Peabody Energy Announces Results For The Year Ended December 31, 2012
Peabody Energy Announces Results For The Year Ended December 31, 2012
- Peabody delivers record 2012 safety results, revenues, Adjusted U.S. EBITDA
and Australian sales volume
- 2012 revenues of $8.1 billion lead to Adjusted EBITDA of $1.84 billion
- Diluted Loss Per Share from Continuing Operations totals ($1.80), including
$3.88 per share of asset impairments, mine closure costs and tax charges
- Operating cash flows of $1.52 billion enable 2012 debt repayment of $416
million and ending cash position of $559 million
- Targeting 2013 capital expenditures of $450 to $550 million, approximately
50% below 2012 levels
PR Newswire
ST. LOUIS, Jan. 29, 2013
ST. LOUIS, Jan. 29, 2013 /PRNewswire/ -- Peabody Energy (NYSE: BTU) today
reported record full year 2012 revenues of $8.08 billion, leading to Adjusted
EBITDA of $1.84 billion. The company achieved notable accomplishments in
2012, including record Adjusted EBITDA from U.S. mining operations and the
highest Australia volumes to date.
"Peabody generated solid 2012 operating performance, as record U.S. margins,
rising Australian volumes and aggressive cost containment helped offset the
significant impact of lower seaborne coal pricing," said Peabody Energy
Chairman and Chief Executive Officer Gregory H. Boyce. "Our results and
forward targets reflect the continued challenging market conditions we have
seen. We enter 2013 with a highly contracted U.S. portfolio and growing
Australian volumes as we position the company to benefit when markets
recover."
2012 Loss from Continuing Operations totaled ($470.9 million), or ($1.80) per
diluted share. Results include charges of $3.88 per share in after-tax asset
impairment and mine closure costs, tax charges that primarily relate to
valuation allowances against income tax assets, and remeasurement expense on
foreign tax accounts.
Peabody has modified its definitions of Adjusted EBITDA, Adjusted (Loss)
Income from Continuing Operations and Adjusted Diluted EPS, and the
definitions are available at the end of the release.
RESULTS FROM PEABODY CONTINUING OPERATIONS
2012 revenues increased 2 percent to a record $8.08 billion, driven by
increased Australian volume and higher realized pricing in the United States.
Sales volumes were in line with the prior year at 248.5 million tons as higher
Australian shipments offset a reduction in U.S. volumes.
Australian revenues rose 14 percent, led by a 30 percent increase in shipments
that partly offset weaker market pricing. Australia sales totaled 33.0
million tons, including 14.1 million tons of metallurgical coal and 12.2
million tons of seaborne thermal coal. Volumes benefitted from expanded
production at the Wilpinjong and Millennium mines and a full year of output at
the acquired Peabody Energy Australia PCI operations. U.S. revenues increased
1 percent as higher realized prices more than offset a decline of 10 million
tons due to lower customer demand.
2012 Adjusted EBITDA totaled $1.84 billion compared with $2.12 billion in
2011. U.S. Mining Adjusted EBITDA rose 8 percent to $1.26 billion, driven by
expanded margins in the Midwestern and Western regions on higher realized
pricing and cost containment in the face of lower volumes. Australian Mining
Adjusted EBITDA of $938.9 million was impacted by $430 million related to
lower pricing, partly offset by higher production. Peabody's focus on cost
control allowed the company to hold 2012 operating costs per ton increases to
4 percent in the United States and Australia. Trading and Brokerage Adjusted
EBITDA totaled $119.7 million compared with $197.0 million in the prior year.
Results were impacted by lower margins on export volumes and reduced
mark-to-market earnings.
Peabody recorded pre-tax asset impairment charges totaling $884.0 million
related to certain Australian operations and other non-core assets. The
company also recorded $45.0 million in charges associated with the previously
announced closure of the Willow Lake Mine in the United States. Adjusted
Income from Continuing Operations excludes these charges, totaling $2.61 per
share after tax, but includes tax charges totaling $335.1 million, or $1.24
per share, which primarily reflect valuation allowances for the estimated
realization of net operating loss carryforwards in Australia.
Summary of Adjusted Diluted EPS (Unaudited)
Quarter Ended Year Ended
Dec. Dec. Dec. Dec.
