EX-99.2 3 a13-11382_1ex99d2.htm EX-99.2

Exhibit 99.2

 

 

 

WALTER ENERGY, INC. AND SUBSIDIAIRES

QUARTERLY SUPPLEMENTAL FNANCIAL DATA FOR 2012

(Ton information in 000’s metric tons and dollars in USD)

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Months Ended March 31, 2012

 

3 Months Ended June 30, 2012

 

3 Months Ended September 30, 2012

 

3 Months Ended December 31, 2012

 

 

 

U.S. Operations

 

Canadian and
U.K. Operations
(3)

 

Total

 

U.S. Operations

 

Canadian and
U.K. Operations
(3)

 

Total

 

U.S. Operations

 

Canadian and
U.K. Operations

 

Total

 

U.S. Operations

 

Canadian and
U.K. Operations

 

Total

 

Total Metallurgical

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Metric Tons

 

1,535

 

832

 

2,367

 

1,784

 

1,058

 

2,842

 

1,880

 

743

 

2,623

 

1,506

 

1,040

 

2,546

 

Production Metric Tons

 

1,969

 

1,025

 

2,994

 

1,724

 

976

 

2,700

 

1,721

 

1,604

 

3,325

 

1,542

 

924

 

2,466

 

Average Net Selling Price

 

$

221.22

 

$

211.92

 

$

217.95

 

$

194.10

 

$

191.99

 

$

193.31

 

$

196.41

 

$

178.49

 

$

191.34

 

$

153.64

 

$

141.07

 

$

148.51

 

Average Cash Cost of Sales per Ton (1)(2)

 

$

110.33

 

$

183.49

 

$

136.04

 

$

107.19

 

$

182.34

 

$

135.17

 

$

118.91

 

$

165.98

 

$

132.24

 

$

118.05

 

$

160.50

 

$

135.39

 

Average Cash Cost of Production per Ton (1)

 

$

71.68

 

$

124.59

 

$

89.79

 

$

73.55

 

$

153.01

 

$

102.28

 

$

85.45

 

$

94.08

 

$

89.61

 

$

86.62

 

$

107.84

 

$

94.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Low Vol Hard Coking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Metric Tons

 

1,011

 

 

1,011

 

1,097

 

 

1,097

 

939

 

47

 

986

 

828

 

4

 

832

 

Production Metric Tons

 

1,157

 

9

 

1,166

 

1,152

 

66

 

1,218

 

1,015

 

90

 

1,105

 

998

 

50

 

1,048

 

Average Net Selling Price

 

$

235.14

 

$

 

$

235.14

 

$

207.88

 

$

 

$

207.88

 

$

213.80

 

$

243.30

 

$

215.14

 

$

162.39

 

$

210.40

 

$

162.63

 

Average Cash Cost of Sales per Ton (1)(2)

 

$

106.13

 

$

 

$

106.13

 

$

98.28

 

$

 

$

98.28

 

$

101.84

 

$

329.41

 

$

112.18

 

$

98.86

 

not meaningful

 

$

111.30

 

Average Cash Cost of Production per Ton (1)

 

$

60.85

 

$

280.91

 

$

62.52

 

$

61.63

 

$

209.35

 

$

69.67

 

$

68.56

 

$

170.50

 

$

76.86

 

$

70.21

 

$

146.93

 

$

73.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mid Vol Hard Coking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Metric Tons

 

286

 

322

 

608

 

396

 

506

 

902

 

678

 

256

 

934

 

467

 

528

 

995

 

Production Metric Tons

 

565

 

405

 

970

 

331

 

470

 

801

 

473

 

551

 

1,024

 

358

 

398

 

756

 

Average Net Selling Price

 

$

223.12

 

$

250.02

 

$

237.27

 

$

200.18

 

$

223.06

 

$

212.90

 

$

191.99

 

$

197.79

 

$

193.58

 

$

143.43

 

$

153.28

 

$

148.65

 

Average Cash Cost of Sales per Ton (1)(2)

 

$

137.92

 

$

145.09

 

$

141.69

 

$

146.28

 

$

143.98

 

$

145.00

 

$

135.74

 

$

107.27

 

$

127.94

 

$

143.22

 

$

120.10

 

$

130.97

 

Average Cash Cost of Production per Ton (1)

 

$

79.61

 

$

104.98

 

$

90.20

 

$

105.38

 

$

80.42

 

$

90.74

 

$

113.60

 

$

78.59

 

$

94.74

 

$

122.47

 

$

82.99

 

$

101.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High Vol Hard Coking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Metric Tons

 

238

 

 

238

 

291

 

 

291

 

263

 

 

263

 

211

 

 

211

 

Production Metric Tons

 

247

 

 

247

 

241

 

 

241

 

233

 

 

233

 

186

 

 

186

 

Average Net Selling Price

 

$

149.52

 

$

 

$

149.52

 

$

138.64

 

$

 

$

138.64

 

$

138.28

 

