兖煤澳大利亚（3668） 更新报告 买入 2024年4月2日 产量逐季度恢复，公司业绩 符合预期  全年业绩符合预期，下半年产量回升：2023 年国际煤炭市场达到新的供需平 邹瀚逸 衡 ，煤炭价格回购理性，公司全年业绩同比下降。全年录得收入 77.8 亿澳元， 852-69539760 同比-26%。归母净利润为 18.2 亿澳元，同比-49%。主要受煤价下跌所至，公司 Robin.zou@firstshanghai.com.hk 全年动力煤均价为 211 澳元/吨，冶金煤为 356 澳元/吨，平均煤价为 232 澳元/ 吨，同比-39%。2023年公司积极恢复产能，H2煤炭产量恢复至历史高位。 陈晓霞  全年现金成本增长，下半年明显改善：由于公司产量减少原材料和用工成本 增长及公司额外增加机器和人员进行复产，公司全年现金成本为 96 澳元/吨， 852-25321956 同比增长 2%。其中中原材料基本持平为 33 澳元/吨；员工福利基本持平 22 澳 xx.chen@firstshanghai.com.hk 元/吨，同时运输费用及合约服务费分别上涨 1 澳元至 21 澳元/吨及 16 澳元/ 吨。虽然 ...

Table_Title Table_BaseInfo 2024 年 2 月 27 日 公司动态分析 兖煤澳大利亚（3668.HK） 证券研究报告 全年业绩符合预期，股息率达 14% xxxx 煤炭 xxxx 事件：公司发布2023年年度业绩，实现收入77.78亿澳元，同比减少26%；实现税后利润 投资评级： X 买入 xx 18.19亿澳元，同比减少49%，符合我们预期。公司此前已发布全年运营数据，符合管理层 年初指引。公司分派期末股息0.3250澳元/股，实现全年派息率50%。基于公司指引，我们 目标价格： 35.52 元 略微上调今年的现金运营成本和产量预测，维持对今年煤价相对平衡的看法，预计公司今年 仍有望实现不错的利润率水平。公司贷款余额为零，料今年有不错的现金流表现。另外，公 现价 (2024-2-27)： 29.70港元 司优秀的管理水平、珍贵的资源禀赋以及较高的分红水平对投资者仍然较为吸引，继续维持 “买入”评级。 报告摘要 总市值(百万港元) 39,217.05 公司全年业绩符合预期，利润率仍然优秀。公司全年实现收入77.78亿澳元，同比减少26%； H股市值(百万港元) 39,217.04 ...

智通财经APP获悉，国泰君安发布研究报告称，首予兖煤澳大利亚(03668)“增持”评级，预测2024至2026年纯利分别为18.03、18.11、18.11亿澳元，目标价42.09港元。 该行指出，去年下半年，产销量恢复带动成本下行，兖煤澳大利亚吨煤成本大幅下降至每吨86澳元，较上半年下降每吨23澳元。公司今年恢复工作的重点将转移到优化成本及最大化经营利润率方面，吨煤成本有望进一步下行。 截至2023年底，公司资产负债率降低至25%的低水平，现金及等价物账面余额13.39亿澳元，2023年利息支出仅0.2亿澳元；公司维持较高的分红派息率(50%)，目前公司在手现金充足，当前暂无重大资本开支项目，预计未来仍将维持较高分红派息率，去年公司合计每股派息3.55港元，按当前股价测算股息率11.3%。 ...

股 票 研 究 [Table_industryInfo] 煤炭 [ Table_Main[兖I Tnaf 煤bol]e 澳_Ti大tle]利 亚（3668） [评Tab级le_：Inv est] 增持 当前价格（港元）： 31.40 澳洲优质煤企，资源稀缺价值凸显 2024.02.26 海 [ 交Ta易bl数e_M据a rket] 外 黄涛(分析师) 邓铖琦(分析师) 52周内股价区间（港元） 22.25-36.00 当前股本（百万股） 1,320 公 021-38674879 010-83939825 当前市值（百万港元） 41,462 司 huangtao@gtjas.com dengchengqi024452@gtjas.co 证书编号 S0880515090001 mS0 880523050003 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 兖矿能源重要海外布局，澳洲第三大煤炭生产商；气候影响煤炭产量，24 年有望恢 兖煤澳大利亚 恒生指数 复；煤价回归低波动，成本有望下行；在手现金充沛，高分红价值凸显。 香 21% 摘要： 港 11% [首Ta次ble覆_S盖u ...

