Ann: Appendix 4D and Half Year Report 31 December 2021, page-2

As foreshadowed, a tremendous result in challenging times.

The lower revenue growth in New Zealand (compared to Australia) might be attributed to Marxist "St" Jacinda Ardern's love of lockdowns and restrictions.

However the NZ figure was still a great achievement by SNL.

EPS also up, and by way above CPI.

If my maths is correct, PE ratio has decreased to about 21.6.

As with many other wise companies, SNL ensured it had more inventory to hand that naturally decreases cashflow. Whether this completely obviated 'supply chain difficulties' is not explained.

Shamefully, I didn't know about this company three years ago.

This afternoon, there are only 4008 shares on the market, being another day when it's hard in an on-market trade to obtain scrip in SNL.

Outlook seems good if the traffic on Melbourne's roads is any indication. Agriculture is doing well, although we don't yet know if the dictator in Russia will want to further push into Eastern Europe after he conquers the Ukraine, so a most uncretain, dangerous and foreboding geopolitical situation.

My guess is this may result in more Australians being reluctant to travel overseas, even if this train of thought is not 'rational'. Like bears, we retreat into our island continent caves instead of exploring the world. In turn, this means more local road travel, and slightly greater demand if more of us are in Australia rather than overseas.