Margins

This from the prospectus:

Price Risk

Wellard seeks to mitigate these risks through a combination of factors, including the terms of its contracts with customers which may permit some change in prices, its market knowledge and the structure of its business model which has minimal time between contracting to supply and purchasing livestock. Wellard also hedges its exchange rate risk and may also implement financial and physical hedges for the cost of fuel for its ships.

Beef prices have been going up for some time so it seems management are not doing a very good job of implementing these strategies if margins are being significantly reduced! IMO.