2012 2011 2012 2011
Diluted EPS - (Loss) Income
from $ $ $ $
Continuing Operations ^(1) (3.73) 0.92 (1.80) 3.77
(2)
Asset Impairment and Mine
Closure Costs, Net of 2.61 - 2.61 -
Income Taxes
Remeasurement Expense Related
to - 0.06 0.03 -
Foreign Income Tax Accounts
Adjusted Diluted EPS - (Loss)
Income from $ $ $ $
(1.12) 0.98 0.84 3.77
Continuing Operations ^(1)(3)
Includes $1.48 per share and $1.24 per share for the quarter and the year
^(1) ended December 31, 2012, respectively, of income tax expense primarily
related to valuation allowance adjustments.
^(2) Reflects (loss) income from continuing operations, net of income taxes
less net income attributable to noncontrolling interests.
Represents non-GAAP financial measures defined at the end of this release
^(3) and illustrated in the Reconciliation of Non-GAAP Financial Measures
tables after this release.
"Asset values across several commodities have recently been impacted by
significant price declines. Global metallurgical coal prices, for instance,
have fallen 50 percent below the highs set in 2011. We continue to see signs
that the coal markets are recovering, though this improvement comes off a
lower base," said Executive Vice President and Chief Financial Officer Michael
C. Crews. "These price declines factored into our impairment review and
required Peabody to adjust the value of certain assets, which resulted in
these non-cash charges. The charges related to our Australia platform
represent less than 10 percent of our total investments in the region in the
past decade, while the portion related to our 2011 acquisition represents
approximately 7 percent of the purchase price."
The company delivered operating cash flows of $1.52 billion, which led to debt
repayment of $415.8 million during the year and an ending cash balance of
$558.8 million.
Peabody also reported record worldwide safety results in 2012, setting a new
low mark of 1.82 incidents per 200,000 hours worked, a 9 percent improvement
from 2011 levels. Peabody received more than 35 awards for safety, land
restoration, mine recognition, community involvement and corporate excellence.
GLOBAL COAL MARKETS AND PEABODY'S POSITION
"Global coal markets remained challenged in 2012, with strong increases in
seaborne thermal demand but a weak global pricing environment and significant
declines in U.S. coal use," said Boyce. "Turning to 2013, recent data
suggests that China's economic growth is again accelerating, and we have seen
some rebound in global coal prices, while European and U.S. economies are
likely to remain sluggish. In the U.S. we expect a 40 to 60 million ton
increase in coal demand based on natural gas prices that continue to support
gas-to-coal switching."
Within global markets, there are indicators that markets have troughed and are
starting to recover:
o The first quarter metallurgical coal price benchmark ended 2012
approximately 30 percent below prior-year levels. However, seaborne spot
metallurgical prices have risen 15 to 20 percent off the lows seen in the
late third quarter of 2012 as China steel production surged 9 percent in
the fourth quarter;
o While Newcastle thermal coal pricing ended the year 16 percent lower than
2011, prices have increased 10 to 15 percent from September levels, led by
increased coal generation in a number of major coal importing nations;
o China finished 2012 with a record 35 million tonnes of coal imports in
December. China's 2012 imports set an all-time high of 289 million
tonnes, up 30 percent, or 66 million tonnes, over the prior year. China
is experiencing the coldest winter in nearly 30 years, which has increased
electricity generation and reduced stockpiles to 19 days of use from a
peak of 31 days in October. China's fourth quarter GDP growth accelerated
to nearly 8 percent and recent manufacturing indicators reached a two-year
high;
o India's coal-fueled generation rose 13 percent in 2012, driving a 23
percent increase in thermal coal imports to a record 108 million tonnes.
Coal stockpiles remain at a critically low eight days of use;
o Japan's thermal coal imports increased 9 percent through November based on
increasing market share for coal and a rebound in demand from
tsunami-impacted 2011 levels;
o Europe continued to move back to coal in 2012, with coal-fueled generation
increasing an estimated 16 percent in response to high-cost natural gas
and reduced nuclear power; and
o Global production curtailments continued in the fourth quarter, with
metallurgical and thermal coal suppliers announcing the closing or idling
of high-cost mines. Cutbacks were announced in Indonesia, Australia and
the United States.
The World Steel Association forecasts a 3 percent increase in 2013 global
steel production, which is expected to drive growth in seaborne metallurgical
coal demand. Projected increases in 2013 Australian metallurgical coal supply
are expected to be more than offset by a decline in U.S. exports. The company
expects a 2013 rise in global seaborne thermal coal demand of more than 40
million tonnes, with increased supplies sourced from Australia and Indonesia.
