Market Overview. TFI World Fertilizer Conference. September 2015 MARKET OVERVIEW

Size: px
Start display at page:

Download "Market Overview. TFI World Fertilizer Conference. September 2015 MARKET OVERVIEW"

Transcription

1 Market Overview TFI World Fertilizer Conference September 2015 MARKET OVERVIEW

2 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements" (within the meaning of the US Private Securities Litigation Reform Act of 1995) or forward-looking information (within the meaning of appropriate Canadian securities legislation) that relate to future events or our future performance. These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical fact. These statements often contain words such as should, could, expect, may, anticipate, believe, intend, estimates, plans and similar expressions. These statements are based on certain factors and assumptions as set forth in this document, including with respect to: foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities, and effective tax rates. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are subject to risks and uncertainties that are difficult to predict. The results or events set forth in forwardlooking statements may differ materially from actual results or events. Several factors could cause actual results or events to differ materially from those expressed in forward-looking statements including, but not limited to, the following: variations from our assumptions with respect to foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities, including our proposal to acquire K+S Aktiengesellschaft (K+S) and effective tax rates; fluctuations in supply and demand in the fertilizer, sulfur, transportation and petrochemical markets; changes in competitive pressures, including pricing pressures; costs and availability of transportation and distribution of our raw materials and products, including railcars and ocean freight; risks and uncertainties related to operating and workforce changes made in response to our industry and the markets we serve; risks and uncertainties related to our international operations and assets; failure to prevent or respond to a major safety incident; adverse or uncertain economic conditions and changes in credit and financial markets; the results of sales contract negotiations within major markets; economic and political uncertainty around the world; risks associated with natural gas and other hedging activities; changes in capital markets; unexpected or adverse weather conditions; catastrophic events or malicious acts, including terrorism; changes in currency and exchange rates; imprecision in reserve estimates; adverse developments in new and pending legal proceedings or government investigations; our prospects to reinvest capital in strategic opportunities and acquisitions, including our proposal to acquire K+S; our ownership of noncontrolling equity interests in other companies; the impact of further technological innovation; increases in the price or reduced availability of the raw materials that we use; security risks related to our information technology systems; strikes or other forms of work stoppage or slowdowns; timing and impact of capital expenditures; rates of return on, and the risks associated with, our investments and capital expenditures; changes in, and the effects of, government policies and regulations; certain complications that may arise in our mining process, including water inflows; our ability to attract, retain, develop and engage skilled employees; risks related to reputational loss; earnings; and the decisions of taxing authorities, which could affect our effective tax rates. These risks and uncertainties are discussed in more detail under the headings Risk Factors and Management s Discussion and Analysis of Results and Operations and Financial Condition in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and in other documents and reports subsequently filed by us with the US Securities and Exchange Commission and the Canadian provincial securities commissions. Forward-looking statements are given only as of the date hereof and we disclaim any obligation to update or revise any forward-looking statements in this presentation, whether as a result of new information, future events or otherwise, except as required by law. MARKET OVERVIEW

3 EXECUTIVE SUMMARY Market Updates Global economic uncertainty, currency changes in major fertilizer consuming markets and lower crop prices have created market headwinds. Despite these economic issues we believe the fundamental drivers for fertilizer consumption growth remain in place, primarily the need to increase global crop production and sustain soil fertility. Robust growth in Chinese potash consumption over the past two years was driven by rising crop production requirements and strong affordability. The introduction of a 13 percent fertilizer valueadded tax (VAT) could result in a small increase in farmer costs but we do not believe it will significantly alter consumption trends. India s potash needs are exclusively met through imports. The depreciation of the Rupee and weak monsoon rains are near-term issues. Nevertheless there is opportunity to improve its nutrient application balance, in particular through the use of higher potash containing NPK compounds. In other Asian countries, potash demand is almost entirely supplied by imports. Weak currency values are a near-term headwind but we expect continued growth in potash consumption due to rising crop production requirements for oil palm, rice, fruits and vegetables. Strong potash consumption growth in Brazil has supported robust imports over the past decades. In 2015, soybean economics remain supportive for acreage growth but farmers have been slow to make input purchases due to currency changes and farm credit concerns. With an opportunity to increase crop acreage and yields we expect Brazil will remain a key long-term growth market for imported potash. North America is often viewed as a mature fertilizer market. However, nutrient removal rates have increased significantly with higher yielding crops. This has resulted in a large potash application deficit and declining soil test levels. We believe this application deficit provides an opportunity for potash consumption growth in the years ahead. MARKET OVERVIEW

4 Change in Economic Conditions Create Near-term Headwinds In 2015, several countries have experienced a series of downward revisions to their economic outlooks. This summer the International Monetary Fund (IMF) reduced global gross domestic product (GDP) estimates by 0.2 percent to 3.3 percent, slightly below 2014 levels. In Brazil and China, two important countries for fertilizer demand, GDP growth is forecast to be well below the previous three-year average. Many currencies have also depreciated significantly against the US dollar. This has made imports in local currency more expensive and resulted in buyer caution. At the same time, global crop prices have softened in response to record production over the past two growing seasons. In some cases, local crop prices have been supported by a devalued currency and continue to provide positive crop margins. However, the culmination of macro uncertainty, intense currency depreciation and lower crop prices have caused some near-term headwinds for global fertilizer markets. MARKET OVERVIEW

