Wrap Text
Condensed consolidated results for the year ended 31 March 2019
Wescoal Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 2005/006913/06)
Share code: WSL
ISIN: ZAE000069639
(“Wescoal” or “the company” or “the group”)
Condensed consolidated results for the year ended 31 March 2019
Laying the foundation to grow sustainably
Salient features
- Revenue increased by 12% to R3.965 billion (2018: R3.527 billion)
- Cash flow generation increased by 23% to 106 cents per share (2018: 86 cents
per share)
- Cash flow generated from operations increased by 29% to R462.2 million
(2018: R358.8 million)
- EBITDA decreased by 15% to R456 million (2018: R538 million)
- Secured long-term debt funding of R1.1 billion
- Mining volumes decreased by 13% to 5.9 million tonnes (2018: 6.8 million
tonnes)
- Gross profit decreased by 18% to R461.6 million (2018: R565 million)
- Total comprehensive income decreased by 56% to R88.2 million (2018: R202
million)
- Net debt reduced during the year by 41% to R269 million enabling Wescoal to
commit R335 million to pursuing its growth strategy
- HEPS decreased by 62% to 17.5 cents per share (2018: 46.4 cents per share)
- EPS decreased by 58% to 20.2 cents per share (2018: 48.1 cents per share)
“It has been a tough and challenging year for Wescoal and the mining sector as
a whole. The second half performance was weaker than the first half and
overall, we are disappointed with the results. The Vanggatfontein mining
contractor changeover announced late last year subsequently led to labour
disruptions with an adverse impact on production and overall performance. We
continue to manage the operational risk through continuous engagement with new
mining contractor Stefanutti Stocks to aid in ramping up production for FY2020.
The suspension of the underground mining section in Elandspruit and above-
average seasonal rainfall also contributed to the drop in group performance.
Our commitment is to stabilise and optimise operations which is already well
advanced. We have made positive strides to reach our target of eight million
tonnes per annum run-of-mine as we look at both organic and inorganic growth
opportunities. Our aim is to become a leading provider of a reliable energy
source with a strategic focus on stability, sustainability and scalability.”
Reg Demana, CEO.
Chairman and chief executive officer’s review
Wescoal has seen significant change and a year of two distinct halves, where
consistent performance was impacted by the disruption of operations during the
second half. Notable achievements, though, include consistently strong cash
generation and further strengthening of the group through acquisitions that
increase the resource base, as well as restructuring the group’s balance sheet
through the disposal of several non-core assets and securing long-term funding.
Further, key achievements include reconstituting the board and strengthening
the executive management team; the completion of a first-of-its-kind mining
transaction in South Africa; the transformational Arnot deal and continued
progress of B-BBEE transformation within the company as well as managing a
challenging economic climate.
Strong cash flow metrics such as a 74% cash-generation yield has allowed
Wescoal to outperform its domestic peers.
In our focus on growth, we have realigned our strategic objectives to
concentrate on long-term sustainable growth through stabilising our operations,
optimising our performance and scaling up through both organic and inorganic
development opportunities. We aim to become a leading provider of a reliable
energy source with a strategic focus on stability, sustainability and
scalability. We will achieve this by maximising returns from existing assets,
carefully managing costs and operational efficiencies and growing primarily
through organic as well as inorganic avenues.
Capital structure
The group’s strengthened balance sheet maintained a conservative gearing ratio
of 29% (FY18: 30%) and a net asset value per share of 253 cents (FY18: 239
cents per share). Strong cash flows from operations have allowed Wescoal to
repay debt, reducing the net debt during the year by 41% to R269 million
(before committing R335 million to acquisitions) with improved positioning from
a perspective of being prepared to take advantage of acquisition opportunities
when they arise. This enabled Wescoal to present the fully-funded offer for
acquisition of Universal Coal Plc and to acquire the full interest in the
Khanyisa Triangle from its joint venture partner.
