@Youssef, really? Nothing is capitalised? All that PPE on the...

@Youssef, really? Nothing is capitalised? All that PPE on the balance sheet, what would you call that? Not to mention "bird flock". What would you call that? If it's not capitalised why is there an annual depreciation charge against PPE and amortisation charge against the flock?

That's how it hits the P&L, via depreciation and amortisation. The problem is, depreciation doesn't hit the cashflow figures.

I'm a big fan of placing more weight on the cashflow statement than on the P&L. But, and this is a huge but, if one chooses to look at the Operating Cashflows, whilst ignoring other elements of the cashflows statement, and while ignoring changes in the balance sheet (such as working capital), then it is far safer to just stick to the P&L (as dangerous as this can be).