Financial Performance - For the fiscal year ending December 31, 2023, Yancoal Australia Ltd reported total revenue of AUD 7.778 billion, a decrease of 26% compared to AUD 10.548 billion in 2022[12]. - The company's profit before tax (excluding non-recurring items) was AUD 2.583 billion, down 52% from AUD 5.406 billion in the previous year[12]. - Shareholders' net profit after tax (excluding non-recurring items) was AUD 1.819 billion, reflecting a 52% decline from AUD 3.807 billion in 2022[12]. - Basic earnings per share (excluding non-recurring items) decreased by 52% to 137.8 cents from 288.3 cents in the prior year[12]. - The total dividend distribution for the fiscal year 2023 is AUD 1.413 billion, compared to AUD 1.626 billion in 2022[14]. - The company reported a significant increase in revenue, achieving a total of $X billion for the fiscal year, representing a Y% growth compared to the previous year[1]. - The pre-tax profit for the fiscal year 2023 was AUD 5,091 million, a significant increase compared to AUD 2,583 million in fiscal year 2022[117]. - The basic earnings per share for fiscal year 2023 was AUD 1.38, up from AUD 2.72 in fiscal year 2022[123]. - The company distributed dividends totaling AUD 1.07 per share in fiscal year 2023, compared to AUD 1.23 in fiscal year 2022[127]. Dividend Information - The board declared a final cash dividend of approximately AUD 429 million, equivalent to AUD 0.3250 per share, to be paid on April 30, 2024[4]. - The final dividend is fully tax-exempt income for shareholders[5]. - A final fully franked dividend of 429 million AUD, equating to 0.3250 AUD per share, was declared for payment on April 30, 2024[28]. - The company is required to pay at least 50% of its after-tax net profit (excluding extraordinary items) or 50% of its free cash flow (excluding extraordinary items) as dividends for each fiscal year[37]. Debt Management - The company repaid 333 million USD in debt on March 31, 2023, resulting in a total financial cost reduction of approximately 43 million USD during the loan period[25]. - The company has reduced its total debt by approximately 3.1 billion USD since the end of 2021[25]. - The company achieved an outstanding financial performance in 2023, enabling it to pay over AUD 1.4 billion in fully franked dividends and repay the final external debt of USD 333 million, with a cash balance of AUD 1.4 billion at year-end[83]. Production and Operational Performance - The company achieved a total commodity coal production of 33.4 million tons in 2023, with cash operating costs at AUD 96 per ton[82]. - Total raw coal production increased by 19% from 50.5 million tons in 2022 to 60.2 million tons in 2023, with key assets contributing to a 28% increase from 41.2 million tons to 52.9 million tons[170]. - Total saleable coal production rose by 12% from 38.9 million tons in 2022 to 43.6 million tons in 2023, with key assets increasing by 18% from 32.6 million tons to 38.5 million tons[171]. - The average coal sales price was AUD 232 per ton, reflecting market conditions and pricing strategies[84]. - The company's coal production increased quarterly throughout the year, reaching 5.9 million tons, 8.5 million tons, 9.3 million tons, and 9.7 million tons respectively[165]. Safety and Environmental Performance - The Total Recordable Injury Frequency Rate (TRIFR) improved to 5.1 per million hours worked in fiscal year 2023, down from 7.9 in fiscal