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Full Year Financial Result 2022
Record Revenue $10.6 billion, up from $5.1 billion in 2021.
Operating EBITDA of $7.0 billion and EBITDA Margin for the period of 65%.
Record Net Profit After Tax of $3.6 billion.
The record Revenue, Operating EBITDA and Operating Profit Before Tax facilitated an early debt repayment of US$2.3 billion during 2022, and cash held of $2.7 billion at year-end reconfirms Yancoal’s capacity to deliver strong financial performance during periods of elevated coal prices.
Total Recordable Injury Frequency Rate (“TRIFR”) - At the end of 2022, TRIFR was 8.1, compared to 8.4 at the end of 2021 and a comparable industry weighted average of 8.4.
Saleable Production – Despite a wet weather, global challenges and COVID-19 issues, saleable coal production reached 38.9 million tonnes (100% basis).
Attributable coal sales – Reduced output from Yancoal in 2022 limited its attributable sales to 29.4 million tonnes, 20% less than the prior year. This trend of lower sales volumes was seen across the broader industry, with the reduced supply contributing to a positive pricing impact.
Unit costs - Yancoal’s cash operating costs (excluding government royalties) per production tonne were $94/tonne compared to $67/tonne in 2021. Higher diesel prices, explosive costs, the war in Ukraine, the energy crisis, inflation, weather issues and COVID-19 were factors in the cost increase.
Capital expenditure below guidance – Capital expenditure was $548 million for equipment and activities required to sustain the operations and the ongoing mining fleet replacement program.
We start 2023 with a transformed financial position and a production recovery plan that is already underway. This year we will aim to gradually maximise our output rates so that production can recover to the levels of prior years.