Ann: FY21 Results and FY22 Earnings Guidance, page-18

Its a marketing report that one...

As already posted "This leadership has created significant value for shareholders in prior years, including via the integration of our strong retail footprint with a baseload energy generation business." this statement by the BoD is a slap in the face to LT holders - especially as the mentioned integration is exactly what the demerger will remove.

Also disappointed to see executive remuneration has changed performance hurdles from being linked to share price movements - now based of carbon measures - IMO another indication that the board expects further falls to SP - gotta keep the executive teams pay rates up at the expense of shareholders - while still painting to shareholders that the executive team only get these "bonuses" if they do the right thing... reality is they are changing the metrics to ENSURE they get the bonuses..

AGL actually benefitted from a lower thermal generation due to less reliance on spot price of coal and use of legacy supply contracts, cost per Mw declined by under $2.

Interesting that there is a hydro generation asset in development that is being held by Accel instead of AGL in the demerger... I am curious as to why - they promote new AGL as becoming the largest private hydro generator in Australia - but that is partly because Tas govt own their assets and it is otherwise an under utilised asset on the mainland with few substantial assets and fragmented (largely govt private) ownership

Financial Instrument fair value movements are interesting... last two 6 month periods were a nett result, now they gain 334m?

Battery investment of 820Mw in 2.5 years is impressive, we know 500Mw of that is earmarked for Lidell once it closes in 2023... composition of batteries TBC. Battery RoI and payback periods far outweigh the short effective life... IMO AGL need to increase this investment further.

Underwriting of DRP & paid dividend by Macquarie to preserve cash will further dilute register... makes it harder for value to accumulate on the SP