FY2021
Debt prepayment amid a price rise
Average ex-mine price rose to A$141/t. Yancoal made an early US$500 million debt prepayment on 29 October 2021.
ASX: YAL · Five-year financial review
Yancoal Australia Limited (ASX: YAL) - Five-Year Financial Review FY2021-FY2025
Five December year ends, FY2021–FY2025. Consolidated statutory statements are in Australian dollars; management Operating results and mining measures are labelled separately. Each year is based on its selected annual report, with comparative columns identified where used.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 statutory revenue
A$5,949m
Group consolidated; operating revenue is A$5,910m.
FY2025 statutory profit
A$440m
Profit after income tax attributable to owners.
FY2025 operating cash flow
A$1,257m
Statutory net cash inflow from operations.
31 Dec 2025 net cash
A$2,043m
Net cash; includes A$84m interest-bearing liabilities.
Five years in context
Yancoal’s five-year results reflect a sharp FY2022 coal-price peak followed by successive price declines. Statutory profit peaked in FY2022 and fell to A$440 million in FY2025; the operating and statutory revenue definitions should be kept distinct.
The group repaid its external interest-bearing debt by March 2023 and continued to hold net cash while annual coal output recovered. Cash distributions followed the earnings cycle, with payments recorded in the settlement year.
Events behind the numbers
FY2022
Price and earnings peak
Average ex-mine price reached A$378/t as severe NSW weather reduced production; the group ended the year in net cash.
FY2023
Final external loan repaid
The final US$333 million syndicated term loan was prepaid in March; tax paid on FY2022 profits weighed on operating cash flow.
FY2024
Production recovery
Attributable saleable production reached 36.9 Mt while realised prices fell; the second Howick CHPP supported HVO output.
FY2025
More tonnes, lower prices
Record attributable saleable output of 38.6 Mt included 0.2 Mt from the additional Moolarben interest acquired on 3 October. Average ex-mine price fell to A$146/t.
FINANCIAL REVIEW / 01
Earnings through the coal price cycle
The statutory income statement peaked in FY2022, while the Operating view provides Yancoal’s separate management measure. The revenue definitions differ, so the lines should be read within their labelled basis.
FY2025 lower realised ex-mine coal prices coincided with a further reduction in revenue and profit even as ex-mine sales volumes increased. The operating commentary attributes most of the EBITDA decline to lower revenue.
Statutory profit after tax
A$M
Profit after income tax
AI-generated presentation · values from Consolidated profit or loss — statutory group basis; no missing values plotted as zero.
Operating EBITDA
A$ million
Operating EBITDA
AI-generated presentation · values from Issuer Operating view alongside statutory results; no missing values plotted as zero.
Consolidated profit or loss — statutory group basis
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| RevenueA$M | 5,404 | 10,548 | 7,778 | 6,860 | 5,949 |
| Other incomeA$M | 64 | 183 | 26 | 159 | 74 |
| Changes in inventoriesA$M | -60 | 35 | 42 | -44 | 22 |
| Raw materials and consumables usedA$M | -757 | -969 | -1,104 | -1,161 | -1,209 |
| Employee benefitsA$M | -578 | -662 | -730 | -796 | -821 |
| Depreciation and amortisationA$M | -831 | -834 | -881 | -750 | -778 |
| TransportationA$M | -642 | -678 | -783 | -826 | -879 |
| Contractual services and plant hireA$M | -410 | -457 | -539 | -607 | -565 |
| Government royaltiesA$M | -421 | -967 | -685 | -639 | -574 |
| Coal purchasesA$M | -162 | -183 | -183 | -195 | -179 |
| Impairment chargeA$M | -100 | -315 | 0 (nil) | Not separately presented | Not separately presented |
| Other operating expensesA$M | -202 | -297 | -334 | -302 | -389 |
| Finance costsA$M | -259 | -459 | -53 | -39 | -42 |
| Share of profit of equity-accounted investees, net of taxA$M | 57 | 146 | 29 | 29 | 14 |
| Profit before income taxA$M | 1,103 | 5,091 | 2,583 | 1,689 | 623 |
| Income tax (expense) / benefitA$M | -312 | -1,505 | -764 | -473 | -183 |
| Profit after income taxA$M | 791 | 3,586 | 1,819 | 1,216 | 440 |
| Profit attributable to owners of YancoalA$M | 791 | 3,586 | 1,819 | 1,216 | 440 |
| Profit attributable to non-controlling interestsA$M | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) |
Calendar years ended 31 December. Expenses retain the issuer negative sign. FY2021 values use the comparative column in the FY2022 statutory statement; FY2022–FY2025 use each current-year column.
