New Hope (ASX:NHC) publishes AGM 2022 results, shares down

Highlights

• New Hope shared its AGM and Q1 FY23 results on 24 November 2022.
• Shares of New Hope reacted negatively to the news, 1.571% down as of 2:14 PM AEDT.
• Underlying EBITDA for FY22 saw an increase of 330% over the prior comparable period.

Australian diversified energy company New Hope Corporation Limited (ASX:NHC) published the results from its annual general meeting (AGM) 2022 and the first quarter of FY23 on 24 November.

The ASX report mentions that New Hope generated sales of AU$8.8 million tonnes for the year. This was lower than AU$9.6 million tonnes sales in the previous year due to the New Acland operations coming to an end. However, the group managed to shoot up the average sales price during FY22, up from AU$101.36 per tonne in FY21 to AU$281.80 per tonne.

Following the mixed AGM results, shares of New Hope were trading 1.571% lower on the ASX. One New Hope share was valued at AU$5.325 as of 2:14 PM AEDT, 25 November. Meanwhile, in the last five trading sessions, New Hope’s shares have gained 0.47% while dipping 20.05% over a month. Additionally, the value of one New Hope share has increased 152.37% in a year and 129.53% on a year-to-date (YTD) basis.

A glance at FY22 financial results

• During FY22, the company received approvals to expand stage 3 operations at the New Acland site after over 15 years of submitting applications. New Hope considers this news as the biggest milestone in 2022.
• New Hope’s share price closed at AU$4.39 apiece for the year, 120% higher than FY21.
• The company paid full-year dividends (fully franked) of 86 cents per share to its shareholders. The FY22 full-year dividend is way greater than 11 cents per share in FY21.
• A final dividend of 31 cents per share with an additional special dividend of 25 cents per share was declared for the New Hope shareholders.
• For the financial year 2022, New Hope’s total shareholder return was about 147%.
• New Hope’s Newcastle index prices achieved a record of more than US$400 per tonne for the last quarter.
• New Hope made financial contributions of over AU$626 million via taxes and royalties, AU$182 million in local services and materials acquirement, and AU$147 million in wages and salaries.
• The company spent over AU$1 million supporting local community groups through sponsorships and donations.
• The total recordable injury rate during FY22 decreased by 52% from the prior comparable period.
• The New Acland mine has been an injury-free site since July 2021.
• Production at two of the primary sites of New Hope was impacted due to bad weather events. At Bengalla, production decreased by 4% compared to FY21.
• The underlying EBITDA increased by 330% in FY22 compared to FY21.

What happened during Q1 FY23 at New Hope?

Along with its 2022 AGM, New Hope shared results from its Q1 FY23. During the quarter, New Acland stage 3 received an associated water license to commence its operations. New Hope’s underlying EBITDA increased from AU$242.5 million in Q1 FY22 to AU$648.1 million in Q1 FY23. The company had cash and cash equivalents of AU$1.8 billion as of Q1 FY23. Thermal coal prices for New Hope touched another record for the quarter of US$414.72.