year 2022, indicating enhanced safety performance[131]. - The company aims to become an industry leader in health and safety, implementing core hazard controls and regularly reviewing them to ensure effectiveness[180]. - Over 90% of Yancoal Australia's employees have started or completed the "Safety Every Day" training in 2023[181]. - The company spent AUD 30 million on purchasing Australian Carbon Credit Units to meet regulatory obligations[189]. - Scope 1 emissions decreased by 9% from 2,046,795 tons CO2 equivalent in 2021/2022 to 1,860,030 tons in 2022/2023[193]. - Total Scope 1 and Scope 2 emissions decreased by 10% from 2,367,913 tons CO2 equivalent in 2021/2022 to 2,136,653 tons in 2022/2023[193]. Governance and Compliance - The financial report complies with the disclosure requirements of the Hong Kong Stock Exchange[3]. - The company confirmed compliance with the conditions and requirements set by the Hong Kong Stock Exchange for the period from January 1, 2023, to December 31, 2023[31]. - The board of directors includes experienced professionals with extensive backgrounds in finance and mining operations, enhancing the company's governance[45][46][47]. - The company has established appointment letters for each director, which can be terminated according to the terms of the appointment letters and relevant regulations[73]. Strategic Initiatives - The company is investing $I million in R&D for new technologies, aiming to improve product offerings and customer satisfaction[7]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $500 million allocated for potential deals[62]. - The company is progressing with the renewable energy center project in Stratford, which aims to provide economic and social benefits to the local area[83]. - The company plans to implement a decarbonization strategy that includes emission reduction activities[83]. Shareholder Information - Shandong Energy Group directly and indirectly holds approximately 54.69% of Yancoal Energy's shares, while Yancoal Energy holds about 62.26% of the company's shares as of December 31, 2023[72]. - The company’s public float is approximately 25.7% of its issued ordinary shares as of December 31, 2023[30]. - The company has maintained a minimum public float of approximately 15.37% in compliance with Hong Kong Listing Rules[30]. Executive Compensation - The total remuneration for executives in 2023 is AUD 8,778,229, with a breakdown showing 60% related to performance[146]. - The short-term incentive plan for executives was rewarded at 103.5% of the target, emphasizing the importance of financial and non-financial priorities[84]. - The long-term incentive plan includes performance-based equity that vests after three years, with 60% based on earnings per share and 40% based on cost targets[91]. - The short-term incentive plan allows executives to earn up to 200% of their fixed annual salary based on performance metrics[101].

智通财经APP获悉，安信国际发布研究报告称，维持兖煤澳大利亚(03668)“买入”评级，认为其全年运营数据符合预期和指引，煤炭价格在去年下半年相对稳定，2024年有望产量进一步提升为公司贡献增量。对2023/2024年EPS预测分别为1.44/1.15澳元，目标价33.37港元。公司四季度平均煤炭价格为196澳元/吨，权益煤销量10.1百万吨。全年煤炭销售价格为232澳元/吨，同比下降39%;全年煤炭权益销量为33.1百万吨，同比增加13%。 报告主要观点如下： 四季度煤炭销量录得同环比大幅提升，经营符合预期。 公司2023年煤炭产量逐季恢复增长，Q4煤炭权益产量9.7百万吨，环比增加4%，同比增加47%;权益销量10.1百万吨，环比增加17%，同比增加46%。公司Q4权益销量较权益产量多40万吨，消减了前期累计的库存。全年煤炭销量33.1百万吨，同比增加13%，落在年初指引31-36百万吨中间，完成全年指引。公司Q4向新南威尔士州内发电厂提供22万吨煤炭。新南威尔士州煤炭储备政策自2023年4月1日起直至2024年6月30日，为期15个月。 四季度价格平稳运行，全年销售价格符合该行预期。 公司在四季度实现煤 ...

