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Company Description

Contact Info

298 Fushan South Road

Zoucheng, 273500

China

Phone: 86 53 7538 2319

Fax: 86 53 7538 3311

Yanzhou Coal Mining Company Limited engages in the mining, washing, processing, and distribution of coal through railway transportation. The company offers coal products, including thermal coal, semi-hard coking coal, semi-soft coking coal, PCI coal and other mixed coal products which are sold to power plants, metallurgical mills, chemical manufacturers, construction material manufacturers and fuel trading companies in China and other countries, including Japan and South Korea. As of December 31, 2015, the company was 52.93% directly owned by its parent, the Yankuang Group Corporation Limited (Yankuang Group), which is wholly owned by the Shandong Provincial Government under the control of the SASAC (State-owned Assets Supervision and Administration Commission) of the Shandong Provincial Government. As of December 31, 2015, the company owned and operated 21 coal mines across China and Australia with coal resources, including Shandong and Shanxi Provinces and the Inner Mongolia Autonomous Region in China, as well as Queensland, New South Wales and Western Australia in Australia. In addition, as of December 31, 2015, the company had four coal projects under construction in China and four advanced-exploration stage projects in Australia. In the People’s Republic of China (PRC), the company directly owns and operates eight coal mines, namely, Nantun, Xinglongzhuang, Baodian, Dongtan, Jining II, Jining III, Beisu and Yangcun. As of December 31, 2015, these eight mines had approximately 3,352.6 million recoverable reserves. The company also holds equity interests in coal mines in China through its subsidiaries. Shanxi Nenghua operates Tianchi Coal Mine, which holds approximately 115.8 million tonnes of recoverable reserves; Heze Nenghua operates Zhaolou Coal Mine, which holds approximately 409.5 million tonnes of recoverable reserves; and Ordos Neng Hua operates Anyuan Coal Mine and Wenyu Coal Mine, which holds approximately 26.7 million and 43.1 million tonnes of recoverable reserves, respectively. In Australia, the company conducts its operations primarily through its subsidiaries, Yancoal Australia Limited (Yancoal Australia) and Yancoal International (Holding). Yancoal Australia operates nine coal mines in Australia, including Austar, Yarrabee, Ashton, Moolarben, Gloucester, Donaldson, Middlemount, Cameby Downs and Premier which collectively held approximately 4.5 billion tonnes of reserves, as of December 31, 2015. Yancoal Australia also holds an advanced-exploration stage project, Monash. Yancoal International (Holding) owns the advanced-exploration stage projects Athena, Harrybrandt and Wilpeena. Coal Business The company is primarily engaged in the production of coal, which involves the mining, washing, processing and distribution of coal. The company’s products consist primarily of thermal coal, semi-soft coking coal, semi-hard coking coal, PCI coal and other mixed coal products which are suitable for power generation and metallurgical production. Sales and Marketing: The company sells the majority of its domestic coal products to power plants, metallurgical mills, coking manufacturers, chemical manufacturers, and trading companies. The majority of the coal sales of its Australian subsidiary, Yancoal Australia, are to power plants and metallurgical mills. The company’s domestic coal sales are concentrated primarily in Eastern China, particularly in Shandong, and to a lesser extent, in Southern China. The company’s Australian subsidiaries primarily conduct their export sales directly by entering into agreements with end user customers. The company’s Australian subsidiaries also export a small portion of coal through export agents with which its Australian subsidiaries have established longstanding relationships. The primary destinations for the export sales of its Australian subsidiaries are South Korea, Japan and China. Customers: As of December 31, 2015, the company’s major customers included Shanxi Lu’an Mining (Group) Rizhao International Trading Co., Ltd.; Shaanxi Iron & Steel Group Hancheng Iron & Steel Co., Ltd.; Shanxi Yangmei Chemical International Business Co., Ltd.; Shanxi Xishan Coal

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Valuation YZC Industry Range
Price/Earnings 64.3x
Price/Sales 0.8x
Price/Book 1.4x
Price/Cash Flow 38.7x
TEV/Sales NM Not Meaningful
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