Professional Documents
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Hallador Model V1
Hallador Model V1
Hallador Model V1
Note 1
Note 2
Note 3
Note 4
Note 5
FY2011
FY2012
3307
$41.73
###
3006
$43.70
###
$1,900.00
$10,653.00
$4,236.00
$304.00
$2,748.00
$405.00
$12,958.00
$459.00
$7,747.00
$5,476.00
$922.00
$6,398.00
$2,039.00
$167.00
$2,206.00
$157,354.00
$138,403.00
$141,323.00
$132,133.00
$77,094.00
$80,260.00
$61,309.00
$79,739.00
$61,584.00
$52,394.00
Other Income
MSHA Reimbursements (Note 2)
Coal Storage Fees
Sale of Land or O/G Properties
Liability Extiguishment (Note 3)
Misc
Total Other Income
Equity Income
Savoy
Sunrise Energy
Total Equity Income
Note 6
Note 7
Note 8
Note 9
Note 10
$14,096.00
$1,132.00
$16,028.00
$2,453.00
$7,004.00
$22,232.00
$7,532.00
$26,013.00
EBIT Comprehensive
EBIT Operating
$58,028.00
$39,077.00
$35,571.00
$26,381.00
Finance Income/Expenses
Interest
EBT Comprehensive
EBT Operating
$1,288.00
$56,740.00
$37,789.00
$1,096.00
$34,475.00
$25,285.00
Taxes
Current
Deferred
$7,266.00
$136.65
$7,402.65
13.05%
$5,905.00
$4,763.00
$10,668.00
30.94%
$49,337.35
$30,386.35
$33,978.77
$23,807.00
$14,617.00
$18,217.62
28,135.00
28,694.00
28,331.00
28,843.00
Basic EPS
Comprehensive
Operating
$1.75
$1.08
$0.84
$0.52
Diluted
Comprehensive
Operating
$1.72
$1.06
$0.83
$0.51
55.87%
5.08%
10.21%
0.82%
1.38%
13.05%
60.70%
5.73%
12.20%
1.87%
3.22%
30.94%
FY2011
$137,998.00
FY2012
$131,370.00
(4.80%)
$77,094.00
$7,004.00
$79,739.00
$7,532.00
Presentation Model
Income Statement
Revenue
% Growth
Cost of Sales
SG&A
Coal Exploration
Other Income (expenses)
Mining Operation EBITDA
$1,132.00
$405.00
$53,173.00
$2,453.00
$763.00
$42,409.00
$5,476.00
$922.00
$10,653.00
$17,051.00
$2,039.00
$167.00
$2,748.00
$4,954.00
$1,900.00
$4,236.00
EBITDA
DD&A
EBIT
$72,124.00
$14,096.00
$58,028.00
$51,599.00
$16,028.00
$35,571.00
($1,288.00)
$7,402.65
13.05%
$49,337.35
$1.75
($1,096.00)
$10,668.00
30.94%
$23,807.00
$0.84
NOPLAT
NOPLAT Earnings Per Ordinary Share
$33,978.77
$1.21
$18,217.62
$0.64
FY2013
FY2014
FY2015
FY2016
FY2017
3188
$43.11
###
5398
$43.33
###
9,341
$44.68
$417,355.88
10,200
$40.00
###
10,200
$40.00
###
$3,672.00
$1,238.00
$6,260.34
$6,120.00
$6,120.00
$383.00
$4,300.00
$768.00
$9,978.00
$1,366.00
$1,749.00
$6,260.34
$6,120.00
$6,120.00
$5,827.00
$629.00
$6,456.00
$5,272.00
$248.00
$5,520.00
$0.00
$0.00
$0.00
$153,870.00
$139,442.00
$241,171.00
$235,651.00
$423,616.22
$417,355.88
$414,120.00
$408,000.00
$414,120.00
$408,000.00
$94,111.00
$59,759.00
$45,331.00
$169,691.00
$71,480.00
$65,960.00
$292,149.12
$131,467.10
$125,206.76
$285,600.00
###
###
$285,600.00
