Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Feb 2016half year report▲ Good
Media release on the half-year result: $7.8m profit, EBITDA up 104% to $106.4m, unit costs down 8% to $58/t, net debt $924.9m. Maules Creek capex is now $716m total, with $701m spent. Repeats the interim report figures.
16 Dec 2015other▲ GoodMajor
Whitehaven expects H1 FY2016 EBITDA of $100-105m, almost double the prior period, and confirms a first-half profit. FY2016 ROM coal guidance is lifted to 19.5-20.1Mtpa from 18.8-19.4Mtpa, and net debt is expected to fall over FY2016.
10 Dec 2015regulatory community update▲ GoodMajor
NSW approval lifts Narrabri's permitted output from 8Mtpa to 11Mtpa and allows a 400m-wide longwall face. LW07, the first such panel, is expected in H2 FY2017. It should add about 750Ktpa of ROM coal and cut full-production costs by about A$3/t.
16 Nov 2015investor presentation● Neutral
UBS conference presentation repeating known facts: FY2016 saleable production guidance of 18.9-19.4Mt, rising to 26Mt in FY2019, A$1.2bn facility with A$900m drawn, market cap A$1.1bn. No new company information is visible in the text shown.
30 Oct 2015investor presentation● Neutral
AGM chairman's address and MD presentation. Repeats known points: FY2015 targets delivered, second-half profit before significant items of $1.7m, gearing 25%, and the 23Mtpa by FY2018 target. No new information is visible in the text shown.
30 Sept 2015investor presentation● Neutral
Presentation to a Deutsche Bank leveraged finance conference repeating known facts: A$1.2bn facility with A$900m drawn, net debt A$936m, unit costs A$60/t in H2 FY15. Guides FY2016 saleable production of 18.9-19.4Mt, rising to 26Mt in FY2019. Market cap given as A$1.0bn.
25 Sept 2015annual report● Neutral
The 2015 Annual Report repeats the year's results: revenue $763.3m, 14.6Mt saleable coal, net loss $342.7m, net debt $935.8m. Restates the 23Mtpa by FY2018 target. The text shown contains no new figures.
25 Sept 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the website. Administrative filing with no new company information.
2 Sept 2015regulatory community update▲ Good
Maules Creek mine was officially opened by the Industry and Science Minister. It runs at 6.0Mtpa and should reach 8.5Mtpa by end of 2015. Final cost is expected to be at least $27m below the $767m estimate. Ceremonial milestone, not new operating news.
13 Aug 2015investor presentation● Neutral
FY2015 results presentation repeating the release: operating EBITDA $130.3m, costs down for a fifth successive half, Maules Creek 97% complete and declared commercial 1 July, capex $27m below the $767m estimate.
13 Aug 2015annual report● Neutral
Media release on the FY2015 result: operating EBITDA up 44% to $130.3m and costs down 12% to $61/t. Second-half profit before significant items was $1.7m, the first in three years. Net loss was $342.7m after the exploration asset impairment. Repeats the earlier results.
13 Aug 2015annual report▼ Bad
Appendix 4E for FY2015: revenue $763.3m, net loss attributable to members $330.6m (vs $38.4m), no dividend, NTA per share $2.77. AGM set for 30 October 2015. Large loss reflects significant items detailed in the results release.
13 Aug 2015resource reserve update▲ GoodMajor
Total coal resources rose 182Mt (4.7%) to 4,037Mt, mainly from 201Mt more Vickery underground resource after EL8224 was granted and 2014 drilling added. Reserves slipped to 874Mt (marketable 789Mt, down 12Mt) from mining depletion.
13 Aug 2015annual report● Neutral
Full FY2015 annual financial report with directors' report and audited accounts. Says Maules Creek construction was substantially completed in the year. Detailed results are covered in the results announcement; the extract shown adds no new figures.
13 Aug 2015annual report▼ BadMajor
FY2015 result: operating EBITDA $130.3m (up 44%), costs down to $61/t, but net loss $342.7m after a $355m write-down of early-stage exploration assets plus MRRT and refinancing charges. Net debt rose to $935.8m; Maules Creek capex came in under budget.
