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Whitehaven Coal Limited : Annual Report 2013
71 Whitehaven Coal Limited Annual Report 2013 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 nancing expense (refer to note 7) 29.7 83.5 -64.4% Operating EBITDA before signi cant items 18.6 149.2 -87.5% FY2013 $`M FY2012 $`M Cash on Hand 110.5 513.6 Interest Cover Ratio (times)1 (1.14) 6.86 Interest Bearing Liabilities 582.1 489.4 Net (Debt)/Cash Position (471.6) 24.2 Net Assets 3,297.3 3,424.3 Gearing Ratio2 12.5% 0% 1 EBIT before signi cant items to Interest Expense excluding FX in nancing expense, losses on ine ective hedges and unwind of provision discounting 2 Net Debt to Net Debt plus Equity Safety Whitehaven is committed to protecting workers from injury or illness while working at any of our operations, construction projects or exploration areas. We take this commitment seriously and expect those working for us to share the same level of commitment. Whitehaven aims to: • Achieve zero workplace injuries and illnesses. • Achieve zero plant and equipment damage; and • Achieve zero environmental incidents. These objectives have been communicated to our workers in the form of the Whitehaven Coal Health, Safety and Environment (HSE) Policy approved by the Managing Director. The objectives detailed in the Whitehaven HSE Policy have been depicted in our three-yearly Health and Safety Strategic Plan and our annual Health and Safety schedule renewed at the commencement of 2013. Health and Safety Performance is overseen by the Whitehaven Board's Health, Safety, Environment and Community Committee. The primary function of this committee is to assist the Whitehaven Board in enabling the Company to operate its business safely, responsibly and sustainably. Whitehaven's Health and Safety performance measures include all our employees and contractors conducting work at our mining, construction and exploration areas. Over the previous three years we have continued to reduce our total recordable injury frequency rate. Total recordable injuries include lost time injuries, restricted work day injuries and medical treatment injuries as per the de nitions detailed in the AS1885 and the relevant NSW Health and Safety legislation. From FY2011 to FY2012 we reduced our lost time injury frequency rate from 7.13 to 4.17, although in 2013 this increased slightly to 4.63. Underground operations improved Health and Safety performance both in regards to lost time and total recordable injuries. The TRIFR reduced to 22.36 in FY2013 from 34.61 in FY2012. The LTIFR reduced to 0.86 from 6.29 with only one lost time injury recorded in the reporting period. Open cut operations continued to work on improving safety performance, although in FY2013 results for LTIFR and TRIFR trended up. Directors' Report
Annual Report 2012