22 Oct 2020director officer appointment● Neutral
Rob Bishop, acting CFO since July 2020, is appointed permanent Chief Financial Officer after an executive search. Resolves the CFO vacancy left by Matthew Busch's July resignation.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2020other▼ BadMajor
Voluntary redundancies offered at head office, with up to 75% of corporate staff and most executive positions to go by end November 2020. CEO Schmidt cites New Acland approval uncertainty and a tough couple of years even if approved.
22 Sept 2020director officer appointment● Neutral
Non-executive director Bill Grant, on the board since 2006 and Bridgeport chairman, will retire at the end of the 17 November 2020 AGM. Jacqueline McGill takes over as chair of the Human Resources and Remuneration Committee.
22 Sept 2020resource reserve update▼ BadMajor
Bridgeport's net 2P oil reserves at 31 May 2020 fell to 4.4 MMboe from 5.7, while 2C resources rose to 12.7 MMboe from 11.3. Lower oil prices and higher Queensland royalty cut reserves; the Vali-1 gas discovery lifted resources.
22 Sept 2020investor presentation● Neutral
Results presentation repeating the FY2020 figures: EBITDA $290m, net debt $290m, gearing 14%, $150m undrawn debt. New Acland's remaining workforce is expected to lose jobs within 12 months without Stage 3. No new results.
22 Sept 2020annual report▼ BadMajor
FY2020 revenue fell 17% to $1,084m; profit before non-regular items fell 69% to $84m, and a $156.8m statutory loss followed non-regular items (including impairments). No final dividend; full-year dividend is 6.0c. Net debt is $290m.
22 Sept 2020annual report▼ Bad
FY2020 results release: production 11.3Mt, sales 11.5Mt, profit before non-regular items $84m, statutory loss $156.8m. No final dividend. Impairments of about $246m across coal, goodwill and oil; 175 New Acland and 23 other redundancies. Stage 3 still awaits Mining Leases and a water licence.
22 Sept 2020resource reserve update▲ GoodMajor
2020 coal update at 31 May 2020: initial 207Mt recoverable reserve booked for Taroom; total recoverable reserves 939Mt (749Mt in 2019). Total resources 2,672Mt (2,636Mt). Bengalla and New Acland reserves fell slightly on updated models; 240Mt of New Acland reserves need approvals beyond Stage 3.
22 Sept 2020annual report● Neutral
Appendix 4G key to corporate governance disclosures for FY2020, pointing to the company website statement. Administrative filing with no new business information.
4 Sept 2020other▼ Bad
S&P Dow Jones Indices announced New Hope will be removed from the S&P/ASX 200 effective 21 September 2020. It had been in the index since December 2018. Index funds tracking it may sell as a result (inference).
15 July 2020director officer appointment▼ BadMajor
CFO Matthew Busch resigned after more than 23 years with the company. Rob Bishop, General Manager Corporate Development, becomes Acting CFO for up to six months while a permanent replacement is sought. Second senior departure after the CEO's retirement.
10 July 2020director officer appointment● NeutralMajor
Reinhold Schmidt, former Yancoal Australia CEO, appointed CEO from 1 September 2020, starting 3 August to overlap with Shane Stephan. Total fixed pay is $1.5m a year. Resolves the CEO search begun in May.
22 June 2020director officer appointment● Neutral
Jacqueline McGill AO appointed non-executive director from 22 June 2020. A former BHP executive who led BHP Mitsui Coal, she fills the board seat left open since Sue Palmer resigned in November 2019 (inference).
12 June 2020regulatory community update▲ GoodMajor
High Court dismissed, with costs, the applications by WICET and the liquidated Colton companies to appeal the Colton cross guarantee decision. New Hope is confirmed not to have guaranteed their debts. Resolves the January 2020 special leave applications.
5 June 2020regulatory community update▼ BadMajor
High Court granted Oakey Coal Action Alliance special leave to appeal the 1 November 2019 orders; no hearing date set. The company notes the groups are not challenging the substantive findings and asks the Queensland Government to approve Stage 3 now. Delay continues.