5 Steady Growth in Crop Production a Key Driver of Fertilizer Demand Looking beyond near-term economic uncertainties, the most basic driver of fertilizer consumption is growth in global crop production. Global consumption of grains and oilseeds has risen at an annualized rate of approximately 2.2 percent over the past 20 years. Higher crop yields and increased planted area have been required to keep pace with consumption growth. Fertilizer consumption has grown at an average annual rate of approximately 2 percent over the past 20 years, with the rate of potash consumption growing most quickly among the primary nutrients. Given the need to replenish soil nutrients removed by record crops in recent years, we believe fertilizer consumption will remain strong in the years ahead. MARKET OVERVIEW

6 Low Correlation to Currency Index Over the past 20 years, fertilizer demand and currency changes have shown a low correlation (in particular compared to the high correlation to global crop production). Although the variation is slightly different between fertilizer types, only once in the past 20 years did a depreciation in the currency index occur at the same time as a decline in global fertilizer consumption. While currency changes can create near-term demand uncertainty, we believe the impact on underlying consumption is more limited. MARKET OVERVIEW

7 Fertilizer Remains Affordable Despite Lower Crop Prices The graph above illustrates the historical relationship between crop and fertilizer prices. The decline in crop prices over the past year has been a contributing factor to the decline in fertilizer values. Although farmers face some uncertainty, we believe crop prices continue to offer an economic incentive to improve their yields. We anticipate there will be a strong need to replenish the nutrients removed when the crop is harvested. MARKET OVERVIEW

8 MARKET OVERVIEW

9 Potash Has The Most Diversity Among Regions Fertilizer is needed everywhere crops are grown and most of the growth in consumption has occurred in developing countries in Asia and Latin America. Together with North America, these major fertilizer-consuming regions account for more than 80 percent of global fertilizer consumption. Potash consumption is distributed among a number of major regions while nitrogen and phosphate use is more heavily concentrated in China and India. Demand for potash has grown by more than 20 million tonnes over the past two decades, with Asia and Latin America seeing the largest increase in shipments. We anticipate potash demand will continue to grow at an annual rate between percent over the medium-term. MARKET OVERVIEW

10 Opportunity to Improve Application Balance Balanced fertilization is critical for improving crop yields, as the plant nutrients interact to provide benefits beyond those achieved from a single nutrient. In China and India, average potash application rates on key crops such as rice, corn and wheat have lagged scientifically recommended levels. This nutrient imbalance, which limits yield potential, provides a significant opportunity for growth in potash consumption. As demand for food grows and the agriculture sector modernizes, it is expected that farmers in these regions will be motivated to improve the nutrient balance on their key crops to increase yields. MARKET OVERVIEW

11 Imports Required to Meet Rising Potash Demand China imports about 55 percent of its potash requirements, with seaborne imports accounting for more than 80 percent of that total. China significantly increased its domestic production in the last two years through the ramp-up of domestic capacity and continued operations during normal winter maintenance time. However, additional capacity growth could be limited by the amount of space on the salt lakes in Qinghai and the quality of known reserves. Over the past two decades, China has expanded its nitrogen and phosphate capacity. It is self-sufficient in both nutrients, and in recent years became a significant net exporter of both. We believe it has the domestic capability in both nutrients to meet growth in demand, but rising costs for inputs and transportation could constrain export growth in the future. MARKET OVERVIEW

12 Rebound in Potash Consumption With Favorable Crop-to-Potash Price Ratios In recent year prices for major field crops such as corn have increased substantially as the government incentivized domestic production to meet rising demand. With their own corn production and stocks increasing, China has lowered the domestic corn price by 10 percent. However this price remains well above global levels as the government noted they will maintain a goal of protecting farmer s income. A favorable relationship between crop and potash prices is one factor that pushed estimated potash consumption up by more than 2 million tonnes KCl in The recent introduction of a value-added tax (VAT) on fertilizer sales could increase fertilizer costs for farmers, though we believe this increase will remain a small percentage of total expenditures. We expect strong farmer affordability and agronomic need will continue to have a positive impact on potash consumption in MARKET OVERVIEW

13 China s Rising Food Production Needs Drive Long-Term Growth China is the largest consumer of potash fertilizer, accounting for approximately 20 percent of global use. Its domestic production capability has grown but China continues to rely heavily on imports to meet its requirements shipments to the Chinese market are expected to remain at historically high levels. In the medium term, we believe annual consumption growth will continue to be strong and align with the long-term trend line. MARKET OVERVIEW

14 Potash Consumption Supplied Through Imports Fertilizer consumption has increased significantly in India over the past two decades. Potash consumption, which has grown by approximately 18 percent in the past 10 years, is supplied entirely by imports. Nitrogen consumption has grown by more than 40 percent since 2005 due to the heavy subsidization of this nutrient. India is one of the world s largest urea importers but still produces around three-quarters of its domestic urea requirements. India s domestic phosphate demand is largely met by imports of finished and intermediate phosphate products. MARKET OVERVIEW

15 DAP and Potash Demand Has Started to Recover India s fertilizer sector is transitioning due to a number of changes to its fertilizer subsidy system, primarily the decontrol of prices for potash and phosphate fertilizer. Since deregulation, farmers are getting more accustomed to the changes in phosphate and potash pricing and demand is recovering. Sales during the first half of 2015 were especially strong for potash and phosphate following a strong start to the monsoon. The monsoon slowed at times during the third quarter and the Indian Rupee depreciation could create some challenges for fourth quarter demand. MARKET OVERVIEW

