Climate Change, page-539

PART 1

WHC has generated bonanza returns for its owners over the past 20 years, a period that has coincided with intensifying public debate about the real existential dangers that anthropogenic climate change is delivering more of around the world.

is there a link? Is the pope Catholic.

first though, a brief review of WHC performance in the fiscal year ended June 30, 2023, Vs fiscal 2013.

NPAT in FY23 was A$2.7bln, swinging from an $82 mln loss 10 years earlier; EBITDA of $4.0 bln Vs $19 mln; RoM coal output 18.2 mln tonnes Vs 7.4 mt; revenue $6.1 bln Vs $622 mln; cash at year end $2.45 bln Vs $111 mln.

these are the sort of growth figures that nearly all equity punters can only dream about.

but they were driven by sales of a product we know with near certainty is slowly destroying the only place we have to live. But how can this be?