Ann: Market Update for the Half Year ended 30 June 2022, page-6

Beating guidance is always a great outcome IMO, even if it was conservative.

I'm not experienced in the industry - but I would suspect that they are not telling us the numbers of cars they are selling as they don't want anybody to calculate the margins they are making, or the ave car values.

I'd say their current margins are unsustainable. That is certainly the way the market works, and they should be taking advantage of times when they have market power, as there will be times when margins are very tough and the AUD is very low. This makes me wonder if they have locked in a hedged value for the order bank they mention, and if these cars are actually contracted. There are no derivatives in the financial accounts that I can see. So what happens if the AUD is at 55c in 3 months time? (Not a prediction!) Prepayments and deposits were less in FY21 than FY20 as well. There is $577k of financial assets at fair value etc.