Ann: Quarterly Activities Report & Appendix 4C - 31.12.2020, page-2

Solid growth at Maddington. Am I missing something or did they omit their receivables? Increase in cash receipts being lower proportionally to volumes of waste received and product sold.

Or is waste receipts significantly lower margin than the recycled goods sold, explaining why the increase in revenue seems closer to the increase in goods sold?

This didn't seem right to me considering operating costs seemed to move in lockstep with revenue.