Slide 1: 2014 Full Year Results
For personal use only 2014 FULL YEAR RESULTS 19 November 2014 Ian Smith Managing Director and CEO Craig Elkington Executive Director Finance Nick Bowen Executive Global Head of Mining Services
Slide 2: 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 3: Overview
Overview 3-8 For personal use only Financial Performance 9 - 20 Mining Services 21 - 31 Business and Strategy Update 32 - 43 Outlook 44 - 46 3 © Orica Limited Group 3
Slide 4: Performance Highlights
PERFORMANCE HIGHLIGHTS For personal use only FY14 Guidance met in • NPAT of $602.5M up 2% challenging markets • 48% increase in net operating and investing cashflows • Efficiency improvements largely offset underlying market conditions • Final ordinary dividend 56 cents (full year dividend of 96 cen
Slide 5: Safety Performance
SAFETY PERFORMANCE For personal use only 1.0 5 0.9 4.5 0.8 4 Injury Frequency Rate 0.7 3.5 Severity Index 0.63 0.6 0.54 3 0.5 0.47 0.47 2.5 0.40 0.4 2 0.3 0.27 0.26 1.5 0.18 0.16 0.2 0.15 1 0.1 0.5 0.0 0 2010 2011 2012 2013 2014 LWCR AWRCR Severity Index 1. AWRCR: All Worker Recordable Case Rate, to
Slide 6: N2O Abatement Has Significantly Reduced Orica's Carbon Footprint
N2O ABATEMENT HAS SIGNIFICANTLY REDUCED ORICA’S CARBON FOOTPRINT For personal use only 3.5 Emissions reduced by over 900,000 tonnes CO2-e compared to 2010. Equivalent to Emissions (MT CO2-e) 3.0 taking more than 300,000 cars off the road. 2.5 2.0 Emissions Emissionsrelating relatingto 1.5 Approximat
Slide 7: MCI Initiative Progress
MCI INITIATIVE PROGRESS For personal use only • Project investigating permanent carbon capture potential of serpentinite. • Investigating options to use end product in building materials and to retrofit power stations to reduce CO2 . • Proven at laboratory scale. • Pilot plant to be constructed to e
Slide 8: MCI – New Collaboration Partners
MCI – NEW COLLABORATION PARTNERS For personal use only Simplified Mineral Carbonation process • Highly collaborative venture between governments, universities and industry. • Funded by Orica, Federal Government and NSW Government (one third each) with Orica holding rights to 40% equity. • Agreement
Slide 9: Financial Performance
Overview 3-8 For personal use only Financial Performance 9 - 20 Mining Services 21 - 31 Business and Strategy Update 32 - 43 Outlook 44 - 46 9 © Orica Limited Group 9
Slide 10: Group Financial Performance
GROUP FINANCIAL PERFORMANCE For personal use only Restated1 % o Full year ended 30 September (A$M) 2014 2013 EBITDA2 1,230.5 1,252.5 (2) EBIT3 929.7 968.1 (4) NPAT4 602.5 592.5 2 h Net Operating and Investing cash flow 460.5 311.3 48 h Earnings per share (cents) 163.7 162.9 1 h Dividends per sha
Slide 11: Group EBIT Performance
GROUP EBIT PERFORMANCE For personal use only A$M 1,000 968 (44) 69 (39) (35) 930 (1) 23 900 (27) 24 (8) 800 700 600 FY13 EBIT Volume - Net Price - Net Price - Chemicals Depreciation/ FX Asset Sales Efficiency Transformation FY14 EBIT Mining Services Ground Support & Explosives Amortisation and other
Slide 12: Mining Services Segment Highlights
MINING SERVICES SEGMENT HIGHLIGHTS Region External Volume Net Price Other For personal use only Sales $M Australia / 1,877 h Explosives 1% n Explosives • Higher AN sales to third party Pacific suppliers h Pilbara East Coast Australia Global Sodium cyanide 5% Sodium cyanide Ground Support G
Slide 13: Explosives Volumes
EXPLOSIVES VOLUMES For personal use only % Change on pcp 30% 22% H1 H2 20% 10% 8% 5% 3% 0% 0% 0% -3% -2% -10% -7% -6% -8% -20% -20% -30% 1 Australia / Pacific North America Latin America EMEA Asia Total Volume represents ammonium nitrate and emulsion products (bulk and packaged). Refer Supplementary
Slide 14: Explosives Contribution
