INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK · 2017. 9. 15. · 3 FINANCIAL HIGHLIGHTS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK Group NPAT

RIDLEY CORPORATION FY2009 RESULTS PRESENTATION

INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

2

AGENDA

INTRODUCTION

FINANCIALS

AGRIPRODUCTS

CHEETHAM SALT

PROPERTY

OUTLOOK


3

FINANCIAL HIGHLIGHTS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Group NPAT from continuing operations of $20.3m

Continuing normalised NPAT of $28.1m

Record EBIT result for Agriproducts of $24.4m

Reduction in borrowings to $69.1m following sale of Ridley Inc

Significant reduction in working capital

Operating cash flow before dividends received, interest and tax of $58.1m

Annual dividend of 7c per share maintained

Continuing Op’s 2009n Adj 2009

Sales Revenue 819.4 - 819.4

EBIT - Agriproducts 1 26.4 2.0 24.4

EBIT - Cheetham 2 17.7 4.8 12.9

Salt Joint Ventures 7.1 - 7.1

Corporate Costs (6.8) - (6.8)

Result from Operations 44.4 6.8 37.6

Net Finance Expense 3 (8.0) 4.4 (12.4)

Tax Exp. excl sig. items 4 (8.3) (3.4) (4.9)

Net Profit pre sig. items 28.1 7.8 20.3

Notes: 1. Agriproducts normalised for full year benefit of cost savings 2. Cheetham normalised for crude salt write off and ERP 3. Interest normalised for reduced net debt balance over full year (post sale of Ridley Inc.) 4. Tax on adjustments of 30%

4

Sale of Ridley Inc

Debt reduction and extension of banking facilities

Restructuring of Australian businesses

Consolidation of Corporate, Agriproducts and Cheetham offices in Melbourne

Improvement of Agriproducts

Progression of land development opportunities

Significant cost reduction

Cheetham impacted by some large unusual costs but well positioned for growth

New ERP implemented in Cheetham and underway in Agriproducts

OPERATIONAL HIGHLIGHTS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

RIDLEY AGRIPRODUCTS RESULTS PRESENTATION


6

HIGHLIGHTS

Record EBIT result of $24.4m normalised to $26.4m is sustainable and the business is well positioned for further growth

Sales of Wondai, Rockhampton, Pills and Atherton JV, closure of Colac, Northam and Toowoomba Admin and mothballing of Clifton mill

Number of feed mills now 17, plus 2 supplements plants, an aquafeed plant and an investment in 2 liquid feed plants

Organisational Restructuring: 140 (20%) less staff since April 2008 (now 549)

Annualised cost reductions of ~$5.0m (~$3.0m embedded in FY09 results)

Centralised sales, procurement, nutrition and supply chain functions within the new Melbourne head office


7

SALES VOLUMES

Poultry: growth from Inghams relationship, growth of second tier independent broiler processors, market growth of chicken consumption and growth in niche turkey, layer and duck market sectors

Pig: increased imports of further processed pig meat and Australia reverting to a predominantly fresh market

Dairy: dramatic fall in global and farm gate milk price

Aquafeed: market growth and growth in market share

Beef: sales of Rockhampton and Wondai mills and Atherton JV as well as depressed market generally

Horse: a slight decline in demand from economic environment and reasonably good pasture conditions

Supplements: favourable pasture growing conditions in Queensland. Whilst still underperforming we continue to believe in the long term future of this business as the prices of grazing lands increase, bringing more pressure to obtain higher meat yields per hectare

Sheep: volumes up slightly, reflecting the growing market

Species (kt) 2009 2008

Poultry 746 678

Pig 332 375

Dairy 293 323

Aqua 37 29

Beef 37 76

Horse 32 37

Supplements 24 30

Sheep 11 8

Other 61 54

Total Tonnes 1,573 1,610


8

PROFIT AND LOSS

Record EBIT result of $24.4m is sustainable and the business is well positioned for further growth

