Slide 1: Ridley Corporation
RIDLEY CORPORATION
Slide 2: Post drought impact
Post drought impact Disease issues in North America. US/Canadian border still closed Cotswold exit Currency translation impact Debt reduction continues Sweetlix acquisition
Slide 3: A$ million results summary
AS million Sales 1,179 EBITDA 71 EBIT 47 Net Profit 18* Dividends 5.75cps * Net profit before 2004 significant item - down 35%
Slide 4: Sales movement by segment and currency
AS mi ion 1,411 (115) 34 (23) 6 Australia FeedUSA Feed Salt Canada (122) Currency 2003
Slide 5: EBIT movement by segment
37.2 (13.4) Feed USA (13.2) _ & 7.4 Feed Australia A 1.0 Borrowing (3.9) costs, tax and Feed Canada (2.4) 7.8 COFPOFate outside equity costs Salt Cotswold
Slide 6: Feed Australia sales and EBIT
AS million, Sales 44] EBIT 7 Features - Rapid decline in grain prices in first h - Dairy market — very slow recovery - Poor season for supplements - Competitive pressure due to volume decli - Cost reductions
Slide 7: Feed Australia volumes (tonnes)
Tonnes 0007s 1,541 (35) Supplements (29) Beef sa (64) Dairy (6) 26 Other Poultry 2004
Slide 8: Feed Australia EBIT movement
A$ million 20.2 (5.6) vy Volume os ~~ 4 Margins (0.8) 2.5 Redundancy Costs payments
Slide 9: Feed USA sales and EBIT
USS million. Sales 331 EBIT 18 Features - Swine margins under pressure / custo’ consolidation - Ongoing PRRS outbreak - Other disease issues - Higher corn/meal price - Supplements volumes low / high cattle pr border closure - Turbulent operating environment
Slide 10: Feed USA results (A$ million)
A$ million Sales 478 EBIT 26 Features - Currency impact of A$4 million
Slide 11: Feed USA EBIT movement
(1.0) 0.7 Receivables Costs (4.0) Volume / Margin mix
Slide 12: Feed Canada sales and EBIT
C$ million* Sales 165 EBIT 7 Features - BSE / border closure - Cattle prices - Currency CAD strength against USD - Receivables
Slide 13: Feed Canada results (A$ million)
AS million Sales 178 EBIT 7 Features: - Currency impact of $0.4 million
Slide 14: Feed Canada EBIT movement
Receivables Volume and price
Slide 15: Cheetham Salt sales and EBIT
Sales EBIT Features RIDLEY A$ million. 66 20 - Lower stockfeed and hide volumes following ¢ - Japanese initiative on target - Currency and freight crimp exports
Slide 16: Salt EBIT movement
22.0 0.5 (0.1) JV Costs Equity Profits
Slide 17: Salt Australian volumes
SALT AUSTRALIAN VOLUMES Queensland 6.3% Total Agricultural Sector 22.2% Other 17.8% (31.0%) New South Wales 3A% Change on FO3 5 79, Ay j (22.5%) J a C y (18.5%) Victoria 7 gop (24.4%) (5.9%)
Slide 18: Cotswold operating losses
AS million F2004 Cotswold Operating Losses (1.9) * Exit to be completed November 2004
Slide 19: Ridley Corporation
RIDLEY CORPORATION
Slide 20: Cash flow
AS Million F2004 F2003 EBITDA ; Capex Acquisitions Borrowing costs Tax Dividends Working capital & other Net funds generated
Slide 21: EBIT by business
AS Million Feed Australia Cheetham Salt Feed USA Feed Canada Cotswold Corporate Costs TOTAL F2004- 14 a) 37 1 2) (9) F2003 71
Slide 22: Net debt movement
A$ Million Net Debt - June 2003 Repayments Currency translation Net Debt — June 2004
Slide 23: Net debt and equity ratio
Net Debt 123 151 Equity 369 365 Ratio 0.33:1 0.41:1
Slide 24: Debt by region
A$ million... F2004 F2003 Australia 69 69 Ridley Inc 54 82 Total 123 151
Slide 25: Working capital
AS Million. “Ss F2004 Receivables 103 Inventory 106 107 Accounts Payable (111) (117) Other & Provisions (4) (5) Total 94 105 Days Sales Outstanding 29 30
Slide 26: Divisional results
Feed Australia (A$ million) Cheetham Salt (A$ million) Feed USA (US$ million) Feed Canada (C$ million)
Slide 27: Financial ratios
Net Debt/EBITDA EBITDA/Net Interest EBIT/Net Interest ROSF* ROFE* EPS (fully diluted)* * Before significant items F2004 F2003 F2002 1.7 6.6 4.4 6.4% 8.8% 7.6
Slide 28: Currency impact on Ridley Inc results
A$ Million. As reported At F2003 r Variance Ridley Inc - EBIT 20 25 -Netto Ridley Corp = 7 9 Exchange Rate .6964 5651
Slide 29: Currency impact: stronger exchange rate
As reported Stronger », Variance Ridley Inc - EBIT 20 18 -Netto Ridley Corp 7 Exchange Rate .6964 .7500
Slide 30: Currency impact: weaker exchange rate
A$ Million As reported Weaker Variance Ridley Inc - EBIT 20 22 -Netto Ridley Corp = 7 8 Exchange Rate .6964 6500
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