about $227m, with ground conditions causing some delay and extra cost. Resolves the delayed first-coal thread.
16 June 2010other● Neutral
Whitehaven again says it has no current plans to raise equity, and that it is not taking part in Anglo American's sale process for its Australian coal assets.
10 June 2010other● NeutralMajor
Whitehaven says it has no plan to raise equity, expecting about $200m of outstanding Narrabri sale proceeds. It warns broker upgrades are premature: FY10 underlying profit seen at $50–55m, with price gains landing in FY11. Narrabri coal reached in two of three tunnels.
13 May 2010drilling result▲ GoodMajor
Narrabri's coal seam has been reached in the first of three drifts, ending the tunnelling delay through soft ground. Continuous mining is expected to start in coming weeks. Whitehaven holds 70%.
28 Apr 2010quarterly activities report● Neutral
March quarter saleable output 0.963Mt (up 10%), sales 1.202Mt; cash $164m. NCIG shipped first coal in late March as planned. Narrabri drifts are five metres above the seam, with first coal expected within weeks; Stage 2 approval hoped for in May.
4 Mar 2010other● Neutral
Substantial holder notice: Haggarty's holding rose to 6.78% (33.48m shares) after his family trust exercised 7,326,266 options for $7.3m. Completes the option exercise flagged on 26 February.
26 Feb 2010other● Neutral
Entities linked to MD Haggarty and director Plummer sold 5.0m and 3.7m shares at $4.66, to fund option exercises and private needs. Together about 1.8% of issued shares; sales were 13.0% and 9.9% of their stakes.