EBITDA per tonne increased by 44%

Profit & Loss 2009n 2009 2008

Sales 716.9 716.9 742.3

EBITDA before add-backs 31.1 31.1 22.6

Add-back Cost Improvements 2.0 - -

EBITDA 33.1 31.1 22.6

Depreciation (6.7) (6.7) (7.6)

EBIT 26.4 24.4 15.0

EBITDA per tonne $21.04 $20.27 $14.04


Note: 2009n is per normalisations on page 3

9

FINANCIAL SUMMARY

Funds employed reduced in line with working capital reduction following a fall in commodity prices from high levels last year and from lower sales following the sale of underperforming assets

ROFE increase to 18.8% associated with the sales of underperforming assets and improvement in operating results

Operating Cash flow has improved significantly

Cash Conversion of 143% high in FY09 due to significant working capital reduction

Balance Sheet 2009n 2009 2008

Funds Employed 129.9 129.9 156.8

ROFE (EBIT/Funds Employed) 20.3% 18.8% 9.6%

Cashflow 2009n 2009 2008

Net Cashflow before int. & tax 46.5 44.5 (14.4)

Net Cash flow % EBITDA 140% 143% (64%)



10

SEGMENT OUTLOOK

Macro Economic Environment Different drivers to broader economy

Increasing world population

Increasing demand for protein

Limits to the availability of arable land

Increasing food safety pressures

….all leading to increased pressure to achieve greater and safer animal productivity

Market Environment

Growth in poultry markets

Growth in aquaculture markets

Dairy impacted by the dramatic fall in milk prices


11

SEGMENT STRATEGY

Strategic Actions for FY10 Focus on intensive industries

Re-opening of Clifton mill supported by contracted relationship with Inghams

Expansion of Aquafeed capacity

Continued efforts to turn around the under-performing supplements business

Growth from new product lines in dairy concentrates

Implementation of the new ERP platform

Full year benefits from cost reduction


CHEETHAM SALT RESULTS PRESENTATION


13

Underlying EBIT result of $17.7m impacted by abnormally large costs of $4.8m pairing the result back to $12.9m

Continued steady growth of after tax Joint Venture distributions from $6.9m to $7.1m in line with inflation

Underlying result for division flat at $24.8m ($20.0m statutory)

Re-opening of Port Alma salt field

Corio refinery relocation to Sea Lake complete with full year benefits for FY10

Bajool refinery upgrade – completion expected in first-half FY10

Indonesian refinery replacement – completion expected in first-half FY10

Implementation of the new ERP system

Relocation of Corio head office to Melbourne

HIGHLIGHTS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

14

SALES VOLUMES

Soda Ash volumes grew only slightly

Chemical volumes down with one less bulk shipment

Food down slightly with reduced use of salt in food

Pool volumes growing with increased demand from both new pools, a higher than normal rainfall in Queensland as well as consumer preference for salt over chlorine

Hide volumes down due to lower slaughter numbers

Stockfeed flat due to good pasture growing conditions

Export volumes to New Zealand JVs and Japan stable

Indonesia stable but expect to grow with new refinery

Other volumes growing steadily

Segment 2009 2008

Soda Ash 580.4 574.3

Chemical 143.4 172.1

Food 93.9 96.0

Pool 63.3 58.3

Hide 68.5 71.8

Stockfeed 39.4 38.9

Export 118.2 118.1

Indonesia 69.7 68.1

Other 24.9 23.4

Total Tonnes 1,202 1,221


15

PROFIT AND LOSS

Sales growth of 6.5% despite a 1.5% fall in volumes as a result of an improved margin management

Crude salt write-offs of $3.5m mostly associated with reopening the Port Alma field

ERP implementation costs of $1.3m

Higher than normal cost structures associated with:

reopening Port Alma; and

the need to transport significant volumes of salt from South Australia to Queensland to meet market demand

