I looked into YAL half year report in detail. Dividend pay costed them $280m; they have also said that no dividend would be paid this year. If I add this $280m back to the balance sheet, numbers look quite acceptable to me actually.
Obviously coal companies (WHC included) are in survival mode and likely won't pay a dividend. As a shareholder I don't mind this in the short term; I'm cautiously optimistic over mid term, as COVID recovery is likely to drive up energy prices and fossil fuel being the readily available, cheap and therefore realistic choice for many developing countries.
The per ton cost is $60 + $21, with the $21 being depreciation and amortisation. I don't quite understand this depreciation part - does this refer to the reduction of available coal deposit? Please enlighten me.
Depreciation and amortisation
Depreciation and amortisation expenses increased by 31% from $294 million in 1H 2019 to $386 million in 1H 2020. The increase was primarily due to i) increased production, particularly on the Moolarben underground which carries a higher per tonne depreciation charge; ii) increased depreciation at Moolarben on higher depreciable asset values following the recognition of the gain on bargain purchase; and iii) the impact of some accelerated depreciation recognised at HVO and Stratford Duralie. Per ex-mine sales tonne depreciation and amortisation costs increased from $16 to $21 over the same period.
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