michael_selway
Coal & Phosphate, thats it!
- Joined
- 20 October 2005
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Hi first ever dividend, yay!
thx
MS
First interim dividend paid by Felix of 3 cents per share unfranked
Half yearly's out and are up to expectations.
28 February 2008
Australian Securities Exchange
Company Announcements
Level 4
20 Bridge Street
Sydney NSW 2000
FELIX ANNOUNCES RECORD HALF YEAR PROFIT
Felix is pleased to advise shareholders that it has posted a record profit for the half year ending December 2007.
The result is a profit before tax of A$68.8 million made up of an $18.9 million operating profit and $49.9 million abnormal profit due to the payment by Sojitz of the second tranche of its Moolarben 10% purchase following grant of mining leases.
The directors are pleased to announce the payment for the first time of an interim dividend of 3 cents per share unfranked.
This result relates to a NPAT of $50.6 million although no tax is payable due to accumulated tax losses and R&D allowance.
The Managing Director of Felix, Brian Flannery, said the result is very pleasing despite some $4.5 million paid out in demurrage. We have also completed, this week, the sale of a further 10% of Moolarben to the “Korean Consortium” which was previously announced on 2 January 2008. This transaction will result in Felix receiving approximately A$90 million during February/March. We have also signed five coal supply contracts with Korean power companies for a total of 2.8mtpa commencing second half 2009. The contracts will be for the life of Moolarben and price negotiated each year.
By the end of March, Felix will be in a strong financial position with some $170 million in cash and a total bank debt of $96 million of which $57 million is non-recourse. The profit from the Korean transaction will be taken up in the second half and this combined with substantial coal price increases augers well for our full year profit.
Key highlights:
• Record before tax profit of $68.8 million
• First interim dividend paid by Felix of 3 cents per share unfranked
• Substantial cash reserves for Moolarben development
• Negative nett debt
• Strong increase in coal prices for 2008/2009
• 480,000 tonnes of thermal coal sales hedged for calendar 2009 at an average selling price of US$101.69/tonne
• Substantial increase in resources for Ashton open cut semi-soft coking coal and Yarrabee open cut PCI coal as per the attached statement
• Feasibility study for expanding Yarrabee PCI production including a small coal preparation plant documented for March/April board discussion.
• Minerva production YTD exceeds budget of 2.5mtpa despite wet weather delays
Felix Resources Limited ABN 75 000 754 174
Postal: PO BOX 10470 Brisbane Adelaide Street QLD 4000 Delivery: 316 Adelaide Street Brisbane QLD 4000 Australia
T (61-7) 3248 7900 F (61-7) 3211 7328 E admin@felixresources.com.au W www.felixresources.com.au
• Ashton longwall production slightly behind budget YTD due to a hard two metre vertical dyke encountered in centre of current panel. Expect another 7 weeks of lower retreat rates. Development of third panel well advanced.
• Additional exploration licences No. 7073 &7074 granted at Moolarben. Exploration to commence in next period over this 1145 hectares.
• New coal terminal at Newcastle (NCIG): under construction; dredging underway; shiploader under fabrication with delivery February 2009; stacker reclaimers under fabrication with delivery to site late 2008; and port commissioning early 2010
• Demurrage at Gladstone is decreasing although there are some delays with multi producer shipments which has a flow-on effect for Yarrabee shipments as Yarrabee customers tend to ship in multi producer shipments.
• Demurrage at Newcastle remains high and unacceptable even though the vessel queue reduced from 75 in July 2007 to around 30 in early 2008. Mr Greiner, previously Premier of New South Wales, chairing meetings of producers to attempt to find common ground to divide up the port capacity for 2008-2010.
Felix Resources jumped to $10.87, up 97 cents, in what was brisk trading for this normally lightly traded stock.
Felix are thought to have sold larger tonnage of coal from the Minerva mine in the last month, from Gladstone shipping records, at market prices. This was after several miners declared false majeure in Queensland after bad weather. An upgrade at the washery at the Yarrabee mine, QLD, has meant increasing availability of coal as PCI coal.
Felix mines escaped the flooding.
Hi m_s, FLX are already high and I'm gambling by holding on to a stock that has gone up by 28 times its 2003 low. I've held Felix for nearly 25 years so maybe that's the longer term.Yeah some of these coal stocks have really held their ground in this bearish market, which is good to see. Noirua, are u holdign FLX for the longer term or plan to sell it it gets "high"?
MS
Felix Resources was very weak early on falling $1.10 to $9.47. A large order arrived for 2 million shares and took all available stock off the fence at $10.25.
Felix trading has been unusually volatile this week after a long quiet period.
Trading has now gone quiet as buyer appears to have withdrawn.
Felix Resources MD, Mr Brian Flannery, outlined in his last Half Year report, last month, the increased reserves at Yarrabee and Ashton Mines. In particular the longer term possibilities of the reserves at Yarrabee North where exploration is continuing.
The Athena Prospect, near Minerva, is also being evaluated as a longer term mine with inferred resource around 560 million tonnes of thermal coal, similar to that of Minerva.
South Australian tenements are also being explored where there is mineralization and 5 billion tonnes, inferred resource, of sub-bitumous coal.
Felix Resources closed at a 2008 high of $12.04, up $1.04 on the day.
Date: 29/2/2008
Author: Stephen Wisenthal
Source: The Australian Financial Review --- Page: 76
Felix Resources has reported a 12 per cent rise in first-half profit to $A50.5million. Pre-tax operating profit improved to $A18 .9 million over the sixmonths to 31 December 2007. The company expects work on its Moolarben coal minein the New South Wales Upper Hunter region to commence in June 2008. Felixshares closed $A0.10 higher on 28 February, at $A11.20. Meanwhile, WhitehavenCoal has posted a $A372,000 loss for the six months to 31 December 2007.Whitehaven stock closed at $A3.55 on 28 February 2008, a $A0.20 fall
Hi Noirua, yep these coal stocks keep setting new highs, plenty of reserves for FLX.
For some reason Felix Resources is not a very popular stock on ASF despite having achieved a 33-fold increase since 2003 and trading around $12.25 today.
Felix have moved from a minnow market cap of $25 million to around $2.3 billion in under 5 years. Now the seventh largest miner in Australia.
Managing Director Mr Brian Flannery has moved from a quite ordinary Aussie Director of a coal mining company to one of the richest people in Australia.
No way of guessing the road ahead for certain but today Coal is King.
Hi Noirua yes i agree, btw how do u know FLX is the 7th largest Australian miner?
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