17 July 2015director officer appointment● Neutral
Non-executive director Rick Gazzard, on the board since the May 2012 Aston merger, resigned. Dr Julie Beeby, former CEO of Westside Corporation with prior roles at Peabody and BHP Billiton, joins as an independent non-executive director.
12 May 2015investor presentation● Neutral
Presentation to the BAML conference in Barcelona repeating known facts: Maules Creek over 93% complete at 6.0Mtpa, FY2015 saleable production target 14.5Mt, rising to 23Mt by FY2018. Cites 1,025m shares, market cap A$1.6bn.
27 Mar 2015debt financing▲ Good
Financial close reached on the A$1.4bn senior secured facility, with A$1.2bn drawable for general corporate purposes and maturity in July 2019. This completes the refinancing accepted on 12 March.
12 Mar 2015debt financing▲ GoodMajor
Whitehaven accepted a fully underwritten A$1.4bn senior secured bank facility, with A$1.2bn drawable, maturing July 2019. It says terms are better than the facility replaced, with a lower interest rate and more headroom. This delivers on the refinancing flagged in January; still subject to documentation.
30 Jan 2015half year report● Neutral
Repeats the half-year result already reported on 30 Jan: operating EBITDA $52.1m (vs $55.0m), net loss $77.9m, net debt $887.4m. Adds that refinancing of debt facilities is expected to complete in the current half, and over 40 Maules Creek trains railed.
30 Jan 2015half year report▼ Bad
Half-year to December 2014: net loss $77.9m (vs $11.6m), including a $64.9m non-cash write-back of deferred tax after repeal of the mining tax (MRRT). Operating EBITDA $52.1m, revenue down 8% to $371.8m, net debt $887.4m (up from $685.2m). No dividend.
30 Jan 2015investor presentation● Neutral
Slide presentation of the half-year results, repeating known figures: EBITDA $52.1m, costs $63/t, net debt $887.4m, Maules Creek 87% complete. Includes IEA coal demand forecasts; no new company information is visible.
17 Dec 2014production update▲ GoodMajor
First Maules Creek coal has been railed, about three months ahead of schedule, with about 2.5Mt ROM expected to 30 June 2015 and commercial status likely from 1 July. Project cost is expected below the $767m budget; FY2016 operating costs are estimated at A$62/t.
3 Dec 2014investor presentation● Neutral
CEO presentation to the UBS conference covering the company's mines, Maules Creek and Vickery. Notes market capitalisation of A$1.2bn and Farallon at 16.6%. Largely repeats previously known facts.
23 Oct 2014production update▲ GoodMajor
First Maules Creek coal is now expected to be railed in January 2015, over two months ahead of the March 2015 plan and within budget. A revised biodiversity plan limits clearing to 15 Feb to 30 April each year, with no milestone impact.
1 Oct 2014admin correction● Neutral
Corrects an August transposition error: Maules Creek opencut measured resources were overstated by 40Mt and indicated understated by 40Mt. Total resources and reserves are unchanged.
22 Sept 2014regulatory community update▲ GoodMajor
NSW planning authorities approved the 100%-owned Vickery project at 4.5Mtpa ROM, resolving a long-running approval thread. Startup is unlikely before Maules Creek reaches 13Mtpa; Whitehaven now plans to seek a joint venture partner. Reserves are 204Mt.
12 Sept 2014annual report● Neutral
Full 2014 Annual Report lodged, repeating FY2014 results already released: operating EBITDA $90.4m, net loss $38.4m versus $88.7m, net debt $685.2m, costs $69/t. Text adds no new figures; mainly a cover letter plus report.
27 Aug 2014resource reserve update▲ GoodMajor
Resources rise 3.0% to 3,857Mt from 3,743.9Mt, mainly Oaklands (up 128Mt, mostly inferred). Recoverable reserves rise 1Mt to 888Mt and marketable reserves 5Mt to 801Mt after 12Mt of mining, with Maules Creek reserves up about 20Mt.
27 Aug 2014annual report● Neutral
Full annual report for the year to 30 June 2014, with directors' report and financial statements. It notes construction of Maules Creek began during the year; the visible text adds nothing new beyond the results released the same day.
