agm chairmans remarks

3 February 2005
PATRICK CORP AGM - CHAIRMAN’S REMARKS.
The year to September 2004 was another satisfactory year for Patrick. Patrick earned a profit
after income tax for the year ended 30 September 2004, after excluding individually significant
items in associates, of $190.3 million – a 25% increase over the prior year and a sixth
consecutive record profit.
Revenue from operating activities (excluding equity share of associates) increased by 14% to
$1,250.4 million. Total earnings before interest, tax and individually significant items increased
by 22% to $253.0 million. Of this Patrick’s share of equity accounted associates and joint
ventures totaled $97.4 million with Virgin Blue’s contribution being $48.9 million (down 4% on
last year) and Pacific National’s contribution being $45.8 million (up 56% on last year).
The consolidated entity earned a profit after tax, and including the individually significant items
in the associates, for the 12 months to September 2004 of $217.1 million.
These financial results reflect strong organic growth of the Patrick businesses combined with a
continued focus by management on cost control and productivity improvement across the
Group.
In November 2004, the directors declared a fully franked final dividend of 7 cents per ordinary
share making a total of 13 cents for the year, and this was paid in December 2004.
In terms of the current financial year, operating profits for the first quarter, i.e. the quarter to
December 2004, with the exception of the equity accounted results for Virgin Blue, which has
made a separate announcement, are in line with the Company’s expectations and budgets.