Ann: FY24 Appendix 4E and Audited Financial Report, page-33

The numbers I quoted are as reported.

(1) There are some things I can infer with some confidence.

(2) But there are other things that I can only speculate - I do that privately, because there's not much point sharing if it's really guess-work. Management has not disclosed enough to help. (The full year report has many pages - just not particularly useful for current / potential investors. It leaves impression they don't have the information and aren't managing to it.)

A lot of your comments are in the second category. With that caveat out of the way:

On SA profit, you saw their volume was up in H2, but profit down. That would suggest price down. I can kind of see that in benchmark export prices. But I don't know anything about their domestic prices. We wouldn't need to guess if management disclosed average realised prices.

On BA expenses, the expenses have never made sense to me - especially as I track this half on half going back years. What I mean is I can't even say H1 is normal. Who knows if payments to help with delays end up in the cost or expense line?

On SA payments owed to TER, anything that isn't paid should still be accounted for somewhere.

Long way of saying they really don't make it easy.

Some positives, not from the accounts:
- The delays in June should find their way to FY25Q1 sales
- The first strike last year and FY24 performance may see a second strike - there really needs to be a change somewhere
- BA pricing has stablised - NEWC (everyone quotes this) is up but API5 (TER sells a fair amount of this) is down
- SA export pricing is up a little - higher than FY24 H2 but lower than H1