18 Sept 2020other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the website, current as at 18 September 2020. Administrative filing with no new company information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2020other● Neutral
2020 Sustainability Report released alongside the annual report. Records a record-low injury rate (4.13) and 1.5c per share returned. The CEO concedes FY20 environmental compliance fell short of expectations, though harm was minimal.
4 Sept 2020director officer appointment● Neutral
CEO Paul Flynn bought 115,000 shares on-market on 2 September 2020 for $100,050, lifting his indirect holding to 1,397,535 shares. Routine director interest notice.
26 Aug 2020investor presentation● Neutral
FY20 results presentation restating the already-released result and strategy of large, low-cost mines. Excerpt shows Asian demand and climate-policy arguments only; no new figures visible.
26 Aug 2020annual report● Neutral
Appendix 4E and Annual Financial Report for FY20, repeating the already-released result: revenue $1.72bn, underlying profit $30.0m, 1.5c dividend. Virtual AGM set for 22 October 2020. No new information beyond the results announcement.
26 Aug 2020annual report▼ BadMajor
FY20 result: underlying profit $30.0m (down 95%), EBITDA $306.0m, net debt $787.5m, total dividends 1.5c. Lower coal prices and Maules Creek disruption drove it. FY21 guidance is 21.0-22.8Mt ROM; Vickery marketable reserves given as 178Mt.
12 Aug 2020regulatory community update▲ GoodMajor
NSW Independent Planning Commission approves the Vickery Extension Project, resolving the pending decision. It is a predominantly metallurgical mine with $700m capex. Secondary approvals are still needed, and Whitehaven stays cautious on spending given COVID-19.
12 June 2020other▼ Bad
S&P Dow Jones Indices will remove Whitehaven from the S&P/ASX 100 from 22 June 2020. Whitehaven had been in that index since June 2018. Index change only; it announces no company event.
2 Apr 2020director officer appointment● Neutral
Ian Humphris, formerly of Peabody Energy Australia, appointed Executive General Manager – Operations from 6 April 2020. He succeeds Quentin Granger, who held the role on an interim basis since December 2019 and stays until end of the financial year.
20 Feb 2020half year report▼ BadMajor
Half-year to December 2019: revenue $885.1m (down 30%), profit $27.4m (down 91%), against $305.8m a year earlier. Net debt rose to $587.2m from $161.6m after $297m dividends. Interim dividend cut to 1.5c. Senior debt facility refinanced, A$1.0bn, now maturing July 2023.
20 Feb 2020investor presentation● Neutral
Half-year results presentation (to Dec 2019) repeating the already-reported result. Text shown is market and strategy background on Asian coal demand; no new figures or decisions visible in the excerpt.
20 Feb 2020half year report▼ Bad
Results announcement for the half-year already reported: profit $27.4m (down 91%), EBITDA $177.3m, net debt $587.2m, gearing 15%, 1.5c dividend. Narrabri partners elected not to exercise pre-emptive rights. FY20 guidance unchanged from December.
2 Jan 2020asset acquisition disposition▲ GoodMajor
Completes the EDF Trading Australia purchase, lifting Whitehaven's Narrabri stake to 77.5% for US$72m (US$17m paid now, then US$11m a year for five years). Partners' pre-emptive rights are triggered; if all exercised, the stake would fall to about 75.7%.
5 Dec 2019production update▼ BadMajor
FY20 guidance cut: managed ROM now 20.0-22.0Mt (was 22.0-23.5Mt) and Maules Creek 10.0-11.0Mt (was 12.0-12.5Mt). Causes are skilled operator shortages and drought dust events. Unit cost rises to A$73-75/t from A$70/t. Vickery spend is deferred on approval delays.
31 Oct 2019admin correction● Neutral
Lodges the amended constitution reflecting changes approved by shareholders at the 17 October 2019 AGM. Administrative filing; the text provided does not describe what changed.
