Omnia Holdings Limited · JSE:OMN
Omnia — H1 FY2020 Earnings Presentation
76 slides from Omnia's earnings presentation, September 2019
Slide 1: Financial Results
FINANCIAL RESULTS 6 m o n t h s e n d e d 3 0 S e p t e m b e r 2 0 1 9
Slide 2: Contents
CONTENTS 01 General 02 Business update 03 Financial results 04 Conclusion 05 Annexures Further Annexures: www.omnia.co.za
Slide 3: Governance – Board Composition
GOVERNANCE – BOARD COMPOSITION BOARD MEMBERS 12 Independent 11 Non-Executive directors 1 Executive director INDEPENDENT NON-EXECUTIVES EXECUTIVES Ralph Havenstein Thoko Mokgosi- Prof. Nick Binedell George Cavaleros Seelan Gobalsamy Mwantembe Independent Chairman Appointed in 2017 with Appointed in 2
Slide 4: Management Team
MANAGEMENT TEAM EXCO 11 10 Management 1 Executive director Seelan Gobalsamy Stephan Serfontein Jan Vermaak Jacques de Villiers Joe Keenan CEO Acting Interim CFO MD Fertilizer International MD Fertilizer RSA MD BME Appointed in 2019 with Appointed in 2011 Appointed in 2001 Appointed in 2001 Appointed
Slide 5: Business Update
EL Ben BUSINESS UPDATE “
Slide 6: Salient Features HY2020
SALIENT FEATURES HY2020 OVERSUBSCRIBED RIGHTS NET DEBT DECREASED NET DEBT: EBITDA OFFER OF R2BN BY R1.4BN FROM R4.65BN RATIO DOWN TO 2.35* SUCCESSFULLY CONCLUDED WITH AT HY2019 TO R3.3BN (FY2019: 4.50) SHAREHOLDER UNDERWRITE (FY2019: R4.4BN) REVENUE INCREASED OPERATING PROFIT PROFIT AFTER TAX WITH 1
Slide 7: Macro Environment
MACRO ENVIRONMENT AGRICULTURE MINING CHEMICALS • Low maize prices cause switching of • Sector globally in recovery with • SA manufacturing sector remains crops and reduced fertilizer demand gains in commodity prices, in low growth / stagnation • Soil moisture content good - aided in RSA by a weaker
Slide 8: Short Term Strategy Set Out Previously
SHORT TERM STRATEGY SET OUT PREVIOUSLY HY2020 immediate action 12 - 18 months Focus way forward 2. Fix 4. Execute • Elicit lender & shareholder • Rethink the business model under and Grow support new market conditions • Deep dive into sustainability and • Challenge current beliefs on operational mat
Slide 9: HY2020 Satisfactory Progress
HY2020 SATISFACTORY PROGRESS STABILISE FIX RENEWAL Completed capital restructure Good progress made Started • Elicited lender and shareholder support • Reduced NWC whilst increasing inventory • Strengthened financial control (focus on – return on capital) • Capital restructure and bridge loan • Cash
Slide 10: Debt Restructure
DEBT RESTRUCTURE Bridge package Debt restructure Bridge package, post partial repayment utilising net proceeds of • Improved capital structure in place rights offer comprises: • Commercial & structural terms pertaining to the refinance of • Bridge loan: 12-months bullet term loan of c.R3.1bn existin
Slide 11: R2bn New Capital Injection
R2BN NEW CAPITAL INJECTION Commentary Rights issue 7 000 Oro Agri, 7 Nitrophos & high NWC • R2 billion rights issue fully underwritten by shareholders 6 000 6 • Priced early vs. conventional recapitalisations • Shareholders subscribed to 96.6% of total number of rights Net debt: EBITDA ratio Umongo,
