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Whitehaven Coal Limited : Annual Report 2013
2 Whitehaven Coal Limited Annual Report 2013 Financial Performance FY2013 $`M FY2012 $`M Movement Revenue 622.2 618.1 +0.7% Net pro t/(loss) for the period attributable to members (82.2) 62.5 -231.4% Add back: Signi cant items after tax (refer to note 7) 21.5 (4.7) +551.6% Net pro t/(loss) before signi cant items (60.7) 57.8 -205.0% Pro t/(loss) before net nancing expense (69.6) 26.0 -367.6% Add back: Depreciation and amortisation 58.5 39.7 +47.4% Operating EBITDA (11.1) 65.7 -116.9% Add back: Signi cant items before net of nancing expense (refer to note 7) 29.7 83.5 -64.4% Operating EBITDA before signi cant items 18.6 149.2 -87.5% • Operating EBITDA before signi cant items of $18.6 million for the nancial year; • Net loss after tax (NLAT), before signi cant items, of $60.7 million, down from a net pro t after tax (NPAT) of $57.8 million in the previous nancial year, re ecting: • Signi cant lower average coal prices (AU$83.81/t in FY2013 versus AU$111.72/t in FY2012). The fall in prices was predominantly due to market weakness coupled with Narrabri thermal coal being sold at a price below the Newcastle benchmark; • Accounting impact of placing the Sunnyside mine into care and maintenance; • Revised life of mine plans and reduced operating cost initiatives for the Tarrawonga and Rocglen mines; • Impact of the Boggabri train derailment in the rst half of the year; • Take or pay costs due to the delayed ramp up of the Narrabri mine. • Paid a fully franked nal dividend of 3 cents per share in the rst half of the year related to the previous year pro ts. • Revenue from coal sales of $622.2 million up 0.7% from FY2012; • Cash ow and nancial position - $110.5 million cash available with net debt of $471.6 million compared to $513.6 million cash available and net cash of $24.2 million at 30 June 2012. Financial Highlights Highlights
Annual Report 2012