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Whiteheaven Coal Reports Half Year Results FY2020

Coal News - Published on Mon, 24 Feb 2020

Image Source: Whitehaven Coal
Whitehaven MD and CEO Mr Paul Flynn said “The first half result has been impacted by a softening of the Newcastle Index thermal coal price. More subdued pricing, in combination with a number of transient production challenges and higher unit costs, has given rise to a more testing first half. The payment of a modest dividend reflects our confidence in the fundamentals of the business and the prospects of a stronger second half. The successful refinancing is a strong endorsement of Whitehaven’s medium to long term growth profile and the cash flow generation potential of our quality assets.”

FINANCIAL HIGHLIGHTS

Revenue of $885.1 million, down 30% on pcp reflecting a lower average achieved price for H1 FY2020 of A$108/t vs H1 FY2019 A$155/t

EBITDA of $177.3 million, down 68% on pcp due to the softening of achieved prices and the impact on ROM production of previously reported labour shortages and dust events at our largest mine, Maules Creek, and the scheduled eight week Narrabri mine longwall move.

Net profit after tax of $27.4 million, down 91%

Equity ROM coal production for the half was 6.0 million tonne, 30% below pcp, reflecting both the eight week Narrabri longwall change out and the challenging production conditions at Maules Creek due to labour shortages and production disruption due to drought and bushfires. Equity coal sales, including purchased coal, were 8.5 million tonnes, which was in line with the pcp. Sales for the period were supported by stock draw downs and an increase in purchased coal. Equity own metallurgical coal sales were 21% of total sales during the half, 2% above pcp at 19%.

Consolidated Equity Production and Sales
Whitehaven Total (000s t)H1 FY2020H1 FY2019% change
ROM Coal Production6,0398,590-30%
Saleable Coal Production6,5277,616-14%
Sales of Produced Coal7,0657,600-7%
Sales of Purchased Coal1,39377480%
Total Coal Sales8,4588,3741%
Coal Stocks at Period End8002,662-70%
 

Source :

Posted By : Yogender Pancholi on Mon, 24 Feb 2020
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