Slide 12: Group's Comparative EBITDA – R612m
GROUP’S COMPARATIVE EBITDA – R612M Commentary 1 900 1 700 • Cumulative YTD EBITDA tracking in line with 2017 & 2018 despite 1 500 difficult market conditions R ‘000S 1 300 • Excludes impact of adoption of 1 100 leases (IFRS 16) & first-time 900 application of Hyperinflation (IAS 29) accounting in Zi
Slide 13: Reduction in Capex
REDUCTION IN CAPEX Commentary • Omnia has reached the end of its high capital 1 200 investment cycle • Capex has reduced in line with plan 1 000 • Capex spend in HY2020 of R164m includes • Nitrophosphate plant – R57m 800 • EnviNox catalyst R Million • BME 600 • YTD maintenance capex: • R57m (HY2019:
Slide 14: Reduction in NWC by R714m
REDUCTION IN NWC BY R714M • NWC down by R714m (HY2019: R5.3bn to R4.6bn) • Year-on-year stock down by R1.4bn but up by R860m since Mar 2019 NWC reduction by division * • FY2018 to HY2019 NWC up by R917m * R368m for Head office (R727m) (R179m) (R176m) • FY2019 to HY2020 NWC up by R368m 8 000 • Lower
Slide 15: Operating Profit – Increased by 137% to R294m
OPERATING PROFIT – INCREASED BY 137% TO R294M Agriculture Mining Chemicals • RSA: Higher bulk volumes • Improved overall margins for Chemicals • RSA: Cost cutting initiatives implemented Key Drivers division • Difficult trading conditions • Cost cutting initiatives implemented, partially offset by o
Slide 16: Nitrophosphate Plant 2
NITROPHOSPHATE PLANT 2 • More than expected start-up difficulties Slower ramp-up than anticipated • Modifications to crystallizers due to technical difficulties • Capital requirement for modifications expected to be circa 5% of total capital spend • At start up, instantaneous capacity of 60% achieve
Slide 17: Renewal Strategy in Progress
RENEWAL STRATEGY IN PROGRESS Recognising the need for higher overall returns to shareholders, we embarked on key strategic projects Strengthened financial People alignment discipline Operating model restructure Capital light geographic & B-BBEE strategy expansion 17 INTERIM RESULTS | 30 SEPTEMBER 20
Slide 18: Financial Results
2 I =) v”) Lu a z= < O a <x 2 i
Slide 19: Income Statement
INCOME STATEMENT Rm 30 Sep 2019 % 30 Sep 2018 31 Mar 2019 Commentary Revenue 8 723 1 8 654 18 628 Cost of sales (6 561) 2 (6 669) (14 495) • HY2020 gross profit margin 25% versus 23% in PY Gross profit 2 162 9 1 985 4 133 Distribution expenses (1 034) 3 (1 067) (2 140) • Administration expenses clos
Slide 20: Movement to Adjusted EBITDA
MOVEMENT TO ADJUSTED EBITDA 1 000 8 15 109 R Million 125 500 341 294 752 612 0 30 Sep 19 Depreciation Amortisation Impairment 30 Sep 19 Zimbabwe IFRS 16 30 Sep 19 Operating EBITDA Hyperinflation impact Adjusted Profit EBITDA 20 INTERIM RESULTS | 30 SEPTEMBER 2019
Slide 21: Balance Sheet
BALANCE SHEET Rm 30 Sep 2019 % 30 Sep 2018 31 Mar 2019 Commentary Non-current assets 8 470 4 8 138 8 140 Current assets 10 251 (12) 11 655 8 507 Inventories 4 741 (22) 6 105 3 883 • Increase in right of use assets of R539m relating to the first-time adoption of IFRS 16 Trade and other receivables 4
Slide 22: Movement in Net Debt
