Ann: Half Year Accounts - correction, page-4

It all seems pretty reasonable on face value, based on the available information.

I'm sure they have looked at every legal trick in the book to try and reduce NPAT, as this will reduce the amount of tax they are required to pay, based on this result.

Because of the current takeover bid, there are really only 3 line items worthy of paying a great deal of attention to.





Those 3 items are

- Net cash flow
- Cash on hand (although that figure was already known)
- Benchmark pricing (US$/tonne)

The original IER used a long term price of US$95 to US$110 to value the Foxleigh coal assets.

Let's hope, for our sake, that a higher figure is contained in the new IER.

Interestingly I believe the long term coal price assumptions in the original IER (compiled by Deloitte) were based on a report previously issued by Deloitte.