ELDERS LIMITED — Management Reports 2011

Nov 13, 2011

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14 November 2011

2011 Financial Results Discussion and Analysis

Attached is the discussion and analysis of the financial results for the period ended 30 September 2011.

Peter Hastings Company Secretary

1

FY11 Financial Results Discussion and Analysis

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14 November 2011

14 November 2011

2011 Financial Results

Discussion and Analysis

Abbreviations & Definitions

This document provides discussion and analysis of Elders Limited’s financial results for the 12 months to 30 September 2011 as announced to the ASX today.

Calculation of underlying income

This document and accompanying announcements, such as the FY11 Investor Presentation and 2011 Financial Results Press Release, refer to and discuss underlying profit to enable analysis of like-for-like performance between periods exclusive of the impact of non-recurring items or discontinued operations.

Underlying profit measures reported by the Company have been calculated in accordance with the FINSIA/AICD principles for the reporting of underlying profit. A reconciliation between statutory and underlying profit is provided on page 3 of this document.

Previous period comparatives

Previous period comparatives presented in the Annual Financial Report and this document recognise the impact of changes in the composition of the business to recognise discontinued operations and assets sold or held for sale. Details of discontinued operations are provided in Note 39 of the Annual Financial Report 30 September 2011.

	2010 and FY10:	12 months ended 30 September 2010
	2011 and FY11:	12 months ended 30 September 2011
	H1 11 and H1 10:	first half year: ie six months to 31 March of 2011 or 2010
	pcp:	previous corresponding period, 12 months ended
		30 September 2010
	EBIT:	earnings before interest and tax
	Statutory /Reported	profit or loss as defined by International Financial Reporting
	profit/loss	Standards (IFRS)
	Underlying profit/EBIT:	profit/EBIT before recognition of non-recurring items (which
		includes discontinued operations)
	Contribution:	earnings before support centre and other costs,
		interest and tax; ie gross margin less costs
	m:	million
	n/m:	not meaningful
	Elders:	Elders Limited and or its subsidiaries
	Company:	Elders Limited and or its subsidiaries
	AWH:	Australian Wool Handlers
	ETG:	Elders Toepfer Grain Joint Venture
	Further Comment:
	Malcolm Jackman Chief	Executive Officer 0439 642 876
	Further information:
	Mark Hosking Chief Financial Officer 0439 833 816
	Don Murchland GM Investor & Corporate Relations 0439 300 932

2

Reconciliation of Statutory and Underlying Profit

The statutory loss of $(395.3)m to shareholders for the 12 months to 30 September 2011 and the prior corresponding period (a loss of $(217.6)m) both included a number of items considered non-recurring as they are either the result of ‘one-off’ events and unrelated to operating performance or relate to discontinued operations.

Calculation of underlying profit by excluding these items is considered to enable more meaningful comparison of results between periods by providing like-for-like figures for continuing operations that are not impacted by anomalous or one-off events.

Underlying profit for the twelve months to 30 September is calculated as follows:

The non-recurring items for the 12 months to 30 September 2011 comprise:

• Rural Services-related items of $(22.1)m before tax:

• write-off of the carrying value of Elders’ shareholding in HiFert $(10.6)m which has been divested

• a total charge of $(13.9)m in respect of the ETG joint venture, recognising Elders’ share of trading losses and the write-off of capital. ETG has been divested.

• other results from discontinued operations of $(2.3)m in respect of BWK and EWI wool tops trading, the Merino Topline JV, NZ real estate and MV Torrens

• project costs of $(6.4)m attributable to Go-to-Client and other projects

• costs imposed by the Australian government’s temporary suspension of live export to Indonesia and live export onerous contracts $(2.1)m

Statutory and Underlying profit
$m 12 months to 30 September:	2011	2010
Statutory profit/(loss) after tax	(395.3)	(217.6)
Non-recurring items after tax:
made up of:
Rural Services	(22.1)	12.8
Forestry	(391.8)	(158.3)
Automotive	(0.6)	0.8
Corporate	(38.1)	(53.3)
Tax impact (Net)	52.6	(4.5)
Underlying NPAT to shareholders	4.7	(15.1)

• redundancy and closure costs relating to wool trading and international representative offices of $(2.5)m

• net loss on sale of $(2.6)m on the divestment of the MV Torrens, BWK assets and selected residential real estate franchises

• Rural Bank-related items totalling $22.3m comprising net gain on sale ($17.7m) and dividend ($6.4m), net of other costs

