Orica Limited · ASX:ORI
Orica — Investor Day (July 2019)
91 slides from Orica's investor day presentation, Jul 30, 2019
Slide 1: Investor Day ASX Release
ASX RELEASE 30 JULY 2019 For personal use only INVESTOR DAY Melbourne: Orica (ASX: ORI) Attached is a presentation to be given at the Orica Investor Day in Sydney which will commence at 9.00am AEST. The briefing will be webcast and is accessible on the Orica website at www.orica.com/investors. ANALY
Slide 2: Investor Day 30 July 2019
For personal use only INVESTOR DAY 30 July 2019
Slide 3: Disclaimer
Disclaimer For personal use only Forward looking statements This presentation has been prepared by Orica Limited. The information contained in this presentation is for informational purposes only. The information contained in this presentation is not investment or financial product advice and is not
Slide 4: Agenda
Agenda For personal use only 0830 – 0900 Registration 0900 – 0905 Welcome Delphine Cassidy Vice President Investor Relations 0905 – 0920 CEO: Strategy Alberto Calderon Managing Director & Chief Executive Officer 0920 – 0940 Technology Angus Melbourne Chief Commercial Officer 0940 – 1000 Manufacturin
Slide 5: Strategy
STRATEGY For personal use only ALBERTO CALDERON MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER 4
Slide 6: Safety, health & environment
Safety, health & environment Aligned with Orica’s core values Safety is our priority. Always. For personal use only Safety & health Environment We respect • Fatality free operations remains our • No environmental incidents (category 3+) and value all. primary goal • Continued improvement in our gree
Slide 7: Mining volumes are steadily rising, but mining is increasingly more difficult
Mining volumes are steadily rising, but mining is increasingly more difficult For personal use only The world will move 3.6 billion additional tonnes by 2023… …in increasingly complex settings • Near-volcanic conditions: explosives for use in Global material moved – open pit (selected commodities) (
Slide 8: Orica has already made the investments needed to rise to the industry's challenges
Orica has already made the investments needed to rise to the industry’s challenges For personal use only 2017 2018 2019 2020 Leaner through Breakaway Ongoing transformation Customer centric and incentivised organisation Orica’s core business is Revitalised Core stronger than ever before; and is prim
Slide 9: Orica's global footprint has enabled GroundProbe to outperform investment case forecast
Orica’s global footprint has enabled GroundProbe to outperform investment case forecast A successful pillar in our “High Growth” engine For personal use only New GroundProbe contracts won through Orica Sales Channels 23 2 ADDITIONAL CONTRACTS WON THROUGH ORICA CHANNELS Russia 3 Canada 70% HIGHER EAR
Slide 10: Orica's two engines both leverage our global leadership
Orica’s two engines both leverage our global leadership: industry-leading core products; and high-growth new products For personal use only We have growth in our core, and …accelerating our results faster growth in new products… around the world Improvement in market: Mining productivity is becoming
Slide 11: Technology
TECHNOLOGY For personal use only ANGUS MELBOURNE CHIEF COMMERCIAL OFFICER 10
Slide 12: Angus Melbourne, Chief Commercial Officer
For personal use only ANGUS MELBOURNE Chief Commercial Officer Angus was appointed Chief Commercial Officer in October 2016 and has responsibility for strategic marketing, technology and Orica’s China business. Angus joined Orica in January 2016 following a 25 year career at Schlumberger where he he
Slide 13: Productivity - then and now
Productivity - then and now For personal use only 12 Goldcorp – Integrated Remote Operating Centre
Slide 14: We have a strong track record of technology and innovation
We have a strong track record of technology and innovation For personal use only 13
Slide 15: Blast management remains the core of our future strategy
Blast management remains the core of our future strategy For personal use only Resource Model Drill & Blast Downstream Geosciences Advanced Blasting Services Monitoring & Measurements Design Execute Blast Management (Core) Blast Automation 1 Removing people from harm’s way Wireless Blasting Undergro
Slide 16: Providing the foundation for growth in Orica's offer
Providing the foundation for growth in Orica’s offer For personal use only Resource Model Drill & Blast Downstream Geosciences Advanced Blasting Services Monitoring & Measurements Design Execute Ore Extraction Solutions (Growth) Blast Management (Core) Blast Automation 1 Removing people from harm’s
