Past year: ▲ 43%(3.82 – 6.03 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Nov 2021quarterly activities report▲ Good
Quarter to 31 October 2021: underlying EBITDA A$242.5m, with Newcastle coal at a record US$222.35 in October. The A$310m debt reported at 31 July is fully repaid from operating cash. New Acland output fell 39.4% in care and maintenance; its Land Court hearing was held.
18 Nov 2021agm notice● Neutral
Chairman and CEO AGM addresses. Chairman says a refreshed strategy aims to diversify and grow the business, and hopes New Acland Stage 3 is approved in FY22. Mostly repeats known results; no new transaction announced.
18 Nov 2021other● Neutral
Statutory JobKeeper disclosure: the group received $3.91m for FY2020 and $5.68m for FY2021, covering 334 and 338 individuals respectively. No voluntary repayments have been made.
18 Nov 2021investor presentation● Neutral
AGM presentation slides repeating known figures: FY21 EBITDA $367m, 11.0c dividend, first-quarter EBITDA $242.5m and the A$310m debt repaid. Adds a Wood Mackenzie view that its mines stay competitive even under accelerated energy-transition scenarios. Re-election of two directors was on the agenda.
17 Nov 2021annual report● Neutral
New Hope released its 2021 Sustainability Report, the third standalone one, covering 1 August 2020 to 31 July 2021. The CEO message acknowledges scrutiny of thermal coal; the cover note itself reports no new results.
26 Oct 2021security holder rights change● Neutral
Following the 7c dividend, the conversion price of the A$200m convertible notes was adjusted from A$2.10 to A$2.0412, effective 25 October 2021. This slightly increases the number of shares the notes could convert into.
21 Sept 2021investor presentation▲ Good
Full-year results presentation repeating known figures: EBITDA $367m, 9.6Mt saleable coal, 11.0c dividend. Adds net debt of $81m, liquidity of $565m and gearing of 4.0%, with net debt to EBITDA at 0.2.
21 Sept 2021resource reserve update● NeutralMajor
2021 coal resources and reserves update as at 31 May 2021: reserves and resources reduced only by mining depletion at New Acland and Bengalla. Total recoverable reserves are 923Mt, down from 939Mt; total resources 2,655Mt, down from 2,672Mt.
21 Sept 2021annual report● Neutral
Appendix 4G governance statement for the year to 31 July 2021, pointing to the corporate governance statement on the company website. Administrative filing with no business substance.
21 Sept 2021annual report▲ GoodMajor
FY2021 statutory profit after tax was $79.4m versus a $156.8m loss in FY2020, on revenue of $1,048m. Underlying EBITDA was $367.2m. A final dividend of 7.0c fully franked was declared, payable 9 November 2021.
21 Sept 2021annual report▲ Good
Full-year results press release: underlying EBITDA $367m (up from $290m), NPAT $79m, and full-year dividend of 11.0c. Management says the $200m convertible notes position it for growth, while New Acland moves to care and maintenance at end of 2021.
21 Sept 2021resource reserve update▲ GoodMajor
Bridgeport's 2P oil and gas reserves rose to 5.9 MMboe from 4.4 MMboe a year earlier, helped by Vali gas appraisal wells. Contingent (2C) resources fell to 9.3 MMboe from 12.7 MMboe, as some moved into reserves.
20 Aug 2021quarterly activities report▲ Good
Quarter to 31 July 2021: EBITDA A$188m, full year A$372m, with Newcastle coal at a 10-year high of US$149.99 and Bengalla output up 26.6%. New Acland is ramping down to care and maintenance; Land Court hearing still expected in November.
13 Aug 2021agm notice● Neutral
119 shareholders, via Market Forces, proposed two resolutions for the 18 November 2021 AGM: a constitution change allowing advisory shareholder resolutions, and a request for reporting on managing coal assets consistent with net zero by 2050. Notice of meeting due October.
5 July 2021security holder rights change● Neutral
New Hope re-releases Soul Pattinson's 2 July announcement of the 34m share sale and matching swap, with its own cleansing notice. No new information beyond the WHSP notice.
