Receivals Exports Receivals and Exports  0.0 3.5 7.0 10.5 14.0 1998 1999 2000 2001 Million To nnes 1998 1999 2000 2001 Dividends Paid Borrowing Costs Capital Expenditure Cash from Operations Operating Cash Flow $ Millions 0 35 70 105 140 Receivals EBITDA PAT EBITDA, PAT and Receivals 0 3 6 9 12 15 20 40 60 80 100 120 1998 1999 2000 2001 $ Millions Million Tonnes 1998 1999 2000 2001 Total Assets Shareholders Equity Total Debt Assets, Equity & Debt 0 150 300 450 600 $ Millions Shareholders’ equity increased from  $161.7 million to $273.3 million. Net debt to equity at a moderate 66%.  EBITDA has increased 105% from  $56.1 million to $115.0 million over the past four years. Profit margins per tonne of grain handled have been maintained. Receivals have increased by 124% over the past four years. Export tonnes have increased by 95%  over the same period. Operating cashflow has increased by 85% from $65.4 million to $121.3 million. Significant surplus cashflow is available for servicing debt, rewarding shareholders and continued infrastructure and other investment activities. GrainCorp is a growing business with sustainable profits, increasing operating cashflow and a strong balance sheet to facilitate future growth. 21 GrainCorp 2001 Annual Report