JV distributions increased by 2.9%

Normalised result stable at $24.8m

Profit & Loss 2009n 2009 2008

Sales 101.5 101.5 95.3

EBITDA before add-backs 17.6 17.6 22.1

Add-back: Crude salt write-off 3.5 - -

Add-back: ERP 1.3 - -

EBITDA (excl. JVs) 22.4 17.6 22.1

Depreciation (4.7) (4.7) (4.2)

EBIT (excl. JVs) 17.7 12.9 17.9

JV distributions (after tax) 7.1 7.1 6.9



16

RETURNS AND CASHFLOW

Funds Employed decreased with a devaluation of the salt fields by $22.8m

Underlying returns increased from 9.9% to 10.7%

Cash Conversion lower at 63% for the year following higher than normal development capital expenditure associated with:

Corio to Sea Lake relocation

Bajool upgrade

Indonesian plant replacement

Port Alma salt field

ERP

Consolidated Cheetham 2009n 2009 2008

Cheetham Funds Employed 187.2 187.2 205.3

Salt JV Investments 44.2 44.2 44.2

Funds Employed & Invested 231.4 231.4 249.5

Combined ROFE/ROI 10.7% 8.6% 9.9%


Cashflow 2009n 2009 2008

EBITDA plus Salt JV NPAT 29.5 24.7 29.0

Net Cashflow before int. & Tax 18.6 13.8 23.1

NCF / EBITDA plus Salt JV’s 63% 56% 80%

17

SEGMENT OUTLOOK

Macro Economic Environment Salt demand typically grows in line with population growth and GDP

Cost pressures mirror those in the mining and transport industries

Market Environment

Increasing demand for pool salt

Food salt demand stable as reductions in the salt content of food products is being offset by population growth and a switch to iodised salt in baking

Strategic Actions

Completion of Bajool and Indonesian refinery upgrades in first half of FY10

Manufacturing and supply chain efficiency improvements

Efficiency benefits to flow from ERP implementation


PROPERTY INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Strategy Unlocking the potential value of land close to urban centres and surplus to

operating requirements

Some small initial sales with potential larger sales offering more significant longer term revenue streams

Stephen Butler appointed Property Manager in November 2008

Corio Site

Corio hide plant relocated to an upgraded Sea Lake site

Cheetham head office moved from Corio to new Melbourne corporate office

Corio site then sold for $2.5m and settled in August 2009

Lara Site

Cheetham owns a 912ha site adjacent to Avalon airport

Plans for airport expansion, including potential international passenger terminal

19

LARA INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Avalon air strip

Avalon Airport

Lara Salt Fields

20

DRY CREEK SALT FIELD INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Avalon air strip

Avalon Airport

Lara Salt Fields

Potential PropertyDevelopment Area

21

DRY CREEK DEVELOPMENT AREA INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Aerial view of Dry Creek

Crystalliser Ponds

22

DRY CREEK INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Key asset is the potential Dry Creek redevelopment, 12kms from Adelaide CBD

In May 2008 Ridley entered into a Heads of Agreement with Delfin Lend Lease to investigate the feasibility of redeveloping the salt fields for residential and/or mixed-use development

State Government 30 year plan for Greater Adelaide, within which the Dry Creek salt field has been nominated as a “key urban expansion” site

Phase 1 technical feasibilities now completed and a preliminary Project Master Plan prepared, key components of which are:

Site area 980ha of which Ridley owns 316ha

Approx 10,000 dwellings housing over 20,000 residents

Creation of 11km of developable waterfront land

A 40ha town centre and mixed use precinct

Two neighbourhood precincts

A 120ha saltwater recreational lake with ocean access and marina facilities

Creation of dedicated areas for new mangrove habitats and wetlands

23

NEXT STEPS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Initial Phase 1 feasibility complete

More detailed Phase 2 feasibility expected to be complete by December 2009

Land Management Corporation committed to feasibility extension

Detailed investigations into relocation of salt field to Cheetham northern leases are continuing

