兖煤澳大利亚(03668) - 2023 - 中期业绩

Half-Year Results Announcement and Interim Distribution Yancoal Australia Ltd announces its half-year results and interim dividend, reviewed by the Audit and Risk Management Committee Half-Year Results Announcement Yancoal Australia Ltd (YAL) board announces H1 2023 results, reviewed by the Audit and Risk Management Committee and compliant with accounting standards - Company Name: Yancoal Australia Ltd - Reporting Period: Half-year ended June 30, 2023 - Review Status: Results reviewed by the Audit and Risk Management Committee, compliant with applicable accounting standards and regulations[1] Interim Distribution The Board declared an interim cash dividend of A$489 million (A$0.3700 per share) for H1 2023, payable September 20, 2023, as tax-exempt income 2023 Half-Year Interim Dividend | Metric | Amount | | :--- | :--- | | Total Dividend | 489 million AUD | | Dividend Per Share | 0.3700 AUD | | Payment Date | September 20, 2023 | | Tax Nature | Tax-exempt income | - Dividend payment requires prior approval from major shareholder Yanzhou Coal Mining Company Limited[2] Board of Directors and Company Secretary The announcement lists the Board members (executive, non-executive, independent non-executive directors) and Company Secretary as of the announcement date - Chairman: Baocai Zhang[3] - Joint Vice Chairmen: Ning Zhang, Gregory James Fletcher[3] - Company Secretary: Ling Zhang[5] Directors' Report This report reviews business activities, financial performance, and governance matters for the half-year period Review of Business Activities Yancoal Australia repaid US$333 million in debt, now has no interest-bearing loans, and is implementing production recovery plans despite falling coal prices - Debt Repayment: US$333 million debt repaid early on March 31, 2023, reducing finance costs by approximately US$43 million, with no interest-bearing loans currently outstanding[5] - Coal Market: International coal price indices declined due to global economic conditions and weak demand[5] - Production Recovery: Production increased in Q2 2023, with further growth planned for Q3 and Q4[5] - Dividend Policy: Annual dividend payment of no less than 50% of net profit after tax or free cash flow (excluding non-recurring items)[5] Interests of Directors and Chief Executive Officer This section discloses shareholdings of directors and the CEO in the company and its associated corporations as of June 30, 2023 Interests of Directors and Chief Executive Officer in the Company's Shares (June 30, 2023) | Name | Number of Shares and Related Interests | Nature of Interest | Approximate Percentage | | :--- | :--- | :--- | :--- | | Baocai Zhang | 274,404 | Beneficial Owner | 0.02078 % | | Ning Zhang | 188,671 | Beneficial Owner | 0.01429 % | | Gregory James Fletcher | 2,100 | Beneficial Owner | 0.00016 % | | Geoffrey William Raby | 22,858 | Beneficial Owner | 0.00173 % | | David James Moult (CEO) | 5,077,357 | Beneficial Owner | 0.38452 % | Interests of Directors in Associated Company Yanzhou Coal Mining Company Limited Shares (June 30, 2023) | Director Name | Associated Company Name | Number of Shares and Related Interests | Nature of Interest | Approximate Percentage | | :--- | :--- | :--- | :--- | | Yaomeng Xiao | Yanzhou Coal Mining Company Limited | 350,000 | Beneficial Owner | 0.00705 % | | Xiaolong Huang | Yanzhou Coal Mining Company Limited | 160,000 | Beneficial Owner | 0.00322 % | - All directors confirmed compliance with the company's share trading policy during the reporting period[9] Interests of Persons Other Than Directors and Chief Executive Officer This section discloses significant shareholdings of major shareholders and other entities in the company as of June 30, 2023 Major Shareholders' Interests in the Company's Shares (June 30, 2023) | Shareholder Name | Capacity | Number of Shares Held or in which an Interest is Owned | Approximate Percentage (%) | | :--- | :--- | :--- | :--- | | Yanzhou Coal Mining Company Limited | Beneficial Interest | 822,157,715 | 62.26 | | Shandong Energy Group Co., Ltd. | Controlled Entity Interest | 822,157,715 | 62.26 | | Cinda International HGB Investment (UK) Limited | Beneficial Interest | 181,474,887 | 13.74 | Audit and Risk Management Committee Review The half-year financial statements were reviewed by the Audit and Risk Management Committee and auditors, with an independence declaration issued - Financial Statement Status: Unaudited, but reviewed by the Audit and Risk Management Committee and auditor SW Audit[11] - Auditor Independence: The auditor issued an independence declaration in accordance with Section 307C of the Corporations Act 2001[11] Lead Auditor's Independence Declaration The lead auditor declares no breaches of independence requirements or professional conduct rules during the review period for the half-year ended June 30, 2023 - Independence Declaration: The lead auditor confirms no breach of independence requirements or professional conduct rules during the review period[15] - Auditor: SW Audit (Partner Yang Zhang)[15] Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, market environment, financial results, and future outlook Business Overview Yancoal Australia operates diverse world-class coal assets, serving primarily Asia-Pacific customers with thermal and metallurgical coal - Asset Portfolio: Operates six Australian coal mining assets, owning or operating nine mines across New South Wales, Queensland, and Western Australia[16] - Production Capacity: Capable of producing approximately 70 million tonnes of ROM coal and 55 million tonnes of saleable coal annually[16] - Product Types: High-quality thermal coal, semi-soft coking coal, pulverised coal injection (PCI) coal, and mid-to-high ash thermal coal[16] - Customer Distribution: Revenue from customers in Japan, Taiwan, South Korea, and China accounted for approximately 85% of coal sales revenue for the half-year ended June 30, 2023[16] Market Environment and Operational Challenges Production was constrained by weather, labor shortages, and prior stripping, while coal prices declined, though sales to China resumed - Operational Challenges: Production constrained over the past two years by La Niña weather cycles, labor shortages, and insufficient pre-stripping activities[16] - Production Recovery Plan: Implementing a recovery plan focused on pre-stripping and overburden removal, with gradual production increases expected in H2[16] - Coal Market: Coal price indices declined during the period due to a warm Northern Hemisphere winter, natural gas price competition, and oversupply[16] - China Market: