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Canada. Viterra Malt reports lower sales on a year-to-date basis

Viterra, a vertically integrated global agri-business headquartered in Canada, today published its third quarter financial results and outlook.

Viterra’s malt operations generated sales of $74.0 million for the third quarter of fiscal 2011 compared to $70.3 million for the same period last year. On a year-to-date basis, sales were $199.8 million, compared to $235.6 million a year earlier. While sales in Canada were comparable year-over-year, in Australia malt sales volumes were down 8% in the quarter and 10% year to date reflecting sluggish customer demand and softening world malt prices.

Viterra expects Global malt markets to remain challenging in the near term due to sluggish beer sales in North America and Europe causing excess capacity and margin pressure around the globe. For Viterra’s malt operations in Australia, the Company believes that margins will remain compressed, below pre-recession levels, into the first half of fiscal 2012. However, the Company remains confident in the long-term outlook for this industry.

In Australia, Viterra operates seven processing plants with production capacity of 470,000 tonnes annually. Approximately 370,000 tonnes are destined for export markets predominantly in the Asian-Pacific region and 100,000 tonnes are consumed domestically. The Company is currently building an 110,000 tonne malt facility in Sydney, Australia, which is expected to be completed in fiscal 2012. Viterra’s North American operations participate in malt production through a 42% ownership interest in Prairie Malt Limited with a single-site malt operation located in Saskatchewan.

Viterra was founded in 1924 and has extensive operations across Canada and Australia, with facilities in the United States (“U.S.”) and New Zealand. Viterra has offices in Canada, the U.S., Australia, New Zealand, Japan, Singapore, China, Vietnam, Switzerland, Italy, Ukraine, Germany and India.

12 Sep. 2011

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