The FY2024 and FY2025 statutory statements do not separately present an impairment-charge line. Dashes in the separate non-IFRS Operating reconciliation are not evidence of a statutory nil line.
Statutory revenue differs from issuer-defined Operating revenue. Non-controlling profit is shown as nil in the statutory income statements; this does not mean no minority balance sheet interest.
Basis and presentation notes (8)
- Impairment charge / FY2023 — 0 (nil): Issuer statement shows a dash for this line and period.
- Impairment charge / FY2024 — Not separately presented: The consolidated statutory statement moves from coal purchases to other operating expenses without a separate impairment-charge row. The Operating reconciliation is a different basis.
- Impairment charge / FY2025 — Not separately presented: The consolidated statutory statement moves from coal purchases to other operating expenses without a separate impairment-charge row. The Operating reconciliation is a different basis.
- Profit attributable to non-controlling interests / FY2021 — 0 (nil): Issuer statement shows a dash for this line and period.
- Profit attributable to non-controlling interests / FY2022 — 0 (nil): Issuer statement shows a dash for this line and period.
- Profit attributable to non-controlling interests / FY2023 — 0 (nil): Issuer statement shows a dash for this line and period.
- Profit attributable to non-controlling interests / FY2024 — 0 (nil): Issuer statement shows a dash for this line and period.
- Profit attributable to non-controlling interests / FY2025 — 0 (nil): Issuer statement shows a dash for this line and period.
Source: Yancoal Australia annual reports; issuer annual extraction records.
Issuer Operating view alongside statutory results
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating revenue | 5,535 | 10,684 | 7,697 | 6,896 | 5,910 |
| Operating EBITDA | 2,531 | 6,959 | 3,489 | 2,579 | 1,437 |
| Statutory profit after tax | 791 | 3,586 | 1,819 | 1,216 | 440 |
Operating revenue and EBITDA are issuer-defined management measures and are not statutory IFRS line items. Statutory profit is shown as a separately labelled comparison.
FY2021 annual extraction gives Operating revenue of A$5,535 million, while the FY2022 narrative retrospectively cites A$5,536 million. The FY2021 current-year source value is displayed; the A$1 million discrepancy is retained in the change log.
The five annual packages use their respective current-year Operating views.
Source: Yancoal Australia annual reports; issuer annual extraction records.
Statutory earnings per ordinary share
Australian cents per share
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Basic EPScents per share | 59.9 | 271.6 | 137.8 | 92.3 | 33.4 |
| Diluted EPScents per share | 59.7 | 270.2 | 137.1 | 92.1 | 33.3 |
Basic and diluted EPS are attributable to ordinary shareholders; no non-IFRS EPS series is mixed into this table.
Source: Yancoal Australia annual reports; issuer annual extraction records.
FINANCIAL REVIEW / 02
Balance sheet and debt
Yancoal moved from net debt at the end of FY2021 to a net cash position at FY2022 year end. Interest-bearing liabilities still include lease obligations after external borrowings were repaid.
The detailed two-year comparison follows one consolidated statement and keeps its comparative basis together. Equity declined in FY2025 despite a positive annual profit, alongside cash dividends paid.
Net debt or cash position
$M
Net (cash) / debt
AI-generated presentation · values from Debt, cash and gearing; no missing values plotted as zero.
Consolidated position and liquidity at 31 December
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets$M | 11,800 | 12,801 | 11,254 | 12,356 | 12,205 |
| Total liabilities$M | -5,654 | -4,771 | -2,812 | -3,039 | -3,172 |
| Total equity$M | 6,146 | 8,030 | 8,442 | 9,317 | 9,033 |
| Current assets$M | 2,531 | 3,810 | 2,533 | 3,540 | 3,218 |
| Current liabilities$M | -826 | -2,532 | -1,048 | -1,234 | -1,390 |
| Net current assets$M | 1,705 | 1,278 | 1,485 | 2,306 | 1,828 |
| Cash and cash equivalents$M | 1,495 | 2,699 | 1,397 | 2,461 | 2,127 |
| Interest-bearing liabilities (current + non-current)$M | 3,435 | 673 | 146 | 112 | 84 |
Group summary as issued for each year. Liabilities in this table retain the negative sign used in the issuer summary.