Resumed sales of high-ash thermal coal to China, which is becoming a primary destination[16] - Metallurgical Coal Market: Prices declined after an mid-period increase but recovered to historical levels above thermal coal[16] Production and Cost Performance Average realized coal prices decreased by 11%, and saleable coal production fell by 11%, while cash operating costs rose by 26% in H1 2023 H1 2023 Average Realized Price for Self-Produced Coal vs H1 2022 | Metric | H1 2023 (AUD/tonne) | H1 2022 (AUD/tonne) | Change (%) | | :--- | :--- | :--- | :--- | | Overall Average Realized Price | 278 | 314 | (11%) | H1 2023 ROM and Saleable Coal Production (100% Basis) | Mine Site | ROM Coal Production (million tonnes) | Change (%) | Saleable Coal Production (million tonnes) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Moolarben | 9.1 | (2%) | 7.4 | (12%) | | Warkworth | 7.6 | 36% | 4.6 | 24% | | Hunter Valley | 5.8 | (12%) | 4.2 | (25%) | | Total (100% Basis) | 26.0 | 1% | 18.6 | (11%) | H1 2023 Attributable Saleable Coal Production (Equity Basis) | Product Type | H1 2023 (million tonnes) | H1 2022 (million tonnes) | Change (%) | | :--- | :--- | :--- | :--- | | Thermal Coal | 12.0 | 13.1 | (8%) | | Metallurgical Coal | 2.9 | 3.1 | (6%) | | Total (Equity Basis) | 14.9 | 16.2 | (8%) | - Cash operating costs (excluding government royalties) increased by A$26 from A$83 per tonne in H1 2022 to A$109 per tonne in H1 2023[17][44] - 2023 full-year attributable saleable coal production guidance range is 31 million to 36 million tonnes[22] - 2023 full-year cash operating cost guidance range is A$92 to A$102 per tonne[47] Safety and Environment Yancoal Australia is committed to operational safety, environmental stewardship, and climate change risk management, implementing comprehensive ESG programs - Safety Goal: Committed to achieving a zero harm target, implementing critical hazard and control measures[23] - TRIFR: As of June 30, 2023, the 12-month rolling TRIFR was 4.4, a significant decrease from 7.9 on December 31, 2022, and below the industry average of 8.5[25] - Mental Health Program: A four-year, four-phase mental health program is being implemented, with Phase 2 largely complete[25] Environmental, Social, and Governance (ESG) Yancoal Australia's Health, Safety, Environment, and Community Committee oversees ESG performance, focusing on emissions reduction and renewable energy investments - ESG Reporting: Prepares annual ESG reports following TCFD, GRI, and UNSDG guidelines[25] - Climate Change Risk: Australian Federal Government legislated a 43% emissions reduction target by 2030 and reformed the National Greenhouse and Energy Reporting Scheme's Safeguard Mechanism[26] - Sustainability Function: Established a dedicated sustainability function, with the General Manager reporting directly to the CEO[26] - Emissions Reduction Focus: Prioritizes reducing Scope 1 emissions (from diesel consumption and fugitive emissions) and Scope 2 emissions (from electricity consumption)[26] - Renewable Energy Projects: Developing two significant renewable energy projects, including pumped hydro and solar facilities at Moolarben, and an innovative project at Austar[26] Water Management Yancoal Australia actively manages water resources to mitigate impacts from extreme weather, expanding treatment capacity and reviewing its water management strategy - Water Management Strategy: Reviewing water management strategies, including longer-term water modeling; prioritizing infrastructure investments, including pumps and duplicate pipeline infrastructure; constructing additional storage dams; and completing capacity expansion of the Moolarben Water Treatment Plant[27] - Extreme Weather Response: Proactively focusing on mine site water balance to navigate severe wet and dry weather periods[27] New South Wales Reserve Policy The NSW government mandated a 15-month domestic coal reserve, requiring quarterly supply of up to 0.31 million tonnes at a capped price, which Yancoal successfully appealed for an increase at one mine - Domestic Coal Reserve: New South Wales government introduced a 15-month domestic coal reserve directive, requiring up to 0.31 million tonnes of coal to be set aside quarterly[27] - Price Cap: Coal supplied to domestic power generators is subject to a price cap of A$125 per tonne[27] - Price Cap Adjustment: Yancoal Australia applied for and received approval to increase the price cap for coal supplied from Stratford mine to A$173.95 per tonne[28] Impact of COVID-19 Employee absences due to COVID-19 significantly decreased, with no material adverse impact on the group's finances or business plans - Pandemic Impact: Significant reduction in the number of employees unable to work due to COVID-19, with no material adverse impact on the Group's funding or business plans[27] Financial Performance Review Profit after tax for H1 2023 decreased by 44% to A$973 million, driven by lower revenue, higher costs, and non-operating items H1 2023 Key Financial Data (million AUD) | Metric | H1 2023 | H1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,924 | 4,879 | (20%) | | Operating EBITDA | 1,821 | 3,153 | (42%) | | Profit Before Income Tax | 1,388 | 2,455 | (43%) | | Profit After Income Tax | 973 | 1,738 | (44%) | | Basic Earnings Per Share (AUD cents) | 73.7 | 131.6 | (44%) | Profit Attributable to Equity Holders of the Company Profit attributable to Yancoal Australia shareholders was A$973 million in H1 2023, impacted by A$32 million in pre-tax non-operating losses - Profit Attributable to Shareholders: A$973 million[32] - Non-Operating Items Impact: Pre-tax net loss of A$32 million, including contingent royalty payments, re-measurement losses, and re-measurement losses on royalty receivables[32] Operating Performance Overview This section analyzes changes in self-produced coal sales, revenue composition, and various operating costs, highlighting price and volume declines - Average Realized Price for Self-Produced Coal: Decreased by 11% from A$314 per tonne in H1 2022 to A$278 per tonne in H1 2023[35] - Self-Produced Coal Sales Volume: Decreased by 8% from 15.7 million tonnes in H1 2022 to 14.4 million tonnes in H1 2023[35] - Purchased Coal Sales: Net negative impact on revenue increased by 34% from A$115 million in H1 2022 to A$154 million in H1 2023[35] - Royalty Income: Decreased by 57% to A$12 million, primarily due to lower sales volumes and declining coal prices[35] - Sales to China: Sales revenue to China increased from 0% in H1 2022 to 15% in H1 2023[39] - Sales to Europe: Sales revenue to Europe decreased from 6% in H1 2022 to 0% in H1 