Anglo American plc · LSE:AAL
Anglo American — Investor Presentation (September 2005)
99 slides from Anglo American's investor presentation, Sep 29, 2005
Slide 1: Presentation to Anglo American Analysts and Investment Banks
Presentation to Anglo American Analysts and Investment Banks London, 29 September 2005
Slide 2: Agenda
AGENDA • Welcome and introduction Gary Ralfe • Finance Update Paddy Kell • De Beers Strategy 2005 to 2009 Gareth Penny • Supply Side Opportunities Ed Dowling • Demand Side - DTC Varda Shine • Summary Gary Ralfe • Q&A Demonstration of Synthetics Detection Equipment
Slide 3: Agenda
AGENDA • Welcome and introduction Gary Ralfe • Finance Update Paddy Kell • De Beers Strategy 2005 to 2009 Gareth Penny • Supply Side Opportunities Ed Dowling • Demand Side - DTC Varda Shine • Summary Gary Ralfe • Q&A Demonstration of Synthetics Detection Equipment
Slide 4: Chapter 1 concludes (99-04); Highlights 2005
• Chapter 1 concludes (99-04) • Highlights 2005
Slide 5: Chapter 1 - De Beers share price performance was pedestrian
Chapter 1- De Beers share price performance was “pedestrian” De Beers Share Price vs. Dow Jones Compound Annual Growth Indexed (Jan 90=100) (1990-1999) 400 Dow Jones 300 14% 200 100 De Beers (3%) 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Source: Datastream
Slide 6: Chapter 1 - A company which had destroyed value over a decade
Chapter 1 - A company which had destroyed value over a decade US$M 1,000 500 NOPAT 0 (500) Economic Profit (1,000) 1990 1991 1992 1993 1994 1995 1996 1997 1998 Source: De Beers Corporate Finance; Bain Analysis
Slide 7: Chapter 1 - In 1999 we transformed from supply control to demand driven
Chapter 1 - In 1999 we transformed from a supply control to a demand driven business Vision Transform De Beers’ gem diamond operations into a demand driven business increasing its shareholder value to $10Bn by 2004 Strategic initiatives Driving Supplier Rapids As Is Demand Of Choice Plus
Slide 8: Chapter 1 - Diamond Business Enterprise Value
Chapter 1 - Diamond Business 14 Enterprise Value ("EV") - Past, Present and Future 12 (2) 10 9.3 8 (1) $ bn (2) 6 5.7 4 (1) 2 0 -1.8 -2 1991-2001 June 2001 2009/10 Objective (1) Implied see-through Market Value of diamond business •(2) NPV at privatisation (TFR Model) + cash and other assets of US $
Slide 9: Chapter 1 - Cash flow generation
Chapter 1 - Cash flow generation CUMULATIVE THRESHOLD CASHFLOW ACTUAL TO 31 DECEMBER 2004 5 000 4 591 4 500 4 500 4 000 4 010 3 500 3 500 3 000 US $ Millions 2 500 2 000 Threshold 1 500 Stretch Original Plan 1 000 Actual to 2003 (Ave R7,64) Actual to 2004 (Ave R6,51) 500 - - 2001 2002 2003 2004
Slide 10: Chapter 1 - Supply side summary
Chapter 1 – Supply side summary ‘History’ Average SLA 99-04 (A) Robot CAGR (A) Share of world 0.4% -0.2% production (by value) Share of world 1.2% 3.5% production (by carats) DB carat production 2.5% 7.8% DB tons treated 5.6% 7.2% Mining revenue 4.1% 6.5% Cost per ton -8.5% 4.4% Revenue per ton -0.6
Slide 11: Chapter 1 - Supply side summary ctd
Chapter 1 - Supply side summary ctd…. ‘History’ Average 99-04 SLA (A) Robot CAGR (A) Tons per Manhour 5.7% 2.0% Profit per Manhour 6.6% -0.4%
Slide 12: Chapter 1 - Demand side summary
Chapter 1 – Demand side summary ‘History’ Average SLA 99-04 (A) Robot CAGR (A) Demand Growth $ PWP Consumer Demand 1.5% 1.4% Growth Real Rough Sales Growth 0.8% -0.9% Real Rough Price Growth 0.3% 1.8% Market Share -1.7% -4.8% DTC Marketing Spend 1.7% 0.2% Efficiency Global Quality Marketing N/A 19%
Slide 13: Chapter 1 - Financial Summary
Chapter 1 – Financial Summary ‘History’ Average 99-04 SLA (A) Robot CAGR (A) Average Operating 621 1406 Cash Flow Average ROCE 6.9% 12.7% Average EBITDA 835 1266
