Image

Investors

Full Year Financial Result 2021

FINANCIAL HIGHLIGHTS 

Revenue from continuing operations of $5.40 billion, up 56% from $3.47 billion in the year ended 31 December 2020 (“FY20”). The higher realised coal price and increased ratio of metallurgical coal sales drove the revenue uplift.[1]

Operating EBITDA of $2.53 billion, up from $748 million in FY20 due mainly to the increased revenue. The Operating EBITDA Margin for the period jumped to 46% compared to 21% in FY20.

Operating Profit Before Tax of $1.41 billion, up from the $218 million loss in FY20.

The record Revenue, Operating EBITDA and Operating Profit Before Tax facilitated an early debt repayment of US$500 million in October, the resumption of dividends and a significant reduction in the gearing to 24%.[2]

Cash held of $1.50 billion at the end of the year reconfirms Yancoal’s capacity to deliver strong financial performance during periods of elevated coal prices.

OPERATIONAL HIGHLIGHTS 

Total Recordable Injury Frequency Rate (“TRIFR”) - At the end of FY21, TRIFR was 8.4, compared to 7.4 at the end of FY20 and a comparable industry weighted average of 10.2. 

Saleable Production - Despite a hard rock intrusion at the Moolarben underground, wet weather, and COVID-19 issues, attributable saleable coal production of 36.7 million tonnes was only 4% off FY20.

Attributable coal sales - Stockpiles accumulated in prior periods were sold down in 2H 2022 to capitalise on the elevated coal price. Attributable sales were 37.5 million tonnes, just 1% off FY2020.

Unit costs - Yancoal’s cash operating costs (excluding government royalties) per production tonne were $67/tonne compared to $59/tonne in FY20. Higher diesel prices, demurrage costs and reduced output due to issues at Moolarben, wet weather, and COVID-19 were factors in the cost increase.

Capital expenditure below guidance – Capital expenditure was $269 million (attributable) after some FY21 planned spending was held over into FY22.

[1] All financial numbers presented are stated in Australian dollars (A$ or $) unless otherwise stated.
[2] The gearing is at 31-Dec-2021 and is prior to the distribution of dividends subsequently declared.