Slide 17: Wireless blasting technology
Wireless blasting technology creating safer and new ways of mining today For personal use only critical pre cursor to automating drill and blast operations in the future Future state - Underground Future state - Surface 16
Slide 18: Wireless blasting technology: CMOC Northparkes case study
Wireless blasting technology CMOC Northparkes case study For personal use only 17
Slide 19: Penetration and returns from technology: WebGen
Penetration and returns from technology Wireless blasting - WebGen™ For personal use only Customer Adoption Customer Value • Growing market interest for wireless initiation technology – 220+ blasts fired globally Increased Ore Recovery Improved Safety – 4 commercial services contracts secured – Demo
Slide 20: Our industry is being reimagined in digital blasting
Our industry is being reimagined and For personal use only we’re proud to be leading change in digital blasting 19
Slide 21: Digitally enabled better blasting
Digitally enabled better blasting Unlocking productivity by connecting blast inputs to outcomes For personal use only 20
Slide 22: Penetration and returns from technology: BlastIQ
Penetration and returns from technology Digitally transforming blasting - BlastIQ™ For personal use only Customer Adoption Customer Value • 35 site implementations of Next Generation BlastIQ™ Technologies1 Increased Productivity Improved Safety • 25 customers +5% • 3 BlastIQ™ enabled optimisation se
Slide 23: Our smart, connected explosives delivery system
For personal use only Our smart, connected explosives delivery system improves operational productivity and reliability beyond compare 22
Slide 24: Penetration and returns from technology: Bulkmaster 7
Penetration and returns from technology Smart, connected delivery system – Bulkmaster™ 7 For personal use only Customer Adoption Customer Value • 23 Bulkmaster™ 7 smart, connected MMU™s deployed with a further 19 under order to meet customer demand; • Current deployments: 11 Australian sites; 7 cust
Slide 25: Looking beyond: Delivering value and growth from technology
Looking beyond Delivering value and growth from technology For personal use only Achieving growth strategy • Strong pipeline of customer adoption for WebGenTM • Continue the long standing commitment to technology investment delivering against our customers’ blasting needs and their vision for smarte
Slide 26: Manufacturing & Supply Chain
MANUFACTURING & SUPPLY CHAIN For personal use only CARLOS DUARTE GROUP EXECUTIVE MANUFACTURING & SUPPLY 25
Slide 27: Carlos Duarte, Group Executive Manufacturing & Supply
For personal use only CARLOS DUARTE Group Executive Manufacturing & Supply Carlos was appointed as Group Executive Manufacturing and Supply in October 2017. Carlos is responsible for Continuous Manufacturing, IS & PE Manufacturing and Global Supply Chain. He recently also took on responsibility of G
Slide 28: Orica's global manufacturing network
Orica’s global manufacturing network A key competitive advantage For personal use only Orica’s major global manufacturing plants Karelia, Russia Gyttorp, Carseland, Sweden Tappen, Canada Canada Sirgala, Estonia Brownsburg, Ust’ Canada Hallowell, Panaguirishte, Kamenogorsk, USA Bulgaria Kazakhstan Mi
Slide 29: Continuous plants
Continuous plants Disciplined and systematic approach to plant operations For personal use only Progress to date Major scheduled turnarounds % time and budget deviation from plan2 • Standard organisation implemented • Capability and structure in place to drive and implement KI NAP1/AN1 100% Cost pla
Slide 30: Improved AN manufacturing performance over past 12 months
Continuous plants Improved AN manufacturing performance over past 12 months For personal use only Carseland Kooragang Island Yarwun Bontang (Canada) (Australia) (Australia) (Indonesia) AN plants (kT/annum) Ammonium Nitrate: 500 Ammonium Nitrate: 430 Ammonium Nitrate: 5302 Ammonium Nitrate: 3653 Capa
Slide 31: Burrup update
Burrup update Permanent fix on schedule and quality AN produced For personal use only Rectification works • Delivery and installation of critical components on track • Plant tested following temporary repairs: – ~40kt good quality AN produced – No further material operational issues identified • Con
Slide 32: Initiating Systems and Packaged Emulsion plants
Initiating Systems and Packaged Emulsion plants New technology implementation and substantial reduction in SKUs For personal use only Progress to date SKU rationalisation EBS growth • WebGenTM production commenced -88% +43% • New EBS production lines built at existing Initiating +40k units Systems p