12 Sept 2019investor presentation● Neutral
Inaugural Investor Day presentation setting out strategy of large, low-cost mines and growth in Asia, citing Winchester South and Vickery as growth pipeline. Text provided restates known strategy; no new figures or decisions visible in the excerpt.
11 Sept 2019other● Neutral
First Sustainability Report, including climate disclosure. It cites $464.9m returned to shareholders, $333.9m spent with local suppliers and a 2,400-strong workforce. Descriptive reporting; no new commercial developments.
11 Sept 2019annual report● Neutral
2019 Annual Report repeating the already-released FY2019 result: record profit before significant items $564.9m, net debt $161.6m, 50c dividends. Whitehaven reported against TCFD climate recommendations for the first time, closing that open thread.
11 Sept 2019other● Neutral
Appendix 4G lodged with the annual report, pointing to the Corporate Governance Statement on the company website, current at 11 September 2019. Administrative filing; the text provided shows no substantive change.
30 Aug 2019admin correction● Neutral
Corrects two typographical errors in the FY2019 remuneration report: there were 9 incidents and the EEAFR (an environmental measure) was 1.9. The company says this does not affect remuneration outcomes.
23 Aug 2019asset acquisition disposition▲ GoodMajor
Whitehaven agreed to buy EDF Trading Australia, owner of 7.5% of Narrabri, for US$72m (US$17m on completion, US$55m over five years). That lifts its stake from 70% to 77.5%, subject to partners' pre-emptive rights. Effective 1 July 2019.
15 Aug 2019resource reserve update● NeutralMajor
Annual update adds the 530Mt Winchester South resource reported in October 2018. Maules Creek reserves fall to 460Mt recoverable (down 40Mt) from depletion and reclassification, and Rocglen reserves are fully depleted. Total reserves are 935Mt recoverable, 844Mt marketable, against 985Mt and 885Mt in 2018.
15 Aug 2019annual report▲ Good
FY2019 annual financial report: revenue $2,487.9m and net profit $527.9m after $37.0m of significant items. Net debt fell to $161.6m. Final plus special dividend of 30c is payable in September; AGM set for 17 October 2019.
15 Aug 2019half year report▲ GoodMajor
Record FY2019 profit before significant items of $564.9m (up 8%) on revenue $2,487.9m. Net debt fell to $161.6m, gearing 4%. A 30c final dividend (13c ordinary, 17c special) takes the year to 50c; unit costs were $67/t, in line with guidance.
15 Aug 2019investor presentation● Neutral
Presentation of the FY2019 result already released: record EBITDA $1,041.7m, profit $564.9m before significant items, 50c full-year dividend and net debt $161.6m. Nothing new in the text provided.
15 May 2019investor presentation● Neutral
Conference presentation repeating known facts: Vickery adding 8Mt saleable and Winchester South over 8Mt, ROM output of about 23Mt in FY2018 growing to over 40Mt by 2030. Net debt $244m, FY2019 cost guidance $67/t. Nothing new.
18 Apr 2019regulatory community update▲ GoodMajor
Queensland declared Winchester South a 'Coordinated Project', enabling whole-of-government assessment through an environmental impact statement. Targets about 15Mtpa ROM of mainly metallurgical coal, up to $1 billion capital cost and 450 operating jobs. It advances the EIS thread.
11 Apr 2019quarterly activities report▼ BadMajor
March 2019 quarter: saleable production 5.1Mt, sales 6.0Mt (up 12%). Narrabri recovered, producing 1.7Mt. FY2019 saleable guidance is cut again to 20.5-21.0Mt on lower Maules Creek output, from 21.5-22.5Mt. Cost guidance stays $67/t.
27 Mar 2019investor presentation● Neutral
Conference presentation repeating known facts: 20.9Mt saleable in FY2018 growing to about 26Mt by FY2022, with Vickery adding 8Mt and Winchester South up to 10Mt. Net debt $244m. Nothing new.
20 Mar 2019other● Neutral
Amended Securities Trading Policy lodged under the listing rules, effective 20 March 2019. Administrative filing; the text provided does not say what changed.