by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Whitehaven Coal Limited : Annual Report 2013
68 Whitehaven Coal Limited Annual Report 2013 5. OPERATING AND FINANCIAL REVIEW Financial Highlights • 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 a signi cant amount of 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 Tarrawonga and Rocglen; • Impact of the Boggabri train derailment in the rst half of the year; • Take or pay cost due to the delayed startup of Narrabri. • 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 (including purchased coal), 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. Operating Highlights • Final approval obtained from both the NSW State Government and the Federal Government for the large scale and low cost Maules Creek project securing the Company's future production growth. • Whitehaven produced a record 9.07Mt ROM coal and 8.20Mt of saleable coal on a 100% basis in FY2013, an increase of 71% and 67% respectively. • Commissioning of the Narrabri longwall proceeded successfully with the mine ramping up to produce 3.68Mt of ROM coal and 3.47Mt of saleable coal on a 100% basis during the year. • The Narrabri team successfully completed the rst longwall changeout a day ahead of schedule and the mine is now running at an annualised rate of 6.0Mtpa. • The expansion project at Werris Creek that increases production to 2.5Mtpa is on target for completion in the rst half of FY2014. • Equity ROM coal production increased signi cantly to 7.35Mtpa for the year compared to 4.66Mt the previous year despite the closure of the Sunnyside open cut. • Whitehaven completed the acquisitions of Coalworks Limited and Itochu's minority interest in the Vickery South project which gives the Company 100% ownership of the project. • Cost-cutting initiatives continue to deliver bene ts owing through from: • Revised mine plan with lower stripping ratios at Tarrawonga and Rocglen; • Reduction in the number of contractors, employees and hired equipment at Tarrawonga and Rocglen; and • Placing the Sunnyside open cut mine in care and maintenance. Directors' Report
Annual Report 2012