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1兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Yanzhou Coal Mining Company Limited
Annual Results 2010
March 2011
2兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Part I Operation Review
Part II Major M&As
Part III Market Analysis
Part IV Operating Strategies
Part V Conclusion
3兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Part I Operation Review
Results Overview
Financial Information
Coal Business
Operation of Major Subsidiaries
4兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Results Overview
2010 2009Change
(%)
1. Coal business
(’000 tonnes)
Production
volume of saleable
coal
45,533 35,768 +27.30
Sales volume of
saleable coal49,634 38,017 +30.56
2. Coal chemical
business
(’000 tonnes )
Methanol
production367 199 +84.42
Methanol sales
volume376 190 +97.89
3. Net sales (RMB m) 33,944.3 20,677.1 +64.16
4. Net income (RMB m) 9,281.4 4,117.3 +125.42
5. EPS (RMB) 1.89 0.84 +125.42
5兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Financial Information
Unit: RMB m
As at
31 December 2010
As at
31 December 2009
Change
(%)
Cash at bank and on hand 9,339.0 11,739.1 -20.45
Note receivables & accounts
receivable10,017.3 4,723.9 +112.06
Inventory 1,646.1 886.4 +85.71
Bank loan 23,015.8 22,509.8 +2.25
Total assets 72,755.9 62,432.6 +16.54
Shareholders‟ equity 37,331.9 29,151.8 +28.06
Net asset value per share
(RMB)7.59 5.93 +28.06
Interest bearing gearing ratio 31.63% 36.05% -
6兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Unit:’000 tonnes
Production volume of saleable coal
Coal Business - Production and Sales Volumes
Unit:’000 tonnes
Sales volume of saleable coal
38,017
33,330
1,627 986 162,058
49,634
33,657
8,022
1,4981,079
5,378
Total The Headquarters
Yancoal Australia
Shanxi Neng Hua
Heze Neng Hua
Coal purchased f rom other companies
2009 2010
35,76833,130
1,605 1,00231
45,533
34,150
8,758
1,445 1,180
Total The Headquarters
Yancoal Australia
Shanxi Neng Hua
Heze Neng Hua
2009 2010
7兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Unit: RMB/tonne
Coal Business - Coal Price
2010 2009
Y-o-Y4Q
2010
3Q
2010
2Q
2010
1Q
2010Change
Change
(%)
The Headquarters 633.59 525.27 108.32 +20.62 655.05 622.31 631.62 623.72
• Domestic 633.55 525.02 108.53 +20.67 655.05 622.07 631.68 623.72
• Export 736.44 626.24 110.20 +17.60 — 883.97 531.00 —
Shanxi Neng Hua 382.00 293.52 88.48 +30.14 440.69 367.15 352.83 373.80
Heze Neng Hua 771.99 528.48 243.51 +46.08 803.90 781.00 728.25 752.44
Yancoal Australia 774.19 737.21 36.98 +5.02 797.10 868.33 780.56 589.27
8兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Coal Business - Cost of Coal Sold
Unit: RMB/tonne
2010 2009 Change Change
(%)
The Headquarters 258.87 260.30 -1.43 -0.55
Shanxi Neng Hua 249.59 253.79 -4.20 -1.65
Heze Neng Hua 659.68 2,309.39 -1,649.71 -71.43
Yancoal Australia 393.28 392.41 +0.97 +0.22
9兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Operation of Major Subsidiaries
Unit: RMB m
Company Equity Interests Projects Net Income
Yancoal Australia 100%Austar Coal Mine
2,663.5Felix Resources
Shanxi Neng Hua 100%
Tianchi Coal Mine
(81.83%)-62.6
100,000 tonnes
methanol (99.89%)
Yulin Neng Hua 100%600,000 tonnes
methanol-353.4
Heze Neng Hua 98.33%Zhaolou Coal Mine
-35.5Wanfu Coal Mine
Hua Ju Energy 95.14%Electrical power and
heat businesses108.6
10
Coal Sales Contract Signed in 2011
The Group’s coal sales plan in 2011 is 54 million tonnes
The Group has signed thermal coal sales contract of 8.995 million
tonnes in Shandong Province
Contract volume (‘000 tonne) Price (RMB/tonne)
2011 2010Change
% 2011 2010
Change
%
The Headquarters 8,995 10,010 -10.1 571.29 578.26 -1.2
- National key contracts 4,290 4,290 — 503.86 503.86 —
- Provincial key contracts 3,630 3,450 +5.2 630.63 630.63 —
- Additional contracts 1,075 2,270 -52.6 640.00 640.00 —
Yancoal Australia
(1Q contract)2,660
8,020
whole
year
— 133.40
118.19
whole
year
—
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
11
Part II Major M&As
Acquisition of 51% equity interests in Haosheng Coal Mining
Company
Acquisition of Anyuan Coal Mine
Acquisition of mining rights of Zhuan Longwan Coal Mine Zone
Established JV Shaanxi Future Energy Chemical Corp. Ltd.
