Dynamic average effect estimates of the robust to heterogeneity (RH) model. (a1) Milk gross margin (€/1,000 l)–Varying base period, (a2) Milk gross margin (€/1,000 l)–Universal base period, (b1) EBITDA (€/ha)–Varying base period, (b2) EBITDA (€/ha)–Universal base period, (c1) Return on assets (ratio)–Varying base period, (c2) Return on assets (ratio)–Universal base period, (d1) Debt-on-asset (ratio)–Varying base period, (d2) Debt-on-asset (ratio)–Universal base period, (e1) Gross profit margin (ratio)–Varying base period, (e2) Gross profit margin (ratio)–Universal base period, (f1) Cash flow (€)–Varying base period and (f2) Cash flow (€)–Universal base period.