16 Opportunity to Improve Nutrient Application Balance Indian potash consumption has started to recover during the past two years, with growth in direct application and NPK compound usage. Compared to the previous year, potash demand in 2014 for direct application increased 28 percent and 18 percent for NPK production. So far in 2015, potash demand has remained stable for direct application but has increased 27 percent for NPK production. We believe the need to return to a better balanced N:K ratio and potential for more stable retail potash prices will support continued growth in the years ahead. MARKET OVERVIEW

17 Potash and Phosphate Consumption Met Primarily by Imports Robust growth in agricultural production requires greater fertilizer consumption. Potash consumption has grown by more than 55 percent in the last 10 years in Other Asia, a region that relies almost entirely on imports. Phosphate consumption has grown by nearly 25 percent during the same time, however, the region increasingly relies on imports as the opportunity to expand domestic mining is limited. Nitrogen consumption has grown by more than 40 percent over the past 10 years, but unlike phosphate, domestic capacity is being expanded to take advantage of regional supply advantages and improving production economics. MARKET OVERVIEW

18 Rice and Oil Palm Are the Major Drivers of Potash Demand Oil palm accounts for the largest use of potash in Other Asia, representing 49 percent of total potash consumption. Rice, the second-largest consumer, accounts for 20 percent of potash consumption but approximately 35 percent of total fertilizer consumption in the region. Growth in rice and oil palm production is expected to remain positive, driven by population and regional economic growth. Given the potash-intensive nature of many crops grown in Other Asia, its potash use has increased at a relatively steady pace over the past decade. Indonesia and Malaysia account for more than 55 percent of the regions total imports. MARKET OVERVIEW

19 Steady Demand Growth Driven By Agricultural Needs Potash consumption growth in Other Asia has historically been very consistent as a result of the development of agricultural production and the region s economic reliance on trade. In 2014, potash shipments to Other Asia reached a record 9.5 million tonnes, representing a 6 percent compound annual growth rate (CAGR) since Headwinds connected to currency and crop economics have lowered expectations for 2015 but long-term growth is expected due to rising crop production requirements. MARKET OVERVIEW

20 Potash Consumption Met Primarily by Imports Fertilizer consumption has increased tremendously in Brazil during the past two decades. Potash consumption, which has grown by almost 60 percent in 10 years, has mainly been supplied by the import market. Nitrogen consumption has followed this trend, nearly doubling since 2005 while domestic supply has remained flat. Brazil has expanded its phosphate production somewhat, but still relies heavily on imports to meet a consumption increase of more than 60 percent since MARKET OVERVIEW

21 Four Major Potash Importing Companies Canada was the largest potash supplier to Brazil during 2014 followed by producers in Belarus and Russia. The top three suppliers account for more than 70 percent of total imports. The top four potash importing companies in Brazil account for approximately 69 percent of potash imports. These companies have grown through acquisitions and organic expansion initiatives. MARKET OVERVIEW

22 Expect Continued Growth in Brazil In recent years, Brazil s potash consumption has grown at a very robust pace, driven by expanding crop acreage and strong farmer returns. Although soybean economics support continued acreage expansion, a depreciating Real and farm credit delays have resulted in a cautious Brazilian fertilizer market. While 2015 is not likely to be a growth year in Brazil, shipments remain historically strong and we anticipate that Brazil s potash usage will continue to grow at rates higher than the global average over the next five years. MARKET OVERVIEW

23 Potash Consumption Met Primarily by Domestic Producers Fertilizer consumption has been fairly stable in North America for more than two decades. Nitrogen fertilizer is supplied by a combination of domestic and offshore sources, although domestic supply is expected to increase over the next five years. Domestic suppliers provide a large percentage of the phosphate fertilizer consumed, however imports have accounted for a greater share in recent years. Potash imports have increased in 2015 but domestic suppliers continue to account for the majority of consumption. MARKET OVERVIEW

24 Demand Growth Opportunity in North America North American potash demand is met by domestic producers and offshore imports primarily supplied from Russia, Israel, Chile and Belarus. The majority of potash fertilizer consumed in North America is red-granular grade product. North American demand has been relatively flat but there is an opportunity for demand growth which is supported by the need to keep pace with higher nutrient removal rates. North American potash producers are increasing capacity, including the addition of granulation capability, to meet this demand. MARKET OVERVIEW

25 Large Application Deficit Due to Rising Crop Removal Potash application rates in North America have been relatively stable over the past 30 years. Meanwhile crop removal rates have increased significantly in line with higher-yielding crop varieties. The graph above illustrates the concerning application deficit trend in the US. Since 2010, estimated potash removal in the US has exceeded application by more than 7 million short tons KCl per year. Closing this gap would require farmers to nearly double application rates compared to current levels. MARKET OVERVIEW

26 Large Regional Application Deficits Relatively large potash application deficits were found in most major crop-producing regions of the US. We believe this application deficit is not sustainable and if not addressed could jeopardize the soil s long-term productivity. We expect the initial shift in application rates will occur in the Midwest, Southeast and Delta states, which have soils likely to have the greatest response to additional potash. Over time, we expect changes will also be required in central and western states as the large application deficit will ultimately draw down soil test levels. MARKET OVERVIEW

27 MARKET OVERVIEW

Short-Term Fertilizer Outlook 2014 2015

Short-Term Fertilizer Outlook 2014 2015 A/14/140b November 2014 IFA Strategic Forum Marrakech (Morocco), 19-20 November 2014 Short-Term Fertilizer Outlook 2014 2015 Patrick Heffer and Michel Prud homme International Fertilizer Industry Association

