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Whitehaven Coal Limited : Annual Report 2011
104 noteS to the Financial StatementS 30 june 2011 34. RELATEd PARTiEs (CONTiNuEd) Loans from key management personnel and their related parties There were no loans outstanding to key management personnel and their related parties, at any time in the current or prior reporting periods Other key management personnel transactions A number of related parties and key management persons hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities These entities transacted with the Company or its subsidiaries in the reporting period The terms and conditions of the transactions with management persons and their related parties were no more favourable than those available, or which might reasonably be expected to be available, on similar transactions to non-director-related entities on an arm’s length basis For all related parties disclosed below, there were no guarantees given or received, or provisions for doubtful debts over the outstanding balances at year end, nor were these balances secured against any assets of the consolidated entity The aggregate amounts recognised during the year relating to key management personnel and their related parties were as follows: (i) The consolidated entity has entered into a sub-lease with XLX Pty Limited, a company of which Tony Haggarty, Andrew Plummer and Allan Davies are all directors, for office space in Sydney Fees amounted to $353,753 (2010: $311,381) This agreement includes payment for utilities, parking, teleconferencing, office supplies and services and is on normal commercial terms XLX Pty Limited also provided project consulting services to the consolidated entity during the year amounting to $1,252,673 (2010: $341,661) There was no outstanding balance payable to XLX Pty Limited at year end (2010: $44,000) (ii) The consolidated entity sells coal to and buys coal from Energy Coal Marketing Pty Ltd (‘ECM’), a company controlled by Hans Mende During the year the company made sales to ECM amounting to $27,919,142 (2010: $43,481,042) and purchases of $nil (2010: $30,750,712) These transactions were carried out on an arm’s length basis at market rates At the year end there was no balance owed to the consolidated entity (2010: $208,966) (iii) The consolidated entity sells coal to and buys coal from AMCI International AG, a company jointly controlled by Hans Mende During the year the company made sales to AMCI amounting to $124,177 (2010: $20,604,418) and purchases of $nil (2010: $14,576,664) These transactions were carried out on an arm’s length basis at market rates There was no balance outstanding at year end (2010: $nil)
Annual Report 2010
Annual Report 2012