2023[39] Revenue Total revenue for H1 2023 decreased by 20% to A$3,924 million, primarily due to lower self-produced coal sales and reduced average selling prices H1 2023 Revenue Composition (million AUD) | Revenue Source | H1 2023 | H1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Self-Produced Coal Sales | 4,003 | 4,909 | (18%) | | Purchased Coal Sales | (154) | (115) | (34%) | | Total Coal Sales | 3,853 | 4,799 | (20%) | | Freight Revenue | 42 | 38 | 11% | | Royalty Income | 12 | 28 | (57%) | | Other | 17 | 14 | 21% | | Total Revenue | 3,924 | 4,879 | (20%) | H1 2023 Self-Produced Coal Sales Data (million AUD/tonne) | Metric | H1 2023 | H1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Thermal Coal Average Realized Price | 256 | 298 | (14%) | | Thermal Coal Sales Volume | 12.0 | 13.3 | (10%) | | Metallurgical Coal Average Realized Price | 389 | 402 | (3%) | | Metallurgical Coal Sales Volume | 2.4 | 2.4 | —% | | Total Average Realized Price | 278 | 314 | (11%) | | Total Sales Volume | 14.4 | 15.7 | (8%) | Operating EBITDA and Operating EBITDA Margin Operating EBITDA decreased by 42% to A$1,821 million, primarily due to reduced revenue and increased costs, leading to a margin decline from 65% to 46% - Operating EBITDA: A$1,821 million (H1 2022: A$3,153 million), a 42% decrease[39] - Operating EBITDA Margin: Decreased from 65% in H1 2022 to 46% in H1 2023[39] Other Income Other income decreased by 62% to A$25 million, mainly due to a 63% reduction in net foreign exchange gains - Other Income: A$25 million (H1 2022: A$66 million), a 62% decrease[41] - Net Foreign Exchange Gains: A$23 million (H1 2022: A$62 million), a 63% decrease[41] Changes in Inventories of Finished Goods and Work in Progress Changes in inventories of finished goods and work in progress remained relatively stable at A$19 million in H1 2023 - Inventory Changes: A$19 million (H1 2022: A$22 million)[41] Production Costs Cash operating costs per tonne of saleable coal increased by A$26 to A$109, driven by lower production, inflationary pressures, and mine recovery plans H1 2023 Cash Operating Costs Per Tonne of Saleable Coal (AUD/tonne) | Metric | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Raw Materials and Consumables Used | 38 | 28 | | Employee Benefits | 24 | 21 | | Transport | 25 | 18 | | Outsourced Services and Plant Hire | 18 | 13 | | Other Operating Expenses | 4 | 3 | | Cash Operating Costs (excluding royalties) | 109 | 83 | | Depreciation and Amortisation | 29 | 27 | | Total Production Costs (excluding royalties) | 138 | 110 | - Cash Operating Cost Increase Reasons: 11% decrease in saleable coal production, cumulative inflationary cost pressures in the coal industry, and mine recovery plans[45] - Cost Guidance Range: 2023 full-year cash operating cost guidance range is A$92 to A$102 per tonne[47] Raw Materials and Consumables Used Raw materials and consumables used increased by 28% to A$549 million, primarily due to higher market and inflationary costs for power, explosives, maintenance, and diesel - Raw Materials and Consumables: A$549 million (H1 2022: A$428 million), a 28% increase[48] - Key Growth Factors: Power costs increased by A$32 million (156%), explosives costs by A$26 million (48%), maintenance costs by A$26 million (23%), and diesel costs by A$23 million (18%)[48] Employee Benefits Employee benefits expense increased by 6% to A$348 million, primarily due to higher headcount, wage increases, superannuation contributions, and deferred bonus payments - Employee Benefits Expense: A$348 million (H1 2022: A$329 million), a 6% increase[49] - Key Growth Factors: Increased headcount, higher wages and salaries, a A$6 million increase in superannuation contributions and workers' compensation, and a A$6 million increase in deferred bonuses for senior management[49] Transport Transport costs increased by 25% to A$401 million, mainly due to higher NCIG port costs and inflationary impacts on rail and port expenses, partially offset by reduced demurrage - Transport Costs: A$401 million (H1 2022: A$321 million), a 25% increase[50] - Key Growth Factors: Increased NCIG port costs following the introduction of additional coal price-linked tariffs from July 1, 2022, and inflationary impacts on rail and port costs[50] Outsourced Services and Plant Hire Outsourced services and plant hire expenses increased by 27% to A$260 million, primarily due to a A$49 million rise in contractor expenses for wet weather recovery and labor supply mitigation - Outsourced Services and Plant Hire Expense: A$260 million (H1 2022: A$204 million), a 27% increase[51] - Key Growth Factors: A$49 million increase in contractor expenses, including those for wet weather recovery plans and mitigating labor supply issues[51] Government Royalties Government royalties decreased by 10% to A$365 million, primarily due to an 18% reduction in self-produced coal sales revenue, partially offset by increased Queensland royalties - Government Royalty Expense: A$365 million (H1 2022: A$406 million), a 10% decrease[52] - Influencing Factors: 18% decrease in self-produced coal sales revenue, partially offset by increased Queensland government coal royalties effective July 1, 2022[52] Purchased Coal Purchased coal expenses increased by 29% to A$94 million, driven by the need to acquire quality coal for contractual commitments and a weaker exchange rate - Purchased Coal Expense: A$94 million (H1 2022: A$73 million), a 29% increase[52] - Influencing Factors: Need to purchase quality coal to meet contractual and blending commitments, and a weaker exchange rate during the reporting period[52] Other Operating Expenses Other operating expenses increased by 33% to A$108 million, mainly due to a A$41 million increase in rehabilitation provisions for Austar and Duralie, and higher IT and insurance costs - Other Operating Expenses: A$108 million (H1 2022: A$81 million), a 33% increase[53] - Key Growth Factors: A$41 million increase in rehabilitation provisions for Austar and Duralie, a A$5 million increase in IT costs, and a A$4 million increase in insurance premiums[53] Share of Profit of Equity Accounted Investments After Tax Share of profit of equity accounted investments after tax decreased by 78% to A$16 million, primarily due to lower after-tax profit from the Middlemount joint venture - Share of Profit of Equity Accounted Investments After Tax: A$16 million (H1 2022: A$72 million), a 78% decrease[53] - Influencing Factors: Lower after-tax profit from the Middlemount joint venture, impacted by a 24% decrease in coal prices and a 39% decrease in sales tonnes due to wet weather[53] Depreciation and