Property related costs expected to be $1.0m in FY10

24

FINANCIALS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

PROFIT AND LOSS

CAPITAL EXPENDITURE

NON TRADING ITEMS

BALANCE SHEET

WORKING CAPITAL

DEBT BRIDGE

CASHFLOW

FINANCIAL RATIOS

25

PROFIT AND LOSS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Continuing Operations 2009n 2009 2008

Sales Revenue 819.4 819.4 838.4

EBIT - Agriproducts 26.4 24.4 15.0

EBIT - Cheetham 17.7 12.9 17.9

Salt Joint Ventures 7.1 7.1 6.9

Corporate Costs (6.8) (6.8) (7.6)


Net Finance Expense (8.0) (12.4) (14.7)

Tax Expense excl sig. items (8.3) (4.9) (1.6)


Group NPAT before significant items from continuing operations toward the high end of market guidance

Record result for Agriproducts

Relatively flat underlying result in Cheetham diminished by some unusually high costs

Net finance cost skewed to first half year prior to debt retirement

Effective tax rate well below 30% due to ongoing permanent differences from salt JV distributions, R&D tax concession and other perennial deductions

Receipt of prior year tax refund in 2009


26

PROFIT AND LOSS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Continuing Operations 2009n 2009 2008


Significant items after tax (7.4) (7.4) (10.4)

Net Profit post sig. items 20.7 12.9 5.5

Average Shares (million) 303.1 303.1 295.9

EPS post sig. items (cps) 6.8 4.3 1.9

Interim dividend per share 3.5 3.5 3.5

Annual dividend per share 7.0 7.0 7.0

Minimal equity issues other than DRP

EPS of 4.3, however on a normalised basis would be 6.8

Unfranked final dividend of 3.5 cps

Annual dividend of 7c per share maintained

Suspension of Dividend Reinvestment Plan


27

PROFIT AND LOSS

A$m 2009 2008 Change

NPAT from continuing operations before significant items

20.3 15.9 27.6%

Less: Significant items net of tax (7.4) (10.4) (28.9%)

NPAT from continuing ops post sig. items 12.9 5.5 135%

(Loss)/Profit from discontinued operations

(52.4) 7.3

Net (Loss)/Profit after tax (39.5) 12.8

Minority Interest - (2.3)

Profit/(Loss) attributable to Ridley members

(39.5) 10.5


Continuing NPAT result of $12.9 reflected earlier

Loss of $52.4m associated with the sale of Ridley Inc as reported at the half year

28

SIGNIFICANT ITEMS

A$m 2009 2008

Corporate Restructuring Costs (pre tax)

1.2 2.5

Takeover Defence Costs (pre tax)

0.1 1.7

Impairment of Supplements business (pre tax)

7.8 -

Plant restructuring, closures and impairments (pre tax)

- 10.6

Significant Items (pre tax) 9.1 14.8

Tax on significant items (2.4) (4.4)

Tax Losses written off 0.7 -

Total Significant Items 7.4 10.4


Corporate restructuring costs of $1.2m associated with relocation of Sydney corporate head office to Melbourne

GrainCorp takeover defence costs of $139K following the $1.7m spent last year

$7.8m impairment of the Supplements business as reported at the half year

Previously recognised start up tax losses associated with the Cheetham Japanese business written off

29

BALANCE SHEET

Balance Sheet (A$m) 2009 2008

Total Current Assets 175.7 207.2

Total Current Liabilities 121.1 120.2

Net Current Assets 54.6 87.0

Property Plant and Equipment 224.8 256.7

Investments 44.2 44.2

Intangibles 23.9 20.1

Other Non Current Assets - 1.4

Total Non Current Assets 292.9 322.4

Borrowings 67.4 182.9

Deferred Tax Liabilities 2.3 10.4

Provisions 1.6 1.7

Total Non Current Liabilities 71.3 195.0

Net Assets excl Ridley Inc 276.2 214.4

Net Assets in Ridley Inc - 155.0

Net Assets 276.2 369.4


Reduction in Net Current Assets reflecting the significant working capital reduction

PPE reduced with write-down of salt fields and sale of underperforming assets in Agriproducts

Investments in the salt joint ventures stable

Increase in intangibles associated with the new ERP platform

Reduction in borrowings associated with debt retirement following the sale of Ridley Inc.

