Past year: ▲ 43%(3.82 – 6.03 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Sept 2019investor presentation● Neutral
Presentation for an analyst visit to Bengalla, repeating known FY2019 figures: profit before non-regular items $268m, net debt $301.2m. Notes Bengalla is now 80% New Hope, 20% Taipower, running at about 10 Mtpa, with FY2020 run rate 10.0 Mt saleable coal. No new results.
24 Sept 2019admin correction● Neutral
Corrects the share holdings table in the 17 September 2019 preliminary final report. Director and executive remuneration is unchanged. Administrative correction only.
17 Sept 2019investor presentation● Neutral
Full-year results presentation repeating known figures: profit before non-regular items $268m, final dividend 9.0c. Adds net debt of $301.2m at 31 July 2019, with $210m of the facility still available.
17 Sept 2019annual report▲ GoodMajor
Record FY2019 profit before non-regular items: $268m (up 3%) on revenue $1,306m, final dividend 9.0c for 17.0c total. Net cash flow from operations $510m. Up to 150 New Acland redundancies as Stage 3 approvals remain delayed.
17 Sept 2019annual report▲ Good
FY2019 (to 31 July): revenue $1,306m (up 21%), profit before non-regular items $268.5m (up 3%), statutory profit $210.7m (up 41%). Final dividend 9.0c. Notes the Court of Appeal win on New Acland.
17 Sept 2019resource reserve update● NeutralMajor
Annual coal resources and reserves at 31 May 2019: total resources 2,636 Mt, with New Acland and Bengalla down on mining depletion. New Burton resource declared; recoverable reserves 749 Mt, down from 770 Mt.
17 Sept 2019resource reserve update● Neutral
Bridgeport's net oil reserves at 31 May 2019: 2P 5.7 million barrels and 2C resources 11.3 million barrels. Compares with 5.6 and 11.4 million barrels at 1 August 2018, so broadly unchanged.
10 Sept 2019regulatory community update▲ GoodMajor
Queensland Court of Appeal ruled against the Oakey Coal Action Alliance and for New Acland on groundwater, finding the original Land Court recommendation was infected by apprehended bias. Final orders are pending; New Acland Stage 3 still needs leases and a water licence.
21 Aug 2019other▼ Bad
WICET filed an appeal on 20 August 2019 against the NSW Supreme Court decision that New Hope is not bound by the Colton cross guarantee. The potential liability of about $130m is therefore not yet fully settled.
12 July 2019other▲ GoodMajor
NSW Supreme Court ruled New Hope has not guaranteed the debts of the Colton companies under the Deed of Cross Guarantee. This favours New Hope in the dispute with WICET over a potential liability of about $130m.
25 Mar 2019asset acquisition disposition▲ GoodMajor
New Hope completed the purchase of Mitsui's 10% Bengalla interest, lifting its stake to 80% with Taipower on 20%. Effective date 1 December 2018. Resolves the pending A$215m deal announced in November 2018.
19 Mar 2019investor presentation● Neutral
Half-year presentation repeating the results: profit before non-regular items $160m, interim dividend 8c. Adds net debt of $103.5m at 31 January 2019 and $390m undrawn; a further draw is needed for the Mitsui 10% purchase in March.
19 Mar 2019half year report▲ Good
Half year to 31 January 2019: revenue $616.7m (up 21%), profit before non-regular items $159.8m (up 33%), interim dividend 8c. Bengalla at 70% contributed $126.6m pre-tax profit. Repeats the earlier same-day half-year report; net debt is given in the presentation.
19 Mar 2019half year report▲ Good
Half year to 31 January 2019: revenue $616.7m (up 21%), profit after tax before non-regular items $159.8m (up 33%), statutory profit $120.2m (up 4%). Interim dividend 8.0c, up from 6.0c. Statutory profit reflects acquisition costs and Colton-related charges.
12 Mar 2019regulatory community update▲ GoodMajor
Queensland granted the environmental authority amendment for New Acland Stage 3. Mining leases and an associated water licence are still required before the project can proceed. Stage 3 is expected to generate $7 billion of economic activity over 14 years.