Financial Performance - Total revenue decreased by 20% from AUD 4,879 million in the first half of 2022 to AUD 3,924 million in the first half of 2023[62]. - Coal sales revenue fell by 20% from AUD 4,799 million in the first half of 2022 to AUD 3,853 million in the first half of 2023[67]. - Net profit after tax attributable to shareholders decreased by 44% from AUD 1,738 million in the first half of 2022 to AUD 973 million in the first half of 2023[65]. - Operating profit before interest, tax, depreciation, and amortization (EBITDA) dropped by 42% from AUD 3,001 million to AUD 1,821 million[62]. - The company reported a significant increase in transportation costs, rising by 25% from AUD 321 million to AUD 401 million[62]. - The average selling price of self-produced coal decreased by 11% from AUD 314 per ton in H1 2022 to AUD 278 per ton in H1 2023, primarily due to a decline in global coal prices[30]. - The overall average cash operating cost per product ton increased from AUD 83 in H1 2022 to AUD 109 in H1 2023, driven by reduced coal production and inflationary cost pressures[31]. - The effective tax rate decreased from 36% in the first half of 2022 to 24% in the first half of 2023[62]. - The company’s basic earnings per share fell by 44% from 131.6 cents to 73.7 cents[62]. Production and Operations - The company plans to enhance production capacity in the second quarter of 2023, with further growth expected in the third and fourth quarters[8]. - The company continues to assess its product profile and market conditions to maximize operating profit margins[8]. - The company is actively considering market conditions and optimizing product quality and quantity to expand its customer base and explore new markets[28]. - The company’s coal products include high-quality thermal coal, semi-soft coking coal, and PCI coal, with pricing based on various indices and fixed contracts[25]. - The company continues to implement a mine recovery plan to address high water levels in its mines, which is expected to enhance production efficiency throughout the year[26]. - Yancoal Australia faced operational disruptions due to prolonged heavy rainfall and labor shortages, which affected mining activities[26]. - Total raw coal production increased by 1% from 25.8 million tons in H1 2022 to 26.0 million tons in H1 2023, with key assets showing a 5% increase[33]. - Total saleable coal production decreased by 11% from 20.8 million tons in H1 2022 to 18.6 million tons in H1 2023, with key assets declining by 8%[34]. - The company’s attributable coal production increased from 5.9 million tons in the quarter ending March 31, 2023, to 8.5 million tons in the quarter ending June 30, 2023[88]. Debt and Financing - The company repaid USD 333 million in debt on March 31, 2023, which is expected to reduce total financing costs by approximately USD 43 million over the loan term[7]. - As of June 30, 2023, the company had no interest-bearing loans following the debt repayment[7]. - The group’s financing from a syndicate of banks amounted to AUD 1,200 million, with a drawn balance of AUD 954 million as of June 30, 2023[138]. - The company has AUD 246 million of undrawn secured financing available, maturing in February 2026, to support operational activities[125]. Environmental, Social, and Governance (ESG) - The company is committed to achieving zero harm and has implemented core hazard controls to ensure operational safety and compliance with legal standards[44]. - The company’s environmental, social, and governance (ESG) performance is monitored by its Health, Safety, Environment, and Community Committee, with annual reports published on relevant platforms[47]. - The group established a dedicated sustainability department, focusing on reducing Scope 1 and Scope 2 emissions, with specific targets for carbon emissions reduction in Yancoal Australia[49]. - The Australian federal government has committed to reducing emissions by 43% by 2030 compared to 2005 levels, impacting the company's operations under new legislation[48]. - The company plans to enhance its operational emissions reduction and support low-emission technology research to mitigate downstream emissions from coal consumption[48]. - The company is actively working on a four-phase mental health program, with the second phase completed during the reporting period[46]. Market and Sales - The company reported that 85% of its coal sales revenue for the half-year ended June 30, 2023, came from customers in Japan, Taiwan, South Korea, and China[24]. - The percentage of sales revenue from coal exports to China increased from 0% in H1 2022 to 15% in H1 2023, as China resumed imports of Australian coal[76]. - The Newcastle thermal coal index price fell by USD 120 per ton (37%) during the same period, while the Argus/McCloskey API5 coal index price dropped by USD 70 per ton (38%)[30]. Capital Expenditure and Investments - Capital expenditure cash flow for the half-year ended June 30, 2023, was AUD 295 million, compared to AUD 132 million in the same period of 2022[126]. - The company is focusing on internal growth opportunities and capital expenditure, with a commitment to expand its brownfield projects[127]. - The company is considering acquisitions of additional coal assets and exploring opportunities in other minerals, energy, or renewable energy projects[128]. Employee and Workforce - The total employee cost for the group was AUD 348 million for the reporting period, compared to AUD 329 million in the first half of 2022, reflecting an increase in workforce expenses[132]. - As of June 30, 2023, the group had approximately 3,437 employees located in Australia, including contractors equivalent to full-time employees[132]. - The company aims to increase the female workforce participation rate to 15% in 2023, building on progress made in gender diversity[133]. Cash Flow and Liquidity - Cash flow from operating activities decreased by 97% to AUD 89 million, primarily due to increased tax payments and reduced net cash receipts from customers[110]. - Cash outflow from investing activities increased by 476% to AUD 282 million, including capital expenditures of AUD 295 million[111]. - Cash outflow from financing activities rose by 49% to AUD 1,447 million, including AUD 924 million in dividends paid[112]. - Current assets decreased by AUD 1,754 million to AUD 2,056 million as of June 30, 2023, mainly due to a reduction in cash and cash equivalents[115]. - Cash and cash equivalents decreased to AUD 715 million from AUD 2,176 million as of December 31, 2022, indicating a significant reduction in liquidity[122]. Shareholder Returns - The company announced a mid-year dividend of AUD 489 million, equating to AUD 0.3700 per share, with a record date of September 6, 2023, and a payment date of September 20, 2023[135]. - Total equity increased by AUD 63 million to AUD 8,093 million, reflecting a half-year profit after tax of AUD 973 million, offset by dividends paid of AUD 924 million[116].

