Slide 1: Half Year Results 2005
Slide 2: Overview
Slide 3: Result highlights
Marketing ©» Storage & Handling lt Alhed Mills
Slide 4: Profit and loss summary
$ million 6 months to 31 March 2005 6 months to 31 March 2004 Revenue from Ordinary Activities 389.5 439.6 EBITDA 48.5 54.1 Borrowing Costs 12.4 11.5 Depreciation and Amortisation 24.7 24.3 Profit Before Tax 11.4 18.3 Net Profit After Tax 8.3 12.5 Operating Cashflow 16.9 50.7 Dividends — Ordinary Sh
Slide 5: Balance sheet summary
$ million 6 months to 31 March 2005 6 months to 31 March 2004 Receivables 207.7 382.0 Inventories 120.3 199.7 Investments 73.8 754 Property, Plant & Equipment 490.8 500.6 Payables 132.5 253.8 Borrowings 352.1 505.2 Other Net Liabilities/(Assets) 10.7 -11.3 Total Net Assets 397.3 400.3 Debt to Equity
Slide 6: Cash flow and dividend policy
$ million Inflows/(Outflows) 6 months to 31 March 2005 6 months to 31 March 2004 From Operations 16.9 50.7 Purchases/Sales of PP&E -27.0 -14.1 Purchases/Sales of Investments 3.0 -77.3 Related Party Loans 20.6 -49.0 Borrowings -12.9 21.1 Dividends Paid -9.6 -3.9 Issue of Shares (net of costs) 0.0 86.
Slide 7: Storage & Handling
Storage & Handling 2003 31March 2004 31March 2004 2005
Slide 8: EBITDA Segment Results
EBITDA Segment Results 6 months to 28 Oo ga s co 62 EG ot = 9 [Marketing TOO g Storage & Handl ) ibution d (net contri Allie other tments) Corporate Overhead (inc. inves! ity accounted i | equi
Slide 9: Supply chain strategy
A al nse SrOUoist\
Slide 10: AG Plus
(Lr _ ~~ =~=d6©6—. -. 28 Service Centres across three states | Develop and | acquire more stores . . Marketing Specialist sales team and system support Ongoing training |} and recruitment of high calibre staff 2 == CC == he = =—Ere = . Strong relationship | and competitive pricing with Incitec Pivot
Slide 11: Marketing
- 2 a 3 a2) ag _ = Po§ _ SBE ’ = 335 -— = ao) 2. E = | = O ESD All Low cost accumulation of grain Leverage infrastructure relationships with customers; both through AGA domestic and international 2 . 5 E ” hw — Do O36 2 £0 ® € c -3s + DO Lf @ = 68 ¢. 60 ZBof io) e> ES 223 foal on Sag Pr o $£.9L E86
Slide 12: Storage & Handling
. oo . = &8: OS ei + 350 country sites + 9 export terminals + 70% market share + Skilled and flexible workforce + Segregation capacity 12% reduction in out-loading and maintenance costs + Cost management * Capital investment for operational improvements $30-$35 million p.a Maintain market share thro
Slide 13: Transport
#-— = =— ree Allied Mills 2A fF fF return for S&H port for AWBL and GNC exports customer « Improved planning of delivery to Export Grain Logistics (EGL): + 50/50 JV with AWB Limited | + Approval received from ACCC + Improved investment decisions and + Strategic partnership with largest + Negotiate c
Slide 14: Allied Mills
+ Retained 50% market share * 12 milling/mixing sites across mainiand states _ — ss Le Storage + Workforce reduced by 30% + Reconfiguration of mill operations and focus on high vaiue mixing products + Primary processing adds value to rest of GrainCorp business + Development of Picton site approved b
Slide 15: Business units: status and direction
ia Marketing » Storage & Handling © Transport > Allied Mills MAG Finance ) ) ) g) Transport Allied Mills +Launch of new deposits business -Cheaper access to debt finance *Broadened interface with customers + AFS license obtained + Systems currently being implemented * Third quarter release of _| pro
Slide 16: Outlook
> Allied Mills
Slide 17: Outlook: Australian rainfall analysis
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Slide 18: Australian Rainfall Analysis April 2005
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Slide 19: ee CC a
in ee CC a Plus » Marketing > Storage & Handling > Transport > Allied Mills: