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    A047050   KR7047050000

POSCO INTERNATIONAL CORPORATION

(A047050)
  Report
End-of-day quote Korea Stock Exchange  -  2022-12-01
23500.00 KRW   -1.05%
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POSCO Provides Continuing Connected Transaction Revision

09/27/2022 | 04:46am EST

Reference is made to the announcement (the "2020 Announcement") issued by Yancoal Australia Ltd. (the "Company") on 17 December 2020 in relation to, among other things, the continuing connected transactions for the purchase of coal by the Group from POSCO under the MT Sales Agreement in relation to the Mount Thorley Mining Operations. Unless otherwise defined, capitalised terms used in this section A shall have the same meanings as those defined in the 2020 Announcement. As disclosed in the 2020 Announcement, the maximum annual transaction amount to be distributed by the MT SalesCo to POSCO pursuant to the MT Sales Agreement for the year ending 31 December 2022 will not exceed USD 90 million (the "Original 2022 Annual Cap") and the maximum annual transaction amount to be distributed by the MT SalesCo to POSCO pursuant to the MT Sales Agreement for the year ending 31 December 2023 will not exceed USD 90 million.

During the review of the transaction amounts under the MT Sales Agreement, it has come to the attention of the Company that the actual transaction amount for the eight months ended 31 August 2022 had exceeded the Original 2022 Annual Cap due to the recent increases in coal prices globally. Based on the Company's management accounts, the actual transaction amounts under the MT Sales Agreement for the seven months ended 31 July 2022 and the eight months ended 31 August 2022 were approximately USD 72.6 million and USD 112.6 million, respectively. Accordingly, on 26 September 2022, the Company revised the annual caps for the transactions under the MT Sales Agreement for the years ending 31 December 2022 and 31 December 2023 to USD 200 million and USD 350 million respectively.

The terms of the MT Sales Agreement remain unchanged and the major terms of the MT Sales Agreement were set out in the 2020 Announcement. The revised annual caps have been determined based on the historical transaction amounts and the expected amount and price of the coal to be sold by the MT SalesCo, with reference to the annual production capacity of Mount Thorley and the recent increase in energy prices.


ę S&P Capital IQ 2022
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Financials
Sales 2022 38 437 B 29,5 B 29,5 B
Net income 2022 614 B 0,47 B 0,47 B
Net Debt 2022 3 558 B 2,73 B 2,73 B
P/E ratio 2022 4,74x
Yield 2022 4,15%
Capitalization 2 899 B 2 222 M 2 222 M
EV / Sales 2022 0,17x
EV / Sales 2023 0,15x
Nbr of Employees 1 204
Free-Float 36,9%
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 23 500,00 KRW
Average target price 32 166,67 KRW
Spread / Average Target 36,9%
EPS Revisions
Managers and Directors
Si-Bo Joo President & Chief Executive Officer
Eun-Joo Choi Managing Director & Head-Investment Management
Hee-Cheol Kang Independent Director
Gi-Yeong Lee Independent Director
Soo-Young Kwon Independent Director
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