2010 Annual Report

The financial result for the year was an after tax profit of $5.7 million compared to $26.1 million the previous year. Included in the result is a one-off charge in tax expense of $4.2 million relating to the budget announcement in May 2010 and in particular to the removal of tax depreciation on buildings. This expense is a non-cash adjustment that has no effect on the Company’s underlying profitability, dividends or cash flows for the year ended 30 June 2010.

Shareholders’ equity of $145.5 million compares with $150.1 million the previous year. Total borrowings during the year have decreased by $11.6 million to $35.9 million with the gearing ratio (debt to debt plus shareholders’ equity) at 19.8%. The Company continues to be in a very sound position.