Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2017regulatory community update● Neutral
The ATO published its Class Ruling confirming the 28 November distribution is treated as a 14 cent capital return and a 6 cent unfranked dividend. This matches what the company had previously advised, closing the tax question.
28 Nov 2017dividend declaration▲ Good
The $0.20 distribution was paid, about $198m in total: a 14 cent capital return and 6 cent unfranked dividend, to holders on the 13 November record date. This completes the distribution proposed in August. A tax ruling is expected 6 December.
6 Nov 2017asset acquisition disposition▲ GoodMajor
Whitehaven agreed to buy Idemitsu's 30% of Tarrawonga, taking it to 100%, subject to conditions including regulatory approvals. No price is given in the text. Tarrawonga is scheduled for 2.0Mt saleable in FY2018, about half metallurgical, with 41Mt reserves.
3 Nov 2017dividend declaration▲ Good
Board declared the 6 cent unfranked dividend, alongside the approved 14 cent capital return. Record date is 13 November and payment 28 November 2017. No shares are cancelled. Shares held under Aston merger restriction deeds are not entitled.
25 Oct 2017agm notice▲ Good
All six AGM resolutions passed on a poll, including the 14 cent capital return (99.99% in favour). This clears the way for the 20 cent distribution flagged in August. Remuneration report received 99.76% support.
25 Oct 2017other▲ Good
AGM chairman's address and CEO presentation, mostly repeating the record FY2017 result. Adds that net debt has since fallen to $65m, the 20c distribution is 14c capital return plus 6c unfranked dividend, and the company will keep seeking acquisitions. Vickery EIS is in final preparation.
12 Oct 2017quarterly activities report▲ Good
September 2017 quarter: record saleable output of 5.9Mt (up 14%) and record sales of 6.1Mt (up 21%). Maules Creek ran at 10.5Mtpa, and Narrabri mined through the fault in LW107. Mining restarts at Sunnyside (0.8Mt over two years).
22 Sept 2017other● Neutral
Appendix 4G and corporate governance key for FY2017, pointing to the website statement. Administrative filing with no new business information.
22 Sept 2017agm notice● Neutral
Notice of the 25 October 2017 AGM. Resolutions include a roughly $140m capital return of 14 cents per share (record date 13 November 2017), which is the capital part of the proposed 20 cent distribution, plus a new CEO incentive grant and re-election of Vaile and Conde.
22 Sept 2017annual report● Neutral
Full 2017 Annual Report for the tenth anniversary of the ASX listing, repeating the FY2017 results: $405.4m profit, $714.2m EBITDA, net debt $311.1m. Says the Vickery extension (10Mtpa) EIS studies are nearing completion. No new figures beyond those already announced.
17 Aug 2017annual report▲ GoodMajor
Record FY2017 result: net profit $405.4m, EBITDA $714.2m (up 219%), net debt cut to $311.1m (gearing 9%). Board proposes a 20 cent per share distribution, the first return in this period. FY2018 saleable guidance is 22-23Mt.
17 Aug 2017annual report▲ Good
Appendix 4E for FY2017: net profit $405.4m versus $20.5m, revenue up 52.3% to $1,773.2m. A 20 cent per share distribution is proposed, subject to approval at the 25 October 2017 AGM. This is the first payout after no dividends in FY2016.
17 Aug 2017annual report● Neutral
Full FY2017 annual financial report, covering the results already announced the same day. The extract shown is the directors' report and board details, with no new business information visible.
17 Aug 2017investor presentation▲ Good
FY2017 results presentation repeating the record $405.4m profit, $714.2m EBITDA, $58/t unit cost and proposed 20 cent distribution. Adds leverage of 0.4 versus 3.8 a year earlier. No new company information.
17 Aug 2017resource reserve update● NeutralMajor
Annual resource and reserve update: resources fell 45Mt to 3,982Mt, reserves 8Mt to 974Mt, and marketable reserves 22Mt to 862Mt. The company says most of the fall is mining depletion. Maules Creek open cut reserves are 500Mt.
11 Aug 2017contract award● Neutral
Mastermyne announced it won a roadway development contract at Narrabri worth about $33m over roughly 18 months, starting October 2017. It is a supplier's announcement, not Whitehaven's, and supports the Narrabri longwall's ongoing development.
