Port Waratah Coal Services Limited

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Directors’ MeetingsThe number of meetings of the company’s Boardof Directors and Sub-Committees of the Board ofDirectors held during the financial year were:Board of Directors 9HSE Committee 3Audit & Risk Committee 4Financing Committee 1The attendance details of Directors at Boardmeetings and Sub-Committees of the Board ofDirectors held throughout the financial year areas follows:Board of DirectorsMeetings heldwhilst in officeMeetingsattendedDirectorsM Harvey 9 9M Allen 9 9W H Champion 9 5J M Cleland - -M Iwami 5 -R S Light 9 7A W Mason 9 7Y Nakata 9 8G Okamatsu 9 5A E Pitt 9 8J E Richards 9 8S Saito 4 -Alternate DirectorsH Asada 5 -S R Bridger 9 -K Fukamachi 4 -A Hasumoto 9 7M Heaton 2 -N Kushibuchi 5 1B F Lewis 9 1T Maeno 4 -R H McCullough 9 4K Nakazato 9 -T Okada 9 -T Renwick 8 3C Robertson - -A Taniguchi 9 2G Walker 7 1P A Wilkes 9 2Health, Safety and Environment CommitteeM Harvey 3 3D McLachlan 3 3J E Richards 3 3Meetings heldwhilst in officeMeetingsattendedFinancing CommitteeR S Light 1 1A W Mason 1 1G Okamatsu 1 1Company SecretariesThe company secretaries are:Mr G V Crowe. Mr Crowe was appointed tothe position of company secretary in July 2008.Mr Crowe is a member of CPA Australia.Mr J A Oliver. Mr Oliver was appointed to theposition of company secretary in February 2008.Mr Oliver is a member of the Institute ofChartered Accountants in Australia and CPAAustralia.Principal ActivitiesThe principal activities of the company were theprovision of coal receival, blending, stockpilingand shiploading services in the <strong>Port</strong> of Newcastle.Trading ResultsThe net profit of the consolidated entity for thefinancial year was $107.9 million after an incometax expense of $44.4 million.DividendsTotal dividends paid during the financial yearwere as follows:$Importer & Exporter ClassSharesFinal 2010 dividend and FirstInterim 2011 dividend paid29 March 2011. Fully Franked $14,900,000Importer & Exporter ClassSharesSecond Interim 2011 dividendpaid 28 September 2011.Fully Franked $15,000,000$29,900,000Audit & Risk CommitteeA W Mason 4 4M Harvey 4 3R S Light 4 4P C Taylor 4 35
Review of OperationsDuring the financial year the company handled 97.8 million tonnes of coal through itsCarrington and Kooragang Terminals (2010, 95.1 million tonnes), representing increasedtonnage of 2.9% on the previous year. The above mentioned tonnage was loaded aboard1,025 vessels (2010, 1,067 vessels).Steaming coal exports increased by 7.9% with shipments for the year totalling 82.2 milliontonnes (2010, 76.2 million tonnes). Coking coal exports decreased by 17.5% with shipmentsfor the year totalling 15.6 million tonnes (2010, 18.9 million tonnes).The charge for coal handling services remained at $4.05 per tonne throughout 2011 andincreased to $4.50 effective 1 January 2012.At the end of the financial year there were 402 people (31 December 2010, 394 people)employed by the company.Changes in State of AffairsThere have been no significant changes in the state of affairs of the company during thefinancial year.Future Developments and ResultsThe company has continued to expand its coal handling facilities in the <strong>Port</strong> of Newcastle inorder to meet continued demand for Hunter Valley export coal. Kooragang Terminalexpansion works continued on Project Master Plan Completion (“MPC”) during 2011, withthese works increasing nameplate capacity to 133 Mtpa for 2012.Prefeasibility work for the PWCS T4 development is progressing on schedule. TheEnvironmental Assessment for PWCS T4 was lodged with the Department of Planning inNovember 2011.In the opinion of Directors, there are no other developments likely to significantly affect thefuture results of the company.Directors’ InterestsEach of the Directors has given a standing notice under sub-section 192(1) of theCorporations Act 2001 stating that he is a Director or member of certain specifiedcorporations and as such is to be regarded as having an interest in any contract which maybe made between the company and those corporations. Other than contracts of a routinenature between the company and associated corporations no Director has an interest in anycontract or proposed contract made with the company since 22 March 2011 (being the dateof the previous year’s Directors’ Report) and the date of this report.No Director holds shares in the company or related bodies corporate as at the date of thisreport.6
Page 1 and 2: Port Waratah Coal Services LimitedA
Page 3 and 4: Chairman’s ReportPort Waratah Coa
Page 5: Alternate DirectorsS R Bridger (for
Page 9 and 10: Proceedings on behalf of the compan
Page 11 and 12: PerformanceOVERVIEWShiploading in m
Page 13 and 14: EnvironmentPWCS’ operations were
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Page 17 and 18: PWCS - industryLEADERPWCS won a num
Page 19 and 20: Statement of Financial Positionas a
Page 21 and 22: Statement of Cash Flowsfor the fina
Page 23 and 24: Notes to the financial statementsfo
Page 39 and 40: Directors’ DeclarationThe Directo
Page 41 and 42: Auditor’s Independence Declaratio

Port Waratah Coal Services Limited

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