| ABP | ABP’s statutory profit is $23.7 million ($2.4 million in HY12). Abacus underlying profit $42.4 million ($39.8 million in HY12). Abacus underlying earnings per security 9.59 cents (10.35 cents in HY12). HY13 distribution of 8.25 cents per security (8.25 cents in HY12). Abacus cashflow from operations of $59.1 million. Net tangible assets attributable to Abacus securityholders of $2.30 per security. Abacus gearing of 26.3% | Company report |
| AGO | Cash surplus from operations off A$70M, being ~$20/t. Unaudited cash surplus from operations2 of $32M for January 2013 reflects an average realised iron ore price per tonne of USD$130 CFR DMT compared to the half-year average price per tonne of USD$98 CFR DMT (including Value Fines). Underlying Profit after tax1 of $1M (Dec 2011: Underlying Profit after tax1 of $62M). Statutory Net Loss After Tax of $256M adversely impacted by previously announced non-cash impairment charge on capitalised tenement costs and non-cash write-down on non-core assets of $258M. Half Year cash operating costs/t (FOB, excluding royalties) are in line with revised guidance of $46 – $50/t for the 2013 financial year. Full year guidance for FY2013 remains at $46 – $50/t. US$325M financing (US$275M Term Loan B and undrawn AUD$50M revolving facility) completed, ensuring Atlas is fully funded for its Horizon 1 projects including port facilities $423M cash on hand as at 31 December 2012 includes Term Loan B facility and is after spending $37M on working capital increases, payment of $49M in stamp duty (FY2011 Giralia acquisition), paying $20M cash in dividend and spending $136M on expansion works | Company report |
| ASL | ASL Revenue is up 13.4% from $511.7m to $580.2m. EBITDA is up 0.6% from $142.7m to $143.5m. EBIT is down 6.4% from $86.7m to $81.1m. Profit attributable to Ausdrill is down 11.9% from $54.6m to $48.1m. Significant items reduced after tax earnings by $9.3m. Basic earnings per share is down 13.1% from 18.09 cents per share to 15.72 cents per share (excluding significant items, basic earnings per share is down 0.5% from 18.85 cents per share to 18.76 cents per share). Interim Dividend maintained at 6.5 cents per share, fully franked. First half affected by mining sector slowdown however business is poised for an improvement in conditions in Australia and continued positive outlook for Africa | Company report |
| AWE | AWE reported its financial results for the six months ended 31 December 2012: Statutory Net Profit After Tax of $13.2 million Total oil and gas production of 2.34 million BOE and sales of $145.1 million. EBITDAX of $91.3 million, net operating cash flow of $39.4 million. Development expenditure $99.6 million, exploration expenditure $15.7 million At 31 December, AWE’s balance sheet and financial position remained sound with cash of $39.6 million, drawn debt of $93.8 million and undrawn facilities of $206 million. | Company report |
| BDR | Beadell Resources is pleased to announce that a maiden Hangingwall Lode JORC Indicated and Inferred Resource of 584,000 t @ 3.8 g/t for 71,000 oz has been estimated at the Duckhead deposit. Combined with the adjacent Duckhead Main Lode resource of 94,000 t @ 30.9 g/t gold for 93,000 oz brings the expanding Duckhead total resource to 678,000 t @ 7.5 g/t gold for 164,000 oz. The resource remains completely open at depth below the shallow drilling | Company report |
| BHP | The discovery of a new high-grade nickel deposit near BHP Billiton Limited’s Perseverance mine at Leinster in Western Australia has increased speculation that the miner might divest its $3.89 billion nickel division | AFR |
| BPT | Sales volumes were steady at 4.6 MMboe, with sales from higher production, partly offset by lower third party sales in the current half-year. Sales revenue for 1H FY13 increased by 17% to $343 million, as compared to $294 million reported in the previous corresponding period (PCP), mainly due toincreased oil volume in the sales mix partly offset by lower prices and a higher AUD / USD exchange rate. Oil sales revenue was up $54 million mainly due to increased production partly offset by a lower realised oil price which was down 2% to A$110/bbl. Gas and gas liquids sales revenue was down 5% to $113 million due to lower gas sales demand. Gross profit for 1H FY13 of $107 million was up 18% from the PCP gross profit of $91 million. This increase