Whitehaven Coal has released full year results for FY2015. The key highlights are:
- Operating EBITDA (excluding significant items) of $130.3 million for the year, 44% higher than the previous year.
- Sales revenue of $763.3 million, in line with the prior year.
- Net loss before significant items of $10.7m, an improvement of 62% compared with the loss of $28.4m in the previous year.
- Net profit recorded in the second half.
- Net loss after significant items of $342.7 million. This was due predominantly to three non-cash significant items including an impairment of early stage exploration assets, a charge arising following the enactment of legislation to repeal the MRRT and the successful refinance of the Group’s debt facility.
- FOB unit costs down by 12% to $61/t (excluding royalties) in FY2015 compared $69/t in FY2014.
- Operating cash flow of $213.4 million, 96% higher than previous year.
- Net debt increased to $935.8 million as spending on Maules Creek comes to an end.
- Successfully re-financed debt facility with improved terms.
Commenting on the results, Whitehaven Coal Managing Director and CEO Mr Paul Flynn said:
“This is a positive result for Whitehaven which cements its place as one of the world’s leading producers of high quality coal.
“The fact that Whitehaven has delivered on its commitments, and returned to profitability in the second half despite subdued global demand for coal, is a strong endorsement of our product, performance and potential.
“Whitehaven is positive about the long term outlook for coal, and particularly the high quality coal being sought by countries that understand the crucial role it has to play in creating a lower emissions future.
“This set of numbers should give investors who have stuck with us through the harder times genuine confidence about the upside potential Whitehaven offers.”
Documents relating to our FY2015 Annual Results announcement can be found below:
Annual Results Investor Call Audio
Annual Results Webcast Video
Paul Flynn interview with Finance News Network on Full Year Results