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Whitehaven Coal Limited : Annual Report 2010
Whitehaven Coal Limited -- Annual Report 2010 35 8. PRINCI PA L 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 2010, Whitehaven Coal Limited and its controlled entities ("the Group") continued development at the Narrabri underground mine, reaching the coal seam in May 2010. 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 2010, the Group continued development at the Narrabri underground mine, reaching the coal seam in May 2010. 9.2 Highlights Financial • Net profit after tax (NPAT) of $114.9 million, including NPAT of $59.8 million from the sale of 7.5% of the Narrabri Joint Venture and other Significant Items; • Underlying NPAT, before Significant Items, of $55.1 million; • A fully franked final dividend of 2.8 cents per share has been declared, payable on 30 September 2010; • Revenue of $328.2 million (net of purchased coal and excluding NSW royalty), down 8% from FY 2009; • Earnings before interest, tax, depreciation and amortisation (EBITDA) of $129.0 million (excluding coal purchases), reduced to $108.8 million after coal purchases; • Cash generated from operations of $69.3 million, compared to $135.6 million in FY 2009; • Proceeds received from the sale of Narrabri of $99.7 million during the year; • Strong cash flow and financial position -- $141.0 million cash available with net cash of $46.1 million compared to $131.2 million cash available and net cash of $52.9 million at 30 June 2009; Operating • Coal sales up 16% (equity basis) compared with previous year (up 13% on 100% basis); • Saleable coal production up 24% (equity basis) from FY 2009 (up 20% on 100% basis); • JORC coal resources increased to 1,632.9 Mt, with marketable coal reserves up 14% to 318.1 Mt; • The ongoing expansion of Whitehaven's open cut mines and the Gunnedah CHPP to their combined design and permitted capacity of approximately 5.5 Mtpa of saleable coal is nearing completion; • Construction of the Narrabri mine (Stage 1) was completed during the final quarter of FY10 with first coal production achieved on 28 June 2010; • NSW Government approval has been received for Narrabri Stage 2 (subsequent to balance date). The Stage 2 longwall equipment was specified and ordered last September. Delivery is expected to commence in January 2011, with installation underground scheduled for September/October of 2011. • The new coal train ordered by Whitehaven in 2009 was delivered and put into service in June 2010. • Construction of the new NCIG coal loading terminal (Whitehaven owns 11%) achieved its objective of shipping its first coal at the end of March 2010 and achieved practical completion as planned in June. 9.3 Review of operations The Managing Director's Report, containing a review of operations, commences on page 6 of this Annual Financial Report. This, together with the Chairman's Letter and the sections headed "Significant Changes in the State of Affairs" and "Events Subsequent to Reporting Date" in this report, provides a review of operations of the consolidated entity during the year and subsequent to the reporting date.
Annual Report 2009
Annual Report 2011