Slide 1: Ridley Corporation
RIDLEY CORPORATION
Slide 2: Strong recovery in Ridley Inc
Strong recovery in Ridley Inc Continuing improvement in Austra Dry Creek acquisition performing we Cheetham Salt —- new CEO Update Canadian legal claims
Slide 3: Group results A$ million
AS million Sales EBITDA 42 EBIT 32 Net Profit il) Dividends 3.5 cps* * 50% franked Note: all prior year numbers restated for AIFRS
Slide 4: A$ million
A$ million Feed Australia Feed Canada Feed USA Currency
Slide 5: EBIT movement A$ million
AS million EBIT EBIF EBIT r EBIT Tax & outside Feed Canada Feed USA Feed Legal costs Borrowings equity Australia
Slide 6: Feed Australia
eat AS million Sales EBIT Features ~- Operating earnings up 21% - Improvement in dairy and poultry volumes - Bolt on acquisitions - Industry consolidation - Lower beef and supplements volume — good pasture conditions
Slide 7: Feed Australia
SS SSE SSS y . .._esese Supplements Swine p 1 3 5 a Acquisitions
Slide 8: Feed Australia
www BEET | i Atherton JV — Selling and AS million 2 =| = oO > Margins Acquisitions
Slide 9: Cheetham Salt
AS millio Sales 44 EBIT Features - Dry Creek - Lower volumes to stockfeed sector - Energy / transport / packaging - Export — freight cost - New CEO — John Murray
Slide 10: Cheetham Salt
I SA ASS Ss EE Agriculture AS million 2 Fs § & = 2 w
Slide 11: Sales and EBIT
Sales EBIT Features A$m 201 -1% 10 +37% - Broader environment stable - Volumes and margins steady - Cost reductions program fully implemented
Slide 12: US$ million
USS million Margins Costs Ingredients markets Receivables Claims Settlement - L SS:
Slide 13: Feed USA
A$m Sales 59 —- + 14% EBIT 6 -13% Features - Volumes up - Sweetlix - Molasses availability / prices - Hurricanes — transport disruption - Energy costs
Slide 14: Feed USA US$ million
USS million Equine s/ Molasse
Slide 15: Hurricane Impact
Hurricane Impact ae Whitewood, \ , South Dakota” ad ee ; ” a _ Stockton, pope P=" Worthington,- 7 California X Molasses Terminals @ Cane Molasses Refineries % M@ Area of severe to moderate damage to property ™ Areas where molasses supply and overall transportation has been severely to moderately com
Slide 16: Feed Canada
Sales EBIT Features AS$Sm 86 +2% 5 +100% - Improved margins and volumes - Cost reduction programme - Border re-opened
Slide 17: C$ million
C$ million Margins Ingredients Receivables
Slide 18: Corporate costs
AS Million Dec 2005. Dec 2004 Corporate Costs Canadian Legal Costs US Professional Fees Total
Slide 19: Ridley Corporation
RIDLEY CORPORATION
Slide 20: AGAAP to AIFRS reconciliation
A§ Million December 2004 AGAAP Goodwill — including Associates Share-based payments Tax Minority interest December 2004 AIFRS
Slide 21: EBIT by segment under AIFRS
A$ Million Feed Australia Cheetham Salt Feed USA RNS Feed Canada ct AIFRS 7.8
Slide 22: Cash flow A$ million
A$ Million EBITDA Capex Borrowing costs Tax Dividends Working capital & other Cash generated Acquisitions Net Dec 2004 36 (10)
Slide 23: Capital expenditure by segment
Feed Australia Cheetham Salt Feed USA Feed Canada RNS Other A$ Million Dec 2004 11 11
Slide 24: Net debt movement
a AS Millio... Net Debt - June 2005 Acquisition funding Repayments Currency translation AIFRS — borrowing costs Net Debt — December 2005
Slide 25: Gearing
373 0.44:1 0.47:1
Slide 26: Net debt by region
AS Million, Dec 2005 Australia 147 Ridley Inc 20 AIFRS — borrowing costs (2) Dec 2004 Total 165
Slide 27: Working capital
Dec 2005 Di Receivables 124 Inventory 127 Accounts Payable (153) Other & Provisions (6) Total 92 Days Sales Outstanding 31
Slide 28: Key ratios
ec 2004 Dec 2003 Net Debt/EBITDA* EBITDA/Net Interest T/Net Interest ROSF* ROFE* EPS (fully diluted) * Annualised 2
Slide 29: Average exchange rate
Dec 2004 Average Exchange Rate
Slide 30: Slide 30
Slide 31: Canadian legal claims update
Claims against Ridley Corporation stfuck out in Ontario in January 2006 Claims against Canadian Federal Governmi Ridley Inc continue Both Canadian Federal Government and Ridley have sought leave to appeal against the decision dismissing their motions to strike the claims in Ont Legal costs on track
Slide 32: Ridley
RIDLEY