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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Whitehaven Coal Limited    WHC   AU000000WHC8

WHITEHAVEN COAL LIMITED

(WHC)
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End-of-day quote. End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 12/10
2.65 AUD   +0.38%
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Whitehaven Coal : Updated FY20 Guidance

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12/04/2019 | 06:35pm EST

ASX ANNOUNCEMENT

5 December 2019

WHITEHAVEN COAL: UPDATED FY20 GUIDANCE

Whitehaven has today issued updated FY20 guidance due to:

  • Challenges being experienced sourcing skilled operators for Maules Creek, Whitehaven's largest operation; and
  • Impacts arising from dust events related to severe and ongoing drought conditions in North West NSW.

Notwithstanding Whitehaven's status as the single largest private sector employer in North West NSW, the company has recently experienced more challenging local and regional labour market conditions impacting its ability to fill rosters at Maules Creek with appropriately skilled operators.

The shortfall in experienced personnel has contributed to unanticipated productivity losses detailed in the revised guidance provided below. Whitehaven expects it could take the balance of the financial year to source, select, on-board and train the necessary workers at Maules Creek in order to achieve a return to full utilisation of equipment and increase related operating productivity.

While the company has and will continue to draw heavily on the local employment capacity, it is actively pursuing a range of short and medium term options in conjunction with employment service providers, mining service providers, local council and others to attract additional talent to the local area. This multi-limbed strategy is necessary to ensure Whitehaven is well positioned to deliver on its pipeline of local growth opportunities.

Whitehaven's other sites are fully manned.

Production at Maules Creek has also been affected by numerous unscheduled production stoppages during November and December from smoke, dust and haze events which are a function of ongoing severe drought conditions. With safety a key consideration, this has led to reduced truck speeds in lower visibility environments and in some cases required operations to be temporarily suspended. As a 24x7 operation still to achieve 100% in-pit dumping, Maules Creek has been disproportionately affected by these conditions relative to our other open cut operations which have shorter haul distances. The guidance incorporates an expectation of further disruptions during the summer months.

Whitehaven confirms these factors will impact FY20 cost guidance. A cost range has been provided. The range incorporates expectations for both the impact of weather and recruitment and training upon productivity and utilisation outcomes at Maules Creek over the balance of FY20.

Drought continues to place significant pressure on many businesses right across New South Wales and Whitehaven is not immune to its impacts. Currently no interruption is expected for FY20 operations on account of water supply issues but the company will update the market in the event regulatory delays around further water supply augmentation measures already in train impact this revised guidance.

Whitehaven Coal Limited ABN 68 124 425 396

Level 28, 259 George Street, Sydney NSW 2000 | 02 8222 1100 | info@whitehavencoal.com.au | www.whitehavencoal.com.au

FY20 Guidance

Item

Range

Previous

Comments

Managed ROM Coal Production

Mt

20.0 - 22.0

22.0 - 23.5

H1 ~40% H2 ~60%; Unchanged

Narrabri

Mt

6.0 - 6.5

6.0

- 6.5

Unchanged

Gunnedah Open Cuts

Mt

4.0 - 4.5

4.0

- 4.5

Unchanged

Maules Creek

Mt

10.0-11.0

12.0-12.5

Skilled labour shortages and drought

impacts as described above

Managed Coal Sales

Mt

19.0 - 20.0

20.0

- 21.0

Reduced ROM production partially

offset by drawdown of opening stock

levels

Reflects decreased productivity,

Unit cost (excluding royalties)

A$/t

73 -75

70

underutilisation of logistics and

increased unit operating overhead

costs

Sustaining Capital

A$m

55 - 63

55 - 63

Narrabri Mains Development

A$m

22 - 26

22 - 26

Expansion & Growth Capital

Operating Mine Projects

A$m

50 - 58

50 - 58

Growth Projects

A$m

80 - 90

95 - 105

Unchanged

Unchanged

Unchanged

Deferred spend on Vickery due to project approval delays

Investor contact

Media contact

Sarah McNally

Michael van Maanen

+61 2 8222 1155, +61 477 999 238

+61 8222 1171, +61 412 500 351

smcnally@whitehavencoal.com.au

mvanmaanen@whitehavencoal.com.au

www.whitehavencoal.com.au

Disclaimer

Whitehaven Coal Limited published this content on 05 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2019 23:34:01 UTC

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Financials (AUD)
Sales 2020 1 796 M
EBIT 2020 289 M
Net income 2020 173 M
Debt 2020 486 M
Yield 2020 4,31%
P/E ratio 2020 15,3x
P/E ratio 2021 11,0x
EV / Sales2020 1,73x
EV / Sales2021 1,49x
Capitalization 2 629 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 3,60  AUD
Last Close Price 2,65  AUD
Spread / Highest target 94,3%
Spread / Average Target 35,7%
Spread / Lowest Target -1,89%
EPS Revisions
Managers
NameTitle
Paul Flynn Chief Executive Officer, Director & MD
Mark Anthony James Vaile Non-Executive Chairman
Jamie M. Frankcombe Chief Operating Officer
Kevin Ball Chief Financial Officer
John Craig Conde Deputy Chairman
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