Why would you short Tassals *now*?, page-109

One thing that concerns me is the increase in cost in the last quarter, some explanations might be;
- Some historic underpayments in a subsidiary that got fixed recently
- Leaving fish in the water longer (increasing biomass) would at least cost more in feed.
- Higher costs in setting up the tiger prawn.

But i cant quantify any of those and dont know if the 27% increase to $284m is the new normal or not, it is higher than receipts in previous two quarters so they need to see significant increase in receipts to tread water. There are explanations about receipts being down due to bad timing which will carry over into this financial year.

If receipts are down again this first half year because of market conditions, and payments are still high there might be negative cash from operating activities.

		FY19H1	FY19H2	FY20H1	FY20H2
1	Receipts from customers	339,938	262,467	277,226	301,278
2	Payments to suppliers and employees	-257,239	-245,669	-224,291	-284,647
3	Payments % Change (QoQ)		-4.5%	-8.7%	26.9%