EXPLOSIVES CONTRIBUTION For personal use only Annual Change in Explosives 20% Contribution per Tonne1 12% 10% 8% 3% 2% 1% 0% -3% -10% 2 Australia / Pacific North America Latin America EMEA Asia Total Continued resilience of explosives margins 1. Contribution includes all income and costs attributabl
Slide 15: Chemicals
CHEMICALS For personal use only Full year earnings of $67million • Represents 7% of group EBIT 1 2014 Chemicals Revenue by Geography • Earnings down 29% on FY 2013 • Business positioned for expected recovery in 2015 Australia New Zealand Full year earnings impacted by Latin America Asia • $14M in ra
Slide 16: Investing Activities
INVESTING ACTIVITIES For personal use only $780M 204 Burrup AN Plant $504M $520M Growth Capital 217 110 $425M 151 115 Customer Facing 115 Contract Capital 116 85 120 Sustaining Capital 82 110 243 186 185 190 FY13 FY14 FY15 FY16 Forecast Forecast Continuation of Capital Light Strategy *Largest item i
Slide 17: Cash and Debt Management
CASH AND DEBT MANAGEMENT For personal use only Restated 1 Full year ended 30 September (A$M) 2014 2013 Net debt 2,237 2,334 Net interest expense 116 150 Net Operating and Investing cashflow 461 311 Trade working capital 646 698 Gearing (%) 2 33.7 36.8 Interest cover (times) 3 8.0 6.4 Cash conversion
Slide 18: Debt Profile
DEBT PROFILE Facility Headroom Drawn Debt Maturity Profile For personal use only Average tenor 5.7 years A$M A$M 4,672 600 4,053 2,115 1,553 400 200 2,557 2,500 0 1 '15 '16 '17 '18 '19 '20 '21 '23 '25 '26 '31 Sep-13 Sep-14 Financial Year Undrawn debt Drawn debt Committed Bank Facilities Private Plac
Slide 19: Foreign Currency Exposure
FOREIGN CURRENCY EXPOSURE For personal use only EBIT Translation Exposure • Basket of 45 currencies translated to AUD earnings • Currently ~40% hedge in place via options with full participation (Note: OTHER 38% USD 39% AUD/USD strike rate 90.9c) (~40 currencies) • Unhedged exposure sensitivity; PHP
Slide 20: Environmental Provisions
ENVIRONMENTAL PROVISIONS For personal use only $53M Spend Profile Various site rehabilitation $38M 28 Botany mercury $33M remediation 9 HCB remediation² 24 $20M $20M 9 9 6 6 Botany 4 4 2 2 2 groundwater remediation ¹ 11 12 12 12 12 2014 2015 2016 2017 2018 Provisions as at 30 September (A$M) 2011 20
Slide 21: Mining Services
Overview 3-8 For personal use only Financial Performance 9 - 20 Mining Services 21 - 31 Business and Strategy Update 32 - 43 Outlook 44 - 46 21 © Orica Limited Group 21
Slide 22: Mining Services Highlights
MINING SERVICES HIGHLIGHTS For personal use only • Growth in developing markets whilst maintaining volumes in Australia • Growth in Advanced Blasting Products and Services, now accounting for 21% of total Explosives sales revenue • Successful new product introductions • Strong contract wins (extensi
Slide 23: Unrivalled Global Footprint
UNRIVALLED GLOBAL FOOTPRINT For personal use only • Customers in over 100 countries • 32 customers on Advanced Blasting contracts • Over 60 regional plants, with 60% • 30% of revenue from Global Top 20 Miners located on customer mine sites • Unmatched global AN manufacturing footprint • More than 10
Slide 24: Contract Profile
CONTRACT PROFILE Resilience of the Explosives Contract Profile For personal use only Retained > 90% of existing contracts at re-tender (on a revenue basis) For every $1 of contract revenue lost at re-tender, we won in excess of $2 in new contract revenue from greenfield projects or competitor accoun
Slide 25: Commodity Overview
COMMODITY OVERVIEW For personal use only • Diversified commodity exposure, with a continued focus on underweight segments • Favourable positioning of Orica’s customers on cost curves • Coal exposure reduced from 35% to 32% of sales revenue 2014 Mining Services Revenue by Commodity • Growth in develo
Slide 26: Market Overview – Australia Asia
