@stayer So do you agree the period from re-floating in 2001 to...

@stayer

So do you agree the period from re-floating in 2001 to 2014 was not that successful...as we all know AACo's statutory EBITDA & EPS are not a reflection of operating performance because of SGARA, I will reference operating cash flow, which was positive in only 4 years between 2003 & 2014 & totalled a net operating cash outflow of $178m over that period. Something had to change as that is clearly not sustainable.

While the cattle market shifted in favour of live cattle producers in early 2015, FY17 & FY16 were the first consecutive years of positive operating cash flow since FY05 & FY04. So management must be doing something better than their predecessors.

Furthermore, given the absolute certainty that the cattle market will shift back in favour of processors at some point in the future (just like the spot iron ore price wouldn't & didn't stay above $100/t forever), what is a 'calf factory' meant to do when this happens? Return to sporadically positive operating cash flow with dividends funded by debt until that becomes unsustainable and they disappear? Not sure about you, but I don't think anyone would find this attractive