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Whitehaven Coal Limited : Annual Report 2012
Whitehaven Coal Limited -- Annual Report 2012 121 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2012 31. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES Consolidated In thousands of AUD Note 2012 2011 Cash flows from operating activities Profit for the period 62,539 9,946 Adjustments for: Depreciation 19 39,521 40,785 Amortisation 21 1,920 1,470 Foreign exchange losses unrealised 52 26,985 Unrealised gain on investment (4,766) -- Unwinding of discounts on provisions 25 783 728 Unwinding of discounts on receivables 12 -- (6,052) Share-based compensation payments 33 10,420 6,431 Impairment of Boardwalk 119,791 -- Gain on sale of interest in Maules Creek JV 9 (116,175) -- Gain on sale of investments (313) -- (Gain)/Loss on sale of non-current assets 9 1,271 (294) Operating profit before changes in working capital and provisions 115,043 79,999 Change in trade and other receivables (13,797) 17,542 Change in inventories and deferred stripping (56,069) (31,753) Change in trade and other payables (72,687) 45,261 Change in provisions and employee benefits 2,540 2,517 Change in tax payable 2,427 (47,471) Change in deferred taxes (48,637) 13,274 Cash flows from operating activities (71,180) 79,369 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 3.0 cents per ordinary share (refer Note 26). • After the year end the Company approved grants of Performance Rights over up to 2,000,000 ordinary shares to key senior employees as part of its long term incentive plans. The Performance Rights will vest over the period 1 July 2014 to 1 July 2016 and are subject to market based performance hurdles. • After the year end the Company continued its acquisition of Coalworks Limited and on 21 August completed the compulsory acquisition of all remaining shares not previously acquired. • Narrabri longwall production has reached operational levels and from 1 August 2012 operational costs will no longer be capitalised. The financial effect of the above matters has not been brought to account in the financial statements for the year ended 30 June 2012 but will be recognised in future financial periods.
Annual Report 2011
Annual Report 2013