A few calcs after the QLD taxes Calcs Based on:Totals include...

A few calcs after the QLD taxes

Calcs Based on:

Totals include both BA and SA operations

BA costs of $77/t plus royalties

SA margin of $10/t for domestic and a calc (changing all the time) on the exports – total about $80M EBITDA/yr on current coal prices

5% of EBITDA taken out for management and Standard Bank of SA debt

Thoughts:

W1’s $0.40 divs at 70% are achievable on current coal prices

Not sure how long current coal prices will last. Take the current price for as long as we can

Not sure what PE the market attributes to us. At the moment they are pricing PE of 2 for A$250/t, perhaps a higher PE and lower coal cost?

At the moment, after tax and 70% divs TER are putting away about A$2.5M a week equivalent to $0.15c a year