Post year-end the company concluded new long-term debt facilities in an amount
of R1 billion together with R100 million in general bank facilities. As at the
date of this announcement the facilities have not yet utilised, however the new
facilities will be drawn shortly, initially for the purpose of refinancing all
existing debt with the balance remaining available for general corporate
purposes including capital expenditure and permitted acquisitions. Effectively
to also refinance acquisitions carried out during the year from working
capital. The refinance provides Wescoal with access to an additional R500
million accordion facility, subject to credit approval, but within the legal
agreements of the refinance facilities. Consolidating various debt instruments,
the benefits include the effect of long-term debt-reducing current liabilities,
enhancing the group's liquidity, net current asset position and overall balance
sheet strength. This further enables the group to pursue specific existing
organic growth expansion projects and, subject to lenders’ approval, to take
advantage of further inorganic acquisition opportunities in the market.
Wescoal maintained B-BBEE ownership at 58% of which 48% is secured for five
years via the B-BBEE structure.
Board and management appointments and governance
The board has been reconstituted to ensure that Wescoal remains focused on its
objectives of revitalising its leadership skills, oversight capacity and
independence.
Ms Zukie Siyotula was appointed as an independent non-executive director with
effect from 14 February 2019. Ms Siyotula holds a CA(SA), ACMA, MBA and
executive programmes from Harvard, Insead and Oxford. She currently serves as a
non-executive director on the boards of Growthpoint Properties, Ogilvy South
Africa, Toyota Finance, Denel, African Phoenix Investments and Stangen
Insurance and was the former chief executive officer of Thebe Capital.
The ongoing revitalisation of the executive management team continues to lay
the required foundation for growth and our objective of becoming an employer of
choice in South Africa’s coal sector.
Mr Enos Lentsoane was appointed as executive head of commercial and investments
effective 1 May 2019. He has many years of relevant mining, advisory and
commodity experience and will be responsible for identifying potential
acquisitions, partnerships and investments that align with the company’s
strategic growth initiatives.
Ms Zanele Sibisi, with over 18 years of coal mining experience in both
underground and opencast operations, was appointed chief operations officer of
Mining effective 1 May 2019. Ms Sibisi is responsible for the management and
leadership of Wescoal Mining’s three operating mines, Elandspruit,
Vanggatfontein and Khanyisa, to drive operational stability and efficiency. It
is envisaged that she will also be responsible for more mining operations in
the future as projects such as Arnot Mine and Moabsvelden are transitioned from
project development to operations.
Ms Sharon Ramoetlo was appointed as company secretary effective 1 October 2018,
following the resignation of Vikesh Dhanooklal. Ms Ramoetlo brings sound
exposure and experience gained from her role at the Public Investment
Corporation where she was previously employed.
Merger, acquisitions and corporate structure
Wescoal’s continued strategic drive for growth has seen much activity and
management time invested during FY19. The most significant growth project was
the offer to acquire Universal Coal Plc which, after an extensive process, was
not accepted by the board of Universal Coal Plc due to another offer being
considered.
Projects successfully concluded under corporate activity during the year
included the disposal of non-core assets, Intibane colliery and
Leeuwbraakfontein colliery, and significantly, the acquisition of Arnot Mine
which will produce coal exclusively for the adjacent Eskom Arnot power station
at a cost-competitive advantage. The open cast section will bring an additional
7 million tonnes to the group. The 100% acquisition of the Khanyisa Triangle
operation will continue to contribute significantly to the group.
These collective management and advisory activities account for the R29 million
of advisory fees during the year. A number of projects in progress hold
potential for significant value enhancement and include development of the
Moabsvelden Project and Vanggatfontein extension.
Safety, health, environment and sustainability
Wescoal remains committed to maintaining a safe working environment for
employees and contractors. Safety awareness, training campaigns, noise and dust
suppression and sampling are ongoing and on track. Wellness days and medical
checks are continuously conducted across operations. We are deeply saddened to
report that, following a year of good performance on safety indicators, one of
our colleagues lost his life in a fatal accident at the Vanggatfontein colliery
on 18 June 2019. The investigations are ongoing as is our continued commitment
to improved safety and working conditions beyond remuneration that will aid in
increased productivity and facilitate a conducive working environment.
Our commitment to sustainability is informed by our core values of
accountability, safety, delivery and integrity, all of which are imperative to
our compliance with ethics and corporate governance measures. We are
accountable for how our business impacts the environment and the communities in
which we operate. The environmental team appointed last year is focused on
continuously assessing one of the company’s largest liabilities, while our
social labour plans continue to focus on communities.