Reduction in deferred tax liabilities

Net assets in Ridley Inc now zero

30

WORKING CAPITAL

Working Capital (A$m) 2009 2008

Cash 0.3 1.8

Trade Debtors 88.4 102.2

Other Debtors, Prepay’ts and Div’s Receivable 6.0 13.0

Inventory 79.2 89.2

Tax Receivable 1.8 -

Derivative Financial Instruments - 1.0

Total Current Assets 175.7 207.2

Trade Creditors 97.1 104.5

Provisions 11.5 14.0

Current Tax Liabilities 7.2 -

Borrowings 2.0 1.7

Derivative Financial Instruments 3.3 -

Total Current Liabilities 121.1 120.2

Working Capital (excl. Cash, Tax, Borrowings, Deriv’s) 65.0 86.0

Net Movement in Working Capital 21.0 (25.0)

Increased focus on timely debt collection

A combination of lower input prices, less sites and tighter control over inventory levels and stock turnover has reduced working capital

Tax receivable is prior year refund received after balance date

Current tax liabilities of A$7.2m is liability to Canadian tax authorities re Ridley Inc., payable by end August 2009

Derivatives comprise fair value of interest rate positions required under banking covenants


31

CAPITAL EXPENDITURE INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Items ($m) Agri Salt Total

Sea Lake - 3.3 3.3

Bajool Refinery - 0.9 0.9

Port Alma - 1.5 1.5

Indonesia - 1.4 1.4

Cheetham Development - 7.1 7.1

ERP 3.8 1.3 5.1

Total Development Capex 3.8 8.4 12.2

Maintenance Capex 6.1 1.4 7.5

Total Capex 9.9 9.8 19.7

Depreciation 6.7 4.7 11.4

$7.1m of development capital expenditures in salt

$5.1m of ERP related capital expenditures

Maintenance Capital Expenditures of $7.5m as against depreciation of $11.4m

32

CASHFLOW

Continuing Operations A$m 2009 2008

Operating Cashflow before dividends received, interest and tax

58.1 7.9

Salt Joint Venture distributions 7.6 7.4

Net interest paid (13.2) (14.1)

Tax payments received / (made) 0.5 (2.1)

Operating Cashflow before Capex 53.0 (0.9)

Capex – Property, Plant & Equipment (14.2) (19.1)

Capex - ERP (5.1) (3.9)

Proceeds from sales of NCA 2.9 0.3

Operating Cashflow after Net Capex 36.6 (23.6)

Operating Cashflow of $58.1m Salt joint venture distributions increase

in line with inflation Net interest paid skewed to first half

year prior to debt retirement Net tax received in 2009 year from

refund of prior year tax Capex intangibles incurred on new ERP

system for Ridley Agriproducts Sales proceeds arising from sale of non-

performing assets


33

CASHFLOW

Continuing Operations A$m 2009 2008

Operating Cashflow after Net Capex 36.6 (23.6)

Net Proceeds from Sale of Ridley Inc 91.6 -

Net debt (retirement) / draw down (115.3) 34.6

Dividends Paid (13.7) (12.5)

Net purchases of equity under employee equity plans

(0.7) (0.6)

Net Cashflow (1.5) (2.1)

Operating Cash Conversion* 134% 35%

Proceeds from sale of Ridley Inc. of A$91.6m applied as part of the debt retirement for the year

Cash dividends paid were 65% of the total dividend of $21.0m, the balance being from Dividend Reinvestment Plan

Employee equity plan requirements to grant shares coming from on market purchases rather than issue of new capital


* Operating Cash Conversion = (Result from Operations + Depreciation) / (Operating Cashflow before dividends, interest and tax + Salt Joint Venture Distributions)

