Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
20 Apr 2022quarterly activities report▲ Good
March 2022 quarter: record average price A$315/t, managed ROM 5.2Mt (up 62% on the December quarter). After $67m of buybacks and $80m of dividends, the company was $161m net cash at 19 April, ahead of its March target. On track for FY22 guidance.
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.
21 Jan 2022quarterly activities report● Neutral
December 2021 quarter: average price A$211/t (versus A$86/t a year earlier), but managed ROM fell to 3.2Mt as floods and COVID cut output. Net debt target kept: senior debt repaid February 2022, net cash in March. FY22 guidance was cut for La Niña and COVID.
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.
27 Oct 2021agm notice● Neutral
AGM addresses. The Chair says no dividend was declared in FY21 but record coal prices point to a return to dividends soon, and debt paydown is progressing. The Board recommends voting against the Market Forces resolutions.
27 Oct 2021agm notice▼ Bad
AGM results: the remuneration report received about 53.5% against, a first strike under the Corporations Act. The Market Forces constitution amendment was defeated (about 98% against), so the dependent capital protection resolution was not put. Other items carried.
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.
14 Oct 2021quarterly activities report▲ Good
September 2021 quarter: managed ROM 5.2Mt, sales 4.6Mt (down 23%), and Newcastle index averaging US$168/t. The CEO expects to fully repay the senior debt facility early in 2022 and reach net cash in the March 2022 quarter. FY22 guidance unchanged.
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 2021agm notice● Neutral
Notice of the 27 October 2021 virtual AGM: remuneration report, a grant of 955,409 rights to CEO Paul Flynn, re-election of Fiona Robertson and Lindsay Ward, and partial takeover provisions. It also includes the Market Forces requisitioned resolutions.
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.
6 Aug 2021agm notice● Neutral
Market Forces, holding 0.003% of shares, again requisitions resolutions for the 27 October 2021 AGM: advisory-resolution powers and net-zero-2050 disclosure. Whitehaven notes none of its previous resolutions passed and will respond before the meeting.
15 July 2021quarterly activities report▲ Good
June 2021 quarter: FY21 managed ROM 20.6Mt, with Maules Creek a record 12.7Mt. The Newcastle index averaged US$109/t, with the CEO saying high-CV thermal prices are at 10-year highs. Narrabri geology problems persisted; longwall change-out is in Q2 FY22.
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.
15 Apr 2021quarterly activities report▼ Bad
March 2021 quarter: managed ROM 5.5Mt (up 12%) and Newcastle index US$89/t, but continuing geological problems at Narrabri led to FY21 production, sales and unit cost guidance being revised down. Maules Creek performed strongly.
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.