28 May 2020investor presentation● Neutral
Wilsons virtual conference presentation repeating half-year results and the April quarter production figures. Adds that the High Court special leave hearing on New Acland is scheduled for 5 June 2020. No new results.
12 May 2020director officer appointment● NeutralMajor
CEO and Managing Director Shane Stephan will retire on 31 August 2020 after eleven years with the company. Korn Ferry will help select a successor from internal and external candidates, so leadership change is now under way.
24 Mar 2020investor presentation● Neutral
Presentation of the half-year results already released the same day: revenue $618m, EBITDA $213m (down 25%), interim dividend 6c. Notes net debt of $304m at 31 July 2019 and $175m of debt available to draw. Nothing new.
24 Mar 2020half year report▼ Bad
Half year to 31 January 2020: revenue flat at $618.2m, profit before non-regular items down 46% to $86.4m, interim dividend 6.0c (down from 8.0c). Bengalla is running above 10 Mtpa; Jeebropilly mining ended 20 December 2019.
24 Mar 2020half year report● Neutral
Half to 31 January 2020: revenue flat at $618m, profit before non-regular items down 46% to $86.4m, interim dividend 6c. Bengalla (New Hope share) produced 4.3 Mt, up 84%. Company says it has sufficient funds and expects second-half results to stay positive.
3 Mar 2020other● Neutral
New Hope amended its Trading in Company Securities Policy from 3 March 2020, as required by listing rules. Administrative notice with the policy attached; no business impact stated.
20 Jan 2020regulatory community update▼ Bad
WICET, and separately the liquidated Colton companies, applied for special leave to appeal the NSW Court of Appeal's Colton cross guarantee decision to the High Court. New Hope will update in due course, so the dispute is not yet fully closed.
20 Dec 2019regulatory community update▲ GoodMajor
NSW Court of Appeal confirmed that New Hope has not guaranteed the debts of the Colton companies under the cross guarantee. This dismisses WICET's appeal, though the text notes no further proceedings; the potential exposure of about $130m is reduced to a lower risk. Resolves the August 2019 appeal.
3 Dec 2019regulatory community update▼ Bad
Oakey Coal Action Alliance applied for special leave to appeal the 1 November orders to the High Court, challenging only the final orders, not the groundwater or bias findings. New Hope says this does not change that no barrier to Stage 3 approvals exists. Adds a new delay risk.
22 Nov 2019director officer appointment● Neutral
Non-executive director Sue Palmer, on the board since 2012 and Audit Committee chair, resigned effective 25 November 2019. A search for a replacement is underway; Ian Williams will chair the Audit Committee in the interim.
19 Nov 2019investor presentation▼ Bad
AGM chairman's presentation mostly repeating FY2019 results. Adds first-quarter FY2020 profit before non-regular items of $41.1m, down 44%, which the company attributes to a 40% fall in the thermal coal price over the year.
19 Nov 2019other● Neutral
AGM release reviewing FY2019 and giving unaudited first-quarter FY2020 results: revenue up 14% to $327m, profit before non-regular items down 44% to $41.1m. Stage 3 still awaits leases and a water licence. Burton remains the most prospective near-term project.
1 Nov 2019regulatory community update▲ GoodMajor
Queensland Court of Appeal issued final orders dismissing the Oakey Coal Action Alliance's appeal and granting New Acland's orders. New Hope says nothing now bars government approval of Stage 3; leases, water licence and Jondaryan approval are still needed. Resolves the pending court orders.
23 Oct 2019other● Neutral
2019 Sustainability Report covering 1 August 2018 to 31 July 2019, with Bengalla included from 1 December 2018. Repeats known figures such as profit before tax $384m and 349 ha of certified rehabilitated land.
17 Oct 2019annual report● Neutral
Appendix 4G confirming the corporate governance statement for the year to 31 July 2019 is accurate and board-approved as at 17 October 2019. Compliance filing with no new business information.