National HealthCare Corporation
Annual Report 2015

Plain-text annual report

                                              2015                                                                                                                      1 Contents Chairman’s Letter FinanCiaL summary DireCtors’ report auDitor’s inDepenDenCe DeCLaration FinanCiaL report DireCtors’ DeCLaration inDepenDent auDitor’s report to the members oF new hope Corporation LimiteD sharehoLDer inFormation i 1 2 25 26 71 72 74 NEW HOPE CORPORATION LIMITED AND CONTROLLED ENTITIES CORPORATE DIRECTORY DIRECTORS Robert D. Millner Chairman of Directors Todd J. Barlow Non Executive Director David J. Fairfull Non Executive Director William H. Grant Non Executive Director Sue J. Palmer Non Executive Director Ian M. Williams Non Executive Director MANAGING DIRECTOR Shane O. Stephan COMPANY SECRETARY Justin W. Hogg AUDITORS Deloitte Touche Tohmatsu Level 25, Riverside Centre 123 Eagle Street BRISBANE QLD 4000 PRINCIPAL ADMINISTRATION & REGISTERED OFFICE 3/22 Magnolia Drive BROOKWATER QLD 4300 Telephone: (07) 3418 0500 Facsimile: (07) 3418 0355 SHARE REGISTER Computershare Investor Services Pty Limited 117 Victoria Street WEST END QLD 4101 Telephone: 1300 552 270 www.computershare.com WEBSITE ADDRESS www.newhopegroup.com.au ASX Code: NHC Chairman’s reView Dear Shareholders, Over the past year your company has outperformed its peers in what has been the most challenging coal market in over a decade. I am pleased to report that New Hope Corporation has achieved an increased net profit before non-recurring items for the financial year ended 31st July 2015 of $51.7m up 24% on the 2014 year. The board decided to impair certain oil, gas and coal to liquids investments totalling $ 73.6m post tax resulting in a loss after tax and non-regular items of $21.8m for the year ended 31 July 2015. Non-cash significant items impacting the 2015 result include the following impairments: • Oil producing assets due to low oil prices and impacts on reserves $36.0m after tax • Coal to liquids facility due to lack of commercial application $17m after tax • Mark to market of shares in IGas and Planet Gas $17.6m after tax • Goodwill related to oil producing assets $4.2m • A gain on disposal of Dart Energy Limited shares was recognised of $1.2m after tax Net cash inflow from operating activities increased 38% to $88.5m for the financial year ended 31st July 2015. This is an outstanding result considering that revenues declined by $43.2m to $505.8m for the year due to low coal prices. Financial Performance The strong operations performance was driven by a staff conscious of the importance of tight cost management consistent with the principle of Safe Production. Cash generation in the business was strong with EBITDA before non-regular items of $132.7m up 17% on 2014. Although the Newcastle thermal coal benchmark coal price declined by 12.8% in US dollar terms over the past year (from US$69.02 per tonne to US$60.20 per tonne) careful cost control combined with the recent significant decline in the A$:US$ exchange rate has led to the improved profit performance. The management team made difficult cost cutting initiatives during early 2014 however these decisions have proven timely and necessary given the sustained decline in coal markets during the past year. Bridgeport Energy, in common with other oil production companies, was impacted by the significant drop in oil price during the year achieving a loss of $2.3m before non-regular items, after non-regular items Bridgeport reported a net loss of $42.5m. New Hope maintains its enviable record of dividend payment to shareholders. Directors have declared a final dividend of 2.5 cents per share (2014 – 2.0 cents per share) and a special dividend of 3.5 cents per share (2014 – 3.5 cents per share). Both of these dividends are fully franked and payable on 3 November 2015 to shareholders registered as at 20 October 2015. Significant Milestones Leadership and accountability functions across both the New Acland and West Moreton coal operations were combined during 2014 and the operational management team has excelled whilst taking on this increased responsibility. Improvements in our safety performance during the past year were encouraging and will continue to be a focus into the future. During the year QBH, New Hope Corporation’s 100% owned coal terminal at the Port of Brisbane, exported 7.1 million tonnes of coal on 89 vessels despite the difficult market conditions imposed on QBH’s customer base. Bridgeport continued to progress organic growth in its exploration and production portfolio. Planning is underway for significant investment in 3-D Seismic programs on exploration areas in order to identify drill targets to revisit the following year and workovers will be undertaken on selected production wells during the year in order to increase production flow rates. A number of potential asset acquisitions are being evaluated which have the potential to add materially to Bridgeport’s production base. The acquisition of three projects in the North Surat during the past year from Cockatoo Coal and Mitsui in combination with our existing Elimatta project provides the company with options to develop significant thermal coal production capacity located close to the coast once market demand for high quality thermal coal improves. The revised New Acland Coal Mine Stage 3 Project continued to progress with the Environmental Impact Statement submitted to the Queensland Office of the Coordinator- General receiving conditional approval late in calendar 2014. The Queensland Department of Environment and Heritage Management provided the draft Environmental Authority to the project on 31st August 2015. It is anticipated that a Land Court process will follow during calendar 2016. It is important that the mining lease is granted during mid 2016 to ensure continuity of production and therefore employment for our employees at Acland past 2018. The New Acland Mine has robust support within the region as evidenced on the 15th of March this year by over 800 people walking through the town of Oakey in support of the project. The revised Stage 3 project would provide direct employment ANNUAL REPORT & FINANCIAL STATEMENTS 2015 i CHAIRMAN’S REvIEW   for 435 people with an economic contribution to south east Queensland of $300m, $100m of that going into the Darling Downs region alone. The Stage 3 Project will extend the life of the current operation through to 2029, delivering significant economic and social benefits to the regional and greater economy. Sustainability We listen to our stakeholders and treat others as we expect to be treated ourselves. We have a core value of integrity throughout our business which is exhibited through being trusted to do the right thing in relationships within the community. New Hope understands that our operations must work hand in hand with our local communities as a good neighbour and a respected partner. This is achieved through genuine engagement, interaction and support. Importantly, our employees are also locals, with more than 80% of our people living and contributing to the communities in the vicinity of our operations. We acknowledge our operations have environmental impacts and work tirelessly through our Acland Pastoral Company to rehabilitate the disturbed land to very high standards. Our extensive rehabilitation efforts at Acland and West Moreton, and associated cattle grazing trials, have drawn wide interest and acclaim. We seek to continue to grow the operations of the Acland Pastoral Company as a sustainable and profitable part of our business concentrating on cattle breeding and grazing. As an organisation we exhibit resilience through striving to achieve long term sustainability by navigating through change and uncertainty. Globally most coal producers are reporting significant operating losses or at best significantly reduced profit. Seaborne export tonnages of thermal coal are reducing with exports from Indonesia, the world’s largest exporter of thermal coal, into China down almost 50% year to date. Current pricing will not incentivise the investment required to maintain current production levels let alone meet long term future demand. Your company will continue to maintain a strong balance sheet whilst it exercises its ability to grow through acquisition as well as continuing to invest in our current projects. From reading media reports over the past year one could be excused for thinking that coal did not have a future. Your board and management have heard such commentary before. During the late 1990’s and early 2000’s coal and mining generally was seen as part of the “old economy” without an attractive future for investors. The following decade proved to be exceptionally profitable for our company as we took a long term view that Asia requires enormous growth in energy in order to meet the demands of its rapidly urbanising population. This long term trend has not abated and although renewable energy sources will grow at a fast rate, coal will remain a primary energy source for electricity generation demands in Asia. The use of high quality Australian thermal coal in combination with the latest technology in coal power plants can significantly reduce the amount of carbon emissions per unit of energy produced. Coal remains significantly cheaper than alternative sources of energy production into northern Asia and will remain a primary energy source for electricity production for many decades to come. Our People Conclusion Your board, management and all employees at New Hope believe in the principle of Safe Production. We share a mutual responsibility to prevent harm and promote wellbeing. The safety improvement program “I-Safe / We-Safe” has been implemented with significant success across our business. High potential incidents are down 43% from this time last year and we have significantly reduced workplace injuries at our operations. Our staff created and implemented innovations which improved safety whilst concurrently making work easier at both our Jeebropilly and Acland operations. Two