Tassal Group Strategic Thoughts, page-306

This is quite interesting: 2x the volume and 3x the value.

	Period	Volume (kg)	Value (AUD)	A$/kg
	H1FY21	5,393,546	50,001,633	9.27
	H1FY22	9,231,548	155,387,706	16.83

I would guess a lot of the difference there is from Tassal, and not Huon. If you recall the Huon annual report for FY21, they were reducing their inventory at the peak of the crisis to bring in cash flow even though it was at a loss. So I don't think they would be able to reduce their inventory or working capital much. Any exporting they are doing is from their regular harvest - which by the way is still a lot, and much higher percentage than Tassal. Difference however is that Tassal has around 5,000,000kg of inventory they are expecting to export mostly from July 2021 to now in addition to their normal levels of around 3,500,000kg per half a year. So my guess is a large chunk of that bottom H1FY22 figure is from Tassal.

Freight costs were $1.70-$2.20KG net of IFAM for Tassal. I would be surprised if that hasn't dropped a bit, as that was in FY21 and since then we have seen more airline capacity come online. So margins my guess would be a bit higher than the $13s, and closer to $14s.

Anyway, we'll find out soon enough. Reporting in Feb.