Past year: ▲ 5%(4.96 – 8.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Aug 2016half year report▼ Bad
Half-year loss to 30 June 2016 was $180.4m (H1 2015: $145.4m) on revenue of $465.6m, down 27%. Net tangible assets per share fell to negative $0.74 from negative $0.57. No dividend. Austar 2014 incident: no prosecution. Watagan control loss confirmed.
26 July 2016admin correction● Neutral
Correction to the June quarter report's sales split: metallurgical coal 1.96Mt, up 8%, and thermal 2.78Mt, down 7%. The rest of the report is re-released unchanged.
2 May 2016regulatory community update▼ BadMajor
Donaldson moved to care and maintenance effective 2 May 2016, after mining at Abel underground stopped, resolving the March plan. Most employees were redeployed to Austar and Ashton. Feasibility studies continue on possible new underground areas.
27 Apr 2016admin correction● Neutral
Corporate governance compliance checklist lodged alongside the annual report, pointing to where governance disclosures sit. It contains no financial or operational news.
27 Apr 2016annual report● Neutral
The 2015 annual report repeats the known results: 15.26Mt saleable, 17.81Mt sales, $291.2m loss. It notes Yancoal ceased to control Watagan from 31 March 2016 while still managing the mines. Yanzhou holds 78.0% and Noble 13.2%.
1 Apr 2016debt financing● NeutralMajor
The US$950m bond financing reached financial close effective 31 March 2016, as announced 17 February. Watagan Mining Company now holds Ashton, Austar and Donaldson, and Yancoal no longer controls it. Yancoal manages the mines under 10-year service contracts.
2 Mar 2016regulatory community update▼ BadMajor
Donaldson (Abel underground) will move to care and maintenance in June 2016 as feasibility studies begin. Mining drops from three units to two from 14 March, affecting 10 roles. About 11 of 103 staff remain. Extends the earlier Abel cutbacks.
29 Feb 2016annual report▼ BadMajor
Full-year 2015 loss was $291.2m on revenue of $1.32bn, versus a $353.5m loss in 2014. No dividend. Net tangible assets per share fell to negative $0.57 from $0.22. The Austar investigation is still ongoing. Two new subsidiaries were formed, including Watagan Mining Company.
29 Feb 2016investor presentation▼ Bad
Media release repeating the 2015 result: loss of $291.2m, operating EBITDA of negative $0.4m, 15.2Mt saleable coal. New information is 2016 guidance of 13.5Mt saleable (down from 15.26Mt in 2015) and capital spending of about $350m. Prices are expected to stay low.
18 Feb 2016debt financing● NeutralMajor
Yancoal will raise up to US$950m through nine-year secured bonds issued by a new subsidiary holding Ashton, Austar and Donaldson. Tranche 1 (US$760m) pays about 8.55%. Yancoal loses control of those mines but keeps managing them; Yankuang provides a put option. Closing expected by 30 April 2016.
20 Nov 2015regulatory community update▼ BadMajor
The NSW Court of Appeal upheld the condition on the Ashton South East Open Cut approval, so no development work can occur until Ashton buys a privately owned property in the mining area. Yancoal is assessing the impact; the project is planned at 3.6Mt a year for seven years.
30 Oct 2015regulatory community update● Neutral
Yancoal noted that the NSW Mine Safety Investigation Unit has published its report on the Austar incident. It says its own investigation into the April 2014 incident is still ongoing, and it will keep cooperating. No findings are given in the text.
14 Sept 2015regulatory community update▲ GoodMajor
NSW approved the Moolarben Stage Two Mining Operations Plan, completing the state approvals process. Yancoal can now develop two underground areas and a new open cut pit, taking the complex to up to 17Mt a year for 24 years.
3 Sept 2015regulatory community update▲ Good
NSW granted the mining lease for Moolarben Stage Two, covering 3,741 hectares, so Yancoal now awaits a Mining Operations Plan. The full complex could produce up to 17Mt a year for 24 years. The release gives Yancoal's JV share as 81%, versus 80% earlier.
20 Aug 2015half year report▼ Bad
Half-year loss to June 2015 was $145.4m on $634.4m revenue, with operating EBIT of negative $126.9m. Saleable output was 7.7Mt, and 2015 guidance of 15–15.5Mt is unchanged. Management expects flat markets and cites redundancies caused by weak prices.