Longer term, Peabody expects a 200 million ton increase in global
metallurgical coal demand for steel production over the next five years.
Peabody projects that nearly 450 gigawatts of coal-fueled generation will be
installed over the next five years, requiring more than 1.6 billion tonnes of
coal demand at full capacity.
Regarding Peabody's Australian platform, the company is settling the majority
of its first quarter metallurgical coal contracts in line with benchmarks of
$165 per tonne for high quality hard coking coal and $124 per tonne for
low-vol PCI. The company is targeting 2013 metallurgical coal sales of 15 to
16 million tons and seaborne thermal coal sales of 11 to 12 million tons.
Peabody is targeting total 2013 Australia sales of 33 to 36 million tons.
U.S. COAL MARKETS AND PEABODY'S POSITION
U.S. coal demand rebounded sharply in the second half of 2012, while total
coal use for electricity generation declined an estimated 105 million tons for
the full year. Coal-fueled generation declined 13 percent in 2012, recovering
losses from the 20 percent decline in the first half. Coal finished the year
with a 38 percent share of U.S. electricity generation compared with a 29
percent natural gas market share.
U.S. coal production declined an estimated 70 million tons in 2012, led by an
18 percent decrease in Central Appalachia. Powder River Basin production
declined 8 percent, while the Illinois Basin rose 11 percent. Forward Powder
River Basin and Illinois Basin prices declined 16 percent and 10 percent,
respectively, in 2012. Utility coal stockpiles were approximately 185 million
tons at year end, up 6 percent from prior-year levels.
Turning to 2013, natural gas prices have eased from recent highs in the fourth
quarter, but remain above prior-year levels, making natural gas uncompetitive
with Powder River Basin coals for most U.S. electricity generation. Heating
degree days for the winter season are now approximately 9 percent above the
prior year.
Peabody projects 2013 U.S. coal consumption will increase 40 to 60 million
tons from 2012 levels. After record industry-wide U.S. coal exports of 120
million tons in 2012, current year levels are expected to decline due to lower
Appalachian met and thermal coal exports.
Peabody's projected 2013 U.S. production is 90 to 95 percent priced, with 2014
production currently 50 to 60 percent priced at comparable 2013 production
levels.
CAPITAL UPDATE
Peabody remains focused on tightening capital spending, reducing costs and
improving productivity across the platform. Capital targets of $450 to $550
million in 2013 are approximately half 2012 levels and will be predominantly
for maintenance capital and the owner-operator conversions in Australia.
Early-stage projects will continue to be deferred in 2013, with timing
dependent on market conditions.
Ongoing projects in Australia include:
o The conversion to owner-operator status at the Wilpinjong and Millennium
mines, which remains on target for completion in April 2013. Upon
completion, approximately 80 percent of Peabody's Australia production
will be owner operated. Both mines successfully completed recent
expansions and will have the full-year benefit of increased production in
2013;
o The Metropolitan Mine modernization, which is advancing to upgrade
facilities, improve productivity and lower costs; and
o The installation of top coal caving technology and prep plant upgrades at
the North Goonyella high-quality metallurgical coal mine, which are
expected to be completed by the end of 2013.
OUTLOOK
Peabody is targeting first quarter 2013 Adjusted EBITDA of $200 million to
$270 million and Adjusted Diluted Loss Per Share of ($0.26) to ($0.04).
Targets reflect expectations of higher Australian costs related to the timing
of additional overburden removal and startup costs associated with the
transition to owner operator; lower realized metallurgical coal pricing; and
lower U.S. sales and pricing.
For full-year 2013, Peabody is targeting:
o Total sales of 230 to 250 million tons, including U.S. sales of 180 to 190
million tons, Australian sales of 33 to 36 million tons, and the remainder
from Trading and Brokerage activities;
o Stable 2013 costs per ton in the United States with expected U.S. revenues
per ton 5 percent to 10 percent below 2012 levels;
o Australian costs in the low $80 per ton range as cost containment actions
and productivity improvements partly mitigate external cost pressures and
a higher-cost metallurgical coal mix;
o Full-year depreciation, depletion and amortization now expected to be
approximately 10 percent higher than 2012 levels; and
o Rising earnings as the year proceeds, based on expected increases in
Australian volumes and pricing and improved costs per ton.