MOVEMENT IN NET DEBT 5 000 37 260 49 53 186 290 1 603 376 4 000 550 24 R Million 300 3 000 2 000 23 511 2 000 1 000 4 654 4 403 3 292 0 30 Sep 18 Cash Net Taxation Capital Acquisitions Dividends Forex & 31 Mar 19 Cash Net Taxation Capital Rights Forex & IFRS 16 30 Sep 19 Net debt generated interest
Slide 23: Cashflow Statement
CASHFLOW STATEMENT Rm 30 Sep 2019 30 Sep 2018 31 Mar 2019 Commentary Net cash (outflow)/inflow from operating activities (141) (968) 311 Cash generated/(utilised) by from operations 186 (605) 998 Finance expense (313) (242) (561) • Cash generated from operations: Lower NWC through Finance income 23
Slide 24: Operational Financials
OPERATIONAL FINANCIALS
Slide 25: Agriculture - Revenue and Operating Profit
AGRICULTURE - REVENUE AND OPERATING PROFIT 2 000 COMMENTARY 1 500 SOUTH AFRICA: • Revenue 3%, Operating profit 40% NET REVENUE • Margins reduced due to higher cost inventory being sold in declining Rm 1 000 market, countered by focused cost reductions 500 INTERNATIONAL: 225 • Revenue 8%, Operatin
Slide 26: Mining - Revenue and Operating Profit
MINING - REVENUE AND OPERATING PROFIT COMMENTARY 1 600 1 200 SOUTH AFRICA: NET REVENUE • Revenue 10%, Operating profit 67% Rm • Increase in bulk volumes 800 • Various cost cutting initiatives • Awarded new contracts at various colliers 400 1 048 1 152 1 430 1 485 INTERNATIONAL: • Revenue 4%, Oper
Slide 27: Chemicals - Revenue and Operating Profit
CHEMICALS - REVENUE AND OPERATING PROFIT 2 400 COMMENTARY 2 000 NET REVENUE 1 600 (Rm) PROTEA CHEMICALS: 1 200 • Revenue 2%, Operating profit 100% 800 • Lower revenue but higher margin product mix • Operating costs saving 1 996 1 963 400 620 559 - UMONGO PETROLEUM: HY19 HY20 HY19 HY20 Protea Umong
Slide 28: Conclusion
CONCLUSION
Slide 29: Going Forward
GOING FORWARD AGRICULTURE MINING CHEMICALS • Lower agri-commodity prices and climate • Sector globally in recovery with gains in • SA manufacturing sector remains in low growth / change impacting negatively commodity prices, aided in South Africa by a stagnation weaker Rand • Reduced fertilizer dema
Slide 30: Roadmap
ROADMAP Fix Execute & Grow ✓ GOOD PROGRESS ✓ ROAD STILL TO TRAVEL Stabilise MADE Renewal Strategy “We are making good progress, but more work lies ahead to position Omnia for the new normal in an environment where both the climatic conditions and the sectors we service are increasingly unpredictable
Slide 31: Questions
QUESTIONS
Slide 32: Forward Looking Statements
FORWARD LOOKING STATEMENTS Throughout this report there are certain statements made that are ‘forward-looking statements’. Any statements preceded or followed by, or that include the words ‘forecasts’, ‘believes’, ‘expects’, ‘intends’, ‘plans’, ‘predictions’, ‘will’, ‘may’, ‘should’, ‘could’, ‘antic
Slide 33: Annexures
Annexures
Slide 34: Omnia Portfolio
OMNIA PORTFOLIO With its vision of leaving a better world as a footprint, the Group’s solutions promote the responsible use of chemicals for health, safety and a lower environmental impact → shift towards cleaner technologies Agriculture Mining Chemicals Omnia Nutriology: Ammonia nitrate-based ferti
