25 Aug 2022annual report▲ Good
FY22 annual financial report: revenue $4.92bn, profit after tax $1.95bn (FY21 loss $543.9m). Final dividend 40 cents fully franked, plus the 8 cent interim. AGM set for 26 October 2022.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 July 2022quarterly activities report▲ GoodMajor
June 2022 quarter: record average price A$514/t (FY22 A$325/t), FY22 EBITDA expected around $3.0bn versus $0.2bn in FY21. Net cash was $1.0bn at 30 June. Buyback has bought 76.37m shares for $362.6m, and the total cap is raised to $550m.
5 July 2022regulatory community update▼ BadMajor
A client of the Environmental Defenders Office has started Land and Environment Court proceedings seeking to invalidate the Narrabri Stage 3 consent on climate grounds. This challenges the April approval; Whitehaven says it will vigorously defend.
20 Apr 2022resource reserve update▲ GoodMajor
Winchester South Queensland reserves upgraded from 350Mt to 380Mt, with proved reserves up from 140Mt to 270Mt. Resources stay at 1,100Mt; 60% of marketable reserves are metallurgical coal. Targets 15Mtpa over 20+ years; the project still awaits state approval.
1 Apr 2022regulatory community update▲ GoodMajor
NSW Independent Planning Commission approved the Narrabri Stage 3 Extension, extending mine life from 2031 to 2044, subject to conditions. This resolves the open Stage 3 approval thread that followed the January Department recommendation.
1 Apr 2022regulatory community update● Neutral
NSW EPA varied its November 2021 Maules Creek blast fume Prevention Notice after a 9 March 2022 blast produced fume. Blasting continues with added conditions including independent expert approval. Whitehaven says fume has fallen significantly; FY22 guidance is unchanged.
17 Feb 2022investor presentation● Neutral
Half-year results presentation repeating the released result: record H1 earnings, strong coal price outlook and customer mix. The text provided shows no new financial information beyond the results announcement.
17 Feb 2022dividend declaration▲ GoodMajor
Restarts dividends with an 8 cent unfranked interim dividend (about $80m) and plans an on-market buyback of up to 10% of shares, capped at $400m. Delivers on the Chair's earlier signal of a return to dividends. Guidance is unchanged from January's cut.
17 Feb 2022half year report▲ GoodMajor
Half-year to 31 December 2021: revenue $1,443.0m, NPAT $340.5m (loss of $94.5m a year earlier), net debt $403.4m. Interim unfranked dividend of 8 cents declared, the first since the FY21 no-dividend year. Subsequently $225m of senior debt was repaid.
25 Nov 2021regulatory community update▼ Bad
Maules Creek Coal pleaded guilty in the Land and Environment Court over passive take of rainwater runoff between 2016 and 2019 and was fined $200,000. The court found no established harm to other water users or the environment.
23 Nov 2021regulatory community update▼ Bad
NSW EPA issued a Prevention Notice restricting unrestricted blasting at Maules Creek after more blast fume events since the explosives supplier changed on 1 October 2021. Blasting continues on an interim basis under an expert's recommendations. FY22 Maules Creek guidance is unchanged.
14 Oct 2021asset acquisition disposition▲ GoodMajor
Whitehaven agrees to buy the 1% private royalty over Narrabri from Anglo Pacific Group, effective 31 December 2021. Fixed payments total US$26.6m over five years, plus price-linked amounts capped at US$0.25/t, giving more exposure to high coal prices.
24 Sept 2021annual report● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2021, lodged with the annual report. Administrative compliance filing with no new business information.
24 Sept 2021annual report● Neutral
2021 Annual Report, repeating known FY21 results: revenue $1,557.0m, EBITDA $204.5m, net loss before significant items $87.3m, unit cost $74/t, net debt $808.5m. The text shows cash from operations of $169.5m.
16 Sept 2021regulatory community update▲ GoodMajor
Federal Environment Minister approved the Vickery Extension Project under the EPBC Act, following NSW approval in August 2020 and a five-year process. This removes the last approval awaited for Vickery (up to 10Mtpa).
