FUTURIS CORP.

(immer) noch nicht.

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Futuris Corporation Limited A.B.N. 34 004 336 636 10 August 2006 Company Announcements Office Australian Stock Exchange Futuris profit growth continues with strong momentum �� Sales revenue up 6% �� Underlying EBIT up 20% �� Underlying profit after tax, up 23% to record level �� Underlying Earnings per share up 21% �� Reported profit of $87.4 million �� Final dividend maintained Futuris has announced its third successive year of double-digit growth in underlying profitwith the release today of its financial results for the 12 months to 30 June 2006. The financial results were released with the following announcement by Company Chairman Stephen Gerlach: “Futuris Corporation has reported its highest-ever underlying profit with the announcement of an $88.3 million underlying (ie before non-recurring items) profit to shareholders for 2006. The result is well above the previous year’s (AIFRS adjusted1) underlying profit of $71.8 million. “After inclusion of non-recurring items totalling -$0.9 million after tax, Futuris’ Reported Profit to shareholders was $87.4 million. Underlying earnings per share rose by 21% to 13.2 cents compared with 10.9 cents in 2005. “Sales revenue for the year was $3.36 billion, 6% higher than the 2005 sales of $3.17 billion. “Directors have maintained the final dividend of 5 cents per share, fully franked. The total dividend for the year is also unchanged at 9 cents per share, fully franked.” 1 All 2005 comparatives are AIFRS adjusted. Chief Executive Les Wozniczka said that the 2006 profit result showed the quality of Futuris’ businesses and the drivers that are enabling the company to grow. “Futuris has, for the second year in succession, been able to generate strong increases in earnings despite conditions that would have previously threatened a downturn in profit. “We have maintained momentum because of the growth drivers we have built in Elders, Fertiliser, Forestry and Property. Futuris generated underlying EBIT of $157.1 million, 20% higher than the 2005 result of $131.3 million. Underlying profit before tax rose by 11% to be $118.2 million compared with $106.4 million in the previous year. Rural services, Forestry and Property all contributed to the higher earnings. “Elders performance shows the competitive advantage of the business model through seasonal and market variations. Mr Wozniczka said that the rural services market in 2006 had suffered as a result of a number of adverse events which included the extraordinarily dry conditions in most of Australia’s winter cropping region, lower wool prices, the impact of increased fuel, a contraction in livestock markets and weather related events which such as severe frosts in Western Australia and the damage and disruption brought by Cyclone Larry in Queensland. “In many regions this has brought a sharp reduction in demand for rural services, while other regions have fared better. Where there was opportunity, Elders competed successfully. Credit is due to the performance and service culture of the Elders team and its leadership which did an outstanding job in maintaining revenue whilst protecting margin and managing costs. The results show a very disciplined and motivated organisation” Elders lifted its underlying EBIT by 14% to $86.6 million compared with $75.9 million. Mr Wozniczka attributed the earnings growth to real estate, merchandise, downstream wool operations and financial services. Elders merchandise operations maintained sales of $1.1 billion despite the market contracting substantially because of reduced demand. “Our fertiliser initiative delivered financial gains at both the wholesale and retail level while Elders Real Estate made further inroads in broadacre and residential markets.” Banking and Insurance contributed EBIT of $37.3 million to Elders result compared with $33.8 million in the previous year. Profit share from Elders Rural Bank (ERB) rose from $12.9 million to $15.5 million. Insurance operations achieved 6% growth in gross written premium; improved net loss ratios and lifted their EBIT contribution by 4% to $21.8 million. A further $11.6 million ($9.8 million in 2005) was earned through interest. The growing significance of financial services to the business has been recognised through an internal restructuring which has brought the Company’s various prudentially regulated entities together to form Elders Financial Services Group. Mr Tim Plant, formerly General Manager, Insurance, has been promoted to the position of Managing Director, Elders Financial Services Group. Australian Agricultural Company (AACo, 43.1% owned by Elders) contributed equity accounted earnings of $6.0 million compared with $5.6 million in 2005. Mr Wozniczka said that the AACo operating result was “below expectations, but clearly affected by seasonal and timing issues in the second half”. Integrated Tree Cropping increased its EBIT contribution by 19% with its underlying EBIT rising from $33.4 million to $39.9 million. “Forestry has been the major focus of our business building investment. ITC’s profit performance in 2006 reflects the expansion of its plantation estate and higher income from associate FEA.” said Mr Wozniczka. ITC’s plantation under management expanded from 121,000 hectares to 151,000 hectares in 2006. “MIS sales this year were below expectations but the business has the capacity to deliver earnings growth through cyclical improvement in its processing operations and a more competitive performance in the MIS market going forward. Management is addressing both of these areas with a view to achieving improvement.” Contribution from Automotive operations decreased slightly. Futuris Automotive recorded an underlying EBIT of $20.8 million from sales of $457.2 million which compares to $21.6 million from sales of $639.2 million in 2005. Higher equity accounted earnings from Global Thermal Systems and management initiatives largely offset the effects of a downturn in Australian vehicle production. Earnings from Property operations rose with higher activity in commercial and residential projects. Property operations generated EBIT of $18.2 million compared with $8.4 million in the previous year. Futuris upheld its commitment to investment with total cash expenditure of over $250.6 million in 2006. Principal applications included the acquisition of minorities in ITC, increasedequity in HiFert (to attain a 50% shareholding), the acquisition of plantation land and funding the growth of Elders Rural Bank. “Our good results have flowed directly from the investments we made in prior years to build our businesses in financial services, fertiliser and forestry. The 2006 investment program continues the investment into core operations and long standing strategic initiatives.” Mr Wozniczka said that Futuris anticipated maintaining momentum in the new year. Subject to seasonal conditions and balance date mark to market adjustments, the Company was anticipating an underlying net profit to shareholders in FY07 within the range of current market expectations. Achievement of the market expectation will deliver headline growth and further growth in earnings per share on the recently expanded capital. Further comment: Les Wozniczka, Chief Executive Officer – Tel: 08 8425 4999 Further information: Don Murchland, Investor Relations Manager – Mb: 0439 300 932 Discussion and Analysis of 2006 Financial Results Results for the twelve months ended 30 June 2006 Financial results 1. Profit Futuris Corporation has recorded an Underlying Profit to Shareholders of $88.3 million, 23% higher than the corresponding result (AIFRS adjusted1) of $71.8 million for the 2006 financial year. The underlying profit to shareholders excludes non-recurring items totalling -$0.9 million after tax, which are summarised in the table below and discussed on the following page. Inclusive of these items, Futuris’ Reported Profit to Shareholders was $87.4 million. In comparison, the 2005 Reported Profit of $58.6 million was unfavourably affected by non-recurring items totalling $13.2 million after tax. Normalised, or underlying, EBIT was $157.1 million, 20% above the 2005 underlying EBIT of $131.3 million.