Australian Agricultural Company Limited provided earnings guidance for the three months to March 31, 2013. For the three months, the company's profit would be adversely impacted by a non-cash, market- price related, accounting standards-driven writedown of the value of its herd expected to be approximately AUD 43 million. The company expects to report negative earnings before interest, tax, depreciation and amortisation (EBITDA) of between AUD 58 million and AUD 72 million for the three-month period, a AUD 60 million to AUD 74 million reduction on the same three-month period in 2012.

Excluding the non-cash, market-price related herd valuation writedown, AACo's EBITDA is expected to be in a negative range of AUD 15 million to AUD 29 million.