Ann: Appendix 4D and Half Year Accounts, page-34

I mean sure, but the fundamentals are clearly there,

If we take their word on the COGS being related to an inflated materials cost in this report and correctly allocate the marketing spend across the two divisions by revenue, we get this:



The below adjusted figures take into account the comments of management and assume that COGS should reflect $1.1 per litre.



Then I have simply extrapolated these costs out to June assuming the statements around sales and marketing reaching critical mass are held true.



This suggests that if the company had been able to avoid the near universal packaging cost issues they would have been on track to hit their 2025 target 2 years early.

When this is taken into account the company has performed extremely well and was impacted by a one off materials issue. The investments in marketing have clearly been paying off and market share should be being viewed as the key determinant of success here, not EBITDA. But if we are going to focus on EBITDA, the company is damn close.

TL;Dr The company is once again publishing incredibly strong results, the market is focusing on the wrong details.