###
###
$18,585.00
$2,360.00
$52,169.49
$6,260.34
$51,000.00
$6,120.00
$51,000.00
$6,120.00
$7,669.00
$28,614.00
$29,262.00
$2,362.00
$8,057.00
$12,039.00
$51,720.00
$22,954.57
$81,384.40
$22,440.00
$79,560.00
$22,440.00
$79,560.00
$31,145.00
$16,717.00
$19,760.00
$14,240.00
$50,082.71
$43,822.37
$48,960.00
$42,840.00
$48,960.00
$42,840.00
$1,547.00
$29,598.00
$15,170.00
$9,059.00
$10,701.00
$5,181.00
$50,082.71
$43,822.37
$48,960.00
$42,840.00
$48,960.00
$42,840.00
($266.00)
$7,441.00
$7,175.00
24.24%
$2,205.00
($1,723.00)
$482.00
4.50%
$12,520.68
$12,240.00
$12,240.00
$12,520.68
25.00%
$12,240.00
25.00%
$12,240.00
25.00%
$22,423.00
$7,995.00
$12,664.55
$10,219.00
$4,699.00
$13,598.59
$37,562.03
$31,301.69
$32,866.78
$36,720.00
$30,600.00
$32,130.00
$36,720.00
$30,600.00
$32,130.00
28,595.00
28,906.00
28,776.00
28,776.00
28,776.00
28,776.00
28,776.00
28,776.00
28,776.00
28,776.00
$0.78
$0.28
$0.36
$0.16
$1.31
$1.09
$1.28
$1.06
$1.28
$1.06
$0.78
$0.28
$0.36
$0.16
$1.31
$1.09
$1.28
$1.06
$1.28
$1.06
68.48%
5.58%
13.52%
1.72%
2.67%
24.24%
72.55%
5.15%
12.51%
1.01%
4.50%
70.00%
5.50%
12.50%
1.50%
1.50%
25.00%
70.00%
5.50%
12.50%
1.50%
1.50%
25.00%
70.00%
5.50%
12.50%
1.50%
1.50%
25.00%
FY2013
$137,436.00
4.62%
FY2014
$233,902.00
70.19%
FY2015
$417,355.88
78.43%
FY2016
$408,000.00
(2.24%)
FY2017
$408,000.00
0.00%
$94,111.00
$7,669.00
$169,691.00
$12,039.00
$292,149.12
$22,954.57
$285,600.00
$22,440.00
$285,600.00
$22,440.00
$2,360.00
$2,006.00
$35,302.00
$2,362.00
$1,749.00
$51,559.00
$6,260.34
$0.00
$95,991.85
$6,120.00
$0.00
$93,840.00
$6,120.00
$0.00
$93,840.00
$5,827.00
$629.00
$0.00
$6,456.00
$5,272.00
$248.00
($8,057.00)
($2,537.00)
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$7,972.00
$0.00
$6,260.34
$6,120.00
$6,120.00
$49,730.00
$18,585.00
$31,145.00
$49,022.00
$29,262.00
$19,760.00
$102,252.19
$52,169.49
$50,082.71
$99,960.00
$51,000.00
$48,960.00
$99,960.00
$51,000.00
$48,960.00
($1,547.00)
$7,175.00
24.24%
$22,423.00
$0.78
($9,059.00)
$482.00
4.50%
$10,219.00
$0.36
$0.00
$12,520.68
25.00%
$37,562.03
$1.31
$0.00
$12,240.00
25.00%
$36,720.00
$1.28
$0.00
$12,240.00
25.00%
$36,720.00
$1.28
$12,664.55
$0.44
$13,598.59
$0.47
$32,866.78
$1.14
$32,130.00
$1.12
$32,130.00
$1.12
FY2018
FY2019
10,200
$40.00
###
10,200
$40.00
###
$6,120.00
$6,120.00
$6,120.00
$6,120.00
$0.00
$0.00
$414,120.00
$408,000.00
$414,120.00
$408,000.00
Notes
Note 1 Price Per Ton
2014
Tons
Coal Sales
Price/Ton
2013
Tons
Coal Sales
Price/Ton
2012
Tons
Coal Sales
Price/Ton
2011
Tons
Coal Sales
Price/Ton
Note 2 Reserve Table - Controlled Tons (in millions)
$285,600.00
###
###
$285,600.00
###
###
$51,000.00
