24 Mar 2015dividend declaration● Neutral
Interim dividend of 4c per share, fully franked, record date 21 April and payable 5 May 2015. This is the 4c noted in the half-year result, down from 6c a year earlier.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Mar 2015half year report▼ BadMajor
Half-year to 31 January 2015: profit of $34.2m before non-regular items, up 51%, but oil and gas impairments of $58.5m after tax produced a net loss of $23.1m. This confirms the impairment flagged in February. Interim dividend cut to 4c from 6c.
24 Mar 2015investor presentation● Neutral
Half-year results presentation repeating the $34.2m profit before non-regular items, $23.1m net loss and 4c dividend. Adds cost detail, including a 15% cut in free-on-rail costs and safety gains. No new announcements are evident in the text provided.
24 Mar 2015other● Neutral
Media release on the half-year result: $34.2m profit before non-regular items, $23.1m net loss after $58.5m of oil and gas impairments. Cash is $31.8m plus $1,076.4m of held-to-maturity investments. Management says it is pursuing asset-level acquisitions; New Acland awaits a federal decision.
25 Feb 2015quarterly activities report● Neutral
Quarter to 31 January 2015: saleable coal 1.39 Mt, up 17%, with record half-year sales of 3.07 Mt and half profit of $32-34m before non-regular items. Bridgeport's Inland drilling is deferred and Cuisinier wells are suspended pending tie-in; oil prices fell about 54%.
25 Feb 2015other▼ BadMajor
Half-year guidance: profit of $32m–$34m before non-regular items, but an oil and gas impairment of up to $54m is being assessed. If it is required, a net loss of $20m–$22m is likely. Cited cause: significant oil price movements.
23 Dec 2014asset acquisition disposition▲ GoodMajor
Cockatoo Coal says the sale of its 51% of the North Surat Joint Venture to New Hope's subsidiary completed on 23 December for $25m. This closes the deal announced in November. Cockatoo remains in voluntary suspension.
22 Dec 2014regulatory community update▲ GoodMajor
The Coordinator-General approved the revised New Acland Stage 3 project, extending the mine's life to about 2029. This resolves the long-running approval thread; without it reserves would have run out in 2017. Jobs rise to about 435 operational.
26 Nov 2014quarterly activities report▲ GoodMajor
Quarter to 31 October 2014: saleable coal 1.48 Mt, down 2%, but profit ahead of last year. New Hope agreed to buy Cockatoo's 51% of the North Surat Joint Venture for $25m. Dart's takeover by IGas completed, leaving NHC with 14.7m IGas shares, a 5% stake.
20 Nov 2014director officer appointment● Neutral
Shane Stephan, CEO since 1 February 2014, is appointed Managing Director, recognising his role in the company's strategic direction. A title change rather than a new leader.
20 Nov 2014agm notice● Neutral
AGM presentation repeating FY2014 results. Says first-quarter FY2015 profit is ahead of last year, coal sales up 7% and Bridgeport oil at 450 bopd. No new substantive information.
23 Sept 2014investor presentation● Neutral
Full-year results presentation repeating the $58.4m profit and dividends. Adds that 45 jobs were cut, administration costs fell 25% to $12.2m, and production was held at about 6 Mtpa. No new announcements.
23 Sept 2014annual report● Neutral
FY2014 final report: net profit $58.4m, down 21.2% from $74.1m, helped by a $17.1m Westside sale gain; profit before non-regular items was $41.5m. Final dividend 2c plus special 3.5c. Notes New Acland reserves run out in 2017 if expansion is not approved.
23 Sept 2014other● Neutral
Media release for FY2014 results: net profit $58.4m, of which coal contributed only $10.8m (versus $80.7m), oil $3.4m and treasury and investments $44.3m. Final 2c and special 3.5c dividends; cash $1.1bn. Largely repeats the annual report.
28 Aug 2014quarterly activities report● Neutral
Quarter to 31 July 2014: saleable coal 1.51 Mt, down 4%, with redundancies done and production unchanged. New Hope accepted the 40c Westside bid for its 17.7%, adding $16.7m after-tax profit. New Acland additional EIS lodged 18 August. Bridgeport won a new Cooper Basin permit.
