Yanzhou Coal Mining Co. has reported gains after its 2017 net income rose more than fourfold.

In a filing to the Honk Kong Stock Exchange, the Shandong-based company reported a profit jump in 2017 to 7.36 billion yuan ($1.16 billion) from 1.65 billion yuan, with sales rising 29% to 96.8 million tonnes after new mines in Inner Mongolia started operation, and on the acquisition of Coal & Allied Industries Ltd in Australia.

Profits climbed despite impairments of more than 2.2 billion yuan, including bad debts and depreciation of inventory. A company statement in late December 2017 showed that the bulk of the writedowns came from almost 1.5 billion yuan in assets held by Inner Mongolia Xintai Coal Mining Co. No further details, however, were provided.

Coal & Allied Industries acquisition

Yancoal Australia transformational acquisition of 100% of Coal & Allied Industries Limited from Rio Tinto Limited for US$2.69 billion drove immediate production and financial gains.

Increased production at a time of industry-high benchmark prices for semi-soft coking and thermal coals led Yancoal’s recovery to announce a profit before tax of $311 million from revenue before tax of $2.6 billion for the full year ended 31 December 2017.

Yancoal Chairman Xiyong Li said, “The strategic equity-funded acquisition of Coal & Allied has driven Yancoal’s significant financial turnaround and confirmed our position as an industry leader.

“The strength of this acquisition has re-capitalised our business, improved cashflow, brought new investment into our shareholder base and significantly reduced gearing.”

Having completed the Coal & Allied acquisition, Yancoal entered into a binding agreement with Glencore Coal to establish a 51:49 unincorporated joint venture in relation to Hunter Valley Operations (HVO JV).

Yancoal achieved a total operating EBITDA of $988 million before tax, including four months of equity contributions from the acquired assets MTW ($133 million before tax) and HVO ($146 million before tax).

Cost reduction strategies continued to be supported at all operations, with the Moolarben Stage Two underground mine commencing longwall production in November 2017, on time and below budget, driving the expansion of low-cost production.

Yancoal Chief Executive Officer Reinhold Schmidt acknowledged that the acquisition has effectively doubled the scale of production at a time of increasing global coal prices.


兖州煤业澳大利亚有限公司大幅盈利带动兖煤增长

兖州煤业股份有限公司在2017年净利润增长超过四倍后公布了收益。

这家总部位于山东的公司在一份提交给香港交易所的文件中,称其在位于内蒙古的新矿区投产及并购澳大利亚联合煤炭工业有限公司后,2017年利润从16.5亿元增长至73.6亿元(11.6亿美元),销量增加了29%达到9680万吨。

尽管有超过22亿元的损失,包括坏账和存货贬值,公司利润仍在攀升。201712月下旬的一份公司声明显示,内蒙古鑫泰煤业公司计提资产减值准备近15亿元。然而,公司没有提供更多的细节。

并购联合煤炭

兖煤澳大利亚公司并购力拓集团旗下联合煤炭有限公司100%的股权,交易对价26.9亿美元,带来了直接的产量和经济收益。在半软焦煤和动力煤行业基准价较高时增加产量加速了兖煤的复苏,截至20171231日实现全年税前利润3.11亿美元,税前收入26亿美元。

兖煤澳大利亚公司并购力拓集团旗下联合煤炭有限公司100%的股权,交易对价26.9亿美元,带来了直接的产量和经济收益。在半软焦煤和动力煤行业基准价较高时增加产量加速了兖煤的复苏,截至20171231日实现全年税前利润3.11亿美元,税前收入26亿美元。

兖煤董事长李希勇表示,“对联合煤炭的战略性股权并购为兖煤带来了重大的财务周转,并加固了我们行业领导者的地位。

“此次并购重组了我们的业务,优化了现金流,为我们的股东带来了新的投资,并大大降低了负债。

在完成对联合煤炭的并购后,兖煤与嘉能可签订了一份约束性协议,以51:49的比例成立关于猎人谷(HVO合资)运营的非法人型合资企业。

兖煤的总EBITDA达到税前9.88亿美元,包括来自并购资产MTW(税前1.33亿美元)和HVO(税前1.46亿美元)的四个月的股权出资。

兖煤首席执行官Reinhold Schmidt承认,此次并购已经在全球煤炭价格上涨期间使产量翻番。

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