Ann: Letter to Shareholders, page-55

Here is one way of looking at it from an earnings perspective, using round napkin style figures.

It is claimed we produce about 15.35m litres of milk so that is about 1.18m kg/ms plus say 10% for Jersey cows output and rounding the figure out we get around 1.3m kg/ms.

Sell this to ACM ex-farm at $5.78c gets a revenue of $7.515m with no processing costs, just on-farm and production costs.

Now take this same milk and put through the processing plant and push out the current suite of milk, butter and yoghurts. Lets say we get the equivalent of $1/litre for milk by volume that equates to $15.35m revenue.

Now when I look at the last quarterly cashflow statement to try and take into account the costs the above makes no sense whatsoever just selling milk into ACM ex-farm.

This excludes taking into account any scullduggery with the financials between the farm company (SWDF Pty Ltd) and the group accounts of Australian Dairy Holdings Limited (AHF).

Shareholders are being denied a financial return through either incompetence, negligence or malevolence or all of them. And yet there are opportunities out there shouting to be captured and harnessed.

Such a crying shame to watch.