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Whitehaven Coal Limited : Annual Report 2013
174 Whitehaven Coal Limited Annual Report 2013 Notes to the Financial Statements 30 June 2013 The net assets recognised in the year ended 30 June 2012 were based on a provisional assessment of fair values as the Group had not completed its review of the fair value of the assets and liabilities acquired at the date the June 2012 nancial statements were approved for issue, due to the complexity of the acquisition and due to the inherently uncertain nature of the mining industry, mining properties and intangible exploration and evaluation assets, in particular. The review of the fair value of the assets and liabilities acquired was completed within 12 months of the acquisition date, leading to the following restatements: The assets and liabilities of Aston Resources were restated to increase the fair value of provisions by $9.8m, with a corresponding increase in value of mineral tenement. The assets and liabilities of Coalworks Limited were restated to reduce the fair value of land acquired by $18.6m, increase the value of mining property by $99.6m, recognising deferred tax assets of $1.3m, other non-current assets of $4.4m and recognising an additional non-controlling interest of $13.2m. This followed a restatement of the fair value of consideration in recognition of the farm-in option forgone previously recognised on acquisition of Boardwalk Resources Limited amounting to $73.6m. Goodwill arises principally because of the requirement to recognise deferred income tax assets and liabilities for the di erence between the assigned fair values and the tax bases of assets acquired and liabilities assumed in a business combination at amounts that do not re ect fair value. The fair value of the non-controlling interest in Coalworks Limited was determined using the $1 per share o er made by the Group to Coalworks Limited shareholders. Prior to acquisition, the Group held an existing equity interest in Coalworks Limited as an available for sale investment. The fair value gain on this investment recognised in other income in the income statement for the current year was $4,766,000 (see Note 9). Acquisition of additional interest in Coalworks Limited In the period from 20 June to 30 June 2012 the Group acquired additional interests in the voting shares of Coalworks Limited, increasing its ownership interest to 77.0%. Cash consideration of $53,112,000 is payable 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 the year ended 30 June 2012: In thousands of AUD Boardwalk Resources Limited Aston Resources Limited Coalworks Limited Revenue -- -- -- Net pro t/(loss)1 (114,985) 116,118 -- 1 Net pro t/(loss) includes the gain on sale of joint venture interest and impairment of goodwill on acquisition of Boardwalk Resources (refer to note 7 for details). If the business combinations had been completed on the rst day of the previous nancial year, the consolidated statement of comprehensive income would have included revenue of $nil and a net loss of $90.9 million. Transaction costs of $41.4 million have been expensed and are included in administrative expenses. 38. BUSINESS COMBINATIONS AND ACQUISITIONS OF NON CONTROLLING INTERESTS CONTINUED
Annual Report 2012