Peabody Energy is the world's largest private-sector coal company and a global
leader in sustainable mining and clean coal solutions. The company serves
metallurgical and thermal coal customers in more than 25 countries on six
continents. For further information, go to PeabodyEnergy.com and
CoalCanDoThat.com.
Certain statements in this press release are forward-looking as defined in the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on numerous assumptions that the company believes are
reasonable, but they are open to a wide range of uncertainties and business
risks that may cause actual results to differ materially from expectations as
of January 29, 2013. These factors are difficult to accurately predict and
may be beyond the company's control. The company does not undertake to update
its forward-looking statements. Factors that could affect the company's
results include, but are not limited to: global demand for coal, including the
seaborne thermal and metallurgical coal markets; price volatility,
particularly in higher-margin products and in the company's trading and
brokerage businesses; impact of alternative energy sources, including natural
gas and renewables; impact of weather and natural disasters on demand,
production and transportation; reductions and/or deferrals of purchases by
major customers and ability to renew sales contracts; credit and performance
risks associated with customers, suppliers, contract miners, co-shippers, and
trading, banks and other financial counterparties; geologic, equipment,
permitting and operational risks related to mining; transportation
availability, performance and costs; availability, timing of delivery and
costs of key supplies, capital equipment or commodities such as diesel fuel,
steel, explosives and tires; successful implementation of business strategies;
negotiation of labor contracts, employee relations and workforce availability;
changes in postretirement benefit and pension obligations and funding
requirements; replacement and development of coal reserves; availability,
access to and related cost of capital and financial markets; effects of
changes in interest rates and currency exchange rates (primarily the
Australian dollar); effects of acquisitions or divestitures; economic strength
and political stability of countries in which the company has operations or
serves customers; legislation, regulations and court decisions or other
government actions, including new environmental and mine safety requirements;
changes in income tax regulations or other regulatory taxes; litigation,
including claims not yet asserted; and other risks detailed in the company's
reports filed with the Securities and Exchange Commission (SEC).
Included in the company's release of financial information accounted for in
accordance with generally accepted accounting principles (GAAP) are certain
non-GAAP financial measures, as defined by SEC regulations. The company has
defined below the non-GAAP financial measures that are used and has included
in the following tables of this release reconciliations of these measures to
the most directly comparable GAAP measures.
Beginning with this release, the company has modified the definitions of
non-GAAP financial measures to also exclude the impact of asset impairment and
mine closure costs. Management believes that excluding these impacts is
useful in comparing the company's current results with those of prior and
future periods.
Adjusted EBITDA is defined as income from continuing operations before
deducting net interest expense, income taxes, asset retirement obligation
expense, depreciation, depletion and amortization, asset impairment and mine
closure costs and amortization of basis difference associated with equity
method investments. Adjusted EBITDA, which is not calculated identically by
all companies, is not a substitute for operating income, net income or cash
flow as determined in accordance with United States generally accepted
accounting principles. Management uses Adjusted EBITDA as a key measure of
operating performance and also believes it is a useful indicator of the
company's ability to meet debt service and capital expenditure requirements.
Adjusted (Loss) Income from Continuing Operations and Adjusted Diluted EPS are
defined as income from continuing operations and diluted earnings per share
excluding asset impairment and mine closure costs, net of tax, and the impact
of the remeasurement of foreign income tax accounts. Management has included
these measures because, in management's opinion, excluding such impacts is
useful in comparing the company's current results with those of prior and
future periods. Management also believes that excluding the impact of the
remeasurement of foreign income tax accounts is a better indicator of the
company's ongoing effective tax rate.
CONTACT:
Vic Svec
(314) 342 7768
Condensed Consolidated Statements of Operations (Unaudited)
For the Quarters Ended Dec. 31, 2012 and 2011 and Years Ended Dec. 31, 2012
and 2011
(Dollars in Millions, Except Per Share Data)
Quarter Ended Year Ended
Dec. Dec. Dec. Dec.
