Ann: Capital Raise Investor Presentation, page-17

Good points, apologies for being off line, went to the beach for a week...

Approximately right, i can drink to that! Cheers.

The 40% gross margin is from investor presentation 27 august 2021. Excerpt below.

Good to see someone can accurately calculate Excise... Had a disagreement with someone over in the lark thread a few months ago... Another story..

Anyhow, alcohol excise only increased circa 1.1% at 2 August 2021 so I don't see this as a big issue really.

the key is extracting the most value per litre for the alcohol produced (refer Lark premiumisation strategy).. Every $ increase in sales price all flows through.. While controlling the production costs of course...

Then need to look at the TSI net sale vale of $71.40 per litre - this should be net of excise. It is quite impressive really, would like to see some channel mix info, and product mix (RTD vs Spirit in bottle etc)...

I honestly think they should be pushing really hard on Grainshaker as it has superior cash flow conversion and a similar NSV, but far less storage and maturity costs, so should generate stronger margins based on the NSV recorded to date...

Will be interesting to see how the rights issue goes, closes this Friday, better send off my $$$ (I havenet even received the paperwork... better make a phone call)..

Cheers.