Slide 14: Chapter 1 Conclusions
Chapter 1 Conclusions • Supply Side – Production growth has outperformed history – Share of world production, by value, has been in decline – Challenges remain in terms of efficiency and productivity • Demand Side – Significant improvements in pipeline efficiencies – Significant stock reductions – D
Slide 15: H1 2005 Highlights
H1 2005 Highlights • Strong rough market • DTC adding value, driving demand – New client list – Value Added Services launched • Angola exploration agreement • Canada capital projects • BEE • Re-financing of DBsa
Slide 16: H1 2005 Challenges
H1 2005 Challenges • Diamond Amendment Bill • Beneficiation in producer countries • Internal transformation / new organisation • Transformation in South African environment • “Hot” labour environment in global mining • Exchange rate – H1 2005 $1:R6.17 – H1 2004 $1:R6.58 • Legal – Brussels – USA
Slide 17: Production Table
Production Table H1 2005 H1 2004 H1 vs2005 H1 H1 2005 H1 2005 Actual Actual 2004 Budget (Million (Million Variance (Million carats) carats) % carats) Variance % Debswana 15.28 12.05 26.8 14.82 3.1 Namdeb 0.95 0.96 (0.6) 0.96 (1.4) DBCM 7.39 6.21 19.0 6.73 9.7 Williamson 0.10 0.12 (19.8) 0.12 (15.2)
Slide 18: DTC Sales
DTC Sales $Billion H1 2005 H1 2004 % Sales 3.2 3.0 +7% • 2 price increases of 3% this year • Rough market strong • Client selection – 11 new clients, Total of 93 DTC clients for a 2.5 year contract period • Value Added Services launched in July 2005
Slide 19: Agenda
AGENDA • Welcome and introduction Gary Ralfe • Finance Update Paddy Kell • De Beers Strategy 2005 to 2009 Gareth Penny • Supply Side Opportunities Ed Dowling • Demand Side - DTC Varda Shine • Summary Gary Ralfe • Q&A Demonstration of Synthetics Detection Equipment
Slide 20: Financial summary
Financial summary H1 2005 H1 2004 DTC published sales + 7% $3.2bn $3.0bn Own earnings - 8% $345m $373m Headline earnings - 21% $336m $424m Operating cash flow $158m $871m EBITDA +1% $736m $728m ROCE 14.3% 19.0% R/$ exchange rate -6% 6.17 6.58
Slide 21: ROCE
ROCE 2009 20.0% 18.0% 16.0% 14.3% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 1998 1999 2000 2001 2002 2003 2004 H1 2005 Based on headline earnings
Slide 22: Financial ratios
Financial ratios Restated 2005 H1 2004 H1 Net diamond account margin 18% 20% Tax rate 40% 35% Net gearing* 28.7% 20.8% * Defined as net interest bearing debt as a percentage of total capital employed
Slide 23: Agenda
AGENDA • Welcome and introduction Gary Ralfe • Finance Update Paddy Kell • De Beers Strategy 2005 to 2009 Gareth Penny • Supply Side Opportunities Ed Dowling • Demand Side - DTC Varda Shine • Summary Gary Ralfe • Q&A Demonstration of Synthetics Detection Equipment
Slide 24: De Beers Strategy 2005 - 2009
De Beers Strategy 2005 - 2009 Gareth Penny MD Designate De Beers Group
Slide 25: Challenges
CHALLENGES • SUPPLY SIDE DEMAND SIDE • Diamond Amendment Bill • Maintaining demand growth • Beneficiation in producer countries • Cont. to be the Supplier of Choice • Internal transformation / new • Competition from luxury goods organisation • Synthetics response • Transformation in South African •
Slide 26: De Beers Group has a plan
De Beers Group has a plan Drive Returns on Capital Sustainable 1. Demand growth 5. Producer partnerships 2. Profitable 6. Synthetics response production growth 3. Value creation 7. Organisation through the DTC effectiveness 4. Cost efficiencies
Slide 27: Drive Returns on Capital - Demand Growth
DRIVE RETURNS ON CAPITAL DEMAND GROWTH 5% 5.0% 3.2% -0.2% 94-98* 99-04* 05-09* -1.0%
Slide 28: Drive Returns on Capital - Demand Growth