MARKET OVERVIEW – AUSTRALIA ASIA • Pilbara volumes up, coal down For personal use only • Pricing pressure primarily in coal. Working with customers to reduce costs and improve productivity • Advanced Blasting Services gaining momentum in hard rock • New market entrants seeking to gain foothold based
Slide 27: Market Overview - Americas
MARKET OVERVIEW - AMERICAS For personal use only • Lower H1 volumes but improvement in H2 • North American coal volumes down, however the customer portfolio is transitioning to the lower-cost Illinois and Powder River Basins • Significant uplift in mines utilising Advanced Blasting Services to impro
Slide 28: Market Overview – Europe/CIS/Africa
MARKET OVERVIEW – EUROPE/ CIS/ AFRICA For personal use only • Improved quarry and construction markets in Europe and the Middle East, with volume and price uplift • CIS volumes up 12%, with significant growth opportunities being pursued • Africa volumes up 41% with growth from Global Mining Accounts
Slide 29: Mining Services Value Chain
MINING SERVICES VALUE CHAIN Tailored solutions for the unique needs of customers For personal use only 2. Product Manufacturing, Supply & Distribution Customer Customer 1. Research & Outcome 3. Blast Design Need Development Delivered Identified 5. Blast Measurement & Improvement 4. Blast Execution 2
Slide 30: A Strategy Leveraging a Global Portfolio...
A STRATEGY LEVERAGING A GLOBAL PORTFOLIO... For personal use only • Expanding our global footprint in developing and growing markets; while protecting our leadership position in mature markets • Technology alliances being developed with key customers via Centres of Excellence • Introducing new comme
Slide 31: ... and Advanced Blasting Services
... AND ADVANCED BLASTING SERVICES For personal use only • Customers globally now actively seeking Advanced Blasting Services for: - Increased productivity - License to Operate (LTO) - Overall cost reductions • Which we are delivering in key markets through a variety of tailored Value Propositions:
Slide 32: Business and Strategy Update
Overview 3-8 For personal use only Financial Performance 9 - 20 Mining Services 21 - 31 Business and Strategy Update 32 - 43 Outlook 44 - 46 32 © Orica Limited Group 32
Slide 33: Wireless Breakthrough
WIRELESS BREAKTHROUGH For personal use only Wireless Initiation • Simpler - no wires or connections • Regulatory approval • Started field trials • Commercially available mid 2015 • Delivers greater flexibility in firing patterns Low frequency transmission of digital data Complex life at the face Wir
Slide 34: Laser Initiation
LASER INITIATION For personal use only Powered by light • Alternative to traditional detonators • Simpler transportation and storage • Already mass produced components • Same accuracy as electronics • Allows modular manufacture • Expect commercial application mid 2015 34 © Orica Limited Group
Slide 35: Burrup Ammonium Nitrate Project
BURRUP AMMONIUM NITRATE PROJECT For personal use only • 330ktpa capacity AN plant on the Burrup Peninsula, Western Australia, in joint venture with Yara and Apache (Orica share: 45%). • Unique project and capital structure − $110M entry fee − 45% of project capital − 100% marketing rights for all AN
Slide 36: Other Projects
OTHER PROJECTS For personal use only Apatit Emulsion Plant - Russia • Construction of 40ktpa emulsion plant at customer site & 8 Mobile Manufacturing Units • Total Capital cost of $USD 25M • Progress to date − Buildings and site works complete − Overall project 85% complete • On schedule for Decembe
Slide 37: Orica's Transformation
ORICA’S TRANSFORMATION For personal use only External Orica’s Sustainable Environment Transformation Earnings Program AN market oversupplied Supplier savings Resilient in face of market challenges Cost focus in resources Labour and Manufacturing sector Efficiency Well positioned for growth Unpredict
