Thanks for the clarification, very helpful as always. I understand the difficulties of correctly accounting for all the various money flows when you have so many JV's start up at about the same time with different partners involved one paying another. But on the Sweden presentation in May last year, Lee has presented very clear projections for the 17 (or so) profit centers for the 4 main business divisions. So investors are now trained to look for revenues of each profit center separately since they understand that for example "fertilizer sales" is different from "meat sales" within the beef division. Unfortunately the 10q's of q2'11 and q3'11 that came out after May 2011 did not make such distinctions, resulting in much confusion about the numbers reported for the Beef division (as just one example) in the 10k report.
How can an investor make sense of Beef sales being reported at 15m+ in 2011 when it was stated in the same report that 2011 sold about 600 cattle heads at $2,560 each? Nowhere did the 10k say that the huge difference b/w 15.2m and 1.5m came from other sales of the beef division like internal sales of fertilizer and feedstock.
Did not mean this as a critics but I hope the next reports will be more logically built and easier to understand. Or just drop the distinction of the many profit subcenters within the same division and reduce confusion, eg. beef division consisting of only 2 main profit centers like sales and services, with sales including all sales activities be it wholesale, retail, restaurants, feedstock/fertilizer to internal/external clients, export and what not.