in gross profit was driven mainly by increased sales revenue from a higher proportion of oil sales, partly offset by higher cash production costs. Cash production costs were up $26 million mainly due to higher royalties ($16 million) and a carbon expense ($7 million) which was incurred for the first time. Royalties increased due to higher sales (including Egypt which is subject to a higher royalty regime) as well as lower deductible royalty costs when compared to the PCP which also included favourable prior period royalty adjustments of $2 million. Inventory changes were $9 million lower reflecting lower sales from inventory. Depreciation was up by $13 million due to higher production. Other income for 1H FY13 was nil, compared to $11 million in the PCP, which related to a $7 million gain on the sale of the investment in Sundance Energy Australia Ltd and a $4 million gain on the revaluation of the investment in Adelaide Energy Ltd, prior to its takeover. Other expenses of $41 million were $24 million higher, mainly due to the unrealised loss on the revaluation of the conversion right derivative liability attached to the convertible notes. The current period includes a $3 million impairment charge on overseas exploration interests. Net financing costs were marginally higher due to financing costs of the convertible notes which had not been issued in the PCP mainly offset by additional interest income on higher cash balances. The NPAT for 1H FY13 was $44 million, which was $12 million lower than the $56 million NPAT for the PCP, mainly due to the unrealised loss on the revaluation of the derivative liability attached to the convertible notes. By adjusting 1H FY13 NPAT to exclude impairment, unrealised and non-recurring items (as per the following table), the underlying NPAT for the consolidated entity for 1H FY13 is $61 million. This is a 17% increase on the PCP, driven predominantly by higher oil sales, partly offset by higher cash production costs | Company report |
| CHC | CHC Statutory profit after tax of $29.9 million, up 52.7% on the prior corresponding period (pcp) Operating earnings of 11.76 cents per security (cps), up 4.6% on pcp Half year distribution of 9.80 cps, up 7.7% on pcp Net Tangible Assets (NTA) per security of $2.12, down by $0.01 from 30 June 2012 Operational performance: Secured $570 million of new equity commitments during 1HY13 Secured $1.3 billion of Australian office, retail and industrial property assets, delivering 12% growth in funds under management (FUM) to $10b. Charter Hall realised $41 million of equity co-investments and reinvested $53 million during 1HY13 Increased co-investment property earnings yield from 6.7% to 7.4% | Company report |
| FKP | FKP recorded an underlying profit after tax of $23.6 million for the half year, up 40% on the previous corresponding period (pcp) after removing the retirement revaluation component. Statutory loss after tax of $28.5m; Underlying profit after tax of $23.6m; Net tangible assets per stapled security $3.98; Underlying earnings per stapled security of 9.1 cents; Gearing steady at 31%, pro-forma at 27.8%; and No interim dividend/distribution. FKP’s results for the half year were delivered against a backdrop of weak residential property markets which have continued to impact the short-term earnings of the Group | Company report |
| FLT | FLT has continued its run of record results, with new sales and profit milestones established during the first half of 2012/13. TTV and gross profit both increased 7% to $6.6billion and $915.4million respectively during the six months to December 31, despite mixed consumer and business confidence globally. Profit growth exceeded sales growth, with the company recording: A 10.8% EBIT increase to $124.8million An 8% PBT increase to $129.5million; and A 13% NPAT increase to $91.8million If maintained for the full year, FLT’s first half PBT growth rate would deliver a $314million result, near the top of the company’s targeted range ($305million-$315million) for 2012/13. Income margin, gross profit as a percentage of TTV, was in line with 2011/12 at 13.9%, while net margin increased to 2%. | Company report |
| GXY | Jiangsu Plant has been at full operation with stable production. Producing battery grade lithium carbonate, meeting all specifications. Sales of technical and battery grade lithium carbonate recommence. Jiangsu ramp-up program recommences | Company report |
