These guys focus on 'Operating Profit' which they say excludes the variations of cattle values, and gives a good indication of the underlying financial performance.
In past 6 half year reports, Operating Profit has been: FY25 H1 20.2M (half year) FY24 H2 50.4M (full year) FY24 H1 30.1M (half year) FY23 H2 67M (full year) FY23 H1 38M (half year) FY22 H2 49M (full year)
This gives the appearance of a company travelling quite well. So I don't understand how in the same time period, the balance on the Bank loan facility has increased as follows: FY25 H1 $420M FY24 H2 $413M FY24 H1 $395M FY23 H2 $374M FY23 H1 $370M FY22 H2 $368M
How can it be that a company continues to report a profit, but pays no dividends, yet still needs to draw on a bank loan to meet expenses. This is $50M drawn from the bank in the past 3 years, on top of the $170M or so in operating profit. No dividends, no cash in bank, no noticeable increase in capital asset valuations, so where does all the money go?
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