2012 2011 2012 2011
Tons Sold (In Millions) 63.3 68.1 248.5 249.4
Revenues $ 2,016.9 $ 2,229.8 $ 8,077.5 $ 7,895.9
Operating Costs and 1,543.6 1,518.9 5,932.7 5,477.6
Expenses
Depreciation, Depletion and 192.7 156.7 663.4 474.3
Amortization
Asset Retirement Obligation 13.7 9.3 67.0 52.6
Expenses
Selling and Administrative 66.4 85.9 268.8 268.2
Expenses
Acquisition Costs Related — 76.1 — 85.2
to Macarthur Coal Limited
Other Operating (Income)
Loss:
Net Gain on Disposal (9.5) (45.5) (17.1) (76.9)
or Exchange of Assets
Asset Impairment and Mine 921.3 — 929.0 —
Closure Costs
Amortization of Basis 1.6 — 4.6 —
Difference
Loss from Equity 9.1 10.2 56.6 19.2
Affiliates
Operating (Loss) Profit (722.0) 418.2 172.5 1,595.7
Interest Income (4.8) (7.2) (24.5) (18.9)
Interest Expense 97.3 79.5 405.6 238.6
(Loss) Income from
Continuing Operations (814.5) 345.9 (208.6) 1,376.0
Before Income Taxes
Income Tax Provision:
Provision 402.0 108.4 481.7 364.1
Tax Benefit Related to
Asset Impairment and Mine (224.4) — (227.3) —
Closure Costs
Remeasurement
(Benefit) Expense Related
to Foreign
Income Tax Accounts (0.8) 16.0 7.9 (0.9)
Income Tax 176.8 124.4 262.3 363.2
Provision
(Loss) Income from
Continuing Operations, Net (991.3) 221.5 (470.9) 1,012.8
of Income Taxes
Loss from Discontinued
Operations, Net of Income (11.5) (27.5) (104.2) (66.5)
Taxes
Net (Loss) Income (1,002.8) 194.0 (575.1) 946.3
Less: Net Income (Loss)
Attributable to 3.2 (28.4) 10.6 (11.4)
Noncontrolling Interests
Net (Loss) Income
Attributable to Common $ (1,006.0) $ 222.4 $ (585.7) $ 957.7
Stockholders
Adjusted EBITDA $ 407.3 $ 584.2 $ 1,836.5 $ 2,122.6
Diluted EPS - (Loss) Income
from Continuing Operations $ (3.73) $ 0.92 $ (1.80) $ 3.77
^(1)(2)
Diluted EPS - Net (Loss)
Income Attributable to $ (3.78) $ 0.82 $ (2.19) $ 3.52
Common Stockholders ^ (1)
Adjusted Diluted EPS -
(Loss) Income from $ (1.12) $ 0.98 $ 0.84 $ 3.77
Continuing Operations ^(1)
For Diluted EPS, the weighted average diluted shares outstanding were
266.3 million and 270.2 million for the quarters ended Dec. 31, 2012
and 2011, respectively, and 268.0 million and 270.3 million for the
^(1) years ended Dec. 31, 2012 and 2011, respectively. For Adjusted Diluted
EPS, the weighted average diluted shares outstanding were 266.3 million
and 270.2 million for the quarters ended Dec. 31, 2012 and 2011,
respectively and 268.6 million and 270.3 million for the years ended
Dec. 31, 2012 and 2011, respectively.
^(2) Reflects (loss) income from continuing operations, net of income taxes
less net income attributable to noncontrolling interests.
This information is intended to be reviewed in conjunction with the
company's filings with the Securities and Exchange Commission.