| IAU | Concerted efforts ongoing to protect and enforce Intrepid’s 80% interest in Tujuh Bukit. Criminal complaints against parties associated with joint venture partner, PT Indo Multi Niaga (‘PT IMN’), commenced. Other legal remedies being prepared or actioned. Law suit initiated against various parties, including the Company in the South Jakarta District in Indonesia. Prominent Indonesian businessman, Mr Surya Paloh, issued with the second and final tranche of 25,604,016 unlisted restricted Performance Rights following Toronto Stock Exchange approval. The Company was removed from the S&P/ASX 200 Index. Activity on the Tujuh Bukit project was suspended on 19 July 2012, when access to the site was denied to the Company by PT IMN. $C1.0 million Private Placement in New Nadina Explorations Limited completed. Notice issued to Cornerstone Resources that Intrepid is exiting the Shyri Project in Ecuador. Exploration expenditure for the Project for the three and twelve month periods to 31 December 2012 was $3.1 million and $29.5 million respectively (on a 100% basis), for a Project total of $105.8 million. Expenditure principally relates to development studies since the 19 July 2012 shutdown. No further payments have been made to PT IMN since that date. Treasury cash and term deposits – $108.9 million at 31 December 2012. | Company report |
| IRE | Dow Jones may move into the Institutional software market | AFR |
| MIO | As disclosed to the market on 3 January 2013, MEO recently ceased operations in Iran. In light of this decision, the Company made provisions of US$4.6m in 1HFY13 primarily for doubtful debts. On a normalised basis, revenues increased by 1% and NPAT declined by 10% versus the first half of Financial Year 2012. “1HFY13 earnings were lower than anticipated mainly due to vessel delivery delays and downtime on some of our high value assets. We continue to face earnings challenges in the second half of the year with earlier than expected run off of assets in Australia that have been subsequently redeployed into SE Asia at lower returns as well as the expectation of lower contribution from Third Party Vessels as project work winds down. Excluding the one off Iran provision made in 1HFY13, we expect flat to marginal decline in Financial Year 2013 (“FY13”) EBITDA versus Financial Year 2012 (“FY12”), however, the business fundamentals remain sound and we expect a return to growth in Financial Year 2014 (“FY14”) as new vessels and potential projects come on line” | Company report |
| MLB | Melbourne IT announced its full year results for the year ending 31 December 2012, reporting an 5% year-on-year decrease in revenue to $170.6 million and earnings before interest and tax (EBIT) of $15 million, down 21% year-on-year. Net profit after tax (NPAT) was down 16% year-on-year to $11.4 million. The EBIT and NPAT results were affected by a non-cash impairment charge of $2 million of the ForTheRecord division’s carrying value following a review by the Board. Pre-impairment EBIT was in line with guidance (10% down on 2011), while pre-impairment net profit after tax was maintained at 2011 levels due to favourable R&D tax credits. Operating cash flow was up 11% to $21.1 million and the Board has shown its confidence in the future growth of Melbourne IT by declaring a 7¢ final dividend. This will bring total dividend payments for the year to 14¢, maintaining a healthy shareholder yield. The final dividend will, however, only be partially franked (40%) due to the use of the R&D tax credits and the fact that an increasing proportion of the company’s earnings are being derived from outside of Australia. These factors will continue to affect the level of franking credits going forward. “Melbourne IT has undertaken a series of specific initiatives to reposition the business for future success and a return to growth. We strengthened our executive leadership with key hires in our Digital Brand Services (DBS) and SMB Solutions businesses, with the latter formed by the merger of our SMB and Global Partner Solutions divisions to improve service delivery and realise operational efficiencies,” Melbourne IT CEO and Managing Director, Theo Hnarakis, said. “Our transformation project has entered its final year and will allow the business to realise cost savings, streamline processes and launch new products. During 2013, as the project reaches its completion, we will be accelerating our efforts to deliver the project’s full benefits,” he said. | Company report |
