Yeah there's an actuarial/accounting disconnect in those figures, which the company isn't able to do anything about.
They have to use the live prices for cattle in each jurisdiction on the final date of the period for the herd value, which is a completely different rate to the prices they get for the meat they actually sell.
All else being equal it likely means that the NTA undercooks the value of the herd quite significantly.
Ann: FY24 Results Investor Presentation, page-15
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