EBITDA, page-4

I had a run through the numbers this morning based on what we know
(well those that are well researched know)
Taking into account that BT mining(65% BRL) have just paid(FEB 2018) $6m in a royalty payment(I assume this is for the 6 months to end of December) based of 20% of the price achieved above $150 and that the total export sold for the 6 month was 494 tonnes plus adding in some domestic profits( some 100% BRL and some 65% BT mining) then taking into account BRL have said they achieve about 80% of the export spot price for coking coal I believe BRL's EBITDA should be $37m-$39m.
Now this figure has the $6m royalty already removed but this was not paid until Feb 2018 and I don't know how it will be accounted for if at all for the period.
If it is not accounted for during the period it accumulated then you can safely add another $6m to the EBITDA making it $43m-$45m NZD for the 6 months.
Going forward we do need to consider that in the first 1/4 BT mining only sold 155000 export tonnes but did catch up a bit, due to favorable shipping, in the 2nd 1/4. However I think you will find, all going well, export tonnage sales will be somewhat higher in the second 1/2 of the year..... probably about 10% higher.
Either way it is going to be a great 6 monthly and 3rd 1/4 is trundling along nicely as well.

Just remember to look past the headline numbers to see if it does or does not include the $6m royalty payments accumulated during the period.