Slide 33: Supply chain management
Supply chain management Capturing benefits from an integrated supply chain For personal use only Benefits Progress to date Standard Supply Chain • Consistency across all roles organisation design completed Management & & improved accountability Standard demand planning Planning • Lower inventory
Slide 34: Key priorities: short to medium term
Key priorities: short to medium term Capturing value across the portfolio For personal use only 1. CONTINUOUS 2. INITIATING BUSINESS 3. SUPPLY CHAIN PLANTS SYSTEMS PLANTS Reliability and Security of Supply to Planning and FOCUS Integrity Customers Procurement Reduction of downtime Improvement in S&O
Slide 35: Questions
For personal use only QUESTIONS ALBERTO CALDERON, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER ANGUS MELBOURNE, CHIEF COMMERCIAL OFFICER CARLOS DUARTE, GROUP EXECUTIVE MANUFACTURING & SUPPLY 34
Slide 36: Australia Pacific & Asia (APA)
AUSTRALIA PACIFIC & ASIA (APA) For personal use only DARRYL CUZZUBBO GROUP EXECUTIVE AND PRESIDENT, APA 35
Slide 37: Darryl Cuzzubbo, Group Executive and President, APA
For personal use only DARRYL CUZZUBBO Group Executive and President, APA Darryl was appointed Group Executive and President, Australia Pacific & Asia in October 2017 after having held the role of Group Executive and President, Australia Pacific and Indonesia since 2016. He joined Orica in 2015 after
Slide 38: APA – at a glance
APA – at a glance Strong diverse region with continued growth opportunities For personal use only Volume Revenue EBIT (as a % of total ORI volume)1 (as a % of total ORI revenue)1 (as a % of total ORI EBIT)1 41% 35% 22% 58% AN EBS Revenue by product/service offering1 Revenue by commodity1 Market shar
Slide 39: Large and diverse markets presenting growth opportunities
26 countries, 14 large and diverse markets presenting growth opportunities For personal use only • ~4.6mt total regional AN demand (excluding China) • Australia Pacific – 45% market share Mongolia – Dominated by large, high quality, low cost mines servicing Asian growth China China – Relative firmne
Slide 40: Consistent underlying growth since FY16
Consistent underlying growth since FY16 For personal use only • Revenue growth outperformed volume growth over AN volume Revenue last 18 months mt $m • EBIT growth will outstrip revenue growth as: – Burrup starts up; 1,311 1,424 1,626 1,944 – the east coast plants displace import tonnes; and 1,748 1
Slide 41: AN demand outstripping commodity growth
AN demand outstripping commodity growth For personal use only Australia Thermal Coal Indonesia Thermal Coal Thermal coal (Open Cut)1 (Open Cut)1 • Australia: demand for low cost high quality thermal coal continues to rise CAGR =1.6% • Indonesia: stable volumes with reducing vulnerability CAGR = 0.6%
Slide 42: AN market tightening
AN market tightening For personal use only MICCO Vietnam East Coast Australia Demand and Supply Rayong Thailand East Coast 1 • East coast in balance BBRI Indonesia • Ramping up Yarwun in line with Bontang Indonesia expected Queensland growth Cikampek Indonesia • Anti-dumping measures leading to a Ma
Slide 43: Australia Pacific
Australia Pacific Market leader with strong manufacturing and technology presence For personal use only Growth opportunities Strong safety record Strong manufacturing • ~84% contracts locked in until 2021 footprint (AN and IS) • Yarwun increasing capacity supports Queensland Product and servic
Slide 44: Asia
Asia Growing market share in a fragmented market For personal use only Growth opportunities Strong safety record • Indonesia: substantial market share growth Strong local JV partnerships Manufacturing footprint – Bontang loaded; expansion pre-feasibility study and robust supply chain underway
Slide 45: Introducing transformational technologies that will change the game
Introducing transformational technologies that will change the game For personal use only WebGen™: • Underground and Open pit site introduction ahead of plan • Shift occurring from “don’t want to go first” to “don’t want to be left behind” • Significant collaboration required due to “transformationa
Slide 46: Looking beyond: Growing Orica's highest contributing and margin region
Looking beyond Growing Orica’s highest contributing and margin region For personal use only APA achieving growth strategy • Delivering unrivalled value to our customers through our people and technology • Continuing momentum of increasing market share from 29% (FY16) to 37% (FY20) market share EBIT
