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Whitehaven Coal Limited : Annual Report 2009
6 The past year has been one of transformation for Whitehaven as we have demonstrated our ability to generate both green-fields and organic growth. During the past year we have commissioned two new opencut mines, and construction of our world-class Narrabri underground mine has proceeded to schedule with the coal seam expected to be reached by the end of 2009. In addition, our coal reserves and resources have been expanded significantly through successful exploration programs and we have been active in developing value-enhancing joint venture opportunities. This has required significant effort and focus from our management team, many of whom joined us during the course of the year, as well as great commitment from all of Whitehaven's employees and the many contractors we work in partnership with. I want to express my thanks to all the members of our team for achieving an excellent outcome during a year of considerable change and challenges. FINANCIAL PERFORMANCE Whitehaven reported strong earnings and revenue growth for the year to June 30, 2009 (FY 2009). Revenue for the year was $356.3 million (net of purchased coal and excluding NSW royalty), up 92% from FY 2008. Earnings before interest, tax, depreciation and amortisation (EBITDA) was $174.5 million (excluding coal purchases), reduced to $136.3 million after coal purchases. The company's balance sheet remains very strong with a cash position which gives us the financial capacity to fund our new project development pipeline and to meet working capital commitments. Cash flow from operations of $135.6 million for the year compared to $17.9 million for FY 2008. Overall net cash flows from operating activities were $122.7 million for the year versus $12 million for FY 2008. Closing cash on hand at 30 June 2009 was $131.2 million, compared to $80.9 million in FY 2008. MANAGING DIRECTOR'S REPORT
Annual Report 2008
Annual Report 2010