Webster : Appendix 4D Half Year Accounts

Directors' Report

WEBSTER LIMITED

Appendix 4D: Half-Year Report Half-Year Ended 31 December 2015

It is recommended that this Half-Year Report is read in conjunction with the Annual Report for Webster Limited for the Financial Year ended 30 June 2015 together with any public announcements made by Webster Limited and its controlled entities during the half-year ended 31 December 2015 in accordance with the continuous disclosure obligations arising under the Australian Securities Exchange Listing Rules.

Appendix 4D: Half-Year Report

Contents

Page

Summary Information 3-4

Directors' Report 5-7

Auditor's Independence Declaration 8

Independent Auditor's Review Report 9-10

Directors' Declaration 11

Condensed Consolidated Statement of Profit and Loss and

Other Comprehensive Income 12

Condensed Consolidated Statement of Financial Position 13

Condensed Consolidated Statement of Changes in Equity 14

Condensed Consolidated Statement of Cash Flows 15

Condensed Consolidated Notes to the Financial Statements 16-21

Appendix 4D Half Year Report

WEBSTER LIMITED ACN 009 476 000

Reporting Period

Half-year ended 31 December 2015 ("current period").

Previous corresponding period, half-year ended 31 December 2014

Results for Announcement to the Market

Current Period

($'000)

Sales Revenue from Ordinary Activities

Up

330%

to

56,823

Loss from Ordinary Activities After Tax Attributable to

Members

Up

1919%

to

(96,847)

Net Loss After Tax Attributable to Members

Up

1919%

to

(96,847)

Brief Explanation of Figures Reported Above

The half-year ended 31 December 2015 is the first full period of operating the agriculture operations of Bengerang Limitied and Tandou Limitied. The Kooba Aggregation was purchased at the end of the corresponding period last year. As a result of these acqusitions sales revenue for the half year period increased considerably.

The key item that has increased the loss from ordinary activities is an impairment of goodwill charge totalling $96.4 million.

Dividends

Amount per Security (cents)	Franked Amount per Security (cents)
Ordinary Shares	Final	(2014/15)	1.0	1.0
Cumulative Preference Shares	Final	(2014/15)	4.5	4.5
Interim*	(2015/16)	4.5	0.0

*The financial effect of the interim dividends will be recognised in the next reporting period as the dividends were declared subsequent to 31 December 2015.

Dividends paid by Webster Limited during the current reporting period	Date	Amount
($'000)
Cumulative Preference Dividends	30-Sep-15	18
Ordinary Dividends	30-Oct-15	3,507

Net Tangible Assets per Security
Current Period	Previous Period
(cents)	(cents)
Net Tangible Assets per Security	35.28	31.99
Net Tangible Assets (including water rights) per Security	106.35	74.57

Gain or Loss of Control Over Entities

Loss of control over Date of loss of control

Contribution to profit from ordinary activities in the current reporting period and whole of previous corresponding period

n/a n/a

n/a

During the current reporting period the following entities were dissolved or liquidated. The liquidation or dissolution of these entities will have no impact on the future financial performance of the company.

Liquidated Dissolved

n/a n/a

Details of Associates and Joint Venture Entities

Aggregate share of profits/(losses) of associates & joint venture entities	Current Reporting	0	Previous Reporting Period ($'000) 0 0
	Period
($'000)
	Profit/(loss) from ordinary activities before tax
	Income tax on ordinary activities	0
Profit/(loss) after tax	0	0
Adjustments	0	0
Share of net profit/(loss) of associates and joint venture entities	0	0

Name of Entity	Percentage ownership interest held at end of period or date of disposal		Contribution to net profit (loss) $'000
	Current Reporting Period	Previous Reporting Period	Current Reporting Period	Previous Reporting Period
0	0
0	0