Amortisation Depreciation and amortisation expense decreased by 2% to A$411 million, while the cost per tonne of saleable coal increased from A$27 to A$29 - Depreciation and Amortisation Expense: A$411 million (H1 2022: A$420 million), a 2% decrease[54] - Depreciation and Amortisation Cost Per Tonne of Saleable Coal: Increased from A$27 to A$29[54] Operating EBIT and Operating EBIT Margin Operating EBIT decreased by 48% to A$1,410 million, primarily due to reduced operating EBITDA, with the margin declining from 56% to 36% - Operating EBIT: A$1,410 million (H1 2022: A$2,733 million), a 48% decrease[54] - Operating EBIT Margin: Decreased from 56% in H1 2022 to 36% in H1 2023[54] Net Finance (Costs)/Income Net finance costs shifted to a net income of A$10 million, a 113% change, primarily due to a 71% reduction in interest expenses from early debt repayment - Net Finance (Costs)/Income: Net income of A$10 million (H1 2022: Net cost of A$79 million), a 113% change[55] - Influencing Factors: Proactive early repayment of all loans, leading to a 71% reduction in interest expenses and bank fees to A$42 million[55] Operating Profit Before Income Tax and Operating Profit Before Income Tax Margin Operating profit before income tax decreased from A$2,654 million to A$1,420 million, with the margin declining from 54% to 36% - Operating Profit Before Income Tax: A$1,420 million (H1 2022: A$2,654 million)[56] - Operating Profit Before Income Tax Margin: Decreased from 54% to 36%[56] Profit Before Income Tax and Profit Before Income Tax Margin Profit before income tax decreased by 43% to A$1,388 million, with the margin declining from 50% to 35% - Profit Before Income Tax: A$1,388 million (H1 2022: A$2,455 million), a 43% decrease[57] - Profit Before Income Tax Margin: Decreased from 50% to 35%[57] Income Tax Expense Income tax expense decreased by 42% to A$415 million, with an effective tax rate of 29.9%, slightly below the Australian corporate tax rate of 30% - Income Tax Expense: A$415 million (H1 2022: A$717 million), a 42% decrease[58] - Effective Tax Rate: 29.9% (H1 2022: 29.2%)[58] Profit After Income Tax and Profit After Income Tax Margin Profit after income tax decreased by 44% to A$973 million, with the margin declining from 36% to 25% - Profit After Income Tax: A$973 million (H1 2022: A$1,738 million), a 44% decrease[59] - Profit After Income Tax Margin: Decreased from 36% to 25%[59] Non-Operating Items Overview Non-operating items resulted in a pre-tax loss of A$32 million in H1 2023, primarily due to contingent royalty expenses and re-measurement losses H1 2023 Non-Operating Items (million AUD) | Non-Operating Item | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Contingent Royalty Expense | (13) | (12) | | Re-measurement of Royalty Receivables | (11) | 31 | | Re-measurement of Contingent Royalties | (8) | (48) | | Fair Value Loss Recycled from Hedging Reserve | — | (170) | | Pre-Tax Loss Impact | (32) | (199) | - Contingent Royalty Expense: A$13 million, for contingent royalties payable to Rio Tinto linked to strong thermal coal prices[60] - Re-measurement of Royalty Receivables: Decreased by A$11 million, representing the estimated fair value of the Group's royalty receivable from Middlemount due to a shortened coal mine life[60] Cash Flow Analysis Net cash inflow from operating activities significantly decreased by 97% to A$89 million, leading to a net cash decrease of A$1,640 million H1 2023 Net Cash Flow (million AUD) | Cash Flow Type | H1 2023 | H1 2022 | Change (million AUD) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 89 | 2,750 | (2,661) | | Net Cash Flow from Investing Activities | (282) | 75 | (357) | | Net Cash Flow from Financing Activities | (1,447) | (972) | (475) | | Net Decrease in Cash | (1,640) | 1,853 | (3,493) | Net Cash Flow from Operating Activities Net cash inflow from operating activities decreased by A$2,661 million (97%) to A$89 million, primarily due to higher tax payments and reduced customer receipts - Net Cash Inflow from Operating Activities: A$89 million (H1 2022: A$2,750 million), a 97% decrease[63] - Key Influencing Factors: A$1,696 million increase in tax payments and a A$1,188 million decrease in net receipts from customers less payments to suppliers[63] Net Cash Flow from Investing Activities Net cash outflow from investing activities increased by A$357 million (476%) to A$282 million, primarily driven by A$295 million in capital expenditure - Net Cash Outflow from Investing Activities: A$282 million (H1 2022: Inflow of A$75 million), a 476% change[64] - Key Influencing Factors: Capital expenditure of A$295 million[64] Net Cash Flow from Financing Activities Net cash outflow from financing activities increased by A$475 million (49%) to A$1,447 million, mainly due to A$924 million in dividends paid and A$496 million in loan repayments - Net Cash Outflow from Financing Activities: A$1,447 million (H1 2022: A$972 million), a 49% increase[65] - Key Influencing Factors: Dividend payments of A$924 million and proactive loan repayments of A$496 million[65] Financial Resources and Liquidity Current assets decreased by A$1,754 million, and current liabilities decreased by A$1,517 million, resulting in a net cash position of A$919 million and a zero net debt ratio June 30, 2023 Financial Resources and Liquidity (million AUD) | Metric | June 30, 2023 | December 31, 2022 | Change (million AUD) | | :--- | :--- | :--- | :--- | | Total Current Assets | 2,056 | 3,810 | (1,754) | | Total Current Liabilities | (1,015) | (2,532) | 1,517 | | Net Current Assets | 1,041 | 1,278 | (237) | | Total Assets | 10,913 | 12,801 | (1,888) | | Total Liabilities | (2,820) | (4,771) | 1,951 | | Total Equity | 8,093 | 8,030 | 63 | - Net Cash Position: Decreased from A$2,026 million on December 31, 2022, to A$919 million on June 30, 2023[67] - Net Debt Ratio: Effectively zero[67] - Interest-Bearing Liabilities: A$165 million (December 31, 2022: A$673 million), primarily lease liabilities, with bank loans fully repaid[67] - Available Debt Facilities: A$246 million of undrawn facilities from a A$1.2 billion syndicated facility[68] Capital Expenditure and Commitments Capital expenditure cash flow for H1 2023 was A$295 million, primarily for property, plant, and equipment, with capital commitments totaling A$202 million - Capital Expenditure Cash Flow: A$295 million (H1 2022: A$132 million)[69] - Capital Commitments: A$202 million (December 31, 2022: A$222 million)[69] Material Investments The company pursues internal growth through brownfield expansions and development projects, including the Moolarben Coal Handling