Acquisition of equity interests in Ashton Mining and disposal of
51% interests in Minerva Coal Mine
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
12
Acquisition of 51% Equity Interests in Haosheng
Acquisitor :Yanzhou Coal
Consideration: RMB6.7 billion
Project overview:
Name of coal field Shilawusu Coal Field
Shareholding 51%
Mine type Underground Mine
Major coal type Premium thermal coal (7,000 Kcal/kg)
Resource volume 1,644 million tonnes
Planned capacity 10 million tonnes per annum
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Haosheng is in the progress of mining exploration
approval application
13
Acquisition of Anyuan Coal Mine
Acquisitor: Yanzhou Coal Ordos Neng Hua Company Ltd
Consideration : RMB1.435 billion
Project overview:
Mine type Underground Mine
Coal type Thermal coal
Resource volume 40.51 million tonnes
Extractable reserves 20.47 million tonnes
Raw coal design
capacity1.2 million tonnes per annum
Markets Shandong, Henan and Hebei, etc.
Transportation By truck
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
14
Acquisition of Mining Rights of Zhuan Longwan Coal Mine Zone
Acquisitor : Yanzhou Coal Ordos Neng Hua Company Ltd
Consideration : RMB 7.8 billion
Project overview:
Name of coal field Zhuanlongwan Coal Mine Zone
Mine type Underground Mine
Major mine type Thermal coal
Resource volume 548 million tonnes
Planned capacity 5 million tonnes per annum
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
15
Established JV Shaanxi Future Energy Corp. Ltd.
1. Coal to oil project Diesel, Naphtha, LPG
2. Jinjitan Coal Mine
Resource volume 1,343 million tonnes
Extractable reserves 1,010 million tonnes
Coal type Thermal coal
Mine type Inclined shaft
Planned capacity 8 million tonnes per annum
Project background: To enhance profitability and realize share
reform commitment
Investment amount: RMB1.35 billion for a shareholding of 25%
Project overview:
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
16
Acquisition of Equity Interests in Ashton Mining and
Disposal of 51% Interests in Minerva Coal Mine
Transaction background
Other JV partners of Ashton Mining and Minerva Coal Mine
possess “Pre-emptive rights”
IMC Group and Sojitz adhered to the exercise of the above rights
Transaction details:
Agreement Consideration
Corresponding
Resource
volume
Corresponding
Extractable
reserves
Corresponding
Annual
production
capacity of
saleable coal
Coal type
Acquired 30%
interests of
Ashton Mining
USD250 million 132 million tonnes 29 million tonnes 0.9 million tonnesSemi-soft
coking coal
Disposal of 51%
interests of
Minerva Coal
Mine
AUD201
million39 million tonnes 12 million tonnes 1.4 million tonnes
Thermal
coal
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
17
Part III Market Analysis
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Coal Market Analysis
▲ Domestic Coal Market Analysis
▲ International Coal Market Analysis
Domestic Methanol Market Analysis
18
As at 30 Dec
RMB785
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Domestic Coal Market Analysis (I)
— 2010 domestic coal market overview
Supply and demand: basically in balance
(Unit: m tonne) 2010 2009 Change
Raw coal production 3,240 2,950 +9.83%
Salable coal sales 2,934 2,631 +11.52%
Net import 147 104 +41.35%
Year-end national coal
inventory206 171.5 +20.12%
Unit: m tonne
Coal price maintained at high levelShanxi Quality Mixed Coal Price in Qinhuangdao
(2010)
650
700
750
800
850
1-4 4-4 7-3 10-1 12-30
