Proprietary sales volume data, page-6

I think management could, at least, provide sales data for each major sales channel (and prior corresponding period) in their reporting as I don't think that is really data which couldn't be estimated by competitors already. Margin data I can understand wouldn't be provided. At least this would provide a bit more context rather than providing interchangeable % changes in sales revenue/volume.

I think you are right in that this company could be a potential takeover target in the future. CCL comes to mind.

You are right on the FCF trend. I would think GRB would be close to a net cash position at Dec-16 given the money that was still to come through from CR earlier in the year during 2Q17 and it would make sense to start allocating those funds to share buybacks in the coming years to offset recent crap raisings as I can't see the business having any franking credits for a couple of years at a minimum.

My concern would be that management have made poor capital allocation decisions in the past (e.g. major overcapacity for production at present) and future FCF might be wasted. Would be annoyed if they decided to start empire building if the business became significantly cash flow positive (such as buying up businesses they currently provide contract brewing capacity to).