Strong demand and high prices for high-CV thermal coal drive record
earnings and capital returns for shareholders
Whitehaven Coal (ASX:WHC) reports a record net profit after tax (NPAT) of $2.7 billion for the year ended
30 June 2023 up 37% on the prior year, and earnings before interest, tax, depreciation and amortisation
(EBITDA) of $4.0 billion, which is a 30% increase on FY22.
Whitehaven’s FY23 results also include:
• A 13% improvement in safety performance as measured by a total recordable injury frequency rate
(TRIFR) for employees and contractors of 4.7.
• Zero environmental enforceable actions for FY23, a strong turnaround from an average of 6 p.a. over
the previous four years.
• Run-of-mine (ROM) managed production volumes of 18.2M tonnes, down from 20.0M in FY22.
• Record revenue of $6.1 billion underpinned by an achieved average coal price of A$445/t (compared
with $4.9 billion revenue and an average price of A$325/t in the prior year).
• Cash generated from operations of $4.2 billion compared with $2.6 billion in the prior year.
$2.65 billion of net cash was held on the balance sheet at 30 June 2023.
A fully franked final dividend of 42 cents per share will be paid on 15 September 2023, taking the full year
dividend to 74 cents per share, fully franked.
During FY23 a total of 119.67 million shares were bought back for an average price of $7.93 and a total
investment of $948.9 million. The full year dividend combined with the proportion of the share buy-back
attributed to FY231
, represents a total payout ratio of 50% of FY23 NPAT, which is aligned with the
Company’s capital allocation framework.
Commenting on Whitehaven’s FY23 results, Paul Flynn, CEO & Managing Director said:
“Once again we saw a solid improvement in our safety results for the year and our focus on environmental
management delivered a very good outcome with zero environmental enforceable actions. This is a reflection of
the commitment and focus of our people to prioritise safety and environmental management at all times.
“Record coal prices and our portfolio of high quality thermal and metallurgical products allowed Whitehaven to
optimise the sales mix for FY23 and maximise our exposure to the strong gC NEWC thermal index. With 94% of
our sales going into the higher priced thermal market, we delivered an average realised price of A$445 per tonne.
“Production was impacted in the first half of the year as a result of localised flooding cutting off access to a
number of our operations for several weeks. Labour shortages also contributed to the 9% year on year reduction
in ROM production of 18.2M tonnes.
“With strong underlying market demand for high-CV, high quality thermal coal and metallurgical coal, coupled with
forecast supply tightness, we recognise the opportunity and importance to improve operational performance.
Targeted recruitment and retention initiatives are starting to deliver better outcomes; we have a number of
business improvement initiatives underway to strengthen operational reliability and efficiencies; and at Narrabri we
have moved to the shallower longwall panels, which are expected to bring improved operating conditions.”

1. Includes $272.3 million in relation to the FY23 interim dividend and $337.1 million for the final dividend together with $723.6 million
in relation to the share buy-back (92.8 million shares). The initial 10% buy-back was attributed to the FY22 NPAT payout ratio.

Whitehaven’s strategy is to supply high quality, high-CV thermal coal to provide energy security through the
energy transition, and to grow its metallurgical coal business to have a more balanced portfolio of thermal and
met coal supplying key markets in Asia.
Whitehaven has decided that the share buy-back should be temporarily suspended while it considers
application of Whitehaven's capital allocation framework in light of growth opportunities, and will provide
shareholders with an update at the appropriate time.
Outlook and FY24 Guidance
Whitehaven’s thermal customers are focusing on longer supply contracts as energy security remains a key
priority. This is expected to continue through the energy transition due to supply shortfalls particularly for highCV thermal coal.
While thermal coal prices have retreated from record high levels, the resilience in the gC NEWC index through
this seasonal lower demand period provides positive sentiment for the outlook. As restocking requirements
increase in the months leading up to the Northern Hemisphere winter, upward pricing pressure for thermal coal
is expected.
Current metallurgical coal market pricing is strong. In the longer-term, strong demand drivers for metallurgical
coal are expected, largely driven by demand growth in India, emerging Asia, as well as China.
Whitehaven’s FY24 guidance is set out below. Cost management, attracting and retaining talent, and improving
operational reliability are key priorities to support delivery of FY24 guidance. Development of the automated haulage system (AHS) will continue this year, which is expected to place continued constraints on production at
Maules Creek. Depending on the success of this final year of AHS development, a decision will be made to adopt AHS at Maules Creek or discontinue the pilot program. The $150 million capital project to commence
early mining of Vickery will continue in FY24, with first coal expected around mid CY2024.
Whitehaven will continue to prudently manage capital in line with its capital allocation framework

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