| NWS | NWS says it has no plans to acquire TEN | AFR |
| ORG | Origin Energy announced it had agreed to sell an additional portion of its future oil and condensate production at a price linked to the current oil forward pricing curve. The US$200 million forward sale of oil and condensate over a six-year period from July 2015 follows a similarly structured transaction announced by Origin in December 2012 that raised US$300 million. The two transactions represent approximately 35 per cent of Origin’s current oil and condensate 2P reserves excluding Australia Pacific LNG. A total of US$500 million raised by the two transactions is being used to retire existing drawn debt. Goldman Sachs is a counterparty in connection with thetransaction. | Company report |
| OSH | Underlying NPAT of $153m compared with Citi’s f/c of $147m, consensus was at $160m. Reported NPAT of $175.8m, compared with Citi’s f/c of $169m. No further news on PLNG, project is 75% complete and still expecting 1st LNG cargoes by 2014. The company has provided 2013 guidance of 6.2mmboe-6.7mmboe, Citi is currently at 6.6mmboe. Production cost guidance of $24-26mmboe, Citi is currently at $27.4mmboe | Citi |
| QBE | QBE Core earnings $1,168m vs Citi f/c $1,221m; Insurance margin of 8.0% vs Citi f/c 8.1%; Reported NPAT has come in at $761m vs Citi f/c $951m, they have written down some intangibles. As we suspected, the company has taken the knife to the final dividend, coming in at 10c (vs Citi f/c 10c, Mkt 12c). On guidance,company saying 11% IM next year, which compares to our low-end f/c of 11.1%, consensus has been moving down towards our number but still looks high at 12.0%. The company is saying that the payout ratio next year will be 50% we have 55c dividend in 2013 on a 50% payout, the Street is at 70c and will need to come down (no big deal). Capital looks okay, 1.7x multiple .. no concern there .. will kill off some of the bears who have been fearing another equity raising coming.The company has announced some big management changes .. the CFO Neil Drabsch will leaving in 1 year .. Steven Burns (UK head) to replace him .. Steve to be replaced by an Insurance executive from a recently acquired business, whilst the Head of U.S. business is also leaving, replaced externally .. new blood into the ranks with insurance experience, should be taken well by the market. The company has also dialled up its cost-out target, says now expecting $250m run-rate by FY15, were previously saying > $200m. Overall, capital preservation measures likely the most notable takeaway from the result (has taken pressure off the balance sheet), that has been a big sticky point for the bears, seems you should be getting on with closing out your short and going long before they get their runs on the board on the turnaround story. Remember, the locals are also looking at decent positions in SUN AU and IAG AU, which have both been massive performers, lack of a bus-crash this morning from QBE AU may force some to revisit the fallen hero. | Citi |
| QUB | Qube Holdings announced record earnings and strong growth across both its Ports & Bulk and Logistics divisions for the half year to 31 December 2012. The underlying1 revenue was $526.3 million and underlying profit after tax attributable to shareholders was $37.8 million, an increase of around 32% and 19% respectively on the pro-forma 31 December 2011 result. The underlying EBITA for the period was $64 million, an increase of approximately 56% on the pro-forma 31 December 2011 result. On a statutory basis, Qube reported revenue of $526.2 million and profit after tax attributable to shareholders of $34.7 million, an increase of 52% and 323% respectively over the statutory results for the half year to 31 December 2011. The directors have determined to pay a fully franked interim dividend of 2.2 cents per share, a 10% increase on the interim dividend for the previous corresponding period reflecting Qube’s strong result and positive outlook. Key highlights for the half year include: Record financial results for Qube’s operating divisions. Significantly increased revenue and earnings. Continued improvement in safety performance. Recent acquisitions performing well with integration going smoothly. Greater Qube brand awareness with significant increase in new business | Company report |
