4 Feb 2021investor presentation● Neutral
CEO David Moult spoke at the Sydney Mining Club on 4 February 2021; the presentation is attached. The visible text is a cover note and disclaimer, with no new figures shown.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Feb 2021other● Neutral
Hong Kong monthly return for January 2021: no change in issued shares, which remain 1,320,439,437. Administrative filing.
11 Jan 2021other● Neutral
Voluntary notice attaching Yanzhou's reply to a Shanghai Stock Exchange query about the Watagan reconsolidation announced in December. Mainly explains the history of the 2016 Watagan bonds and why Watagan was previously deconsolidated. No new Yancoal figures in the text shown.
7 Jan 2021other● Neutral
Hong Kong monthly return for December 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
18 Dec 2020material agreement● Neutral
New 2021 coal sales agreements with POSCO, the 20% partner in Mount Thorley, replacing the 2020 ones. Caps are US$500m for 2021 and US$125m for Jan-Mar 2022, on about 1.6Mt and 0.4Mt. Cap is below the 2020 US$600m cap; 2019 sales were US$164m.
17 Dec 2020material agreement● Neutral
Board renewed seven related-party coal purchase, sale, management-service and loan arrangements (Yanzhou, Glencore, POSCO, Premier Coal) for three years to 31 Dec 2023, with new annual caps. Example: purchases from Yanzhou Group capped at US$40m a year. Routine continuation of existing arrangements.
17 Dec 2020business combination▼ BadMajor
Yancoal regains accounting control of Watagan (Ashton, Austar, Donaldson mines) from 16 Dec 2020, ending equity accounting. Expects a one-off non-cash loss of A$1.3-1.5bn in 2020. US$775m Watagan bonds to be refinanced around 31 Mar 2021 by a new Yankuang loan at 4.65% for three years, due 2027.
3 Dec 2020other● Neutral
Hong Kong monthly return for November 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
19 Nov 2020material agreement● Neutral
New three-year coal sales framework agreements with Yanzhou and YIT (Yankuang's subsidiary), running to 31 Dec 2023, replacing the YIT deal that ended 2020. Both are related-party sales to the controlling shareholder's group. The YIT agreement takes effect only after Yanzhou approvals. Annual caps are not shown in the text.
5 Nov 2020other● Neutral
Hong Kong monthly return for October 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
8 Oct 2020other● Neutral
Hong Kong monthly return for September 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
21 Sept 2020half year report● Neutral
Interim report 2020 republishing the half-year financial report already lodged on 19 August: A$605m profit after tax, A$1,973m revenue, no interim dividend. The text shown carries no new figures.
2 Sept 2020other● Neutral
Hong Kong monthly return for August 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
31 Aug 2020investor presentation● Neutral
Notice of the CEO's teleconference presentation of the half-year result on 31 August 2020, with dial-in details and a standard disclaimer. The text shown contains no new figures beyond the result already released.
19 Aug 2020half year report▼ Bad
Half-year result release: revenue A$1.98bn (down 16%), operating EBITDA A$481m (down 49%), margin 24%. Cash cost fell to A$60/t, price A$94/t, gearing 29%. Capex deferred to 2021 and no interim dividend, citing weak coal prices. Repeats the full report.
19 Aug 2020half year report● NeutralMajor
First-half 2020 profit after tax was A$605m (up 7%), but this was lifted by a A$576m non-operating gain, mainly from remeasuring Moolarben after buying the extra 10%. Before that, the company made a A$37m loss. Revenue fell 16% to A$1,973m. No interim dividend.
6 Aug 2020other● Neutral
Hong Kong monthly return for July 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
6 Aug 2020other● Neutral
Board meeting set for 19 August 2020 to approve half-year results for the six months to 30 June 2020. Administrative notice.
31 July 2020other● Neutral
AGM address and slides from Co-Vice Chairman Gregory Fletcher and CEO David Moult, held online. They repeat known 2019 results: A$417m distribution, A$61/t unit cost, safety rate down to 7.27, and a weak coal market. No new information.
27 July 2020annual report● Neutral
2019 Environmental, Social and Governance report covering safety, environment, community and climate-risk approach. The text shown is mostly themes and scope; no new financial or operating figures.
8 July 2020debt financing▲ GoodMajor
Replaced its syndicated term loan, which had US$1,275m capacity, with a new US$1,275m five-year facility on substantially the same security, covenants and margin. Only US$100m is repaid in the first three years, pushing out the 2020 and 2021 repayments.
2 July 2020other● Neutral
Hong Kong monthly return for June 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
15 June 2020security holder rights change● Neutral
Issued 1,076,025 long-term incentive rights to senior executives, about 0.08% of shares, vesting 31 December 2022 subject to earnings-per-share and cost targets. The company intends to use existing shares or cash, not new shares. Routine remuneration.
5 June 2020director officer appointment● Neutral
Non-executive director Fuqi Wang resigned on 5 June 2020 to pursue new career opportunities, after serving since 2015; he reported no disagreement. The board falls to nine directors, still three independents, which the company says meets Hong Kong's one-third rule.
5 June 2020other● Neutral
Hong Kong-required list of directors and committee roles as at 5 June 2020, now without Fuqi Wang: nine directors, Ning Zhang the sole executive. Administrative; no new substance.
2 June 2020other● Neutral
Hong Kong monthly return for May 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
1 June 2020debt financing▲ GoodMajor
Refinanced the syndicated bank guarantee facility, which had A$1,000m capacity and expired 1 September 2020. The replacement is A$975m, secured on certain subsidiaries' assets, with a three-year term. Covenants are substantially similar but tested six-monthly rather than more often.
1 June 2020director officer appointment▲ GoodMajor
Kevin Ning Su, Yancoal's General Manager Treasury since June 2014, appointed Chief Financial Officer from 1 June 2020. Fills the role vacant since Lei Zhang resigned on 20 March 2020, resolving that open thread with an internal appointment.
26 May 2020material agreement● Neutral
New framework agreement to sell coal to YIT, a Yankuang-owned coal trader, to 31 December 2020, capped at US$93m. YIT stopped being a Yanzhou subsidiary on 30 April 2020. Sales were US$95m in 2019. Related-party deal, no shareholder vote needed.
8 May 2020debt financing● Neutral
Yancoal's subsidiary agreed an A$59,999,640 revolving loan to Middlemount, the mine it owns 49.9997% of, at 10% interest, maturing 31 December 2020. Peabody must lend pro-rata on the same terms. Disclosed under Hong Kong rules; no shareholder vote needed.