Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2018resource reserve update▲ GoodMajor
Maiden JORC resource for Winchester South, the Bowen Basin coking coal project bought in 2018: 530Mt, comprising 130Mt Measured, 300Mt Indicated and 100Mt Inferred. Up from the 356Mt (100% basis) in the earlier context.
16 Oct 2018quarterly activities report● Neutral
September 2018 quarter: Narrabri longwall changeout to LW108 completed by mid-September and ramping up on schedule. Managed ROM was 3.6Mt (down 37%), sales 4.9Mt (down 20%) as stockpiles were drawn down. Vickery Extension EIS lodged in August; FY2019 guidance of 22-23Mt reaffirmed.
5 Oct 2018regulatory community update● Neutral
Whitehaven responds to the shareholder climate resolutions, arguing coal demand will keep growing and that high-efficiency plants fit Paris targets. It says it is reviewing TCFD recommendations with a view to incorporating them into reporting in 2019.
24 Sept 2018director officer appointment● Neutral
Non-executive director Tony Haggarty, a Whitehaven board member since 2007 and managing director 2008-2013, will retire at the 25 October AGM. Fiona Robertson takes over as Audit and Risk chair; a board search for a replacement has begun.
24 Sept 2018agm notice● Neutral
Notice of 25 October 2018 AGM: remuneration report, 315,790 rights for CEO Paul Flynn, election of Robertson, Beeby and Zage, and re-insertion of partial takeover provisions. Board opposes the three Market Forces climate resolutions, put by holders with about 0.0016% of shares.
24 Sept 2018annual report● Neutral
2018 Annual Report published, restating the record $525.6m profit and 1,026,045,885 shares on issue at 30 June 2018. Says 40c per share was distributed in the year and AGM is 25 October 2018. No new announcements in the text provided.
24 Sept 2018other● Neutral
Appendix 4G and corporate governance statement lodged with the annual report, pointing to the website statement as accurate at 24 September 2018. Administrative compliance filing with no new substance.
14 Aug 2018annual report● Neutral
Statutory FY2018 financial report: directors' report and accounts for the year to 30 June 2018, repeating the record $525.6m net profit already announced on 14 August. Text provided is truncated, so no new figures are drawn from it.
14 Aug 2018annual report▲ GoodMajor
Record FY2018 profit of $525.6m on revenue of $2,257.4m; net debt $270.4m (gearing 7%, up from $146.9m at December). FY2019 guidance is 22.0-23.0Mt saleable with costs rising to about $64/t. Final 14c plus special 13c dividend proposed.
14 Aug 2018investor presentation● Neutral
Presentation of the FY2018 result already announced: record $525.6m profit, EBITDA $940.0m, net debt $270m and gearing 7%. Notes 27c dividend declared and unit costs of $62/t, up from $58/t on fuel and inflation. Nothing new.
14 Aug 2018annual report▲ GoodMajor
FY2018 results: revenue $2,257.4m (up 27.3%) and net profit $525.6m (up 29.7%). A 14 cent final dividend and 13 cent special dividend are payable September 2018, on top of the 13 cent interim already paid. AGM set for 25 October 2018.
10 Aug 2018agm notice● Neutral
Three shareholder resolutions for the 25 October 2018 AGM were received from 106 holders with about 0.0016% of shares: a constitution change allowing advisory resolutions, climate risk disclosure, and Paris-aligned strategy. Board will recommend voting against, and says Market Forces is promoting them.
9 Aug 2018resource reserve update● NeutralMajor
Annual update: total resources fell 80Mt to 3,902Mt from 3,982Mt. Reserves rose 11Mt to 985Mt and marketable reserves rose 23Mt to 885Mt, due to added Narrabri South reserves. Winchester South resources will be added next year.
16 July 2018quarterly activities report● Neutral
June 2018 quarter and FY2018: saleable output 20.9Mt, within the cut guidance of 20.5-21.0Mt, and sales 22.1Mt. Maules Creek hit a record 11.0Mt ROM and has all equipment for 13Mtpa on site. June quarter sales fell 13%, with Narrabri supply and port congestion cited.
20 June 2018farm in farm out completion▲ GoodMajor
Whitehaven completed the purchase of the remaining 25% of Winchester South, taking it to 100%. The company says it can now move ahead with the EIS and other studies needed to develop the project as quickly as possible.
