Ann: Half Yearly Report and Accounts-TGS.AX, page-5

A short overview about the H1 - 2016 report:

good:
- impairment costs are not cash costs (just a valuation-depreciation vs market/copper)
- Admin costs are well down
- Loan costs just down a bit (because of bank loans with high int. rates!)
- Production were much better in June 2.2kt and therefore they s' be m' better in 3rd Q. (IMO)!

bad:
- Cogs (AISC) are too high (93% of sales instead of 79%!) and there are no notes about these costs!
- And so the Gross Profit with the current cp should be 21% but it is just 7%!
- Copper, Market oversupply, DRC elections (where TGS have no influence ofc.)

So my biggest question concerns the COGS!:
1st half '16 COGS (AISC) are nearly 93% of sales but the AISC should be just 79% of sales (<1.70 aisc/2.15 cp/lb)! If there are extraordinary costs, why the hell they don't write down notes about such extra costs!??

What are you folks think about this report???