You cant take a single year in isolation and expect to come up with accurate conclusions. Look at the historical rate for every 6 months and you can see they simple didnt just put 1 million 10 gram fish in the pens and valued them at their maturity value.
With the upcoming expansion program you should see the accounting value swell however i advise applying a bigger discount rate due to the increase in risk
Ann: Investor Presentation, page-39
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