27 Aug 2014annual report● Neutral
Appendix 4E for FY2014: revenue $755.4m (up 21%), net loss $38.4m versus $88.7m the prior year, no dividend. NTA per share about $3.02. AGM set for 28 October 2014.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Aug 2014annual report● Neutral
FY2014 results: operating EBITDA $90.4m (up 429%), revenue $755.4m, net loss $38.4m versus $88.7m. Net debt rose to $685.2m from $471.6m to fund Maules Creek, which is over 50% complete; costs fell 9% to $69/t.
27 Aug 2014investor presentation● Neutral
Full-year results presentation repeating the day's announced figures: safety improvement, cost down 9%, record output at three mines, and Maules Creek 55% complete and on time and budget for first coal in March 2015.
20 Aug 2014production update▲ GoodMajor
Open cut mining has started in the Maules Creek box-cut with Whitehaven's own fleet and employees. The project is stated to be on budget and schedule, with first saleable coal railed in March 2015.
15 July 2014director officer appointment● Neutral
Scott Knights, formerly of Peabody Energy, becomes Executive General Manager – Marketing from 18 August 2014, replacing Patrick Markey who resigned. His task is expanding sales of Maules Creek coal.
15 July 2014director officer appointment● Neutral
Non-executive director Philip Christensen resigns to become a partner at Baker & McKenzie. He joined the board with the 2012 Aston merger and chaired the health, safety, environment and community committee.
10 June 2014regulatory community update▼ BadMajor
Maules Creek Community Council has filed a NSW Land and Environment Court action to stop clearing in the mining area until late summer 2014/15; infrastructure works are unaffected. Whitehaven will defend it, citing its approved management plan, and says first coal in March 2015 remains on schedule.
7 May 2014production update▲ Good
Narrabri longwall is back at normal production, resolving the April outage. Narrabri FY2014 ROM guidance is lifted to 5.0–5.2Mt (from 4.8–5.0Mt), and group saleable guidance to 10.0–10.2Mt (from 9.8–10.0Mt), still below the original 10.7Mt.
24 Apr 2014production update▼ BadMajor
FY2014 saleable coal guidance is cut from 10.7Mt to 9.8–10.0Mt after Narrabri's longwall lost floor horizon control on panel three, plus the earlier-disclosed Rocglen geotechnical issues. Narrabri ROM is cut to 4.8–5.0Mt from 5.5Mt; return to mining in 2–3 weeks, costs not material.
16 Apr 2014regulatory community update▲ Good
The federal environment department finds the Maules Creek biodiversity offsets package compliant with approval conditions and closes its inquiry into false-information allegations with no further action. Some additional offset land may be needed; the package covers about 13,000ha for 1,600ha cleared.
3 Mar 2014production update▲ Good
Narrabri longwall production restarted on panel three after the change-out, on schedule and on budget. First-half ROM was a record 3.29Mt, with December-quarter output above the 6.0Mtpa nameplate. The mine now moves to one change-out a year.
28 Feb 2014contract award▲ GoodMajor
Downer EDI is awarded the Maules Creek coal handling plant contract (1600tph), one of the largest parts of the $767m project. About $220m is spent and $333m of major contracts let; first coal is expected March 2015. Contract value is not stated.
26 Feb 2014half year report▲ GoodMajor
Half-year to December 2013: revenue $402.2m (up 43%), net loss narrowed 76% to $11.6m, operating EBITDA $50.8m before significant items. Net debt rose to $556.9m (from $471.6m) and gearing to 15%. No interim dividend.
26 Feb 2014investor presentation▲ Good
Half-year presentation repeats known results: EBITDA $50.8m, net debt $556.9m, unit costs down 10% to $71.69/t. It says Maules Creek is on schedule for first coal in March 2015.
26 Feb 2014half year report▲ Good
Results release repeats the half-year: revenue up 43% to $402.2m, EBITDA $50.8m, average FOB cost $71.69/t. Cash from operations was $78.3m versus a $100.1m outflow a year earlier. $525m of the debt facility remains undrawn.
