Past year: ▲ 43%(3.82 – 6.03 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
20 Nov 2018agm notice● Neutral
AGM release reviews the record FY2018 profit (before non-regular items $253m) and the first-quarter FY2019 profit after tax of $73.6m, up 41%. Repeats New Acland and Bengalla progress, with Bengalla expected to complete around year end.
20 Nov 2018quarterly activities report● Neutral
Quarter to 31 October 2018: coal sold down 4% to 2.066 Mt, production down 16%, Newcastle price averaged US$109.52. Bengalla purchase now expected to complete very late 2018 or early 2019. The Court of Appeal will hear the Oakey Coal Action Alliance appeal on 27-28 February 2019.
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.
14 Sept 2018other▼ BadMajor
Profit guidance for year to 31 July 2018: profit before non-regular items $248–253m, but about $103m after-tax non-regular charges, mainly an impairment of the Colton exploration project. Statutory profit expected at $145–150m. Colton, once approved and awaiting an investment decision, is written down.
27 Aug 2018quarterly activities report▲ Good
Quarter to 31 July 2018: coal sold up 5.4% to 2.534 Mt, Newcastle price averaged US$119.84 in July. New Acland Stage 3 returns to Land Court for a 2-day hearing in early October; oil output 94,484 barrels and a five-well Cooper Basin programme begins.
7 Aug 2018asset acquisition disposition● Neutral
Wesfarmers announced it will sell its 40% Bengalla interest to New Hope for $860m, with completion expected in the fourth quarter of 2018. Subject to regulatory approval and pre-emption rights of the other partners. This is Wesfarmers' side of the deal New Hope announced the same day.
7 Aug 2018asset acquisition disposition▲ GoodMajor
New Hope committed to buy Wesfarmers' 40% of Bengalla for $860m, lifting its stake to up to 80% depending on Mitsui and Taipower's pre-emption rights. Funded by cash and new debt facilities, with completion anticipated in late 2018. Doubles its largest coal asset.
30 May 2018regulatory community update▼ BadMajor
Oakey Coal Action Alliance lodged an appeal against the Supreme Court decision that set aside the Land Court's New Acland Stage 3 recommendation. New Hope is reviewing the grounds. This adds fresh uncertainty to the win announced on 2 May.
29 May 2018quarterly activities report● Neutral
Quarter to 30 April 2018: coal sold fell 12.5% to 1.901 Mt, as Queensland rail outages hit output. Confirms the Supreme Court win also set aside the February environmental refusal, and the Bengalla settlement. Burton/Lenton investment decision now expected in the second half of 2018.
2 May 2018regulatory community update▲ GoodMajor
Queensland Supreme Court set aside the Land Court's 2017 recommendation against New Acland Stage 3, finding errors on groundwater, noise and intergenerational equity. The matter returns to the Land Court. This reverses the setback from May 2017 and keeps the project alive.
24 Apr 2018joint venture update● NeutralMajor
Bengalla (New Hope 40%) settled its court case against MACH Energy over the neighbouring Mount Pleasant mine, resolving the proceedings begun April 2017. Bengalla supports MACH's applications and pays $12m by instalments; MACH must remove rail infrastructure by October 2022.
20 Mar 2018investor presentation● Neutral
Half-year results slides repeating known figures: profit $115.6m, 4.4 Mt coal sold, 6.0c dividend. Notes New Acland Stage 2 extension options are being investigated to avoid a production gap; 288 staff and about 500 contractors depend on the mine.
20 Mar 2018half year report▲ Good
Results release for the half to January 2018, called a record half: profit $115.6m, revenue $509.4m, 6.0c interim dividend. Bengalla contributed $83.8m pre-tax profit; oil revenue $12.8m, up 45%. Repeats the half-year report figures.
20 Mar 2018half year report▲ GoodMajor
Half year to 31 January 2018: revenue $509.4m, profit after tax $115.6m (up 111%), operating cash $206.7m. Interim dividend 6.0c fully franked, up from 4.0c. Continues the earnings recovery seen in the first quarter, helped by higher coal prices.
19 Feb 2018quarterly activities report● Neutral
Quarter to 31 January 2018: coal sales up 7.9%, Newcastle price closed at US$108.23, and Burton acquisition finalised. New Acland Stage 3 environmental authority was refused on 14 February. A decision on starting mining at Burton is targeted by end of the financial year.
14 Feb 2018regulatory community update▼ BadMajor
Queensland's environment department refused the environmental authority amendment for New Acland Stage 3. This adds to the Land Court's adverse recommendation; the company is considering options, and the Supreme Court judicial review is due in March. About 300 employees and 500 contractors depend on the mine.
27 Nov 2017asset acquisition disposition▲ GoodMajor
The Lenton Joint Venture (New Hope 90%) completed buying four Burton Coal Mine tenements and infrastructure from Peabody for A$14.4m. This closes the deal announced in September; the assets adjoin the New Lenton Project.
