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Whitehaven Coal Limited : Annual Report 2008
Whitehaven Coal Limited - Annual Report 2008 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2008 29. SHARE CAPITAL AND RESERVES (CONTINUED) d) Hedge reserve The hedging reserve comprises the effective portion of the cumulative change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. e) Dividends Since the end of the financial year the directors have resolved to pay a fully franked dividend of 1.7 cents per ordinary share to be paid on 30 September 2008 in respect of the year ended 30 June 2008 (2007: Nil). The record date for entitlement to the dividend was 29 August 2008. Dividend franking account Company In thousands of AUD 30 per cent franking credits available to shareholders of Whitehaven Coal Limited for subsequent financial years 2008 16,849 The above available amounts are based on the balance of the dividend franking account at year-end adjusted for: (a) franking credits that will arise from the payment of the current tax liabilities; and (b) franking debits that will arise from the payment of dividends recognised as a liability at the year end; (c) franking credits that will arise from the receipt of dividends recognised as receivables by the tax consolidated entity at the year-end; and (d) franking credits that the entity may be prevented from distributing in subsequent years. The ability to utilise the franking credits is dependent upon there being sufficient available profits to declare dividends. In accordance with the tax consolidation legislation, the Company as the head entity in the tax-consolidated consolidated entity has also assumed the benefit of $nil (2007: $nil) franking credits. 30. OPERATING LEASES Leases as lessee Non-cancellable operating lease rentals are payable as follows: Consolidated In thousands of AUD Less than one year Between one and five years More than five years 2008 164 112 276 2007 165 276 Company 2008 – – – 2007 – – –––– 441 The consolidated entity leases office equipment and office space under operating leases. The leases typically run for three to five years with an option to renew on the office space. None of the leases includes contingent rentals. During the year rental expense of $178,000 (2007: $99,000) was recorded under these contracts in the income statement. Leases as lessor The consolidated entity leases out land it will use for future mining operations under operating leases. All lease payments have been received upfront under these contracts and have been recorded as deferred income on the balance sheet. At 30 June 2008 $7,135,000 (2007: $3,247,000) of land was leased under these operating leases. – 2007 2,993 77
Annual Report 2009