12 Feb 2014other● Neutral
Prudential group's holding in Whitehaven edges down from 6.03% to 5.96% (61.2m shares). A routine substantial holder notice with no company-specific event.
16 Jan 2014director officer appointment● Neutral
Austen Perrin, the outgoing CFO, resigns as joint company secretary. Tim Burt remains company secretary. This is an administrative step in the CFO handover to Kevin Ball.
13 Jan 2014material agreement▲ GoodMajor
Pacific National Coal and Whitehaven sign a new rail haulage agreement from January 2014 to June 2026, replacing the old one. Volume stays at 9.5Mtpa, rising to 11.5Mtpa with 30-tonne axle loads from 2015; per-tonne haulage costs are expected to fall.
20 Dec 2013regulatory community update▲ GoodMajor
Federal Court dismisses the NICE challenge to the Maules Creek federal approval, resolving the reserved judgement. Construction is expected to start in early January 2014, with first coal still targeted for Q1 CY2015.
2 Dec 2013debt financing● NeutralMajor
Banks approve a change to the A$1.2bn debt facility: the first interest cover test moves from December 2014 to the earlier of December 2015 or the half-year after Maules Creek reaches 3.5Mtpa. No repricing; WHC's 75% share of remaining construction is stated as funded.
4 Nov 2013investor presentation● Neutral
AGM address calls FY2013 a tough year with a first loss in several years, and repeats the shift from a 4Mt to a 23Mt producer. Maules Creek cost is put at $67/t FOB, with rail construction awaiting artefact salvage. FY14 budget targets 11Mt.
1 Nov 2013production update▲ Good
October railings to Newcastle hit a record of just over 1 million tonnes, and monthly sales a record 1.24Mt. FY2014 production is anticipated at 10.7Mt (100% basis), versus the 11Mt budget target cited at the AGM on 4 November.
24 Oct 2013director officer appointment● NeutralMajor
Kevin Ball is appointed CFO from 16 December 2013, replacing Austen Perrin, who is leaving and will hand over in an orderly way by early 2014. Ball has prior CFO experience in oil and gas and coal.
10 Oct 2013contract award▲ GoodMajor
Whitehaven signs Leighton Contractors to build the Maules Creek rail loop, the project's longest lead-time item. Contract value is not stated. Production is still targeted for the first quarter of 2015.
2 Oct 2013annual report● Neutral
Cover letter for the 2013 Annual Report being sent to shareholders. Contents repeat the FY2013 results already released: net loss $82.2m, underlying EBITDA $18.6m, cash $110.5m.
26 Sept 2013regulatory community update▲ Good
The Federal Court dismisses an injunction sought by the Northern Inland Council for the Environment to stop Maules Creek construction. Judgement on the main challenge, heard 16-19 September, is reserved. Whitehaven now says production starts in the first quarter of 2015.
27 Aug 2013annual report▼ BadMajor
FY2013 net loss was $82.2m (underlying loss $60.7m) on underlying EBITDA of $18.6m, after lower prices and the Sunnyside closure. Cash $110.5m, net debt $471.6m. Maules Creek construction awaits indigenous consultation and the Federal Court challenge outcome.
27 Aug 2013director officer appointment● NeutralMajor
Raymond Zage, CEO of Noonday Asset Management Asia, joins the board. Noonday and Farallon manage funds that are together Whitehaven's largest shareholder group. Follows Farallon's June purchase of the Tinkler stake.
27 Aug 2013resource reserve update▲ GoodMajor
Total resources fall 1% to 3,743.9Mt from 3,787.9Mt, but marketable reserves rise 19.6Mt to 796.2Mt. Merging the Vickery areas adds 53.6Mt of marketable reserves; Narrabri marketable reserves rise 12.6Mt to 212.5Mt.
27 Aug 2013annual report▼ Bad
Full-year accounts for FY2013: net loss $82.2m against a $62.5m profit, revenue $622.2m. No final dividend; AGM set for 4 November 2013. Net tangible assets per share fell to $3.12 from $3.38.