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Whitehaven Coal Limited : Annual Report 2013
95 Whitehaven Coal Limited Annual Report 2013 8.5.8 Proposed changes to long-term incentive in 2013 In response to feedback received from shareholders, and to ensure that no unintended 'uplift' is received by KMP if the unusual volatility of the Company's share price since the merger continues, the Remuneration Committee will introduce a number of changes to the LTI that will apply to the 2013 LTI grant: • Longer performance periods: As agged in last year's Remuneration Report, the 2013 LTI grant will be divided into two equal tranches capable of vesting following three and four year performance periods (respectively). • More challenging vesting schedule for TSR hurdle: The vesting schedule that applies to the TSR hurdle will be modi ed so that vesting at the 50th percentile of the ASX 100 Resources Index will be 35% (instead of 50%), and thereafter additional vesting will occur on a pro rata straight line basis up to the 75th percentile where 100% of performance rights will vest. The Remuneration Committee considers that this is appropriately challenging and will reward executives for achieving above median returns. The Remuneration Committee will also continue to give careful consideration as to whether to introduce a second performance hurdle for LTI grants made in subsequent years. 8.6 Company performance FY2013 has been a challenging year for the Company, and the lower remuneration outcomes for the executive KMP this year re ect this. Key nancial targets were not fully achieved and accordingly the STI paid to the executives was capped at a maximum of 12.5% of their xed remuneration (or 25% of target STI). No LTI was available for vesting in FY2013. Whilst many of the executives bene tted from equity vesting in the previous nancial year as a result of the merger with Aston Resources, like shareholders they have been impacted by the falling share price of the Company. A snapshot of key Company performance measures for the past ve years is set out below: 2013 2012 2011 (pre--merger) 2010 (pre--merger) 2009 (pre--merger) Pro t/(loss) attributable to the group ($000s) (82,164) 62,539 9,946 114,884 244,212 Revenue ($000s) 622,159 618,087 622,186 406,807 489,397 Share price at year end (dollars per share) $2.30 $4.15 $5.83 $4.80 $3.14 Basic EPS (cents per share) (8.4) 10.9 2.0 24.2 60.5 Diluted EPS (cents per share) (8.4) 10.9 2.0 24.0 60.3 Dividends paid (cents per share) 3.0 4.1 6.1 8.8 4.2 Special dividends paid (cents per share) -- 50.0 -- -- -- Directors' Report
Annual Report 2012