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Whitehaven Coal Limited : Annual Report 2008
DIRECTORS’ REPORT 9. OPERATING AND FINANCIAL REVIEW (CONTINUED) 9.4 Review of financial condition Capital structure and treasury policy At 30 June 2008, the Company had 391,918,453 shares on issue with a total of 1,235 shareholders (2007: 323,000,000 shares on issue). Liquidity and funding The consolidated balance sheet shows the consolidated entity is well positioned for growth and with a portfolio of projects that can be used to raise the finance required for their development. Cash on Hand (A$ millions) Interest Cover Ratio1 Interest Bearing Liabilities (A$ millions) Net Cash/(Net Debt) Net Assets (A$ millions) Gearing Ratio2 (%) 1 EBIT to Interest Expense (excluding FX in financing expense). 2 Net Debt to Net Debt plus Equity. 9.5 Operations Details of the mine operations of the consolidated entity that operated during the 2007/08 financial year are as follows: Whitehaven Mining Precinct Thousand Tonnes* ROM Coal Production Saleable Coal Production Sales of produced coal Sales of purchased coal** Total Sales Coal stocks at end of period * All figures are on a 100% basis. ** Includes purchased coal. The Whitehaven Mining Precinct (WMP) currently includes the Canyon and Tarrawonga open cut mines and the Whitehaven Coal Handling and Preparation Plant and train load-out facility. There was one Lost Time Injury recorded in the Whitehaven Mining Precinct in FY2008 (2007: nil). Saleable coal production of 1.613 million tonnes was 62% above the previous corresponding period. The increase in production reflects the increasing production at Tarrawonga (+80%), partially offset by reduced production at Canyon (-33%) due to a higher strip ratio as the mine comes to the end of its life. Planning approval was granted for work to expand the Coal Handling and Preparation Plant to increase annual washing capacity from 2 Mt per annum (Mtpa) to 3 Mtpa and to lift annual train loading capacity from 3 Mtpa to 4 Mtpa . The work will be completed in FY09. FY 2008 1,876 1,613 1,743 356 2,099 198 FY 2007 1,388 997 893 128 1,021 286 % Variance 35% 62% 95% 178% 106% (31%) FY 2008 105.9 109.7 times (55.2) 50.7 489.5 (11.6%) FY 2007 21.2 3.2 times (76.7) (55.5) 252.5 18% 30
Annual Report 2009