Financial Performance - Total revenue for the six months ended June 30, 2021, was AUD 1,775 million, a decrease of 10% compared to AUD 1,969 million for the same period in 2020[3]. - Loss before tax (excluding non-recurring items) was AUD 177 million, compared to a loss of AUD 45 million in the previous year, representing a 293% increase in loss[3]. - Loss after tax (excluding non-recurring items) was AUD 177 million, compared to a profit of AUD 593 million in the previous year, indicating a 130% decline[3]. - Basic loss per share (excluding non-recurring items) was (9.8) cents, a 250% increase in loss compared to (2.8) cents in the previous year[4]. - The net loss attributable to shareholders was AUD 129 million, a significant decline from a profit of AUD 605 million in the first half of 2020, representing a 121% decrease[50]. - EBITDA for the first half of 2021 was AUD 341 million, down 17% from AUD 1,088 million in the previous year, resulting in an EBITDA margin of 19%[47]. - Operating EBITDA for the first half of 2021 was AUD 406 million, with an EBITDA margin of 23%, slightly down from 25% in the first half of 2020[15]. - The company reported a net loss before tax of AUD 177 million for the six months ended June 30, 2021, compared to a profit of AUD 593 million in the same period of 2020[129]. - The company reported a total of AUD 344 million in customer contract receivables as of June 30, 2021, up from AUD 223 million at the end of 2020[134]. Production and Sales - Coal production decreased by 11% to 29.3 million tons in the first half of 2021 compared to the same period in 2020, while salable coal production fell by 10% to 23.2 million tons[13]. - Revenue decreased by 10% to AUD 1,775 million in the first half of 2021, primarily due to an 8% reduction in coal sales[15]. - Coal sales volume fell by 8% from 17.8 million tons in H1 2020 to 17.2 million tons in H1 2021, attributed to a 5% reduction in available coal production and adverse weather conditions[55]. - The total saleable coal production from the company's major assets decreased from 16.8 million tons in the first half of 2020 to 15.4 million tons in the first half of 2021, reflecting an 8% decline[39]. - The proportion of thermal coal sales decreased from 85% in the first half of 2020 to 80% in the first half of 2021, impacting the overall pricing dynamics[35]. - The metallurgical coal production increased by 32% from 2.8 million tons in the first half of 2020 to 3.7 million tons in the first half of 2021, indicating a shift in production focus[39]. Costs and Expenses - The average cash operating cost increased from AUD 63 per ton in the first half of 2020 to AUD 66 per ton in the first half of 2021, influenced by rising diesel prices and production disruptions due to wet weather[13]. - The overall average cash operating cost per ton increased from AUD 63 in the first half of 2020 to AUD 66 in the first half of 2021, primarily due to wet weather in New South Wales and hard rock intrusion at Morabbin[36]. - Employee benefits decreased by 4% to AUD 284 million from AUD 295 million in the previous year[47]. - Transportation costs increased by 5% to AUD 289 million compared to AUD 276 million in the same period of 2020[47]. - Coal procurement expenses dropped by 51% from AUD 199 million in H1 2020 to AUD 97 million in H1 2021, mainly due to climate factors limiting procurement opportunities[74]. Shareholder Returns - No dividends were declared for the current financial period, compared to AUD 280 million or 21.21 cents per share in the previous year[6]. - The company reported a net financing cost of AUD 121 million, which increased by 52% compared to AUD 109 million in the previous year[47]. Market Conditions - The coal market and benchmark coal prices have shown significant improvement over the past six months due to favorable global economic conditions and international coal trade[18]. - The average API5 price was USD 60 per ton during the period, with a closing price of approximately USD 76 per ton[14]. - The company plans to enhance the production of higher-quality thermal coal to capture more price arbitrage between API5 and GCNewc indices[14]. Environmental and Safety Compliance - The total recordable injury frequency rate (TRIFR) increased to 8.4 from 7.4 in the previous year, although it remains below the industry average of 11.13[11]. - The company has implemented strict environmental approvals and processes to ensure compliance with regulatory requirements[11]. - The group has implemented systems and processes to manage compliance with environmental approvals and permits, with ongoing improvements and third-party audits[44]. Strategic Initiatives - The company aims to increase salable coal production to approximately 21.5 million tons in the second half of 2021[13]. - Yancoal is open to acquisitions of other mining assets and diversifying into other minerals, energy, or renewable energy projects[17]. - The company continues to assess its product portfolio and market conditions to align with customer needs and maximize operational profits[18]. - The company continues to seek quality acquisition opportunities and focuses on internal growth strategies[102]. Financial Position - The company has cash and cash equivalents of AUD 539 million as of June 30, 2021, with over AUD 800 million in undrawn debt facilities[16]. - Total assets decreased by AUD 178 million to AUD 10,877 million, mainly due to amortization leading to a decrease in mining rights of AUD 151 million[94]. - Total liabilities decreased by AUD 210 million to AUD 5,652 million, reflecting a reduction in interest-bearing liabilities by AUD 230 million[94]. - Total equity increased by AUD 32 million to AUD 5,225 million, primarily due to an increase in contributed equity of AUD 216 million[94]. Governance and Compliance - The company has adopted the corporate governance code as part of its policies since its listing on the Hong Kong Stock Exchange on December 6, 2018[20]. - The independent auditor confirmed compliance with independence requirements during the review period[32]. - The financial statements for the half-year ended June 30, 2021, were not audited but reviewed by the audit and risk management committee[28].
兖煤澳大利亚(03668) - 2021 - 中期财报