More information

First Quarter 2015 Earnings Conference Call. 20 February 2015

First Quarter 2015 Earnings Conference Call. 20 February 2015 First Quarter 2015 Earnings Conference Call 20 February 2015 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning

More information

Third Quarter 2015 Earnings Conference Call. 21 August 2015

Third Quarter 2015 Earnings Conference Call. 21 August 2015 Third Quarter 2015 Earnings Conference Call 21 August 2015 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the

More information

82 nd IFA Annual Conference Sydney (Australia), 26-28 May 2014

82 nd IFA Annual Conference Sydney (Australia), 26-28 May 2014 A/14/65b June 2014 Final Version 82 nd IFA Annual Conference Sydney (Australia), 26-28 May 2014 Fertilizer Outlook 2014-2018 Patrick Heffer and Michel Prud homme International Fertilizer Industry Association

More information

Third Quarter 2014 Earnings Conference Call. 13 August 2014

Third Quarter 2014 Earnings Conference Call. 13 August 2014 Third Quarter 2014 Earnings Conference Call 13 August 2014 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the

More information

Section Potash first WORLD S TEN LARGEST FERTILIZER COMPANIES POTASHCORP GROSS MARGIN CONTRIBUTIONS. PotashCorp Is the Largest Producer by Capacity

Section Potash first WORLD S TEN LARGEST FERTILIZER COMPANIES POTASHCORP GROSS MARGIN CONTRIBUTIONS. PotashCorp Is the Largest Producer by Capacity FOR MORE GROWTH Fertilizer is for the future the future of the world and its growing population, the future of our company. Our focus on the needs of tomorrow has encouraged us to put Potash First, and

More information

Yara International ASA Second quarter results 2014

Yara International ASA Second quarter results 2014 Yara International ASA Second quarter results 214 18 July 214 1 Summary second quarter Strong result Lower nitrate deliveries amid early end to season in Europe Continued strong NPK deliveries and value-added

More information

Fertilizer is a world market commodity, which means that supply

Fertilizer is a world market commodity, which means that supply Supply & demand, Energy Drive Global fertilizer prices The Fertilizer Institute Nourish, Replenish, Grow Fertilizer is a world market commodity necessary for the production of food, feed, fuel fiber. &

More information

Yara International ASA Third Quarter results 2012

Yara International ASA Third Quarter results 2012 Yara International ASA Third Quarter results 212 19 October 212 1 Summary third quarter Strong results and cash flow Yara-produced NPK deliveries up 1% Strong production increase Cautious start to European

More information

Yara International ASA Fourth quarter results 2011. 7 February 2012

Yara International ASA Fourth quarter results 2011. 7 February 2012 Yara International ASA Fourth quarter results 211 7 February 212 1 Summary fourth quarter Strong quarter and best full-year results so far Good farm profitability drove improved margins, more than offsetting

More information

U.S. Agriculture and International Trade

U.S. Agriculture and International Trade Curriculum Guide I. Goals and Objectives A. Understand the importance of exports and imports to agriculture and how risk management is affected. B. Understand factors causing exports to change. C. Understand

More information

Soybean Supply and Demand Forecast

Soybean Supply and Demand Forecast Soybean Supply and Demand Forecast U.S. soybean planted acreage is expected to increase 11.5 million acres over the forecast period. U.S. soybean yields are expected to increase 7 bushels per acre or an

More information

3rd Quarter 2011 Results Investor and Analyst Conference Call

3rd Quarter 2011 Results Investor and Analyst Conference Call 3rd Quarter 2011 Results Investor and Analyst Conference Call 10 November 2011, 3:00 p.m. CET Experience growth. 10 November 2011 K+S Group 0 Content A. Key Figures B. Core Business Sector Fertilizers

More information

Chasing growth in a constrained environment

Chasing growth in a constrained environment Chasing growth in a constrained environment Bernard Fontana CEO June 14, 2012 Agenda 1 Drivers of demand growth 2 Allocating the asset footprint according to demand 3 Growth from customer excellence &

More information

Have Recent Increases in International Cereal Prices Been Transmitted to Domestic Economies? The experience in seven large Asian countries

Have Recent Increases in International Cereal Prices Been Transmitted to Domestic Economies? The experience in seven large Asian countries Have Recent Increases in International Cereal Prices Been Transmitted to Domestic Economies? The experience in seven large Asian countries David Dawe ESA Working Paper No. 08-03 April 2008 Agricultural

More information

South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank

South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 17 March 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the previous

More information

Financial Translation. Pierre Courduroux Senior Vice President and Chief Financial Officer

Financial Translation. Pierre Courduroux Senior Vice President and Chief Financial Officer Financial Translation Pierre Courduroux Senior Vice President and Chief Financial Officer Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements, such

More information

GrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%

GrandVision reports Revenue growth of 13.8% and EPS growth of 31.7% GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue

More information

India s Services Exports

India s Services Exports Markus Hyvonen and Hao Wang* Exports of services are an important source of demand for the Indian economy and account for a larger share of output than in most major economies. The importance of India

More information

Research Commodities El Niño returns grains and soft commodities at risk

Research Commodities El Niño returns grains and soft commodities at risk Investment Research General Market Conditions 20 May 2015 Research Commodities El Niño returns grains and soft commodities at risk Meteorologists now agree that El Niño has arrived and project that it

