Quick thoughts

I don't know - another complicated and confusing report/result from AACo....
Pu simply and on a quick read, the costs and beef inventory requirements of the Darwin abbatoir and the withdrawal from the live export trade have combined for a very weird result.....some things that jump out at me include
1. Added 85 full-time equivalents (Abbatoir i assume);
2. Additional $2.2m in Admin costs;
3. Additional $5.2m in employee costs;
4. Additional Abbatoir overhead of $7.5m;
5. Net debt increase of $140m....

Really surprised that there live cattle sales were significantly behind last year - give the continuing strength of Indonesia and Vietnam past 12 months i cant fathom that they sold less of their stock to the live exporters! The live cattle prices were and continue to be fantastic and it is just plain old clean margin - they have taken a deliberate decision to become a beef cattle Company at the expense of the live export trade....given the market, I'm not sure the last 12 months was the time to tear-off your live cattle sales....obviously CPC and others happily filled the demand - i bet CPC had a bumper year and that is why they have an IM out to sell the business imo....

I need to read the full papers but this result, imo, only further fuels out mate from the Bahamas to take hold of the Company and break it up....