Elders recorded an underlying loss to shareholders for the 2009 financial year of $51.8m, which compares to the forecast of an underlying loss to shareholders of $48.3m.

However, the forecast includes net income of $4.8m after tax that was reclassified after 30 September as discontinuing or non-recurring.

However, Elders says both underlying and reported earnings for the year are consistent with prospectus forecasts on a like-for-like basis.

Elders managing director Malcolm Jackman said that all continuing operations reported results in line with the forecast after recognition of classification variations between prospectus estimates and final accounts.

"Year-end comparisons have been made complex by the ongoing divestment program and reclassification of discontinued assets," he said.

"Once these impacts are recognised, it is clear that the continuing operations have closed out 2009 with operating results on target."

Underlying EBIT was also in line after recognition of the reclassifications made and the impact of a greater than anticipated loss from Forest Enterprises Australia (FEA).

Underlying EBIT was $12.8m compared with the forecast $14.5m, with the latter figure including EBIT of $4.2m from Timber processing operations that has been classified as discontinued in the 2009 accounts and therefore not included in underlying earnings.

Prospectus forecasts and guidance for 2010 are unaffected by the reclassifications which only apply to 2009.

Operating results from Rural Services, Rural Bank and Futuris Automotive were all in line with, or marginally better than forecast.

Rural Services generated underlying EBIT of $8.8m, compared with the forecast of $7.1m.

"We start the new year recapitalised and able to concentrate fully on realising the earnings improvement opportunities we see in our business," Mr Jackman said.

"As we expected, trading conditions have continued to be challenging and our results for the fifth quarter are right on track with what we forecast for the period.

"Trading conditions have continued in this vein and our expectation remains that improved activity and confidence levels will emerge, consolidate and strengthen as the year progresses."