operating ebitda only 16mil or so?, page-15

thing is their habbits havent changed since july 14 when i posted the below:

"only 3m odd of land writedown made to p and l account
- the loss of 40m actually comes to about 69m loss with the modest property writedown which would be smoothed for longer term and would not reflect spot markets one would think

cash flow for them is actually very hard to work out ( not that i am an expert) - they talk of 18m cash flow but this is when they have destocked significantly and their cost of cattle sold is a bit hard to work out from their figures but might be roughly right at approx equal to their sales value ( i would argue it should be higher )
it is the CATTLE FAIR VALUE ADJUSTMENT which is very interesting and hard to follow in terms of how they arrived at the actual value - take the 114m out and the figures are not very flattering
-the latter is actually strangely higher than last year despite lower prices generally and also a destocking!! take too long to expand but note 15 makes some interesting reading - i have worked some numbers bu they are not vtery flattering and i will not post them as i do not have the expertise and i could well run fowl of the moderaters and /or someone at aac."