Investor Presentaiton

Third example is the view that the gap between the price of unprocessed milk and the prices of dairy products, is increasing, which is, as will be shown later, not the case; and A fourth example is that the movements of the price of fresh milk, which is one of the different types of dairy products, is used to make conclusions about the whole dairy industry. Obviously, such position is not rational as more unprocessed milk is used for the production of the other dairy products than for the production of fresh milk. 8

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