Ann: Year End Results Presentation 2012 , page-5

mjp2 wrote: "seems to me the brokers have omitted the NZ royalty payment from their analysis...at around $7m a year off NPAT that's not trivial ..."

Not true from what I can see, but good of you to alert us to that possibility. Euroz (latest report in july 2012) provides line-by-line expenses, including NZ royalty as a separate line item. Also, its summary "cash cost" line for all sites notes inclusion of royalty expenses.

Other broker reports do not state royalties because they do not break out costs. Instead, most just provide revenue, EBIT, NPAT, etc. They're more interested in these key numbers as well as reserves. Royalties would be included somewhere between revenue and NPAT because the broker reports include past as well as projected numbers -- and past numbers are taken from HZN's financial accounts.