Coronado finished the year in a very strong financial position. We delivered substantial increases in revenue, EBITDA and net profit and returned the balance sheet to a net cash position. These positive results have benefited from the recent high price environment, but also from the hard decisions taken in mid-2021 to restructure our debt arrangements as we completed a comprehensive $550 million refinancing package, which enhanced liquidity and provided a more flexible capital structure moving forward.
25.3 Mt
ROM production
16.0 Mt
Saleable production
16.4 Mt
Sales volume
$3,571.5 M
Revenue
$1,215.6 M
Adjusted EBITDA
$771.7 M
Reported net income after tax
US $141.3
Operating costs per tonne sold
US $265.8
Group realised metallurgical coal price
$92.1 M
Net cash (debt)
Group sales mix (revenue)
Group export ratio (sales volume)
Metallurgical coal realised price (US$/t)
Mining cost per tonne sold ($/t)
For the year ended 31 December 2022
| Item | Unit | 2022 | 2021 | %Change |
|---|---|---|---|---|
| ROM production | Mt | 25.3 | 26.4 | -4.1% |
| Saleable production | Mt | 16.0 | 17.4 | -7.2% |
| Sales volume | Mt | 16.4 | 17.8 | -7.7% |
| Metallurgical coal sales | % | 77.2 | 81.4 | -4.2% |
| Group realised metallurgical coal price | US$ | 265.8 | 138.0 | 92.6% |
| Operating costs per tonne sold | US$ | 141.3 | 92.1 | 53.4% |
| Mining costs per tonne sold | US$ | 88.4 | 65.7 | 34.6% |
| Revenue | US$ | 3,571.5 | 2,148.5 | 66.2% |
| Total costs and expenses | US$ | 2,525.3 | 1,846.1 | 36.8% |
| Reported net (loss) income after tax | US$ | 771.7 | 189.4 | 307.4% |
| Depreciation and amortisation | US$ | 167.0 | 177.9 | -6.1% |
| Interest expense (net of income) | US$ | 67.6 | 68.1 | -0.6% |
| Other foreign exchange losses (gain) | US$ | -32.2 | 7.0 | -557.6% |
| Income tax (benefit) expense | US$ | 231.6 | 53.1 | 336.1% |
| Impairment of assets | US$ | 0.0 | 0.0 | 0.0 |
| Loss on debt extinguishment | US$ | 5.3 | 8.5 | -37.1% |
| Losses on idled assets held for sale | US$ | 0.8 | 2.7 | -71.8% |
| Gain on disposal of assets held for sale | US$ | 0.0 | -14.8 | -100.0% |
| (Decrease)/increase in provision for discounting and credit losses | US$ | 3.8 | -8.0 | -147.5% |
| Adjusted EBITDA | US$ | 1,215.6 | 486.1 | 150.1% |
| Net cash from operating activities | US$ | 926.6 | 442.0 | 109.6% |
| Net cash/(debt) | US$ | 92.1 | 122.9 | -25.1% |
| Effective tax rate | % | 23.1 | 21.9 | 1.2% |
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1 All volumes are quoted in metric tonnes
Adjusted EBITDA
Saleable production
Sales volume
Capital expenditure
Revenue
Cashflow
Adjusted EBITDA
Saleable production
Sales volume
Capital expenditure
Revenue
Cashflow
Some numerical figures in the document have been subject to rounding adjustments. Accordingly, numerical figures shown as totals may not equal the sum of the figures that follow them.
Seaborne met coal demand (Mmt)
Global seaborne metallurgical coal demand is forecast to grow 48% to 446 million tonnes by 2050, led primarily by blast furnace steel production in India. India steel growth is projected to increase by 218% to 392 million tonnes by 2050.
Seaborne met coal supply (Mmt)
India’s seaborne metallurgcial coal demand is forecasted to grow 195% to 186 million tonnes by 2050. Coronado is well positioned as India remains one of Coronado’s largest export markets.
Notes: Data sourced from Wood Mackenzie July 2022 Coal Market Metallurgical Trade Long-term Outlook to 2050; Mmt = Million metric tonnes. Rounding has been applied.
Annual forecast GDP growth percentage(1)
Global seaborne metallurgical coal supply is forecast to match demand with Australia expected to continue to be the dominant seaborne producer. Australian supply is forecasted to increase from 171 million tonnes in 2022 to 271 million tonnes in 2050. Production growth is expected to be supported by a combination of brownfield expansion and greenfield development.
India total crude steel production (Mmt)(2)
Seaborne metallurgical coal supply growth is critical to meeting steel demand expectations and is likely to be impacted by three core issues:(1) access to financing for greenfield developments, (2) permitting of projects, (3) need for high-quality steel for infrastructure (including renewable energy infrastructure)
Notes: (1) Data sourced from Wood Mackenzie January 2023 GDP Forecasts. (2) Data sourced from Wood Mackenzie July 2022 Coal Market Service Mettalurgical Trade Long-term Outlook; Mmt = Million metric tonnes. Rounding has been applied.
About Coronado
Coronado Global Resources Inc. (ASX:CRN) is a leading international producer of high-quality metallurgical coal (met coal), which is an essential element in the production of steel.
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FY22 full year results
Coronado finished the year in a very strong financial position. We delivered substantial increases in revenue, EBITDA and net profit and returned the balance sheet to a net cash position.
ASX announcements
CARE values
At Coronado, we care for ourselves, our co-workers and our company and that means we always work safely. The safety of people in our work locations will always come first.
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Operational overview
Our operations lie in two of the largest and most productive metallurgical coal basins in the world: (1) the Bowen Basin in Queensland, Australia, and (2) the Central Appalachian region in the United States.
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Steel starts here
Our motto represents the fact that the met coal we deliver to our customers is an essential element in the production of steel.
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Sustainability
At Coronado, we are committed to creating a sustainable future by (1) operating safely and supporting the health and wellbeing of our people, (2) respecting and protecting the environment...
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Total economic contribution
We work closely with local community organisations. We reach out to local councils, schools and colleges, sporting clubs and youth associations...
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Board of directors
Coronado’s management team has over 100 years of combined experience in all aspects of the coal value chain, from the discovery of resources, through to development, production, and marketing.
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Read our 2022 sustainability report
Coronado Global Resources Inc. (ASX:CRN) is a leading international producer of high-quality metallurgical coal (met coal), which is an essential element in the
production of steel ...
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