Slide 47: Europe, Middle East & Africa (EMEA)
EUROPE, MIDDLE EAST & AFRICA (EMEA) For personal use only THOMAS SCHUTTE GROUP EXECUTIVE AND PRESIDENT, EMEA 46
Slide 48: Thomas Schutte, Group Executive and President, EMEA
For personal use only THOMAS SCHUTTE Group Executive and President, EMEA Thomas was appointed Group Executive and President, EMEA in October 2017 after having held the role of Chief Financial Officer since September 2015. Before joining Orica, Thomas spent 20 years with BHP where he held a number of
Slide 49: EMEA – at a glance
EMEA – at a glance Strong performance from a refocused business For personal use only Volume Revenue EBIT (as a % of total ORI volume)1 (as a % of total ORI revenue)1 (as a % of total ORI EBIT)1 11% 10% 16% 17% AN EBS Revenue by product/service offering1 Revenue by commodity1 Market share2 Services
Slide 50: Positioned for growth in a diverse commodity sector
Positioned for growth in a diverse commodity sector ~3.6mt total AN demand across EMEA For personal use only Europe, Nordics and Middle East • Europe: Large Quarry & Construction (Q&C) market with copper and zinc mining markets in Iberia and Ireland • Nordics: Large Q&C market with significant tunne
Slide 51: Positive AN demand outlook and ample supply
Positive AN demand outlook and ample supply For personal use only Global Copper1 CAGR = 2.6% Demand growth supported by: CAGR = 1.9% • Copper: Expansions and Greenfield projects in the Africa Copperbelt, CIS and Nordics Global Iron Ore (Open Cut)1 • Iron Ore: Improved outlook in Kazakhstan and Russi
Slide 52: EME (Europe, Nordics and Middle East)
EME (Europe, Nordics and Middle East) Established channels to market For personal use only Growth opportunities Highly regulated markets Leading market position in the • Technology implementation for WebGenTM, automation Nordics and BlastIQTM within mining sector in Sweden, Finland, Spain and Tu
Slide 53: Africa (Southern Cone, North and West Africa)
Africa (Southern Cone, North and West Africa) Strong brand recognition and global relationships For personal use only Growth opportunities Strong brand recognition and global relationships • Establish beachheads in key markets (Burkina Faso, Established beachheads in Mali and Namibia) strategic
Slide 54: CIS (Russia and Kazakhstan)
CIS (Russia and Kazakhstan) Strong leveraged position in West Russia; expansion to East Russia For personal use only Growth opportunities Strong market position in West Russia; now expanding • Expand footprint in Russia (Far East, Eastern to East Russia Siberia) and Western Kazakhstan Complex Ro
Slide 55: Strong penetration in technology advanced mines and regions
Strong penetration in technology advanced mines and regions For personal use only WebGenTM: • 2 underground sites being trialled in the Nordics Europe/Middle East Russia1 • Large open cut trials to commence in Europe 1H20 2 6 2 2 10 1 5 2 • EU certification (CE) and country approvals underway Kazakh
Slide 56: Looking beyond: Positioning Orica for long-term success
Looking beyond Positioning Orica for long-term success For personal use only EMEA continuing to deliver the growth strategy • Europe growth from new products and Q&C • Africa growth in market share via beachhead investments • CIS growth in new territories EBIT uplift • Cost optimisation supported by
Slide 57: Questions
For personal use only QUESTIONS DARRYL CUZZUBBO, Group Executive and President, APA THOMAS SCHUTTE, Group Executive and President, EMEA 56
Slide 58: North America
NORTH AMERICA For personal use only JAMES BONNOR GROUP EXECUTIVE AND PRESIDENT, NORTH AMERICA 57
Slide 59: James Bonnor, Group Executive and President, North America
For personal use only JAMES BONNOR Group Executive and President, North America James was appointed Group Executive and President, North America in October 2015. He has almost 25 years of commercial and operational experience with Orica, including most recently Zone Executive Head, Americas, Orica M
Slide 60: North America – at a glance
North America – at a glance Strong returns with a leading market position For personal use only Volume Revenue EBIT (as a % of total ORI volume)1 (as a % of total ORI revenue)1 (as a % of total ORI EBIT)1 30% 28% 31% 42% AN EBS Revenue by product/service offering1 Revenue by commodity1 Market share2
Slide 61: Diverse and rich resource market
Diverse and rich resource market For personal use only • ~2.7mt total regional AN demand • 7 AN producers • 3 major integrated explosives & service providers, representing 87% of AN market • +100 downstream blasting services providers to both the mining, quarrying and construction market • +600 mine
