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Yancoal Australia announces full year financial results 2018

Coal News - Published on Wed, 27 Feb 2019

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Australia’s largest pure-play coal producer, Yancoal Australia Ltd, announced a record profit after tax of AUD 852 million from revenue of AUD 4,850 million for the year ended 31 December 2018. Final Dividend of AUD 377million . Total 2018 dividend payments of AUD 507 million represent a payout ratio of ~60%, consisting of 40% of net profit after tax (A$341 million) and a 19.5% special dividend (A$166 million). Total Operating EBITDA of A$2,180 million, up A$1,192 million on the year prior. Total Operating EBIT of A$1,657 million, up A$925 million on the year prior.

Yancoal’s tier-one assets drove continued transformational growth, achieving record annual total saleable coal production of 50.0 million tonnes (32.9Mt attributable2), up 59% from 31.5Mt (18.5 Mt attributable) in 2017.

1 Gearing calculated as net debt/net debt plus equity of the Yancoal consolidated Group.
2 Attributable share includes: Moolarben (81% - up to and including 30 November 2018 and 85% thereafter - reflecting
Yancoal’s increased ownership in the Moorlarben Joint Venture as announced on 30 November 2018); Mount Thorley
Warkworth (82.9%); Hunter Valley Operations (51%); Stratford Duralie (100%); and Yarrabee (100%).

Yancoal Chairman Baocai Zhang said “2018 has been a year of extraordinary growth and success, with a record dividend declared, debt reduced by more than half a billion dollars, and Yancoal Australia listed on the Main Board of the Stock Exchange of Hong Kong. Consistent with our commitment to generate value for shareholders, we have also raised new capital, expanded our shareholder base, and are about to pay our final dividend and special dividend with a total payout rate for 2018 of 60 percent. Our exceptional full year financial results have also provided Yancoal with the cash required to begin 2019 by immediately reducing our debt liabilities by a further US$500 million. To have prepaid US$1.4 billion of debt in less than a year and a half since our acquisition of Coal & Allied is a stunning achievement. At the operational level, the integration of the acquired Coal & Allied assets of Hunter Valley Operations and Mount Thorley Warkworth is going well and operational synergies continue to be delivered ahead of expectations. We have fortified our position as a leader in the international coal market and returned the Yancoal Group to a position of market strength and financial health.”

Yancoal Chief Executive Officer Reinhold Schmidt said “Without question, this year’s financial turnaround demonstrates the robustness of our operational, investment and cashflow management strategies. “We are exceeding expectations and continue to forge our own path as a leader within the competitive global coal market. In the year ahead we will invest in new fleets and operational efficiencies across our open cut mines, and progress our pipeline of Australian brownfield projects, with a specific focus on the Mount Thorley Warkworth and Moolarben operations. “With three of the most successful low-cost, high-quality producing tier-one assets in Australia, we are aggressively pursuing new organic growth opportunities to sustain the profitable return of Yancoal. Coal remains a critical part of global baseload energy supply and we are well positioned to maximise returns from current market conditions by meeting increasing needs for high quality coal

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Posted By : Rabi Wangkhem on Wed, 27 Feb 2019
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