'FY2019/20 result, page-7

It seems like there is a few people following this stock on this particular forum; more than I was expecting anyway. I have been adding to my holdings of BFC over the last 2 months during the COVID-19 pandemic period. I love agriculture and therefore have an interest in this industry, which for me meant investing in this industry too. Watching the performance of comparable businesses like BGA, LON, FNP, SM1 etc etc, together with observing other dairy businesses which have been bought / sold recently gives a feeling for what is happening 'out there' in the industry. I would be interested in other people's take on the outlook for BFC's core operating businesses. All businesses have their pro's and cons, my thoughts:

Some Positives
Domestic mozzarella sales through major supermarket retailer(s) - up YoY.
Meat sales - up YoY.
Rainfall - up YoY.
Silage costs - down YoY.
Milk production - relative per head of cattle - up YoY.
Value adding milk into product - up YoY.
Lactoferrin value - up YoY.
Xchange rates - exported mozz from Aus - have improved.
Xchange rates - competitor's imported mozz to Aus - have become more expensive.
CAPEX - mostly complete, other than mooted LF plant expansion?
Food security / health - more in focus.
Consolidation in the industry - is BFC a target for t/over in the short to medium term? LD&D sold recently.
BFC and LON - could combine?
Cost of borrowed money - interest rates - down YoY.
Management - CEO and Exec team are experienced and well credentialed.

Some Negatives(?)
Finance - deterioration of LVR position YoY to half year 31 Dec 2019. Since improved relative to 31Dec with better revenue, or deteriorated further since? i.e. borrowing more than can be serviced?
Asset values - deteriorated with effects of the global pandemic, or improved with better utilisation, increased focus on food security, coupled with cheap finance?
A farm - sale and leaseback strategy - has that occurred yet, or is it necessary? If the businesses' trade has improved, will their lender give the business some time and some room to continue to pay interest on principle?
Is it just a dairy farm which could be sold and leased back, the business owns other significant assets too.
Funding LF plant expansion, if not from the sale and leaseback of the farm, then how. Cap raise?

Interested to know other investor's views on my thoughts.

DYOR