Adani Abbot Point Terminal FY19 Results

Adani Abbot Point Terminal (AAPT) reported solid results for the full year ended 31 March 2019, increasing the amount of coal handled to 28.8 million tonnes over the course of the year. In FY19, AAPT reported EBITDA of AUD185.5m, slightly lower than FY18. Despite the lower EBITDA, the 12-month cash flow cover ratio reached 2.24x at FYE19 due to lower interest costs. We provide an update on our recommendations on AAPT's AUD notes due 2020 and USD notes due 2022.