Slide 35: Investor Proposition
INVESTOR PROPOSITION LEADING MINING TECHNOLOGY: BLASTING CONTRACTS AXXIS™ TITANIUM Has the longest firing Commenced for Indonesia & Canada time of any electronic detonator NEXT GENERATION PROGRESSIVELY TECHNOLOGY EMBEDDING SDG’S In soil & plant tissue testing In business strategy LEADER IN ENVIRONME
Slide 36: RCR - Safety Performance Benchmarked
RCR - SAFETY PERFORMANCE BENCHMARKED 1.2 1 0.8 0.6 0.4 0.2 0.30 0.27 0.58 0.52 0.48 0.44 0.39 0.34 0.20 0.18 0.18 1.11 0 Ashland AECI Omnia Orica DuPont Bayer Huntsman BASF Sasol Akzo Nobel Dow Shell * The RCR rates relate to the 2018 and 2019 years for companies, depending on when the RCR rate was
Slide 37: Share Schemes and B-BBEE
SHARE SCHEMES AND B-BBEE Employee Share Schemes B-BBEE SAKHILE 1 • Maintained Level 3 rating in Oct 2019 • Offer to settle in cash - No share dilution • Improved overall score • 96.5% of participants accepted the offer • Assessing new strategy with focus on ownership structure and enhanced skill dev
Slide 38: Continuous Focus on Carbon Management
CONTINUOUS FOCUS ON CARBON MANAGEMENT • Response to climate change – SDG’s being embedded in business strategy TOTAL GHG EMISSIONS BY DIVISION 2019 3% 4% • Omnia has emerged as a leader in the mitigation of Greenhouse gases (GHG): Agriculture • Implementing advanced technological mitigation measures
Slide 39: Finance
_ s . ~" FINANCE
Slide 40: Movement in Revenue
MOVEMENT IN REVENUE 9 000 Movement R(118)m Movement R159m Movement R22m 6 60 39 61 92 55 R Million 104 8 500 206 120 8 654 8 723 8 000 30 Sep 18 RSA Int Trading Biological RSA Int Chemicals Umongo Other 30 Sep 19 Petroleum 40 INTERIM RESULTS | 30 SEPTEMBER 2019
Slide 41: Movement in Distribution Expense
MOVEMENT IN DISTRIBUTION EXPENSE Increase relating to Agriculture Biological in correlation with the increase in revenue 1 100 Decrease largely attributable to the decrease in staff related costs due to restructuring in line with rightsizing the business 1 090 9 1 080 1 070 R Million 1 060 17 39 1 0
Slide 42: Movement in Administrative Expense
MOVEMENT IN ADMINISTRATIVE EXPENSE 700 45 R Million 21 Include restructuring cost of R15m 41 600 50 25 632 672 500 30 Sep 18 IFRS 16 Head 30 Sep 19 impact office 42 INTERIM RESULTS | 30 SEPTEMBER 2019
Slide 43: Movement in Operating Profit
MOVEMENT IN OPERATING PROFIT – INCREASED BY 137% (R170M) 500 • Increase in volumes and sales for Umongo Petroleum • Improved margins for Chemicals division • Reduced cost base in Protea Chemicals due to restructuring from prior year 450 • RSA: Higher bulk volumes • Cost cutting initiatives implement
Slide 44: Agriculture's Movement in Operating Profit
AGRICULTURE’S MOVEMENT IN OPERATING PROFIT • RSA: Difficult trading conditions due to subdued commodity prices • International: Performed better due to earlier deliveries • Biological: Strong demand for Agri Bio products • Cost cutting initiatives implemented 120 100 80 Excludes a forex loss of R80m
Slide 45: Mining's Movement in Operating Profit
