Ann: Full year results presentation, page-2

The significant reduction in dividend may not be well received but while I'm not an accountant, gearing levels have reduced due to this, and the East Coast Rail trade sale or demerger will be announced in 2Q 23, so by Christmas we should know if retail holders will have the chance to take up shares if AZJ decides to go that route (no pun intended).

I would much prefer the latter but perhaps AZJ may conclude a trade sale is easier: fewer regulatory hurdles. For society though, it's preferable to have as many good companies listed on the ASX as possible to create 'little capitalists.'

It's basically a flat result.

'Mr Market' may be negative about this today, but is he factoring in what could be a good result from the newly acquired East Coast Rail assets in particular, and gradually, the north-south Tarcoola (Northgate) to Darwin One Rail Australia acquisition?

The new grain contract with cooperative CBH in Western Australia seems to be going well, as is the Tronox mineral sands contract, a very long rail haul from Broken Hill to Perth's Kwinana, and soon originating further east at Trida (between Parkes and Broken Hill, NSW).

Looking forward, EBITDA may rise to as much as A$1.55 billion or it may stay flat at A$1.47b. The 12 days of no coal trains through Maitland NSW due to serious flooding has not helped.

Interesting on page 30 that mainland communist China is displaying as a big fat zero in the bar chart of coal exports, and that India has slightly overtaken South Korea (61 million tonnes against 60mt). There are growing markets in southeast Asia such as Philippines that has a very young median population age of well under 30.

Again, as it likes to, AZJ highlights on page 32 how coal-fired electricity generation infrastructure is relatively young in mainland communist China, India and smaller nations in southeast Asia. This is a positive. Don't believe the Marxist Greens and many lefties in Labor who claim thermal coal is rapidly becoming a stranded asset. This is not supported by the evidence.

Excellent group photo on page 22 of AZJ locomotive drivers and presumably workshops staff. Holders like me appreciate their work!