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Whitehaven Coal Limited : Annual Report 2010
Whitehaven Coal Limited -- Annual Report 2010 95 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2010 31. RECONCILIAT ION OF CASH FLOWS FROM OPERATING ACTIVITIES Consolidated In thousands of AUD Note 2010 2009 Cash flows from operating activities Profit/(loss) for the period 114,884 244,212 Adjustments for: Depreciation 19 31,872 26,137 Amortisation 21 153 153 Foreign exchange losses unrealised 8,698 21,652 Unwinding of discounts on provisions 25 852 699 Unwinding of discounts on receivables 12 (4,511) -- Share based compensation payments 33 17,485 272 Gain on sale of interest in Narrabri project 9 (114,314) (261,615) Gain on sale of non-current assets 9 (165) -- Operating profit before changes in working capital and provisions 54,954 31,510 Change in trade and other receivables (18,007) 385 Change in inventories and deferred stripping (29,682) (12,704) Change in trade and other payables 4,671 6,000 Change in unearned revenue (311) 311 Change in provisions and employee benefits 2,279 1,807 Change in tax payable (69,360) 9 6,729 Change in deferred taxes 15,933 (1,373) Cash flows from operating activities (39,523) 122,665 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: • The directors have resolved to pay a fully franked dividend of 2.8 cents per ordinary share (refer Note 26). • After the year end the Company granted Share Acquisition Rights (SARs) over 1,305,000 ordinary shares to key senior employees as part of ongoing long-term incentive plans. The SARs vest over the period 1 July 2011 to 1 July 2014 and are subject to market based performance hurdles. • On 28 July 2010 the Group received approval from the NSW Minister for Planning, the Hon Tony Kelly MLC, for Narrabri Coal Project Stage 2. The project approval under Part 3A of the Environmental Planning and Assessment Act 1973 will permit the development of a longwall mining operation and associated infrastructure at the Narrabri Mine to an approved level of production of 8 Mtpa. The receipt of approval for Narrabri Project Stage 2 also triggers two tranche payments related to previous sell downs of the Narrabri Joint Venture. Tranche 2 of $83 million from J Power was received on 13 August 2010. Tranche 3 of $62.5 million due from the Korean consortium is receivable on 30 November 2010. • On 9 August 2010 the Group provided funding of $29.0 million to NCIG as part of the funding requirement of the NCIG Stage 2AA expansion. It is the Group's intention to recover this funding as NCIG secures planned investment from other external parties. • On 5 August 2010, in response to media speculation, the Group issued an announcement to the ASX confirming the Group has had, and continues to have, discussions with third parties in relation to potential corporate transactions. Those discussions that are continuing are preliminary and remain incomplete, and it is highly uncertain whether they will lead to a proposal for consideration by the Company's directors and shareholders. The financial effect of the above matters has not been brought to account in the financial statements for the year ended 30 June 2010 but will be recognised in future financial periods.
Annual Report 2009
Annual Report 2011