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Whitehaven Coal Limited : Annual Report 2011
WhitehavenCoalLimited–AnnualReport2011 111 noteS to the Financial StatementS 30 june 2011 39. BusiNEss COmBiN ATiONs – ACquisiTiONs During the year the consolidated entity acquired a coal marketing business The provisional fair values of identifiable assets and liabilities acquired as at the date of acquisition were: In thousands of AUD Fair value at acquisition date Carrying value Assets Property, plant and equipment 50 50 Liabilities Employee benefits (26) (26) Total net identifiable assets at fair value 24 Marketing commission rights acquired1 7,000 Total consideration 7,024 1 The marketing commission rights arise as a result of acquiring interests in existing marketing agreements The consolidated entity will receive the benefit of cost savings on marketing commissions that would have otherwise been payable under the marketing agreements Of the total cost savings on marketing commissions, $0 3m related to marketing commissions payable as at the date of acquisition and were expensed on acquisition The remaining $6 7m of cost savings have been recognised as an intangible asset (refer to note 21) 40. dEEd Of CROss GuARANTEE Pursuant to ASIC Class Order 98/1418 (as amended) dated 13 August 1998, the wholly-owned subsidiaries listed below are relieved from the Corporations Act 2001 requirements for preparation, audit and lodgement of financial reports, and directors’ report It is a condition of the Class Order that the Company and each of the subsidiaries enter into a Deed of Cross Guarantee The effect of the Deed is that the Company guarantees to each creditor payment in full of any debt in the event of winding up of any of the subsidiaries under certain provisions of the Corporations Act 2001 If a winding up occurs under other provisions of the Act, the Company will only be liable in the event that after six months any creditor has not been paid in full The subsidiaries have also given similar guarantees in the event that the Company is wound up The subsidiaries subject to the Deed are: • Whitehaven Coal Mining Limited • Namoi Mining Pty Ltd • Betalpha Pty Ltd • Tarrawonga Coal Pty Ltd • Whitehaven Coal Holdings Limited • Whitehaven Coal Infrastructure Pty Ltd • Narrabri Coal Pty Ltd • Narrabri Coal Operations Pty Ltd • Narrabri Coal Sales Pty Ltd • Creek Resources Pty Ltd • Werris Creek Coal Sales Pty Ltd • Werris Creek Coal Pty Ltd • WC Contract Hauling Pty Ltd The Company and each of the subsidiaries entered into the deed on 27 June 2008 The Deed of Cross Guarantee includes the Company and subsidiaries which are included within the statement of comprehensive income and statement of financial position of the consolidated entity
Annual Report 2010
Annual Report 2012