Slide 38: Orica Transformation Initiatives
ORICA TRANSFORMATION INITIATIVES For personal use only Category Initiatives underpinning benefit Strategic assessment of suppliers and renegotiation of Supplier Efficiency contracts using global leverage to reduce prices • Head count reductions in Global Manufacturing, Projects, Finance and IT • Bus
Slide 39: Orica Transformation Benefits
ORICA TRANSFORMATION BENEFITS For personal use only • Estimated headcount reduction Gross approximately 700 in FY2015 Benefits • Global procurement program to European Restructure 7% achieve cumulative savings of approximately 4-5% on total external spend by FY2016 • Manufacturing and operating Labo
Slide 40: Orica Transformation Indicative Costs & Benefits
ORICA TRANSFORMATION INDICATIVE COSTS & BENEFITS For personal use only FY15* FY16* Cash Costs 60 – 70 20 – 40 Potential Non-Cash Costs 40 – 50 - Indicative Annual Costs 100 – 120 20 – 40 Benefits (before costs) 140 - 170 200 - 250 Net benefits provide flexibility in how the company positions itself
Slide 41: Chemicals Sale
CHEMICALS SALE For personal use only • Agreement to sell Chemicals business to funds advised by Blackstone – Sale includes: chemicals trading businesses in Australia, NZ and Latin America, Bronson & Jacobs in Australia, New Zealand and Asia and the Australian Chloralkali manufacturing business • Pur
Slide 42: Rationale for Chemicals Sale
RATIONALE FOR CHEMICALS SALE For personal use only • The strategic review determined that separation of the Chemicals business is superior to retention in the Orica portfolio • Separation completes a decade long transition into a pure play mining services business and allows Orica to capitalise on i
Slide 43: Capital Management
CAPITAL MANAGEMENT For personal use only Given Orica’s improved cash flows, strong balance sheet and anticipated funds from selling its Chemicals business, the Board will have the flexibility to consider capital management initiatives. This is in line with our capital management approach to: • Maint
Slide 44: Outlook
Overview 3-8 For personal use only Financial Performance 9 - 20 Mining Services 21 - 31 Business and Strategy Update 32 - 43 Outlook 44 - 46 44 © Orica Limited Group 44
Slide 45: 2015 Outlook
2015 OUTLOOK For personal use only Profit guidance difficult to provide in volatile and uncertain global markets and Orica is not expecting a significant improvement in FY15. Key assumptions are: • Global explosives volumes in the range of 3.8 – 4.0 million tonnes • Explosives pricing pressure is ex
Slide 46: Resilience for the Future
RESILIENCE FOR THE FUTURE For personal use only 1. Flat to moderate volume growth is expected in 2015 after being down 2% in H1 2014 and flat in H2 2014. 2. Transformation net benefits provide flexibility in how the company positions itself across its diverse markets and customer base. 3. Price: Ori
Slide 47: Supplementary Information
For personal use only SUPPLEMENTARY INFORMATION 47 © Orica Limited Group
Slide 48: Where We Are
WHERE WE ARE For personal use only Over 14,000 employees. Customers in over 100 countries. 48 © Orica Limited Group
Slide 49: What We Are
WHAT WE ARE For personal use only 1. World’s largest provider of commercial explosives to mining and infrastructure markets with 28% global market share. 2. Leading global supplier of cyanide for use in gold extraction. 3. Global leader in providing ground support in mining & tunneling. 4. Largest s
Slide 50: Orica's Year Horizon
ORICA’S 5 YEAR HORIZON use only We have achieved a lot during the last two Leverage • Structure enables growth with lower New overheads years in Phase 1. Operating • Centralised profiles for future product demand Model • Asset life cycle management is the way we work We are now moving into Phase 2 o