• other items totalling $(4.0)m including asset impairment, restructuring and writeoff, non-recurring legal fees and losses

• Forestry related items totalling $(391.8)m before tax, chiefly arising from the decision to withdraw from the sector:

• fair value adjustments of $(133.7)m to investment property made as a result of the realignment of carrying value from an ongoing forestry operation to estimated fair value for realisation following the reclassification of forestry assets as held for sale

• fair value adjustments of $(43.8)m to other assets (receivables, own trees, property plant and equipment, inventory, non-current assets, pre-payment)

• provisions for onerous contracts of $(47.3)m

• fair value adjustments of $(148.0)m to estimates of accrued income arising from lower anticipated prices for woodfibre and reduction to anticipated yields arising from cyclone damage in the first half year

• Other provisions of $(7.4)m including provisions for make-good and redundancies

3

• losses of $(7.2)m arising from the sale of ex-plantation land in Central Queensland

• results of discontinued operations for FY11 of $(4.4)m

All Forestry assets have been classified as discontinued and as current assets held for sale. Accordingly, results from these assets will be treated as non-recurring.

• Automotive related non-recurring items of $(0.6)m profit before tax in relation to facility fees. As this is included in borrowing costs, it has nil impact at the EBIT level.

• Corporate items of $(38.1)m before tax:

• costs of $(29.1)m incurred in completing successive debt restructurings during the period. This includes refinancing costs of $(7.2)m; a further $(15.4)m incurred through fair value adjustments and write off of the debt restructure provision associated with USPP debt repaid during the year and $(6.5)m in the close-out of USPP swap positions

• interest of $(2.8)m [($13.3)m in pcp] attributable to debt that was compulsorily cancelled following the completion of the sale of the Rural Bank shareholding

• impairment of non-core investments of $(4.1)m

• legal and other project costs of $(2.1)m

• A tax benefit of $52.6m is recognised in connection with non-recurring items. This figure includes a $14.1m gain arising from the decision by the ATO to allow bad debt deductions previously disallowed in the company’s 2003 tax return. The tax benefit of other non-recurring items has been reduced by non-deductible impairments and fair value adjustments.

• The tax arising in relation to a capital gain on the sale of Rural Bank of $6.6m has been offset by available capital losses, resulting in no tax liability

4

Statutory and Underlying Profit measures

Profit: Reported and Underlying
$m 12 months to 30 September	2011	2010	Change
Underlying EBIT	33.7	2.6	n/m
Net underlying borrowing costs	(26.6)	(16.3)	+63%
Underlying profit/(loss) before tax	7.1	(13.7)	+152%
Tax on underlying profit	0.8	3.7	n/m
Non-controlling interests	(3.2)	(5.1)	- 37%
Underlying NPAT to shareholders	4.7	(15.1)	+131%
Non-recurring items after tax	(400.0)	(202.5)	n/m
Statutory profit/(loss) after tax	(395.3)	(217.6)	+ 82%
Earnings per share (cents)
– underlying basic	1.0	(3.5)
– underlying diluted	0.5	(3.5)
– statutory basic	(88.1)	(51.1)
– statutory diluted	(88.1)	(51.1)

Analysis of movement in profit before tax

Profit Movement Analysis
$m 12 months to 30 September:
FY 10 Statutory profit before tax		(211.7)
FY10 Non-recurring items before tax		(198.0)
FY10 Underlying profit before tax		(13.7)
Change in FY11 from:
Rural Services EBIT	24.5
Automotive EBIT	0.3
Corporate & other EBIT	6.3
Change in EBIT:		31.1
Change in net underlying borrowing costs		(10.3)
FY11 Underlying profit before tax		7.1

Underlying profit before tax rose by $20.8m in comparison with the PCP due to:

• Underlying EBIT increased by $31.1m:

• Rural Services EBIT up by $24.5m, due to increased earnings generation by network operations, offset by reduced trading income

• Automotive EBIT up $0.3m

• Corporate and other EBIT up $6.3m due to savings in corporate costs.

• Net underlying borrowing costs up $10.3m as detailed on page 6.

