Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Feb 2024half year report▼ Bad
Half-year to December 2023: revenue $1.59b (down 58%), statutory profit $257.6m (down 86%), underlying profit $372.3m after excluding $114.7m of acquisition costs. Interim dividend 7 cents, versus 32 cents a year earlier.
15 Feb 2024director officer appointment● Neutral
Mick McCormack, a director of Origin Energy, Austal and Central Petroleum with 40+ years in energy and infrastructure including 15 years as APA CEO, joins the Whitehaven board as independent non-executive director from 16 February 2024.
8 Feb 2024regulatory community update▲ Good
Queensland's environment department approved the draft Environmental Authority for the 100%-owned Winchester South coking coal project, following the Coordinator General's November 2023 recommendation. It adjoins Daunia, so future integration is possible. Further approvals may still be needed.
19 Jan 2024quarterly activities report● Neutral
December quarter managed ROM output was 5.0Mt, down 6%, with Narrabri hit by geological problems; average price A$216/t. Net cash fell to $1.5b after an $833m tax payment and the US$100m deposit. FY24 guidance unchanged; Daunia/Blackwater completion now expected early April 2024.
18 Dec 2023debt financing▲ GoodMajor
Whitehaven has agreed terms for a 5-year US$1,100m credit facility, up from the US$900m bridge, to refinance the acquisition bridge for Daunia and Blackwater. Long-form documentation is expected early in 2024.
29 Nov 2023regulatory community update● Neutral
Bell Rock withdrew its review application after complying with the Panel's order to give a corrective notice. This closes the Takeovers Panel matter that began with Whitehaven's October application.
28 Nov 2023other● Neutral
Bell Rock files a revised disclosure of its Whitehaven position history, with dates and sizes from when it first crossed 5%. It corrects the date it fell below 5% to 7 November. This is the corrective notice required by the Panel; no new business information.
24 Nov 2023regulatory community update● Neutral
Bell Rock has applied to the Takeovers Panel to review the 22 November declaration of unacceptable circumstances against it. No review panel has been appointed and no decision on proceeding has been made.
24 Nov 2023regulatory community update▲ GoodMajor
Queensland's Coordinator General recommends the 100%-owned Winchester South coking coal project proceed, subject to conditions, at up to 17Mtpa ROM with 380Mt of reserves. Advances the EIS process noted earlier. It adjoins Daunia, giving possible future integration.
22 Nov 2023regulatory community update▲ Good
The Takeovers Panel declared unacceptable circumstances: Bell Rock's undisclosed Whitehaven position first passed 5% in June 2022 and reached 13.041% by June 2023. It ordered a corrective notice. Resolves Whitehaven's application largely in its favour; no orders on AGM votes.
10 Nov 2023other● Neutral
Bell Rock says its combined swap and share position in Whitehaven fell below 5% (about 4.995%), with swaps over 36.8m shares and 5.0m shares held. A later filing corrects the date to 7 November.
30 Oct 2023other● Neutral
Bell Rock discloses cash-settled swaps over 39.4m Whitehaven shares at an average $7.72 strike, plus 40.0m shares it manages. It has sold 35m shares, leaving combined exposure of about 5.31% after settlement. Follows the Takeovers Panel application over its earlier non-disclosure.
26 Oct 2023other● Neutral
AGM addresses by the chairman and CEO, released on the day of the meeting. The chairman says the Daunia and Blackwater deal doubles the production base without raising equity. Completion is expected early in the June 2024 quarter. Presents known facts.
26 Oct 2023agm notice▼ Bad
AGM results: the remuneration report got 40.6% against, a first strike under the Corporations Act. Flynn's incentive award passed with about 38.5% against. The Market Forces constitution amendment failed with 3.6% in favour, so its conditional resolution was not put.
25 Oct 2023regulatory community update● Neutral
Whitehaven has applied to the Takeovers Panel alleging Bell Rock failed to disclose a derivative interest in Whitehaven shares, said to total about 11% with physical shares. It claims Bell Rock is campaigning against AGM resolutions. No decision yet; the Panel comments on no merits.