DRIVE RETURNS ON CAPITAL DEMAND GROWTH We need to maintain the growth in quality trade marketing spend Q ua lity trad e m arketing investm ent, 00-03 C AGR '0 0-'03 3 2% $5 00M 42 9 Client 400 3 65 In direct Global Other 33% 300 Taiw an 12% 244 Franc e 24% Italy 10% H ong K ong -4% 200 18 6 Japan 19
Slide 29: Drive Returns on Capital - Profitable Production Growth
DRIVE RETURNS ON CAPITAL PROFITABLE PRODUCTION GROWTH
Slide 30: Profitable Production Growth - four main areas
DRIVE RETURNS ON CAPITAL PROFITABLE PRODUCTION GROWTH Opportunities lie in four main areas (Angola, Russia, DRC and India)
Slide 31: Profitable Production Growth
DRIVE RETURNS ON CAPITAL PROFITABLE PRODUCTION GROWTH • GME Business Unit: – Portfolio development – enabling focus on the high value prospective areas and projects – ANDD – aim to halve the time taken from targeting to delivery of new mines – GME restructuring - to enable focus on core functions of
Slide 32: Value Creation through the DTC
DRIVE RETURNS ON CAPITAL VALUE CREATION THROUGH THE DTC Supplier of Choice
Slide 33: Cost Efficiencies
DRIVE RETURNS ON CAPITAL COST EFFICIENCIES In all operations and business units
Slide 34: Sustainable - Producer Countries
SUSTAINABLE PRODUCER COUNTRIES Botswana South Africa Namibia Russia Canada Tanzania
Slide 35: Sustainable - Synthetics Response
SUSTAINABLE SYNTHETICS RESPONSE
Slide 36: Sustainable - Organisation Effectiveness
SUSTAINABLE ORGANISATION EFFECTIVENESS • Developing Group Purpose, Vision & Values • Group structure • Talent Management • New appointments and Succession Planning
Slide 37: De Beers Group has a plan
De Beers Group has a plan Drive Returns on Capital Sustainable 1. Demand growth 5. Producer partnerships 2. Profitable 6. Synthetics response production growth 3. Value creation 7. Organisation through the DTC effectiveness 4. Cost efficiencies
Slide 38: De Beers Chapter 2 Targets
DE BEERS CHAPTER 2 TARGETS Group stretch targets for 2009: EBITDA $2bn ROCE 20% Group Enterprise Value $12bn
Slide 39: Agenda
AGENDA • Welcome and introduction Gary Ralfe • Finance Update Paddy Kell • De Beers Strategy 2005 to 2009 Gareth Penny • Supply Side Opportunities Ed Dowling • Demand Side - DTC Varda Shine • Summary Gary Ralfe • Q&A Demonstration of Synthetics Detection Equipment
Slide 40: Dr EC Dowling, Group Mining and Exploration Director
Dr EC Dowling Group Mining and Exploration Director
Slide 41: De Beers Group organisation chart
De Beers Group organisation chart De Beers s.a. Government De Beers Board of Directors Representatives Boards of Directors Representatives Chairman NF Oppenheimer De Beers Group Managing Director GM Ralfe (GPH Penny Designate) JV Partner Companies Debswana Strategy & Managing Director Group Mining &
Slide 42: GME Purpose
GME Purpose Develop and execute a supply strategy which delivers increasing value to De Beers Group and Partners …. forever De Beers 29/09/2005 12:37
Slide 43: LTIFR compared with Anglo American
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Anglo Platinum Anglo Gold Ashanti Anglo Exploration performance Anglo Coal Australia De Beers DTC Anglo Industrial minerals Anglo Base metals Anglo Ferrous metals De Beers Group safety Anglo Industries quarter 2005) Anglo Coal RSA De Beers 29/09/2005 12:
Slide 44: Snap Lake, Victor, Williamson
Snap Lake Victor Williamson Diamonds
Slide 45: GME Focus Areas
GME Focus Areas Business Value Chain Rights Design Marketing Acquisition Build Operations Selling (Legal / (Projects) (Commercial) Exploration) Supporting Functions Finance and IT Safety, Health and Environmental Management HR and Training Engineering and Maintenance Supply Chain and Logistics Techn
Slide 46: GME Focus Areas
GME Focus Areas Business Value Chain Rights Design Marketing Acquisition Build Operations Selling (Legal / (Projects) (Commercial) Exploration) Supporting Functions Finance and IT Safety, Health and Environmental Management HR and Training Engineering and Maintenance Supply Chain and Logistics Techn
