Ann: Operations Update - Record Month of Production, page-35

can someone point me to where they gave guidance that 62% recoveries were anticipated? If so we can take their cash outflows as accurate, however need to remember 8000t of production cost was paid last quarter (delayed shipment) such that cash costs this quarter will be artificially depressed if using your method. Still very hard to project annual profit therefore even with this quarterly’s numbers - the lumpy deliveries and disconnect between production timeline and sake receipts make it tricky at this early stage. Al though clearly the direction of travel appears to be a good one.