We have also advanced the assessment of farmland owned by Wescoal for use to
enhance food and water security for local communities. Furthermore, it is
critical for the company to honour its social contract with surrounding
communities by delivering on all promises made as our longevity depends on the
sustainability of these communities.
Production and operational performance
The group’s asset portfolio is now better positioned with more flexibility and
optionality from respective operations, including Khanyisa Triangle, which is
benefiting from being fully owned. The imminent addition of the Moabsvelden
Project, ‘VG5’ and Arnot Mine will further strengthen the group’s position.
Moabsvelden has a 30.8 million tonne resource, with the potential to be
developed into a 1.5mtpa to 2mtpa run-of-mine operation. Its coal will be
washed and processed at Vanggatfontein Mine or sold directly as a crush-and-
screen run-of-mine product. Coal offtake and/or supply agreements are currently
being concluded with potential customers, including Eskom. The asset is fully
permitted and the mine development plan is an opencast project with the aim of
producing its first coal during the second half of this calendar year.
Elandspruit
The underground mining section, representing approximately 10% of Elandspruit’s
capacity, remains suspended due to the process currently underway to secure a
new underground mining contractor. Normal production levels will resume during
the second half of the financial year. The opencast mining contractor has
secured extra equipment to increase capacity to at least 230kt per month run-
of-mine, which will guarantee the budgeted production levels without the
underground operations. The multiple faces active at the mine enable
operational flexibility and the current reserve has a remaining life of
approximately six years.
Khanyisa
The Khanyisa agreement secured access to additional coal production and is, at
present, a consistent and strong contributor to production and profitability
for the group. Khanyisa produced 293kt during the last quarter ending March
2019. Wescoal effectively gained the full commercial value of the Khanyisa
Triangle, whereas previously, in terms of the previous joint venture, it had
been entitled to only 35% of the commercial benefit from this coal reserve. At
the current mining rate, the production at Khanyisa is approximately 100kt per
month run-of-mine, with a life of mine at slightly more than four years.
Vanggatfontein
It is anticipated that expected normalised production will be achieved from
July 2019 onwards at Vanggatfontein which has a remaining life of approximately
eight years and a long-term production run rate targeting 340kt per month run-
of-mine from the next financial year. Additional mining from Vanggatfontein
five (“VG5”) will add capacity and optionality in the second half FY20.
Wescoal Trading
Strong and consistent performance from the Trading segment increased sales
revenue by 20% to R1 467 million (FY18: R1 218 million) and sales volume of
1 072 thousand tonnes (FY18: 1 042 thousand tonnes). Continued focus on strict
cost control saw a below-inflation increase in operating expenses (3.3%)
resulting in increased profitability to contribute R61.5 million to the
operating profit of the group.
Financial overview
Wescoal’s FY19 revenue increase of 12% to R3.965 billion, demonstrates the
group’s resilience and strength despite significant challenges on the delivery
of commitments to Eskom as a key customer. Four years of consistent growth
interrupted by Wescoal’s FY19 results saw a decline in volumes and
profitability significantly impacted where attributable profit declined to
R88.3 million (FY18: R202.0 million).
Wescoal FY19 consisting of two distinct and contrasting half years, saw
increased profitability during the interim period. The second half saw
performance impacted mainly by two elements i.e. industry pressures
materialising through counterparty risk in the form of mining contractors and
by operational and cost pressures of increased input cost combined with reduced
productivity.
Managing this downturn well, the business delivered EBITDA of R456.4 million
(FY18: 538.0 million) and R462.2 million in cash generated from operations
(FY18: R358.8 million).
The cash generated from operations was largely applied to fund investing
activities (R217.0 million) and tax payments of (R113.3 million). As part of
its investing activities, the group realised R57 million from the disposal of
non-core assets and invested R102 million in the Khanyisa Triangle acquisition,
R150 million to the acquisition deposit in terms of the Universal Coal
transaction and R115 million in projects to improve and expand operations,
focused mainly on the Vanggatfontein Mine development, water management and
other optimisation projects. Notably, the acquisition deposit was released
again during April 2019, following cancellation of the Universal Coal
transaction.