MINING’S MOVEMENT IN OPERATING PROFIT • Higher bulk volumes in RSA • New international business awarded • Cost cutting initiatives implemented, partially offset by once off restructuring cost • Protea Mining Chemicals increased margins 250 6 37 200 15 42 R Million 16 150 17 27 100 50 104 234 0 Bad d
Slide 46: Chemicals Movement in Operating Profit
CHEMICALS MOVEMENT IN OPERATING PROFIT 100 • Increase in volumes and selling prices for Umongo Petroleum • Improved margins for Chemicals division • Reduced cost base in Protea Chemicals due to restructuring from prior year R Million 50 67 11 3 19 6 19 91 0 30 Sep 18 Zimbabwe Forex IFRS16 Umongo Pet
Slide 47: Operating Profit Allocation – Head Office Movement
OPERATING PROFIT ALLOCATION – HEAD OFFICE MOVEMENT 200 Additional amort R Million Umongo earn IAS 19 Bonus Debt Head Office for Oro Agri out reversal reversal Reversal restructure Software unallocated Forex HY19 5 months vs 30 Sep 18 not in HY20 not in HY20 not in HY20 IFRS 16 cost impairment cost m
Slide 48: Volumes
VOLUMES % Revenue Volumes Average price Comments Agriculture RSA 3 (1) 4 Cyclical nature with most sales occurring in H2 of FY2020 Mozambique - lower blender throughput with cyclone in Beira. Zimbabwe in line with expectations underpinned by breakeven Agriculture International (5) 6 (11) strategy an
Slide 49: Reducing Working Capital – R714m Achieved
REDUCING WORKING CAPITAL – R714M ACHIEVED YEAR ON YEAR 5 500 5 250 5 000 R Million 4 750 20 155 4 500 234 103 64 75 336 12 169 4 250 4 000 3 750 5 346 4 264 4 632 3 500 30 Sep 18 31 Mar 19 RSA Int Trading Bio RSA Int Protea Umongo HO 30 Sep 19 NWC NWC NWC Movement (R81m) Movement (R123m) Movement (R
Slide 50: Plant Utilisation – Nitric Acid Plants
PLANT UTILISATION – NICTRIC ACID PLANTS 100% 90% 80% 70% 60% • FY17: Extended plant breakdown 50% • FY20: Forecast utilisation 40% 30% 20% 10% 0% FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 HY2020 FY2020 50 INTERIM RESULTS | 30 SEPTEMBER 2019
Slide 51: Thank You
THANK YOU THANK YOU 51 INTERIM RESULTS | 30 SEPTEMBER 2019
Slide 52: Further Annexures
Further Annexures
Slide 53: Segment Recon – Gross Revenue H1 FY2019 and FY2019
SEGMENT RECON – GROSS REVENUE H1 FY2019 AND FY2019 At Sept 2018 This impacted Umongo Petroleum amounts published & Agriculture Segment for period on segment at Biological were ended 30 Sep 2019 31 Mar 2019 & included as part of includes 30 Sep 2018 since the Chemicals and intercompany these only inc
Slide 54: Segment Recon – Operating Profit & PBT H1 FY2019
SEGMENT RECON – OPERATING PROFIT & PBT H1 FY2019 • At Sep 2018 Umongo Petroleum & Agriculture Biological were included as part of the Chemicals and Agriculture International segments respectively • Acquisition costs relating to Umongo Petroleum & Oro Agri were included as part of the Chemicals & Agr
Slide 55: Segment Recon – Operating Profit & PBT FY2019
SEGMENT RECON – OPERATING PROFIT & PBT FY2019 Reconciling items for 31 Mar 2019 are detailed below: Agriculture Agriculture Agriculture Agriculture Mining Protea Umongo Head office & OPERATING PROFIT RSA International Trading Biological Mining RSA International Chemicals Petroleum Eliminations Total
Slide 56: Segment Recon – Net Working Capital
