Ann: Update to FY2022 EBIT Guidance, page-7

My expectation is steady not earth shattering, beating guidance to the extent of the EBIT upgrade already announced, with evidence of good cost and capital controls. Cash reserves should be solid again. Divi consistent with last year or with nominal improvement? Anyone’s guess but the financials here tend to be no-surprises. Imo, there will likely be a post announcement rally in SP up to the record date just for the yield, then a minor sell down immediately thereafter before it settles pointed back upwards.

What I’m most interested in is the presentation of work-in-progress & order book - which should now look pretty impressive compared to last reporting season; the strategic outlook particularly for the commercial shipbuilding side; some insight into how the geographic footprint is working & performing (Australia, Philippines, Vietnam plus of course US which we already mostly know all about); and some sense of confidence and momentum around the USCG OPC contract (which I still think will pass through the protest unscathed).

All my own opinion of course. Good luck to all including our new cornerstone shareholder!