In this particular set of notes, employee expense is pulled out...

In this particular set of notes, employee expense is pulled out and reconciles back to the line in the P&L. But I do take your point.

What I'm not following in your formula is why you would deduct flock amortisation from EBITDA. It shouldn't be in EBITDA in the first place, by nature. I also struggle to understand how a non cash depreciation expense would form part of cost of sales which is traditionally cash.

I can however imagine it is possible that chicken addition makes up a part of cost of goods sold on it its own, but I'm not sure that leaves enough of whatever else.

Probably could speculate all day but I think we need the contribution of someone more familiar with chicken farming.

Regardless of whether the farm breeds its own chooks, or its part of the COS expense - I think we can eliminate the risk of it being a hidden or lumpy capex expense that could give a big surprise down the line. We've already eliminated R&M too, so it really only leaves asset replacement / upgrades, so I don't think the risk of big lumps of 'maintenance/capex overly big