Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Aug 2023half year report▲ GoodMajor
Record FY23 result: NPAT $2.7b (up 37%), EBITDA $4.0b, average price A$445/t, net cash $2.65b. A 42c final dividend takes the year to 74c. The buy-back is temporarily suspended to weigh growth opportunities; FY24 guidance is ROM 18.7-20.7Mt, with Vickery first coal around mid-2024.
23 Aug 2023agm notice● Neutral
Market Forces, holding about 19,000 shares (0.002%), has requisitioned two resolutions for the 26 October 2023 AGM: advisory shareholder votes and net-zero-2050 disclosure. Whitehaven says it is the fifth such attempt and none has passed. It opposes the resolutions.
17 July 2023quarterly activities report● Neutral
June 2023 quarter: average price A$264/t (A$445/t for FY23), managed ROM 5.1Mt. FY23 ROM of 18.2Mt and sales of 16.0Mt were within revised guidance. Net cash was $2.65b, with $948.9m of FY23 buy-backs.
5 July 2023regulatory community update▲ GoodMajor
The NSW Land and Environment Court dismissed the judicial review of the Narrabri Stage 3 consent, resolving that open thread in Whitehaven's favour. Federal EPBC approval is still required, and a separate Federal Court challenge is due to be heard in September.
22 June 2023investor presentation● Neutral
Presentation for an analyst forum on external long-term thermal coal price forecasts, compiled with Commodity Insights material. It says forecasts are rising but vary widely, from about US$76 to US$129/t. No company results or decisions.
21 Apr 2023quarterly activities report● NeutralMajor
March 2023 quarter: average price A$400/t (A$527/t prior), managed ROM 4.3Mt, below plan. Net cash $2.7b after a $552m tax payment. The Board approved early mining at Vickery, with a full-scale decision later in 2023.
12 Apr 2023production update▼ BadMajor
FY23 guidance is cut again: managed ROM is now 18.0-19.2Mt (was 19.0-20.4Mt), with Maules Creek at 9.3-9.8Mt. Managed sales fall to 15.3-16.0Mt and unit cost rises to $100-107/t. Labour shortages and Maules Creek constraints are blamed. Net cash is $2.7b.
20 Feb 2023director officer appointment● Neutral
Wallis Graham, with 20+ years in global finance including Goldman Sachs and Energy Capital Partners, joins the board as an independent non-executive director. This follows Nicole Brook's appointment in November and Lindsay Ward's departure at the end of 2022.
16 Feb 2023half year report▲ GoodMajor
Record half-year result: NPAT $1.8b and EBITDA $2.7b (H1 FY22 EBITDA $0.6b), with an A$552/t average price. A 32c fully franked interim dividend is declared and net cash is $2.5b. FY23 guidance of 9 November is maintained; Vickery staging is under assessment.
16 Feb 2023half year report▲ Good
Half-year report to 31 December 2022: revenue $3.8b, NPAT $1.78b (H1 FY22 $340.5m), and a 32c fully franked interim dividend ($273.7m) payable 10 March 2023. It repeats the results announcement; the NSW coal reservation scheme is noted as a post-period event.
16 Feb 2023regulatory community update▼ BadMajor
NSW has finalised its coal reservation directions for Whitehaven. From 1 April 2023 to 30 June 2024 its mines must offer thermal coal to domestic power stations, capped at the lower of 200k tonnes a quarter or 5% of each mine's saleable production, at a maximum A$125/t. This resolves the January uncertainty.
16 Feb 2023investor presentation● Neutral
H1 FY23 results presentation repeating the released result: record $2.7b EBITDA, $1.8b NPAT, 32c interim dividend, $2.5b net cash, and A$552/t average price. Based on the text provided, no new information beyond the results announcement.
20 Jan 2023quarterly activities report▲ Good
December 2022 quarter: average price A$527/t (A$581/t prior quarter), managed ROM up 21% to 4.8Mt despite weather. Net cash $2.5b; 40.1m shares bought back for $367m. H1 EBITDA is expected around $2.6b versus $0.6b a year earlier.
