Ann: LAU FY2022 Results Announcement, page-2

Looks terrific.

2H21 was lossmaking (almost A$6 million) so really pleasing that 2H 22 has moved into a net profit, at almost A$7 million. I assume that LAU's emphasis on produce cartage in the road part of its transport division means results are affected by seasonality, if all other considerations are equal.

Pleasing that Directors state that cash flow is expected to 'normalise' in FY 23.

I wanted to know about capital investment in LAU's road transport fleet so the release answers that question nicely.

NTA have risen from A$0.266 to A$0.313, which is very good: up not far short of 20 per cent in a year.

Three Directors have yet to purchase shares but this is understandable as they were appointed between August and December 2021, including IIRC two in what some might describe as a 'bloodless coup' involving a major individual shareholder (not SOL, a major listed company).

The Transport division is far more profitable than LAU's rural division but both are in the black.

Having Mr Cantwell as a Director with his huge experience in rail is a great move by LAU.

It is pleasing that LAU's Fresh Logistics, now part of the transport division, benefited from increased air freight availability as more passenger flights return. However quite a few international airlines have yet to recommence services to and from Australia, and some may permanently stay away, which is not ideal if a company like LAU seeks belly space (aircraft holds) at a competitive price.

Directors in the annual report do not suggest that staff absenteeism is moderating in the road freight part of the transport division. This means lost business and annoyed clients, so it's less than optimum.

Strange that Milton Corporation Limited (formerly MLT when listed) continues to be shown as a 'top 20' shareholder with 4.42 per cent of issued capital as SOL merged it/took MLT over, and hence MLT has been delisted.

The dividend increases but is unfranked. In time, LAU sjhould be able to pay fully franked dividends.

There were 2086 shareholders as at 30 June 2022, up from 1868 on 30 June 2021, a rise of 11.68 per cent. Given that this entity has low turnover with its shares, this is quite good. Hopefully the profile of LAU will increase a little each year should it continue to impress.

My thanks to MD/CEO Mr Kim Lindsay, the Board and staff for what was a very good FY 22 performance despite state governments' COVID-19 overreach.

No wonder the SP increased to A$0.49 by the CSPA finish at 1610 AEST today!

GLTAH. DYOR, I can't stress this enough.