$6,120.00
$51,000.00
$6,120.00
$22,440.00
$79,560.00
$22,440.00
$79,560.00
$48,960.00
$42,840.00
$48,960.00
$42,840.00
$48,960.00
$42,840.00
$48,960.00
$42,840.00
Annual Capacity
Carlisle (Assigned)
Ace in the Hole (Assigned)
Oaktown 1 (Assigned)
Oaktown 2 (Assigned)**
War Eagle (Unassigned)
Bulldog (unassigned)
Total
$12,240.00
$12,240.00
$12,240.00
25.00%
$12,240.00
25.00%
$36,720.00
$30,600.00
$32,130.00
$36,720.00
$30,600.00
$32,130.00
Forecast Pricing
2015 Assumptions
2016-2019 Assumptions
28,776.00
28,776.00
$1.28
$1.06
$1.28
$1.06
$1.28
$1.06
$1.28
$1.06
70.00%
5.50%
12.50%
1.50%
1.50%
25.00%
70.00%
5.50%
12.50%
1.50%
1.50%
25.00%
Note 7 COGS
2014
COGS
Cogs/Ton
2013
COGS
Cogs/Ton
2012
COGS
Cogs/Ton
2011
Cost/Ton
Cogs/Ton
Note 8 Gross Profit Margin Per Ton of Coal Excluding Other
2014
Total Margin
Margin/Ton
2013
Total Margin
Margin/Ton
FY2018
$408,000.00
0.00%
FY2019
$408,000.00
0.00%
$285,600.00
$22,440.00
$285,600.00
$22,440.00
2012
Total Margin
Margin/Ton
2012
$6,120.00
$0.00
$93,840.00
$6,120.00
$0.00
$93,840.00
Total Margin
Margin/Ton
Note 9 Post acquistion closing adjustment
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$6,120.00
$6,120.00
$99,960.00
$51,000.00
$48,960.00
$99,960.00
$51,000.00
$48,960.00
$0.00
$12,240.00
25.00%
$36,720.00
$1.28
$0.00
$12,240.00
25.00%
$36,720.00
$1.28
$32,130.00
$1.12
$32,130.00
$1.12
Note 10Interest
1st Qtr
776
$33,016.00
$42.55
2nd Qtr
847
$36,130.00
$42.66
3rd Qtr
1500
$64,764.00
$43.18
4th Qtr
2275
$99,992.00
$43.95
Total
5398
$233,902.00
$43.33
1st Qtr
840
$33,995.00
$40.47
2nd Qtr
774
$34,149.00
$44.12
3rd Qtr
817
$34,985.00
$42.82
4th Qtr
757
$34,307.00
$45.32
Total
3188
$137,436.00
$43.11
1st Qtr
701
$29,620.00
$42.25
2nd Qtr
743
$32,487.00
$43.72
3rd Qtr
810
$36,152.00
$44.63
4th Qtr
752
$33,111.00
$44.03
Total
3006
$131,370.00
$43.70
1st Qtr
816
$33,965.00
$41.62
2nd Qtr
765
$32,136.00
$42.01
3rd Qtr
805
$34,174.00
$42.45
4th Qtr
921
$37,723.00
$40.96
Total
3307
$137,998.00
$41.73
2014
Proven
43.7
2.7
30.3
47.6
2014
Probable
9.5
2014
Total
53.2
2.7
44.4
62.9
2013
Proven
33.5
3.1
10.2
19.6
143.9
14.1
15.3
16.2
55.1
35.8
199
27.7
19.6
83.9
l to Duke Energy, Hoosier Energy, Indianapolis Power and Light, Northern Indiance Public Services,
Priced Tones
Avg. Price/Ton Committed Tons
Total Tons
9,341
$44.68
9,341
3,369
$44.03
1,000
4,369
1,450
$44.39
1,480
2,930
2,480
2,480
2,480
2,480
10,440
10,440
14,160
$44.50
17,880
32,040
ents: Certain coal contracts allow for the company to pass certain costs from changes in cost of complying with
as related to costs incurred in 2010, submitted to customers in 2011, paid in 2012.