2 July 2021capital raising announcement● Neutral
Settlement of the A$200m convertible notes due 2026 has occurred, completing the raising priced on 25 June. The notes are expected to list on the Singapore exchange on 5 July 2021.
2 July 2021security holder rights change● Neutral
Major shareholder Soul Pattinson sold 34m New Hope shares for $61.54m and entered a cash-settled swap on the same shares, keeping its economic exposure. This part-meets its 75m-share stock-borrow undertaking for the convertible notes; its holding falls to 331.7m shares (39.85%).
25 June 2021capital raising announcement● NeutralMajor
New Hope priced A$200m of convertible notes due 2026 at a 2.75% coupon. Conversion price is A$2.10, a 25% premium to the A$1.68 reference price. Net proceeds are about A$196m, for general purposes including possible M&A.
24 June 2021capital raising announcement● NeutralMajor
New Hope launched a A$150m senior unsecured convertible note offering due 2026, upsizable by A$50m, with Jefferies as lead manager. Proceeds are for general corporate purposes, possibly including M&A. Terms depend on a book-build.
15 June 2021other▲ GoodMajor
New Hope lifts FY2021 EBITDA guidance to $330m–$390m on stronger coal prices, with net debt to EBITDA expected below 0.5 times. The Japanese reference price was settled at US$109.97, up 60%. It declines to comment on acquisition speculation.
24 May 2021quarterly activities report▲ Good
Quarter to 30 April 2021: EBITDA $101m; Newcastle price up 78% since September 2020. Bengalla realised $105.41/t. New Acland's final coal is due late October or early November 2021, then care and maintenance pending Stage 3; Land Court hearing is reserved for November 2021.
13 May 2021regulatory community update▲ Good
The ACCC granted final authorisation for Vali gas joint marketing for five years, with supply terms up to 15 years. This confirms the March draft determination for Bridgeport's 25% interest alongside Vintage and Metgasco.
31 Mar 2021other▼ Bad
New Hope confirms it has been served with the Colton liquidators' proceedings, following the 23 March report of the planned $174.1m claim. It says it will vigorously defend them.
26 Mar 2021regulatory community update▲ Good
The ACCC issued a draft determination to authorise joint gas marketing by the Vali field partners, including New Hope's Bridgeport with a 25% interest. Vintage holds 50% and Metgasco 25%. It is a regulator's media release, with submissions open to 12 April.
23 Mar 2021half year report● Neutral
Half-year results: EBITDA $81.2m and profit before tax and non-regular items $0.9m. Fully franked interim dividend of 4c, reversing the no-final-dividend position. New Acland impaired further, with the Land Court hearing due in the first quarter of FY22 and care and maintenance possible.
23 Mar 2021investor presentation● Neutral
Half-year results presentation repeating the known figures: EBITDA $81.2m, 4.9Mt sold, 4c interim dividend. Adds that the Land Court hearing is reserved for November 2021, and drawn debt was $380m. No new results.
23 Mar 2021half year report▼ Bad
Half-year to 31 January 2021: revenue fell 34.4% to $405.5m and a net loss of $55.4m, versus a $69.8m profit a year earlier. Non-regular items include a $40.3m QLD coal asset impairment and $37.3m onerous contracts. Interim dividend declared 4.0c.
23 Mar 2021other▼ BadMajor
Liquidators of the collapsed Colton and Northern Energy subsidiaries plan to sue New Hope and former officers over claims they value at $174.1m plus interest and costs. New Hope will defend. An earlier ~$155m guarantee claim was dismissed up to the High Court.
22 Feb 2021quarterly activities report● Neutral
Quarter to 31 January 2021: saleable coal fell 18.0% to 2.363Mt, with New Acland down 33.7%. Newcastle price is up 48% since October 2020. Bengalla sales were above plan at 2.466Mt. No Land Court date was set for New Acland Stage 3 at release.
3 Feb 2021regulatory community update▼ BadMajor
The High Court upheld the Oakey Coal Action Alliance appeal, sending New Acland Stage 3's mining lease and environmental authority applications back to the Queensland Land Court. This follows the reserved October 2020 hearing. The company says it gives no certainty; federal approvals are already granted.