The compound effect of the downturn during the period of increased focus on
growth objectives, resulted in a significant impact on earnings reducing by 58%
to 20.2 cents per share. During FY19, Wescoal invested R29 million in pursuit
of growth projects, the successful outcomes of which were the acquisition of
the Khanyisa Triangle (February 2019) and, subsequent to year-end, the minority
interest in Neosho Trading (Moabsvelden Project). Wescoal also disposed of the
Intibane colliery and concluded agreements to dispose of the Leeuw Braakfontein
collieries. The project to acquire Universal Coal Plc however, after an
extended period of negotiation, was not supported by the board of Universal
Coal.
Cash flow generated from operations of 106.3 cents per share (FY18: 86 cents
per share) equated to a 74% yield (FY18: 51%), with Wescoal clearly
outperforming peers in this regard.
Resource and reserve
The most recent SAMREC-compliant Resource and Reserve Statements of the group
are available on the Wescoal website (www.wescoal.com). The respective Resource
and Reserve Statements contain details of all competent persons, their
professional memberships, qualifications and experience.
Dividends and share buy-backs
Considering the group’s financial position and performance, the board resolved
not to declare a final dividend. The capital allocation approach selected is to
prioritise in the near term, second to development and growth objectives, a
specific share repurchase programme within the scope of the resolution passed
by the shareholders during the annual general meeting of January 2019.
During the year, Wescoal, in terms of the share repurchase programme, acquired
5.6 million shares in line with shareholder approval.
Outlook statement
We expect the changes in the political environment to bring about gradual
improvement in policy certainty and economic growth opportunities which will
positively affect our relationship with Eskom and other parastatals.
Eskom remains a consistent and reliable customer and the company remains
committed to maintaining strong and supportive relations with Eskom in the
future.
We are optimistic that we will achieve stability in the next six months and add
production volumes with the integration of Arnot. Additionally, we are well-
positioned to continue playing a role as consolidator in the South African
junior coal sector. We continue to optimise existing businesses and assets and
bolster our balance sheet to enable us to fund other growth opportunities that
may arise and we are currently looking at various value accretive acquisition
opportunities, in an attempt to deliver more value for our shareholders and
consolidate the coal market. In the medium term, we aim to create an
environment of stable operations translating to predictability and consistency
which will lead to efficiency in both our Mining and Trading segments.
The priority development of both Moabsvelden and the extension of
Vanggatfontein are progressing well, with the former expected to be operational
in the first half of 2020. In the long term, we are committed to exploring
opportunities in our area of expertise, which is mining and coal-related
activities.
Appreciation
We would like to thank our dynamic and committed executive team and all
employees for their dedication and hard work throughout the year. Our
appreciation extends to our dedicated advisors and the newly reconstituted
board for their prompt and valuable guidance.
Management will host a presentation at 11:00 today at Singular Systems,
25 Scott Street, Waverley which will be webcast on
http://www.corpcam.com/Wescoal25062019. A playback recording will also be
available on the same link.
Basis of preparation
The condensed consolidated financial information for the year ended 31 March
2019 has been prepared in accordance with the framework concepts and the
recognition and measurement criteria of International Financial Reporting
Standards, the preparation and disclosure requirements of IAS 34: Interim
Financial Reporting, the SAICA Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council, the JSE Listings Requirements and the requirements
of the Companies Act of South Africa, 71 of 2008, as amended, on the basis
consistent with the prior year. The preparation of these financial results was
conducted under the supervision of Izak J van der Walt (CA)SA.
Any reference to Wescoal’s future financial performance has not been reviewed
or reported on by the group auditor.
The directors are of the opinion that the group has adequate resources to
continue in operation for the foreseeable future and, accordingly, the
condensed consolidated financial results have been prepared on a going concern
basis.
Independent audit review
This summarised report is extracted from audited information, but is not itself
audited. The annual financial statements were audited by PricewaterhouseCoopers
Inc., who expressed an unmodified opinion thereon. The audited annual financial
statements and the auditor's report thereon are available for inspection at the
company's registered office. The directors take full responsibility for the
preparation of the abridged report and that the financial information has been
correctly extracted from the underlying annual financial statements.