Cash is shown positive even where the net-debt reconciliation uses a negative cash deduction. Interest-bearing liabilities include lease obligations; zero external bank debt is a narrower claim.
Source: Yancoal Australia annual reports; issuer annual extraction records.
Debt, cash and gearing
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total interest-bearing liabilities$M | 3,435 | 673 | 146 | 112 | 84 |
| Cash and cash equivalents | 1,495 | 2,699 | 1,397 | 2,461 | 2,127 |
| Net (cash) / debt$M | 1,940 | -2,026 | -1,251 | -2,349 | -2,043 |
Negative net debt denotes net cash. Cash is displayed positive; the debt reconciliation subtracts that cash amount.
Source: Yancoal Australia annual reports; issuer annual extraction records.
Consolidated balance sheet line items — recent two years
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Cash and cash equivalents | 2,461 | 2,127 |
| Trade and other receivables — current | 600 | 530 |
| Inventories | 419 | 489 |
| Total current assets | 3,540 | 3,218 |
| Property, plant and equipment | 3,909 | 4,283 |
| Mining tenements | 3,784 | 3,593 |
| Exploration and evaluation assets | 239 | 240 |
| Total non-current assets | 8,816 | 8,987 |
| Total assets | 12,356 | 12,205 |
| Trade and other payables — current | 975 | 1,084 |
| Interest-bearing liabilities — current | 37 | 43 |
| Provisions — current | 131 | 189 |
| Total current liabilities | 1,234 | 1,390 |
| Interest-bearing liabilities — non-current | 75 | 41 |
| Provisions — non-current | 1,400 | 1,408 |
| Total non-current liabilities | 1,805 | 1,782 |
| Total liabilities | 3,039 | 3,172 |
| Retained earnings | 2,787 | 2,458 |
| Total equity | 9,317 | 9,033 |
Both columns are from the FY2025 consolidated balance sheet, so its FY2024 comparative presentation is kept together. Earlier years appear in the comparable summary above.
Source: Yancoal Australia annual reports; issuer annual extraction records.
FINANCIAL REVIEW / 03
Cash generation, investment and shareholder distributions
Operating cash flow dropped sharply in FY2023 when the cash tax paid on FY2022 profits fell into that year. Cash spending on property, plant and equipment increased over the later years, while dividends were concentrated after the earnings peak.
The FY2025 financing outflow includes A$769 million of dividends paid and lease repayments. A later final dividend declared in February 2026 is outside 2025 cash payments.
Net cash from operations
$M
Net cash inflow from operating activities
AI-generated presentation · values from Consolidated cash flow; no missing values plotted as zero.
Cash dividends paid
$M
Payment of dividends
AI-generated presentation · values from Cash investment and selected financing uses; no missing values plotted as zero.
Consolidated cash flow
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash inflow from operating activities$M | 1,900 | 6,528 | 1,261 | 2,133 | 1,257 |
| Net cash outflow from investing activities$M | -306 | -298 | -596 | -687 | -744 |
| Net cash outflow from financing activities$M | -761 | -5,133 | -1,981 | -498 | -816 |
| Net increase / (decrease) in cash before FX$M | 833 | 1,097 | -1,316 | 948 | -303 |
| Effects of exchange rate changes on cash$M | 25 | 107 | 14 | 116 | -31 |
| Cash and cash equivalents at beginning of year$M | 637 | 1,495 | 2,699 | 1,397 | 2,461 |
| Cash and cash equivalents at end of year$M | 1,495 | 2,699 | 1,397 | 2,461 | 2,127 |
Operating, investing and financing lines are statutory cash flows, with outflows negative. Cash balances include the statement’s exchange-rate effect.
FY2023 operating cash flow includes the tax payment for FY2022 taxable income; a reported operating cash flow series is not equivalent to pre-tax cash generation.
Source: Yancoal Australia annual reports; issuer annual extraction records.