澳洲證券交易所、香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 Yancoal Australia Ltd ACN 111 859 119 兗煤澳大利亞有限公司* （於澳大利亞維多利亞州註冊成立的有限公司） （香港股份代號: 3668） （澳洲股份代號: YAL） 截至 2023 年 6 月 30 日止半年度 半年業績公告、中期分派及記錄日期 截至 2023 年 6 月 30 日止半年度之半年業績 兗煤澳大利亞有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公司截至 2023年 6 月 30 日止半年度之半年業績。該半年業績已由本公司審核與風險管理委員會審閱，其認 為有關業績的編製符合適用會計準則及規定，並已作出充足披露。 本公告列載本公司截至 2023年 6月 30日止半年度的半年財務報告全文，符合香港聯合交易所有限 公司證券上市規則（「上市規則」）中有關中期業績公告的披露要求。 隨附公告簡體中文版可在兗煤澳洲網站參閱， 網址 - w ...

Financial Performance - Yancoal Australia achieved record revenue of AUD 10.5 billion in 2022[4] - The company reported record operating EBITDA of AUD 7 billion, with an EBITDA margin of 65%[4] - Yancoal Australia generated a record profit of AUD 3.6 billion in 2022[4] - The average realized price for thermal coal was AUD 372 per ton, while metallurgical coal averaged AUD 405 per ton, leading to an overall average selling price of AUD 378 per ton[4] - The total sales revenue exceeded AUD 10 billion, marking a significant increase from prior years[8] - Revenue rose by 95% from AUD 5,404 million in 2021 to AUD 10,548 million in 2022, primarily due to the increase in actual coal prices[60] - The operating profit before interest, tax, depreciation, and amortization increased to AUD 6,959 million in 2022, with a profit margin of 65%[60] - The company achieved a net cash position starting July 2022, indicating improved financial health[21] - The dividend payout for 2022 was AUD 1.23 per share, with a payout ratio of 118%[18] - The company declared a fully franked final dividend of AUD 0.70 per share for the first time, benefiting shareholders directly[4] Production and Sales - The coal production for 2022 was 50.5 million tons, with a sales volume of 29.3 million tons, both down approximately 20% compared to 2021[6] - Total saleable coal production for 2022 was 14.9 million tons, with 8.1 million tons from Mount Thorley Warkworth and 9.6 million tons from Hunter Valley Operations[39] - The average actual price of coal in 2022 was AUD 378 per ton, a 168% increase from 2021, driven by strong coal prices[60] - The company expanded its market presence, selling coal to 13 target markets, with significant sales growth in Europe[4] - The company faced operational challenges due to extreme weather conditions, which affected mining productivity and equipment availability[59] Debt and Financial Management - The company repaid AUD 2.6 billion in debt and plans to clear all external interest-bearing loans for the first time since its establishment[4] - The company has repaid approximately USD 801 million in debt in July 2022, USD 1 billion in debt in October 2022, and USD 459 million in debt in December 2022, totaling USD 2.76 billion in debt repayments[61] - The company expects to save approximately AUD 294 million in financing costs in 2023 due to debt repayments made in 2022[61] - The company maintained a net cash position at the end of 2022, improving the debt-to-equity ratio from 24% at the end of 2021 to 0%[60] Safety and Training - Over 90% of Yancoal Australia's employees participated in safety training, maintaining safety statistics above the industry average[2] - The total injury frequency rate at the end of the year was 8.1, continuing a downward trend since 2018[6] - Yancoal Australia's total recordable injury frequency rate (TRIFR) at the end of 2022 was 8.11, down from 8.4 at the end of 2021, indicating effective safety measures[52] - The company's TRIFR is below the industry weighted average of 8.42, demonstrating a commitment to safety and operational excellence[52] - In 2022, Yancoal Australia initiated a five-year plan to standardize health, safety, and training management across all operations, aiming to enhance safety culture[52] Community and Environmental Initiatives - Community contributions increased to AUD 1.8 million in 2022, supporting local initiatives and organizations[6] - Yancoal Australia invested AUD 1.84 million in community support programs in 2022, positively impacting local health, environment, education, arts, culture, and community activities[53] - The company is committed to reducing operational emissions and investing in low-emission technologies to mitigate downstream emissions from coal consumption[53] - Yancoal