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Whitehaven Coal Limited : Annual Report 2011
WhitehavenCoalLimited–AnnualReport2011 39 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 2011, the Group continued development at the Narrabri underground mine. 9.2 highlights Financial • Underlying net profit after tax (NPAT), before Significant Items, of $73.3 million, up 33% from FY2010; • NPAT after significant items of $9.9 million. Total significant items after tax of $63.4 million including: – $45.8 million from losses incurred on legacy contracts from both purchased coal and financial settlements – $11.6 million foreign exchange loss relating to the outstanding USD receivable from EDF for its Narrabri JV purchase. • A fully franked final dividend of 4.1 cents per share has been declared, payable on 30 September 2011. This takes the total dividend for the year to 7.4 cents per share; • Revenue of $437.0 million (net of purchased coal and excluding NSW royalty), up 33% from FY2010; • Earnings before interest, tax, depreciation and amortisation (EBITDA) of $189.7 million (excluding coal purchases), reduced to $148.0 million after coal purchases; • Cash generated from operations of $120.3 million, compared to $69.3 million in FY2010; • Proceeds received from the sale of Narrabri of $190.8 million during the year; • Strong cash flow and financial position – $207.6 million cash available with net cash of $29.0 million compared to $141.0 million cash available and net cash of $46.1 million at 30 June 2010; Operating • Saleable coal production up 20% (equity basis) to 4.2 Mtpa and up 19% (100% basis) to 4.7 Mtpa; • Successful expansion of Whitehaven’s open cut mines which operated at an annual rate of almost 6 Mtpa of ROM coal in the June quarter; • Narrabri mine production ramp up continuing with four continuous miners now operating and excellent underground mining conditions; • Narrabri Coal Handling and Preparation Plant (CHPP) commenced commissioning in August 2011; • Definition of a 439 Mt open cut coal resource at Vickery with preliminary work indicating an open cut mine plan for Vickery of 4.5 Mtpa ROM for at least 25 years with a stripping ratio of approximately 10:1; • Continuing investment in infrastructure with rail and port capacity secured to meet growth profile; • Expansion of the Gunnedah CHPP completed with washing capacity increased to 3 Mtpa and total coal handling and rail loading capacity of 4.2 Mtpa; • Heads of agreement signed with Idemitsu to extend the existing Tarrawonga Joint Venture and share new CHPP and rail infrastructure.
Annual Report 2010
Annual Report 2012