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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2019quarterly activities report● Neutral
September 2019 quarter: ROM coal 4.4Mt (up 22%), saleable 4.9Mt, sales 5.5Mt, with FY20 guidance unchanged. Thermal prices softened, with Newcastle index averaging US$68/t versus US$80/t the prior quarter. TRIFR improved to 5.14. Rocglen rehabilitation has begun; Tarrawonga ramp-up to 3Mtpa has started.
17 Oct 2019agm notice● Neutral
AGM addresses by the Chairman and MD. Repeat FY2019 record 23.2Mt ROM, $564.9m profit and about $465m paid to shareholders; note Rocglen mining ended and Sunnyside's last coal mined. Vickery and Winchester South are cast as the growth path toward 40Mtpa saleable.
17 Oct 2019agm notice● Neutral
All six AGM resolutions passed on a poll. The remuneration report received about 98% support. Re-election of John Conde had the lowest support, about 92% for and 7% against. The constitution amendment passed with about 99.7% support.
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 2019agm notice● Neutral
Notice of the 17 October 2019 AGM in Sydney. Items: remuneration report, 497,561 rights for CEO Paul Flynn, election of Lindsay Ward, re-election of Mark Vaile and John Conde, and a constitution amendment. Routine meeting administration.
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.
11 July 2019quarterly activities report● Neutral
June 2019 quarter: saleable output 5.2Mt (up 9%), but FY2019 saleable of 19.8Mt missed the 20.5-21.0Mt guidance because of a large year-end ROM stockpile. ROM of 23.2Mt beat guidance; Narrabri recovered to 6.4Mt.
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.
25 Feb 2019investor presentation● Neutral
Conference presentation repeating the half-year result. States an aim of growing saleable output to 26Mt by FY2022 and shows a $1,000m facility drawn to $225m. Shareholders listed include AMCI 16.8% and Farallon 14.2%. No new announcements.
15 Feb 2019half year report● NeutralMajor
Record first-half profit $305.8m, but FY2019 saleable guidance is cut to 21.5-22.5Mt from 22-23Mt and cost guidance raised to $67/t from $64/t. Half-year unit costs were $69/t. Interim plus special dividend totals 20c.
15 Feb 2019investor presentation● Neutral
Presentation of the half-year result already released: record $305.8m profit, EBITDA $550.8m, 20c dividend, net debt $244m and unit costs $69/t. Nothing new in the text provided.
15 Feb 2019half year report▲ Good
Half-year to December 2018: record net profit $305.8m (up 19%) on revenue $1,270.1m. Net debt $244.2m. Dividend of 20c declared (15c interim plus 5c special), payable 6 March 2019. Haggarty retired 1 November 2018.
6 Feb 2019director officer appointment● Neutral
Lindsay Ward joins the board as an independent non-executive director from 15 February 2019, with 30+ years in mining, ports, rail and power. He fills the vacancy left by Tony Haggarty's retirement and joins two board committees.
17 Jan 2019quarterly activities report● Neutral
December 2018 quarter: record managed ROM production of 7.4Mt (Maules Creek record 4.0Mt), recovering from the weak September quarter. Saleable guidance of 22-23Mt reaffirmed, but FY2019 cost guidance rises to $67/t from $64/t. Vickery hearings set for February.
24 Dec 2018other▼ BadMajor
Nathan Tinkler, claiming to be trustee of the Boardwalk Resources Trust, has served a Queensland Supreme Court claim over Milestone Shares issued in May 2012. Whitehaven denies wrongdoing and will seek early dismissal. No amount claimed in the text.
25 Oct 2018agm notice● Neutral
All resolutions passed at the 25 October 2018 AGM, including remuneration report (95.39% for) and re-election of directors. The board-opposed Market Forces climate resolutions were not put as they were contingent on the constitution amendment; that failed with 95.32% against.
25 Oct 2018other● Neutral
AGM chairman's address and CEO presentation. Repeats record profit, the Winchester South acquisition and the Vickery EIS coming off public display, and states an ambition to double managed output within 10 years. No new announcements in the text provided.