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 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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