$

 

$

138.28

 

$

130.67

 

$

 

$

130.67

 

Average Cash Cost of Sales per Ton (1)(2)

 

$

121.45

 

$

 

$

121.45

 

$

119.88

 

$

 

$

119.88

 

$

135.02

 

$

 

$

135.02

 

$

139.10

 

$

 

$

139.10

 

Average Cash Cost of Production per Ton (1)

 

$

104.30

 

$

 

$

104.30

 

$

86.80

 

$

 

$

86.80

 

$

101.93

 

$

 

$

101.93

 

$

105.48

 

$

 

$

105.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Low Vol PCI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Metric Tons

 

 

510

 

510

 

 

552

 

552

 

 

440

 

440

 

 

508

 

508

 

Production Metric Tons

 

 

611

 

611

 

 

440

 

440

 

 

963

 

963

 

 

476

 

476

 

Average Net Selling Price

 

$

 

$

187.91

 

$

187.91

 

$

 

$

163.51

 

$

163.51

 

$

 

$

160.37

 

$

160.37

 

$

 

$

127.83

 

$

127.83

 

Average Cash Cost of Sales per Ton (1)(2)

 

$

 

$

207.70

 

$

207.70

 

$

 

$

217.50

 

$

217.50

 

$

 

$

182.76

 

$

182.76

 

$

 

$

181.38

 

$

181.38

 

Average Cash Cost of Production per Ton (1)

 

$

 

$

135.31

 

$

135.31

 

$

 

$

221.91

 

$

221.91

 

$

 

$

95.81

 

$

95.81

 

$

 

$

124.50

 

$

124.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thermal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Metric Tons

 

782

 

25

 

807

 

871

 

20

 

891

 

927

 

10

 

937

 

655

 

9

 

664

 

Production Metric Tons

 

816

 

30

 

846

 

908

 

17

 

925

 

805

 

9

 

814

 

552

 

7

 

559

 

Average Net Selling Price

 

$

71.27

 

$

120.96

 

$

72.78

 

$

68.11

 

$

126.61

 

$

69.40

 

$

67.00

 

$

117.55

 

$

67.51

 

$

64.33

 

$

124.44

 

$

65.14

 

Average Cash Cost of Sales per Ton (1)(2)

 

$

78.87

 

$

111.86

 

$

79.87

 

$

65.39

 

$

103.40

 

$

66.23

 

$

55.27

 

$

131.48

 

$

56.05

 

$

55.83

 

$

70.31

 

$

56.03

 

Average Cash Cost of Production per Ton (1)

 

$

60.74

 

$

 

$

58.59

 

$

55.35

 

$

 

$

54.34

 

$

57.21

 

$

 

$

56.60

 

$

64.99

 

$

 

$

64.17

 

 


(1)  Average Cash Cost of Sales per Ton is based on reported Cost of Sales and includes items such as freight, royalties, manpower, fuel and other similar production and sales cost items but excludes depreciation, depletion and post retirement benefits. Average Cash Cost of Production  per Ton is based on period costs of mining and includes items such as manpower, fuel and other similar production items but excludes depreciation, depletion and post retirement benefits. Average Cash Cost per Ton are non-GAAP financial measures which are not calculated in conformity with U.S. Generally Accepted Accounting Principles (GAAP) and should be considered supplemental to, and not as a substitute or superior to financial measures calculated in conformity with GAAP. We believe Average Cash Cost  per Ton are useful measures of performance  and we believe it aids some investors and analysts in comparing us against other companies to help analyze our current and future potential performance. Average Cash Costof Sales per Ton may not be comparable to similarly titled measures used by other companies.

 

1



 

(2)  Reconciliation of Cash Costs of Sales per Ton to Cost of Sales as disclosed (in thousands USD):

 

 

 

Quarter Ended
March 31, 2012
Actual

 

Quarter Ended
June 30, 2012
Actual

 

Quarter Ended
Sept. 30, 2012
Actual

 

Quarter Ended
December 31,
2012 Actual

 

Cash Costs of Sales as calculated from above (sales tons times average cash cost per ton)

 

$

386,462

 

$

443,164

 

$

399,384

 

$

381,907

 

Cash Costs of other products

 

45,072

 

42,920

 

49,381

 

48,701

 

Total Cost of Sales

 

$

431,534

 

$

486,084

 

$

448,765

 

$

430,608

 

 

(3)  During the third quarter of 2012, in our Canadian and U.K. operations certain metrics around tons included in production were realigned to align with how we account for production in the U.S. operations.  Historically, the Canadian and U.K. operations were not recording tons produced until they were deemed finished goods.  We revised this methodology to include all tons mined, no matter if in process or finished, as produced based on a clean coal tonnage equivalent.  Our Form 8-K filed on November 5, 2012, includes a reconciliation of production statistics previously presented as compared with the realigned methodology from the Western Coal acquisition date of April 1, 2011 through June 30, 2012.

 

2