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Whitehaven Coal Limited : Annual Report 2012
Whitehaven Coal Limited -- Annual Report 2012 3 It is extremely important to Whitehaven that our workers live in, and enjoy being part of, the local communities in which we operate. From time-to-time we will need to rely on fly-in fly-out contractors (mainly from NSW) to supplement our local workforce, mainly during construction, but we are making every effort to build our local workforce. We continue to work with local councils to provide input into the planning processes required to address housing demand and social impacts linked to growth in our workforce, as well as specific mine and local infrastructure issues. Whitehaven remains the largest corporate contributor to the region with more than 1300 direct employees and contractors in the region. A large percentage of these employees reside in North West NSW, in line with our commitment to maintaining a locally-based workforce. Economically, our contribution to the region continues to grow. Total operating expenditure in producing coal was approximately $396.7 million in FY2012, most of which was spent in local and regional economies. Royalties paid directly to the NSW Government in FY2012 were approximately $33.4 million. In addition to this, we continue to support a wide range of community organisations with more than $115,000 donated during the year. In addition, more than $26 million has been committed to local infrastructure and community initiatives as part of our Voluntary Planning Agreements with local councils. FINANCIAL PERFORMANCE The company reported a net profit after tax (NPAT) before significant items, of $57.8 million, down 13% from FY2011. NPAT after significant items was $62.5 million. This result has allowed us to declare a final fully franked dividend of 3 cents per share, which, when combined with the special fully franked dividend of 50 cents per share paid earlier in the year, takes the annual dividend to 53 cents per share, fully franked. PROPOSAL FROM TINKLER GROUP On 10 August 2012, Whitehaven announced that it had granted the Tinkler Group access to due diligence in order to further develop an indicative and non-binding proposal for a Tinkler Group-led bid vehicle to take Whitehaven private at $5.20 cash per share. The due diligence period expired in August and Whitehaven was advised by the Tinkler Group that a formal binding proposal of $5.20 cash per share would not be forthcoming. The Whitehaven Board will always assess carefully firm proposals which are in the best interests of shareholders. However, our corporate focus remains on the sustainable and efficient development of our high quality coal assets to deliver value for all shareholders. OUTLOOK Since its formation, Whitehaven's strategy has been to maintain a clear focus on costs, to build a portfolio of assets that are well placed on the cost curve and to develop its assets in a safe, sustainable manner. This has delivered a diversified project risk profile that provides us with numerous options for further value-enhancing growth. Our management team is highly experienced and has a track record of delivering both organic growth and greenfields developments at all stages of the commodity price cycle. Whitehaven's Maules Creek project is a world-class example of an asset which is capable of delivering attractive returns at any stage of the cycle. We expect that this asset will enter the construction phase in the current financial year. On behalf of the board I would like to thank our expanded management team and workforce for their considerable achievements during the year as our business has become larger and more complex. The Hon. Mark Vaile AO Chairman
Annual Report 2011
Annual Report 2013