Financial Performance - Total revenue for the half-year ended June 30, 2019, was AUD 2,350 million, a slight increase of 0% compared to AUD 2,347 million in the same period of 2018[3]. - Profit before tax (excluding non-recurring items) decreased by 9% to AUD 492 million from AUD 539 million year-on-year[3]. - Net profit attributable to shareholders (excluding non-recurring items) was AUD 345 million, down 7% from AUD 369 million in the previous year[3]. - Basic earnings per share (excluding non-recurring items) decreased by 9% to 26.1 AUD cents from 28.7 AUD cents year-on-year[4]. - Basic earnings per share (after excluding non-recurring items) increased by 49% to 42.7 AUD cents from 28.7 AUD cents in the previous year[4]. - EBITDA for H1 2019 was AUD 940 million, down 4% from AUD 980 million in H1 2018, with an EBITDA margin of 40%[22]. - EBIT for H1 2019 was AUD 646 million, a decrease of 12% compared to AUD 736 million in H1 2018, with an EBIT margin of 27%[22]. - Profit attributable to shareholders increased by 56% from AUD 361 million in H1 2018 to AUD 564 million in H1 2019[21]. - The company reported a net financing cost of AUD 89 million, a significant decrease of 43% from AUD 156 million in H1 2018[22]. - The tax expense for H1 2019 was AUD 147 million, a decrease of 17% from AUD 178 million in H1 2018[22]. - The company’s other income decreased by 83% from AUD 35 million in H1 2018 to AUD 6 million in H1 2019[22]. Coal Production and Sales - The total raw coal production increased by 5% from 32.9 million tons in H1 2018 to 34.4 million tons in H1 2019, with significant contributions from major assets like Morabbin, MTW, and HVO[14]. - The total saleable coal production rose by 4% from 25.4 million tons in H1 2018 to 26.4 million tons in H1 2019, driven by improvements in production rates and equipment utilization[14]. - Coal sales volume for H1 2019 was 2,272 million tons, a 1% increase from 2,250 million tons in H1 2018[23]. - The company experienced a 29% increase in purchased coal sales, rising from 155 million tons in H1 2018 to 200 million tons in H1 2019[23]. - The saleable thermal coal production increased by 7% from 13.8 million tons in H1 2018 to 14.8 million tons in H1 2019, while metallurgical coal production rose by 5% to 3.8 million tons[17]. - The company’s coal mining operations are diversified across five major open-cut and underground mines in Australia, primarily producing thermal and metallurgical coal[11]. - The overall average pithead selling price of coal decreased by 3% from AUD 128 per ton in H1 2018 to AUD 124 per ton in H1 2019, primarily due to a decline in global USD coal prices and an increase in the proportion of lower-grade coal sales[12]. - The average selling price of thermal coal decreased from AUD 117 per ton to AUD 112 per ton, while the average selling price of metallurgical coal fell from AUD 191 per ton to AUD 184 per ton[12]. - The proportion of saleable coal production from the company's tier-one assets increased from 86% in H1 2018 to 88% in H1 2019[17]. Dividends and Shareholder Returns - The company declared a non-taxable dividend of AUD 137 million (10.35 AUD cents per share), representing 24% of the after-tax profit[6]. - The company plans to distribute 50% of its adjusted net profit after tax as dividends for 2019[72]. Financial Position and Assets - Total assets decreased by AUD 495 million to AUD 10,884 million, mainly due to the reduction in current assets[55]. - Total liabilities decreased by AUD 727 million to AUD 4,814 million, primarily due to voluntary debt repayments of AUD 698 million[55]. - Total equity increased by AUD 232 million to AUD 6,070 million, reflecting a net profit after tax of AUD 564 million partially offset by the final dividend payment of AUD 377 million[55]. - Current assets decreased by AUD 528 million to AUD 1,394 million, primarily due to strong operating cash flow being offset by voluntary debt repayments of AUD 698 million and final dividends of AUD 377 million[54]. - Current liabilities increased by AUD 328 million to AUD 1,241 million, reflecting the reclassification of interest-bearing liabilities of AUD 425 million (USD 300 million) from non-current to current due to maturity in June 2020[55]. Cost Management - The cash operating cost, excluding government royalties, remained stable at AUD 62 per ton[12]. - The average cash operating cost per ton remained unchanged at AUD 62, indicating effective cost management amidst fluctuating market conditions[12]. - The company’s operating expenses included a 7% increase in transportation costs, rising from AUD 274 million in H1 2018 to AUD 293 million in H1 2019[22]. - Cash operating costs increased to AUD 76 per ton in H1 2019, up from AUD 75 in H1 2018, reflecting a 1.3% rise[30]. - Total production costs reached AUD 94 per ton in H1 2019, compared to AUD 91 per ton in H1 2018, marking a 3.3% increase[30]. Market Conditions and Risks - Demand for thermal coal in the Asia-Pacific region was weak during the period due to various factors, leading to a decline in index coal prices[11]. - The metallurgical coal market remained stable with minimal price fluctuations during the same period[11]. - The group faces financial risks including currency risk, price risk, interest rate risk, credit risk, and liquidity risk[64]. - The group’s credit risk is significantly reduced due to measures such as setting credit limits and requiring letters of credit from certain customers[68]. - The group maintains sufficient cash and current deposit balances to manage liquidity risk[69]. Accounting and Compliance - The financial statements for the half-year ended June 30, 2019, were not audited but reviewed by the audit and risk management committee[94]. - The group adopted Australian Accounting Standard AASB 16 Leases effective from January 1, 2019, changing its accounting policy for lease contracts[105]. - The group will not restate comparative information when transitioning to AASB 16, continuing to report under AASB 117 for prior periods[105]. - The company adopted AASB 134 for the preparation of its interim financial report, ensuring compliance with Australian accounting standards[103]. Employee and Operational Metrics - The total employee cost was AUD 260 million, compared to AUD 254 million in the first half of 2018[63]. - The group had approximately 3,000 employees located in Australia as of June 30, 2019[63]. - Yancoal's TRIFR (Total Recordable Injury Frequency Rate) remained stable at 7.171 as of June 30, 2019[75]. Future Outlook - The company anticipates that Australia will maintain a 26% share of global seaborne thermal coal demand, benefiting from its position as a key source of high-quality coal[12]. - The board believes that the market fundamentals remain optimistic in the long term despite current regional supply and demand factors[80].
兖煤澳大利亚(03668) - 2019 - 中期财报