Ann: 2014 Half Year Results , page-2

so what am I missing:

"511 tonnes of product shipped representing approx. $20m of sales during commissioning & ramp-up" - $20m sales - I cant see that in the half year results for the half year or as comparatives.

"2014 1st Half Gross Profit $846,975 Operating Margin 11.8% - on the path to profitability for Hazelwood" - net loss is $2.3m which means other expenses of approx $3.145 have been incurred in the six months to December 2013. I was unable to see a dissection of these costs.

"Targeting sales $50 million through CY2014; further ramp-up proposed into CY2015 and Targeting 15% sales margins in CY2014%". If that sales target is achievable then would expect net profit of $7.5m and then depending on expenses the company could be in a breakeven situation only?. That's assuming that the $3.1m costs for the six months to December 2013 are replicated in this current 6 months - but there may be costs savings but individual costs not shown so this can't be taken as a given.

December/January campaign looks good but need to factor in only a 15% gross profit and then deduct other operating costs - so 15% is $1.6m (given that appears that $2m received in the December half year) less whatever the operating costs are going to be for this campaign through to the next one.

Not looking appealing at the moment from where I stand - but would appreciate other comments given that I may well have missed something.