Yes, this is the last date by which the June quarterly CF statement can be released by the Company whilst remaining in compliance of the Listing Rules. Typically, however, the Company has not released until after close on the last permissible trading day. Nothing wrong in doing this, but again it points broadly to - if there was something seriously positive to say or release, then why delay until it's "a minute to midnight"? it will be interesting to see however whether the June quarterly comes with commentary as previously, this was a strong suit of the Company's shareholder communications policy (religiously followed through to JunQ17 (although more story telling /aspirational without detail, by this time rather than in either providing details, explanations or a solid narrative). Since JunQ17 however, the quarterly commentaries have been intermittent (no SepQ17; yes DecQ18; no MarQ18; JunQ18 - TBC?)
Remember, the DecQ17 commentary was quite aspirational which was also likely why no impairment of CDC or of the farms occurred at that time. For example (this from the DecQ17 commentary):
.....
"In this area,
the AHF Board expects in the coming three months, to announce three such
separate contracts with established other industry customers. These announcements will l
ikely
coincide with product and market launches in major retailers at State and National levels. The
details are commercially sensitive for the customers and are currently restricted by
confidentiality agreements as is general practice.
....
"
Revenues / Margins from these projects are expected to more than replace those lost from the
recent declines in bottled white milk sales with the first of the three due to commence February
2018 and the third due to progressively roll out from July this year. The sales which are at this
stage expected to commence rollout in July and be nationally distributed, have the potential to
exceed current factory capacity within the first 12 months and may necessitate some expansion
of sections of the relevant processing areas."
Note:
1/ Does this refer to the announcement of 23/4/18 which (if so) was not due to commence until "early July"?
2/ If not, then the Q3 report marked a significant deterioration in broader CDC performance (extrapolated out) whilst not really suggesting any uplift for the JunQ. For example, the projected (forward) $ expenses for
PRODUCT MANUFACTURING AND OPERATING COSTS were forecast to drop to $3.522M in the JunQ18:
|
Column 1 |
Column 2 |
Column 3 |
Column 4 |
| 1 |
Forecast for
|
Forecast $
|
Actual S
|
∆ F/cast
|
| 2 |
MarQ17
|
5.932
|
4.019
|
(1.913) UND
|
| 3 |
JunQ17
|
4.713
|
4.355
|
(0.358) UND
|
| 4 |
SepQ17
|
4.367
|
5.015
|
0.648 OVR
|
| 5 |
DecQ17
|
4.710
|
5.447
|
0.737 OVR
|
| 6 |
MarQ18
|
5.258
|
3.522
|
(1.736) UND
|
| 7 |
JunQ18
|
4.177
|
|
|
| 8 |
JunQ17 – MarQ18
|
19.048
|
18.339
|
(0.709) UND
|
In comparative terms, the MarQ18 PMOC was $500K below YoY. The forecast however was $650K under YoY whilst the JunQ PMOC forecast is put at:
* down $550K on JunQ17 forecast;
* down $850K on JunQ17 actuals;
* down $1.1M on MarQ18 forecast; but
* up $650K on MarQ18 actuals.
This really does suggest a lot of variability and short term actualities (ie: production runs, etc) happening within the CDC landscape rather than any settled or stable, recurring orders /production run mix.
So, yes, others are already reporting their JunQ CF results whilst likely (if past practice remains firm), AHF will leave this till either 31/7 or (more likely) after market close on 31/7.