Slide 62: Significant integrated asset base – an unmatched competitive advantage
Significant integrated asset base – an unmatched competitive advantage For personal use only • ~1.5mt owned, affiliate and contracted AN capacity • 4 Initiating Systems/ Electronic Blasting Systems sites including: Brownsburg (Canada), Cuatrocienegas (Mexico), Tappen (Canada), and Minden (USA) • 12
Slide 63: Cost effective, long term AN supply growth
Cost effective, long term AN supply growth Largest supply capacity and deepest rail logistics For personal use only North America Copper1 • 1-2% CAGR AN CAGR = 1.8% demand growth over CAGR = 1.2% next 5 years driven mainly by metals IMPROVE and Q&C, offset by coal Carseland, Canada • Detonator deman
Slide 64: USA
USA Extensive resources and growth prospects For personal use only Growth opportunities Strong joint venture channel partners • Ongoing new technology penetration for both Significant infrastructure and WebGenTM and BlastIQTM distribution assets to service a • Greenfield and brownfield expansion
Slide 65: Canada
Canada Market leader with a strong manufacturing and technology presence For personal use only Growth opportunities Strong in-country manufacturing of AN and IS/ • Strong prices in iron ore and gold supporting EBS (only downstream investment environment for re-starts and expansions provider with l
Slide 66: Mexico
Mexico Significant market share in a fragmented market For personal use only Growth opportunities Strong AN supply positions in country and supplemented with • Ongoing new technology penetration particularly with imports from US WebGenTM in both underground and surface Integrated with production
Slide 67: Successful adoption of new technology with a strong pipeline
Successful adoption of new technology with a strong pipeline For personal use only WebGen™ • 5 sites have been converted to WebGenTM use • Value created to mines including significant improvement in ore recovery and dilution reduction Canada • Strong pipeline beyond existing sites in both 4 4 1 8+ u
Slide 68: Looking beyond: Delivering strong growth over the next five years
Looking beyond Delivering strong growth over the next five years For personal use only NA achieving growth strategy • Capitalising on new market growth across the gold, copper and Q&C sectors EBIT uplift • Operating cost improvement through relentless focus on scale efficiencies along with greater o
Slide 69: Latin America
LATIN AMERICA For personal use only GERMÁN MORALES GROUP EXECUTIVE AND PRESIDENT, LATIN AMERICA 68
Slide 70: Germán Morales, Group Executive and President, Latin America
For personal use only GERMÁN MORALES Group Executive and President, Latin America Germán was appointed Group Executive and President, Latin America in September 2018 following 18 years at commercial explosives manufacturer and distributor Maxam. At Maxam, Germán held business leadership roles in Eur
Slide 71: Latin America – at a glance
Latin America – at a glance Market leader with exposure to high growth commodities For personal use only Volume Revenue EBIT (as a % of total ORI volume)1 (as a % of total ORI revenue)1 (as a % of total ORI EBIT)1 17% 16% 6% 18% AN EBS Revenue by product/service offering1 Revenue by commodity1 Marke
Slide 72: ~70% AN demand forecast from copper and gold
~70% AN demand forecast from copper and gold which have strong, long term fundamentals For personal use only LATAM’s key commodities • Mature market, mostly copper – >16%1 AN demand growth over next five years • Current AN oversupply in the market – local producers and imports • Aggressive competiti
Slide 73: Multiple AN sourcing options to meet growing demand
Multiple AN sourcing options to meet growing demand For personal use only Demand Supply LATAM Copper1 • Multiple AN sourcing options to meet forecasted demand CAGR = 4.1% 130 Copper: ~2.4% CAGR • Local suppliers have the competitive edge for the 120 CAGR = 2.4% production forecast with material mark
Slide 74: Northeast (Brazil, Colombia and Caribbean)
Northeast (Brazil, Colombia and Caribbean) Growth supported by integrated technologies: EBS, GroundProbe For personal use only Growth opportunities Market leader with strong • Upcoming tenders of competitors’ accounts market share Reliable and efficient logistic • Supply chain optimisation oppor
Slide 75: Southwest (Chile, Peru, Argentina, Ecuador, Bolivia)
