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STATEMENTS CONTAINED IN THIS MATERIAL, PARTICULARLY THOSE REGARDING THE POSSIBLE OR ASSUMED FUTURE PERFORMANCE, COSTS, DIVIDENDS, RETURNS,
PRODUCTION LEVELS OR RATES, PRICES, RESERVES, POTENTIAL GROWTH OF WHITEHAVEN COAL LIMITED, INDUSTRY GROWTH OR OTHER TREND PROJECTIONS
AND ANY ESTIMATED COMPANY EARNINGS ARE OR MAY BE FORWARD LOOKING STATEMENTS. SUCH STATEMENTS RELATE TO FUTURE EVENTS AND EXPECTATIONS
AND AS SUCH INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES. ACTUAL RESULTS, ACTIONS AND DEVELOPMENTS MAY DIFFER MATERIALLY FROM THOSE
EXPRESSED OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS DEPENDING ON A VARIETY OF FACTORS.
THE PRESENTATION OF CERTAIN FINANCIAL INFORMATION MAY NOT BE COMPLIANT WITH FINANCIAL CAPTIONS IN THE PRIMARY FINANCIAL STATEMENTS PREPARED
UNDER IFRS. HOWEVER, THE COMPANY CONSIDERS THAT THE PRESENTATION OF SUCH INFORMATION IS APPROPRIATE TO INVESTORS AND NOT MISLEADING AS IT
IS ABLE TO BE RECONCILED TO THE FINANCIAL ACCOUNTS WHICH ARE COMPLIANT WITH IFRS REQUIREMENTS.
ALL DOLLARS IN THE PRESENTATION ARE AUSTRALIAN DOLLARS UNLESS OTHERWISE NOTED.
Agenda
About Whitehaven
Asian Coal Market Overview
Operations
Financial Performance
Outlook
Appendices
Who We Are
Long life, low cost tier one mines with world class reserves
Holding a dominant position in the only emerging high quality coal basin in Australia
Note: Refer to Competent Person Statement on Slide 2 and to detailed Coal Resources and Coal Reserves tables on Slides 30 and 31 of this presentation
Tarrawonga (70%)
Reserves >20 years, Permitted 3Mtpa, Planned 2Mtpa
SSCC, PCI and thermal coal
Rocglen (100%)
Reserves ~3 years, Permitted 1.5Mtpa, Planned 1.2Mtpa
Thermal coal
Vickery (100%)
Reserves ~ 30 years, Permitted to 4.5Mtpa
SSCC, PCI and high energy thermal coal
Note: Refer to Competent Person Statement on Slide 2 and to detailed Coal Resources and Coal
Reserves tables on Slides 30 and 31 of this presentation
11%
Japan
1%
Korea
10%
62%
15%
Taiwan
Malaysia
Philippines
Other
6%
India
Japan
Korea
23%
61%
Taiwan
Other
and
Korea
metallurgical coal
are
the
growth
markets
for
High yields and higher prices for the metallurgical coal products incentivises Whitehaven to
maximise sales of met coal
Mine yields are much higher than competitor mines - Maules Creek 92% and Narrabri 97%
NEW USC AND SC GENERATING CAPACITY BEING ADDED ACROSS ASIA EX CHINA
The Asian region (excluding China, Japan,
600
500
average
400
300
400GW
100
of
power
generation
capacity
required by then
0
2013
2020
2025
GW
2030
2035
2040
Coal Demand
Source: IEA Southeast Asia Energy Outlook 2015 based on the central scenario. If the IEA bridge scenario was
used electricity generation would be lower.
18.0
16.0
14.0
12.0
10.0
8.0
0.20
0.40
Hunter Valley
(Japan)
0.60
0.70
Korea
0.50
0.80
Sulphur (%a.d.)
