Past year: ▲ 43%(3.82 – 6.03 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Jan 2017regulatory community update▲ GoodMajor
Federal government granted EPBC approval for the revised New Acland Stage 3. State approvals (environmental authority, mining lease, water licence) are still needed; Land Court recommendations now expected around April 2017. Revised plan extends mine life to about 2029.
8 Dec 2016production update▲ Good
The QBH coal terminal shiploader, damaged in the 13 November storm, is repaired and loading has restarted. Insurer has granted indemnity, so costs aren't expected to materially affect full-year results. Delayed cargoes should be recovered over six months.
17 Nov 2016investor presentation▲ Good
AGM address and slides repeating FY2016 results (EBITDA $81.3m, net loss $53.7m) and Bengalla's $21.3m contribution. Adds unaudited first-quarter EBITDA of $40.0m, up 52.7%. FY2017 priorities include Acland Stage 3 approvals.
15 Nov 2016production update▼ BadMajor
Extreme weather on 13 November damaged the shiploader at the company's QBH coal terminal. Repairs could take several weeks, during which no coal can be loaded. Financial impact is still being assessed; may lower current-period sales.
10 Nov 2016regulatory community update▼ BadMajor
Queensland passed groundwater legislation (EPOLA) that, per the MD, is likely to delay New Acland Stage 3 by at least 12 months. A new water licence is needed, with possible further Land Court proceedings. Contradicts the hoped-for December 2016 decision; over 300 jobs said to be at risk.
20 Sept 2016other● Neutral
FY2016 results media release: profit before non-regular items $5.0m, EBITDA $81.3m. Bengalla contributed 1.5 Mt and $21.3m EBITDA over five months. Newcastle spot price rose from US$51 to US$70/t. Repeats the annual report.
20 Sept 2016other● Neutral
Corporate governance statement and checklist lodged with the annual report. Administrative filing with no new business information.
20 Sept 2016investor presentation● Neutral
Full-year results slides repeating known figures: net loss $53.7m, profit before non-regular items $5.0m, EBITDA $81.3m. Bengalla cost $901m including $51.9m of mostly stamp duty. Priorities: Acland Stage 3 approval and construction.
20 Sept 2016annual report▼ Bad
FY2016 (to 31 July): revenue $531.5m; profit before non-regular items $5.0m, down 90%; net loss $53.7m after $58.7m of non-regular items. Final dividend 2c. Acland Stage 3 decision now expected by December 2016; reserves deplete in 2018 without it.
21 June 2016regulatory community update▲ Good
New Hope welcomes the Queensland Competition Authority's refusal to approve Queensland Rail's draft access undertaking. The QCA requires lower access charges until 2021 and a refund of over-recovered revenue. QR must resubmit by 16 August 2016.
1 June 2016director officer appointment● Neutral
Company Secretary Justin Hogg resigned after five years; lawyer Janelle Moody, formerly a McCullough Robertson partner, appointed from 31 May 2016. A routine administrative change.
30 May 2016other● Neutral
Administrative notice: 95,103 performance rights held by retired COO Bruce Denney lapsed, leaving 484,795 unlisted rights. No substantive impact.
25 May 2016other● Neutral
Administrative notice: a share sale facility for holders of 336 shares or fewer (under $500 at $1.49). 716 holders, 96,611 shares. Forms due 6 July 2016. No impact on the business.
22 Mar 2016half year report▼ Bad
Half-year to 31 January 2016: profit before non-regular items fell 56% to $15.0m on softer prices; net profit $2.7m versus a $23.1m loss a year earlier. Interim dividend cut to 2c from 4c. Bengalla cost $850.8m excluding costs.
22 Mar 2016other● Neutral
Half-year results media release: profit before non-regular items $15.0m (down from $34.2m), net profit $2.7m after $17.3m of oil and investment impairments, partly offset by $5.0m land access compensation. Interim dividend 2c. Repeats the half-year report.
22 Mar 2016investor presentation● Neutral
Slides repeating the half-year results already reported: profit before non-regular items $15.0m, net profit $2.7m, interim dividend 2c, cash and term deposits $1,018.2m. Notes Bengalla 40% effective 1 March 2016. No new announcements evident.
1 Mar 2016asset acquisition disposition▲ GoodMajor
New Hope completes the purchase of the 40% Bengalla interest from Rio Tinto, agreed at A$865m. The company expects an immediate positive contribution to operating and financial performance.
1 Mar 2016asset acquisition disposition● Neutral
Rio Tinto confirms completion of the Bengalla 40% sale to New Hope: A$865m, equal to US$616.7m at the spot rate used. Rio also notes a separate Mount Pleasant sale to MACH Energy. Mirrors New Hope's completion statement.
8 Feb 2016asset acquisition disposition▲ Good
Bengalla purchase clears two key conditions: the other partners did not exercise pre-emption rights, and Rio's corporate restructure is done. A few conditions remain; completion expected 1 March 2016. Company expects an immediate positive contribution.
17 Dec 2015director officer appointment● Neutral
Tom Millner, CEO of BKI Investment Company and a director of Washington H Soul Pattinson, joins the board as a non-executive director, effective 16 December 2015. He shares a surname with Chairman Robert Millner.
30 Sept 2015asset acquisition disposition▲ GoodMajor
New Hope agrees to buy Rio Tinto's 40% of the Bengalla thermal coal mine (NSW Hunter Valley) for A$865m, answering its search for coal acquisitions. The mine produces about 8.6 Mtpa with about 218 Mt marketable reserves (100% basis). Subject to partners' pre-emption rights; completion expected Q1 2016.
30 Sept 2015asset acquisition disposition● Neutral
Rio Tinto's side of the deal: it has a binding agreement to sell its 40% Bengalla interest to New Hope for A$865m (US$606m). Subject to conditions including other partners' pre-emption rights; closing expected in the first quarter of 2016.
22 Sept 2015annual report▼ BadMajor
FY2015: loss of $21.8m versus $58.4m profit in FY2014, after $73.6m of non-regular items including oil asset and goodwill impairments. Profit before non-regular items rose 24.7% to $51.7m. Final dividend 2.5c plus special 3.5c. Acland reserves deplete in 2018 without expansion.
22 Sept 2015other● Neutral
FY2015 results media release: loss of $21.8m after $73.6m of impairments and other non-regular items, but profit before those items up 25% to $51.7m. Final 2.5c plus special 3.5c dividends. Cash and term deposits $1,065.3m; management is reviewing coal acquisitions. Repeats the annual report.
22 Sept 2015investor presentation● Neutral
Full-year results presentation repeating the $51.7m profit before non-regular items, $21.8m net loss and 6c of final and special dividends. Cost of sales fell 17.1% ($57.7m). Says New Hope is positioned for growth opportunities 'at the right time and for the right price'.
22 Sept 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 21 September 2015. Administrative, with no new financial or operational information.
3 Aug 2015other● Neutral
Administrative notice that the Trading in Company Securities Policy was revised, effective 1 August 2015, following updated ASX guidance. No operational or financial substance.
22 Apr 2015director officer appointment● Neutral
Todd Barlow, CEO of Washington H Soul Pattinson (NHC's roughly 60% shareholder), is appointed a non-executive director from 22 April 2015. He adds corporate finance and coal-sector experience to the board.
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.
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.