and Preparation Plant expansion and the Stratford Renewable Energy Centre - Internal Growth Strategy: Committed to advancing brownfield expansion and development projects, funded by operating cash flows[70] - Moolarben Expansion: Upgrade to expand the Coal Handling and Preparation Plant capacity to 16 million tonnes was commissioned during the reporting period[70] - Stratford Renewable Energy Centre: Plans for pumped hydro and solar farm projects aim for resource reuse of the land after coal production ceases[70] - Shandong Energy Support: Shandong Energy committed to providing financial support in the coming years for potential acquisitions, finance leases, or additional financial support for Watagan[70] Material Acquisitions and Disposals No material acquisitions or disposals occurred during the reporting period - No material acquisitions or disposals[71] Employees As of June 30, 2023, the Group had approximately 3,437 employees, with a focus on capability development, diversity, and inclusion initiatives - Number of Employees: Approximately 3,437 employees[72] - Total Employee Costs: A$348 million (H1 2022: A$329 million)[72] - Remuneration Policy: Ensures fair remuneration aligned with the Group's and shareholders' long-term interests and diversity policy[72] - Yancoal Learning Academy (YLA): Launched in February 2023, offering short-term soft skills training courses[72] - Diversity and Inclusion: Aiming to increase female workforce representation to 15%, actively promoting Indigenous inclusion awareness, and establishing a Diversity and Inclusion Committee[72][73] Events After the Reporting Period The Board declared an interim dividend of A$489 million (A$0.3700 per share) on August 16, 2023, with no other significant post-reporting period events - Interim Dividend: The Board declared a 2023 interim dividend of A$489 million, or A$0.3700 per share, with a record date of September 6, 2023, and payment date of September 20, 2023[74] Financial and Other Risk Management The Group faces currency, price, interest rate, credit, and liquidity risks, managed through forward foreign exchange contracts, with A$71 million in provisionally priced sales outstanding - Principal Financial Risks: Currency risk, price risk, interest rate risk, credit risk, and liquidity risk[75] - Risk Management: Manages operating foreign exchange risk through forward foreign exchange contracts issued by banks[75] - Provisionally Priced Sales: As of June 30, 2023, A$71 million in provisionally priced sales remained subject to final pricing[75] Contingent Liabilities Contingent liabilities as of June 30, 2023, include A$955 million in bank guarantees and performance bonds, and A$554 million for mining lease rehabilitation costs June 30, 2023 Contingent Liabilities (million AUD) | Item | Amount | | :--- | :--- | | Bank Guarantees and Performance Bonds | 955 | | Mining Lease Rehabilitation Cost Guarantees | 554 | - Letter of Support for Middlemount Mine Joint Venture[76] Assets Pledged The Group's A$1,200 million syndicated bank facilities, with A$954 million drawn, are secured by assets of Yancoal Resources Pty Ltd and Coal & Allied Industries Pty Ltd - Total Facilities: A$1,200 million[77] - Drawn Balance: A$954 million[77] - Pledged Assets: Assets of Yancoal Resources Pty Ltd and Coal & Allied Industries Pty Ltd consolidated group, with a carrying value of A$10,766 million[77] Future Outlook Production is expected to return to historical levels in coming quarters, with 2023 saleable coal equity guidance of 31-36 million tonnes and cash operating costs of A$92-A$102 per tonne - Production Outlook: Production is expected to return to historical levels in coming quarters as mining inventories are rebuilt and productivity improves[78] - 2023 Saleable Coal Equity Guidance Range: 31 million to 36 million tonnes[78] - Unit Cost Outlook: Continuously improving productivity is expected to contribute to lower unit costs[78] - 2023 Cash Operating Cost Guidance Range: A$92 to A$102 per tonne[78] - 2023 Capital Expenditure Guidance Range: Revised downwards from previous A$750 million to A$900 million to A$600 million to A$750 million[78] Consolidated Financial Statements This section presents the consolidated financial statements, including the income statement, balance sheet, statement of changes in equity, and cash flow statement Consolidated Statement of Profit or Loss and Other Comprehensive Income For H1 2023, the company reported revenue of A$3,976 million and profit after tax of A$973 million, a significant decrease from the prior corresponding period Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (million AUD) | Metric | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Revenue | 3,976 | 4,776 | | Profit Before Income Tax | 1,388 | 2,455 | | Profit After Income Tax | 973 | 1,738 | | Basic Earnings Per Share (AUD cents) | 73.7 | 131.6 | Consolidated Statement of Financial Position As of June 30, 2023, total assets were A$10,913 million, total liabilities were A$2,820 million, and net assets were A$8,093 million Consolidated Statement of Financial Position Summary (million AUD) | Metric | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | 2,056 | 3,810 | | Total Non-Current Assets | 8,857 | 8,991 | | Total Assets | 10,913 | 12,801 | | Total Current Liabilities | 1,015 | 2,532 | | Total Non-Current Liabilities | 1,805 | 2,239 | | Total Liabilities | 2,820 | 4,771 | | Net Assets | 8,093 | 8,030 | Consolidated Statement of Changes in Equity Total equity attributable to Yancoal Australia Ltd shareholders was A$8,091 million, primarily influenced by profit after tax and dividends paid - Equity and Reserves Attributable to Yancoal Australia Ltd Shareholders: A$8,091 million[81] - Profit After Income Tax: A$973 million[81] - Dividends Paid: (A$924 million)[81] Consolidated Statement of Cash Flows Net cash inflow from operating activities was A$89 million, net cash outflow from investing activities was A$282 million, and net cash outflow from financing activities was A$1,447 million, leading to a net cash decrease of A$1,640 million Consolidated Statement of Cash Flows Summary (million AUD) | Cash Flow Type | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 89 | 2,750 | | Net Cash (Outflow)/Inflow from Investing Activities | (282) | 75 | | Net Cash Outflow from Financing Activities | (1,447) | (972) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (1,640) | 1,853 | Notes to the Consolidated Financial Statements This section provides detailed notes supporting the consolidated financial statements, covering accounting policies, performance, assets, liabilities, and