5

Key profit and loss outcomes for the year include:

Key Profit and Loss Items

Key Profit and Loss Items
$m 12 months to 30 September:	2011	2010	Change
Sales revenue
- Continuing operations	2,263.1	1,958.1	+ 16%
- Discontinued operations	95.6	196.3	n/m
Total sales revenue	2,358.7	2,154.4	+ 9%
Depreciation & amortisation
- Continuing	23.7	23.7	-
- Discontinued operations	3.7	2.3	n/m
Income from associates
- Continuing	12.1	10.5	+ 15%
- Discontinued	(8.9)	23.2	n/m
Reported net borrowing costs	(55.6)	(31.9)	+ 74%
Non-recurring net borrowing costs	(29.0)	(15.6)	n/m
Underlying Net borrowing costs:	(26.6)	(16.3)	+63%
- Interest income	12.0	12.9	- 7%
- Interest on debt	(31.5)	(25.0)	+ 26%
- Other borrowing costs	(7.1)	(4.2)	+69%
Total underlying net borrowing costs:	(26.6)	(16.3)	+63%

• Continuing sales revenue of $2,263.1m, up $305.0m (16%):

• Rural Services up $246.7m

• Automotive up $58.3m.

• Discontinuing sales revenue of $95.6m for the period relates to Forestry ($57.4m) wool tops trading ($25.7m) and divestment of MV Torrens ($12.5m).

• Depreciation and amortisation from continuing operations was unchanged from the previous year.

• Income from continuing joint ventures and associates was up $1.6m to $12.1m:

• Elders Insurance distribution joint venture up $0.6m

• AWH up $0.9m

• Discontinued income from associates of $(8.9)m is attributable to the Company’s divested shareholding in ETG.

• Statutory net borrowing costs of $55.6m includes underlying ($26.6m) and nonrecurring borrowing costs ($29.0m)

• Non-recurring borrowing costs of $(29.0)m comprising $(16.4)m relating to the write-off of debt restructuring provision and fair value adjustments attributable to the debt paid down in the refinancing conducted during the year; costs of $(6.5)m to close out swap positions on repaid USPP debt, refinancing costs of $(3.1)m; interest of $(2.8)m [($13.3)m in pcp] attributable to debt that was compulsorily cancelled following the completion of the sale of the Rural Bank shareholding and other net costs of $(0.2)m.

• Underlying net borrowing costs of $(26.6)m were up $10.3m. Underlying net borrowing costs have been adjusted to exclude the interest ($2.8m in FY11 and $13.3m in FY10) that was attributable to the Rural Bank shareholding, which has been reallocated to non-recurring borrowing costs above. Other borrowing costs largely relate to facility fees.

6

Cash Flow

$m 12 months to 30 September:	2011	2010
Net operating cash flows	(23.8)	(110.5)
Net investing cash flows	133.8	81.1
Net financing cash flows	(108.4)	(258.5)
Cash movement	1.6	(287.9)

Supplementary Segment analysis of Operating Cash Flows (Note 30 of Annual Financial Report )

Rural Services	59.5	69.1
Automotive	15.4	35.6
Forestry	(28.8)	(29.3)
Investment & other (Corporate)	(69.9)	(185.9)

Cash flow from operating activities

Operating cash flow for 2011 featured positive cash generation from Rural Services and Automotive operations which was offset by larger aggregate outflows from Forestry and non-operating activities (principally through interest and borrowing costs) resulting in an outflow for the Company as a whole.

Features of operating cash flow results include:

• Rural Services’ cash flow from operating activities of $59.5m compared with $69.1m in 2010Automotive operations generated an operating cash flow of $15.4m compared with $35.6m in 2010

• Forestry recorded a cash outflow from operations of $(28.8)m compared with $(29.3)m in 2010

• Investment and other cash flow from operations includes a $36.3 million increase in working capital brought by expansion of the trade debtor financing facility and interest and finance costs

Investing cashflow of $133.8m was achieved through the proceeds of the sale of equity accounted investments (Rural Bank), forestry investment properties and property, plant and equipment.

Financing cash flows of $(108.4)m was essentially comprised of the net repayment of debt resulting from scheduled pay-downs and refinancing offset by inflows from new finance facilities.

