Ann: Half Yearly Report and Accounts December 2015, page-11

In the interest of keeping the conversation alive, I'll add a few points to this:
- Management remuneration (CEO) is at ~$670k and another ~$500k for Samantha Cheetham ('joint' CEO). Given the transition is due to finish at the end of FY16, there is a chance that the chairman will pay himself less as he moves away from the business. Not a guarantee, but a saving of $200-300k is a possibility, if Mr Cheetham decides to take a pay cut. Interested to hear on commentary on this point...

- The tax rate in 2H FY15 is higher than normal and should not come into play in FY16. This should result in a higher NPAT (and be the upside/counter to last year's 'NPAT drop', even though NPBT increased). FWIW - I'd expect, a tax rate at about 22.5%

- Working capital should reduce following the transition to packaging in Brazil, and moving closer to 'Just-In-Time' manufacturing (as mentioned in the report). Furthermore, I believe there are some operating cost reductions by moving operations to Brazil (there's an import tax paid, from memory, based on the value of goods brought into the country. Un-packaged/unfinished means a lower tax amount).

- Any expansion in production should be done relatively cheaply, as the real estate and buildings are in place - all that is needed is some additional capex for more equipment (from memory).


Thanks for the great post @madamswer