Please Explain, page-15

Ratios & MarginsWhitehaven Coal Ltd.

All values updated annually at fiscal year end

Valuation

	P/E Ratio(TTM)5.46
P/E Ratio(including extraordinary items)5.67
Price to Sales Ratio1.48
Price to Book Ratio1.06
Price to Cash Flow Ratio4.03
Enterprise Value to EBITDA1.93
Enterprise Value to Sales1.01
Total Debt to Enterprise Value0.10
Total Debt to EBITDA0.38
EPS(recurring)0.53
EPS(basic)0.53
EPS(diluted)0.52

Efficiency

	Revenue/Employee-
Income Per Employee-
Receivables Turnover19.43
Total Asset Turnover0.52

Liquidity

	Current Ratio1.25
Quick Ratio0.81
Cash Ratio0.35

Profitability

	Gross Margin+45.95
Operating Margin+31.56
Pretax Margin+29.58
Net Margin+21.22
Return on Assets11.06
Return on Equity15.06
Return on Total Capital20.11
Return on Invested Capital13.72

Capital Structure

	Total Debt to Total Equity11.79
Total Debt to Total Capital10.55
Total Debt to Total Assets8.37
Interest Coverage19.32
Long-Term Debt to Equity9.47
Long-Term Debt to Total Capital8.47
Long-Term Debt to Assets0.07