Whitehaven coal
22 August 2024
Full Year Results FY24
FY24 Results ASX announcement
Sale of 30% of Blackwater Mine
FY24 Results CEO video message
FY24 Results presentation
Appendix 4E and Annual Financial Report
Solid financial results with benefits from transformational acquisition delivered in FY24
Whitehaven Coal (ASX:WHC) reports underlying earnings before interest, tax, depreciation & amortisation (underlying EBITDA) for the year ended 30 June 2024 of $1.4 billion including a June-quarter EBITDA contribution of $272 million from Daunia and Blackwater mines, following completion of the acquisition on 2 April 2024.
Whitehaven’s underlying net profit after tax (underlying NPAT) of $740 million for FY24 was before $385 million of cost adjustments primarily in relation to acquisition expenses including stamp duty. Statutory NPAT for FY24 was $355 million.
A fully franked final dividend of 13 cents per share will be paid on 17 September 2024, taking the full year dividend to 20 cents per share, fully franked.
Whitehaven’s FY24 results include:
- A 30% improvement in safety performance for Whitehaven’s NSW operations as measured by a total recordable injury frequency rate (TRIFR) for employees and contractors of 3.3. The newly acquired QLD operations reported a TRIFR of 6.6 in the June quarter.
- Zero environmental enforceable actions for FY24.
- Run-of-mine (ROM) managed production volumes of 24.5M tonnes, up from 18.2M tonnes in FY23, and equity sales of produced coal of 16.4M tonnes, up 26% on FY23.
- Revenue of $3.8 billion, underpinned by an achieved average coal price of A$217/t for NSW operations in FY24 and A$271/t for QLD in the June quarter.
- Cash generated from operations of $1.3 billion.
Whitehaven’s net debt position at 30 June 2024 was A$1.3 billion, after the upfront acquisition payment of US$2.0 billion on 2 April 2024.
Whitehaven has today announced it has entered into binding agreements with Nippon Steel and JFE Steel for the sale of joint venture interests in the Blackwater mine of 20% and 10% respectively, for aggregate cash consideration of US$1.08 billion. The transactions are expected to complete in the first quarter of calendar year 2025, subject to customary competition and regulatory approvals. See Whitehaven’s separate ASX Release dated 22 August 2024.
Commenting on Whitehaven’s FY24 results, Paul Flynn, CEO & Managing Director said:
“FY24 has been a pivotal year for Whitehaven as we are transforming the business through the acquisition of Daunia and Blackwater. The highly attractive acquisition has diversified Whitehaven and brings with it scale benefits and significant value upside for our shareholders.
“Today’s announced US$1.08 billion, 30% equity sell down in the Blackwater mine to two long-term customers, firmly validates the value of the acquisition and demand for Blackwater metallurgical coal.
“While we have been growing the business, we have maintained focus on the NSW operations to deliver a solid financial result for FY24. We delivered an overall underlying NPAT of $740 million, before acquisition-related and other one-off costs, and declared a 13 cent final dividend for shareholders.
“The business is very well positioned to continue to deliver strong returns for shareholders from both the metallurgical and thermal coal businesses.”
