Exhibit 99.1
| GAAP Reconciliation to Net Income |
| FYE September 30, | ||||||||||||||||||||
| (US$ millions) | 2009E | 2010E | 2011E | 2012E | 2013E | |||||||||||||||
| EBITDA | $ | 285 | $ | 332 | $ | 342 | $ | 358 | $ | 374 | ||||||||||
| Growing Products Operations | 20 | 0 | 0 | 0 | 0 | |||||||||||||||
| Adjusted EBITDA | $ | 305 | $ | 332 | $ | 342 | $ | 358 | $ | 374 | ||||||||||
| Depreciation & Amortization | (60 | ) | (59 | ) | (59 | ) | (59 | ) | (59 | ) | ||||||||||
| Interest expense | (146 | ) | (138 | ) | (117 | ) | (121 | ) | (107 | ) | ||||||||||
Growing Products Shutdown(1) | (34 | ) | 0 | 0 | 0 | 0 | ||||||||||||||
Growing Products Operations(2) | (20 | ) | 0 | 0 | 0 | 0 | ||||||||||||||
| Tax expense | (16 | ) | (47 | ) | (58 | ) | (62 | ) | (73 | ) | ||||||||||
| Net Income | $ | 30 | $ | 88 | $ | 107 | $ | 115 | $ | 135 | ||||||||||
| IPI Selic | 8 | 0 | 0 | 0 | 0 | |||||||||||||||
| Restructuring & related charges | (43 | ) | (7 | ) | (3 | ) | (3 | ) | (3 | ) | ||||||||||
Reorganization Items, net(3) | 436 | 0 | 0 | 0 | 0 | |||||||||||||||
Growing Products Shutdown(4) | (31 | ) | 0 | 0 | 0 | 0 | ||||||||||||||
Interest Expense(5) | (20 | ) | (20 | ) | (20 | ) | (20 | ) | (20 | ) | ||||||||||
Tax expense(6) | 12 | 2 | 1 | 1 | 1 | |||||||||||||||
| GAAP Net Income (Loss) | $ | 392 | $ | 63 | $ | 85 | $ | 94 | $ | 113 | ||||||||||
| Notes: | (1) Includes Inventory Impairment and Hedges of $34 in 2009E. | |
| (2) Represents loss from operations related to the Growing Products business from October 1, 2008 through March 29, 2009. | ||
| (3) Represents gain on cancellation of debt of $515, professional fees of $59, write off of deferred fees of $11 and provision for rejection of leases of $9. | ||
| (4) Represent remaining shutdown costs, PP&E and Intangible asset impairments, related to Growing Products. | ||
| (5) Represents remaining accrued interest associated with debt amortization. | ||
| (6) Assumes normalized effective tax rate of 35% on IPI Selic and Restructuring and related charges. |
| GAAP Reconciliation to Net Income (Monthly) |
| FYE 2009 | ||||||||||||||||||||||||||||||||||||
| (US$ millions) | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | |||||||||||||||||||||||||||
| EBITDA | $ | 14 | $ | 3 | $ | 25 | $ | 29 | $ | 31 | $ | 41 | $ | 26 | $ | 25 | $ | 45 | ||||||||||||||||||
| Growing Products Operations | 5 | 3 | 5 | - | - | - | - | - | - | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 19 | $ | 6 | $ | 30 | $ | 29 | $ | 31 | $ | 41 | $ | 26 | $ | 25 | $ | 45 | ||||||||||||||||||
| Depreciation & Amortization | (5 | ) | (5 | ) | (5 | ) | (5 | ) | (5 | ) | (5 | ) | (5 | ) | (5 | ) | (5 | ) | ||||||||||||||||||
| Interest expense | (12 | ) | (1 | ) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | (45 | ) | (11 | ) | (11 | ) | ||||||||||||||||||
Growing Products Shutdown(1) | 1 | (0 | ) | 5 | - | - | - | - | - | - | ||||||||||||||||||||||||||
Growing Products Operations(2) | (5 | ) | (3 | ) | (5 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||
| Tax expense | 1 | 1 | (8 | ) | (8 | ) | (8 | ) | (12 | ) | 8 | (3 | ) | (10 | ) | |||||||||||||||||||||
| Net Income | $ | (2 | ) | $ | (2 | ) | $ | 15 | $ | 14 | $ | 15 | $ | 22 | $ | (16 | ) | $ | 6 | $ | 19 | |||||||||||||||
| IPI Selic | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | |||||||||||||||||||||||||||
| Restructuring & related charges | (2 | ) | (9 | ) | (5 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||||
Reorganization items, net (3) | - | - | (22 | ) | (10 | ) | (10 | ) | (10 | ) | 489 | - | - | |||||||||||||||||||||||
Growing Products Shutdown(4) | (9 | ) | (1 | ) | 0 | - | - | - | - | - | - | |||||||||||||||||||||||||
Interest expense (5) | (8 | ) | (14 | ) | (5 | ) | (8 | ) | (8 | ) | (10 | ) | 34 | - | - | |||||||||||||||||||||
Tax expense (6) | 1 | 3 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
| GAAP Net Income (Loss) | $ | (20 | ) | $ | (22 | ) | $ | (15 | ) | $ | (5 | ) | $ | (3 | ) | $ | 2 | $ | 507 | $ | 5 | $ | 18 | |||||||||||||
| Notes: | (1) Includes Inventory Impairment and Hedges of $34 in 2009E. | |
| (2) Represents loss from operations related to the Growing Products business from October 1, 2008 through March 29, 2009. | ||
| (3) Represents gain on cancellation of debt of $515, professional fees of $59, write off of deferred fees of $11 and provision for rejection of leases of $9. | ||
| (4) Represent remaining shutdown costs, PP&E and Intangible asset impairments, related to Growing Products. | ||
| (5) Represents remaining accrued interest associated with debt amortization. | ||
| (6) Assumes normalized effective tax rate of 35% on IPI Selic and Restructuring and related charges. |