Posted by NOIRUA: Felix Resources Half Year Report to 31st December 2008.
Half Year EBIT $224.6 million, ($166.1 million after tax).
Half Year Dividend is a same again 3c plus a special 20c dividend, both are fully franked - payable 31st march 2009.
Cash reserves are at $283.4m. Dividend will cost $45.2m and tax at $58.5m.
POSTED BY ZAZ Other notable items: Change of control discussions are ongoing but unlikely to lead to anything in the current environment
Impairment testing has shown that the recoverable amount of operating assets is significantly higher than the carrying value (i.e. no impairment)
Made a profit of 60.4M on coal swaps which are EXCLUDED from current earnings. They will be shown over 2009.
Paid down 57.3M in debt, spent 34.2M on property, plant and equipment, Paid tax of 58.5M, still have $283.4M in the bank!
Earnings reflect substantial foreign exchange hedges at much higher levels than that AUD is trading (around .94). Once these are worked off, by April 2009, they will receive the full benefit from the AUD plunge.
Average contracted thermal coal prices last year were around $125USD. That is equivalent to $83 this year given the movement in the AUD. If they settle at $78, that is only a 5% loss in revenue and that is before the impact of the coal swaps.
FLX Price at posting:
$6.82 Sentiment: LT Buy Disclosure: Held
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