Record Underlying Profit of $82 million
Results Summary
Achieved a record underlying operating net profit of $82.0 million for the year.After allowing for an unrealised hedge accounting loss and Newstan suspension costs, reported NPAT is a record at $71.2 million (i.e. after excluding asset sales in the 2008 financial year result).Equity ROM coal production of 15.0 million tonnes, with sales of 14.4 million tonnes, including a 36% increase in export volumes, compared to the prior corresponding period.
The Group’s export orientated mines performed well, with record performances from Charbon & Clarence, supporting Centennial’s drive to increase exports and rebalance its sales mix.
Mandalong set a new annual production record of 4.9 million tonnes and is targeting 5.5 million tonnes for the 2010 financial year.
Longwall production was suspended at Newstan during the year, earlier than anticipated following the sharp fall in semi-soft coking coal prices.
Production at Angus Place was impacted by new equipment commissioning issues during the year, but has since achieved successive production records in each of June and July 2009.
Record EBITDA of $219.0 million, up 17% and representative of strong operating cash flow.
A fully franked final dividend of 4 cents per share has been declared, payable on 8 October 2009, making a total of 11 cents for the financial year.
Gearing is 19.8% (on a net debt to net debt plus equity basis), with banking facilities in place until December 2011 and a $150 million revolving credit facility remaining effectively undrawn.
Progress continues to be made on projects to expand the Group’s export capability and increase exports, with construction well underway with respect to:
– a haul road linking Mandalong to Newstan’s export facilities; and
– a new export mine at Airly.
Spot export prices have settled above US$70 per tonne, firmly supporting contractual prices and Mandalong’s planned second-half entry into the export market.
Despite export prices falling from their historic highs, contract prices are still the second highest on record
The Group’s export orientated mines performed well, with record performances from Charbon & Clarence, supporting Centennial’s drive to increase exports and rebalance its sales mix.
Mandalong set a new annual production record of 4.9 million tonnes and is targeting 5.5 million tonnes for the 2010 financial year.
Longwall production was suspended at Newstan during the year, earlier than anticipated following the sharp fall in semi-soft coking coal prices.
Production at Angus Place was impacted by new equipment commissioning issues during the year, but has since achieved successive production records in each of June and July 2009.
Record EBITDA of $219.0 million, up 17% and representative of strong operating cash flow.
A fully franked final dividend of 4 cents per share has been declared, payable on 8 October 2009, making a total of 11 cents for the financial year.
Gearing is 19.8% (on a net debt to net debt plus equity basis), with banking facilities in place until December 2011 and a $150 million revolving credit facility remaining effectively undrawn.
Progress continues to be made on projects to expand the Group’s export capability and increase exports, with construction well underway with respect to:
– a haul road linking Mandalong to Newstan’s export facilities; and
– a new export mine at Airly.
Spot export prices have settled above US$70 per tonne, firmly supporting contractual prices and Mandalong’s planned second-half entry into the export market.
Despite export prices falling from their historic highs, contract prices are still the second highest on record
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