Slide 1: Ridley Corporation
RIDLEY CORPORATION ease
Slide 2: Recovery in Australian Feeds
Recovery in Australian Feeds Ridley Inc — significant improvemen — Sweetlix acquisition Cashflow remains strong Dividend increased Guidance unchanged 2-4 quarter
Slide 3: Sales, EBITDA, EBIT, Net Profit, Dividend
Sales EBITDA EBIT Net Profit Dividend 6 months to Decembe A$ million ~ 603 36 24 12
Slide 4: EBIT bridge by segment (A$ million)
A$ million (13) Currency fe) 11) Cotswold ( Feed (9) 20 Australia Feed RNS - Canada Sweatlix 8 Feed USA Sg SU SS
Slide 5: EBIT bridge (A$ million)
A$ millio (4.5) Feed Canada (3.0) Feed USA ee (1.2) Salt 3.3 (0.5) Feed Corporate . costs Australia ses outside equity
Slide 6: Australia
Australia Ridley Inc A$ million - 1Q 2Q 61 7.1 (1.7) 12.4 44 19.5 So
Slide 7: Feed Australia sales and EBIT
A$ million, Sales 226 EBIT Features sectors - Dairy market yet to respond to higher milk prices - Benign grain markets - Costs contained - Industry consolidation
Slide 8: Tonnes: Swine, Dairy, Supplements
Tonnes 000 4 i) 6 Swine Dairy Supplements Sg SU SS
Slide 9: EBIT bridge: volume, margins, costs
AS million, 3.1 (1.8) 1.0 Volume Margins Costs
Slide 10: Sales and EBIT
Sales EBIT Features AS million 36 - Volumes up / product mix - Timing of bulk shipments - Japanese costs
Slide 11: EBIT bridge: product mix
, A$ million (14.3} Product mix
Slide 12: Feed USA, Feed Canada, Ridley Nutrition Solutions
Feed USA Feed Canada Ridley Nutrition Solutions
Slide 13: Sales and EBIT
AS million Sales EBIT Features - Volatile ingredient markets - Margins - Cost reduction programme - Improved 2°4 quarter
Slide 14: EBIT bridge: margin, mix, restructuring
AS million (3.6) Margin | Mix (1.5) Volatile ingredient (0.6) : markets Restructuring 20 Receivables
Slide 15: Sales and EBIT
A$ millio Sales 84 EBIT - operating 1.5 - restructuring = (1.5) Features: - Lower volumes / border closure - Volatile ingredient markets - Cost reduction programme - Plant closure - Receivables
Slide 16: EBIT bridge: receivables, restructuring, volume
cause ses A$ million (0.6) Receivables = (4.5) Restructuring (0.7) Volatile (3.0) ingredient Volume markets Sg SU SS
Slide 17: Sweetlix: newly formed business segment
Newly formed business segmen High margin feed supplements Nine facilities Low moisture blocks Sweetlix Equine Specialty products / companion animals
Slide 18: Funds employed, tonnes, ROFE, employees
Funds employed (US$) “52 million Tonnes — annualised ROFE -— annualised Employees
Slide 19: Sales and EBIT
A$ millio Sales EBIT Features - Sweetlix acquisition - Transport disruption / plant shutdown - Mild winter - Ongoing border closure
Slide 20: EBIT bridge: currency, Sweetlix
ses A$ millio (0.2) Currency 1.6 Sweetlix
Slide 21: USFO and CFO prices
USFO (US$/ton) CFO (C$/tonne)
Slide 22: Annualised restructuring benefits
Annualised Restructuring costs Manpower (81 reduction) Overheads Total benefit
Slide 23: Ridley Corporation
RIDLEY CORPORATION
Slide 24: Australia
Australia
Slide 25: Cashflow
EBITDA Capex Acquisitions Borrowing costs Tax Dividends Working capital & other Net
Slide 26: Net debt movement
ec A$ Million-. Net Debt - June 2004 Acquisition funding Repayments Currency translation Net Debt - December 2004
Slide 27: Australia and Ridley Inc
Dec 04 Dec 03 Australia 74 he) Ridley Inc 55 61 129 134
Slide 28: Financial ratios
Net Debt/EBITDA* EB] EB [TDA/Net Interest [T/Net Interest ROSF RO! FE EPS (fully diluted) * Annualised EBITDA
Slide 29: Working capital
Receivables Inventory Accounts Payable Other & Provisions Total Days Sales Outstanding
Slide 30: Segment results summary
Feed Australia (A$ million) Cheetham Salt (A$ million) Feed USA (US$ million) Feed Canada (C$ million) RNS (US$ million)
Slide 31: Ridley Inc results at F2004 exchange rates
ec A$ Million-. As reported At F2004 rates Variance Ridley Inc - EBIT 11 - Net to Ridley Corp Exchange Rate 7294 .6867