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Slide 2: HY07 results & highlights
HY07 results & highlights Strategic plan progress Industry issues Seasonal outlook
Slide 3: HY07 vs HY06 results
HY07 (million) Grain receivals 2.2 Revenue $447.1 EBITDA $ 39.7 Net profit after tax $5.5 Interim dividend $ 5.8m per ordinary share fully franked 10 cents HY06 (million) 10.4 $454.4 $65.2 $19.4 $8.2 20 cents GraiiGorg ; Seasonal impact Higher trading revenues & grain | prices offset by lower S&H |
Slide 4: New dividend policy approved by the Board in May 2007
_ New dividend policy approved by the Board in May 2007 — | * Objective: 70% of cumulative NPAT over time * Year by year: assess cash flow and business prospects | Interim dividend of 10 cents per ordinary share fully franked _* Recorddate 21 June 2007 ° Payable 9 July 2007 | Dividend re-investment
Slide 5: HY07 performance
_HYO7 performance a oO = Grain receivals of 2.2m in line with drought forecast Net profit after tax of $5.5m * Tight cost control and full benefits of ‘Project Shine’ cost savings realised ° Allied Mills performance in line with base ROI target Growth * Secured additional domestic market sales (in l
Slide 6: EBITDA performance by segment ($m)
EBITDA performance by segment (sm) & | HYO6- Variance MZ ) Comments $ million Storage & Handling 774 | 57% Grain receivals down by 79% but contained cost structure eg R&M, labour Grain Marketing 27 | 367% Seasonal impact and margins Allied Mills* 24 | 229% Cost and margin management, and market impr
Slide 7: Consolidated Balance Sheet
Consolidated BalanceSheet —_. $ million Current assets Non current assets FY06 366.6 601.5 Total Assets 968.1 Current liabilities Non current liabilities 347.8 212.1 Total liabilities 959.9 Net assets 408.2
Slide 8: Debt and gearing
“Debtandgearing _@ Term debt / total equity 46% 54% FY06 HY07 @ Term Debt G Total Equity Gearing slightly impacted by season
Slide 9: Operating cash flow
Operating cash flow . positive despite the drought _ 2004 2005 2006 HYO7 Operating cash flow at 31 March 2007 was $7.2m
Slide 10: NPAT of $5.5m for HY07; FY07 profit forecast
| ° NPAT of $5. 5m for HY07 * Profit forecast of $(20)m to $(23)m | for FYO7 _ « Second half of 2007 will be a | loss due to: * lower storage & handling revenue * little exports * no grain receivals * fixed costs remain similar to first half NPAT performance HYO7 8 FYO7 Grain receivals in 1* half of
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Slide 12: FY09 Targets: strategic plan year 1
FY09 Targets: ROE 2 10% Profit 2 $40m Domestic market share = 50% Strategic plan - year: A _ ahead of target despite the droug Allied Mills Ports $3m $n Network $4.4m productivity Domestic $3m $5 6m market r $0.4m_| share $9m Support businesses $5m + $20.2m by FY09 Not to scale Base EBITDA of $114m
Slide 13: Strategic plan - year 1
Strategic plan - year 1_ _ ahead of target despite the drougt te | Domestic Exceeded 07 target market Growth in stock feed / feedlot customers Network impacted by drought ~ capex delayed productivity Improved rail & grain storage interface & coordination through reducing cycle times | and increasing
Slide 14: Domestic market growth
* Network aligns to feedlot customer base *Segment specialists employed «Tailored contracts & products * Introducing new finance products — inventory finance, harvest loans, crop finance and deposit accounts Providing effective competition to on-farm storage Domestic market growth g Gy | GralaCorg ‘
Slide 15: Increasing port utilisation
_ Increasing port utilisation — _ on track for 10-15% increase b 2009 sjodloid aunjonsjseJjul JO} Seu pea} Huo] Significant port opportunities i in the pipeline at various stages of evaluation «Specialist resources for port development employed * Project development & assessment underway for each of
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Slide 17: Industry issues - wheat marketing
_ Industry issues - wheat marketing __ Aa = Delayed decision to March 2008 - No change for 2007/08 harvest —— X No greater transparency or contestability X Govt to hold veto until June 2008 - limited chance of permits being approved v¥ Veto permanently separated from single desk provider v Immediate
Slide 18: Industry issues - Barley marketing in SA
“Industry is issues - Barley marketing: in SA Se ~ Phased deregulation by 2009 * Licences from 1 July 2007 Change to Victorian market share « SA key barley export state after deregulation * 2million tonnes / year exported es * 40-50% of total Australian barley exports an [| = GNC has a strong positi
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Slide 20: Seasonal outlook FY07
Sorcona outlook FYO7 2007/08 harvest — * Excellent start to season in Victoria and NSW following May rains. Qld remains dry. * SOI trending up * National crop estimates as at 10 May (based on ABS data) Wheat Barley Canola 23.61mt 8.23 mt 1.25 mt % of total east coast % cropping area with sufficient
Slide 21: Australian rainfall deciles
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