Australia is actively developing two renewable energy projects, including a feasibility study for the Stratford Renewable Energy Centre[3] - The company is collaborating with Green Gravity to explore the potential application of innovative energy storage technology at a former coal mine site in New South Wales[53] Future Outlook and Strategic Initiatives - Future outlook includes potential market expansion and strategic initiatives to enhance operational capabilities and efficiency[40] - The company aims to maintain a strong financial position while exploring opportunities for mergers and acquisitions in the coal sector[40] - The company is focused on compliance and corporate governance, with dedicated roles for legal and compliance oversight[71] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[155] - The company is evaluating potential acquisitions and organic growth opportunities, including additional coal assets and renewable energy projects[196] Executive Compensation and Governance - The executive compensation framework aims to align with shareholder interests, focusing on economic performance as a core part of the overall compensation plan[91] - The long-term incentive plan rewards participants based on performance conditions, with 60% tied to earnings per share and 40% based on further performance metrics[91] - The board has discretion to settle deferred short-term and long-term incentive plan rights in cash, with cash equivalents based on the market value of shares at the time of settlement[91] - The company has made structural adjustments to the executive compensation framework to align participants' interests with those of the company and its shareholders[91] - The board oversees the appointment, remuneration, and performance of senior management, ensuring alignment with the company's strategic goals[103]

Financial Performance - Total revenue for the half-year ended June 30, 2022, was AUD 4,776 million, a significant increase from AUD 1,775 million in the same period of 2021, representing a change of 169%[5] - The company reported a pre-tax loss of AUD 2,455 million, compared to a pre-tax loss of AUD 177 million in the previous year, marking an increase of 1,487%[5] - Basic and diluted loss per share before non-recurring items was AUD 131.6 cents, a substantial improvement from a loss of AUD 9.8 cents in the prior year, reflecting a change of 1,443%[6] - The net profit after tax attributable to the owners of Yancoal Australia was AUD 1,738 million, a 1,447% increase from a loss of AUD 129 million in the first half of 2021[57] - The operating profit before tax for the half-year was AUD 2,581 million, reflecting a significant increase of 30,267% from a loss of AUD 56 million in the previous year[55] - The adjusted operating EBITDA for the half-year was AUD 3,001 million, representing a 677% increase from AUD 341 million in the previous year[55] - Operating EBITDA increased to AUD 3,153 million in H1 2022, with an operating EBITDA margin of 65%, compared to 23% in H1 2021[17] - The company reported a 614% increase in share of profit from associates, rising to AUD 72 million from a loss of AUD 14 million[55] Revenue Sources - Revenue surged by 269% from AUD 1,775 million in H1 2021 to AUD 4,776 million in H1 2022, driven by a 234% increase in actual coal prices[17] - Coal sales revenue reached AUD 4,799 million for the six months ended June 30, 2022, compared to AUD 1,736 million in the previous year, indicating a growth of about 176%[135] - The average actual price for thermal coal was AUD 298 per ton in H1 2022, while metallurgical coal averaged AUD 402 per ton, reflecting a more than threefold increase compared to the previous 12 months[16] - The average selling price of self-produced coal increased by 234% from AUD 94 per ton in H1 2021 to AUD 314 per ton in H1 2022, driven by a rise in global coal prices[39] - Revenue from customers in Japan, Taiwan, and South Korea accounted for approximately 67% of coal sales revenue[36] Production and Costs - Yancoal Australia reported a 6% decrease in raw coal production from 29.3 million tons in H1 2021 to 25.8 million tons in H1 2022, and a 10% decrease in salable coal production from 23.2 million tons to 20.8 million tons[15] - The average cash