More information

PotashCorp Reports First-Quarter Earnings of $0.09 per Share

PotashCorp Reports First-Quarter Earnings of $0.09 per Share For Immediate Release April 28, 2016 Listed: TSX, NYSE Symbol: POT Key Highlights PotashCorp Reports First-Quarter Earnings of $0.09 per Share First-quarter earnings of $0.09 per share 1, including: Notable

More information

AGRICULTURAL SCIENCES Vol. II - Crop Production Capacity In North America - G.K. Pompelli CROP PRODUCTION CAPACITY IN NORTH AMERICA

AGRICULTURAL SCIENCES Vol. II - Crop Production Capacity In North America - G.K. Pompelli CROP PRODUCTION CAPACITY IN NORTH AMERICA CROP PRODUCTION CAPACITY IN NORTH AMERICA G.K. Pompelli Economic Research Service, U. S. Department of Agriculture, USA Keywords: Supply, policy, yields. Contents 1. Introduction 2. Past Trends in Demand

More information

The 2024 prospects for EU agricultural markets: drivers and uncertainties. Tassos Haniotis

The 2024 prospects for EU agricultural markets: drivers and uncertainties. Tassos Haniotis 1. Introduction The 2024 prospects for EU agricultural markets: drivers and uncertainties Tassos Haniotis Director of Economic Analysis, Perspectives and Evaluations; Communication DG Agriculture and Rural

More information

Grains and Oilseeds Outlook

Grains and Oilseeds Outlook United States Department of Agriculture Grains and Oilseeds Outlook Friday, February 26, 2016 www.usda.gov/oce/forum Agricultural Outlook Forum 2016 Released: Friday, February 26, 2016 GRAINS AND OILSEEDS

More information

3.3 Real Returns Above Variable Costs

3.3 Real Returns Above Variable Costs 3.3 Real Returns Above Variable Costs Several factors can impact the returns above variable costs for crop producers. Over a long period of time, sustained increases in the growth rate for purchased inputs

More information

Domestic Activity. Graph 6.2 Terms of Trade Log scale, 2013/14 average = 100

Domestic Activity. Graph 6.2 Terms of Trade Log scale, 2013/14 average = 100 6. Economic Outlook 6 The International Economy The outlook for GDP growth of Australia s major trading partners (MTPs) is unchanged from the November Statement. Over the next few years, growth is expected

More information

Q4 2013 Investor Conference Call. February 19, 2014

Q4 2013 Investor Conference Call. February 19, 2014 Q4 2013 Investor Conference Call February 19, 2014 FORWARD-LOOKING STATEMENTS Certain statements in this document about our current and future plans, expectations and intentions, results, levels of activity,

More information

Future drivers and trends in dairy and food markets

Future drivers and trends in dairy and food markets Future drivers and trends in dairy and food markets IAL 2011 August 2011 Michael Harvey, Senior Analyst Road map Topic 1 Future drivers and trends in dairy and food markets Topic 2 Where is the dairy sector

More information

Outlook for the 2013 U.S. Farm Economy

Outlook for the 2013 U.S. Farm Economy Outlook for the 213 U.S. Farm Economy Kevin Patrick Farm and Rural Business Branch Resource and Rural Economics Division Highlights Net farm income in 213 forecast: $128.2 billion Net cash income in 213

More information

Wheat Import Projections Towards 2050. Chad Weigand Market Analyst

Wheat Import Projections Towards 2050. Chad Weigand Market Analyst Wheat Import Projections Towards 2050 Chad Weigand Market Analyst January 2011 Wheat Import Projections Towards 2050 Analysis Prepared by Chad Weigand, Market Analyst January 2011 Purpose The United Nations

More information

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS For Immediate Release For Further Information Refer to: John J. Haines 260-824-2900 FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS Bluffton, Indiana July 30, 2013 - Franklin Electric

More information

A Business Newsletter for Agriculture. Vol. 12, No. 1 www.extension.iastate.edu/agdm. Energy agriculture - where s the nitrogen?

A Business Newsletter for Agriculture. Vol. 12, No. 1 www.extension.iastate.edu/agdm. Energy agriculture - where s the nitrogen? A Business Newsletter for Agriculture Vol. 12, No. 1 www.extension.iastate.edu/agdm November 2007 Energy agriculture - where s the nitrogen? by Don Hofstrand, value-added agriculture specialist, co-director

More information

Market Monitor Number 3 November 2012

Market Monitor Number 3 November 2012 Market Monitor Number 3 November 2012 AMIS Crops: World Supply-Demand Balances in 2012/13 World supply and demand situation continues to tighten for wheat and maize but rice and soybeans have eased. In

More information

A X A L T A C O A T I N G S Y S T E M S. Q1 2016 FINANCIAL RESULTS April 28, 2016

A X A L T A C O A T I N G S Y S T E M S. Q1 2016 FINANCIAL RESULTS April 28, 2016 A X A L T A C O A T I N G S Y S T E M S Q1 2016 FINANCIAL RESULTS April 28, 2016 Legal Notices Forward-Looking Statements This presentation and the oral remarks made in connection herewith may contain

More information

FCC Ag Economics: Farm Sector Health Drives Farm Equipment Sales

FCC Ag Economics: Farm Sector Health Drives Farm Equipment Sales FCC Ag Economics: Farm Sector Health Drives Farm Equipment Sales Fall 2015 FCC Ag Economics: Farm Sector Health Drives Farm Equipment Sales 1 Introduction Agriculture is always evolving. Average farm sizes

