Ann: Appendix 4E and 2022 Annual Financial Statements, page-4

No major shareholder selling out !
$52m in NI…. Maybe we all get a little greedy with what we expect. We all would have loved to be closer to $100m…Pricing of coal a littler lower than we thought…. Shipping costs taken a bite…Maybe the War impact or world wide freight costs that most felt an impact from in 2022…
The company is on the right track. No increase in borrowings and funding acquisitions out of cash flow.
The NI is up 37% in a difficult year of the back of restrictions and inflated costs. The CHPP is up and running and Coking coal which is now producing a higher price than thermal.
Trade debtors higher but maybe that’s a strategy given the climate.

Happy to sit and see what eventuates.
If the company continues to produce $52m of the back of the current situation is it all bad?
$52 m and the company shares are only worth $146m cap!