Eggcellent, page-73

ERROR ALERT

See correction in underlined bold italics:

The cost saving's here are chicken feed (pardon the pun) compared to the elephant in the room. Revenue's at FRM have not been increasing, it is cost of sale's that have been reducing. This is what has provided the huge boost to recent profit's and cashflow's. The saving's have not been in flock addition's (regardless of whether it's actual expense or amortisation expense). So I assume (but don't yet know) that the saving's are in the chicken feed.

Answer the question about whether this is a sustainable cost level, or whether or not cost saving's can continue to be made in this area, and you've probably answered the question about whether or not FRM can continue to be a high ROE business.