OPERATING AND FINANCIAL REVIEW (CONTINUED) 7. Shareholder Returns (continued) REVIEW OF FINANCIAL CONDITION Liquidity and Capital Resources The Group’s debt facilities are adequate to address working capital requirements and stay in business capital expenditure for the 2014  financial year. At 31 March 2013 the Group had total drawn down term debt facilities of $400 million which is repayable on 9 March 2015. (1)  2008 – 2010 S&P Accumulation Index used. (2)  EBITDA (earnings before interest, tax, depreciation and amortisation) is non-IFRS financial information. (refer page 6 for definition) (3)  Three month period as the company transitions to a 31 March financial year end.  (4)  3 year compound calculations have assumed a start date of December 2009 and compounded over 3.25 years.  3 months to 31 Mar 2013  (3) 12 months to 31 Dec 2012 12 months to 31 Dec 2011 12 months to 31 Dec 2010 12 months to 31 Dec 2009 Asset based returns Increase/(decrease) in land values (net of  tax) represented in movements in the asset  revaluation reserves as a percentage of  property values - (4)% 1% (9)% (1)% EBITDA  (2)  return on average herd value post valuation (14)% 6% 14% 11% (12)% Combined return on gross assets after  notional tax at 30% (4)% (3)% 1% (5)% (6)% Profit based returns Return on sales: EBITDA  (2) /revenue (68)% 10% 15% 16% (30)% 3 year compound total shareholder return (TSR)  (4) (4)% (8)% (11)% (23)% (4)% 3 year compound growth in ASX Small  Ordinaries index  (1) (4) (4)% 10% 9% (5)% (1)% Per share statistics (Loss)/Earnings per share (14.9) cents (2.7) cents 3.6 cents 0.3 cents (20) cents Dividend paid during the period / share - - - - - Net Tangible Assets (NTA) per share 1.90 2.04 2.15 2.23 2.42 NTA per share growth compounded over 3 years  (4) (7)% (5)% (7)% (7)% 1% Asset and Capital Structure 31 Mar 2013  $000 31 Dec 2012  $000 31 Mar 2012  $000 Debt: Current interest-bearing loans and borrowings 15,316 2,919 1,153 Non-current interest-bearing loans and borrowings 407,464 407,627 378,863 Gross debt 422,780 410,546 380,016 Total equity 595,418 638,639 668,991 Total capital employed 1,018,198 1,049,185 1,049,007 Gearing (Gross debt/gross debt+equity) 41.5% 39.1% 36.2% Annual Report 2013 19