FY 2019 Profit Forecast, page-15

Zinclear sales actually ahead of forecast, but a big miss on Alusion. Based on analysis of past periods Alusion would be the higher margin product too, so that would account for some of the negative effect on the CoGS/Margin in this result. This may simply be a timing issue - if you look at Note 11 there has been a substantial increase in Work in Progress within the inventories ($1,078,892 vs $206,375) so it may just have missed being completed and shipped by year end.

The FX movement is another significant reversal from the first half. The AUD was higher for most of H2 than at 31/12, though has now dropped significantly which should provide some added benefit to FY 2020.

They've maintained tight cost control which is good, Other Expenses coming in under forecast.

With respect to cash, Receivables (Note 10) are up ($2,020,517 vs $1,595,134), they've bought in a lot more Raw Materials (Note 11 - $1,936,157 vs $737,562) and they have also placed significant deposits on Raw Materials orders (Note 12 - $1,553,563 vs $369,645). Amounts owing to suppliers have barely moved (Note 16 - $625,215 vs $561,317). So a lot of cash has gone out to fund future production and they should have reasonable cash coming in. I'd expect Operating CF to be much better this half.

ANO - FY 2019.pdf