Ann: FY22 Results Presentation, page-2

Cracking results. But gee, didn't think of reporting those BEFORE confirming the bid with Cooke?

Cooke is clearly buying the free cash flow story. We all knew operating cash flow would benefit from hitting scale, and CAPEX would drop off. $140m of operating cash flow and $95m of FCF, wow, just wow.



And the Prawns are doing exactly what they are meant to. Despite BarrenyJoey cutting the TP to $3.25 because they thought prawns may not expand beyond 10,000tonnes - what we are actually seeing is growing volume (+70%), higher prices, higher margins. Surely, Tassal grow that out to 20,000t by 2030 (or earlier) as planned.