11 Nov 2022investor presentation● Neutral
Presentation for the Morgan Stanley Asia Pacific Summit, 16-18 November 2022. The visible text is a disclaimer and refers to the half-year results; no new facts are shown.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Nov 2022material agreement● Neutral
Annual caps on coal sales through the HVO sales company to Glencore's Anotero raised from US$750m to US$1.9bn for both 2022 and 2023. Actual transactions hit US$1.251bn by 30 September, above the old cap, as coal prices surged.
3 Nov 2022other● Neutral
Hong Kong monthly return for October 2022: no change in issued shares, which remain 1,320,439,437. Administrative filing.
28 Oct 2022director officer appointment● Neutral
Updated list of directors and committee roles. Board is unchanged: one executive, five non-executive and three independent directors, with Baocai Zhang as chair. No new independent director has been added.
13 Oct 2022material agreement● Neutral
Glencore diesel supply deal for Hunter Valley Operations extended one year, to 31 October 2023, resolving the expiry thread. Annual caps are A$43m for Nov-Dec 2022 and A$186m for 2023; historic spend was A$104m in 2021.
5 Oct 2022material agreement● Neutral
Annual caps on coal sales to Yankuang-linked YIT under the 2021 framework agreement raised from US$87.5m to US$155m for both 2022 and 2023, because of record coal prices. Terms unchanged; this appears to be the pending YIT framework item. Chairman Zhang and Wu abstained.
5 Oct 2022other● Neutral
Hong Kong monthly return for September 2022: no change in issued shares, which remain 1,320,439,437. Administrative filing.
3 Oct 2022debt financing▲ GoodMajor
Yancoal prepaid US$1.0bn of debt on 4 October from cash, from the syndicated facility and unsecured related-party loans, cutting finance costs by about US$207m. Total debt falls to US$792m; over US$2.3bn prepaid in 12 months, following October 2021 and July 2022 repayments.
27 Sept 2022material agreement● Neutral
Annual cap on Mount Thorley coal sales to POSCO (20% partner in the sales company) raised from US$90m to US$200m for 2022 and US$350m for 2023. Actual sales reached US$112.6m in eight months to 31 August, already above the old cap, due to higher coal prices.
26 Sept 2022remuneration report● Neutral
2,542,567 performance share rights (about 0.19% of shares) issued to senior executives under the 2022 incentive plan, vesting after 31 December 2024 on earnings and cost hurdles. Some rights were forfeited after resignations. Routine pay.
20 Sept 2022half year report● Neutral
Full interim report 2022 republishing the half-year financials already released on 17 August: revenue A$4,776m, net profit A$1,738m, A$696m interim dividend. No new information in the visible text.
9 Sept 2022business combination● NeutralMajor
Yancoal confirms Yankuang Energy told it on 8 September it will not proceed with the potential transaction, ending the offer period. This resolves the thread open since May; Yankuang is barred from a bid for six months without regulator consent.
9 Sept 2022business combination● NeutralMajor
Yankuang Energy said that, given recent market conditions, it is terminating the potential transactions for Yancoal. It reserves the right to make future acquisitions, but cannot announce an offer for six months under takeover rules.
5 Sept 2022other● Neutral
Hong Kong monthly return for August 2022: no change in issued shares, which remain 1,320,439,437. Administrative filing.
1 Sept 2022material agreement▲ Good
Annual cap on coal sales to POSCO for 2022 raised from US$300m to US$450m because of higher coal prices. Agreement terms are unchanged; POSCO holds 20% of the Mount Thorley joint venture. Directors consider it fair.
17 Aug 2022half year report▲ GoodMajor
First-half 2022 revenue was A$4,776m (1H21 A$1,775m) and net profit A$1,738m (1H21 loss A$129m). An interim dividend of A$696m, A$0.5271 per share unfranked, was declared, payable 20 September 2022.
17 Aug 2022investor presentation● Neutral
Results presentation repeating the half-year figures: A$4.8bn revenue, A$3.2bn operating EBITDA, A$314/t price, 15.5Mt attributable saleable coal, A$696m interim dividend. Notes Yankuang has made no proposal. No new facts beyond the results.
17 Aug 2022half year report▲ GoodMajor
Record half: revenue A$4.8bn, operating EBITDA A$3.2bn, realised price A$314/t (up 234%). Cash A$3.4bn, net debt A$232m, zero net debt reached in July after US$801m early repayment. Production fell to 15.5Mt attributable on rain and COVID-19. A$696m interim dividend declared.
17 Aug 2022dividend declaration● Neutral
Hong Kong dividend notification cover page for the interim dividend. The visible text carries no figures; the A$696m, A$0.5271 per share dividend is stated in the results release.
8 Aug 2022business combination● Neutral
Copy of Yankuang Energy's 8 August update: preparations for the potential transactions continue, but no firm decision has been made on whether to proceed. Nothing new on price or terms; repeats the earlier monthly update.
8 Aug 2022business combination● Neutral
Second monthly takeover-code update: no substantive developments since 7 July and no binding agreement on the Yankuang Energy potential transaction. No certainty it proceeds.
5 Aug 2022other● Neutral
Board meeting set for 17 August 2022 to approve half-year results and consider an interim dividend, if any, at the board's discretion. Administrative notice; no dividend is promised.
4 Aug 2022other● Neutral
Updated Hong Kong company information sheet summarising waivers, foreign-law summary and articles of association. Administrative; the visible text shows no new business information.
3 Aug 2022other● Neutral
Hong Kong monthly return for July 2022: no change in issued shares, which remain 1,320,439,437. Administrative filing.
20 July 2022quarterly activities report● NeutralMajor
June quarter realised price was a record A$368/t and cash rose to A$3.4bn after the A$930m dividend. The ~US$801m debt repayment was completed in July. But 2022 guidance was cut: attributable saleable coal to 31-33Mt (from 35-38Mt) and cash costs to A$84-89/t (from A$71-76/t), due to wet weather, COVID-19 and diesel prices.
19 July 2022business combination● Neutral
Copy of Yankuang Energy's clarification that its 14 July first-half profit alert did not meet Hong Kong takeover-code reporting standards. Shareholders are warned not to rely on it when assessing the potential transaction, which remains uncertain.
8 July 2022business combination● Neutral
Copy of Yankuang Energy's own monthly update: preparations for the potential transactions continue, but no firm decision has been made whether to proceed. Nothing new on price or terms.
7 July 2022business combination● Neutral
Monthly takeover-code update: no substantive developments since 7 June and no further proposal received from Yankuang Energy. No agreement reached on the potential transaction, and no certainty it proceeds.
6 July 2022other● Neutral
Hong Kong monthly return for June 2022: no change in issued shares, which remain 1,320,439,437. Administrative filing.
30 June 2022debt financing▲ GoodMajor
Yancoal plans to repay about US$801m of debt from cash by end-July 2022, saving about US$133m in finance costs. Together with the earlier US$500m prepayment and US$50m mandatory repayments, over 45% of the A$3,975m debt at 30 June 2021 is repaid.