Ann: Half Year Report to Shareholders, page-7

"I will need to have a think about the declining margins."

To save you the trouble of calculating the GP Margins, I have produced them for you below (of course, feel free to check my calculations).

Gross Profit Margins (%)
FY2013: 46.1
FY2014: 43.9
FY2015: 42.0
FY2016: 41.4

(They don't break out Cost of Goods Sold figures at the interim stage, so we can only track this metric on an annual basis)


"Look at the cash flow in 2014 when there was a honey shortage. They are simply stockpiling honey whilst there is supply. Obviously this will backfire if we get a sustained period of strong production."

Understood.

I have to concede to not being as conversant with CZZ's business cycle as you appear to be, so thanks for clarifying.

There has been a $25m increase in Inventory over the past 4 half-years. That's a lot of honey that has been booked to profit. I hope they find a home for it before too long.