was related to costs incurred in 2011, submitted in October 2012. MD&A states they expect this timeline for reiu
mit for 2012 but due to Vectran acqusition submition was delayed until 2015
ment: During 2013 2Qtr company extinguished a $4.3 million liability that was recoreed during 2006 arising from
al Storage Fees+Miscellaneous
1st Qtr
$23,158.00
$29.84
2nd Qtr
$26,209.00
$30.94
3rd Qtr
$52,957.00
$35.30
4th Qtr
$67,367.00
$29.61
Total
$169,691.00
$31.44
1st Qtr
$23,601.00
$28.10
2nd Qtr
$22,508.00
$29.08
3rd Qtr
$23,800.00
$29.13
4th Qtr
$24,202.00
$31.97
Total
$94,111.00
$29.52
1st Qtr
$18,433.00
$26.30
2nd Qtr
$18,816.00
$25.32
3rd Qtr
$20,745.00
$25.61
4th Qtr
$21,745.00
$28.92
Total
$79,739.00
$26.53
1st Qtr
$18,708.00
$22.93
2nd Qtr
$17,902.00
$23.40
3rd Qtr
$19,355.00
$24.04
4th Qtr
$21,129.00
$22.94
Total
$77,094.00
$23.31
Per Ton of Coal Excluding Other Revenue - See Calculation below based on reported 10K information, note differ
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
$9,858.00
$9,921.00
$11,807.00
$32,625.00
$64,211.00
$12.70
$11.71
$7.87
$14.34
$11.90
1st Qtr
$10,394.00
$12.37
2nd Qtr
$11,641.00
$15.04
3rd Qtr
$11,185.00
$13.69
4th Qtr
$10,105.00
$13.35
Total
$43,325.00
$13.59
1st Qtr
$11,187.00
$15.96
2nd Qtr
$13,671.00
$18.40
3rd Qtr
$15,407.00
$19.02
4th Qtr
$11,366.00
$15.11
Total
$51,631.00
$17.18
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
$15,257.00
$18.70
ng adjustment
$14,234.00
$18.61
$14,819.00
$18.41
$16,594.00
$18.02
$60,904.00
$18.42
2013
Probable
8.6
2013
Total
42.1
3.1
15.4
16.2
40.2
43.1
35.8
124.1
77%
$11.90
PV of Total Mine Future G
nce Public Services, Vectren and three Florida Utilites. Management believes that Florida Sales are
between 10.2 and contracted at pricing based on coal pricing model (See CoalPricing Tab)
cost of complying with MSHA or other government agencies, recognived only after customer accepts changes
uring 2006 arising from the purchase of Sunrise, related to a terminiated Coal Contract, no Cash Flow Impact.
10%
10%
Discounted
2019-D
NAV (D-10%) NAV (D-10%)
$267.96
$192.57
$31.56
$29.18
$206.03
$186.73
$293.36
$186.73
12.40
11.19
$146.31
PV of Total Mine Future Gross Profit:
$945.21
Through 2019:
$595.21
s that Florida Sales are repersentative of a trend of ILB coal replacing CAPP coal.