| RHC | Ramsay Health Care has signalled it will look to acquisitions to meet long-term growth targets | AFR |
| RHC | Ramsay Health Care announced a Group core net profit after tax from continuing operations (before non-core items) of $148.2 million for the six months to 31 December 2012, a 12.3% increase on the previous corresponding period. Group core net profit delivered core earnings per share (EPS) of 69.1 cents for the half, a 13.7% increase on the 60.8 cents recorded a year ago and slightly ahead of guidance announced to the market in August 2012. Ramsay recorded a statutory net profit after tax of $138.4 million (up 10.1% on the prior half) after deducting net non-core items of $9.8 million (net of tax). Included in the non-core items was the annual non-cash charge for deferred rent from the leasing of UK hospitals ($11 million gross). | Company report |
| RIO | Standard & Poor’s Ratings Services revised its outlook on Rio Tinto PLC and its guaranteed subsidiaries to negative from stable. At the same time, the ‘A-/A-2′ long- and short-term corporate credit ratings on Rio Tinto were affirmed. Rio Tinto’s reported gross debt increased heavily to $26.7bn as of Dec. 31, 2012, from $21.5bn at the beginning of the year, on the back of record high capex outlays of $17bn and relatively weak cash flow generation. | Company report |
| RRL | RRL 1H13 Profit Before Tax of $94.8m, 2.3% lower than our estimate of 96.9M. Net profit:66.1M vs our estimate of 74.4M on the back of higher tax expense. Actual grade mined and milled at Garden Well to date has been 1.55g/t gold. This negative grade reconciliation to date appears to be the result of a number of factors including: Combination of ore loss and mining dilution as a result of the use of a broad grade control drilling pattern early in the mining operation. The requirement for a tighter grade control pattern was not identified during this period due to the lack of direct mill feed-back on mining practices as mining commenced well in advance of mill start up in order to build a large run of mine ore stockpile prior to commencement of milling operations; and Inherent difficulties in interpreting and mining the dispersed and not structurally controlled supergene oxide zone of the orebody. A depletion zone has also been encountered near the base of oxidation in the stage one pit. Garden Well March 2013 quarter, gold production for the quarter is expected to be between 50,000 to 55,000 ounces. à our estimates 65,973oz. The long term gold production rate beyond the June 2013 quarter is expected to be in the order of 200,000 – 220,000 ounces per annum, which is unchanged from previous estimates. Dividend confirmed at 20c/share. Moolart well consistently performing at 100-110kozpa. Rosemont expected to commission in September. A largely negative result as the grade reconciliation at Garden Well now clouds the markets conviction on quality and security on RRL. The total amount of oxide ore in the current Reserve at Garden Well (inclusive of the 1.7Mt already mined) is 3.2Mt or ~9% of the total reserve ore tonnage. Limited mining has been conducted in fresh (hard rock) zones of the ore body to date so no significant data on grade reconciliation in fresh rock ore is available at this time | Shaw |
| SVW | Seven Group Holdings Limited (SGH) today reported underlying net profit after taxation (NPAT) of $235.1 million for the half year to 31 December 2012, an increase of 39 per cent over the prior corresponding period. The Group reported a statutory NPAT of $258.0 million. The result reflects the continuing strong performance of SGH’s core business, WesTrac, which has benefited from the growth in Australia’s coal and iron ore mining sectors. Whilst there has been a recovery in the iron ore price, which has increased activity from WesTrac’s iron ore customers, the coal sector is now very subdued, which will affect WesTrac in New South Wales in the second half of this financial year. The significant items during the period of $22.9 million (after tax) predominantly relate to the $50.1 million gain on the $491 million sale of SGH’s interest in Consolidated Media Holdings. Strong demand from the mining and resources sector saw WesTrac trading revenue grow 42.8 per