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1 Coal & Allied Industries Limited Presentation to the Financial Community Half Year Results 30 June 2011 Bill Champion 29 July 2011 Mount Thorley Warkworth Mount Thorley Warkworth Mount Thorley Warkworth Mount Thorley Warkworth Bengalla
2 Presentation outline Safety performance Financial performance Marketing Costs Capital Site performance Infrastructure Mount Pleasant Projects Challenges Summary Bill Champion Managing Director Coal & Allied Industries Limited Half year results presentation
3 Safety performance...committed to providing a safe work environment All Injury Frequency Rate (per 200,000 hours) Severity Frequency Rate (per 200,000 hours) AIFR ratio: Number of injuries and illnesses per 200, hours SFR ratio: Number of shifts lost to injuries i or illnesses per 200, hours Half year results presentation
4 Financial performance - overview Half year ended 30 June 2011 HY11 100% HY10 100% Change % HY11 C&A share HY10 C&A share Total overburden (Mt) Total material moved (Mt) Coal production (Mt) Coal sales (Mt) Change % Revenue 1, EBITDA Net profit after tax excluding divestments Net profit after tax including divestments AUD $m AUD $m Change % Ordinary dividends declared Cps Cps Change % Interim (73) Earnings per share (54) Half year results presentation
5 Revenue up 27 per cent driven by higher sales volumes and higher US dollar prices Net profit after tax excluding divestments A$m Sales revenue up 27% on HY % increase in volumes 25% rise in US dollar coal prices Partially offset by strength of AUD and sales mix (lower proportion of semi soft sales) 17% increase in total material moved driving higher production costs HY Price (73) FX 55 Volume (58) Sales mix (19) Production costs 0 S&D (6) Other 4 D&A (2) Tax 227 HY Half year results presentation
6 Market outlook Thermal coal The first half of 2011 has been challenging with natural disasters affecting both supply and demand. Overall demand in Japan now largely back on track but two stations still not operating. Tightening supply and demand conditions in the second quarter saw China re-enter the market, primarily for Indonesian and lower energy thermal coal. The outlook for the rest of 2011 is steady, with improved Australian supply matching the demand outlook. The thermal coal market is forecast to grow ~3% Semi soft Current steel demand means semi soft is more regularly being linked to the hard coking coal benchmark price. Strong supply from the United States of lower quality coking coals in recent months has impacted the semi soft section of the metallurgical coal market. Premium relationship to hard coking coal is softer. Newcastle exports of metallurgical coal 6 months to June are down 1.67 million tonnes, a 16 percent drop. Coal and Allied shipments were down 13 percent. The expected growth in steel demand over the next few years, especially in Asia, will continue to drive demand growth in semisoft Half year results presentation
7 Relative Australian thermal coal market indices $140 Newcastle relevant thermal coal prices $135 $130 $125 Chart depicts a range of coal indices and statistics ti ti in the Asian region that t vary in price based on coal quality and destination $120 $115 $110 $105 ABS Newcastle is the actual weighted average price out of the port in month of shipment reflecting quality delivered. Price (US$/t) $100 $95 $90 $85 $80 $75 Pricing point of coal tends to lead timing of shipping and realisation by 1 to 12 months. South China FOB NEWC equivalent price is indicative of the price floor in the Pacific. $70 $65 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 For personal use only globalcoal NEWC Index ABS Newcastle Monthly Price Apr-Mar JPU Benchmark South China FOB NEWC Equivalent Half year results presentation
8 Coal & Allied s thermal coal sales profile 100% C&A Sales Profile 80% 60% Impact of Japanese earthquake ake & tsunami Index/Spot APR 11 - MAR 12 APR 10 - MAR 11 OCT 09 - SEP 10 OCT 10 - SEP 11 JUL 10 - JUN 11 JAN 11 - DEC 11 JAN 10 - DEC 10 Legacy 40% 20% Non-JFY contract periods 20-30% 0% Sep-10 Dec-10 Quarter ended Mar-11 Jun Half year results presentation
9 Rising strip ratio driving up unit costs 7.0 For personal use only 6.0 Stripping ratios - C&A share Production unit costs up 13% compared to HY 2010 Principally driven by 4% strip ratio increase 5.0 Bcm/ROM $/total material moved (tonnes) HY HY $/tmm increased 7% from HY 2010 due to increasing fuel, labour and contractor costs HY 2011 Prime to ROM Total to ROM Half year results presentation
10 Ramp up phase pushing production costs higher Increased total material moved the main driver of increased production costs including labour/contractors, fuel and consumables/operating supplies during ramp up phase A$m heavy mobile equip fleet - 19% increase in fuel price explosives due to increased overburden removal Equipment hire & contractor costs associated with maintenance activities maintenance activities associated with additional HME - headcount (12%) - Timing of new labour agreement signing - Yearly salary increases HY 2010 (3) Inventory mvmt 24 Fuel 13 Consumables & utilities 21 Explosives & other operating supplies 23 Employee costs 30 External services 569 HY Half year results presentation