By order of the board
Robinson Ramaite Reginald Demana
Chairman Chief executive officer
25 June 2019
Condensed consolidated statement of financial position
as at 31 March 2019
2019 2018
R’000 R’000
Assets
Non-current assets 2 168 054 2 180 001
Property, plant and equipment 1 954 201 1 949 160
Investment property 709 709
Goodwill 73 637 73 637
Intangible assets 10 769 17 876
Investment in joint ventures – 7 912
Restricted investments 47 797 34 899
Other receivables 44 454 55 843
Deferred tax 23 616 25 519
Prepaid royalty 6 448 8 023
Restricted cash 6 423 6 423
Current assets 1 052 548 820 198
Inventories 82 817 99 824
Loans to group companies – –
Trade and other receivables 664 542 612 285
Other receivables – 13 827
Prepaid royalty 1 392 1 175
Current tax receivable 34 091 –
Acquisition deposit 153 410 –
Cash and cash equivalents 116 296 93 087
Non-current assets held-for-sale and assets
of disposal groups 131 470 –
Total assets 3 352 072 3 000 199
Equity and liabilities
Equity 1 091 596 1 047 174
Equity attributable to equity holders of
parent
Share capital 665 423 675 346
Share-based payment reserve 11 412 10 320
Retained income/(accumulated loss) 403 762 351 120
Non-controlling interest 10 999 10 388
Liabilities
Non-current liabilities 1 049 514 1 063 400
Interest-bearing borrowings 148 201 193 956
Financial liabilities at amortised cost 2 975 30 167
Finance lease liabilities 96 3 135
Deferred tax 273 140 340 985
Environmental rehabilitation provision 625 102 495 157
Current liabilities 1 173 953 889 625
Trade and other payables 554 904 524 514
Interest-bearing borrowings 282 528 256 451
Financial liabilities at amortised cost 136 723 1 478
Finance lease liabilities 3 568 5 393
Current tax payable 48 290 39 478
Environmental rehabilitation provision 893 6 088
Bank overdraft 147 047 56 223
Liabilities of disposal groups 37 009 –
Total liabilities 2 260 476 1 953 025
Total equity and liabilities 3 352 072 3 000 199
Condensed consolidated statement of profit or loss and other comprehensive
income
for the year ended 31 March 2019
2019 2018
R’000 R’000
Revenue 3 964 571 3 527 057
Cost of sales (3 502 988) (2 962 043)
Gross profit 461 583 565 014
Operating income 70 589 15 413
Operating expenses (313 386) (251 459)
Gains on disposal of assets 16 325 886
Foreign exchange (loss)/gain (11 075) 7 909
Gain on bargain purchase – 6 638
Operating profit 224 036 344 401
Interest income 16 173 18 613
Finance costs (92 886) (79 393)
Share of net profit of joint venture
accounted for using the equity method – 7 912
Profit before taxation 147 323 291 533
Taxation (expense) (59 057) (89 519)
Profit for the year 88 266 202 014
Other comprehensive income – –
Total comprehensive income for the year 88 266 202 014
Profit attributable to:
Owners of the parent 87 655 201 401
Non-controlling interest 611 613
88 266 202 014
Total comprehensive income attributable to:
Owners of the parent 87 655 201 401
Non-controlling interest 611 613
88 266 202 014
Earnings per share
Basic earnings per share (cents) 20.16 48.11
Diluted earnings per share (cents) 20.16 48.06
Condensed consolidated statement of cash flows
for the year ended 31 March 2019
2019 2018
R’000 R’000
Cash flows from operating activities
Cash generated from operations 462 207 358 779
Interest income 7 120 14 217
Dividends received – 615
Finance costs (33 092) (45 428)
Tax paid (113 269) (114 810)
Net cash from operating activities 322 966 213 373
Cash flows from investing activities
Purchase of property, plant and equipment (216 986) (63 228)
Proceeds on sale of property, plant and
equipment 56 733 1 153
Purchase of other intangible assets (1 350) (4 888)
Cash acquired/(consideration paid) from
business acquisition – (375 799)
Purchase of rehabilitation investment (11 057) (15 290)
Repayment of loan by joint venture 29 000 –
Loan to joint venture – (22 496)
Purchase of acquisition deposit (150 000) –