cent to $2,607 million. WesTrac Australia segment EBIT up 63 per cent to $275.4 million. Strengthened balance sheet with Group net debt of $836.8 million down from $1,718.7 million at 30 June, driven by strong operating cashflow before interest and tax payments of $776 million and $336 million net sale of investments. Interim dividend increases 11 per cent to 20 cents per share. Commenting on the results, Seven Group Holdings CEO Peter Gammell said: “This has been an exceptional half with WesTrac Australia benefitting from a high level of fleet deliveries and the Group’s underlying earnings growth at 39 per cent is a great result. “Strong operational cashflow and the sale of our investment in Consolidated Media Holdings brought down debt to low levels. This combined with the performance of the listed portfolio and the recovery in Seven West Media’s share price means that SGH has a very strong balance sheet for the future,” Mr Gammell said. | Company report |
| TAN | The Directors are pleased to report a profit before tax of $2.613 million for the six months to 31 December 2012, representing a $1.409 million improvement from the previous half year of $1.204 million to 31 December 2011. The highlights for this half year include: Consolidated earnings (before tax) up 117% to $2.613 million. Continued strong earnings from the Water business with a segment profit before interest & tax (EBIT) of $4.337 million. Cropping operations planted a record 7,120 hectares of irrigated cotton. Completed cereal harvest of 4,150 hectares, achieving an excellent average yield of 7.1 tonnes per hectare and a total production of almost 30,000 tonnes. Purchase of a 6,000 hectare irrigated cotton, grain and pastoral property, “Glenmea” (formerly “East Farm”) near Hay, NSW, with settlement finalised on 12 February 2013. Payment of 1 cent per share unfranked interim dividend 28th September 2012. | Company report |
| TEN | Newly appointed Ten Network Holdings chief executive Hamish McLennan revealed his intention to bid for the Australian broadcast rights for cricket. | SMH |
| TRY | Troy’s total production for the half-year was 55,371 ounces of gold and 605,059 ounces of silver or 66,603 gold equivalent ounces (2011: 57,327 gold ounces and 415,087 silver ounces or 65,363 gold equivalent ounces). Troy’s wholly owned Andorinhas operation in Para State, Brazil produced 18,031 ounces of gold for the half-year (2011: 25,546 ounces) at an average cash cost of US$693 per ounce (2011: US$523). The decrease in gold production was due to lower grades and lower productivity in the deeper stoping areas due to narrower and more complex ore structures. In addition, production in the December month was impacted by the temporary loss of a production drill jumbo. Troy’s wholly owned Casposo operation in San Juan Province, Argentina produced 37,340 ounces of gold (2011: 31,781) and 605,059 ounces of silver (2011: 415,087) for the half-year from the processing of 195,768 tonnes (2011: 139,554) of ore at an average gold grade of 6.73g/t (2011: 8.23g/t) and silver grade of 120.10g/t (2011: 121.07). Casposo cash costs on a by-product basis were US$532 per gold ounce net of silver credits (2011: US$413). Total gold equivalent ounces produced at Casposo were 48,572 (2011: 39,813) with cash costs on co-product basis of US$803 per ounce (2011: US$671). | Company report |
| TSE | TSE announced operating 1H13 NPAT results well below Shaw and consensus estimates. The reported result was affected by $263.3m in impairment charges re: predominantly Easternwell ($187.8m). EBITDA margins were crunched from 6.5% to 3.9%. Regionally mixed: 1. Australia & New Zealand – EBITDA +12% to $61.5m – due to contract wins and improved account management. 2. Easternwell: Energy Division– EBITDA +35% to $23m – driven by delivery of 5 new rigs under multi-year contracts; Minerals Division – EBITDA -76% to $5.5m – driven by a “dramatic” weakening in the minerals exploration market. Minerals production delivered a solid result. 1. Americas – EBITDA -3.4% to $10.6m – Outperformance by Steier Oil Field Service was offset by competition and persistent slow economic activity in TIMEC’s West Coast refining markets. 