Past year: ▲ 5%(4.96 – 8.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Aug 2014half year report● Neutral
Media release on the half-year result: $192.7m loss on $654.6m revenue, operating EBIT loss of $186.1m, and 7.9Mt equity saleable coal, up 4%. Guidance of 16.5–17.0Mt is unchanged. It repeats the accounts released the same day.
18 July 2014quarterly activities report▼ Bad
June quarter equity saleable production was 3.8Mt, down 8% on March, with 2014 guidance of 16.5–17.0Mt unchanged. Austar's longwall move and Moolarben plant maintenance cut output; prices stayed weak. Austar development remains halted pending the April fatality investigation.
23 June 2014production update● Neutral
The longwall move to panel A8 at Austar is complete and production has restarted, with 2014 saleable output expected within the earlier forecast range. The April incident investigation continues and development works remain stopped.
19 June 2014regulatory community update▲ GoodMajor
The NSW Planning Assessment Commission approved a Moolarben Stage 1 modification, allowing an extra 30Mt of run-of-mine coal over the mine's life. The larger Stage 2 expansion, which could double Moolarben output, still awaits approval.
3 June 2014director officer appointment● Neutral
Yancoal signs an executive service agreement with Co-Vice Chairman Baocai Zhang, starting once he obtains an Australian work visa. Base pay is $440,000 a year plus superannuation, with a six-month sign-on bonus and incentive plans. Administrative detail on an already announced appointment.
30 May 2014other● Neutral
AGM speech by Co-Vice Chairman Cunliang Lai, who is standing in for Chairman Li, and CEO presentation. It says weak prices will persist and Yanzhou withdrew its privatisation proposal but keeps providing financial support. It repeats known 2013 results and the Austar deaths.
29 Apr 2014regulatory community update● Neutral
Development has not resumed at Austar since the April incident, and the cause is undetermined. The longwall is being moved to panel A8 over 8–10 weeks, giving up to 12 months of production. The regulator still controls the incident site.
17 Apr 2014director officer appointment● Neutral
Huaqiao Zhang, a Hong Kong-based businessman with over 21 years in banking and finance, is appointed a non-executive director whom the board considers independent. This starts to fill the vacancy left by James MacKenzie's retirement.
17 Apr 2014quarterly activities report▼ Bad
March quarter: equity saleable production was 4.16Mt and sales 4.06Mt, with prices at multi-year lows. The Yanzhou privatisation was withdrawn, and the CVR repurchase of $263m was completed in March. Lei Zhang is appointed CFO. 2014 volumes are weighted to the second half.
16 Apr 2014other▼ BadMajor
Two employees died when a wall collapsed underground at the Austar Coal Mine on 15 April 2014. Mining has stopped and a recovery operation began. Yancoal is working with emergency services and the regulator.
11 Apr 2014annual report● Neutral
2013 annual report repeats the results already released: equity saleable production of 16.9Mt, up 15%, and unit costs down 11%. It gives 2014 saleable production guidance of 16.5–17.0Mt. Yanzhou holds 78.0% and Noble 13.2%.
11 Apr 2014director officer appointment● Neutral
Director James MacKenzie, who joined the board with the 2012 Gloucester merger, has retired. Yancoal expects to appoint a new independent non-executive director during 2014.
28 Mar 2014agm notice● Neutral
Yancoal's annual general meeting will be held in Sydney on 30 May 2014, including an election of directors.
26 Mar 2014debt financing● NeutralMajor
Yancoal arranges a US$300m long-term loan facility from majority shareholder Yanzhou. The first US$100m tranche is a six-year, unsecured, no-covenant loan repayable at maturity; terms of the other US$200m are to be agreed later. It funds working capital and capex, adding to Yanzhou funding.
24 Mar 2014other▼ BadMajor
Yanzhou tells Yancoal it no longer wishes to pursue its non-binding proposal, made 9 July 2013, to take Yancoal private. This ends the scheme for the 22% minority, so Yancoal stays listed with Yanzhou still holding about 78%.
