Depreciation was $30m for the last full year, for the last half it was $20.3m...so I think you can expect $40m at least for the current fin year. Plus another $17m for right of use assets
You realise they bought a truckload of land right? Prawn ponds, once established, barely depreciate at all and require minimal capex to maintain.
Take your point on operating cash flow and note the $60m increase in inventory. Release of that $60m extra inventory and operating cash flow discussion is turned on its head. There was also at least $10m cash cost due to exports in the 1H 21.
Re lease accounting. I can't see where TGR are doing anything materially different to other companies with lease obligations. Granted $50m+ seems a big number on $215m worth of leased assets...although I recall asking about this once before so I'll check again.
Opinion on cap raise to repair balance sheet? Let's see if they can unwind that inventory increase. Hopefully they've made inroads this last half. If so it sounds to me like a big short thesis is based on a few one offs. Good luck with that.
And I won't comment on your life time number of posts. Similar number to the last guy who wrote a long negative piece on this stock.
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