34

DEBT BRIDGE F08 TO F09 INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Note: Closing debt at 30 June 2009 of $69.1m includes both current and non-current borrowings

35

FINANCIAL RATIOS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

2009n 2009 2008

Net Debt 69 69 199

Equity 276 276 369

Total Assets 345 345 568

Gearing (Net Debt / Equity) 25.0% 25.0% 53.9%

Equity / Total Assets 80% 80% 65%

Net Debt / EBITDA* 1.2 1.4 2.5

EBITDA / Net Interest* 7.0x 4.0x 4.8x

EBIT / Net Interest* 5.6x 3.0x 3.6

ROE* 8.5% 6.8% 7.1%

ROE (11.6%) (13.2%) 2.8%

EPS* 9.3 6.8 5.4

EPS 6.8 4.3 1.9

* Before significant items n = interest normalised at an assumed $8.0m for reduced net debt balance over full year (post sale of Ridley Inc,)

Gearing reduced from 54% to 25%

Interest cover ratios show the low debt level relative to earnings

ROE has improved on a normalised basis

EPS growth is significant

Term loan facilities approved through until December 2011

36

FY09 a watershed year for simplifying the business

Strong growth in underlying results

Focus on our core business of processing value added agricultural products

Strategic initiatives are well on track

Underperformance of Agriproducts is addressed

Options for the commercialisation of the Dry Creek property development opportunity continue to be developed through FY10

CONCLUSIONS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

37

OUTLOOK INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

Full year benefit of cost reduction in Agriproducts

Absence of unusually large costs impacting on Cheetham

Full year benefit of Corporate cost reductions offset by increase in property related costs

Low debt and associated lower interest

Slowdown in Dairy as a result of the GFC expected over FY10, offset by growth in poultry and aqua-feed volumes

Reopening of Clifton mill supported by long term contractual arrangements to progressively deliver returns over the next 3 years

Progressive growth over the medium term from consolidation and upgrades to the salt refineries and reopening of Port Alma salt field

38


QUESTIONS AND

ANSWERS

39

APPENDICES INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

SEGMENT SUMMARY

INPUT PRICES

40

SEGMENT SUMMARY

Segment 2009n 2009 2008

Agriproducts - Tonnes (kt) - EBIT - Depreciation - EBITDA - Funds Employed - ROFE

1,573 26.4 6.7 33.1 129.9 20.3%

1,573 24.4 6.7 31.1 129.9 18.8%

1,610 15.0 7.6 22.6 156.8 9.6%

Cheetham - Tonnes (kt) - Revenue - EBIT - Depreciation - EBITDA - Funds Employed - ROFE

1,202 101.5 17.7 4.7 22.4 187.2 9.5%

1,202 101.5 12.9 4.7 17.6 187.2 6.9%

1,221 95.3 17.9 4.2 22.1 205.3 8.7%

Salt JVs - Profit from Associates - Funds Invested - Return on Investment

7.1 44.2

16.1%

7.1 44.2

16.1%

6.9 44.2

15.6%

Corporate Costs - Actual 6.8 6.8 7.6


41

INPUT PRICES INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK

* A$ / tonne *** US$ / bushel *** US$ / short ton

Australia* 2006 2007 2008 2009 %

Change

Feed Wheat 204 310 440 280 (36%)

Barley 184 320 390 225 (42%)

Canola 400 540 790 550 (30%)

Fish Meal 1,371 1,890 1,200 1,700 42%

United States 2006 2007 2008 2009 %

Change

US Corn** 2.80 4.00 7.24 3.47 (52%)

Soybean** 5.85 8.25 16.05 12.26 (24%

Soymeal*** 178 226 434 412 (5%)

INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK · 2017. 9. 15. · 3 FINANCIAL HIGHLIGHTS INTRODUCTION AGRIPRODUCTS CHEETHAM PROPERTY FINANCIALS OUTLOOK Group NPAT

Documents