Point taken except that most of the irrigation works' costs were...

Point taken except that most of the irrigation works' costs were repeatedly talked of /about in reference to the Q2/16, Q3/16 and Q4/16, CF statements. Not so, in relation to the Q1/17, or Q2/17 CF statements. Even the stated operating CF expenditures between each of the periods was vastly different (ie: at the Investing Cashflow level, where previously this had all been talked about or referenced).

Equally, within the DAIRY RELATED COSTS equation, there were significant variations that arose, for the first time, either during 2H16 or in H17. For instance:

* Repairs & Maintenance, averaged at around $95,000 in each of 2H15 and H16, but then jumped to $174,000 in 2H17 and remained very high at $142,000 during H17. Compared to that $95,000 early trend, the higher /over expenditure was +$79,000 in 2H16 and +$47,000 in H17 (ie: +$126,000 over 12 months, or +$2,500 extra per week on repairs & maintenance).

* Animal Health more than doubled during 2H16 (from H16's $71,000 outcome) to $143,000, then fell back to a continuing high of $80,000 during H17. Both these costs remained high compared to the $65,000 average of 2H15 and H16. In other words, capable of explanation, but not really being controlled.

And so it goes on. But there is another quick way of looking at this --> comparing the costs of 2H15 and H16 (ie: C15) to 2H16 and H17 (ie: C16). Once done, the differences between the years is startling, to say the least (for startling, read into it --> requiring serious explanation by management, the executive and the Board):

What this tells me (using the midpoint herd size in each instance as my normaliser) is that, all things being equal, the DAIRY RELATED COSTS during C17 were still $800,000 higher than what they should have been on a normalised basis whilst they were $2.5M at variance to the C15 outcomes. Thes efigures are significant and they all point to something else which hasn't yet been explained to shareholders, or indeed is likely or capable xof being readily explained. Hence the dramatic doubling in "other" costs to >$950,000 during C16. And that's just for starters.

The table below explains this with "N" as "normaliser":

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9
0	DAIRY RELATED COSTS
1	Item	C15	C16	Delta	Herd C16	Herd C17	Delta	C16 Norm	DeltaN
2	Feed costs	2,206,659	3,907,831	1,701,172	2141	3231	1.51	3332055	575,776
3	Repairs, maintenance and vehicle costs	194,526	315,789	121,263				293734	22,055
4	Animal health costs	130,850	223,148	92,298				197584	25,564
5	Land holding and lease costs	80,596	91,063	10,467				121700	-30,637
6	Breeding and herd testing expenses	105,838	180,782	74,944				159815	20,967
7	Dairy shed expenses	79,492	104,212	24,720				120033	-15,821
8	Electricity	114,495	127,424	12,929				172887	-45,463
9	Other dairy related costs	472,030	954,465	482,435				712765	241,700
10	Total	3,384,486	5,904,714	2,520,228				5110574	794,140