Ann: Half Year Report to Shareholders, page-135

Cain,

Cain,

• 31/12/14.... stock $16.6m , sales $57.9
• 31/12/15 .....stock $32.5m, sales $67.1

Hence, not seasonal, as I have compared the same periods? And there is not a commensurate increase in revenue (stock doubled, sales up 17% from 31/12/14 to 31/12/15)

Not expecting them to 'buy only enough honey each week to sell' as you say. But, it appears this could be a CZZ strategy of locking in stock at a lower cost, insurance against lack of future supply or maybe sales were simply less than management forecast resulting in them being left with more stock than intended? ). Likely to be a combination of these but not seasonal?

I respect and admire your intelligent and considered posts on CZZ so looking forward to hearing your reply.