group structure Basis of Preparation of Half-Year Financial Report The half-year financial report is prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001, complying with IFRS - Basis of Preparation: Australian Accounting Standard 134 Interim Financial Reporting and the Corporations Act 2001[84] - International Financial Reporting Standards: Complies with International Financial Reporting Standards issued by the International Accounting Standards Board[84] - Review Report: The independent auditor's review report on the consolidated financial statements is unmodified[84] Performance This section provides detailed notes on segment information, revenue, other income, expenses, tax, and earnings per share - Segment Information: Segmented by New South Wales and Queensland regions[86] - Revenue Sources: Coal sales, freight revenue, royalty income, etc[90] - Major Customers: Revenue from the top five external customers accounted for 41% of coal sales revenue[89] Segment Information The report segments operations by New South Wales and Queensland, disclosing revenue, operating EBITDA, and total assets for each segment, with New South Wales contributing most revenue and profit H1 2023 Segment Revenue and Operating EBITDA (million AUD) | Segment | Total Segment Revenue | Operating EBITDA | | :--- | :--- | :--- | | New South Wales | 3,421 | 1,699 | | Queensland | 432 | 84 | | Head Office | — | 38 | | Total | 3,853 | 1,821 | June 30, 2023 Segment Assets (million AUD) | Segment | Segment Assets | Interests in Other Entities | Total Assets | | :--- | :--- | :--- | :--- | | New South Wales | 8,654 | 180 | 8,834 | | Queensland | 675 | — | 675 | | Head Office | 1,160 | 244 | 1,404 | | Total | 10,489 | 424 | 10,913 | Revenue Sales revenue for H1 2023 was A$3,853 million, with total revenue of A$3,976 million, primarily from Japan, Taiwan, South Korea, and China H1 2023 Sales Revenue Composition (million AUD) | Revenue Source | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Coal Sales | 3,853 | 4,799 | | Interest Income | 52 | 67 | | Freight Revenue | 42 | 38 | | Royalty Income | 12 | 28 | | Other Items | 17 | 14 | | Total Revenue | 3,976 | 4,776 | H1 2023 Revenue by Major Geographic Market (million AUD) | Geographic Market | New South Wales | Queensland | Total | | :--- | :--- | :--- | :--- | | Japan | 1,089 | 148 | 1,237 | | Taiwan | 778 | — | 778 | | South Korea | 542 | 138 | 680 | | China | 588 | — | 588 | | Thailand | 183 | — | 183 | | Vietnam | 94 | 62 | 156 | | India | 15 | 79 | 94 | | Australia | 56 | — | 56 | | Chile | 48 | — | 48 | | Indonesia | 28 | — | 28 | | Cambodia | 5 | — | 5 | | Total | 3,426 | 427 | 3,853 | - Provisionally Priced Sales: As of June 30, 2023, A$71 million of provisionally priced sales had not yet been finalized[92] Other Income Other income for H1 2023 was A$25 million, mainly comprising net foreign exchange gains, a 63% decrease from the prior period H1 2023 Other Income (million AUD) | Item | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Net Foreign Exchange Gains | 23 | 62 | | Re-measurement of Royalty Receivables Gain | — | 31 | | Miscellaneous Income | 2 | 4 | | Total | 25 | 97 | Expenses This section details the composition and changes in employee benefits, finance costs, and other operating expenses H1 2023 Employee Benefits (million AUD) | Item | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Employee Benefits | 318 | 303 | | Superannuation Contributions | 30 | 26 | | Total | 348 | 329 | H1 2023 Finance Costs (million AUD) | Item | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Lease Costs | 5 | 4 | | Discount unwind on provisions and deferred payables | 14 | 12 | | Other Interest Expenses | 10 | 110 | | Total | 29 | 126 | H1 2023 Other Operating Expenses (million AUD) | Item | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Increase in Rehabilitation Provisions | 41 | 30 | | Rates and Other Levies | 18 | 15 | | Insurance | 15 | 11 | | Bank Fees and Other Charges | 13 | 20 | | Contingent Royalty Payments | 13 | 12 | | Information Technology | 13 | 8 | | Re-measurement of Royalty Receivables Loss | 11 | — | | Travel and Accommodation | 9 | 5 | | Re-measurement of Contingent Royalties Loss | 8 | 48 | | Rental Expenses | 2 | 2 | | Other Operating Expenses | 10 | 10 | | Total | 153 | 161 | - Largest Supplier: In the first six months of 2023, 9.0% of total operating expenses were from a single supplier, and 27.0% were from the top five suppliers[98] Tax Income tax expense for H1 2023 was A$415 million, with an effective tax rate of 29.9%, slightly below the Australian corporate tax rate of 30% H1 2023 Income Tax Expense (million AUD) | Item | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Income Tax Expense | (415) | (717) | - Effective Tax Rate: 29.9% (June 30, 2022: 29.2%)[99] Earnings Per Share Basic earnings per share for H1 2023 was 73.7 AUD cents, with diluted earnings per share at 73.4 AUD cents, calculated from profit from continuing operations of A$973 million H1 2023 Earnings Per Share (AUD cents) | Metric | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Total Basic Earnings Per Share | 73.7 | 131.6 | | Total Diluted Earnings Per Share | 73.4 | 131.2 | - Profit Used for EPS Calculation: Profit from continuing operations was A$973 million[101] - Weighted Average Number of Ordinary Shares: 1,320,439,437 shares for basic EPS, and 1,326,472,557 shares for diluted EPS[102] Operating Assets and Liabilities This section provides detailed notes on property, plant and equipment, mining tenements, asset impairment, exploration and evaluation assets, intangible assets, trade and other receivables, inventories, and trade and other payables - Property, Plant and Equipment Net Book Value: A$3,514 million[103] - Mining Tenements Net Book Value: A$4,255 million[104] - Intangible Assets Net Book Value: A$132 million[110] - Trade Receivables: A$515 million[111] - Inventories: A$320 million[113] - Trade Payables: A$507 million[114] Property, Plant and Equipment As of June 30, 2023, the net book value of property, plant and equipment was A$3,514 million, with A$310 million in additions during the period, including assets under construction, mine development, and plant and equipment June 30, 2023 Net Book Value of Property, Plant and Equipment (million AUD) | Item | Net Book Value | | :--- | :--- | | Assets Under Construction | 354 | | Land and Buildings Held Indefinitely | 374 | | Mine Development | 1,383 | | Plant and Equipment | 1,273 | | Right-of-Use Assets | 130 | | Total | 3,514 | - Additions During Period: A$310 million[103] Mining Tenements As of June 30, 2023, the