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Whitehaven Coal Limited : Annual Report 2011
WhitehavenCoalLimited–AnnualReport2011 99 noteS to the Financial StatementS 30 june 2011 31. RECONCiLiATiON Of CAsh fLOws fROm OPERATiNG ACTiviTiEs Consolidated In thousands of AUD Note 2011 2010 Cash flows from operating activities Profit for the period 9,946 114,884 Adjustments for: Depreciation 19 40,785 31,872 Amortisation 21 1,470 153 Foreign exchange losses unrealised 26,985 8,698 Unwinding of discounts on provisions 25 728 852 Unwinding of discounts on receivables 12 (6,052) (4,511) Share-based compensation payments 33 6,431 17,485 Gain on sale of interest in Narrabri project 9 – (114,314) Gain on sale of non-current assets 9 (294) (165) Operating profit before changes in working capital and provisions 79,999 54,954 Change in trade and other receivables 17,542 (18,007) Change in inventories and deferred stripping (31,753) (29,682) Change in trade and other payables 45,541 4,671 Change in unearned revenue (280) (311) Change in provisions and employee benefits 2,517 2,279 Change in tax payable (47,471) (69,360) Change in deferred taxes 13,274 15,933 Cash flows from operating activities 79,369 (39,523) 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 4 1 cents per ordinary share (refer Note 26) • After the year end the Company granted Share Acquisition Rights (SARs) over 720,000 ordinary shares to key senior employees 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 27 July 2011, 651,679 ordinary shares were issued pursuant to the vesting of employee SARs • 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 • 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
Annual Report 2010
Annual Report 2012