low
emissions
(HELE)
0.90
China
Lower Quality Coal
1.00
1.10
1.20
quality coals
2% 1%
Coal
26%
LNG
Nuclear
9%
Hydro
Solar
Oil
Bioenergy
21%
27%
Wind
Geothermal
Source: J-Power, Japan Government energy and climate policy July 2015 and Coal in the 4th Strategic
Energy Plan April 2014
1 The US Greenhouse Gas inventory report advises 2013 US CO2 emissions of 6.7 billion tonnes
2 United States of America, China and India
Operations
Safety
Whitehaven and NSW Coal Industry TRIFR
25.00
20.00
average of 15.5
The TRIFR increased to 10.7
10.00
Renewed
0.00
Jul-12
focus
across
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Note: Data includes Whitehaven employees and contractors at all mine sites, Gunnedah CHPP and corporate office. TRIFR refers to total
recordable injury frequency rate
all
Production Profile
20.0
Production
has
quadrupled
since
10.0
0.0
FY 2012 A
FY 2013 A
Gunnedah
FY 2014 A
Narrabri
FY 2015 A
Maules Creek
FY 2016 F
4,000
3,000
2,000
1,000
0
H1 FY15
H2 FY15
H1 FY16
Note: Refer to Competent Person Statement on Slide 2 and to detailed Coal Resources and Coal Reserves tables on
Slides 30 and 31 of this presentation
Financial Summary
H1
FY2016
H1
FY2015
7.8
(77.9)
EBITDA before
significant items (A$m)
106.4
52.1
118.3
22.7
Up A$95.6m
58
63
Gearing (%)
Dec
2015
Comment
Up A$85.7m
June
2015
925
936
24%
25%
INCREASING MARGINS AS LOW COST PRODUCTION AND MET COAL SALES GROW
80.0
75.0
70.0
are sustainable
65.0
60.0
55.0
2016
50.0
45.0
40.0
H1 2013 H2 2013 H1 2014 H2 2014 H1 2015 H2 2015 H1 2016
Average Sales Price
cash flow
Cash on hand
31 Dec 2015
A$m
30 Jun 2015
A$m
112.0
102.4
900.0
900.0
136.9
138.2
with
increased
sales
1,036.9
1,038.2
924.9
935.8
2,876.6
2,865.0
24%
25%
4.1:1
N/A
coal
Net assets
Gearing ratio
Actual interest cover ratio
1
2
ICR will first be tested using 31 December 2016 results at 2 x TTM result shown is for information only.
Excludes Funds generated from any sell down of Vickery to create a Joint Venture
Cash Margins
A$ $7.00/t
Narrabri
Long term sustaining capital of A$1/t for the open cuts and
A$2/t for the Narrabri underground mine and A$20 million
A$ $3.50/t
Free Cash
Outlook
25.0
20.0
10.0
in CY2019
5.0
Narrabri
Maules Creek
Note: Graph depicts saleable coal on a 100% basis including coal destined for domestic and export sales and pre-commercial
and commercial coal production from Maules Creek . The production profile shown in the chart is fully underpinned by the
Companys Marketable Reserves from its operating mines. See slide 31 for full details of the Coal Reserves JORC table.
Location
Ownership
Coal Quality
Similar to Maules Creek Metallurgical SSCC, PCI and High CV thermal coal
Start-up
Can be started at any time but scheduled after Maules Creek is fully ramped
Current Status
Note: Refer to Competent Person Statement on Slide 2 and to detailed Coal Resources and Coal Reserves tables on Slides 30 and 31 of this presentation
Valuation Disconnect
EQUITY MARKET VALUES SIGNIFICANTLY BELOW RECENT TRANSACTIONS
Reserve Values -A$/t
A$ $14.00/t
A$ $12.00/t
A$ $10.00/t
A$ $8.00/t
A$ $6.00/t
A$ $4.00/t
A$ $2.00/t
$0 Mt
100 Mt
Boggabri
200 Mt
Clermont
Credit
Suisse
DCF (A$/share)
1.71
1.00
1.64
1.00
500 Mt
Whitehaven
Shaw &
Partners
Wilsons
10.0%
$
400 Mt
Bengalla
UBS
10.0%
$
300 Mt
1.57
10.9%
1.10
1.44
Citi
$
11.7%
$
0.72
1.38
Deutsche
Morgans JPMorgan
Bank
$
11.0%
$
0.50
1.10
10.5%
$
1.10
1.05
10.0%
$
0.70
1.00
BAML
$
10.0%
$
0.65
0.60
13.0%
$
0.60
Discount to DCF
-42%
-39%
-30%
-50%
-64%
0%
-33%
-35%
0%
-73%
-71%
-70%
-67%
-66%
-57%
-55%
-53%
-22%
Median
1.38
10.5%
0.72
-35%
-66%
Investment Highlights
THANK YOU
www.whitehavencoal.com.au
Appendices
Who We Are
Costs
Unit costs reduced to A$58/t in H1 FY16, in
the lowest cost quartile
Whitehaven Operations
Narrabri U/G mine, Maules Creek, Werris
Creek, Tarrawonga and Rocglen O/C mines
Saleable Production
On track to produce 19.5Mt to 20.1Mt in
FY2016
Increasing to 26Mt in FY2019
Metallurgical coal production increasing to
over 35% of total as Maules Creek ramps
Shareholders
Farallon
AMCI Group
Eastspring
Kerry Group
Australian Institutions
16.6%
14.8%
11.1%
5.0%
18.0%
Capital Structure 1
Senior Secured Debt facility
thereof drawn
Asset financing drawn
Cash on hand
Net Debt
1 Data
at 31 December 2015
A$
A$
A$
A$
A$
1,200m
900m
137m
112m
925m
Resources
Reserves