net book value of mining tenements was A$4,255 million, with A$176 million in amortisation during the period - Mining Tenements Net Book Value: A$4,255 million[104] - Amortisation During Period: (A$176 million)[104] Impairment of Assets Recoverable amounts for all cash-generating units exceeded their carrying values, with no additional impairment, based on key assumptions including coal prices, exchange rates, and discount rates - Cash Generating Units: New South Wales mines, Yarrabee, and Middlemount are considered separate cash-generating units[105] - Impairment Assessment: Recoverable amounts for all cash-generating units exceeded their carrying values, resulting in no additional impairment[105] - Key Assumptions: Coal prices, foreign exchange rates, production and capital expenditure, coal reserves and resources, and discount rates[105][106] - Sensitivity Analysis: Impact of changes in coal prices, exchange rates, and discount rates on recoverable amounts[107] Exploration and Evaluation Assets As of June 30, 2023, the net book value of exploration and evaluation assets was A$233 million - Exploration and Evaluation Assets Net Book Value: A$233 million[108] Intangible Assets As of June 30, 2023, the net book value of intangible assets was A$132 million, primarily comprising goodwill, computer software, and water rights, with goodwill allocated to the Yarrabee mine June 30, 2023 Net Book Value of Intangible Assets (million AUD) | Item | Net Book Value | | :--- | :--- | | Goodwill | 60 | | Computer Software | 6 | | Water Rights | 56 | | Other | 10 | | Total | 132 | - Goodwill Allocation: Goodwill has been allocated to the Yarrabee mine[110] Trade and Other Receivables As of June 30, 2023, current trade and other receivables totaled A$580 million, with non-current at A$94 million, and all trade receivables within 0-90 days June 30, 2023 Trade and Other Receivables (million AUD) | Item | Current | Non-Current | | :--- | :--- | :--- | | Trade Receivables from Contracts with Customers | 515 | — | | Other Trade Receivables | 65 | — | | Amounts Receivable from Other Entities | — | 21 | | Long-Term Service Provision Receivables | — | 73 | | Total | 580 | 94 | - Trade Receivables Ageing: As of June 30, 2023, total receivables of A$515 million were all within the 0-90 day category[111] Inventories As of June 30, 2023, total inventories were A$320 million, primarily comprising coal, tires, and spare parts June 30, 2023 Inventories (million AUD) | Item | Amount | | :--- | :--- | | Coal — Lower of Cost and Net Realizable Value | 168 | | Tires and Spare Parts — Cost | 147 | | Fuel — Cost | 5 | | Total | 320 | Trade and Other Payables As of June 30, 2023, total trade and other payables were A$678 million, primarily trade payables of A$507 million, with an average credit period of 60 days June 30, 2023 Trade and Other Payables (million AUD) | Item | Amount | | :--- | :--- | | Trade Payables | 507 | | Accrued Wages and Salaries | 132 | | Interest Payable | — | | Other Payables | 39 | | Total | 678 | - Trade Payables Credit Period: Average credit period for trade payables is 60 days[114] Capital Structure and Financing This section details interest-bearing liabilities, contributed equity, share-based payments, dividends, reserves, contingencies, and fair value measurements of assets and liabilities - Total Interest-Bearing Liabilities: A$165 million[115] - Total Contributed Equity: A$6,698 million[121] - Dividends: 2022 final dividend of A$924 million declared and paid[124] - Total Reserves: (A$250 million)[125] Interest-Bearing Liabilities As of June 30, 2023, total interest-bearing liabilities were A$165 million, primarily lease liabilities, with all bank loans fully repaid. The company has A$1.2 billion in secured facilities, with A$954 million drawn June 30, 2023 Interest-Bearing Liabilities (million AUD) | Item | Current | Non-Current | Total | | :--- | :--- | :--- | :--- | | Lease Liabilities | 45 | 120 | 165 | | Bank Loans | — | — | — | | Total | 45 | 120 | 165 | - Bank Loan Repayment: Syndicated term loan of US$333 million fully repaid on March 31, 2023[117] - Secured Facilities: A$1.2 billion in secured facilities, with A$954 million drawn, secured by assets of Yancoal Resources Pty Ltd and Coal & Allied Industries Pty Ltd consolidated group[118] - Contractual Maturity Cash Flows: Total cash flows for lease liabilities are A$186 million[120] Contributed Equity As of June 30, 2023, total contributed equity was A$6,698 million, including ordinary shares, contingent value rights, and related party loan contributions June 30, 2023 Contributed Equity (million AUD) | Item | Amount | | :--- | :--- | | Ordinary Shares | 6,219 | | Contingent Value Rights | 263 | | Related Party Loan Contributions | 216 | | Total | 6,698 | Share-Based Payments As of June 30, 2023, 6,561,906 performance rights were outstanding under the Long Term Incentive Plan, limited to senior executives and representing 0.5% of issued share capital - Long Term Incentive Plan: Participation is limited to the Group's senior executives[122] - Performance Rights Outstanding: As of June 30, 2023, 6,561,906 performance rights were outstanding under the Long Term Incentive Plan[123] - Maximum Shares Issuable: 6,561,906 shares, representing 0.5% of issued share capital as of June 30, 2023[124] - Vesting Conditions: Performance rights under the Long Term Incentive Plan will vest based on cost outcomes and EPS targets[124] Dividends The 2022 final dividend of A$924 million, or A$0.7000 per share, fully franked, was paid on April 28, 2023 - 2022 Final Dividend: A$924 million, or A$0.7000 per share, fully franked, paid on April 28, 2023[124] Reserves As of June 30, 2023, total reserves were (A$250) million, primarily comprising a hedging reserve of (A$256) million, used to record gains or losses on cash flow hedges recognized directly in equity June 30, 2023 Reserve Balances (million AUD) | Item | Amount | | :--- | :--- | | Hedging Reserve | (256) | | Treasury Share Reserve | (9) | | Employee Compensation Reserve | 14 | | Other Reserves | 1 | | Total | (250) | - Hedging Reserve: Used to record gains or losses on cash flow hedges recognized directly in equity through other comprehensive income[126] - Hedging Losses to be Recovered in Future Periods: Total hedging losses to be recovered in future periods amounted to A$365 million for the twelve months ended June 30, 2023[128] Contingencies Contingent liabilities as of June 30, 2023, included A$955 million in bank guarantees and performance bonds, and a letter of support for the Middlemount Coal joint venture June 30, 2023 Contingent