29 May 2014quarterly activities report▼ BadMajor
Quarter to 30 April 2014: saleable coal up 18% to 1.43 Mt. Redundancies planned at West Moreton and head office. Bridgeport's Utopia and Inland wells failed to deliver oil and Moothandella-4 produced none. NHC's 17.7% Westside is under a 40c bid; it will back IGas's Dart takeover.
25 Mar 2014investor presentation● Neutral
Analyst presentation for the half to 31 January 2014, repeating the $22.7m profit ($7.3m coal, $15.4m treasury and investments). Calls it the most challenging coal market since the GFC. Mostly known facts.
25 Mar 2014other● Neutral
Media release repeating the half-year result already reported: net profit $22.7m versus $68.8m, interim dividend 6c, cash $1.1bn. Adds that Bridgeport produced 89,620 barrels in the half and that three new mineral exploration permits were granted in North West Queensland.
25 Mar 2014half year report▼ BadMajor
Half to 31 January 2014: net profit $22.7m, down 67% from $68.8m, on revenue of $284.9m (-11.8%). Coal contributed $7.3m (versus $45.2m). Interim dividend held at 6c. Weak export prices, high A$ and the New Oakleigh closure are blamed.
27 Feb 2014quarterly activities report▼ Bad
Quarter to 31 January 2014: saleable coal down 15% to 1.18 Mt, with Christmas shutdowns to manage costs. Bridgeport oil 44,471 bbl; the Arrow 15% Cuisinier interest purchase completed 18 December. New Acland EIS is in public comment, closing 3 March. Repeats profit guidance.
24 Feb 2014other▼ BadMajor
Profit guidance: net profit for the half to 31 January 2014 expected at $21m to $23m, versus $68.8m a year earlier. New Hope attributes this to weak thermal coal prices and a high Australian dollar. Full results due 25 March 2014.
3 Feb 2014director officer appointment● Neutral
Justin Hogg becomes Company Secretary from 1 February 2014, replacing Matthew Busch, who became CFO on that date. This completes the planned executive handover.
29 Nov 2013quarterly activities report● Neutral
Quarter to 31 October 2013: saleable coal down 8% to 1.51 Mt, sales up 7% to 1.46 Mt. Bridgeport oil 45,149 bbl. New Acland EIS submitted on schedule in September, with public review expected January 2014. Coal-to-liquids gasification module built, commissioning underway.
19 Nov 2013other● Neutral
New Hope releases its reply to Dart shareholders, denying it is seizing control and saying three of its four nominees are independent. It cites Dart's three-year shareholder return of -51.8% a year and a market value of $139m versus $510m three years ago.
19 Nov 2013other● Neutral
Dart's chairman writes to shareholders urging them to vote against New Hope's board changes, calling it a control grab without a takeover premium. It says New Hope's stake is 16.2%. These are Dart's claims, not facts established by New Hope.
14 Nov 2013other● Neutral
AGM chairman's presentation repeating FY2013 results ($74.1m net profit, $125.0m before non-recurring items, 16c dividends) and the New Acland plan. Dart's board later quotes it as saying New Hope expects likely lower profits amid soft coal markets. Little new information in the extract.
13 Nov 2013remuneration report● Neutral
New executive pay from 1 February 2014: CEO Stephan total package up to $2.1m, COO $1.25m, CFO $0.9m. For FY2013 the board paid only $370,000 total short-term bonuses and no long-term awards, citing difficult thermal coal conditions and lower shareholder returns.
6 Nov 2013other▲ Good
Senex monthly drilling report for October 2013. Relevant to New Hope only in that Bridgeport (35%, non-operator) cased and suspended Moothandella-4 with about 10 m of interpreted net oil pay across formations, ahead of testing. Mostly Senex's own wells.
27 Sept 2013other● Neutral
Dart's board rejects New Hope's move, calling it an opportunistic bid for control with only a 16.4% stake and no premium. It will put the resolutions to its AGM on 26 November unless withdrawn, and expects to meet New Hope within a week.
25 Sept 2013other● NeutralMajor
New Hope, through subsidiary Krestlake, requisitioned a Dart Energy shareholder meeting to remove three directors and appoint four nominees, including its own retiring CEO Robert Neale. It will not back Norman Stanley's re-election. Dart is a long-held NHC investment, written down $31.7m this year.