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

PotashCorp Reports 2015 Third-Quarter Earnings of $0.34 per Share

PotashCorp Reports 2015 Third-Quarter Earnings of $0.34 per Share PotashCorp Reports 2015 Third-Quarter Earnings of $0.34 per Share Symbol: POT Listed: TSX, NYSE Key Highlights Third-quarter earnings of $0.34 per share 1, including $0.03 per share related to notable

More information

THE STATE OF THE ECONOMY

THE STATE OF THE ECONOMY THE STATE OF THE ECONOMY CARLY HARRISON Portland State University Following data revisions, the economy continues to grow steadily, but slowly, in line with expectations. Gross domestic product has increased,

More information

OILSEEDS AND OILSEED PRODUCTS

OILSEEDS AND OILSEED PRODUCTS 3. COMMODITY SNAPSHOTS OILSEEDS AND OILSEED PRODUCTS Market situation Global oilseeds production in the 214 marketing year (see glossary for a definition of marketing year) reached record levels for the

More information

North American Steel Industry: Recent Market Developments and Key Challenges Going Forward

North American Steel Industry: Recent Market Developments and Key Challenges Going Forward North American Steel Industry: Recent Market Developments and Key Challenges Going Forward OECD Steel Committee May 6-7, 21 Paris, France * American Iron and Steel Institute (AISI) Steel Manufacturers

More information

Strawberry Industry Overview and Outlook. Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl.

Strawberry Industry Overview and Outlook. Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl. Strawberry Industry Overview and Outlook Feng Wu Research Associate Gulf Coast Research and Education Center University of Florida fengwu@ufl.edu Zhengfei Guan Assistant Professor Gulf Coast Research and

More information

Thailand s Great Undeveloped Resource

Thailand s Great Undeveloped Resource Thailand s Great Undeveloped Resource INVESTMENT STRATEGY The primary goal of is to aggregate a significant land package targeting potash, at a very low cost of entry, 6 claims for a total of 96 sq. km.

More information

Yara International ASA First quarter results 2009. 28 April 2009

Yara International ASA First quarter results 2009. 28 April 2009 Yara International ASA First quarter results 29 28 April 29 1 Summary first quarter 29 Strong cash flow Significant on-going operating capital release Reduced margins despite lower energy costs Sales volumes

More information

LABRADOR IRON MINES REPORTS QUARTERLY RESULTS

LABRADOR IRON MINES REPORTS QUARTERLY RESULTS LABRADOR IRON MINES REPORTS QUARTERLY RESULTS Toronto, Ontario, August 28, 2015. Labrador Iron Mines Holdings Limited ( LIM or the Company ) today reports its operating and financial results for its first

More information

ENGINEERING LABOUR MARKET

ENGINEERING LABOUR MARKET ENGINEERING LABOUR MARKET in Canada Projections to 2025 JUNE 2015 ENGINEERING LABOUR MARKET in Canada Projections to 2025 Prepared by: MESSAGE FROM THE CHIEF EXECUTIVE OFFICER Dear colleagues: Engineers

More information

Impact of Global Financial Crisis on South Asia

Impact of Global Financial Crisis on South Asia Impact of Global Financial Crisis on South Asia February 17, 2009 - The global financial crisis hit South Asia at a time when it had barely recovered from severe terms of trade shock resulting from the

More information

ACADIAN TIMBER CORP. REPORTS FOURTH QUARTER AND YEAR-END RESULTS

ACADIAN TIMBER CORP. REPORTS FOURTH QUARTER AND YEAR-END RESULTS News Release Investors, analysts and other interested parties can access Acadian Timber Corp. s 2015 Fourth Quarter Results conference call via webcast on Thursday, February 11, 2016 at 1:00 p.m. ET at

More information

A good start to the year, in line with expectations Danone continues to re-balance its model of growth

A good start to the year, in line with expectations Danone continues to re-balance its model of growth First-quarter 206 sales Press release Paris, April 9, 206 A good start to the year, in line with expectations Danone continues to re-balance its model of growth FIRST QUARTER 206 sales growth: +3.5% Solid

More information

South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank

South African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank South African Reserve Bank Press Statement Embargo Delivery 21 July 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank The UK vote to

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

Statement by Kasper Rorsted Chairman of the Management Board Conference-Call November 11, 2015, 10.30 a.m.

Statement by Kasper Rorsted Chairman of the Management Board Conference-Call November 11, 2015, 10.30 a.m. Statement by Kasper Rorsted Chairman of the Management Board Conference-Call November 11, 2015, 10.30 a.m. Welcome to our conference call today. As you will have seen, this morning we sent out our news

More information

Tosoh Reports on Consolidated Results for Fiscal 2016 (from April 1, 2015, to March 31, 2016) Tokyo, Japan

Tosoh Reports on Consolidated Results for Fiscal 2016 (from April 1, 2015, to March 31, 2016) Tokyo, Japan NEWS RELEASE May 10, 2016 Tosoh Reports on Consolidated Results for Fiscal 2016 (from April 1, 2015, to March 31, 2016) Tokyo, Japan Tosoh Corporation is pleased to announce its consolidated results for

More information

Supply & demand outlook for the canola industry

Supply & demand outlook for the canola industry Supply & demand outlook for the canola industry J.P. Gervais Chief Ag Economist March 2015 @jpgervais Canola Canola is one component of the environment for oil producing crops Growth in demand has supported

More information

Canadian Tire Corporation 2014 Second Quarter Financial Results

Canadian Tire Corporation 2014 Second Quarter Financial Results Canadian Tire Corporation 2014 Second Quarter Financial Results August 7, 2014 Forward looking information This document contains forward-looking statements that reflect management s current expectations

More information

2 nd Quarter 2014 Financial Results Celulosa Arauco y Constitución S.A.