Southwest (Chile, Peru, Argentina, Ecuador, Bolivia) Favorable demand conditions, with options to increase market share For personal use only Growth opportunities Strong technology portfolio for • Upcoming tenders of competitors’ accounts different customers needs (in a highly complex market with
Slide 76: Capturing value for Orica by delivering value propositions for customers
Capturing value for Orica by delivering value propositions for customers For personal use only WebGen™: • 18 sites trials in progress/ planned; successful conversion. Strong pipeline in existing customers and new sites • Servicing both surface and underground mines Colombia • Underground service in
Slide 77: Looking beyond: LATAM designing the future of mining
Looking beyond LATAM remains an active participant in designing the future of mining For personal use only LA achieving growth strategy • Strong growth outlook in the region heavily supported by Chile and Peru, both showing a positive and stable political environment EBIT uplift • Disciplined approa
Slide 78: Questions
For personal use only QUESTIONS JAMES BONNOR, Group Executive and President, North America GERMÁN MORALES, Group Executive and President, Latin America 77
Slide 79: Minova
MINOVA For personal use only CHRISTOPHER DAVIS CHIEF FINANCIAL OFFICER 78
Slide 80: Christopher Davis, Chief Financial Officer
For personal use only CHRISTOPHER DAVIS Chief Financial Officer Christopher was appointed Chief Financial Officer in October 2018 and has responsibility for the group wide finance function as well as investor relations, treasury, tax and group risk and assurance. Before joining Orica, Christopher he
Slide 81: Strong market share in competitive market
Strong market share in competitive market For personal use only Market presence Revenue by geography1 Overall Market APAC 18% Africa 6% • ~3% growth expected in overall global addressable market; with different growth rates in regional and markets: – Americas: hard rock mining expected to grow offse
Slide 82: Return to profitability and revenue growth
Return to profitability and revenue growth; high EBIT growth expected to continue For personal use only Revenue($m) ($m) Turnaround plan Revenue EBIT ($m) 291 • First phase of turnaround successfully 280 291 280 implemented; second phase underway focusing 239 7 239 on geographic and sector diversifi
Slide 83: Finance
FINANCE For personal use only CHRISTOPHER DAVIS CHIEF FINANCIAL OFFICER 82
Slide 84: Capital Management Framework
Capital Management Framework Prudent and disciplined approach toward deployment of capital For personal use only Orica’s capital management assessment framework 1 Strong cash generation and working capital Maintaining an investment grade credit rating efficiency 2 Preserving the flexibility to facil
Slide 85: Capital Expenditure
Capital Expenditure Focused capital and investment evaluation drives sustainable capital expenditure profile For personal use only Capital expenditure profile ($m) Ranking of capital expenditure prioritisation 443 across the group 75 350 322 306 181 Prioritised licence to operate capital 263 28 66 1
Slide 86: Cash generation
Cash generation Disciplined TWC management delivers predictable operating cashflow For personal use only EBITDA and Cash performance TWC targeted at between 8 – 10% of sales 978 150% 908 896 885 Cash Conversion targeted at >90% 122% 106% 100% 95% 95% 437 Gearing target range 30% - 40% 50% 40% 36% 33
Slide 87: Debt management
Debt management Prudent debt management For personal use only • Strong credit rating Committed debt maturity profile ($m) – S&P affirmed BBB / Stable outlook, Jan 2019 Average debt facility maturity at March 2019 – 4.4 years • Conservative debt maturity profile Undrawn committed bank facilities $1.2
Slide 88: Summary
SUMMARY For personal use only ALBERTO CALDERON MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER 87
Slide 89: Our investment proposition
Our investment proposition We are proud of who we are… ….we will remain accountable For personal use only • Safety is, and will always be, our number one priority Protect our people, • We remain the global leader in partners, customers mining and civil blasting in a rising market • We have reshaped
Slide 90: Questions
For personal use only QUESTIONS ALBERTO CALDERON, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER CHRISTOPHER DAVIS, CHIEF FINANCIAL OFFICER 89
Slide 91: Definitions
Definitions Term Definition Includes Ammonium Nitrate prill and solution as well as Emulsion products including bulk emulsion and packaged emulsion. AN ANeq (AN equivalent) represents AN content on the products we sell For personal use only Capital expenditure Comprises total payments for property,