Ann: Annual Report to shareholders , page-4

Very happy with the annual report personally - to me the most important points are:

- The Iron Bark MOU is actually an $11 billion project! This was not disclosed in the ASX announcement on 1 September, though this is stated on page 11 of the annual report. Its not clear how the revenue is split between NFC and Arccon, though more guidence should be released on this as the MOU progresses to a Final Notice to Proceed.

- Most importantly to me is the fact that all the company's profitability measures are up. They are making more profit on each sale (EBIT %), making more profit on each dollar of operating cost they incur (berry ratio), have more profit than in 2010 to cover their interest repayments (Interest Cover Ratio [ICR]) and less interest bearing debt as a percentage of their assets compared with last year. As a practicing microeconomist, I can tell you that these metrics are key indicators on the "health" of the company.

Very impressive annual report IMO