T&G Global Limited and subsidiary companies

No quantitative guidance, forward-work disclosure, or stated targets are provided in the supplied excerpts. FY21 was first-half-light — HY21 was only 38.5% of full-year NPAT and 47.8% of revenue — so simple annualisation understates the full-year shape. Annualised HY22 revenue of ~$1.29b sits about 5.5% below the FY21 base of $1.37b, meaning the second half has to rebuild both revenue and cash to match the prior year's trajectory. On the operating line, the uplift in Apples margins and the narrower International Trading loss give some room for PBT improvement year-on-year, but the release supports no specific full-year claim.

• Why did operating cash flow swing by $67.8m when reported earnings improved? How much is seasonal/timing versus a structural lengthening in receivables?
• What is the split between maintenance and growth capex, and does the $31.3m run-rate continue in H2?
• Why is parent NPAT ($2.9m) so much lower than continuing-operations profit after tax ($5.7m) — what NCI or other attribution items are driving the gap?
• Why is no interim dividend recorded, and is this a deferral to the full year or a capital-preservation decision?
• What is management's full-year revenue, earnings and net-debt expectation, given no quantitative guidance was disclosed in the excerpts?

This briefing cannot assess management commentary, forward work in hand, or the split of capex between maintenance and growth, because those items are not present in the supplied extraction data.