17 Sept 2013investor presentation● Neutral
Full-year results presentation repeating the $125.0m profit before non-recurring items, $74.1m net profit, 5.8 Mt production and 16c total dividends. No new major information evident.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Sept 2013annual report▼ Bad
Year to 31 July 2013: revenue $652.1m (-15%); profit after tax $74.1m (-55.6%) versus $167.1m; $125.0m before non-regular items. Final 5c plus special 5c dividend, down from a 20c special last year. Total dividends 16c.
17 Sept 2013annual report▼ Bad
Media release on FY2013: $125.0m profit before non-recurring items; $74.1m after $51.4m of impairments on Dart, Westside and Quantex investments. Cost of sales fell $36m. Cash is $1.25bn, down from about $1.5bn a year earlier. Final and special dividends 5c each.
12 Sept 2013director officer appointment● NeutralMajor
CEO Robert Neale will retire on 31 January 2014, with CFO Shane Stephan expected to become CEO from 1 February 2014 and Matthew Busch to become CFO. Bruce Denney stays as COO. Described as a planned succession.
29 Aug 2013quarterly activities report● Neutral
Quarter to 31 July 2013: saleable coal up 6% and sales up 14% on a year earlier; full-year production 5.83 Mt, down 7%. Jeebropilly still loss-making. Coal-to-liquids start-up slips to end of 2013, and Quantex testing found processing issues needing a budget review.
30 July 2013resource reserve update▼ BadMajor
Reserves at 31 March 2013 fell 15% to 643 Mt from 753 Mt, mainly from New Acland (495 to 441 Mt: Acland township exclusion, Lagoon Creek, depletion) and Elimatta (191 to 139 Mt). Resources edged up to 2,532 Mt.
28 May 2013quarterly activities report▼ Bad
Quarter to 30 April 2013: saleable coal down 24% after extra shutdowns to manage stockpiles following the January-February rail outage. Jeebropilly scaled back to 5 days, cutting West Moreton output to about 0.7 Mt a year. Acland steady at 4.8 Mt a year; Bridgeport oil 15,668 bbl.
19 Mar 2013investor presentation● Neutral
Half-year results presentation repeating the $93.2m profit before tax, 3.04 Mt production (-5%), 6c interim dividend and cost cuts. Notes Newcastle spot coal around US$92/t and possible QBH expansion to 14 Mtpa under consideration. No new major information.
19 Mar 2013half year report● Neutral
Media release on the half: profit before tax $93.2m, with production costs per tonne down 11.7%. Bridgeport's first revenue contribution is noted, with oil found in all six Inland and Utopia wells drilled after period end. Interim dividend 6c.
19 Mar 2013half year report▼ Bad
Half to 31 January 2013: profit before tax $93.2m (-8.5%) and net profit $68.8m (-31.9%, the prior half had a one-off tax benefit). Revenue fell 16.9% to $322.9m. Interim dividend unchanged at 6c. Cost-cutting continues against weaker prices and a higher A$.
21 Feb 2013quarterly activities report▼ Bad
Quarter to 31 January 2013: saleable production down 11% and sales down 12%, with customers deferring shipments. New Oakleigh mine closed 25 January as planned. Bridgeport acquisition completed 23 August 2012. New Acland EIS work underway; Elimatta EIS lodged.
15 Nov 2012quarterly activities report● Neutral
Quarter to 31 October 2012: saleable production flat at 1.65 Mt, sales down 15% on shipment timing; fully sold for 2013. Cost-cutting programs begun on weak prices. New Acland re-enters the formal EIS process; coal-to-liquids commissioning slips to Q2 2013.
15 Nov 2012other● Neutral
AGM presentation repeating the full-year results, record production and 31c dividends. It stresses over $1.5bn cash with virtually no debt and a challenging year ahead. No new major information evident.
14 Nov 2012regulatory community update● NeutralMajor
New Hope unveiled a scaled-back New Acland continuation plan to run the mine to about 2029, with production at least 25% below the originally proposed 10 Mtpa. Without it, closure would come in 2017. It still needs environmental assessment.
9 Oct 2012director officer appointment● Neutral
Ian Williams, a commercial lawyer with 25 years in energy and resources, is appointed non-executive director from 1 November 2012. He joins alongside Sue Palmer, who was appointed in September.
