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Whitehaven Coal Limited : Annual Report 2011
82 noteS to the Financial StatementS 30 june 2011 7. siGNifiCANT iTEms Consolidated In thousands of AUD 2011 2010 Consideration on sale of 75% of Narrabri joint venture interest – 125,000 Transaction costs – (167) Assets disposed – (10,519) Gain on sale of joint venture interest1 – 114,314 Loss on coal trading for legacy contracts2 (65,405) – Share based compensation3 (2,102) (16,683) Due diligence costs and project costs4 (5,778) (2,375) Financial income on EDF receivable5 8,602 4,511 Finance costs on retranslation of EDF receivable5 (24,922) (7,223) significant items before tax (89,605) 92,544 Applicable income tax expense 26,251 (32,768) significant items after tax (63,354) 59,776 Reconciliation of significant items to face of statement of comprehensive income: Operating expenses: Loss on coal trading for legacy contracts2 – purchased coal (25,563) – Other income: Gain on sale of joint venture interest1 – 114,314 Other expenses: Loss on coal trading for legacy contracts2 – contract settlements (39,842) – Share-based payment expense3 (2,102) (16,683) (41,944) (16,683) Administrative expenses: Due diligence costs and project costs4 (5,778) (2,375) Financial income Unwinding of discount on EDF receivable5 6,052 4,511 Net unrealised foreign exchange gain on translation of EDF receivable5 2,550 – 8,602 4,511 Financial expenses Net realised foreign exchange losses on EDF receipts (24,922) (7,223) significant items before tax (89,605) 92,544 1 During the prior year, the Company sold a further 75% of its joint venture interest in the Narrabri North Project to a Korean consortium, comprising Daewoo International Corporation (Daewoo) and Korea Resources Corporation (KORES), for A$125 million, plus 75% of all costs incurred since 1 January 2008 The sale takes the Company’s interest in the project down to 70% The consortium paid the A$125 million in three tranches The first and second tranches of $32 5 million and $30 million were received during the prior year, as well as the consortiums’ 75% share of project development costs incurred since 1 January 2008 The third tranche of $62 5 million was received in the current year following the Company obtaining NSW Government approval for stage 2 of the Narrabri Project 2 During the year a significant amount of coal was purchased to fulfil legacy contracts which could not be filled from Whitehaven’s own production, resulting in a significant loss before tax amounting to $22 3 million Where contracts could not be filled with either Whitehaven coal or purchased coal, financial settlements were undertaken resulting in a loss before tax of $39 8 million In addition, provision for future losses on sales of coal into legacy contracts of $3 3 million before tax have been made
Annual Report 2010
Annual Report 2012