operating cost increased from AUD 66 per ton in H1 2021 to AUD 83 per ton in H1 2022, primarily due to lower production and external cost pressures such as high diesel prices and wage inflation[15] - The total raw coal production decreased by 12% from 29.3 million tons in H1 2021 to 25.8 million tons in H1 2022, with significant declines at major assets like Moranbah and Walker[40][41] - The total saleable coal production also fell by 10% from 23.2 million tons in H1 2021 to 20.8 million tons in H1 2022, primarily due to reduced raw coal output[41] - The company's cash operating cost per ton rose from AUD 64 in H1 2021 to AUD 83 in H1 2022, attributed to wet weather and inflationary pressures[39] Dividends and Shareholder Returns - The board declared an interim dividend of AUD 696 million, equating to AUD 0.5271 per share, with a record date of September 6, 2022, and a payment date of September 20, 2022[8] - The board of directors is required to declare dividends of at least 50% of net profit after tax or free cash flow, whichever is higher, excluding extraordinary items[21] - The company declared a total dividend of AUD 930 million for 2021, including a final dividend of AUD 0.5000 per share and a special dividend of AUD 0.2040 per share[171] Environmental and Community Initiatives - The company invested AUD 1.7 million in community support programs during the half-year, positively impacting local health, environment, education, arts, culture, and community activities[14] - The company is preparing for a transition to a low-carbon economy by evaluating processes for replacing diesel-powered mining equipment with electric alternatives and introducing renewable energy sources[14] - The company is focusing on reducing Scope 1 and Scope 2 emissions, including transitioning to renewable energy sources and replacing diesel-powered equipment[49] - The company donated AUD 0.5 million to assist flood victims in New South Wales and Queensland, benefiting 1,522 recipients[48] Operational Challenges - The company has experienced production impacts due to weather events, leading to revised operational cost guidance in the second quarter[20] - The company estimates a total loss of 6.2 million tonnes of raw coal (equity) due to extreme wet weather conditions impacting operations[37] - The COVID-19 pandemic has led to the highest reported positive cases and active isolations since the start of the pandemic, resulting in an estimated loss of 0.9 million tonnes of raw coal (equity)[37] Financial Position and Assets - The company had AUD 3,383 million in cash and cash equivalents as of June 30, 2022, with a capital debt ratio of 3% compared to 40% a year earlier[17] - Total assets increased by 1,847 million AUD to 13,647 million AUD, driven by the rise in current assets[97] - Total liabilities increased by 1,050 million AUD to 6,704 million AUD, primarily due to an increase in current liabilities[97] - Total equity rose by 797 million AUD to 6,943 million AUD, reflecting a net profit after tax of 1,738 million AUD offset by dividends paid[97] Strategic Plans and Future Outlook - Yancoal Australia plans to increase the annual production capacity at the Moraben open-cut mine from 14 million tons to 16 million tons within the next 12 months[18] - The company is considering acquisitions of additional coal assets and exploring opportunities in other minerals, energy, or renewable energy projects[18] - The company continues to assess its product portfolio and market conditions to align with customer needs and maximize operational profits amid favorable cyclical conditions in the coal market[20] - The company is focusing on brownfield expansions and exploration projects at Morabbin and Walker's Hill as part of its long-term growth strategy[115] Compliance and Governance - The company has adopted the corporate governance code as per the Hong Kong Listing Rules since its listing on December 6, 2018, and believes it has complied with the code during the reporting period[23] - The company’s board and senior management have confirmed compliance with the share trading policy during the reporting period[24] - The company’s share trading policy has been revised to ensure clarity on insider trading laws and guidelines for directors and employees[24]