7

Balance Sheet and Finance

Balance Sheet: key items
$m as at end:	Sept 11	March 11	Sept 10
Shareholders’ equity	604.7	979.5	1,006.1
Cash and cash equivalents	81.6	38.3	80.0
Inventories: current	188.4	250.8	175.2
Assets held for sale	185.9	7.2	18.1
Receivables: current	540.8	504.7	471.2
Receivables: non-current	16.9	202.7	199.7
Property, plant & equipment	91.3	123.7	129.7
Investments in associates & JV’s	94.1	94.7	240.9
Investment properties	3.0	261.8	265.0
Intangibles	250.2	260.3	257.7
Provisions	138.4	84.5	96.6
Borrowings: current	196.1	305.3	279.5
Borrowings: non-current	231.0	81.5	218.1
Gross borrowings	427.1	386.8	497.6
Net debt	345.5	361.9	435.2
Gearing (%)	57%	37%	43%
NTA per share ($)	0.55	1.42	1.50

Significant movements during the 12 months to 30 September include:

• Current receivables rose by $69.6m due to increased Rural Services sales and debtor days.

• Current inventories rose by $13.2m, due to Rural Services inventories which were higher to deal with strong ongoing demand, especially for Ag Chem supplies.

• Assets held for sale rose by $167.8m reflecting the addition of Forestry assets pursuant to the decision to withdraw from the forestry sector and the writing-down of Elders’ shareholding in HiFert to nil. The Forestry assets principally comprise investment property of $114.6m, plus accrued income, receivables, property plant and equipment and equity accounted investments.

• Other non-current receivables fell by $182.8m. The reduction is principally attributable to the revaluation to estimates of accrued income to reflect lower woodchip prices and price expectations and the reclassified of the asset as being held for sale.

• Investments in associates and joint ventures reduced by $146.8m reflecting the divestment of shareholdings in Rural Bank and ETG.

• Investment properties declined from $265.0m to $3.0m as a result of sales and fair value adjustments to realign fair value of forestry properties (from that for an ongoing forestry operation to estimated fair value for realisation) and the reclassification of the assets as being held for sale.

• Intangibles of $250.2m principally comprise goodwill and intangible value attributed to the Elders brand and rural services network, Plexicor and automotive product development costs.

• Total provisions rose by $41.8m, principally due to the provisioning made for onerous contracts necessitated by the decision to withdraw from forestry operations.

• Net tangible assets per share declined from $1.50 to $0.55 which is largely attributable to impact on the balance sheet of forestry asset revaluations.

Indebtedness

Features of net debt movements over the 12 months to 30 September:

• Net debt reduced by $89.7m (21%)

• Gross borrowings were reduced by $70.5m (14%) to $427.1m due to the paydown in bank debt through scheduled repayments and in refinancings completed in December 2010 and September 2011. Bank debt (which excludes debtor finance) was reduced by $98.8m, with this reduction being partially offset by expanded use of Elders’ trade debtor finance facility.

• Notwithstanding lower debt levels, Gearing rose from 43% to 57%, essentially due to the reduction in Shareholders’ Equity brought by the non-recurring items associated with Forestry.

8

Review of Operations

Rural Services

Rural Services Results
$m 12 months to 30 September:	2011	2010 Change
Sales – continuing operations	1,947.9	1,701.2	+15%
Sales - total	1,986.1	1797.2	11 %
Depreciation & amortisation	8.4	10.3	-21%
Gross Margin:	322.8	306.8	+ 5%
Network: Australia	276.8	250.8	+11%
New Zealand	18.2	19.1	- 5 %
Trading	27.8	36.9	-	25%
Costs:	301.9	314.0		- 4%
Network: Australia	217.8	220.0		- 1%
New Zealand	21.0	25.2	-	17%
Trading	20.7	22.6		- 8%
Support centres & other	42.4	46.2		- 8%
Network Related Equity Earnings	11.3	9.7	+16%
Mark-to-market	(7.2)	(2.0)		n/m
Underlying EBIT	25.0	0.5		n/m
Non-recurring items	(20.8)	13.2		n/m
Reported EBIT	4.2	13.7	-	69%
Operating Cash flow	59.5	69.1	-14%

Sales revenue from continuing operations was up $246.7m (15%):

• Australian network sales revenue up $149.5m (13%):

• farm supplies up $141.6m

• livestock agency up $9.2m

• wool agency up $4.0m

• real estate down $4.5m

• banking distribution down $0.3m

• other network down $0.5m

• New Zealand up $2.9m (3%)

• Trading up $25.4m (6%)

• Other operations which are in the process of being closed down but which do not yet qualify as discontinued (EWI trading) down $68.9m

Underlying EBIT of $25.0m was up $24.5m:

• Australian network contribution up $28.2m (92%)

• farm supplies gross margin up $16.8m

• livestock gross margin up $6.2m

• wool gross margin up $2.7m

• real estate gross margin down $1.5m

• bank distribution gross margin up $1.4m

• grain accumulation and other gross margin up $0.4m

• network costs down $2.2m.

