Poor Year for New Hope but Fiscal 2016 Should be the Nadir
New Hope’s fiscal 2016 result was disappointing with adjusted net profit after tax of AUD 5 million, well short of our AUD 31 million forecast and down 90% on last year. Adjusted EBITDA actually declined from AUD 34 million in the first half to AUD 29 million in the second despite additional higher-margin Bengalla coal. Contraction in the EBITDA margin from AUD 16.70 to AUD 9.10 per tonne was greater than expected with the realised coal price falling short of our forecast and unit cash costs act...New Hope operates four reportable segments: Coal mining in Queensland (including mining related exploration, development, production, processing, transportation, port operations and marketing); Coal mining in New South Wales (including mining production, processing, transportation and marketing); Oil and gas (including oil and gas related exploration, development, production and processing); and Treasury and investments (including cash, held to maturity investments and available for sale financial assets).
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