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HAG - Ambitious FY15 target driven by beef cattle sales - AGM Note

Extraordinary income boosted FY14 results with NPAT +74% vs FY13. Management sets ambitious FY15 target with core PBT +106% vs FY14 driven by beef cattle sales and HAGL Myanmar Centre (HAGLM) project. Cash flow management should remain a point of emphasis, as a potential stake divestment from HAGLM would greatly help alleviate the pressure.