Financial Performance - Total revenue for the half-year ended June 30, 2020, was AUD 1,973 million, a decrease of 16% from AUD 2,350 million in the same period of 2019[5]. - Underlying profit before tax (excluding non-recurring items) was a loss of AUD 45 million, down 108% from a profit of AUD 492 million in the previous year[5]. - Underlying profit after tax (excluding non-recurring items) increased by 22% to AUD 593 million, compared to AUD 492 million in the prior year[5]. - Basic earnings per share (excluding non-recurring items) was a loss of 2.8 cents, down 111% from 26.1 cents in the previous year[6]. - Net profit after tax for Yancoal was AUD 605 million, an increase of AUD 41 million from AUD 564 million in the first half of 2019[13]. - Total revenue decreased by 16% from AUD 2,363 million in H1 2019 to AUD 1,980 million in H1 2020, primarily due to a 17% drop in coal sales revenue from AUD 2,272 million to AUD 1,897 million[52]. - Operating EBIT for H1 2020 was AUD 95 million, down 85% from AUD 646 million in H1 2019, with an EBIT margin of 5%[51]. - Operating EBITDA fell by 49% from AUD 940 million in H1 2019 to AUD 481 million in H1 2020, with the EBITDA margin dropping from 40% to 24%[71]. - Net profit after tax rose by 75% from AUD 345 million in H1 2019 to AUD 605 million in H1 2020, increasing the profit margin from 15% to 31%[78]. Production and Sales - Total saleable coal production for the first half of 2020 was 25.6 million tonnes, a decrease of 3% from 26.4 million tonnes in the first half of 2019, while attributable production increased by 7% to 19.0 million tonnes[17]. - The total coal sales volume for the first half of 2020 was 18.4 million tonnes, with thermal coal sales of 16.5 million tonnes and metallurgical coal sales of 1.9 million tonnes[15]. - The total raw coal production from the Moolarben mine was 11.1 million tonnes, a 2% increase from 10.9 million tonnes in the first half of 2019[16]. - The total raw coal production from the MTW mine was 8.2 million tonnes, a decrease of 10% from 9.1 million tonnes in the first half of 2019[16]. - The total raw coal production from the HVO mine was 8.4 million tonnes, a decrease of 5% from 8.8 million tonnes in the first half of 2019[16]. - Saleable thermal coal production increased by 10% from 14.8 million tons in H1 2019 to 16.3 million tons in H1 2020[45]. - Saleable metallurgical coal production decreased by 26% from 3.8 million tons in H1 2019 to 2.8 million tons in H1 2020[45]. Costs and Expenses - The cash operating cost was slightly below the target of AUD 61 per tonne, aided by lower input costs and ongoing operational optimizations[12]. - The average cash operating cost, excluding government royalties, decreased from AUD 62 per ton in H1 2019 to AUD 60 per ton in H1 2020[41]. - The total production cost, including cash and non-cash operating costs, was AUD 91 per ton in H1 2020, down from AUD 94 per ton in H1 2019[61]. - Employee benefits increased by 13% from AUD 260 million in H1 2019 to AUD 295 million in H1 2020, raising the cost per ton of coal sold from AUD 15 to AUD 16[65]. - Transportation costs decreased by 6% from AUD 293 million in H1 2019 to AUD 276 million in H1 2020, lowering the cost per ton of coal sold from AUD 16 to AUD 15[66]. Debt and Financing - Yancoal replaced a USD 1.275 billion debt facility maturing on December 31, 2019, with new financing of the same amount, with most repayments now due in 2024 and 2025[14]. - The company repaid USD 300 million of its secured bank loans during the period, with most repayments due in 2024 and 2025[87]. - The company has AUD 566 million of undrawn debt available from its AUD 1,400 million unsecured third-party financing as of June 30, 2020[88]. - The company’s interest-bearing debt includes secured bank loans of AUD 1,852 million and unsecured loans from related parties of AUD 1,189 million as of June 30, 2020[87]. - The company has drawn AUD 835 million from a total of AUD 1.4 billion in unsecured loans aimed at funding working capital and capital expenditures[172]. Market Conditions - The company experienced a negative impact on demand for thermal and metallurgical coal due to reduced economic activity, particularly during the COVID-19 pandemic[40]. - Coal prices showed signs of stabilization towards the end of the reporting period, despite initial declines in the second quarter[40]. - The company’s coal mining operations are significantly influenced by the market demand for thermal and metallurgical coal, which is affected by macroeconomic trends[40]. - The company anticipates a 5.5% decline in global seaborne demand for thermal coal from 2020 to 2040, while metallurgical coal demand is expected to increase during the same period[143]. Shareholder Information - The company declared a dividend of 21.21 cents per share for the 2019 final dividend, totaling AUD 280 million[8]. - The largest shareholder, Yanzhou Coal Mining Company, holds 822,157,715 shares, accounting for 62.26% of the total shares[33]. - Cinda International HGB Investment (UK) Limited and its controlled entities collectively own 209,800,010 shares, representing 15.89% of the total shares[33]. - The company’s share trading policy prohibits certain employees from trading during specific blackout periods, ensuring compliance with insider trading regulations[28]. Assets and Liabilities - Total assets as of June 30, 2020, amounted to AUD 11,514 million, an increase from AUD 11,093 million at the end of 2019[105]. - Current assets decreased by AUD 633 million to AUD 1,140 million, mainly due to a reduction in cash and trade receivables[84]. - Total liabilities increased by AUD 99 million to AUD 5,029 million, reflecting debt repayments offset by an increase in deferred tax liabilities[85]. - Total equity increased by AUD 322 million to AUD 6,485 million, primarily due to a net profit after tax of AUD 605 million[85]. Acquisitions and Joint Ventures - The company recognized a bargain purchase gain of AUD 653 million from acquiring an additional 10% interest in the Morabien joint venture, impacting net profit significantly[49]. - The acquisition of a 10% interest in the Moolarben coal joint venture was completed for a cash consideration of AUD 300 million, plus an adjustment of AUD 8 million[195]. - The company now holds a 95% interest in the Moolarben joint venture, up from 85% prior to the acquisition[199]. Risk Management - The group faces financial risks including currency risk, price risk, interest rate risk, credit risk, and liquidity risk, with policies in place to manage these risks[93][94][95][96][97][98]. - The group has not entered into any derivative hedging instruments for spot coal price fluctuations[95]. - The company continues to monitor its working capital situation and believes it can meet its debt obligations due within the next 12 months[113].
兖煤澳大利亚(03668) - 2020 - 中期财报