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Whitehaven Coal Limited : Annual Report 2012
2012 HIGHLIGHTS Business Development Highlights • Completed acquisition of Boardwalk Resources and the merger with Aston Resources, creating Australia’s leading independent coal company with a quality portfolio of producing assets and a growth pipeline that includes some of Australia’s most signifcant new coal projects. • Successfully acquired Coalworks Limited. • Completed the A$370 million sale of a 10% interest in the Maules Creek Joint Venture to J-Power Australia Pty Ltd. Financial Highlights • Underlying net proft after tax (NPAT), before signifcant items, of $57.8 million, down 13% from FY2011. • NPAT after signifcant items of $62.5 million. Total signifcant items after tax of $4.8 million including: – Historical legacy contract losses pre-tax of $29.4 million (all legacy contracts fulflled end of March 2012); – Aston/Boardwalk transaction costs pre-tax of $41.4 million; – Proft on sale of interest in Maules Creek to J-Power pre-tax of $116.2 million; – Accounting adjustment for the fair value of Boardwalk Resources goodwill at acquisition pre-tax of $119.8 million; – Initial recognition of Mineral Rent Resource Tax (MRRT) starting base as a deferred tax asset of $101.5 million. • Declared a fully franked special dividend of 50 cents per share and a fully franked fnal dividend of 3 cents per share taking the total dividend for the year to 53 cents per share. • Revenue from coal sales of $448.4 million (net of purchased coal and excluding NSW royalty), up 2.6% from FY2011. • Cash fow and fnancial position - $513.6 million cash available with net cash of $24.2 million compared to $207.6 million cash available and net cash of $29.0 million at 30 June 2011. 4
Annual Report 2011
Annual Report 2013