chart, page-6

CEY $50.7m when analysts were expecting $80m to $105m.

Lower result was due to losses on closing out 390,000 tonnes of coal swaps (at US$47.44), at prices below current market price. So that sliced off $50.6m plus $11.4m currency hedge loss.

CEY still have another 135,000 tonnes hedged at US$51.48 that will be closed out by the end of the year.

So 1st Half = 12.0 eps

So assuming close out of 135kt hedges comes to AUD $19.0m in the 2nd half and they halve currency hedge losses to AUD$5m

Then 2nd half earnings would be around AUD$88m or 23.6 eps

Full year eps 35.6 x pe of 8 = $2.84