Ann: Financial Results Half Year 2021 Presentation, page-2

The performance of c.40 per cent-owned BKW was excellent as was the uptick in the general equities portfolio.

Accounting changes somewhat muddied the waters re TPG (and TUA) for those of us who are not beancounters. It's hard to discern the outlook for TPG but WHSP shows no sign of divesting its holding. TUA reports only occasionally - classic David Teoh - but so far, at its early stage, so good.

NHC was a disappointment, partly thanks to a small group of hard Left activists who continue costly legal action regarding New Acland (Queensland) mine's proposed stage 3. However it's encouraging that the thermal coal price has markedly risen. Following the NSW heavy rainfall, the second coal loader at Newcastle Integrated Coal Services will be out of action for an estimated fortnight, with the first one having become defective in November 2020 and predicted to remain so for most of 2021. The competitor, Port Waratah, cannot handle all the Hunter Valley coal trains so it's unclear how this will affect Bengalla mine that NHC part owns.

'Mr Market' likes the SOL result, bearing in mind that dividend payments are more or less returning to normal, unlike we saw in calendar 2020.