2 nd Quarter 2014 Financial Results Celulosa Arauco y Constitución S.A. Conference Call Presentation 2 nd Quarter 2014 Financial Results Celulosa Arauco y Constitución S.A. Gianfranco Truffello, C.F.O. Santiago, August 28 th, 2014 Disclaimer Forward-looking statements are

More information

FERTILIZER OUTLOOK. Knowledge would often confuse them. Barrie Bain Director of Fertilizer Intelligence FERTECON Limited

FERTILIZER OUTLOOK. Knowledge would often confuse them. Barrie Bain Director of Fertilizer Intelligence FERTECON Limited FERTILIZER OUTLOOK Knowledge would often confuse them by Barrie Bain Director of Fertilizer Intelligence FERTECON Limited Nomura Global Chemical Industry Leaders Conference, Venice, 21 March 2013 FERTECON/

More information

THE ASSOCIATION OF ANIMAL FEED PRODUCERS IN THE UK INDUSTRY REPORT FOR 2014 AND BEYOND

THE ASSOCIATION OF ANIMAL FEED PRODUCERS IN THE UK INDUSTRY REPORT FOR 2014 AND BEYOND THE ASSOCIATION OF ANIMAL FEED PRODUCERS IN THE UK INDUSTRY REPORT FOR 2014 AND BEYOND Introductory Message from the Chief Executive: Welcome to this, the 20 th annual report from The Association of Animal

More information

ANALYSIS OF LEBANON S FOOD MARKET

ANALYSIS OF LEBANON S FOOD MARKET ANALYSIS OF LEBANON S FOOD MARKET Table of Contents World Food Market 3 Lebanon s Food Production 8 Lebanon s Food Imports and Exports 11 Evolution of Food Imports 11 Food Imports by Type 12 Food Imports

More information

Managing Risk With Revenue Insurance

Managing Risk With Revenue Insurance Managing Risk With Revenue Insurance VOLUME 4 ISSUE 5 22 Robert Dismukes, dismukes@ers.usda.gov Keith H. Coble, coble@agecon.msstate.edu Comstock 10 Crop revenue insurance offers farmers a way to manage

More information

Ukraine Crop Update. Spring Sowing Ahead of Average. CROP-UKR14-01 May 8, 2014

Ukraine Crop Update. Spring Sowing Ahead of Average. CROP-UKR14-01 May 8, 2014 May 8, 2014 Ukraine Crop Update Ukraine spring seeding is ahead of both last year and average having 6.6 million hectares planted by May 7. Ukraine s weather this spring has been favorable for both fieldwork

More information

Q3 2015 Results. Mr. Stefan Borgas President & CEO. November 12, 2015

Q3 2015 Results. Mr. Stefan Borgas President & CEO. November 12, 2015 Q3 2015 Results Mr. Stefan Borgas President & CEO November 12, 2015 Important Legal Notes The information delivered or to be delivered to you does not constitute an offer or a recommendation to do any

More information

2013 2014e 2015f. www.economics.gov.nl.ca. Real GDP Growth (%)

2013 2014e 2015f. www.economics.gov.nl.ca. Real GDP Growth (%) The global economy recorded modest growth in 2014. Real GDP rose by 3.4%, however, economic performance varied by country and region (see table). Several regions turned in a lackluster performance. The

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

Weiqiao Textile Announces its 2015 Interim Results

Weiqiao Textile Announces its 2015 Interim Results Weiqiao Textile Announces its 2015 Interim Results Seize new opportunities in new normal development phase Continued leadership against the backdrop of industry changes Financial Summary Revenue was approximately

More information

Fourth Quarter 2015. Questions and Answers

Fourth Quarter 2015. Questions and Answers Fourth Quarter 2015 Questions and Answers Forward-Looking Statements This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include

More information

Fifty years of Australia s trade

Fifty years of Australia s trade Fifty years of Australia s trade Introduction This edition of Australia s Composition of Trade marks the publication s 50th anniversary. In recognition of this milestone, this article analyses changes

More information

PROVIDING SOLUTIONS. 3 rd Quarter 2013 Results Investor and Analyst Conference Call 14 November 2013, 2:00 p.m. CET. Experience growth.

PROVIDING SOLUTIONS. 3 rd Quarter 2013 Results Investor and Analyst Conference Call 14 November 2013, 2:00 p.m. CET. Experience growth. PROVIDING SOLUTIONS 3 rd Quarter 2013 Results Investor and Analyst Conference Call 14 November 2013, 2:00 p.m. CET Experience growth. Highlights EBIT I in the first 9 months 556m (-11%) Fit for the future

More information

Embedded Value 2014 Report

Embedded Value 2014 Report Embedded Value 2014 Report Manulife Financial Corporation Page 1 of 13 Background: Consistent with our objective of providing useful information to investors about our Company, and as noted in our 2014

More information

Brookfield financial Review q2 2010

Brookfield financial Review q2 2010 Brookfield financial Review q2 2010 Overview Operating cash flow and gains totalled $327 million in the second quarter or $0.53 per share compared to $294 million in the prior year. This brings operating

More information

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information)

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information) Makita Corporation Consolidated Financial Results for the nine months ended (U.S. GAAP Financial Information) (English translation of "ZAIMU/GYOSEKI NO GAIKYO" originally issued in Japanese language) CONSOLIDATED

More information

Food, Feed & Fuel - Farmland Investing Explained. Enquirica Research

Food, Feed & Fuel - Farmland Investing Explained. Enquirica Research Food, Feed & Fuel - Farmland Investing Explained Enquirica Research Investing in Canadian Farmland Canadian farmland continues to receive favorable attention from alternative investors. We believe it stems

More information

Insurance Market Outlook

Insurance Market Outlook Munich Re Economic Research May 2016 Emerging countries in Asia still linchpin of global premium growth The offers a brief overview of how we expect the insurance markets to develop over the next ten years.

