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Whitehaven Coal Limited : Annual Report 2011
92 noteS to the Financial StatementS 30 june 2011 21. iNTANGiBLE AssETs Consolidated In thousands of AUD 2011 2010 Water access rights 4,063 4,063 Acquired haulage rights 1,300 1,300 Less: accumulated amortisation (548) (395) Marketing commission rights1 6,687 – Less: accumulated amortisation (1,317) – Rail access rights2 39,596 38,520 49,781 43,488 1 During the year the consolidated entity acquired marketing commission rights (refer to note 39) The marketing commission rights have been assessed as having a finite useful life and are amortised over specific sales tonnages using a fixed cost per tonne The amortisation has been recognised in the statement of comprehensive income in the line item ‘selling and distribution expenses’ 2 The consolidated entity has entered into agreements with the Rail Infrastructure Corporation and Australian Rail Track Corporation to underwrite 60% of the funding of a major upgrade of the Muswellbrook to Narrabri rail infrastructure, which will increase the capacity of that line to more than 15 million tonnes per annum The initial funding for the upgrade has been obtained by Rail Infrastructure Corporation and 60% of this will be subject to repayment by the consolidated group over 15 years The corresponding asset has been recognised and represents the group’s right to rail access over that period The access rights will be amortised on a units sold basis reflecting the economic benefit derived over the life of the access once the upgrades are complete Consolidated In thousands of AUD Water access rights Contract related intangible Rail access rights Marketing commission rights Total movement in intangibles Balance at 1 July 2009 953 1,058 35,383 – 37,394 Acquired during the year 3,110 – 3,137 – 6,247 Less: Accumulated amortisation – (153) – – (153) Balance at 30 June 2010 4,063 905 38,520 – 43,488 Balance at 1 July 2010 4,063 905 38,520 – 43,488 Acquired during the year – – 1,076 6,687 7,763 Less: Accumulated amortisation – (153) – (1,317) (1,470) Balance at 30 June 2011 4,063 752 39,596 5,370 49,781 22. TRAdE ANd OThER PAyABLEs Consolidated In thousands of AUD 2011 2010 Current Trade payables 58,855 24,429 Other payables and accruals 60,745 61,315 Deferred purchase consideration 34,664 42,664 154,264 128,408 Deferred purchase consideration relates to an amount payable under the acquisition agreement for Creek Resources Pty Ltd executed in October 2007 The amount of contingent consideration payable is calculated based on the total coal reserve tonnage within the area acquired During the current year, the consolidated entity made a payment of $8 million on account for the deferred consideration
Annual Report 2010
Annual Report 2012