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Whitehaven Coal Limited : Annual Report 2009
Whitehaven Coal Limited -- Annual Report 2009 35 8. PRINCIPAL ACTIVITIES The principal activity of the Group during the period was the development and operation of coal mines in New South Wales. During the year ended 30 June 2009, Whitehaven Coal Limited and its controlled entities ('the Group') completed the development of and began operating from the Rocglen and Sunnyside mines. Development continued at the Narrabri underground mine during the year. 9. OPERATING AND FINANCIAL REVIEW 9.1 Overview of the consolidated entity Whitehaven Coal Limited was incorporated on 15 March 2007 and legally acquired Whitehaven Coal Mining Limited and its controlled entities on 29 May 2007. During the year ended 30 June 2009, the Group completed the development of the Rocglen and Sunnyside mines and began operations. Development of infrastructure and underground drift construction continued at the Narrabri underground mine during the year. 9.2 H ighlights Financial • Reported net profit after tax (NPAT) of $244.2 million, including N PAT of $166.9 million from the sale of 15% of the Narrabri Joint Venture and other Significant Items; • Underlying N PAT, before Significant Items, of $77.3 million, more than five times the FY 2008 level; • A fully franked final dividend of 6.0 cents per share has been declared, payable on 30 September 2009; • Revenue of $356.3 million (net of purchased coal and excluding NSW royalty), up 92% from FY 2008; • Earnings before interest, tax, depreciation and amortisation (EBITDA) of $174.5 million (excluding loss on coal purchases), reduced to $136.3 million after coal purchases; • Cash generated from operations of $135.6 million, compared to $17.9 million in FY 2008; • Proceeds received from the sale of Narrabri of $59.0 million during the year; • Strong cash flow and financial position -- $131.2 million cash available with net cash of $53 million compared to $80.9 million cash available and net cash of $25.6 million at 30 June 2008; • Subsequent to balance date, an institutional placement was completed on 30 July 2009, raising additional net cash of $177 million. In addition to the institutional placement, a Share Purchase Plan was completed, raising $26 million. Operating • Coal sales up 48% (equity basis) compared with previous year (up 42% on 100% basis); • Saleable coal production up 36% (equity basis) from FY 2008 (up 20% on 100% basis); • JORC coal resources increased to 761.8 Mt, with marketable coal reserves more than doubled to 278.6 Mt; • Opencut marketable coal reserves increased to 106 Mt, sufficient to support opencut saleable coal production of 5 Mtpa for more than 20 years; • Rocglen and Sunnyside opencut mines were commissioned successfully; • Owner operation was introduced at Werris Creek mine in December 2008, resulting in an increase in saleable production rate from 0.9 Mtpa in Q2 to 1.4 Mtpa in Q4; • Narrabri Stage 1 construction is on track to reach the coal seam late in 2009; • Rail track upgrades were commissioned through to Narrabri, resulting in more paths and longer trains; • Development of the NCIG port facility is progressing on schedule. First coal is scheduled to be shipped by the end of March 2010.
Annual Report 2008
Annual Report 2010