Grainnet

Regina, SK—Viterra's (TSX:VT) (ASX:VTA) consolidated sales and other operating revenues for the first quarter of fiscal 2010 grew 29% or $404.0 million to $1.8 billion (2009 - $1.4 billion), buoyed by contributions associated with the acquisition of ABB Grain Ltd. ("ABB") of Australia in September 2009.

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EBITDA for the quarter was $89.8 million (refer to the Section entitled Non-GAAP Measures for the definition) compared to a first quarter EBITDA loss of $6.4 million in fiscal 2009, which included a fertilizer inventory write-down of $28.1 million.

EBITDA from Viterra's North American operations for the quarter was $23.2 million, a significant improvement from last year's first quarter results.

EBITDA contributions from the Company's Australian operations was $66.6 million, primarily reflecting a recovery in South Australian production levels and the corresponding increase in first quarter receipts into its system due to a return to normalized production levels and a successful harvest in South Australia.

Viterra's first quarter net earnings were $10.7 million or $0.03 per share, which compares to a net loss of $33.0 million or $0.14 per share in the same three-month period of 2009 (excluding the 2009 first quarter write-down, the net loss last year was $13.6 million).

The first quarter of fiscal 2010 includes a full three months of contributions from Australia.

President and Chief Executive Officer, Mayo Schmidt said, "Results from our acquisition of the Australian operations reflect normalized conditions for this business.

"We are implementing a proven pipeline grain handling and marketing model for our core operations focused on an integrated grower relations program and a comprehensive handling, logistics and international marketing strategy.

"It is a model that we are confident will improve the value proposition for all stakeholders over the long-term and solidify Viterra as the marketer of choice within the region."

"For our North American operations, our agri-products business has seen solid demand for fertilizer products and a 12% increase in producer pre-payments in the first quarter, a positive signal that spring demand for crop inputs is recovering.

"The North American businesses are operating as expected and we believe that 2010 will be a year of recovery for the Australian business.

"Viterra's focus is on maximizing our integration efforts and solidifying our enhanced position in the international agricultural marketplace."

For more information, call 306-569-4810.

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• Viterra
• Full Viterra Report

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