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
171 Whitehaven Coal Limited Annual Report 2013 Notes to the Financial Statements 30 June 2013 38. BUSINESS COMBINATIONS AND ACQUISITIONS OF NON CONTROLLING INTERESTS Acquisitions in the year ended 30 June 2013 Business acquired Principal Activity Date of acquisition Proportion acquired Cost of acquisition Vickery Pty Limited Coal exploration 8 March 2013 100.0% 29,594 Purchase consideration: In thousands of AUD Vickery Pty Limited1 Shares issued, at fair value 29,594 29,594 1 The Group acquired Vickery Pty Limited (formerly ICRA Vickery Pty Limited) which held the remaining interest in the Vickery South project which the Group did not own, including a 29% joint venture interest and a right to increase to a 49% interest through farm-in arrangements which are nearing completion. It also involves the termination of Itochu's exclusive o -take and sales agency arrangements relating to the Project. The consideration for the transaction was the issue of 11.47 million shares in Whitehaven Coal Limited to Itochu. Assets and liabilities acquired In thousands of AUD Vickery Pty Limited Exploration expenditure 29,594 Fair value of net assets acquired 29,594 Total consideration 29,594 Cash ows on acquisition: Cash balances acquired (included in cash ows from investing activities) -- Transaction costs (included in cash ows from operating activities) 99 Transaction costs attributable to issuance of shares (included in cash ows from nancing activities) 29 Net cash (in ow)/out ow on acquisition -- current year 128 Acquisition of additional interest in Coalworks Limited In the period from 1 July to 21 August 2012 the Group acquired additional interests in the voting shares of Coalworks Limited, increasing its ownership interest to 100%. Cash consideration of $42,354,000 was paid to non-controlling interest shareholders. From the date of acquisition, the companies acquired contributed the following amounts of revenue and net pro t/ (loss) to the Group: In thousands of AUD Coalworks Limited Revenue -- Net pro t/(loss) -- If the business combinations had been completed on the rst day of the nancial year, the consolidated statement of comprehensive income would have included revenue of $nil and a net loss of $nil. Transaction costs of $0.8 million have been expensed and are included in administrative expenses.
Annual Report 2012