New Hope (NHC) H2 2024 earnings summary

Executive summary

• Achieved 9.1 Mt of saleable coal production, up 26.4% year-over-year, driven by Bengalla Mine performance and New Acland Mine restart.

• Realized productivity gains from Bengalla Mine Growth Project and resumed operations at New Acland Mine.

• Focused on organic growth with ramp-up at New Acland, sustained Bengalla output, and Malabar's Maxwell Underground Mine development.

Financial highlights

• Underlying EBITDA of $859.9 million, third highest in company history, but down from $1,746.6 million last year.

• Net profit after tax of $475.9 million, compared to $1,087.4 million in the prior year.

• Net cash flow from operating activities at $562.0 million, down from $1,524.8 million year-over-year.

• Available cash increased to $824.5 million from $750.6 million, post convertible notes proceeds.

• Fully franked final dividend of 22.0 cents per share, total FY24 dividends at 39.0 cents per share.

Outlook and guidance

• Continued focus on organic growth through New Acland ramp-up, Bengalla production, and Maxwell Underground Mine development.

• Growth pipeline expected to deliver significant targeted production increases and shareholder value.