I am not a downramper (despite Kori's prior objections) and I...

I am not a downramper (despite Kori's prior objections) and I actually really like CLV's thematic exposure, however, I don't think CLV are giving us the full story re underlying performance of the business:
1. On 10th October 2013, CLV said sales would be down approx 20% in 1H. Actual decline as per results today is -26%.
2. Slide 7 of todays presentation pack now saying the full year impact will be between -20% to -40%. The downside scenario is now much larger than CLV were telling analysts back in October 2013.
3. Even before the Fonterra issue raised its head, CLV's Gross Margin had fallen from 40% in 1H12 to 33% in 2H13, signalling serious pricing risks (at least the 1H14 margin was steady at 34%).
4. It is worth having a look at & listen to FSF's result today to see the volume impacts in FSF's own business post the contamination scare. It looks significantly different to CLV's estimations.

Something is not adding up here.