such innovations received recognition at the Queensland Mining Industry Safety and Health Innovation Awards and our Health Program at Acland was a finalist in the Queensland Worksafe Awards. Our subsidiary, QBH Pty Ltd, the operator of the coal terminal at the port of Brisbane, recorded over three years lost time injury free during the past year. Safety is a value we all share at New Hope. Outlook Last year’s outlook commentary proved correct in that 2015 was another tough year for the coal industry however the forecast decline in the value of the Australian dollar did provide some assistance and this is likely to continue into the 2016 year. I would like to thank my board colleagues for their efforts and commitment during the year. In particular I thank Mr Peter Robinson for his long service as a director of the company. Peter joined the board on 25th August 1997 and retired on 31st March 2015, over 17 years of service. Following Peter’s retirement Mr Todd Barlow was appointed to the board on 22nd April 2015. I also announce that Mr David Fairfull shall be retiring from the board at the next Annual General Meeting planned for the 19th November 2015. David joined the board of New Hope on the 25th of August 1997 and will have provided over 18 years of service to the company upon his retirement. It is exceptionally rare for directors to provide such long and valued service as Peter and David. On behalf of the company I thank them most sincerely for their exceptional efforts over their many years of service and wish them both the best in their future endeavours. I would also like to thank the management and staff of the company for their hard work in a challenging market and congratulate them on their success. Cognisant of the current stage of the coal price cycle, both the board and management have undertaken appropriate restraint of their fees and salaries. Finally I would like to thank you, the shareholders, for your continued support. R D Millner Chairman                                                                                                                                                                  ii ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 1                                                                                                                                                                    1 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 1 1 DIRECTORS’ REPORT 31 JULY 2015                                                                                                                                                                                                            2 2 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 2 DIRECTORS’ REPORT - 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       3 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 3 3                                                                                                                                                                                                                                                                                                                                                                                                      4 4 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 4 DIRECTORS’ REPORT - 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                                                                                            5 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 5 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      6 6 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 6 DIRECTORS’ REPORT - 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                  7 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 7 7                                                                                                                                                                                                                                         8 8 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 8 DIRECTORS’ REPORT - 31 JULY 2015                                            9 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 9 9                                                                                                                        10 10 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 10 DIRECTORS’ REPORT - 31 JULY 2015                                                                                                                                                                                                                                                              11 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 11 11                                                                                                                12 12 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 12 DIRECTORS’ REPORT - 31 JULY 2015                                                                                                         13 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 13 13                                                                                                                          14 14 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 14 DIRECTORS’ REPORT - 31 JULY 2015                                                                                                                                     15 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 15 15                                                                                                                                                                                                                                       16 16 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 16 DIRECTORS’ REPORT - 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                     17 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 17 17                                                                                                                                                                                                                                                                                                                                      18 18 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 18 DIRECTORS’ REPORT - 31 JULY 2015                                                              1     2   3                                                                                                                                                                                                                                                                                                                                                                                                                                                                         19 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 19 19                                                                                                                                                                                                                                                                                                           20 20 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 20 DIRECTORS’ REPORT - 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                                                                         21 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 21 21                                                                                                                                                                                                                                                                          22 22 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 22 DIRECTORS’ REPORT - 31 JULY 2015                                                                                                                                                                              23 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 23 23   DIRECTORS’ REPORT - 31 JULY 2015                                                                                                                                                                                                                           24 24 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 24 Deloitte Touche Tohmatsu A.B.N. 74 490 121 060 Riverside Centre Level 25 123 Eagle Street GPO Box 1463 Brisbane QLD 4001 Australia DX 115 Tel: +61 (0) 7 3308 7000 Fax: +61 (0) 7 3308 7001 The Board of Directors New Hope Corporation Limited 3 / 22 Magnolia Drive Brookwater QLD 4300 21 September 2015 Dear Board Members Independence Declaration In accordance with section 307C of the Corporations Act 2001 , I am pleased to provide the following declaration of independence to the directors of New Hope Corporation Limited. As lead audit partner for the review of the financial statements of New Hope Corporation Limited for the year ended 31 July 2015, I declare that to the best of my knowledge and belief, there have been no contraventions of: (i) (ii) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and any applicable code of professional conduct in relation to the review. Yours sincerely DELOITTE TOUCHE TOHMATSU Richard Wanstall Partner Chartered Accountants  Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Touche Tohmatsu Limited 25 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 25 25 25 ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                26 26 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 26 STATEMENT OF COMPREHENSIvE INCOME FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                          27 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 27 27 BALANCE SHEET AS AT 31 JULY 2015                                                                                                                                                                                                   28 28 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 