• New Zealand contribution up $3.3m (54%)

• Trading contribution down $7.2m (50%)

• feedlot gross margin down $3.4m

• live export gross margin down $7.3m

• wool and other trading up $1.6m

• costs down $1.9m

• Support centre costs down $3.8m (8%)

• Network Related Equity Earnings up $1.6m (16%)

• Balance date mark-to-market of $(7.2)m was $(5.2)m lower

9

Australian Network

Farm Supplies
$m 12 months to 30 September:	2011	2010	Change
Sales Revenue	1,023.9	882.3	+16%
Gross Margin	114.8	98.0	+17%

Farm supplies sales and gross margin rose on increased demand for most products higher Fertilizer price, and increased sales volume of higher value Ag Chem products.

Strong growth in Ag Chem sales (up 17%) Fertiliser (up 26%) and Seed (up 42%) were the drivers in Farm Supplies revenue and gross margin.

Wool Agency
$m 12 months to 30 September:	2011	2010	Change
Sales Revenue	55.8	51.8	+ 8%
Gross Margin	18.7	16.0	+17%

Wool agency sales and margin generation rose on rising prices during the period. The average EMI wool price for the year eclipsed 40 year records and Elders’ average wool price of $1,249/bale for the year was 31% above the pcp average of $953/bale.

Volume of wool sold was down by 1% reflecting the smaller wool clip yielded by the lower production of the smaller national flock.

Livestock Agency
$m 12 months to 30 September:	2011	2010	Change
Sales Revenue	115.3	106.1	+9%
Gross Margin	86.0	79.8	+8%

Livestock agency sales and gross margin rose on strong price increases brought by higher demand and reduced stock availability as growers restocked in the wake of good rainfall and feed availability in most pastoral regions. Livestock agency was adversely affected by the loss of sales into the live export trade to Indonesia caused by the Federal Government’s 3 month suspension of the trade.

Real Estate
$m 12 months to 30 September:	2011	2010	Change
Sales Revenue	52.3	56.8	- 8%
Gross Margin	28.0	29.5	- 5%

Lower residential property and water rights turnover resulted in reduced sales and margin generation from Real Estate agency. Broadacre turnover rose by 9% compared with FY11, increasing from $819m to $892m.

Residential property turnover contracted from $786.3m to $617.2m due to lower activity and confidence levels and the transfer of some residential property operations to franchised owners. Strong rainfall and water availability saw reduced trade in water rights.

10

Financial Services
$m 12 months to 30 September:	2011	2010	Change
Gross Margin	26.2	24.8	+6%

Financial services include income generated in the distribution of banking products and cost recovery from the Elders Insurance joint venture and Elders Financial Planning joint ventures for the network role in distribution.

Trading

Trading operations include Elders’ livestock and wool trading and feedlot operations.

Trading Key Results
$m 12 months to 30 September:	2011	2010	Change
Sales Revenue	471.9	446.5	+ 6%
Gross Margin	27.8	36.9	- 25%
Contribution	7.1	14.3	- 50%

New Zealand Network

New Zealand Key Results
$m 12 months to 30 September:	2011	2010	Change
Sales Revenue	91.3	88.4	+3%
Gross Margin	18.2	19.1	- 5%
Contribution	(2.8)	(6.1)	- 54%

New Zealand network operations recorded a smaller loss than in 2010.

New Zealand sales growth is attributable to increased wool and livestock agency and farm supplies sales. Livestock operations recorded comparable sales to the previous year. Lower sales and income from financial services and other products resulted in gross margin declining in comparison with the previous year.

SG&A costs were reduced by 17% or $4.2m.

Margin and contribution generated by Feedlot Trading and Live Export were adversely affected by external events.

In Feedlot Trading, returns were reduced by the lower feed conversion rates brought by the unseasonal cool and wet weather during the period.

Live Export contribution was adversely affected by the disruption to previously scheduled trading and charter brought by restrictions to the Indonesian market in the first half and volume loss as a result of the live export suspension in the second half.

Demurrage and other costs incurred as a consequence of the Commonwealth Government suspension of live export to Indonesia have been recognised as a nonrecurring item.

Revenue from trading was $25.4m or 6% higher:

• feedlot trading revenue rose by $42.8m due to the Killara feedlot where Elders moved to 100% ownership and the impact of higher cattle prices on turnover.

