Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
14 Jan 2021quarterly activities report▲ Good
December 2020 quarter: managed ROM 5.1Mt (up 64%), equity own-coal sales 3.2Mt (up 14%); an NCIG shiploader outage pushed 550kt of sales into January. Newcastle price averaged US$67/t. FY21 guidance tightened; Winchester South reserve and EIS milestones reiterated.
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 2020agm notice● Neutral
AGM results: remuneration report and the CEO's 1,200,000 rights carried (about 98% and 97.6% in favour), and both directors re-elected. The Market Forces constitution change got 0.49% support and was defeated, so its second resolution was not put. Resolves the open requisition.
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.
15 Oct 2020quarterly activities report▲ Good
September 2020 quarter: record equity sales of own coal 4.6Mt (up 16%), managed ROM 4.5Mt (up 4%), Newcastle price averaged US$52/t. FY21 unit cost guidance narrowed to A$69-72/t. Whitehaven is negotiating a covenant amendment with lenders to give more headroom.
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.
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.
18 Sept 2020agm notice● Neutral
Board formally recommends voting against the Market Forces resolutions (from holders of 0.003%), calling the claim that the Paris Agreement requires winding up operations a misrepresentation. It states it has no intention of shutting down its mines.
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.
18 Sept 2020agm notice● Neutral
Notice of the virtual AGM on 22 October 2020. Items: remuneration report, 1,200,000 performance rights for CEO Paul Flynn, re-election of Julie Beeby and Raymond Zage, plus two Market Forces resolutions the board does not support.
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.
14 Aug 2020agm notice● Neutral
Market Forces, for 111 shareholders holding 0.003% of shares, requisitioned AGM resolutions for 22 October 2020: allow advisory member resolutions and require an annual Paris-aligned plan to wind up operations. The board opposes them and says it has no plans to close mines.
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.
14 July 2020quarterly activities report▲ Good
June 2020 quarter: record managed ROM of 8.2Mt and record safety (TRIFR 4.13). FY20 ROM of 20.6Mt and sales of 17.5Mt met the guidance cut in December. Vickery decision is expected within weeks. Newcastle price averaged US$55/t.
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.
16 Apr 2020quarterly activities report● Neutral
March 2020 quarter: managed ROM coal 4.9Mt (up 8%), saleable 4.1Mt (down 15%), sales 4.5Mt (down 22%). Maules Creek is fully manned after the labour shortage. A Narrabri weighting event cost 20 production days. Autonomous haulage has started at Maules Creek.
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.
16 Jan 2020quarterly activities report▼ Bad
December 2019 quarter: ROM coal fell 58% to 3.1Mt and sales 17% to 4.5Mt. Causes were Maules Creek labour shortages and dust events, plus an eight-week Narrabri longwall change-out, completed on time. In-pit dumping has started at Maules Creek; Narrabri stake now 77.5%.
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.