Cash investment and selected financing uses
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments for property, plant and equipment$M | -269 | -548 | -621 | -702 | -750 |
| Payments for capitalised exploration and evaluation$M | 0 (nil) | -2 | -1 | -3 | -1 |
| Payment of dividends$M | 0 (nil) | -1,626 | -1,413 | -429 | -769 |
| Payment of lease liabilities$M | -35 | -40 | -55 | -53 | -47 |
| Income tax paid (operating activities)$M | 0 (nil) | -70 | -2,123 | -660 | -285 |
Property, plant and equipment and capitalised exploration are investing cash payments, not issuer management capital expenditure; do not add those lines to the annual capex commentary without reconciling basis.
FY2021 income tax paid is the FY2021 comparative in the FY2022 consolidated cash-flow statement (R004930), where the issuer shows a dash for that line. It is not the FY2021 stamp-duty dash.
Dividend payments are cash settlement during the year, distinct from a final dividend declared after year end. Lease payment labels can differ between principal-only and total-payment presentations; the series is not charted.
Basis and presentation notes (3)
- Payments for capitalised exploration and evaluation / FY2021 — 0 (nil): Issuer statement shows a dash for this line and period.
- Payment of dividends / FY2021 — 0 (nil): Issuer statement shows a dash for this line and period.
- Income tax paid (operating activities) / FY2021 — 0 (nil): Issuer statement shows a dash for this line and period.
Source: Yancoal Australia annual reports; issuer annual extraction records.
FINANCIAL REVIEW / 04
Sales drivers, unit costs and production
The FY2022 realised coal price peak explains why ex-mine revenue surged despite lower volume. Through FY2025, volumes recovered while prices eased, making the price and volume rows more informative together than revenue alone.
Reported 100% production counts mine output before ownership adjustments. In FY2025 the issuer separately reported record attributable saleable production and a 3.75% additional Moolarben interest acquired in October.
Average ex-mine coal selling price
A$ / t
Total coal – average selling price
AI-generated presentation · values from Ex-mine coal sales, realised prices and revenue; no missing values plotted as zero.
Total ex-mine sales volume
Mt
Total coal – ex-mine sales volume
AI-generated presentation · values from Ex-mine coal sales, realised prices and revenue; no missing values plotted as zero.
Ex-mine coal sales, realised prices and revenue
Mixed units
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Thermal – average selling priceA$ / t | 134 | 372 | 211 | 160 | 136 |
| Thermal – sales volumeMt | 31.7 | 24.6 | 28.4 | 32.5 | 32 |
| Thermal – ex-mine revenueA$M | 4,246 | 9,139 | 5,986 | 5,214 | 4,346 |
| Metallurgical – average selling priceA$ / t | 180 | 405 | 356 | 276 | 203 |
| Metallurgical – sales volumeMt | 5.8 | 4.7 | 4.7 | 5.2 | 6.1 |
| Metallurgical – ex-mine revenueA$M | 1,044 | 1,908 | 1,684 | 1,433 | 1,230 |
| Total coal – average selling priceA$ / t | 141 | 378 | 232 | 176 | 146 |
| Total coal – ex-mine sales volumeMt | 37.5 | 29.3 | 33.1 | 37.7 | 38.1 |
| Total coal – ex-mine revenueA$M | 5,290 | 11,047 | 7,670 | 6,647 | 5,576 |
Ex-mine operating sales are not the consolidated statutory revenue line. Price is Australian dollars per tonne, sales volume million tonnes, and ex-mine revenue A$ million.
Rows use the same coal-type and ex-mine boundaries for each period; prices are issuer-reported averages rather than a calculation from rounded volume and revenue.
Source: Yancoal Australia annual reports; issuer annual extraction records.
Cash operating and production costs per ex-mine sales tonne
A$ per tonne
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash operating costs (excl. royalties, A$/t) | 66 | 95 | 96 | 93 | 94 |
| Royalties (A$/t) | 11 | 33 | 21 | 17 | 15 |
| Cash operating costs (incl. royalties, A$/t) | 77 | 128 | 117 | 110 | 109 |
| Depreciation & amortisation (A$/t) | 22 | 29 | 26 | 20 | 20 |
| Total production costs (A$/t, incl. royalties) | 99 | 157 | 143 | 130 | 129 |
| Total production costs (A$/t, excl. royalties) | 88 | 124 | 122 | 113 | 114 |
Non-IFRS per-tonne production cost presentation. This is per ex-mine sales tonne and differs from the issuer’s cash operating cost per saleable production tonne used in guidance commentary.