Supplemental Financial Data (Unaudited)
For the Quarters Ended Dec. 31, 2012 and 2011 and Years Ended Dec. 31, 2012
and 2011
Quarter Ended Year Ended
Dec. 2012 Dec. 2011 Dec. 2012 Dec. 2011
Revenue Summary (Dollars in
Millions)
U.S. Mining $ 1,089.4 $ 1,153.2 $ 4,353.0 $ 4,303.0
Operations
Australian Mining 898.6 925.5 3,503.6 3,080.7
Operations
Trading and
Brokerage 26.2 145.6 199.9 475.1
Operations
Other 2.7 5.5 21.0 37.1
Total $ 2,016.9 $ 2,229.8 $ 8,077.5 $ 7,895.9
Tons Sold (In Millions)
Midwestern U.S. 6.9 7.6 27.4 29.1
Mining Operations
Western U.S. 40.8 46.4 165.2 173.6
Mining Operations
Australian Mining 9.7 7.1 33.0 25.3
Operations
Trading and
Brokerage 5.9 7.0 22.9 21.4
Operations
Total ^(1) 63.3 68.1 248.5 249.4
Revenues per Ton - Mining
Operations
Midwestern U.S. $ 51.08 $ 49.45 $ 51.21 $ 48.21
Western U.S. 17.98 16.73 17.86 16.72
Total - U.S. 22.78 21.35 22.61 21.23
Australia 92.21 131.46 106.05 121.78
Operating Costs per Ton -
Mining Operations ^(2)
Midwestern U.S. $ 35.24 $ 35.03 $ 35.63 $ 34.37
Western U.S. 12.66 11.69 12.82 12.31
Total - U.S. 15.94 14.98 16.07 15.46
Australia ^ 73.47 82.86 77.63 74.57
Gross Margin per Ton - Mining
Operations ^(2)
Midwestern U.S. $ 15.84 $ 14.42 $ 15.58 $ 13.84
Western U.S. 5.32 5.04 5.04 4.41
Total - U.S. 6.84 6.37 6.54 5.77
Australia 18.74 48.60 28.42 47.21
Operating Profit per Ton $ 3.15 $ 6.14 $ 4.43 $ 6.40
^(3)
Quarter Ended Year Ended
(Dollars in Millions) Dec. 2012 Dec. 2011 Dec. 2012 Dec. 2011
Adjusted EBITDA - U.S. $ 326.1 $ 343.9 $ 1,259.8 $ 1,168.9
Mining Operations
Adjusted EBITDA -
Australian Mining 181.5 342.1 938.9 1,194.3
Operations
Adjusted EBITDA - Trading 10.5 62.4 119.7 197.0
and Brokerage Operations
Adjusted EBITDA - Resource 10.5 41.3 12.8 67.2
Management ^(4)
Selling and Administrative (66.4) (85.9) (268.8) (268.2)
Expenses
Acquisition Costs Related
to — (76.1) — (85.2)
Macarthur Coal Limited
Other Operating Costs, Net (54.9) (43.5) (225.9) (151.4)
^(5)
Adjusted EBITDA 407.3 584.2 1,836.5 2,122.6
Depreciation, Depletion and 192.7 156.7 663.4 474.3
Amortization
Asset Retirement Obligation 13.7 9.3 67.0 52.6
Expenses
Asset Impairment and Mine 921.3 — 929.0 —
Closure Costs
Amortization of Basis
Difference Related 1.6 — 4.6 —
to Equity Affiliates
Operating (Loss) Profit (722.0) 418.2 172.5 1,595.7
Operating Cash Flows 223.6 442.7 1,515.1 1,633.2
Acquisitions of Property, 255.2 300.4 996.7 883.6
Plant and Equipment
Coal Reserve Lease 28.6 — 276.5 42.4
Expenditures
Metallurgical coal sales totaled 4.1 million and 3.3 million tons for
^(1) the quarters ended Dec. 31, 2012 and 2011, respectively, and 14.1
million and 9.3 million tons for the years ended Dec. 31, 2012 and 2011,
respectively.
Includes revenue-based production taxes and royalties; excludes
depreciation, depletion and amortization; asset retirement obligation
^(2) expenses; selling and administrative expenses; asset impairment and mine
closure costs; and certain other costs related to post-mining
activities.
^(3) Excludes asset impairment and mine closure costs.
^(4) Includes certain asset sales, property management costs and revenues and
coal royalty expense.
Includes Generation Development and Btu Conversion development costs,
^(5) costs associated with post-mining activities, loss from equity
affiliates and provisions for certain litigation.
This information is intended to be reviewed in conjunction with the company's
filings with the Securities and Exchange Commission.
Condensed Consolidated Balance Sheets
Dec. 31, 2012 and Dec. 31,
2011
(Dollars in Millions)
(Unaudited)
December 31, 2012 December 31, 2011
Cash and Cash Equivalents $ 558.8 $ 799.1
Receivables, Net 737.8 922.5
Inventories 548.4 444.4
Assets from Coal Trading 52.4 44.6
Activities, Net
Deferred Income Taxes 128.0 27.3
Other Current Assets 650.6 768.0
Total Current Assets 2,676.0 3,005.9
Net Property, Plant,
Equipment and Mine 11,801.7 11,251.6
Development
Investments and Other 1,431.8 2,475.5
Assets
Total Assets $ 15,909.5 $ 16,733.0
Current Maturities of Debt $ 47.8 $ 101.1
Liabilities from Coal 19.4 10.3
Trading Activities, Net
Accounts Payable and 1,606.9 1,712.3
Accruals
Total Current 1,674.1 1,823.7
Liabilities
Long-Term Debt 6,205.1 6,556.4
Deferred Income Taxes 677.8 523.2
Other Long-Term 2,413.7 2,313.9
Liabilities
Total Liabilities 10,970.7 11,217.2
Stockholders' Equity 4,938.8 5,515.8
Total Liabilities and $ 15,909.5 $ 16,733.0
Stockholders' Equity
This information is intended to be reviewed in conjunction with the company's
filings with the Securities and Exchange Commission.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
For the Quarters Ended Dec. 31, 2012 and 2011 and the Years Ended Dec. 31,
2012 and 2011
(Dollars in Millions, Except Quarter Ended Year Ended
Per Share Data)
Dec. Dec. Dec. Dec.