28 STATEMENT OF CHANGES IN EqUITY FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                  29 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 29 29 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2015                                                                                                                       30 30 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 30 NOTES TO THE FINANCIAL STATEMENTS  FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                                                          31 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 31 31                                                                                                                                                                                                                                                                                                                                                                                                                                                32 32 32 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 32 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 33 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 33 33 33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                34 34 34 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 34 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 35 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 35 35 35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      36 36 36 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 36 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    37 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 37 37 37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     38 38 38 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 38 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  39 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 39 39 39                                                                                                                                                                                                                                                                                                                                                                             40 40 40 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 40 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   41 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 41 41 41                                                                                                                                                                                                                                                                                                                                                                                                                                                                              42 42 42 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 42 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                43 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 43 43 43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 44 44 44 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 44 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                 45 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 45 45 45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  46 46 46 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 46 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                    47 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 47 47 47                                                                                                                                                                                                                                                                                                                                                                48 48 48 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 48 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                               49 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 49 49 49                                                                                                                                                                                                                          50 50 50 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 50                                                                                                     NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                           51 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 51 51 51                                                                                                                                                                                                                                                                     52 52 52 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 52                                         NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                     53 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 53 53 53              and impairment                                                                                                                                                                                              54 54 54 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 54 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                     55 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 55 55 55                                                                                                                                                                 56 56 56 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 56 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                                                       57 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 57 57 57                                                               58 58 58 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 58                                                                                                                     NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                       59 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 59 59 59                                                                                                                                                       60 60 60 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 60                                                                                             NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                      61 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 61 61 61                                                                                                                                                        62 62 62 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 62 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                        63 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 63 63 63                                                                                                                                                                                                         64 64 64 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 64 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                         65 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 65 65 65                                                                                                                                                                                                                                                                      66 66 66 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 66 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                                                                                                                                                   67 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 67 67 67                                                                                                                                                                                          68 68 68 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 68 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                   69 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 69 69 69 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2015                                                                                                                                                                                                              70 70 70 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 70   DIRECTORS’ DECLARATION                                                                                                                                                                                                        71 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 71 71 71 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NEW HOPE CORPORATION LIMITED                                             72 72 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 72 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NEW HOPE CORPORATION LIMITED                                73 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 73 73 SHAREHOLDER INFORMATION AS AT 18 SEPTEMBER 2015                                                                                                                                                                                                                     74 74 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 ANNUAL REPORT & FINANCIAL STATEMENTS 2015 74 produced by armstrongQ www.armstrongQ.com.au 

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