Slide 51: Geographic & Commodity Diversity
GEOGRAPHIC & COMMODITY DIVERSITY For personal use only • 93% of Group EBIT1 is generated 2014 Mining Services Revenue by Commodity from Mining Services 13% • Broad mining exposure – from 26% coal and iron ore to base and Thermal Coal precious metals and diamonds 16% Coking Coal Gold Iron ore • Wide
Slide 52: 2014 Explosives Volumes
2014 EXPLOSIVES VOLUMES For personal use only 2014 Volumes Variance – 2014 vs 2013 Volumes ‘000 Emulsion Emulsion Tonnes AN1 Products2 Total AN1 Products2 Total Australia/ Pacific 374 840 1,214 26% (8%) 1% North America 884 393 1,277 (4%) (2%) (3%) Latin America 249 409 658 (1%) (2%) (2%) EMEA 75 35
Slide 53: EBIT Contribution by Business
EBIT CONTRIBUTION BY BUSINESS1 For personal use only 2013 2014 Chemicals Chemicals Group Group 9% 7% Mining Mining Services Services 91% 93% 1. Excludes corporate centre and other support costs 53 © Orica Limited Group
Slide 54: EBIT Contribution by Geography
EBIT CONTRIBUTION BY GEOGRAPHY For personal use only 2013 2014 EMEA* EMEA* 7% 12% Latin America Australia/ 10% Australia/ Pacific 62% Latin America Pacific 53% 7% North America 9% North America 11% Asia & Other 12% Asia & Other 17% * Europe, Middle East and Africa 54 © Orica Limited Group
Slide 55: Gross Sales by Geography
GROSS SALES BY GEOGRAPHY For personal use only 2013 2014 EMEA* EMEA* 12% 13% Australia/ Australia/ Pacific 37% Pacific 36% Latin America Latin America 17% 16% North America North America 17% 17% Asia & Other Asia & Other 18% 17% * Europe, Middle East and Africa 55 © Orica Limited Group
Slide 56: Net Profit After Tax
NET PROFIT AFTER TAX1, 2 For personal use only A$M +4.6% 700 +12.9% -5.0% +1.2% DLX +1.7% +15.0% -8.9% 600 +31.0% 500 400 +11.8% +4.4% 300 200 100 0 3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Compound average growth rate from FY2004 to FY2014 is 6.3% 1. Profit after income tax expense
Slide 57: EBIT by Business
EBIT BY BUSINESS For personal use only Mining Services Chemicals A$M A$M 1,200 20% 120 10% 1,000 16% 100 8% 800 80 12% 6% 600 60 8% 4% 400 40 4% 20 2% 200 0 0% 0 1 0% 1 2011 2012 2013 2014 2011 2012 2013 2014 1st Half 2nd Half EBIT Margin 1st Half 2nd Half EBIT Margin 1. 2013 numbers have been resta
Slide 58: Mining Services
MINING SERVICES For personal use only Restated 1 % Full year ended 30 September (A$M) 2014 2013 Sales 5,718.6 5,736.7 0 EBITDA 1,214.7 1,221.1 (1) EBITDA margin (%) 21.2% 21.3% (0.1)pts EBIT 952.9 974.1 (2) EBIT margin (%) 16.7% 17.0% (0.3)pts 1. 2013 numbers have been restated for new accounting st
Slide 59: Mining Services Australia Pacific
MINING SERVICES AUSTRALIA PACIFIC For personal use only Regional Revenue 2014 Revenue by Commodity 2014 8% 6% 6% 35% 11% Ground Support 5% Thermal Coal 3% 6% Mining Chemicals Coking Coal NZ and PNG Gold 12% Iron ore Other Copper Pilbara 14% 16% Q&C South West Others South East 24% North East 22% 12%
Slide 60: Mining Services North America
MINING SERVICES NORTH AMERICA For personal use only Regional Revenue 2014 Revenue by Commodity 2014 16% 30% 42% Thermal Coal Coking Coal US Gold Canada Iron ore Ground Support 19% Copper 26% Mexico Q&C Others 4% 18% 9% 14% 19% 3% Revenue is based on external revenue 60 © Orica Limited Group
Slide 61: Mining Services Latin America
MINING SERVICES LATIN AMERICA For personal use only Regional Revenue 2014 Revenue by Commodity 2014 6% 6% 15% 4% 1% Central America and Caribbean Ground Support 39% Chile Thermal Coal Peru Gold Iron ore Brazil 21% Copper 13% Colombia Q&C 12% Argentina Others 8% Venezuela 43% 7% Mining Chemicals 3% 8
Slide 62: Mining Services EMEA