11 Capital investment positioning our mines for growth Capital spend - C&A share Capital expenditure (C&A share) up by 118% to $197m (100% basis $250m) Principally driven by: Purchase of heavy mobile equipment including trucks, excavators and ancillary equipment to support expansion projects Major overhauls on key digging equipment including dragline at MTW Mount Pleasant land acquisitions ($40m) H PP&E Land Depreciation Half year capital spend Half year results presentation
12 2011 capital rises reflecting growth & reinvestment Capital $/saleable tonne - C&A share Development capital increase reflecting: $10 Continuation of HVO and MTW latent capacity expansions Bengalla expansion $7 Mt Pleasant early construction costs including further land purchases Sustaining capital driven by: $8 $10 $5 $10 Further replacement of aged equipment Ongoing program of overhauling of major equipment and mine infrastructure to drive increased reliability HY 2011 Sus ta ining $/s aleable tonne Development $/saleable tonne Half year results presentation
13 Hunter Valley Operations 100% Key statistics HY % basis HY % basis Total overburden (mt) Thermal (kt) -Semi-soft (kt) Total production 5, ,819 3,628 1,544 5,172 Sales (kt) 5,810 4,993 Capex ($m) Highest quarterly coal output in 5 years, despite weather impacts in June Half year record for overburden removal Ramping up to 14Mtpa rate during 2012 Carrington West extension approval in determination phase Half year results presentation
14 Mount Thorley Warkworth 80% Mount Thorley, 56% Warkworth Key statistics HY % basis HY % basis Total overburden (mt) Thermal (kt) - Semi-soft (kt) Total production (kt) 3,016 1,560 4,576 2,964 1,149 4,113 Sales (kt) 4,574 3,902 Capex ($m) Significant increase in overburden removal 35 per cent increase in semi-soft production represented over 1/3 of total production Ramping up to 12Mtpa rate during 2012 Warkworth extension approval in determination phase Half year results presentation
15 Bengalla Operations 40% Key statistics HY % basis HY % basis Total overburden (mt) Production - Thermal (kt) 2,835 2,705 Sales (kt) 2,878 2,313 Capex ($m) per cent increase in saleable production Expansion project on track to hit 7.5Mtpa during H Feasibility study underway on second stage of expansion Half year results presentation
16 Infrastructure - Newcastle long term framework triggers port expansions Coal & Allied has port capacity to meet its growth plans across all sites, including Mount Pleasant Terminal capacity at PWCS and NCIG has expanded under long term framework and further expansions have been triggered: PWCS committed to 145 Mtpa due Q PWCS Terminal 4 triggered Further NCIG expansion trigger expected in 2011 New performance based, take-or-pay rail haulage agreement with Pacific National for up to 30Mtpa of annual capacity Long-term take-or-pay contract to be formalised with ARTC, aligning overall port, track and above rail capacity ARTC access undertaking agreement approved by the ACCC Half year results presentation
17 Mount Pleasant Project Full feasibility study underway on 10.5Mtpa ROM operation Modification of development consent now in determination phase EPBC assessment public exhibition period now complete Offset land acquisitions YTD $40m Working to progress ancillary approvals Environmental Protection Licence Targeting development decision in 2011 First coal scheduled in Half year results presentation
18 Coal & Allied is working progress its strong ongoing g project pipeline p HVO Southern Exploration work underway to support Order of Magnitude study Prefeasibility Study expected to commence during 2012 HVO Auckland Exploration Licence renewed Seeking landholder agreements for drilling to underpin feasibility studies Mount Thorley Warkworth underground options Order of Magnitude study completed Exploration programme under way to advance resource knowledge Prefeasibility study expected in H Potential for increased proportion of semi soft production Half year results presentation
19 Coal & Allied is working to manage key challenges to our growth plans Carbon tax will impose a cost not faced by international competitors fundamental areas for improvement Coal & Allied well prepared to manage impacts impact will be monitored as policy passes into legislation Final Minerals Resource Rent Tax legislation to fully reflect agreement with industry Land use conflicts and cumulative impacts from mining Availability of skilled labour and key mining inputs Ability of rail networks to keep pace with port development Half year results presentation
20 Summary Solid result in first half 2011, driven by increased production despite weather impacts Coal & Allied is well positioned to deliver ongoing growth Will see increasing production into 2012 from significant investment in overburden removal Strong pipeline of expansions, the Mount Pleasant Project and further open-cut and underground options Infrastructure now delivering greater certainty Strong market conditions into the future Half year results presentation
21 Half year results presentation
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