Ann: FY22 Earnings Guidance, page-16

Hey no need to apologise, @Hopeful9 - abrasive is my default position....having dealt with (and worked for) corporates (thankfully no longer) , you need to be!!!

As a more detailed explanation about 2024 - i have been in the grain trade, amongst others for around 25 years on the East Coast Aus. I have seen these patterns several times, with a la nina event - year 1 (2021) great, year 2 (2022) better still, year 3 (2023 about same as year 2), year 4 (2024) unknown territory as we have a different climatic situation than previous, with the rain still coming down, and no sign of the la nina dissipating- maybe will be in neutral by mid 2023 - who knows. So my thoughts and predictions are based upon what i see and historical patterns.

On a more practical level, Graincorp in Brisbane and Port Kembla have converted some of their storage space to cement import. Obviously on the face of it it seems a daft move, but dig a little deeper - so the storage capacity has reduced, but with new and sophisticated blending, can now utilize space better....than the previous more simple APH AH, ASW, but now many inbetweenies, such as AH12% AH12.5 % etc etc, so rather, in the lean years, the terminals can keep running, and also just as important, additional revenue stream, and retention of staff.

So Graincorp have demonstrated by their actions, that they are forward looking, and rather than just spin, they actually make things happen.