RMB per tonne
19兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Domestic Coal Market Analysis (II)
— 2011 domestic coal market outlook
Relatively tight balance in demand and supply
Increasing coal price
Anticipation of
intensified inflation
Coal Price
Regional imbalance of
demand and supply
Stable economic
growth
Elimination of industry
players lagged behind
via market consolidation
20
Coal Price in Australia
(2010)
0.95
1.05
1.15
1.25
1.35
1-7 2-26 4-17 6-6 7-26 9-14 11-3 12-23
The Australia BJ Spot
Price of Thermal Coal
CIF of Australia Coking Coal
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
As at 23 Dec
USD119.18 per tonne
As at 27 Dec
USD1,730 per tonne
International Coal Market Analysis (I)
— 2010 international coal market overviewStable increase in supply and rapid rebound in demand
Increasing coal price
Million
tonnes
Major exporting countries Major importing countries
Australia IndonesiaChina
(Net import)Japan Korea India
2010 301 291 147 185 106 86
2009 273 233 104 162 93 75
YoY (%) +10.3% +24.9% +30.9% +14.2% +14.0% +14.7%
21
Japan and Australia Contracted Coking Coal Price
200.0
207.5
215.0
222.5
230.0
2Q 2010 3Q 2010 4Q 2010 1Q 2011
USD per tonne
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Contracted coal price
in 1Q2011:
USD225 per tonne
International Coal Market Analysis (II)
—— 2011 international coal market outlook
Relatively tight supply and demand
Coal price may hit new height
Contracted coal price:
22
7,623
10,76411,263 11,330
15,740
8,560
11,050
12,330
16,610
20,920
4,000
8,500
13,000
17,500
22,000
2006 2007 2008 2009 2010
Production volume Consumption volume
„000 tonnes
RMB3,520 per tonne
RMB2,080 per tonne
RMB3,350 per tonne
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Domestic Methanol Market Analysis (I)
—2010 domestic methanol market overview
RMB/ tonne
23兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Domestic Methanol Market Analysis (II)
—— 2011 domestic methanol market outlook
Production capacity continues to exceed demand
Import of methanol remains at high level
Demand on a rising trend
Prudent yet optimistic outlook about methanol price
24兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Part IV Operating Strategies
12th Five-Year Plan
Development Focus of 2011
25兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Operating Strategies (I)
—— 12th Five-Year Plan
Objective: Achieving three-fold growth
◆ Triple production volume of coal to 150 million tonnes
◆ Triple sales income to over RMB100 billion
Implementation strategy: Two steps to complete the
Five-Year Plan
◆ To implement the plan in two phases, with the first
three years as the first phase and the latter two the
second phase
26
Adhere to the combined adoption of
production operation and capital operation
兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Enhance the establishment of
management system
Accelerate the development and
construction of existing projects
Strengthen existing operation
management for coal production
Operating Strategies (II)
—— Development Focus of 2011
27兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Part V Conclusion
Achieved historic breakthrough in production volume
and results in 2010
Increasing domestic and international coal prices in
2011
Triple production volume and sales income according
to 12th Five-year Plan
Strive for delivering satisfactory results in 2011
28兖 州 煤 业 股 份 有 限 公 司Yanzhou Coal Mining Company Limited
Thank you