Slide 47: Group Portfolio Development - where to focus efforts
Group Portfolio Development – where to focus efforts De Beers Group Demand/Supply Group Alignment Recommended Portfolio Investment Group Committee Portfolio Forum De Beers De Beers Manage and maintain The Group Preferred World Portfolio Portfolio Portfolio Development Model and Execution Supply Grou
Slide 48: GME Focus Areas
GME Focus Areas Business Value Chain Rights Design Marketing Acquisition Build Operations Selling (Legal / (Projects) (Commercial) Exploration) Supporting Functions Finance and IT Safety, Health and Environmental Management HR and Training Engineering and Maintenance Supply Chain and Logistics Techn
Slide 49: Diamond recovery process technology for more value from ore
diamond recovery process technology for more value from ore De Beers 29/09/2005 12:37
Slide 50: Raven: final production stage by laser sorting
Raven : Final production stage by laser sorting, shown here at Namdeb De Beers 29/09/2005 12:37
Slide 51: Vision Size Frequency Distribution - on-line imaging
Vision Size Frequency Distribution - on-line imaging for process control and supply pipeline informatio – newly developed De Beers 29/09/2005 12:37
Slide 52: Accelerated New Diamond Delivery (ANDD)
Accelerated New Diamond Delivery (ANDD) – shortening the time from Targeting to Mine Delivery 6 Years ANDD Process … Pre-Feasibility Construction Commission Conceptual Feasibility Deposits Deposits Discover Evaluate Ground Studies Access … shortened the and to cycle time from 12 to 6 years Group Por
Slide 53: Front end loading in projects
Front end loading in projects – to ensure successful execution De Beers 29/09/2005 12:37
Slide 54: Projects
Projects Orapa Venetia Finsch Finsch Plant Underground De Beers 29/09/2005 12:37
Slide 55: Projects
Projects Snap Lake Victor Voorspoed SASA – Dock Express De Beers 29/09/2005 12:37
Slide 56: GME Focus Areas
GME Focus Areas Business Value Chain Rights Design Marketing Acquisition Build Operations Selling (Legal / (Projects) (Commercial) Exploration) Supporting Functions Finance and IT Safety, Health and Environmental Management HR and Training Engineering and Maintenance Supply Chain and Logistics Techn
Slide 57: Land Operations
Land Operations De Beers 29/09/2005 12:37
Slide 58: De Beers Marine Operations
De Beers Marine Operations De Beers 29/09/2005 12:37
Slide 59: Seabed visualisation
Seabed visualisation Combined AUV with 3D “wing” Jago/AUV survey 3D data De Beers 29/09/2005 12:37
Slide 60: De Beers Marine Namibia rate improvement history
De Beers Marine Namibia rate improvement history 300 Wide Channel 250 Enlarged drill pipe 200 Mining R ate in m 2/h DBE 2.5 150 DBE II 100 Jet Water 50 0 1999 2000 2001 2002 2003 2004 2005 2006 De Beers 29/09/2005 12:37
Slide 61: De Beers Marine Namibia productivity improvement
De Beers Marine Namibia productivity improvement (Utilisation & Rate) 3,000,000 0.400 Area - DP,DA & GB 2,800,000 Recovered Grade Mining Rate 2,600,000 0.300 2,400,000 RECOVERED GRADE - Cts/M2 2,200,000 AREA MINED- M2 2,000,000 0.200 1,800,000 1,600,000 0.100 1,400,000 1,200,000 1,000,000 0.000 1997
Slide 62: De Beers Production carats
De Beers Production carats 60 50 40 Millions 30 20 10 - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 De Beers Production carats De Beers 29/09/2005 12:37
Slide 63: Conclusion
Conclusion These processes, systems and technologies will assist to significantly increase the De Beers Group's productive capacity De Beers 29/09/2005 12:37
Slide 64: Agenda