2. Middle East & Asia – EBITDA loss of $0.8m compared to $2.2m profit in pcp – affected by a competitive market and small scale. Balance sheet debt increased (ND/ND+E of 46% compared to 32% at FY12) – Gearing now outside target range of 25% to 35%. Net debt increased from $497m at FY12 to $641m at 1H13. Cash conversion was 55% (compared to 76% at FY12) and operating cash-flow +20% to $30.6m. Final dividend of 3.0cps (unfranked) – compared to 5.0cps (25% franked) in pcp. Outlook – “The decline in earnings in Easternwell arising from the weak minerals exploration market, and the impact on TIMEC from the slow economic environment in US refining is expected to continue in the short term. As a result, the Company now expects full year FY13 NPAT pre‐ amortisation and impairment charges to be between $85 million to $90 million (compared to “at the lower end of the consensus range of $125 – $135 million” previously). | Shaw |
| VAH | VAH Statutory Profit After Tax of $23.0 million. Underlying Profit Before Tax of $61.0 million. Revenue growth of 5.4% on H1 FY12, building on 18.0% growth achieved on H1 FY11. Outperformed the market on Group Yield growth. Highest number of passengers in any half, up around 200K on H1 FY12 to over 10 million for the first time. Strong cost control, even with major product and service enhancements – underlying CASK (excl fuel) reduced by 1.5%. Strengthened balance sheet with good liquidity, including existing debt pay-down of $151 million and free cash balance of $430 million Significant progress on Game Change Program, next phase on track: Strong progress on multi-faceted plan for profitable growth: acquisition plans for Skywest Airlines and Tiger Airways announced, Sabre system successfully launched and already delivering benefits Singapore Airlines strategic investment completed, demonstrating confidence in Virgin Australia strategy Business efficiency project delivered sustainable efficiency gains of $25 million in H1 FY13, on track to deliver over $60 million for FY13 Velocity Frequent Flyer membership of 3.5 million, up by around 500K on H1 FY12 Interline and codeshare revenue increased 56.1% on H1 FY12 – expected to improve further in H2 FY13 with the successful introduction of the Sabre system in January 2013 Virgin Australia recognised as Domestic Airline of the Year for 2012 at the recent Roy Morgan Customer Satisfaction Awards | Company report |
| WHC | Underlying EBITDA profit (excluding significant items) of $8.2 million, in line with guidance provided in December quarterly. Overall EBITDA loss of $18.6 million; includes accounting losses associated with Sunnyside mine and Brisbane office closures and other significant items totalling $26.7 million. Net loss after tax (NPAT) of $47.0 million, down from a profit of $19.9 million in the previous corresponding period, reflecting: Significantly lower average coal prices (US$92/t versus US$108/t in previous corresponding period). This fall was due mainly to market movements, and in part to coal quality linked to moisture in Narrabri product which is currently being addressed; Unfavourable foreign exchange impacts; Accounting impact of putting the Sunnyside mine into care and maintenance; Impact of Boggabri train derailment; and Previously reported take or pay costs associated with delays in New South Wales and Commonwealth Government approvals. Underlying NPAT (excluding Significant Items) of $27.6 million loss, down from $22.0 million profit in the first half of FY 2012. Directors resolved not to pay an interim dividend for the half. Cash used in operations of $100.1 million with net cash outflow of $430.4 million. Completion of $1.2 billion refinancing package. Strong financial position at 31 December with net assets of $3,293.1 million, including $83.2 million cash on hand and interest bearing liabilities of $487.5 million. | Company report |
| WTP | Watpac announced an after tax profit of $1.3 million for the half year ended 31 December 2012 (2011: $4.9 million). The profit result was affected by approximately $4.4 million in net post‐tax asset impairments associated with four property holdings, two of which are contracted for sale below carrying value. Underlying net profit before tax of $10.2 million, reflecting a 57% improvement from the prior corresponding period. Strong cash position with $148 million in cash and term deposits at balance date. Reduction in property borrowings from $93.3 million to $34 million during the reporting period | Company report |
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