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Whitehaven Coal Limited : Annual Report 2009
Whitehaven Coal Limited -- Annual Report 2009 87 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2009 31. RECONCILIATION OF CAS H FLOWS FROM OPERATING ACTIVITIES Consolidated Company In thousands of AUD Note 2009 2008 2009 2008 Cash flows from operating activities Profit/(loss) for the period 244,212 51,854 23,508 (7,500) Adjustments for: Depreciation 19 26,137 18,002 -- -- Amortisation 21 153 89 -- -- Foreign exchange losses unrealised 21,652 1,702 8,881 5,043 Unwinding of discounts on provisions 25 699 452 -- -- Share-based compensation payments 33 272 2,687 272 2,687 Non-cash dividends -- -- (30,000) -- Gain on sale of interest in Narrabri project 9 (261,615) (55,629) -- -- Loss on sale of non-current assets 10 -- 5 -- -- Operating profit before changes in working capital and provisions 31,510 19,162 2,661 230 Change in trade and other receivables 385 (33,334) (5,709) Change in inventories and deferred stripping (12,704) (6,615) -- -- Change in trade and other payables 6,000 13,971 -- -- Change in unearned revenue 311 312 -- -- Change in provisions and employee benefits 1,807 664 -- -- Change in tax payable 96,729 10,168 (106) -- Change in deferred taxes (1,373) 7,658 (14,927) 1,198 Cash flows from operating activities 122,665 11,986 (12,372) (4,281) 32. SUBSEQUENT EVENTS In the interval between the end of the financial year and the date of this report there has not arisen any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity, in future financial years other than the following: • During July 2009, the Group ceased operations from the Canyon mine as it had reached the end of its mine life. • On 6 August 2009, the Group announced it had entered into a Heads of Agreement to sell a 7.5% interest in its Narrabri Joint Venture Project to a Korean Consortium, comprising Daewoo International Corporation (Daewoo) and Korea Resources Corporation (KORES), for A$125 million plus 7.5% of all costs incurred since 1 January 2008. The transaction is subject to the approval of Whitehaven, Daewoo and KORES Boards, and the obtaining of relevant Australian and Korean regulatory approvals. • On 30 July 2009, Whitehaven Coal Limited successfully completed an institutional placement of 60,680,040 new ordinary shares at $3.05 per share, raising approximately net $177 million ( Institutional Placement'). The Institutional Placement was oversubscribed with strong demand from both existing and new Australian and international investors. • On 7 September 2009, Whitehaven Coal Limited successfully raised $26 million under a Share Purchase Plan. A total of 8,501,896 ordinary shares were issued under the plan at a price of $3.05 per share, the same price as the institutional placement completed on 30 July 2009. • The directors have resolved to pay a fully franked dividend of 6.0 cents per ordinary share. The financial effect of the above matters has not been brought to account in the financial statements for the year ended 30 June 2009 but will be recognised in future financial periods.
Annual Report 2008
Annual Report 2010