AGENDA • Welcome and introduction Gary Ralfe • Finance Update Paddy Kell • De Beers Strategy 2005 to 2009 Gareth Penny • Supply Side Opportunities Ed Dowling • Demand Side - DTC Varda Shine • Summary Gary Ralfe • Q&A Demonstration of Synthetics Detection Equipment
Slide 65: De Beers Sales and Marketing
De Beers Sales and Marketing Varda Shine Copyright De Beers MD Designate 2004 Diamond Trading Company
Slide 66: De Beers' Sales and Marketing Plan
De Beers’ Sales and Marketing Plan Driving Supplier of Consumer Effective demand Choice Confidence Organisation Copyright De Beers 2004
Slide 67: Driving Demand - US$ Retail Value
Driving Demand US$ Retail Value 5.0% 3.2% Copyright De Beers 2004 -0.2% 94-98* 99-04* -1.0% *Earlier year for each period is the base year for the CAGR
Slide 68: Growth in world diamond jewellery sales is steady
The rate of growth in World diamond jewellery sales is steady (% growth US$ PWP) 10% 9% 7% 6% 5% 4% Copyright De Beers 2004 0% 2002 2003 2004 H1 2005
Slide 69: Estimated H1 2005 sales of diamond jewellery
Estimated H1 2005 sales of DJ +5% in LC and +6% in US$ PWP USA 6 Japan 2 Italy -6 France -1 China 1 Hong Kong -3 TaiwanCopyright -2 De Beers 2004 India 9 Gulf 7 Turkey 24 WORLD 5 +6% US$ PWP
Slide 70: 2005 Initiatives
2005 Initiatives USA Japan India China Copyright De Beers 2004
Slide 71: All diamond jewellery growth coming from De Beers programmes
All diamond jewellery growth coming from De Beers programmes ($ Billions) Total Market Growth 1999-2004 $31.5 $30 $24.9 +247% $20 Copyright De Beers 2004 +0% $10 $0 1999 2000 2001 2002 2003 2004 Diamond Jewelery De Beers Programmes
Slide 72: Past, Present, Future
Past, Present, Future Christmas Copyright De Beers 2004 Anniversary Diamond Right Hand Ring
Slide 73: 2005 Initiatives
2005 Initiatives USA Japan India China Copyright De Beers 2004
Slide 74: 3-stone Diamond Jewellery growing rapidly
3-stone Diamond Jewellery growing rapidly Value Share and Growth Trend (12mmt) 80 70 60 50 40 (%) 30 20 Copyright De Beers 2004 10 4.3 4.7 5 5.2 5.5 5.9 3.4 3.5 3.5 3.5 3.5 3.3 3.4 3.4 3.4 3.5 3.4 3.3 3.4 3.4 3.5 3.5 3.6 3.7 3.8 3.8 3.9 4 0 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec-
Slide 75: Innovative marketing to stimulate demand
Innovative marketing to stimulate demand Headline: “It’s a huge hit – we’re very sorry” Copyright De Beers 2004
Slide 76: 2005 Initiatives
2005 Initiatives USA Japan India China Copyright De Beers 2004
Slide 77: Strong retail growth driven by De Beers - India
Strong retail growth driven by De Beers Rupees Bn Total 2004 DJ Retail Market: 60 Rs67.2Bn Retail PWP for 2004: Market 40 Size $961m 20 Copyright De Beers 2004 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Retail Growth 8% 12% 10% 26% 10% 6% 6%
Slide 78: Nakshatra: the No 1 jewellery brand in India
Nakshatra: the No 1 jewellery brand in India Copyright De Beers 2004
Slide 79: 2005 Initiatives
2005 Initiatives USA Japan India China Copyright De Beers 2004
Slide 80: Strong retail growth driven by De Beers
Strong retail growth driven by De Beers 500 400 300 $m 200 100 Copyright De Beers 2004 0 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 $PWP $m PWP ‘90 ‘91 ‘92 ‘93 ‘94 ‘95 ’96 ‘97 ‘98 ‘99 ‘00 ‘01 ’02 ‘03 ‘04 Trend % 1 42 42 29 25 10 11 13 -1 3 5 6 8 11
Slide 81: The Diamond wedding ring: a cultural imperative
The Diamond wedding ring: a cultural imperative in the big cities • China: the diamond jewellery market of the future • 11% growth in 2004 vs 2003, the first double digit increase Copyright De Beers • 8 out of 10 brides in Shanghai receives a 2004 diamond for her wedding • 51% Acquisition rate in ur
Slide 82: New Campaign: Eternal Girl
New Campaign: Eternal Girl Copyright De Beers 2004
Slide 83: Copyright De Beers
Copyright De Beers 2004
Slide 84: De Beers' Sales and Marketing Plan