Do not combine the two denominators in one series.
Source: Yancoal Australia annual reports; issuer annual extraction records.
Group production on a 100% asset basis
Million tonnes
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Run-of-mine productionMt | 63.2 | 50.5 | 60.2 | 62.7 | 67 |
| Saleable productionMt | 48.5 | 38.9 | 43.6 | 47.8 | 50.8 |
Includes 100% of individual operations, including interests not fully owned by Yancoal. It is not attributable production.
Source: Yancoal Australia annual reports; issuer annual extraction records.
Saleable production by mine — 100% asset basis
Million tonnes
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Moolarben – Saleable production (Mt)Mt | 18.4 | 14.9 | 16.7 | 19 | 19.1 |
| MTW – Saleable production (Mt)Mt | 11.2 | 8.1 | 11.3 | 11.2 | 11.8 |
| HVO – Saleable production (Mt)Mt | 10.6 | 9.6 | 10.5 | 11.7 | 14.1 |
| Yarrabee – Saleable production (Mt)Mt | 2.6 | 2.1 | 1.9 | 2.2 | 2.7 |
| Ashton – Saleable production (Mt)Mt | 1.2 | 0.9 | 0.4 | 1.3 | 0.5 |
| Stratford Duralie – Saleable production (Mt)Mt | 0.8 | 0.7 | 0.6 | 0.1 | 0 (nil) |
| Middlemount – Saleable production (Mt)Mt | 3.7 | 2.6 | 2.2 | 2.3 | 2.6 |
100% mine basis. Middlemount is an equity-accounted joint venture; its tonnes must not be read as fully attributable to Yancoal.
FY2022 mine values use the FY2022 current-year extraction, replacing misselected comparative or alternate-basis draft values.
Basis and presentation notes (1)
- Stratford Duralie – Saleable production (Mt) / FY2025 — 0 (nil): Issuer statement shows a dash for this line and period.
Source: Yancoal Australia annual reports; issuer annual extraction records.
Attributable coal resource and reserve estimates
Million tonnes
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Measured, Indicated & Inferred Coal Resources (Yancoal attributable, Mt)Mt | 6,013 | 5,201 | 4,857 | 4,400 | 4,400 |
| Recoverable Proved & Probable Coal Reserves (Mt)Mt | 1,137 | 989 | 970 | 920 | 850 |
| Marketable Proved & Probable Coal Reserves (Mt)Mt | 819 | 731 | 720 | 680 | 640 |
Issuer-reported annual resource/reserve snapshots; categories and estimates are not production flows. Do not subtract annual production from these totals to infer discoveries or depletion.
Source: Yancoal Australia annual reports; issuer annual extraction records.
Reading the figures
- Selected annual extraction records carry a few inconsistent original versus comparative labels; this report explicitly uses the actual calendar-year value period and keeps each source record unchanged.
- FY2021 Operating revenue is A$5,535 million in the selected FY2021 annual extraction; the FY2022 report retrospectively states A$5,536 million. The original-year figure is displayed.
- Mine-level 100% production includes equity-accounted Middlemount and is not a measure of Yancoal-attributable tonnes.
- Capital expenditure commentary and investing cash payments use different definitions; only the latter is presented as a comparable five-year cash line.
Annual-report source registry
- Yancoal Australia Limited — Annual Report to shareholders (FY2021)Year ended 2021-12-31; document dated 2022-04-28.
- Yancoal Australia Limited — Annual Report to shareholders (FY2022)Year ended 2022-12-31; document dated 2023-04-26.
- Yancoal Australia Limited — Annual Report to shareholders (FY2023)Year ended 2023-12-31; document dated 2024-04-29.
- Yancoal Australia Limited — Annual Report to shareholders (FY2024)Year ended 2024-12-31; document dated 2025-04-24.
- Yancoal Australia Limited — Annual Report 2025 (FY2025)Year ended 2025-12-31; document dated 2026-04-23.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
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