I realised the figure is more consistent and reflect the true earnings of the Dairy Farm since 1990s. Back then, it has too many exceptional gains/losses and its heavy expansion (caused depreciation to be high) by opening out more outlets hurt its earnings in the short-term. So I thought a better way to look through its true earnings is via that way.
Buffett usually called it ‘Owners Earnings’ except I didn’t include the maintenance CAPEX.