MINING SERVICES EMEA For personal use only Regional Revenue 2014 Revenue by Commodity 2014 5% 6% 21% 2% 24% 3% Nordics Thermal Coal 14% Africa Coking Coal 11% Europe Gold Turkey Iron ore 19% CIS Copper Ground Support Q&C 7% Others 9% 27% 52% Revenue is based on external revenue Mining Chemicals sale
Slide 63: Mining Services Asia
MINING SERVICES ASIA For personal use only Regional Revenue 2014 Revenue by Commodity 2014 8% 15% 38% Thermal Coal Indonesia 44% India Coking Coal North Asia Gold East Asia Iron ore 15% Global Hub Copper 10% Ground Support 14% Q&C Others 20% 2% 14% 1% 3% 16% Revenue is based on external revenue Mini
Slide 64: Revenue by Category Type
REVENUE BY CATEGORY TYPE For personal use only 2014 Sales Volumes Mining Services Sales Revenue 2014 Emulsion Products Ground Support 45% Mining 10% AN / ANFO Chemicals 18% AN 55% 4% Other 4% Services 2013 Sales Volumes 12% Emulsion Emulsion Products 45% Packaged Products Explosives 29% 8% AN 55% In
Slide 65: AN Imports into Australia
AN IMPORTS INTO AUSTRALIA For personal use only • Australian demand for AN in 2013 was approximately 1.9 million tonnes • Imports have declined in FY14 after excluding Orica’s Bontang imports AN Imports into Australia kt 180 160 140 120 100 80 60 40 20 0 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014 H2 20
Slide 66: Total AN Imports into Australia
For personal use only 66 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Source: ABS Tonnes Jun-11 Jul-11 66 © Orica Limited Group Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Monthly Volume (minus Bontang) Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan
Slide 67: Chemicals
CHEMICALS For personal use only Restated 1 % Full year ended 30 September (A$M) 2014 2013 Sales 1,145.0 1,219.4 (6) EBITDA 98.1 124.9 (21) EBITDA margin (%) 8.6% 10.2% (1.6)pts EBIT 67.2 94.1 (29) EBIT margin (%) 5.9% 7.7% (1.8)pts 1. 2013 numbers have been restated for new accounting standards. Ref
Slide 68: Cash Conversion
CASH CONVERSION For personal use only Restated 3 Full year ended 30 September (A$M) 2014 2013 EBITDA 1,230.5 1,252.5 TWC movement 51.0 22.1 Sustaining capital1 (202.7) (269.2) Cash conversion 1,078.8 1,005.4 Cash conversion %2 87.7% 80.3% 1. Includes a component of customer facing contract capital t
Slide 69: Net Interest Expense
NET INTEREST EXPENSE For personal use only Restated 1 $ Full year ended 30 September (A$M) 2014 2013 Net interest expense 115.8 150.2 (34.4) Comprising: Interest on net debt 142.8 154.1 (11.3) Add: Net unwinding of discount on 0.3 7.7 (7.4) provisions and receivables Add: Major external finance leas
Slide 70: Interest Cover
INTEREST COVER For personal use only Restated 2 $ Full year ended 30 September (A$M) 2014 2013 Financial income 35.3 34.2 1.1 Financial expense1 (151.1) (184.4) 33.3 Net financing costs (115.8) (150.2) 34.4 EBIT 929.7 968.1 (38.4) Interest cover (times) 8.0 6.4 1.6times 1. Financial expense in 2014
Slide 71: Debt Profile
DEBT PROFILE For personal use only Debt Maturity Profile (as at 30 September 2014) Other1 $142M Bank Loans $193M A$M Drawn Undrawn Total Export Finance $81M < 1 year 543 564 1,107 Commercial Paper 1 – 2 years 278 445 723 $136m 2 – 5 years 522 544 1,066 > 5 years 1,157 0 1,157 USPP $1,948M Total 2,50
Slide 72: Non IFRS Reconciliation
NON IFRS RECONCILIATION For personal use only Restated 1 % o Full year ended 30 September (A$M) 2014 2013 Statutory profit after tax 602.5 592.5 2 h Adjust for the following: Net financing costs 115.8 150.2 (23) Income tax expense 187.9 208.0 (10) Non-controlling interests 23.5 17.4 35 EBIT 929.7 96
Slide 73: Disclosures and Definitions
DISCLOSURES AND DEFINITIONS For personal use only Term Definition Net profit for the period attributable to shareholders of Orica Limited as disclosed in note 2 to the Orica Annual Report Statutory profit after tax (Segment report). Profit/(loss) before individually material items, net financing cos