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

another 0ne from july 14 :
with respect to cash flow i did look at the reconciliation in 12.1 - which is still dwarfed by a 54m revaluation of trading stock it seems or increase in trading stock
elsehere i see a 11m trading stock writeoff.
with respect to explaining fair value adjustment i read about the four influencing factors : nat inc: revalue: biologically transform: and grow : and the only relevant one should be grow. - calves on hand actually dropped from 124 000 to 85000 but i did notice that the herd dropped by nearly 20% yet herd value only dropped by about 10%!- therin lies a bit of a fudge one suspects!
feedlot numbers didnt tell the story either and the meat business is probably not where the problem is, though they may have sold the cattle to that division at a bit of a discount perhaps to help make it look even better, but i am sure it is going wel

well managed breeding (some grass finishing ) operation and high prices they should be making $500 per head on cattle ; and hence would have made 100 000 times that (`140 000 breeders - say 84% calving and 20 000 replacement heifers ) - therefore $ 50 m genuine net profit before tax (and no valuation adjustments etc ) this mob should have made if it was well run!!!