Port Waratah Coal Services Limited

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Port Waratah Coal Services LimitedA.C.N. 001 363 828Financial Report for the year ended 31 December 2011DirectorsChief Executive OfficerM Harvey Chairman S H du PlooyW H ChampionJ M ClelandCompany SecretariesR S LightG V CroweA W MasonJ A OliverY NakataG OkamatsuA E PittJ E RichardsS SaitoContentsPageAuditorDeloitte Touche TohmatsuChartered AccountantsChairman’s Report 2Directors’ Report 3Auditor’s Independence Declaration 9Performance Overview 10Year in Review 11Statement of Comprehensive Income 17Statement of Financial Position 18Statements of Changes in Equity 19Statement of Cash Flows and Notes 20Notes to the Financial Statements 22Directors’ Declaration 38Independent Audit Report 39This financial report covers both Port Waratah Coal Services Limited as an individual entity andthe consolidated entity consisting of Port Waratah Coal Services Limited and the entity itcontrolled during 2011. Port Waratah Coal Services Limited is a company limited by shares,incorporated and domiciled in Australia. Its principal place of business is:Port Waratah Coal Services LimitedCurlew StreetKooragang Island, NewcastleNew South Wales, AustraliaTelephone (02) 4907 2000A description of the nature of the company’s operations and its principal activities is included inthe review of operations and activities in the Directors’ Report commencing on page 3. PWCS’annual report is available on PWCS’ website www.pwcs.com.au.1
Chairman’s ReportPort Waratah Coal Services loaded a record 97.8 million tonnes of coal onto 1,025vessels in 2011, a 2.9% increase on 2010.It was pleasing to note a reduction in both the number of injuries sustained in 2011 andthe lost time injury frequency rate and also that our permanent employee workforceachieved 12 months serious injury free during 2011. Notwithstanding theseimprovements, Management will continue work to improve safety performance throughboth visible leadership and reinforcement of procedures and practices in order that wereach our goal of zero injuries.The $670 million expansion of the Kooragang Terminal, which was approved by theBoard in February 2010, was completed on schedule and budget in December 2011.This expansion included the construction of a fourth shiploading berth and two halfstockpile pads and increases PWCS’ nameplate capacity to 133 million tonnes perannum from 1 January 2012.In April 2011 the Board approved $227 million for the final stage (under PWCS’ existingDevelopment Consent) of coal loading expansion at the Kooragang Terminal. Thisexpansion, known as Project 145, includes the installation of a fourth rail receival stationand is due for completion by the end of 2012, at which time PWCS’ nameplate capacitywill be 145 million tonnes per annum.Work has continued on PWCS’ proposed Terminal 4 (PWCS T4) with the majormilestones in 2011 being the completion of initial prefeasibility study work, lodgement ofthe PWCS T4 environmental assessment with the Department of Planning andcommencement of further PWCS T4 prefeasibility work.In 2012 PWCS T4 prefeasibility and feasibility work will be completed. The PWCS T4project approvals process will also continue throughout 2012 with anticipated projectapproval in early 2013. PWCS T4 is expected to deliver an additional 120 million tonnesper annum of throughput capacity with the project being constructed in stages. The initialstages of PWCS T4 are planned to deliver a combined 70 million tonnes per annum.During 2011, PWCS announced the departure of Graham Davidson as Chief ExecutiveOfficer and appointment of Hennie du Plooy as PWCS’ new Chief Executive Officer. Iwould like to thank Graham for his leadership and contribution to PWCS over six yearsand to wish him well in the future. I am confident that Mr du Plooy will lead all facets ofPWCS’ business over the coming years.In November 2011 PWCS was awarded ‘Australia’s best port or terminal operator’ at the2011 Lloyd’s List Australian Shipping and Maritime Industry awards. This awardrecognises PWCS’ performance and expansion record and is one which all PWCSemployees and stakeholders should be proud of.On behalf of the Board I would like to thank all of our people for their efforts during thepast year.MICHAEL HARVEYCHAIRMAN2
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