Past year: ▲ 5%(4.96 – 8.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Apr 2023director officer appointment● Neutral
Changyi Zhang joins the board as a non-executive director on 20 April 2023, replacing Xing Feng, who resigned because of work changes within China Cinda. Cinda is a 15.89% shareholder. Board stays at nine.
19 Apr 2023quarterly activities report● Neutral
March-quarter attributable saleable output was 5.9Mt, down 27% on a year earlier, at A$347/t realised. Cash ended at A$2.8bn after the US$333m prepayment. 2023 guidance of 31-36Mt is unchanged, with output expected to improve each quarter; A$1.5bn tax and the dividend are due.
11 Apr 2023other● Neutral
Hong Kong monthly return for March 2023: no change in issued shares, which remain 1,320,439,437. Administrative filing.
31 Mar 2023debt financing▲ GoodMajor
Yancoal prepaid its last US$333m of loans on 31 March 2023 from cash, saving about US$43m of finance costs, and now has no interest-bearing loans. Total debt repayments exceed US$3.0bn; this resolves the planned repayment flagged in February.
31 Mar 2023security holder rights change● Neutral
Issued 1,104,001 deferred share rights to senior executives under the short-term incentive plan, about 0.08% of shares. They vest in two tranches on 1 March 2024 and 2025, and would be settled using existing shares, so no new shares are created.
22 Mar 2023agm notice● Neutral
Annual general meeting set for 31 May 2023, with director nominations closing 30 March 2023. The notice of meeting is due in April. Administrative notice.
14 Mar 2023security holder rights change● Neutral
Vested 2020 and 2021 short-term incentive rights are settled half in shares (448,584 and 619,132) and half in cash. Corrects earlier counts of rights on issue. 1,238,264 2021 rights remain, vesting 1 March 2024. Executive pay administration.
6 Mar 2023other▲ Good
Yancoal shares become eligible for Southbound Stock Connect trading from 13 March 2023, letting eligible mainland Chinese investors buy them in Hong Kong. Follows the Hang Seng Composite Index inclusion; the company says it may widen the investor base and liquidity.
3 Mar 2023other● Neutral
Hong Kong monthly return for February 2023: no change in issued shares, which remain 1,320,439,437. Administrative filing.
27 Feb 2023annual report▲ GoodMajor
Full-year 2022 statutory accounts: record revenue A$10,548m (up 95%) and net profit A$3,586m after non-recurring items. Final fully franked dividend of A$924m (A$0.70/share) declared, payable 28 April 2023, taking 2022 dividends declared to about A$2.55bn.
27 Feb 2023half year report▲ GoodMajor
Record 2022 result: revenue A$10.55bn, operating EBITDA A$6.96bn, year-end cash A$2.70bn. Plans to repay the last US$333m of loans, leaving no interest-bearing debt. 2023 guidance: 31-36Mt attributable saleable, costs A$92-102/t, weighted to second half.
27 Feb 2023investor presentation● Neutral
Presentation accompanying the 2022 full-year result. The visible text is a cover and disclaimer only; no new facts shown.
27 Feb 2023dividend declaration▲ Good
Hong Kong notice of the final dividend of A$0.70 per share (HK$3.74304): ex-dividend 14 March 2023, record date 15 March, payment 28 April 2023. Repeats the dividend declared with the results.
27 Feb 2023other● Neutral
Hong Kong-required update publishing the charters of board committees, including the Strategy and Development Committee and the Health, Safety, Environment and Community Committee. Governance housekeeping with no new transaction or change disclosed.
27 Feb 2023other▲ Good
Yancoal will join the Hang Seng Composite Index from 13 March 2023, as a mid-cap energy company. The CEO says this could widen the investor base and improve share liquidity. Follows its December 2018 Hong Kong listing.
27 Feb 2023resource reserve update▼ BadMajor
Year-end 2022 attributable coal resources fell 13.5% to 5,201Mt from 6,013Mt, recoverable reserves fell 13.0% to 989Mt from 1,137Mt, and marketable reserves fell 22.8% to 731Mt from 819Mt. The statement notes no life-of-mine plans were completed in 2022.
16 Feb 2023regulatory community update▼ BadMajor
NSW Government will require Yancoal to supply coal to domestic power generators at a A$125/t price cap from 1 April 2023 to 30 June 2024, with no compensation for the gap to market prices. Cuts revenue and creates logistics challenges. Volume stated here (395,000t a quarter) was corrected.
16 Feb 2023admin correction● Neutral
Corrects the NSW coal reservation policy release: the quarterly obligation should read up to 310,000 tonnes, not 395,000 tonnes. The policy was issued 16 February 2023. The A$125/t cap and the rest of the release are unchanged.
13 Feb 2023other● Neutral
Notice that the board will meet on 27 February 2023 to approve 2022 full-year results and consider a final dividend. Administrative notice.
3 Feb 2023other● Neutral
Hong Kong monthly return for January 2023: no change in issued shares, which remain 1,320,439,437. Administrative filing.
25 Jan 2023other● Neutral
Supplement to the quarterly report: just under A$800,000 of exploration spending at Moolarben, covering three monitoring holes and two coal quality test holes. Minor.
19 Jan 2023quarterly activities report● Neutral
December-quarter realised price was A$422/t; cash ended 2022 at A$2.7bn after US$1.46bn of debt repayments. 2022 attributable saleable output of 29.4Mt fell 20% and missed the 31-33Mt guidance by about 5%. A$1.23/share dividends paid in 2022.
5 Jan 2023other● Neutral
Hong Kong monthly return for December 2022: no change in issued shares, which remain 1,320,439,437. Administrative filing.
23 Dec 2022material agreement● Neutral
Framework agreement letting Yankuang Energy's Australian subsidiaries use Yancoal's bank guarantee facilities renewed for one year to 31 December 2023. Fee stays bank cost plus 5%. Continues the 2019 arrangement that was due to expire 31 December 2022.
9 Dec 2022debt financing▲ GoodMajor
Yancoal plans to repay US$459m of debt around 16 December 2022 from cash, saving about US$91m of finance cost. Only a US$333m syndicated term loan remains (US$301m due 2H2024, US$32m 2H2026). Over US$2.75bn prepaid in 15 months.
5 Dec 2022other● Neutral
Hong Kong monthly return for November 2022: no change in issued shares, which remain 1,320,439,437. Administrative filing.
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.
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.
