Well, where to start?
Cost of Goods Sold (COGS) up 26% vs Revenue growth of just 7%
OCF negative
Cash on Balance Sheet continues to fall at an alarming rate
At least sanity has prevailed, and they have ceased paying a dividend!!
As I have previously commented, the real issue this company is facing is not the NZ milk scare but the fact that they are getting raped by their suppliers. The GP margin has almost halved from 41% in 1H12 to 23% this half. Yet all the commentary remains focused on the issues supposedly caused by Fonterra in August 2013.
Surely it is time for the company to fess up to its own internal issues and stop relying on those tenuous NZ milk scare claims.
Ann: Half Yearly Report and Accounts, page-2
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