Full Year 2024 Whitehaven Coal Ltd Earnings Call Transcript
Key Points
- Whitehaven Coal Ltd (ASX:WHC) reported a strong financial performance with $3.8 billion in revenue and an underlying EBITDA of $1.4 billion for FY24.
- The company successfully transitioned into ownership of Queensland metallurgical coal assets, contributing $869 million in Q4 revenue.
- Whitehaven Coal Ltd (ASX:WHC) declared a final dividend of $0.13 per share, taking the total for the year to $0.20, fully franked.
- The company achieved a 23% total shareholder return (TSR) for the year, ranking it about 30th in the ASX100.
- The safety and environmental performance improved significantly, with a 30% reduction in TRIFR in New South Wales and no environmental enforcement actions for the second consecutive year.
- New South Wales unit costs ended just above the top of guidance at AUD120 per tonne, reflecting lower than planned volumes from Narrabri production.
- The company faces significant inflationary pressures, including higher labor costs and regulatory imposts such as the safeguard mechanism and higher royalties in Queensland and New South Wales.
- The integration of Queensland assets is expected to take 12 to 18 months, with additional costs for building inventories and pre-strip activities.
- The Same Job Same Pay legislation is expected to increase unit costs, although the full impact is yet to be determined.
- Operational challenges at Daunia due to rail path issues affected Q4 sales volumes, although improvements are being made.
Good morning, everybody, and thanks very much for taking the time to join us today for Whitehaven Coal's full-year results call and presentation for FY24. As usual, I'm joined by Kevin, our CFO; Ian, our COO; and our IR team with Kylie and Keryn. Kevin and I will go through the presentation as usual, and then we'll move into the Q&A session as quickly as we can.
Moving on firstly, first and foremost, our safety and environmental performance. I just want to focus on that. These are very, very encouraging results from our perspective. And I'll say that because it's made them more pleasing because of the level of obviously distractions that have been going on the business from the nonroutine activities that we have in a normal year. So to be able to land on safety environmental performances that we have is very particularly pleasing.
The New South Wales business, of course, historically had been on a very good trend. It's nice to see to continue that this year with our TRIFR down to 3.3 for
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