AA Co assets revalued sharply higher, reaching $1.17b
Jon Condon, Beef Central (Australia)
THE dramatic surge in Australian grazing property values and cattle prices over the past 12 months has been reflected in a 25 percent increase in asset value held by the Australian Agricultural Co since this time last year.
AA Co told investors through the Australian Securities Exchange this morning that it anticipates an approximate $250 million increase in the fair value of the company’s pastoral property and improvements over the 12 months to 31 March.
That will take the value of the pastoral portfolio including cattle to about $1.17 billion in aggregate.
The forecast follows the completion of AA Co’s 2022 financial year independent valuation report prepared by LAWD Pty Ltd, which is still subject to audit finalisation as the company prepares for the release of its FY22 Financial Report.
Last year’s annual report had net assets (property at $976 million, plus cattle) as the company continued to recover from drought, flood and COVID impacts...
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