Financial and operating overview

Focus

In FY19 we really focused on strengthening and aligning our reporting and operational processes across the Bathurst and BT Mining businesses – whilst also ensuring future growth through key investments both domestically and overseas.

Bathurst at a glance

Map of New Zealand showing Bathurst mine locations

Sales profile

Sales revenue by product use (100 percent basis)

64% Steelmaking (Export), 18% Food production and other industry (NZ), 11% Steelmaking (NZ), 7% Electricity (NZ)

Sales by region (Mtpa) (100 percent basis)

1.2Mt Export - Stockton, North Island Domestic, South Island Domestic,

“Looking forward, the domestic market is stable, and we have plans in place to weather any volatility in the export coal price.”

Record financial results*

We achieved another record profit for the year, with net profit after tax of $45.0m, up from $5.5m in FY18.

This reflects benefits from a full 12 months of BT Mining operations, stable domestic operations, and a strong export coal price. The prior period was also negatively impacted by one-off, non-cash fair value adjustments on our convertible notes.

The uplift in NPAT was reflected in an increase in operating cashflows to $90.7m, up from $54.6m. And cash levels increased despite significant investing and financial cashflows during the year. Notable spend was on:

  • Mining equipment replacement at Stockton.
  • Investment in Rotowaro operations to extend the life of mine.
  • Investment in the Crown Mountain project in Canada.
  • Advanced waste stripping.
  • On and off-market share buy-backs.

* Financial figures are consolidated 100 percent Bathurst and 65 percent equity share of BT Mining.