28 Feb 2020annual report● Neutral
2019 operating EBITDA A$1.64bn (down 25%); cash cost A$61/t beat guidance; capex A$285m. Total 2019 dividend 31.56c/share (58% payout). Gearing 29%; US$500m debt repaid early. Coronavirus flagged as a 2020 factor.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Feb 2020annual report● NeutralMajor
2019 profit after tax was A$719m, down from A$852m; revenue A$4,460m (down 8%). Final unfranked dividend of A$280m (21.2c/share) declared, payable 29 April 2020. Resolves the pending results; Middlemount lost A$29m.
18 Feb 2020other● Neutral
Notice that the Board will meet on 28 February 2020 to approve 2019 results and consider a final dividend. Administrative notice.
11 Feb 2020other● Neutral
Published the Audit and Risk Management Committee charter (approved 18 December 2019), as required by Hong Kong rules. Governance document; no new substance.
10 Feb 2020other▼ BadMajor
Yancoal warned it will likely book a non-cash impairment of its loan to Watagan (owner of the Ashton, Donaldson and Austar mines), citing ongoing technical challenges there. Amount not yet known; due before the 27 February results. Follows earlier Watagan mine issues.
10 Feb 2020material agreement● Neutral
Completes the POSCO coal sales deal announced 19 December 2019: the cap for 1 January to 31 March 2021 is set at US$150m (about 0.675Mt). Administrative follow-up; no shareholder vote needed.
4 Feb 2020other● Neutral
Hong Kong monthly return for January 2020: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
16 Jan 2020quarterly activities report● Neutral
Hong Kong version of the December quarter report: 2019 attributable saleable output 35.6Mt met the ~35Mt target; quarter price A$93/t versus A$107/t. Duplicate of the ASX report.
16 Jan 2020quarterly activities report● Neutral
Full-year 2019 attributable saleable output was 35.6Mt, meeting the roughly 35Mt target; December quarter was 9.4Mt (up 12%). Realised price fell again to A$93/t from A$107/t in September, and Hunter Valley operations paused on some bushfire-smoke days.
6 Jan 2020other● Neutral
Hong Kong monthly return for December 2019: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
19 Dec 2019material agreement● Neutral
Yancoal signed a three-year framework agreement (to 31 December 2022, auto-renewing) letting Yanzhou-owned entities whose mines it manages use its bank guarantee facilities. They pay the bank's fee plus a 5% margin. Disclosure only; no shareholder vote needed.
19 Dec 2019material agreement● Neutral
Yancoal renewed its coal sales agreements with POSCO, a 20% partner in the Mount Thorley JV: four contracts, with 2020 sales capped at US$600m (about 2.7Mt). Sales were US$298m in the ten months to October 2019 versus US$428m in 2018.
4 Dec 2019other● Neutral
Hong Kong monthly return for November 2019: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
5 Nov 2019other● Neutral
Hong Kong monthly return for October 2019: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
1 Nov 2019material agreement● Neutral
Supplement to the Glencore diesel deal: the cap for 1 January to 31 October 2022 is set at A$150m, completing the cap schedule the earlier notice said was still to come. Administrative follow-up.
28 Oct 2019material agreement● Neutral
HV Operations (the Hunter Valley Operations joint venture company) signed a three-year diesel supply deal with Glencore's fuel arm from 1 November 2019 to 31 October 2022, capped at A$180m a year. Glencore is HVO's partner, so Hong Kong rules require disclosure; no shareholder vote needed.
18 Oct 2019quarterly activities report● Neutral
Hong Kong version of the September quarter report already covered: attributable saleable output 8.4Mt (up 2% on a year earlier), realised price A$107/t versus A$116/t in June. Moolarben approved to lift to 16Mtpa but rail limits apply; 2019 guidance unchanged. Duplicate of the ASX report.
17 Oct 2019quarterly activities report● Neutral
September quarter attributable saleable output was 8.4Mt, up 2% on a year earlier. Realised price fell to A$107/t from A$116/t in June. Moolarben open cut approved to lift output from 13Mtpa to 16Mtpa, but rail limits and weak markets mean no extra output yet. Guidance unchanged.
4 Oct 2019other● Neutral
Hong Kong monthly return for September 2019: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
20 Sept 2019half year report● Neutral
Hong Kong version of the 2019 interim report, repeating the half-year results: profit before tax A$492m and the A$137m (10.35 cents per share) interim dividend, which the report says is 24% of profit after tax. Duplicate of the ASX report.
5 Sept 2019other● Neutral
Hong Kong monthly return for August 2019: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
21 Aug 2019investor presentation● Neutral
Interim results presentation dated 21 August 2019, billing Yancoal as Australia's largest pure-play coal producer. Only the disclaimer text is readable here, so no new figures are evident; it accompanies the half-year results already covered.
21 Aug 2019half year report● NeutralMajor
First-half 2019 profit before tax was A$492m (A$537m a year earlier), with revenue flat at A$2,350m. An interim dividend of A$136.7m (A$0.1035/share, unfranked) is payable 20 September, matching last year's interim. Watagan booked a A$100m impairment, equity-accounted.
21 Aug 2019half year report● Neutral
Media release for the half-year: operating EBITDA A$940m (A$980m a year earlier), attributable saleable coal 17.8Mt, gearing 32.5% (34.6% earlier). Further debt prepayments are expected in the rest of 2019; guidance unchanged. The CEO notes market conditions weighed on late-half realised prices.
9 Aug 2019other● Neutral
Board meeting set for 21 August 2019 to approve the half-year results to 30 June 2019 and consider an interim dividend, if any. Administrative notice.
5 Aug 2019other● Neutral
Hong Kong monthly return for July 2019: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
30 July 2019annual report● Neutral
Hong Kong version of the 2018 ESG report, covering environment, safety and community for Yancoal's operated mines and Watagan-managed mines. It excludes the HVO and Middlemount joint ventures. Only the scope and contents pages are readable, so no new financial or operating figures.
29 July 2019annual report● Neutral
Hong Kong cover notice for the 2018 ESG report, which covers environment, safety and community. Only the introductory sections are readable here, with no new financial or operating figures.
16 July 2019quarterly activities report● Neutral
Hong Kong version of the June quarter report: 13.4Mt saleable, 9.0Mt attributable, realised price A$116/t, and the Middlemount fatality. Guidance unchanged. Duplicate of the ASX report.
16 July 2019quarterly activities report● Neutral
June quarter saleable output was 13.4Mt (up 6% on a year earlier), 9.0Mt attributable. Realised price fell to A$116/t from A$133/t in March. A fatality occurred at the Middlemount JV on 27 June. 2019 guidance of about 35Mt is unchanged.