PP coal.
2
Hallador Income Statement Model
Note 2
FY2011
37542
6689
1863
0
2600
137707
66614
-42493
161828
0
6294
15430
232246
Accounts payable
Accrued expenses & def rev. (current & non-current)
Revolver
CPLTD
Income Taxes
Other current liabilities
Long term debt
Deferred Income Taxes
Other non-current liabilities
Total liabilities
10411
0
17500
0
5125
60
0
31100
7239
71435
86267
74685
41
160993
FY2012
FY2013
21888
8127
2342
2506
154271
71046
-58479
166838
0
11307
16199
229207
9386
0
11400
0
1660
0
0
35884
8868
67198
86861
75118
30
162009
FY2014
FY2015
FY2016
FY2017
FY2018
FY2019
Capital Structure
CPLTD
LT Debt
Total Debt
FY2011
$17,500
$0
$17,500
FY2012
$0
$11,400
$11,400
FY2013
$0
$16,000
$16,000
Common
Retained Earnings
Treasury Stock & Other
Total Equity
$86,267
$74,685
$41
$160,993
$86,861
$75,118
$30
$162,009
$88,159
$93,582
$379
$182,120
Total Capital
Debt %
Equity %
$178,493
9.80%
90.20%
$173,409
6.57%
93.43%
$198,120
8.08%
91.92%
Covenants
$0.00 $165,000.00 $165,000.00
$0.00
$11.40
$16.00
Leverage Ratio
LIBOR
< 1X
0.16%
> 1X and <1.5X
0.16%
> 1.5X and <2X
0.16%
> 2X and <2.5X
0.16%
>2.5X
0.16%
Covenants
Leverage Ratio
< 1X
> 1X and <1.5X
> 1.5X and <2X
> 2X and <2.5X
>2.5X
LIBOR
0.16%
0.16%
0.16%
0.16%
0.16%
FY2014
$21,875
$284,470
$306,345
FY2015E
FY2016E
FY2017E
FY2018E
FY2019E
$90,507
$99,003
$365
$189,875
$496,220
61.74%
38.26%
FY2014
FY2015E
FY2016E
FY2017E
FY2018E
FY2019E
$250,000.00 $250,000.00 $250,000.00 $250,000.00 $250,000.00 $250,000.00
$145,000.00 $145,000.00 $145,000.00 $145,000.00 $145,000.00 $145,000.00
$3,494.50
$3,857.00
$4,219.50
$4,582.00
$5,307.00
$3,494.50
$3,857.00
$4,219.50
$4,582.00
$5,307.00
$3,494.50
$3,857.00
$4,219.50
$4,582.00
$5,307.00
$3,494.50
$3,857.00
$4,219.50
$4,582.00
$5,307.00
FY2014
FY2015E
FY2016E
FY2017E
10%
15%
15%
20%
$161,000.00 $144,900.00 $123,165.00 $104,690.25
$16,100.00
$21,735.00
$18,474.75
$20,938.05
FY2018E
20%
$83,752.20
$16,750.44
FY2019E
Ballon
$67,001.76
$67,001.76
$2,018.43
$2,227.81
$2,437.19
$2,646.57
$3,065.33
$1,614.74
$1,782.25
$1,949.75
$2,117.26
$2,452.26
$3,880.10
$4,282.60
$4,685.10
$5,087.60
$5,892.60
$3,494.50
$3,857.00
$4,219.50
$4,582.00
$5,307.00
$3,492.09
$3,854.34
$4,216.59
$4,578.84
$5,303.34
$3,494.50
$3,857.00
$4,219.50
$4,582.00
$5,307.00
$2,968.28
$3,276.19
$3,584.10
$3,892.01
$4,507.84
$2,523.04
$2,784.76
$3,046.49
$3,308.21
$3,831.66