DIVIDENDS AND EARNINGS PER SHARE Earnings Per Share 3 months to 31 Mar 2013 Cents 12 months to 31 Dec 2012 Cents Basic loss per share (14.9) (2.7) Diluted loss per share (14.9) (2.7) No final or interim dividends were declared or paid during the current and prior financial periods. Nature of Operations and Principal Activities The principal activities of entities within the Group during the period were: CORPORATE INFORMATION Ownership and operation of grazing and farming properties; Beef cattle breeding, growing, feedlotting and trading; and  Beef value-add businesses relating to wholesale meat marketing. Employees OPERATING AND FINANCIAL REVIEW  The Group employed 438 employees calculated on a full time equivalent basis as at 31 March 2013 (31 December 2012: 432 employees; 31 March  2012: 381 employees). The Group operates an integrated cattle production system across 18 owned cattle stations, 5 agisted properties, 2 owned feedlots, 5 external  feedlots, and 2 owned and 2 external farms located throughout Queensland and the Northern Territory, covering approximately 6.9 million hectares. The operating and financial review is presented under the following sections: 1. Review 2.  Seasonal Conditions 3.  Cattle Operations 4.  Farming Operations 5.  Wholesale Beef Operations 6.  Other Cost Areas 7.  Shareholder Returns 1. Review The Company has modified its year end from 31 December to 31 March. This change more closely aligns the Company’s reporting period with  its sales cycles, assisting with forecasting, cash flow management and investment decisions. Generally, the majority of profit and cash flow  is generated outside the three months to 31 March. The results for the three months to 31 March 2013 are therefore not directly comparable  with the results for the 12 months ended 31 December 2012. As a result comparative information for the three months to 31 March 2012 (prior  corresponding period) has been included. Three Months to 31 March 2013 Financial Highlights $_{}$Cattle sales revenue up 13.1% to $22.1 million compared to the prior corresponding period.  $_{}$Wholesale beef revenues up 60.8% to $38.1 million compared to the prior corresponding period. $_{}$Herd fair value changes down 402.5% to a loss of $37.7 million compared to the prior corresponding period. $_{}$Loss after tax down 816.2% to a loss of $46.5 million (prior corresponding period – a loss of $5.1 million). Annual Report 2013 9