Transfer to restricted cash – 350 393
Divestment of rehabilitation investment – 11 636
Net cash from investing activities (293 660) (118 519)
Cash flows from financing activities
Share buy-back (10 305) (3 597)
Proceeds on share options exercised 1 474 2 205
Share issue expenses – (3 485)
Proceeds from long-term borrowings 82 389 384 170
Repayment of long-term borrowings (128 590) (472 115)
Repayment of other financial liabilities (1 388) (1 997)
Repayment of finance lease liabilities (5 488) (4 469)
Dividends paid (35 013) (26 015)
Net cash from financing activities (96 921) (125 303)
Total cash and cash equivalents movement
for the year (67 615) (30 449)
Cash and cash equivalents at the beginning
of the year 36 864 67 313
Net cash and cash equivalents at the end of
the year (30 751) 36 864
Condensed consolidated statement of changes in equity
for the year ended 31 March 2019
Retained
Share-based income/
Share payment (accumulated
capital reserve loss)
R’000 R’000 R’000
Group
Balance as at 1 April
2017 500 222 8 676 175 734
Profit for the year – – 201 401
Other comprehensive
income – – –
Shares issued for
acquisition of Keaton
Energy Holdings Limited 176 516 – –
Non-controlling interest
on acquisition of
subsidiary (note 38) – – –
Share buy-back (3 597) – –
Employee share option
scheme 2 205 1 644 –
Dividends – – (26 015)
Balance as at 31 March
2018 675 346 10 320 351 120
Profit for the year – – 87 655
Other comprehensive
income – – –
Employees share option
scheme: Shares exercised 382 (382) –
Share buy-back (10 305) – –
Employee share option
scheme – 1 474 –
Dividends – – (35 013)
Balance as at 31 March
2019 665 423 11 412 403 762
Total
attributable
to equity
holders of Non-
the group/ controlling
company interest Total equity
R’000 R’000 R’000
Group
Balance as at 1 April
2017 684 632 – 684 632
Profit for the year 201 401 613 202 014
Other comprehensive
income – – –
Shares issued for
acquisition of Keaton
Energy Holdings Limited
(note 38) 176 516 – 176 516
Non-controlling interest
on acquisition of
subsidiary (note 38) – 9 775 9 775
Share buy-back (note 18) (3 597) – (3 597)
Employee share option
scheme 3 849 – 3 849
Dividends (26 015) – (26 015)
Balance as at 31 March
2018 1 036 786 10 388 1 047 174
Profit for the year 87 655 611 88 266
Other comprehensive
income – – –
Employees share option
scheme: Shares exercised – – –
Share buy-back (note 18) (10 305) – (10 305)
Employee share option
scheme 1 474 – 1 474
Dividends (35 013) – (35 013)
Balance as at 31 March
2019 1 080 597 10 999 1 091 596
Segmental report
for the year ended 31 March 2019
Mining Trading Other Total
R’000 R’000 R’000 R’000
As at 31 March
2019
Total segment
revenue 2 639 672 1 466 658 (141 757) 3 964 573
Inter-segment
revenue 136 825 5 927 (142 752) –
External revenues 2 502 847 1 460 731 995 3 964 573
EBITDA 417 552 69 988 (31 103) 456 437
As at 31 March
2018
Total segment
revenue 2 408 612 1 217 554 (99 409) 3 526 757
Inter-segment
revenue 99 956 – (99 956) –
External revenues 2 308 656 1 217 554 547 3 526 757
EBITDA 488 112 71 271 (20 833) 538 550
Corporate information
Registered address
1st Floor, Building 10
142 Western Service Road
Woodmead
Postal address
PO Box 1962, Edenvale 1610
Non-executive chairman
MR Ramaite
Lead independent non-executive director
DMT van Gaalen
Independent non-executive directors
KM Maroga
JG Pansegrouw
N Siyothula
Non-executive directors
C Maswanganyl
ET Mzimela
HLM Mathe
Executive directors
R Demana (Chief executive officer)
IJ van der Walt (Chief financial officer)
T Tshithavhane
Company secretary
S Ramoetlo
Telephone: 011 049 8611
Facsimile: 011 570 5848
Transfer secretaries
Computershare Investor Services Proprietary Limited
Sponsor
Nedbank Corporate and Investment Banking
IR Advisor
Singular Systems IR
Website: www.wescoal.com
Date: 25/06/2019 07:08:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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