19 Feb 2019regulatory community update▲ Good
The Coordinator-General approved the amended noise conditions, so the preconditions to the Land Court's New Acland Stage 3 recommendation are met. A final decision on the environmental authority is due by 12 March 2019. Mining leases and a water licence are still needed.
1 Feb 2019other● NeutralMajor
New Hope began Supreme Court of NSW proceedings against WICET and others, seeking a declaration that it is not bound by the cross guarantee for the debts of the Colton subsidiaries. Continues the dispute over a potential liability of about $130m.
3 Dec 2018asset acquisition disposition● Neutral
Wesfarmers confirmed completion of the $860m sale of its 40% Bengalla interest to New Hope, expecting a pre-tax profit of $670–680m. This is the seller's side of the deal New Hope completed the same day.
3 Dec 2018asset acquisition disposition▲ GoodMajor
New Hope completed its purchase of Wesfarmers' Bengalla stake, taking its interest from 40% to 70% with Taipower on 20% and Mitsui on 10%. The A$215m Mitsui purchase is expected in early 2019, for up to 80%.
29 Nov 2018other▲ Good
S&P announced New Hope will join the S&P/ASX 200 index from 7 December 2018, replacing Investa Office Fund. An index notice, not a company announcement.
26 Nov 2018asset acquisition disposition▲ GoodMajor
Taipower will take 10% of Wesfarmers' Bengalla stake, so New Hope will hold 70% once that completes. New Hope also agreed to buy Mitsui's 10% for A$215m, for up to 80%. Funded by a new A$600m loan facility and a A$300m facility for bonds and guarantees.
20 Nov 2018investor presentation● Neutral
AGM presentation: company history, coal market outlook and FY2018 results, plus first-quarter FY2019 figures (revenue $286.7m, profit after tax $73.6m, cash $580m). Repeats known facts.
19 Nov 2018debt default or forbearance▼ BadMajor
The Wiggins Island terminal operator (WICET) claims New Hope guaranteed the debts of the administered Colton subsidiaries under a cross guarantee. New Hope denies this, but says it would face a potential liability of about $130m if the claim were upheld.
8 Nov 2018regulatory community update▲ GoodMajor
Queensland Land Court conditionally recommended granting the New Acland Stage 3 mining leases and environmental authority amendment, provided the Coordinator-General first amends noise limits. Reverses the 2017 recommendation against; further approval steps remain. About 300 employees and 500 contractors depend on the mine.
18 Oct 2018bankruptcy or receivership▼ BadMajor
Two subsidiaries owning the Colton Project, Northern Energy Corporation and Colton Coal, were placed into voluntary administration (Grant Thornton). Follows the full Colton impairment flagged in September. New Hope says its other projects and operations are unaffected.
18 Oct 2018other● Neutral
Appendix 4G corporate governance checklist for the year to 31 July 2018, with the governance statement current at 11 October 2018. Administrative filing with no new business information.
18 Sept 2018annual report▲ Good
Results release for FY2018, called a record: profit $253m before non-regular items, $149m after, with 8.0c final dividend. States the Bengalla purchase is expected to settle in early 2019, later than the earlier 'late 2018' indication. Repeats annual report figures.
18 Sept 2018investor presentation● Neutral
Presentation of FY2018 results: profit before non-regular items $253m (up 96%), EBITDA $453m, final dividend 8.0c. Colton fully impaired after higher WICET terminal charges made it unviable, cutting profit by $103m. Repeats the results already released on 18 September.
18 Sept 2018annual report▲ GoodMajor
Full year to 31 July 2018: revenue $1,078.6m, profit $252.6m before non-regular items and $149.5m after, including a $92.6m after-tax coal exploration impairment. Final dividend 8.0c, making 14.0c for the year. Operating cash $434m before interest and tax.
18 Sept 2018resource reserve update▲ GoodMajor
First public reserves statement for oil subsidiary Bridgeport as at 1 August 2018: 2P reserves 5.6 million barrels and 2C contingent resources 11.4 million barrels. Management says growth will come from drilling and acquiring producing onshore Cooper/Eromanga and Surat assets.
