Ann: Half Yearly Report and Accounts, page-6

Yes, very happy with the result. OCF is the most pleasing number to me and 2nd the fact that they managed to spend over 3 mill cash on their new farm, after paying off 2.8 mill debt, beauty!...

@Usman1 don't think they will go into FRC meat etc, as last time when I talked to Malcolm, he mentioned those chickens are a very different proposition, being only 2-3 weeks old and meet processing is a very different business. But I do think its matter of time they should be start exporting dry egg white to China. This would be my first question to them when I meet them in next AGM.

In case anyone wondering, with FY EBITDA of $15.8(m), EBIT of $11.6(m) , NPAT of $7.9(m), and OCF of $13.3(m) + no debt, ROE is now HUGE 22.5%, with Intrinsic Value of $2.78. So right now, as of today, FRM is trading at a MASSIVE discount of 32.5% of it's Intrinsic Value and there is still some nice profit to be made from this little beauty.

I'm sitting on my holdings next 6 months and if the market has a moody day, adding more.
Again, this is simply my own view of FRM.