Liabilities (million AUD) | Item | Amount | | :--- | :--- | | Performance Guarantees Provided by Parent Entity and Group to Third Parties | 89 | | Guarantees Provided by Parent Entity and Group to Government Authorities as Required by Regulation | 119 | | Performance Guarantees Provided by Joint Ventures to Third Parties | 235 | | Guarantees Provided by Joint Ventures to Government Authorities as Required by Regulation | 431 | | Guarantees Held on Behalf of Related Parties | 81 | | Total | 955 | - Letter of Support for Middlemount Mine: The Company issued a letter of support to Middlemount Coal Pty Ltd ("Middlemount"), a joint venture of the Group, on March 4, 2015, committing to provide financial support[130] Fair Value Measurement of Assets and Liabilities Royalty receivables are classified as Level 3 financial instruments, with fair value determined using discounted future cash flows, and sensitive to coal prices, exchange rates, and discount rates - Fair Value Hierarchy: Royalty receivables are classified as Level 3 financial instruments[130] - Valuation Technique: The fair value of royalty receivables is calculated as the fair value of the right to receive a 4% royalty on FOB (free on board, including loading charges) sales from Middlemount mine, determined using discounted future cash flows[132] - Sensitivity Analysis: Impact of changes in coal prices, exchange rates, and discount rates on the fair value of royalty receivables[133] Group Structure This section discloses interests in associates and joint ventures, as well as related party transactions, identifying Yancoal Australia as the parent company - Parent Company: Yancoal Australia Ltd[137] - Major Shareholder: Yanzhou Coal Mining Company Limited[137] - Ultimate Parent Company: Shandong Energy Group Co., Ltd[137] - Associates and Joint Ventures: Includes Port Waratah Coal Services Ltd, Middlemount Coal Pty Ltd, etc[135] Interests in Other Entities The Group holds interests in associates and joint ventures, including Port Waratah Coal Services Ltd and Middlemount Coal Pty Ltd, with total investment carrying value of A$424 million June 30, 2023 Interests in Associates and Joint Ventures (million AUD) | Entity Name | Nature of Relationship | Carrying Value of Investment | | :--- | :--- | :--- | | Port Waratah Coal Services Ltd | Associate | 180 | | Middlemount Coal Pty Ltd | Joint Venture | 244 | | Total | | 424 | - Amounts Recognized in Profit or Loss: A$6 million for Middlemount Coal Pty Ltd, and A$10 million for Port Waratah Coal Services Ltd[135] Related Party Transactions The Group engaged in various transactions with related parties, including coal sales, marketing and administrative services, loan repayments, and port fee payments H1 2023 Transactions with Other Related Parties (thousand AUD) | Transaction Type | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Sales of Coal to Yancoal International Trading Co., Ltd. | 99,244 | 44,162 | | Sales of Coal to Yanzhou Hainan | 65,568 | 26,201 | | Sales of Coal to Shaneng (Qingdao) Smart Industry Technology Co., Ltd. | 42,046 | — | | Provision of Marketing and Administrative Services to Yancoal International Group | 9,595 | 5,909 | | Repayment of Loan from Middlemount | — | 200,000 | | Lease Payments for NHL Trucks with Bank of China (Hong Kong) Limited | 8,375 | — | | Payment of Port Fees to Newcastle Coal Infrastructure Group | (144,267) | (74,680) | | Payment of Port Fees to PWCS | (27,932) | (15,375) | | Payment of Port Fees to WICET | (25,724) | (26,329) | | Royalty Income Received from Middlemount | 12,265 | 28,433 | | Dividend Income Received from PWCS | 6,833 | 6,354 | - Outstanding Balances: As of the end of the reporting period, A$9,756 thousand was receivable from related parties, and A$66,391 thousand was payable to related parties[141] - Related Party Guarantees: The Group's financing institutions provided guarantees of A$81,356 thousand on behalf of Yancoal International Group[143] - Parent Company Letter of Support: The directors of Yanzhou Coal Mining Company Limited provided a letter of support, committing to ensure the Group continues to operate and remains solvent[144] Other Disclosures This section covers capital commitments and events occurring after the reporting period, including the declaration of the 2023 interim dividend - Capital Commitments: As of June 30, 2023, capital expenditure contracted but not recognized as liabilities totaled A$202 million[145] - Events After Reporting Period: The Board declared a 2023 interim dividend of A$489 million, or A$0.3700 per share, on August 16, 2023[145] Commitments As of June 30, 2023, capital expenditure contracted but not recognized as liabilities totaled A$202 million, primarily for property, plant, and equipment June 30, 2023 Capital Commitments (million AUD) | Item | Within one year | After one year but within five years | | :--- | :--- | :--- | | Property, Plant and Equipment (Attributable to Joint Operations) | 191 | 2 | | Property, Plant and Equipment (Other) | 8 | — | | Exploration and Evaluation (Attributable to Joint Operations) | 1 | — | | Total | 200 | 2 | Events After the Reporting Period The Board declared an interim dividend of A$489 million (A$0.3700 per share) on August 16, 2023, with a record date of September 6, 2023, and payment date of September 20, 2023 - Interim Dividend: The Board declared a 2023 interim dividend of A$489 million, or A$0.3700 per share[145] Directors' Declaration The Board declares that the financial statements fairly represent the Group's financial position and performance, and the company can meet its debts as they fall due - Financial Statement Truthfulness: The financial statements and notes on pages 27 to 57 truly and fairly represent the Group's financial position as of June 30, 2023, and its performance for the half-year ended on that date[146] - Solvency: There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable[146] Independent Auditor's Review Report The independent auditor issued an unmodified review opinion on Yancoal Australia Ltd's half-year financial statements, finding no non-compliance with the Corporations Act 2001, and did not express an audit opinion due to the limited scope of the review - Review Conclusion: No matters were identified that lead the auditor to believe the half-year financial statements do not comply with the Corporations Act 2001, including giving a true and fair view of the Group's financial position as of June 30, 2023, and its financial performance for that half-year, and complying with Australian Accounting Standard 134 - 'Interim Financial Reporting' and the Co