FY2021
Court ruling affects profit
A favourable Supreme Court ruling over the Buller performance payment led to reversal of a provision. The exceptional earnings effect is not a coal-sales increase.
ASX: BRL · Five-year financial review
(ASX: BRL) Bathurst Resources Financial Review - FY2021~25
Bathurst’s FY2021-FY2025 financial record requires two different views to be kept apart: its statutory results and management’s share-of-operations presentation for BT Mining. This review uses statutory NZ-dollar figures for the main trends.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 statutory revenue
NZ$41.590m
Excludes BT sales line by line.
Profit after tax
NZ$4.445m
Not management EBITDA.
Statutory cash
NZ$35.718m
Separate from JV/restricted cash.
BT Mining interest
65%
Equity-accounted investment.
Five years in context
Bathurst owns 65% of BT Mining, but its statutory revenue does not include 65% of that venture’s sales line by line. Management provides a separate combined operating view. Mixing the two would overstate the scope of the revenue and cash series.
Reported profit fell sharply by FY2025 while the statutory cash balance increased. Cash financing, joint-venture accounting and non-cash earnings adjustments make those movements different questions, rather than contradictory results.
Events behind the numbers
FY2022
Lower statutory profit
Profit remained positive but below the preceding reversal-affected year. This comparison alone does not establish a change in mine operating margin.
FY2023
Profit rises; cash presentation matters
Statutory earnings improved. Joint-venture distributions and differing cash-flow classifications make the operating-cash series unsuitable for a mechanically uniform five-year chart.
FY2024
Another lower earnings year
Statutory profit declined from FY2023. Cash-flow comparatives are presented on the restated basis retained in the FY2025 extraction.
FY2025
Export disruption and a smaller profit
Stored commentary identifies export pricing, shipment timing and the Stockton-Lyttelton rail disruption. Takitimu also recorded an impairment reversal; no dividend was paid or declared.
FINANCIAL REVIEW / 01
Understand the reporting perimeter before the trend
The profit series includes earnings and adjustments beyond direct revenue. FY2021’s provision reversal and FY2025’s equity-accounted result are two reasons to avoid a simple profit-to-revenue margin comparison.
Statutory revenue
NZ$ million
Revenue excluding line-by-line BT sales
AI-generated presentation · values from Statutory BRL earnings, with BT Mining equity-accounted; no missing values plotted as zero.
Statutory profit
NZ$ million
Profit after tax
AI-generated presentation · values from Statutory BRL earnings, with BT Mining equity-accounted; no missing values plotted as zero.
Statutory BRL earnings, with BT Mining equity-accounted
NZ$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue excluding line-by-line BT sales | 48.167 | 39.587 | 43.748 | 43.369 | 41.590 |
| Profit after tax | 66.721 | 30.498 | 90.486 | 38.547 | 4.445 |
These are statutory BRL totals, not the management presentation combining 100% BRL and 65% of BT Mining. Joint-venture profit is included without adding BT sales to revenue.
Do not divide these profit figures by the narrow revenue line to infer a coal operating margin. FY2021 includes a provision reversal following litigation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash improved, but the wider cash headline is different
The statement cash balance increased alongside positive financing cash in FY2025. A management figure of about NZ$178m also includes joint-venture and restricted cash; it is not an interchangeable liquidity measure.
Statement cash
NZ$ million
Cash and equivalents
AI-generated presentation · values from Cash and cash equivalents in the statutory statement; no missing values plotted as zero.
Recent cash flows
NZ$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Recent statutory cash flows; no missing values plotted as zero.
Cash and cash equivalents in the statutory statement
NZ$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 4.395 | 4.765 | 12.812 | 7.777 | 35.718 |
The larger management cash figure includes BT Mining and restricted funds. It is not substituted for this statement balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Recent statutory cash flows
NZ$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net operating cash flow | 0.423 | 4.377 | 5.125 |
| Net investing cash flow | 7.079 | (9.879) | (11.270) |
| Net financing cash flow | 0.421 | 0.467 | 34.073 |
FY2024 uses the restated comparative stored with FY2025. Earlier extractions classify joint-venture distributions differently; they are not forced into a five-year operating-cash trend.
FY2023 investing cash is a positive inflow despite an outflow-style row caption in one extracted record; its stored component interpretation identifies the inflow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Non-cash items and venture income shape earnings
The FY2025 statutory result includes a share of joint-venture profit, a Takitimu impairment reversal and a deferred-consideration movement. These should be read alongside administration and financing costs, not mistaken for direct cash generated at a mine.
Selected earnings components
NZ$ million
Equity-accounted profitImpairment reversalDeferred-consideration movementAdministration expenseFinance costs
AI-generated presentation · values from Selected FY2025 earnings components; no missing values plotted as zero.
Selected FY2025 earnings components
NZ$ million
| Metric | FY2025 |
|---|---|
| Equity-accounted profit | 6.392 |
| Impairment reversal | 1.137 |
| Deferred-consideration movement | 1.028 |
| Administration expense | (8.443) |
| Finance costs | (2.481) |
Selected signed components, not a complete profit bridge. Neither equity-accounted income nor an impairment reversal necessarily represents a cash receipt.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- The packet labels some FY2025 statutory rows as parent-only, but the retained Total BRL segment reconciliation independently matches revenue and operating profit. This review follows that statutory perimeter explicitly.
- A separate management earnings table has an unreconciled subtotal difference in the extraction. It is not used as a second statutory series.
- No uniform five-year operating-cash series or profit margin is manufactured from differing accounting presentations.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. Primary-author review, not an independent original-document audit; published.
Annual-report source registry
- Bathurst Resources - 2021 annual reportExisting annual extraction, including separately identified historical comparatives.
- Bathurst Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Bathurst Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Bathurst Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Bathurst Resources - 2025 Annual ReportExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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AI-led method
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