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Whitehaven Coal Limited : Annual Report 2011
40 9. oPerAting AnD finAnciAl reView (continueD) 9.3 review of operations The Managing Director’s Report, containing a review of operations, commences on page 8 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. 10. significAnt chAnges in the stAte of AffAirs In the opinion of the directors, there were no significant changes in the state of affairs of the consolidated entity that have not been noted in the review of operations that occurred during the financial year. 11. eVents suBsequent to rePorting DAte 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 4.1 cents per ordinary share (refer Note 26). • After the year end the Company agreed to grante Share Acquisition Rights (SARs) over 720,000 ordinary shares to key senior employees (excluding Executive Directors) as part of ongoing long-term incentive plans. The SARs vest over the period 1 July 2012 to 1 July 2015 and are subject to market based performance hurdles. • On 16 August 2011, the Company entered into long-term arrangements with Australian Rail Track Corporation (ARTC) for rail track access between the Company’s mines and Newcastle Port. • On 27 July 2011, 651,679 ordinary shares were issued pursuant to the vesting of employee SARs. • The consolidated entity received a claim in June 2008 in relation to the performance of its obligations under a coal sales contract. The claim was settled on 1 July 2011 for an amount of US$1,625,000. The financial effect of the above matters has not been brought to account in the financial statements for the year ended 30 June 2011 but will be recognised in future financial periods. DIRECTORS’ REPORT
Annual Report 2010
Annual Report 2012