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Whitehaven Coal Limited : Annual Report 2009
92 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2009 34. RELATED PARTIES (CONTINUED) Loans from key management personnel and their related parties Details regarding loans outstanding at the reporting date to key management personnel and their related parties, at any time in the reporting period, are as follows: In the prior year an amount was repaid to AMCI Investments Pty Ltd, an entity jointly controlled by Hans Mende, including accrued interest, totalling $33,506,000 (2009: $nil). The consolidated entity paid interest of 5% on the outstanding balance of the loan, recognising interest expense of $704,000 during the prior year (2009: $nil). The balance was fully repaid during the prior year. Other key management personnel transactions A number of key management persons, or their related parties, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities. These entities transacted with the Company or its subsidiaries in the reporting period. The terms and conditions of the transactions with management persons and their related parties were no more favourable than those available, or which might reasonably be expected to be available, on similar transactions to non-director related entities on an arm's length basis. The aggregate amounts recognised during the year relating to key management personnel and their related parties were as follows: (i) The consolidated entity entered into a sub-lease with XLX Pty Limited, a company of which Tony Haggarty, Andrew Plummer and Allan Davis are all directors, for office space in Sydney. Fees amounted to $183,295. This agreement includes payment for utilities, parking, teleconferencing, office supplies and services and is on normal commercial terms. (ii) The consolidated entity sells coal to Energy Coal Marketing Pty Ltd ( ECM'), a company controlled by Hans Mende. During the year the company made sales to ECM amounting to $39,829,142. These transactions were carried out on an arm's length basis at market rates. At the year end there was a balance owed to the consolidated entity amounting to $3,015,904. (iii) The consolidated entity used the marketing services of AMCI International AG, a company jointly controlled by Hans Mende, under a contract renewable annually. In conjunction with the Company's listing on the ASX, the Company issued AMCI International AG $1,567,500 in shares to prepay the marketing contract, which was determined to be the fair value of the remaining services to be provided under the contract. Contract terms are based on market rates for these types of services. (iv) In the year ended 30 June 2007, the consolidated entity had entered into foreign currency options with AMCI Investments Pty Ltd, a company jointly controlled by Hans Mende. The foreign currency options were entered to economically hedge certain sales and mature over a four-year period. During the prior year the consolidated entity converted its hedge book comprising foreign currency options to forward exchange contracts and there have been no further transactions with AMCI Investments Pty Ltd. In the year ended 30 June 2008 the consolidated entity recognised a foreign currency loss under the options of $1,867,000 (2009: $nil).
Annual Report 2008
Annual Report 2010