Results this week + TGR shorts increasing!, page-5

Yes, margins are up because of favourable pricing. That's half the story.

This:
"The standing biomass (i.e. live biomass) at 31 December 2016 was 24,573 tonnes vs. 30 June 2016 at 15,164 tonnes, and 31 December 2015 at 19,596 tonnes."
(25.4% increase on biomass vs this time last year)

Coupled with this fact:
"It is worth noting that approximately 60% of the cost of a Year Class occurs before the first salmon is harvested from that Year Class."

Is huge.

It basically means this year's operations funded the growth of at least 25% more fish than were harvested (in theory). Of course, you have to look at it over the life of the fish and how much of each year class is currently available (and at what point it gets factored into the value of the biomass). Then you need to factor that into the variable costs and adjust accordingly.

I don't have exact calculations.