26 Aug 2021resource reserve update● NeutralMajor
Annual reserves update: Narrabri North recoverable reserve cut from 102Mt to 72Mt and Narrabri South from 121Mt to 98Mt, due to mine planning changes and depletion. Narrabri proved reserves rise to 157Mt; mine life to 2044. Total reserves 1,196Mt recoverable.
26 Aug 2021annual report▼ BadMajor
FY21 annual financial report: revenue $1,557.0m, loss before significant items $87.3m, and a net loss of $543.9m after $456.6m post-tax impairments. No final dividend. AGM set for 27 October 2021.
26 Aug 2021other● Neutral
2021 Sustainability Report, covering community, environment, safety and climate (TCFD) reporting. Highlights include $344.7m spent with local suppliers. Reporting document with no new financial or operating result.
26 Aug 2021investor presentation● Neutral
Full-year FY21 results presentation repeating the already-released result. Adds market background on Asian customers, record thermal coal prices and a forecast supply gap. No new financial information in the text provided.
26 Aug 2021annual report▼ BadMajor
FY21: net loss $543.9m including $650m of impairments (Narrabri $548.7m on reduced reserves, Werris Creek $90.2m). EBITDA $204.5m, net debt $808.5m, no dividend. Newcastle index around US$170/t; management expects faster debt reduction. FY22 ROM guidance 20.0-21.5Mt.
17 June 2021production update▼ Bad
FY21 managed ROM guidance cut to 20.4Mt from 20.6-21.4Mt. Narrabri falls to 4.1Mt on longwall engineering downtime and a geological event, while Maules Creek rises to 12.5Mt. Sales guidance 17.9Mt and unit cost A$74/t.
27 May 2021regulatory community update▲ GoodMajor
Federal Court dismissed the challenge seeking to stop the Environment Minister approving the Vickery Extension Project (up to 10Mtpa). Federal EPBC approval is still awaited, following the NSW approval of August 2020.
23 Mar 2021production update▼ Bad
NCIG shiploader outage (about two weeks of repairs, other loader out until Q4 CY21), NSW wet weather and slower Narrabri ramp-up lead to FY21 guidance changes: managed sales cut to 18.5-19.0Mt, Narrabri ROM to 5.3-5.5Mt.
17 Feb 2021half year report▼ Bad
Results announcement repeats the half-year figures: net loss $94.5m, EBITDA $37.2m, net debt $823.1m, liquidity $411.8m, no interim dividend. Project STRIVE savings targeted at $0.70/t this year, rising to $2.00/t over two years. Guidance mostly unchanged.
17 Feb 2021half year report▼ BadMajor
Half-year to December 2020: net loss $94.5m (versus $27.4m profit) and EBITDA $37.2m (down 79%) on lower coal prices. Net debt rose to $823.1m from $787.5m; no interim dividend. The covenant amendment from lenders was obtained.
17 Feb 2021investor presentation● Neutral
Half-year results presentation restating the known result: EBITDA $37.2m, unit cost A$70/t, liquidity $411.8m, managed ROM 9.6Mt. Adds market background, including no direct exposure to China's import restrictions. No new financial information.
16 Dec 2020resource reserve update▲ GoodMajor
Winchester South resource upgraded to 1,100Mt from 530Mt, with a maiden 350Mt reserve (210Mt marketable). Capex is A$980m for up to 15Mtpa and a 20+ year life. Total group reserves rise 26% since August; the draft EIS has been submitted.
10 Dec 2020investor presentation● Neutral
December 2020 investor briefing with virtual tours of Maules Creek (13Mtpa licensed, second quartile of the cost curve) and Narrabri, plus a Project STRIVE session. Excerpt shows mainly operational background; no new financial figures visible.
22 Oct 2020other● Neutral
AGM addresses: the chair says benchmark coal prices have meaningfully improved in recent weeks and he sees a broad recovery underway. He says operations have been more consistent in the first quarter of FY21 and Vickery and Winchester South are being advanced cautiously.
18 Sept 2020annual report● Neutral
2020 Annual Report repeats the already-released FY20 result: underlying profit $30.0m (down 95%), net debt $787.5m, $468.8m liquidity, 1.5c dividend. The chair acknowledges environmental compliance and output consistency at larger mines need improving.