20 Aug 2015half year report● Neutral
This is the auditor's independence declaration and review report on the half-year accounts to 30 June 2015. ShineWing found nothing to suggest the accounts are not in accordance with the Corporations Act. No financial figures are in this text.
24 July 2015regulatory community update▼ BadMajor
Yancoal announced up to 170 redundancies at Abel and up to 55 at Austar, citing the continued coal downturn. Abel moves to a five-day week with 108 staff, and Austar to two continuous miners with 185 staff. This extends the underground problems seen at both mines.
15 June 2015contract award● Neutral
Drilling contractor Hughes Drilling announced it won a three-year overburden blast-hole contract, with a one-year extension option, at Yancoal's Yarrabee, Cameby Downs and Duralie mines from 1 July 2015. It is a supplier notice with no value stated.
1 June 2015regulatory community update▲ GoodMajor
The NSW Planning Assessment Commission approved the Stratford extension, allowing up to 21.5Mt of coal over 11 years at up to 2.6Mt a year. This resolves the pending state approval, but federal environmental approval is still outstanding.
27 Apr 2015annual report● Neutral
The 2014 annual report repeats the known results: a $353.5m loss on $1.4bn revenue, gearing cut from 84% to 59% after the US$1.8bn notes repaid senior loans, and 16.73Mt saleable coal. Yanzhou holds 78.0% and Noble 13.2%. Gearing is stated as 59% here, against 60% earlier.
23 Apr 2015director officer appointment● Neutral
Fuqi Wang, Chief Engineer of major shareholder Yanzhou, joins the board as a non-executive director, replacing departing director Xinghua Ni from 23 April 2015. The change keeps Yanzhou's representation on the board.
20 Apr 2015resource reserve update● Neutral
Yancoal released its JORC-compliant coal resource and reserve statements for the year to December 2014, covering Ashton, Austar, Moolarben, Middlemount, Yarrabee, Donaldson and the Gloucester Basin. The visible text contains no tonnage figures, so the changes are not stated here.
27 Feb 2015annual report▼ Bad
2014 annual report: net loss of $353.5m on revenue of $1.43bn, versus an $832.1m loss in 2013. Net tangible assets fell to $0.22 per share from $0.87. No dividend. The Austar fatality investigation is still ongoing.
27 Feb 2015annual report● NeutralMajor
Full-year 2014 loss of $353.5m on $1.4bn revenue, with operating EBITDA of negative $46.6m. Gearing fell from 84% to 60% after the US$1.8bn notes repaid senior loans. Yanzhou gave up to A$1.4bn of extra support, and bank facility of US$2.6bn extended to 2020–2022.
3 Feb 2015regulatory community update▲ GoodMajor
NSW Planning Assessment Commission approved Moolarben Stage 2, allowing up to 16Mt a year of run-of-mine coal for 24 years. This resolves the long-awaited approval and extends the mine's life; Yancoal holds 80% of the joint venture.
31 Dec 2014capital raising announcement● NeutralMajor
Yancoal issued 18,005,102 Subordinated Capital Notes at US$100 each, raising US$1,800.5m, against the up-to-US$2.3bn originally sought. The initial distribution rate is 7.00%, with first payment expected 31 July 2015; distributions can be deferred. Notes trade on ASX from 2 January 2015.
23 Dec 2014capital raising announcement● Neutral
The shortfall bookbuild sold no additional Subordinated Capital Notes. Issue is still expected on 31 December 2014, with late applications accepted until 30 December.
22 Dec 2014capital raising announcement● NeutralMajor
Notes offer to eligible shareholders closed, raising about US$1.8bn gross, including Yanzhou's US$1.8bn commitment. About US$507.6m of entitlements go to a shortfall bookbuild on 23 December, so the offer falls well short of the up-to-US$2.3bn target. This confirms minority holders took up very little.
18 Dec 2014capital raising announcement● Neutral
Second supplementary prospectus: after the Panel orders, which let the offer proceed, Yanzhou confirms it remains committed to its full share of notes. The offer closes 22 December, shortfall bookbuild 23 December, notes issued 31 December 2014.
15 Dec 2014regulatory community update● Neutral
Yancoal notes the Takeovers Panel decision and says it is considering the decision and its next steps. No new information beyond the Panel's ruling.
