Ann: Investor Presentation FY2024 Results, page-2

Given that the Melbourne and Sydney to Perth intermodal trains are such an important contributor to LAU's profitability - the company has c.650 railable containers, with more in use on these trains than Melbourne to Brisbane - to have the Nullarbor railway adversely affected by more than 40 days of flooding and other disruptions was hopefully a one-off. Never say 'never', but it's unlikely to repeat in FY 25.

The railway being cut for weeks meant LAU had to arrange costly road transport. I'd have hated to have worked in its operations centre during that time, with customers no doubt badgering as to where their delayed consignments were. Rail doesn't have at least a 57 per cent share of east coast to Perth freight for no reason!

Pleasing that trading in Q4 FY 24 was much improved, although Q3 was poor. One receives the impression that trading in FY 25 should be at least reasonable.

The dividend has been maintained albeit at an almost 20 per cent higher payout ratio (from 41 per cent to 50 per cent, which is still fairly conservative).

We don't know who the new claimed 'blue chip' clients are, but it sounds good.

I agree with the CEO that this is a solid, if unspectacular result, but given LAU's prominence in fresh produce cartage by road and rail, to also have Far North Queensland affected in the way it was did not help. I'd assess chances of bad weather up there as higher than prolonged Nullarbor rail disruption.

The W B Hunter result wasn't great but it is explained by LAU.