SEGMENT RECON – NET WORKING CAPITAL • Balance sheet segment was not disclosed at 30 Sep 2018 • Net working capital published did not include long term receivables and payables, derivative receivables and derivatives payables. Net working capital for 30 September 2018 was restated as per below: H1 FY
Slide 57: Segment Recon – Net Controlled Assets
SEGMENT RECON – NET CONTROLLED ASSETS Oro Agri acquisition adjustments were recognised as part of the Agriculture Biological segment which is now being disclosed separately and included with Head office & eliminations Net controlled assets for 31 Mar 2019 were restated as per below: Agriculture Agri
Slide 58: Hyperinflation - Key Points
HYPERINFLATION - KEY POINTS Commentary Hyperinflation-Indices: • In a hyperinflationary economy, reporting of operating results & Month CPI ZWL:USD Index-CPI Index-ROE financial position in local currency without restatement is not useful Oct-18 74.60 4.1597 3.8928 4.6234 • Decrease in purchasing po
Slide 59: Summary Impact of Hyperinflation - Zimbabwe
SUMMARY IMPACT OF HYPERINFLATION - ZIMBABWE Commentary Before After Rm hyperinflation hyperinflation Impact Income statement • Equity adjustment at 1 Apr 2019 of R50m Revenue 267 203 (64) • Effect of hyperinflation on 30 Sep 2019: Expenses (152) (119) 33 • Increase in local currency but decrease in
Slide 60: Adoption of IFRS 16 - Leases
ADOPTION OF IFRS 16 - LEASES Commentary Impact Impact of adopting IFRS 16 - Leases Impact as at INCOME STATEMENT (Rm) 30 Sep 2019 • All operating leases now capitalised to the balance sheet as right-of-use Lease expenses no longer recognised 130 assets with corresponding lease liabilities Depreciati
Slide 61: IFRIC 23 – Uncertain Tax Positions Summary
IFRIC 23 – UNCERTAIN TAX POSITIONS SUMMARY Commentary Background • Tax positions taken are included in normal & deferred tax calculations as per IAS 12 • Group previously recognised tax liabilities on most likely outcome in accordance with IAS 12 • IFRIC 23 now requires weighted probability approach
Slide 62: Agriculture Division
AGRICULTURE DIVISION
Slide 63: Agriculture – Our Unique Positioning
AGRICULTURE – OUR UNIQUE POSITIONING Omnia’s brand is globally known for improving yield and providing state-of-the-art agriculture solutions Growth opportunities exist in Africa (low fertilizer use compared to rest of world) and Rest of the world due to fears on health and a lower environmental imp
Slide 64: Mining Division
MINING DIVISION
Slide 65: Mining – BME Marketing Position
MINING – BME MARKETING POSITION BME has operations across 20 African countries, as well as Australia, South-East Asia and South America Recently secured operating licenses for USA & Canada Complete range of high-quality blasting products & 3 International expansion to key markets in progress 1 servi
Slide 66: Revenue by Commodity and Market
REVENUE BY COMMODITY AND MARKET 3% 2% 5% 5% 26% 4% 3% 31% 5% 7% 24% 5% 36% 8% HY20 9% HY19 HY20 9% HY19 9% 68% 9% 13% 64% 17% 16% 22% REVENUE BY COMMODITY REVENUE BY MARKET Copper, Cobalt & Platinum M Manganese O Other (civils, contractors, distributors) U Underground Nickel Pt Coal O Other Iron Ore