27 Sept 2012listing compliance notice▼ Bad
ASX queried a late Appendix 3Y for Robert Neale's change of interest on 1 August 2012, lodged after the 9 August deadline, and asked why. Possible listing rule breach; it is a compliance query only.
18 Sept 2012annual report● Neutral
Media release on the full year: record 6.29 Mt production, $171.1m profit before one-offs, $1.5bn cash, and a 5c final plus 20c special dividend. New Hope is reviewing the pace of its development projects after weaker coal prices and a strong Australian dollar.
18 Sept 2012annual report▲ GoodMajor
Year to 31 July 2012: revenue $767.5m (+15.9%); profit before non-regular items $171.1m (+16.4%); net profit $167.1m versus $503.1m last year, which included the Arrow and Lenton sale gains. Final dividend 5c plus special 20c. Chairman expects a challenging year ahead.
18 Sept 2012investor presentation● Neutral
Full-year results presentation repeating the $171.1m operating profit, record 6.29 Mt production and 31c total dividends. No new major information evident from the text provided.
7 Sept 2012director officer appointment● Neutral
Sue Palmer, a chartered accountant and former Thiess CFO, is appointed non-executive director and Audit Committee chair from 1 November 2012. This fills the role left vacant by David Williamson's death in July.
31 Aug 2012quarterly activities report● Neutral
Quarter to 31 July 2012: saleable coal down 8% and sales down 16% on a year earlier, but full-year production (6.29 Mt) and sales (6.25 Mt) were records. Bridgeport takeover succeeded with over 99% acceptances; compulsory acquisition begun. Elimatta EIS pushed to December.
1 Aug 2012resource reserve update▲ GoodMajor
Updated JORC statement at 31 March 2012: resources up 64% to 2,511 Mt and reserves up 38% to 753 Mt since March 2011, mainly from the newly acquired Northern Energy deposits and extra Lenton resource. Up to 23.9% of Acland reserves could be lost to cropping-land rules.
26 July 2012asset acquisition disposition● NeutralMajor
New Hope will make an off-market takeover bid at $0.41 cash per share for the rest of unlisted oil producer Bridgeport Energy, valuing it at $76m fully diluted. Maximum cost to New Hope is about $45m. Independent directors recommend acceptance, subject to the independent expert's opinion.
17 July 2012production update▼ BadMajor
New Oakleigh mine at Rosewood will stop mining in early 2013, at the end of its productive life; 2012 output was only 350,000 tonnes. About 30 employees are being redeployed where possible. West Moreton production falls as a result.
16 July 2012director officer appointment▼ Bad
Non-executive director David Williamson died on 11 July 2012. He had been a director since 1999 and chaired the Audit Committee. No replacement is mentioned in the announcement.
29 May 2012quarterly activities report● Neutral
Quarter to 30 April 2012: saleable coal production up 27% and sales up 89% on the flood-hit period. Elimatta environmental statement submitted in April. Acland Stage 3 supplementary statement delayed from mid-April, as is the Colton report. Coal-to-liquids plant delivery expected late June.
20 Mar 2012half year report▲ Good
Media release on the half: operating profit $101.1m, up 25%, with $1.4bn cash and a 6 cent dividend. Resources rose 20% to 2,498 Mt after 387 Mt of extra inferred Lenton resource. Plan to double production over 5-7 years is unchanged.
20 Mar 2012investor presentation● Neutral
Half-year results presentation repeating the $101.1m operating profit, 3.2 Mt production, 6 cent dividend and 2,498 Mt resources. Notes new three-to-four-year wage agreements at 4-5% a year. No new major information evident.
20 Mar 2012half year report▲ Good
Half to 31 January 2012: operating profit $101.1m, up 24.7%, on revenue $388.5m. Interim dividend 6 cents, fully franked, payable 2 May 2012. The remaining 19.2% of Northern Energy was bought for $50.2m.
1 Mar 2012other● NeutralMajor
The formal sale process begun on 5 October 2011 has ended without a definitive proposal reflecting New Hope's strategic value. The board will continue as an independent company focused on growth, resolving the takeover speculation with no deal.