25 Oct 2023regulatory community update● Neutral
The Takeovers Panel's Acting President declined to make the interim orders Whitehaven sought against Bell Rock. No sitting Panel has been appointed and the main application remains undecided.
18 Oct 2023asset acquisition disposition▲ GoodMajor
Whitehaven signs binding deals to buy 100% of BMA's Daunia and Blackwater coal mines for US$3.2b cash: US$2.1b upfront, US$1.1b deferred over three years, plus up to US$900m price-linked payments. Resolves the sale-process thread; completion expected June 2024 quarter.
18 Oct 2023quarterly activities report● Neutral
September quarter: managed ROM production 5.3Mt (up 5%), average price A$224/t, and net cash of $2.45b after the $336m final dividend. Narrabri's longwall ramp-up continued, with ROM up 238% on the June quarter. Routine quarterly.
18 Oct 2023investor presentation● Neutral
Presentation on the Daunia and Blackwater purchase, repeating the US$3.2b price and funding from cash, a US$900m bridge facility and future cashflows. It adds that a sell-down to steel producers as joint venture partners is being considered. Otherwise no new information.
18 Oct 2023asset acquisition disposition● Neutral
BHP's side of the sale: it and Mitsubishi sell Blackwater and Daunia to Whitehaven subsidiaries for up to US$4.1b including the earnout. A US$100m deposit is paid on signing; completion is expected in the June 2024 quarter. Repeats Whitehaven's deal from the seller's view.
12 Oct 2023regulatory community update▲ GoodMajor
The Federal Court dismissed the Environment Council of Central Queensland's challenge to the Narrabri Stage 3 decision, resolving the September hearing thread in Whitehaven's favour. This clears the way for the Minister's final EPBC decision on extending mine life from 2031 to 2044.
20 Sept 2023other● Neutral
2023 Sustainability Report, released ahead of the AGM. Covers safety (TRIFR 4.7), zero environmental enforcement actions, and emissions under the reformed Safeguard Mechanism, which Whitehaven says burdens Narrabri disproportionately. Routine reporting.
20 Sept 2023other● Neutral
Appendix 4G and corporate governance statement for FY23, dated 20 September 2023. An administrative compliance filing with no new business information.
20 Sept 2023annual report● Neutral
2023 Annual Report, repeating the 24 August results: record NPAT $2.7b, EBITDA $4.0b, 18.2Mt ROM, $1.6b returned to shareholders through dividends and buy-backs. Based on the text provided, no new information.
20 Sept 2023agm notice● Neutral
Notice of the 26 October 2023 AGM. Items include the remuneration report, Flynn's incentive rights, election of Zage, Brook, Graham and Mason, and renewal of a buy-back of up to 125m shares. The Board opposes the two Market Forces resolutions.
19 Sept 2023resource reserve update● NeutralMajor
2023 reserves and resources update. Vickery Opencut recoverable reserves fall from 200Mt (2015) to 174Mt, but proved reserves rise from 0 to 166Mt. Marketable reserves drop from 178Mt to 121Mt. Total resources are 4,851Mt, with Maules Creek and others lower from depletion.
18 Sept 2023asset acquisition disposition● NeutralMajor
Whitehaven confirms it is taking part in BHP Mitsubishi Alliance's sale process for the Daunia and Blackwater metallurgical coal mines in Queensland. It says these are the growth opportunities behind the suspended buy-back. The process is ongoing; no deal or price is stated.
24 Aug 2023director officer appointment● Neutral
Tony Mason, a former Glencore Coal Assets finance director with 40+ years in mining, joins the board as an independent non-executive director from 25 August 2023. Dr Julie Beeby, a director since 2015, will step down at the 26 October AGM.
24 Aug 2023investor presentation● Neutral
FY23 results presentation repeating the released result: $4.0b EBITDA, $2.7b NPAT, A$445/t price, $2.65b net cash, 42c final dividend and $948.9m of buy-backs. Based on the text provided, no new information.
24 Aug 2023annual report▲ Good
FY23 Appendix 4E and financial report: revenue $6.06b (up 23.3%), net profit $2.67b (up 36.7%), basic EPS 307.7c. Final dividend 42c fully franked, paid 15 September 2023. Repeats the results announcement; AGM set for 26 October 2023.