13 Mar 2014resource reserve update● Neutral
Annual coal resource and reserve statements for December 2013, reported under the JORC Code. The extract does not show the totals, so any change from the February 2013 figures (3,824Mt resources, 799.7Mt reserves) cannot be confirmed. Some projects will move to the 2012 Code during 2014.
27 Feb 2014annual report▼ BadMajor
2013 loss after tax was $832.1m against a $375.4m profit in 2012, with operating EBITDA of $43.7m and an EBIT loss of $227.1m. Record 16.9Mt production and 15% cost savings were offset by weak prices. Net debt rose to $4,839m, including $1,918m owed to Yanzhou.
27 Feb 2014annual report▼ Bad
Full-year 2013 statutory accounts: revenue $1,529.8m and net loss $832.1m (2012: $375.4m profit). Net tangible assets per share fell to $0.87 from $1.68, and no dividend is proposed. The loss reflects weak coal prices, a $369.5m foreign exchange loss and the first-half $343.0m impairment.
25 Feb 2014other● Neutral
ASX suspends the CVR shares (YALN) from quotation at close of trading on 25 February 2014, at Yancoal's request, pending their repurchase. Ordinary shares are not affected.
5 Feb 2014security holder rights change▲ Good
Yancoal confirms the CVR repurchase date of 4 March 2014 and that Yanzhou has set the price at A$3.00 cash per CVR share, payable about 11 March. CVR trading is expected to be suspended after 25 February. This fixes the terms of the thread opened in November.
17 Jan 2014quarterly activities report▲ Good
December quarter: 2013 saleable production was a record 16.9Mt (guidance 16Mt) and sales 17.0Mt, with a 15% unit cost cut. The Yanzhou proposal is still under negotiation with no recommendation. US$150m of the new US$250m Yanzhou loan is drawn; results due 28 February.
20 Dec 2013director officer appointment● Neutral
Baocai Zhang, a Yancoal director and Yanzhou board member and deputy general manager, becomes a third Co-Vice Chairman and will replace Cunliang Lai as Executive Committee Chair from 20 January 2014. Another senior Yanzhou executive moves into a leading Yancoal role.
13 Dec 2013debt financing● NeutralMajor
Yancoal arranged a US$250m unsecured, no-covenant loan from majority shareholder Yanzhou, with a 5.5-year term and principal repaid at maturity. It will repay US$100m of existing debt and fund working capital and capital expenditure.
12 Dec 2013other● Neutral
Re-release of Yanzhou's Hong Kong announcement welcoming the Treasurer's removal of the foreign investment selldown conditions. It repeats the content of the 11 December announcement; no new information.
11 Dec 2013regulatory community update● NeutralMajor
The Treasurer removed the foreign investment conditions that required Yanzhou to cut its roughly 78% stake in Yancoal below 70% by 31 December 2013. Yanzhou pledged to keep Yancoal solvent while it holds at least 51%. The board is assessing the effect on the privatisation proposal.
22 Nov 2013security holder rights change▲ GoodMajor
Yanzhou has directed Yancoal not to issue a lapse notice on its 87,645,184 CVR shares, so Yanzhou will buy them in cash. The repurchase price is likely A$3.00 per CVR, settling by 4 March 2014 at the latest. This resolves the CVR thread.
19 Nov 2013other● Neutral
Yancoal responds to a press report that FIRB rejected Yanzhou's request to waive the condition to sell down to 30% public ownership by year end. The independent board committee says it is unaware of any such decision.
28 Oct 2013other● Neutral
Yancoal responds to press speculation about talks between Yanzhou and Noble, its second-largest shareholder. The independent board committee says it is unaware of any outcome and was not party to any discussions.
18 Oct 2013quarterly activities report● Neutral
September quarter: equity saleable production was 4.865Mt and sales 4.425Mt, and full-year guidance of 16Mt is maintained. Growth projects are under review given a constrained balance sheet. Moolarben Stage 2 approval is pending, and the Yanzhou proposal is still being considered.
12 Sept 2013director officer appointment● NeutralMajor
Li Xiyong, 49, is appointed director and Chairman, replacing Weimin Li, who resigned in July. He has also been appointed Chairman of majority shareholder Yanzhou, so both companies share the same chair.
