Herd rebuilding phase for past few years (since cattle losses from drought and floods), so the key figure missing from your summary is 'Cattle Fair Value Adjustments', which last financial year for example, was +$385M. This includes increase in stock numbers, and also value increases from improving cattle prices. At some stage soon, the herd size should reach an equilibrium at which point sales revenues will increase substantially.
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- Ann: FY23 Half Year Financial Report
Ann: FY23 Half Year Financial Report, page-5
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