Company A Australian Agricultural Company Limited (AAC) is an Australian beef company with a heritage dating back to 1824. The Company is Australia's largest integrated cattle and beef producer and is the oldest continuously operating company in Australia. Cattle, Breeding & Genetics: AAC owns and operates cattle herd with around 400,000 head spread over their properties across Queensland and the Northern Territory. They specialise in grain fed beef and Wagyų beef production. AAC's innovation team works closely with bull breeding units to run breeding programs. They use a range of tools to ensure important traits are evaluated with the highest accuracy possible under our production systems. They employ technologies including performance recording and evaluation, (TGRM), efficiency testing, walk-over weighing Results By Industry Revenue B/Down AACO EX LIVINGSTONE 100.0% LIVINGSTONE BEEF 0.0% 100% Results By Geography Revenue B/Down Australia 100.0% Total Genetic Resource Managem 100% feed technologies and genomics. Properties: AAC owns and operates a strategic balance of properties, feedlots and farms, comprising around 7 million hectares of land in Queensland and the Northern Territory. Each property has a strategic position in the supply chain, in breeding and growing, background or finishing cattle or growing grains and fodder crops to support cattle production. Livingstone Beef: AAC's Livingstone Beef processing facility is located in the Livingstone Valley, approximately 50 kilometers south of Darwin in the Northern Territory. The facility produces export beef, hides and rendered products. Company B Nufarm Limited (NUF) is a crop protection and specialist seeds companies. NUF product helps farmers to protect their crops (predominately grains, oilseeds, cotton and sugarcane) against damage caused by weeds, pests and disease. Nufarm has manufacturing and marketing operations throughout Australia, New Zealand, Asia, the Americas and Europe and sells products in more than 100 countries. The company also operates a seeds business focused on canola, sorghum and Results By Industry Revenue B/Down ROA Crop Protection 94,49% 7.0% sunflower seeds. Seed Technologies 5.6% 8.0% 100% 7.1% Crop Protection Products : The crop protection business deals in the manufacture and sale of crop protection products used by farmers to protect crops from damage caused by weeds, pests and diseases. The crop protection products consist of herbicides, insecticides, glyphosate, and fungicides. NUF operates this business throughout Australia, New Zealand, Asia, Europe, Africa and the Americas. Results By Geography Revenue B/Down ROA Australia and New Zealand 17.89% 1.3% Europe 19.4% 4.9% Latin America 26.8% 10.5% North America 25.2% 11.6% Other 10.8% 10.6% 100% 7.1% Seed Technologies : The seed technologies business deals in the sale of seeds and seed treatment chemistry focused on canola, sorghum and sunflower crops. Company Historicals ($M = $AUD million) Income ($m) Company A 364 Company B 3,308 447 379 3,111 3,757 -19 -17.4 -12 -38.6 -38.2 -38 Depreciation ($m) Net Profit ($m) EBIT ($m) 71.6 -102.6 -148.4 103.2 -15.6 38.3 116.5 -53 -148.1 296 257 217 362 353 364 478 1,148 1,257 Long term debt ($m) Equity ($m) 1,017 977 843 1,351 1,971 2,404 Interest Cover 5.77 -3.04 -9.39 3.18 2.39 2.03 36 36.5 43.4 57.1 85 72.9 Debt/Equity (%) Return on Capital (%) Return on Equity (%) -1 -8 11 11 4 -2.8 -12.1 9.8 12.9 2.8 Current Balance Sheet Cash Assets ($m) 43 11 8 235 302 506 Receivables ($m) 14 21 19 1,004 1,176 1,337 29 35 205 763 1,180 1,228 Inventory ($m) Others ($m) 271 260 49 55 176 3,246 Total Current Assets ($m) Account Payable ($m) Debt Due ($m) Others ($m) 357 327 232 2,051 2,713 31 28 826 1,131 1,221 4 3 2 437 527 495 10 4 12 52 53 55 Total Current Liabilities 45 34 43 1,316 1,711 1,772 ($m)