A large percentage of GrainCorp’s assets, whether country or port-based, are commonly linked by rail. Consequently, GrainCorp needs to ensure it has an involvement in that industry.  The foundation of this pleasing performance is the rejuvenation of GrainCorp’s storage and handling business through a five year, $250 million capital injection. This intensive capital program, designed to improve service  to customers, will improve the quality of future earnings. Investment in our core business has now peaked and future capital expenditure will be aligned to maintain existing infrastructure.  Increased competition in storage and handling  presents the opportunity to streamline the Company’s  cost base and optimise the productivity of its extensive silo assets. From the farm to the port, these assets are already incomparable. An involvement in rail is a defined and strategic direction  for GrainCorp. Rail provides the ability to accumulate grain, to store grain and to deliver grain to GrainCorp’s own ports, or to its domestic customers in a seamless operation. Integration of these core functions will realise greater efficiencies that will be of direct and substantial benefit  to all stakeholders in GrainCorp’s business. It is a significant and necessary step that the grains industry cannot afford to neglect.  GrainCorp operates some of the most modern and efficient grain handling facilities in the world and intends to maintain this competitive edge through ongoing and focused capital investment.  GrainCorp has already committed to a further $40 million worth of capital expansion.  Included among capital projects was the construction  and commissioning of a $2.5 million grain-grading plant, which can deliver increased prices to producers at GrainCorp's Newcastle Terminal. The grading plant allows GrainCorp’s customers to clean large parcels of grain with increased precision and speed.  Integration of these services and the consequent emergence of competing supply chains are vital  for future progression.  GrainCorp’s future clearly lies in being an integrated  logistical partner for its customers, providing solutions  for their businesses.  Most importantly, GrainCorp has the right people on the ground where it counts, with grain traders and grain accumulators  located throughout NSW and a growing number in Victoria. GrainCorp is continuing to develop its network of rural Service Centres, which are providing producers with products and services from fertilisers and seed to financial solutions. GrainCorp Service Centres provide a year- round relationship with customers and generate employment in small rural towns  that have suffered the withdrawal of services.  16 GrainCorp 2001 Annual Report Financial Summary 2001 2000 $’000 $’000 Storage and handling revenue 264,564 182,608 Marketing revenue 254,713 118,610 Total revenue 519,277 301,218 EBITDA 115,005 91,355 Borrowing costs 11,884 5,590 Depreciation and amortisation 38,933 20,173 Net profit before tax 64,188 65,592 Tax 19,627 16,928 Net profit after tax 44,561 48,664 Earnings per share 109.4 155.6 Dividend per share 72.0 79.0