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]
兖煤澳大利亚(03668) - 2022 - 中期财报