Ann: Half Year Results Presentation, page-2

As fdKen asserted in another thread, it's unlikely 'Mr Market' will appreciate the dividend reduction.

However thermal and met coal prices are excellent, so in FY 22 for the 67 per cent of the legacy business focused on Australia's second largest export earner (and not to be demonised!), the outlook is good.

On page 19, interesting that the number of banks granting 'syndication commitments' for the East Coast Rail divestment has risen from three to eight. Surely this gives the lie to some analysts' and protesters' claims that funding is difficult to obtain?

Also on that page, its net interest cost on drawn down debt has decreased from 4.3 per cent to 3.4pc. Perhaps that may not continue, but with a median 3.9 years to maturity, it's possible the debt cost might not rise as much as some outsiders would consider.

There's been a rise in free cash flow generation, but I'm not an accountant.

Page 29 highlights the growing importance of India as a destination for Australia's thermal coal, and continuing export location for metallurgical (steelmaking) coal.