2012 2011 2012 2011
Adjusted EBITDA $ 407.3 $ 584.2 $ 1,836.5 $ 2,122.6
Depreciation, Depletion and 192.7 156.7 663.4 474.3
Amortization
Asset Retirement Obligation 13.7 9.3 67.0 52.6
Expenses
Amortization of Basis
Difference Related to Equity 1.6 — 4.6 —
Affiliates
Interest Income (4.8) (7.2) (24.5) (18.9)
Interest Expense 97.3 79.5 405.6 238.6
Income Tax Provision Before
Remeasurement of Foreign
Income Tax Accounts and Tax 402.0 108.4 481.7 364.1
Benefit Related to Asset
Impairment and Mine Closure
Costs
Adjusted (Loss) Income from (295.2) 237.5 238.7 1,011.9
Continuing Operations ^(1)
Asset Impairment and Mine 921.3 — 929.0 —
Closure Costs
Tax Benefit Related to Asset
Impairment and Mine Closure (224.4) — (227.3) —
Costs
Remeasurement Expense
(Benefit) Related to Foreign (0.8) 16.0 7.9 (0.9)
Income Tax Accounts
(Loss) Income from Continuing
Operations, Net of Income Taxes $ (991.3) $ 221.5 $ $ 1,012.8
(470.9)
Net Income (Loss) Attributable $ 3.2 $ (28.4) $ 10.6 $ (11.4)
to Noncontrolling Interests
Diluted EPS - (Loss) Income $ (3.73) $ 0.92 $ (1.80) $ 3.77
from Continuing Operations ^(2)
Asset impairment and Mine
Closure Costs, Net of Income 2.61 — 2.61 —
Taxes
Remeasurement Expense
(Benefit) Related to Foreign — 0.06 0.03 —
Income Tax Accounts
Adjusted Diluted EPS - (Loss)
Income from Continuing $ (1.12) $ 0.98 $ 0.84 $ 3.77
Operations
Reconciliation of Non-GAAP Financial Measures - Targets for the Quarter Ending
March 31, 2013 (Unaudited)
(Dollars in Millions, Quarter Ending
Except Per Share Data)
March 31, 2013
Targeted Results
Low High
Adjusted EBITDA $ 200 $ 270
Depreciation,
Depletion and 160 170
Amortization
Asset Retirement 21 19
Obligation Expenses
Interest Income (5) (6)
Interest Expense 102 99
Income Tax Benefit
Before Remeasurement (5) —
of Foreign Income Tax
Accounts
Adjusted Loss from (73) (12)
Continuing Operations ^(1)
Remeasurement Expense
Related to Foreign — —
Income Tax Accounts
Loss from Continuing
Operations, Net of Income $ (73) $ (12)
Taxes
Net Loss Attributable to $ (4) $ —
Noncontrolling Interests
Diluted EPS - Loss from $ (0.26) $ (0.04)
Continuing Operations ^(2)
Remeasurement Expense
Related to Foreign — —
Income Tax Accounts
Adjusted Diluted EPS - Loss $ (0.26) $ (0.04)
from Continuing Operations
In order to arrive at the numerator used to calculate adjusted diluted
^(1) EPS, it is necessary to deduct net income (loss) attributable to
noncontrolling interests from this amount.
^(2) Reflects (loss) income from continuing operations, net of income taxes
less net income (loss) attributable to noncontrolling interests.
This information is intended to be reviewed in conjunction with the company's
filings with the Securities and Exchange Commission.
(Logo: http://photos.prnewswire.com/prnh/20120724/CG44353LOGO)
SOURCE Peabody Energy
Website: http://www.peabodyenergy.com
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