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Whitehaven Coal Announces FY19 Results

Coal News - Published on Fri, 16 Aug 2019

Image Source: SteelGuru
Leading Australian producer of premium thermal and metallurgical coal Whitehaven Coal has reported a record net profit after tax before significant items of AUD 564.9 million for FY2019. Whitehaven Coal Managing Director and CEO Paul Flynn said “It is great to have delivered another record year of profit and continue a pattern of strong and consistent financial returns. This year’s record distribution and our full year payout ratio of 88% of NPAT before significant items honours our prior commitment to return surplus cash to shareholders. With significant positive cash flow generated across the portfolio and debt all but eliminated, we are putting our strong balance sheet to work, progressing our two key development projects and investing in technology and expansion initiatives at our existing operations. We are fast approaching a key transformation point in the evolution of Whitehaven that will give rise to a larger, more efficient and better-integrated enterprise, well positioned to take advantage of the demand for high quality coal in the Asian region.”


Sales revenue of AUD 2,487.9 million, up 10%

Underlying EBITDA of AUD 1,041.7 million, up 3%

Cash generated from operations of AUD 964.1 million, up 4%

Net debt reduced to AUD 161.6 million (excluding IFRS 16 lease liabilities) at 30 June 2019 with gearing at 4%

Whitehaven produced a record 23.2 million tonne of ROM coal in FY2019 on a managed basis. Importantly, this was accomplished with an improved TRIFR for the year of 6.2, reflecting our belief that production growth is not sustainable unless it is accompanied by a strong safety focus.

Equity ROM and saleable coal production were 18.4 million tonne and 15.8 million tonne, respectively for FY2019 with coal sales including purchased coal reaching 17.6 million tonne, a record for the company. Costs of $67/t were in line with guidance for the year.

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Posted By : Sanju Moirangthem on Fri, 16 Aug 2019
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