20 June 2018investor presentation● Neutral
Conference presentation repeating half-year results and noting Winchester South as a growth option beyond Vickery. Says cost pressures are increasing from fuel, contractors and deeper mining at Narrabri and Maules Creek. Half-year cost of sales was $60/t.
8 June 2018other▲ Good
S&P Dow Jones Indices announces an index rebalance: Whitehaven is added to the S&P/ASX 100 from 18 June 2018. This is an index change, not a company announcement.
1 June 2018asset acquisition disposition● Neutral
Rio Tinto confirms it has completed the sale of its 75% of Winchester South to Whitehaven for $200m: $150m cash received now and $50m due in 12 months. Rio's side of Whitehaven's completion announcement.
1 June 2018farm in farm out completion▲ GoodMajor
Whitehaven completed the purchase of Rio Tinto's 75% of Winchester South, which the CEO calls transformative as it adds a Bowen Basin position beside the Gunnedah Basin. Remaining 25% expected to complete in June 2018, earlier than the second half previously flagged.
24 May 2018asset acquisition disposition▲ GoodMajor
Whitehaven agrees to buy the remaining 25% of Winchester South, owned by Scentre Group, at a price consistent with the pro-rated Rio Tinto price. Completion of both deals expected second half of 2018. Continues the March 2018 Rio deal toward 100% ownership.
15 May 2018farm in farm out completion▲ GoodMajor
Whitehaven completed the purchase of Idemitsu's 30% of Tarrawonga after Ministerial consent, taking it to 100% as agreed in November 2017. Adds about 0.55Mtpa to Whitehaven's equity saleable production.
17 Apr 2018quarterly activities report● Neutral
March 2018 quarter: saleable output 5.2Mt (up 3%), sales 5.4Mt (up 10%), and record Maules Creek production of 2.9Mt ROM. Narrabri ROM fell 11% to 1.219Mt on equipment problems, delaying LW108 longwall start to July; FY2018 Narrabri guidance 6.1-6.3Mt.
22 Mar 2018asset acquisition disposition● Neutral
Rio Tinto announces the sale of its 75% of the undeveloped Winchester South coal project in Queensland to Whitehaven for $200m ($150m at completion, $50m a year later). Subject to FIRB and Queensland approvals. This is Rio's side of the deal Whitehaven announced the same day.
22 Mar 2018asset acquisition disposition▲ GoodMajor
Whitehaven agrees to buy Rio Tinto's 75% of the Winchester South coking coal project in Queensland's Bowen Basin for US$200m (US$150m at completion, US$50m after 12 months), funded from cash and existing facilities. Its first Queensland asset, with 356Mt resources. Completion expected second half 2018.
28 Feb 2018investor presentation● Neutral
Conference presentation in Miami repeating the half-year results: $257.2m profit, $460.6m EBITDA, 13 cent interim dividend. No new information.
16 Feb 2018investor presentation● Neutral
Half-year results presentation repeating figures already released: record $257.2m profit (up 63%), $460.6m EBITDA, net debt $146.9m and a 13 cent interim dividend. No new information.
16 Feb 2018half year report▲ GoodMajor
Half-year to December 2017: net profit $257.2m (up 63%), revenue $1,146.4m, EBITDA $460.6m. Net debt fell to $146.9m (gearing 4%). An unfranked 13 cent interim dividend is declared, payable 2 March 2018, the first interim dividend in this period.
16 Feb 2018investor presentation▼ BadMajor
Half-year results announcement repeating the $257.2m profit, $460.6m EBITDA and 13 cent interim dividend. Notably cuts FY2018 saleable guidance to 20.5-21.0Mt (from 22-23Mt) after lower first-half Narrabri output, with costs rising slightly.
16 Feb 2018director officer appointment● Neutral
Director Christine McLoughlin retired after almost six years on the board. Fiona Robertson, an experienced resources-sector finance executive, joins as independent non-executive director. Committee chairs are reshuffled: Conde to Remuneration, Haggarty to Audit & Risk, Beeby to Health, Safety, Environment and Community.
18 Jan 2018quarterly activities report● Neutral
December 2017 quarter: saleable output 5.0Mt and sales 5.8Mt, with record-low safety rate. Maules Creek full-year ROM expected about 11.0Mt, with equipment for the full 13Mtpa arriving to operate from July 2018. Sales of uncommitted metallurgical coal from Maules Creek expected to be challenging.