19 Jan 2023regulatory community update▼ Bad
Whitehaven notes media reports that NSW may extend its domestic coal reservation policy to most producers, and was briefed on 18 January as a proposed new participant. Earlier December 2022 orders did not cover it. The company is reviewing the implications.
24 Nov 2022director officer appointment● Neutral
CEO Paul Flynn sold 900,000 shares for $7.88m on 22 November 2022, saying it was for personal reasons including tax on shares issued under the equity plan. He keeps 1,070,451 shares plus performance rights. The Chairman approved the sale.
9 Nov 2022production update▼ BadMajor
Continued La Niña flooding cuts FY23 managed ROM guidance to 19.0-20.4Mt from 20.0-22.0Mt, with Maules Creek lowered to 10.3-11.0Mt. Narrabri is raised to 5.6-6.0Mt, and unit cost guidance rises to $95-102/t from $89-96/t.
3 Nov 2022director officer appointment● NeutralMajor
Nicole Brook, a mining engineer with 25+ years in coal including Glencore Coal Australia, joins the board as an independent non-executive director. Lindsay Ward, a director since 2019, steps down on 31 December 2022.
26 Oct 2022agm notice▲ Good
AGM results: the remuneration report passed with about 92% in favour, avoiding a second strike and a spill. Vaile was re-elected and both buyback approvals carried. Market Forces' constitution change failed with 20.9% support.
26 Oct 2022other● Neutral
Chairman's and CEO's addresses and presentation for the AGM, covering record FY22 earnings and a positive outlook. The text provided shows no new figures or decisions.
19 Oct 2022quarterly activities report● Neutral
September 2022 quarter: record average price A$581/t, but managed ROM fell to 4.0Mt (down 37%) as rain and flooding hit the open cuts. Net cash reached $1.93b; 102.9m shares bought back for $584.5m, with the initial 10% buyback nearly complete.
23 Sept 2022annual report● Neutral
FY22 Sustainability Report: five environmental enforcement actions versus a five-year average of 11, TRIFR of 5.4, and Scope 2 mine-site emissions fully offset. Reports a net zero by 2050 abatement assessment; no financial or operating change.
21 Sept 2022agm notice● Neutral
Notice of the 26 October 2022 AGM: remuneration report vote (a 25% against vote would trigger a spill resolution), Vaile re-election, and on-market and off-market buyback approvals up to 240m shares. The Market Forces resolutions are included, and the Board does not support them.
21 Sept 2022other● Neutral
Appendix 4G and corporate governance statement for FY22, a compliance filing confirming the statement is on the website and approved by the board. No substantive new information.
21 Sept 2022annual report● Neutral
Full 2022 annual report, repeating the FY22 results already released: record NPAT of $2.0b, record average price A$325/t and managed ROM of 20.0Mt. The text provided shows no new information beyond the results.
26 Aug 2022agm notice● Neutral
Market Forces, for holders of about 21,000 shares (0.002%), has requisitioned two AGM resolutions: a constitution change allowing advisory votes, and net-zero-2050 disclosure for coal assets. Whitehaven opposes them; none of Market Forces' past resolutions has passed.
25 Aug 2022director officer appointment● Neutral
Deputy Chairman John Conde, a director since May 2007, will not seek re-election at the 26 October 2022 AGM. The company says a search for a new independent non-executive director is well progressed.
25 Aug 2022investor presentation▲ Good
FY22 results presentation repeating the released result: record $3.1b EBITDA, $2.0b NPAT, senior debt fully repaid, 40c final plus 8c interim dividend, and the ~7% of the 10% buyback done at $362.6m. No new financial information beyond the results announcement.
25 Aug 2022dividend declaration▲ GoodMajor
Record FY22: NPAT $2.0bn, EBITDA $3.1bn, all senior bank debt repaid and $1.0bn net cash. Fully franked 40 cent final dividend takes the year to 48 cents. Buyback to finish within $550m, with shareholder approval sought to increase it.
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.
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.