Slide 67: Macro-Economics
MACRO-ECONOMICS
Slide 68: Rand: USD Exchange Rate
RAND: USD EXCHANGE RATE R11.85 R14.17 R14.50 R15.18 R 16.00 R13.80 R14.64 R12.90 R13.49 R 15.50 HY2020 R 15.00 HY2019 R 14.50 R 14.00 R 13.50 R 13.00 R 12.50 R 12.00 R 11.50 R 11.00 Sep 2017 Mar 2018 Sep 2018 Mar 2019 Sep 2019 Average rate Closing rate 8% mvmt 30 Sep 18 to 30 Sep 19 7% mvmt 30 Sep 1
Slide 69: International Crop Prices: USD per Tonne
INTERNATIONAL CROP PRICES: USD PER TONNE $450 Prices at 30 Sep USD YELLOW MAIZE $400 2015 138 2016 120 $350 2017 127 2018 132 2019 133 $300 WHEAT 2015 181 2016 143 $250 2017 160 2018 186 $200 2019 174 SOYA 2015 317 $150 2016 340 2017 345 2018 310 $100 2019 315 Sep 2015 Sep 2016 Sep 2017 Sep 2018 Sep
Slide 70: South Africa Crop Prices: Rand per Tonne
SOUTH AFRICA CROP PRICES: RAND PER TONNE Prices at 30 Sep ZAR R 8 000 YELLOW MAIZE 2015 2 890 R 7 000 2016 3 016 2017 1 953 R 6 000 2018 2 352 2019 2 722 R 5 000 WHEAT 2015 4 089 2016 4 202 R 4 000 2017 4 063 2018 4 305 R 3 000 2019 4 600 SOYA R 2 000 2015 5 350 2016 6 120 R 1 000 2017 4 682 2018 4
Slide 71: Ammonia vs Urea: USD per Tonne
AMMONIA VS UREA: USD PER TONNE $700 2.5 Prices at 30 Sep USD UREA (GRAN) 2015 252 $600 2.0 2016 194 2017 273 1.63 1.51 2018 312 $500 2019 260 1.5 AMMONIA 1.29 1.20 2015 413 $400 1.00 2016 175 1.11 2017 253 1.08 0.83 1.0 2018 358 $300 2019 238 SIX MONTH AVERAGE AMMONIA:UREA RATIO 0.5 $200 2015 1.41 2
Slide 72: Precious Metals USD per Ounce
PRECIOUS METALS USD PER OUNCE Prices at 30 Sep USD $2 500 $2 000 AU GOLD 2015 1 146 $1 800 2016 1 327 2017 1 279 $2 000 $1 600 2018 1 192 Gold and Platinum $1 400 2019 1 497 Pt PLATINUM $1 500 $1 200 2015 951 Palladium 2016 1 029 $1 000 2017 909 2018 812 $1 000 $800 2019 931 PALLADIUM $600 Pd 2015 6
Slide 73: Energy/Commodity Prices in USD
ENERGY/COMMODITY PRICES IN USD $110 Prices at 30 Sep USD BRENT CRUDE $100 2015 49 2016 49 $90 2017 58 2018 83 $80 2019 62 $70 COAL 2015 51 $60 2016 74 2017 91 $50 2018 100 2019 60 $40 U URANIUM $30 2015 37 2016 22 $20 2017 20 2018 27 $10 2019 26 Sep 2015 Sep 2016 Sep 2017 Sep 2018 Sep 2019 Brent Cru
Slide 74: Metal Commodity Prices in USD per Tonne
METAL COMMODITY PRICES IN USD PER TONNE $8 000 $160 Prices at 30 Sep USD $6 000 $120 COPPER 2015 5 041 2016 4 844 Iron Ore 2017 6 447 $4 000 $80 2018 6 260 2019 5 749 IRON ORE 2015 57 2016 57 $2 000 $40 2017 70 2018 69 2019 93 $0 $0 Sep 2015 Sep 2016 Sep 2017 Sep 2018 Sep 2019 Copper Iron Ore Copper
Slide 75: Cobalt Prices in USD per Tonne
COBALT PRICES IN USD PER TONNE $100 000 $90 000 $80 000 $70 000 $60 000 Prices at 30 Sep USD Co COBALT $50 000 2015 27 695 2016 27 500 $40 000 2017 59 094 2018 62 250 $30 000 2019 37 000 $20 000 $10 000 $0 Sep 2015 Sep 2016 Sep 2017 Sep 2018 Sep 2019 Co Cobalt - 41% % Movement is for the year 30 Sep
Slide 76: Index of Physical Volume of Manufacturing
INDEX OF PHYSICAL VOLUME OF MANUFACTURING 120 110 100 90 Stagnant for a period of 7 years 80 70 60 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 76 INTERIM RESULTS | 30 SEPTEMBER 2019