8 Aug 2017debt financing▲ GoodMajor
Whitehaven refinanced its senior bank facility: a A$1.0bn drawable line plus A$200m of guarantee capacity, maturing July 2021. It replaces the facility that was due in July 2019, on terms the company says are more favourable. Completion is subject to conditions precedent.
13 July 2017quarterly activities report● Neutral
June quarter and FY2017 report: record saleable output of 20.8Mt, just under the 21-22Mt guidance. Maules Creek ROM was 9.7Mt. Narrabri's first 400m longwall panel is now mining, after the changeout completed in mid-April. Met sales in the quarter were below expectations.
13 Apr 2017quarterly activities report● Neutral
March quarter managed saleable output was 5.1Mt (down 4%) and sales 4.9Mt (down 11%), as Narrabri changed longwalls. Maules Creek held its 10.5Mtpa rate with three Asian term met contracts now agreed. Vickery EIS is due before end of June quarter.
17 Feb 2017investor presentation▲ Good
Half-year results presentation repeating known figures: $157.5m profit, $324.8m EBITDA, unit cost $56/t, net debt $628m. Adds leverage (net debt/EBITDA) of 1.4 versus 3.8 at June 2016.
17 Feb 2017half year report▲ GoodMajor
Half-year to December 2016: net profit $157.5m versus $7.8m, on revenue up 43% to $823.5m and EBITDA of $324.8m. Higher coal prices and more met coal drove it. Net debt fell $231.1m to $628.0m (gearing 17%), with $105m more repaid after period end. No dividend.
17 Feb 2017half year report▲ Good
Half-year to December 2016 announcement: net profit $157.5m versus $7.8m, revenue up 43% to $823.5m, EBITDA $324.8m. Net debt fell to $628m (gearing 17%) with $105m more repaid since. Full-year saleable guidance of 21-22Mt unchanged. Repeats the half-year result already reported.
16 Jan 2017quarterly activities report▲ Good
December quarter record managed met coal sales of 1.2Mt; first-half managed saleable output was 10.2Mt (up 10%). Maules Creek has run at 10.5Mtpa since late December and signed its first term met coal contract with a large Asian steelmaker. Narrabri was hit by geotechnical problems.
9 Jan 2017production update▼ BadMajor
Narrabri FY2017 ROM guidance is set at 7.5-7.8Mt because of adverse geotechnical conditions; LW07, the first 400m panel, now starts early in the June quarter. Group saleable guidance of 21-22Mt is unchanged, and met coal is forecast at 26% of second-half sales.
27 Oct 2016agm notice● Neutral
All four AGM resolutions passed on a poll, each with about 99.5% or more votes in favour: the remuneration report, the CEO's long-term incentive grant, and the re-election of Raymond Zage and Christine McLoughlin.
27 Oct 2016investor presentation▲ Good
AGM chairman's address and CEO presentation recapping FY2016: record 20Mt+ output, $20.5m profit (first full-year profit since 2012), costs $56/t, and debt cut $77m, with a further $35m repaid since. No new company information visible.
17 Oct 2016quarterly activities report▲ Good
September quarter managed saleable output was 5.2Mt (up 20%) and sales 5.0Mt. Maules Creek's ramp to 10.5Mtpa is on schedule, with met coal about 20% of its sales; a semi soft coking coal price of US$130/t was settled for December quarter. Narrabri's 400m panel is on schedule.
23 Sept 2016annual report● Neutral
Full 2016 annual report repeating known results: $20.5m profit, net debt $859.1m, 1,026m shares. FY2017 priorities: Maules Creek ramp to 10.5Mtpa, a 400m Narrabri face, more net debt reduction, and starting a Vickery sell-down process.
23 Sept 2016agm notice● Neutral
Notice of the 27 October 2016 AGM in Sydney. Resolutions: adopt the remuneration report, grant CEO Paul Flynn 558,893 rights and 1,822,081 options, and re-elect directors Raymond Zage and Christine McLoughlin.
23 Sept 2016other● Neutral
Appendix 4G and corporate governance statement for FY2016, pointing to the website statement. Administrative filing with no new business information.