• live export revenue fell by $43.0m principally due to the suspension of live export to Indonesia and the impact of weight restrictions. The volume of cattle exported in the 12 months to September was approximately 72,000 head lower, a reduction of 35%. This reduction is overwhelmingly due to reduced export of feeder cattle to Indonesia – where trade levels were 57% of that recorded in FY10. Long haul breeder cattle volumes were slightly lower than the previous year.

• wool trading revenue rose by $22.1m. Strong demand for wool brought rising prices and increased volumes traded from New Zealand

• Elders Fine Foods China recorded a $1.3m increase in revenue.

11

Network Related Equity Earnings

Equity earnings are recognised in respect of Elders’ network related joint ventures, which include its financial services joint ventures and the Australian Wool Handlers (AWH) logistics operation.

Contributions
$m 12 months to 30 September:	2011	2010	Change
Elders Insurance	6.2	5.6	+11%
Elders Financial Planning	0.5	0.3	+ 67%
Australian Wool Handlers	4.1	3.2	+ 28%
Other	0.5	0.6	-17%
Total Network Related	11.3	9.7	+ 16%

12

Automotive

Automotive Financial Results
$m 12 months to 30 September:	2011	2010	Change
Continuing Sales revenue	315.2	256.9	+23%
Underlying EBITDA	31.9	29.8	+ 7%
Depreciation & Amortisation	16.6	14.8	+ 12%
Underlying EBIT:	15.3	15.0	+ 2%
Futuris Automotive	15.8	15.4	+ 3%
Associates (equity acc)	(0.5)	(0.4)	+ 25%
Underlying EBIT	15.3	15.0	+ 2%
Non-recurring items	-	0.8	n/m
Reported EBIT	15.3	15.8	- 3%
Operating cash flow	15.4	35.6	- 57%
Capital expenditure	12.3	9.2	+ 34%

Automotive operations comprise 100%-owned Futuris Automotive (Futuris) and its subsidiaries and joint ventures. The principal joint venture is Futuris Automotive Interiors (Anhui) (70% interest) which operates in the Chinese automotive market.

Automotive operations recorded underlying EBIT of $15.3m compared with the $15.0m in the pcp.

Sales revenue increased by $58.3m to $315.2m due to the incremental contribution of $68.6m to FY11 sales from Plexicor and Feltex (South Africa) which were equity accounted joint ventures in the pcp but consolidated at the commencement of the year. Sales revenue excluding the incremental sales attributable to these operations fell by 4% in comparison with the pcp. This movement reflects the impact of lower passenger vehicle build volumes in Australia, which declined by 10% compared with the pcp in total, with some model build falling by as much as 50%.

Joint ventures and associates contributed a loss of $(0.5)m, slightly lower than in the previous year due to lower build volumes.

13

Corporate (Investment & Other)

Corporate Financial Results
$m 12 months to 30 September:	2011	2010
Equity accounted income	1.2	1.2
Other income	0.8	0.8
Costs	(8.6)	(14.9)
Underlying EBIT	(6.6)	(12.9)
Non-recurring items	(10.1)	(37.9)
Reported EBIT	(16.7)	(50.8)

Corporate and other includes Elders’ corporate operations and investments, including Agricultural Land Trust.

Underlying EBIT improvement of $6.3m is due to reductions achieved in costs.

Non-recurring items at the EBIT level of $(10.1)m comprise the impairment of non-core assets, legal costs associated with tax cases and costs associated with the debt refinancing during the period.

After recognition of the non-recurring borrowing costs detailed on page 6 of this document the non-recurring items attributable to Corporate were $(38.1)m at the profit before tax level.

14

Elders Network Business Indicators

Rural Services Australian Trading Indicators
$m 12 months to 30 September:		2011	2010
Livestock Agency
Cattle sold	million head	1.78	1.96
Sheep sold	million head	8.40	9.30
Cattle price	Average $/head	764.11	644.86
Sheep price	Average $/head	119.79	95.37
Farm Supplies
Ag Chem price	$/unit	9.90	8.65
Fertiliser price	$/t	690.13	571.25
Wool Agency
Bales sold	‘000s	485	490
Wool price	Average $/bale	1,248.97	953.49
Real estate
Broadacre turnover	$m	892	819
Residential turnover	$m	617	786
Livestock trading
Livestock export	000s head	135	207
Feedlot throughput	000s head	109	91

15