De Beers’ Sales and Marketing Plan Driving Supplier of Consumer Effective demand Choice Confidence Organisation Copyright De Beers 2004
Slide 85: De Beers' Sales - Sights 1-7 comparison
De Beers’ Sales Sights 1-7 comparison 99-05 $m +14.1% 5,000 4,770 4,640 4,500 4,137 4,182 3,979 4,000 3,813 3,500 3,395 3,000 Copyright De Beers 2004 2,500 2,000 1,500 99 '00 '01 '02 '03 '04 '05 Source: DTC Sales Planning Note : Excludes sales to the Polished Division
Slide 86: Supplier of Choice
Supplier of Choice • Second client selection 2005 – 2008 = 93 clients (from 14 to 19 in S.A. 60 % BEE compliant) • An initiative to provide a commercial platform for producer country beneficiation Copyright De Beers 2004 • Growth in efficient distribution and effective marketing continues to transfo
Slide 87: Assessment
Assessment Market Finance Distribution Position Best Marketing Manufacture Practice Copyright De Beers 2004 Principles Modelling systems determine applicants’ relative performance against the Sightholder Criteria
Slide 88: Three factors drive all SoC decisions
Three factors drive all SoC decisions Assessment Copyright De Beers2004 Availability Applications
Slide 89: Client Marketing Focus
Client Marketing Focus Goods in Efficient Channels 44% 33% 23% Copyright De Beers 2004 8% 2001 2002 2003 2004
Slide 90: Driving Value for Sightholders
Driving Value for Sightholders Copyright De Beers 2004
Slide 91: De Beers' Sales and Marketing Plan
De Beers’ Sales and Marketing Plan Driving Supplier of Consumer Effective demand Choice Confidence Organisation Copyright De Beers 2004
Slide 92: Area of focus: Consumer Confidence
Area of focus: Consumer Confidence Potential issues affecting our industry - • Conflict diamonds • Money-laundering • Social impact • Environmental impact • Synthetics Copyright De Beers 2004 • Treatments
Slide 93: Current workstreams
Current workstreams • Research & Planning – to be fully aware of awareness and attitudes • Forevermark – to proactively mark genuine natural, ethical diamonds • Natural Marketing – to win the hearts and minds of consumers • Trade Education – to win the hearts Copyright De Beers and minds of the down
Slide 94: Current workstreams
Current workstreams • Disclosure – to ensure all synthetics are fully disclosed • Detection – to rapidly identify any genuine diamond • Patents – to have legal protection in place for our technologies • Best Practice Copyright Principles – to De Beers 2004 proactively manage corporate risk
Slide 95: De Beers' Sales and Marketing Plan
De Beers’ Sales and Marketing Plan Driving Supplier of Consumer Effective demand Choice Confidence Organisation Copyright De Beers 2004
Slide 96: Organisational Effectiveness
Organisational Effectiveness DTC DTC Botswana Italy DTC DTC SA Gulf DTC DTC DTC Namibia International India Copyright De Beers 2004 DTC DTC (Canada) Hong Kong DTC DTC (Russia) Japan
Slide 97: Agenda
AGENDA • Welcome and introduction Gary Ralfe • Finance Update Paddy Kell • De Beers Strategy 2005 to 2009 Gareth Penny • Supply Side Opportunities Ed Dowling • Demand Side - DTC Varda Shine • Summary Gary Ralfe • Q&A Demonstration of Synthetics Detection Equipment
Slide 98: Chapter 2
Chapter 2… • DTC – adding value, driving demand • Mining & Exploration – profitable production growth • Promotion of natural diamonds • Partnerships • Organisation Effectiveness • Purpose, Vision & Values • Succession
Slide 99: Agenda
AGENDA • Welcome and introduction Gary Ralfe • Finance Update Paddy Kell • De Beers Strategy 2005 to 2009 Gareth Penny • Supply Side Opportunities Ed Dowling • Demand Side - DTC Varda Shine • Summary Gary Ralfe • Q&A Demonstration of Synthetics Detection Equipment
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