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

6. Economic Outlook. The International Economy. Graph 6.2 Terms of Trade Log scale, 2012/13 average = 100

6. Economic Outlook. The International Economy. Graph 6.2 Terms of Trade Log scale, 2012/13 average = 100 6. Economic Outlook The International Economy Growth of Australia s major trading partners is expected to be around its long-run average in 015 and 016 (Graph 6.1). Forecasts for 015 have been revised

More information

Price instability and competition law: the case of the potash cartel

Price instability and competition law: the case of the potash cartel Price instability and competition law: the case of the potash cartel Frederic Jenny Professor of economics, ESSEC Business School OECD Global Forum on Trade and Competition 2012 1) This presentation is

More information

Section 2 Evaluation of current account balance fluctuations

Section 2 Evaluation of current account balance fluctuations Section 2 Evaluation of current account balance fluctuations Key points 1. The Japanese economy and IS balance trends From a macroeconomic perspective, the current account balance weighs the Japanese economy

More information

percentage points to the overall CPI outcome. Goods price inflation increased to 4,6

percentage points to the overall CPI outcome. Goods price inflation increased to 4,6 South African Reserve Bank Press Statement Embargo on Delivery 28 January 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the

More information

FCStone Grain Recap July 9, 2015

FCStone Grain Recap July 9, 2015 CORN: Values higher throughout the day on heavy volume as traders anticipate USDA s Friday S&D update and speculate on US crop problems. Weekly export sales of 535,000 tons vs 363,000 tons of old crop

More information

Labour Market Bulletin

Labour Market Bulletin Labour Market Bulletin Manitoba September The Monthly Edition of the Labour Market Bulletin provides an analysis of monthly Labour Force Survey results for the province of Manitoba, including the regions

More information

CENTURY ENERGY LTD. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED AUGUST 31, 2014

CENTURY ENERGY LTD. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED AUGUST 31, 2014 CENTURY ENERGY LTD. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED AUGUST 31, 2014 The following management s discussion and analysis ( MD&A ), prepared as of December 11, 2014, should

More information

Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009

Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Member of Financial Accounting Standards Foundation Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Name of Listed Company: Arisawa Mfg. Co., Ltd. Listed on the 1st Section

More information

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery Below is a summery of Q&A session from the Information Meeting held on November 25, 2015

More information

summarized Business and Industrial Analysis of Contractor Ablature

summarized Business and Industrial Analysis of Contractor Ablature Q4 2015 Results Mr. Stefan Borgas President & CEO February 09, 2016 Important Legal Notes The information delivered or to be delivered to you does not constitute an offer or a recommendation to do any

More information

Brunswick Earnings Conference Call Q3, 2015

Brunswick Earnings Conference Call Q3, 2015 Brunswick Earnings Conference Call Q3, 2015 Helping Active People Live Active Lives Forward-Looking Statements Certain statements in this presentation are forward-looking as defined in the Private Securities

More information

+ Very good business performance for potash and magnesium products + As expected, weak early stocking-up in salt business + Quarterly revenues rise

+ Very good business performance for potash and magnesium products + As expected, weak early stocking-up in salt business + Quarterly revenues rise H1 2012 HALF-YEARLY FINANCIAL REPORT OF THE K+S GROUP January to June + Very good business performance for potash and magnesium products + As expected, weak early stocking-up in salt business + Quarterly

More information

Quarterly Economics Briefing

Quarterly Economics Briefing Quarterly Economics Briefing March June 2015 2016 Review of Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic

More information

TRENDS IN BULK BLENDING WORLD WIDE

TRENDS IN BULK BLENDING WORLD WIDE TRENDS IN BULK BLENDING WORLD WIDE CHARLES FORMISANI Project Engineer A. J. Sackett & Sons Company Baltimore, Maryland USA 410-276-4466 www.ajsackett.com Assuming that the goal of any fertilization program

More information

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013 Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for

More information

India's Booming Stock Market and Its Outlook Ahead

India's Booming Stock Market and Its Outlook Ahead VOL1. NO. February 2006 India's Booming Stock Market and Its Outlook Ahead India's stock market in 200 was driven by expanding inflows of foreign capital into the country on the back of expectations for

More information

Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services

Statement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services For release at 8:30 a.m. EST February 10, 2016 Statement by Janet L. Yellen Chair Board of Governors of the Federal Reserve System before the Committee on Financial Services U.S. House of Representatives

More information

Canadian Agricultural Outlook

Canadian Agricultural Outlook 2015 Canadian Agricultural Outlook Information contained in this report is current as of February 11, 2015. Her Majesty the Queen in Right of Canada, represented by the Minister of Agriculture and Agri-Food,

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact

More information

Working Paper 198 M A C R O E C O N O M I C S F I N A N C I A L M A R K E T S E C O N O M I C P O L I C Y S E C T O R S

Working Paper 198 M A C R O E C O N O M I C S F I N A N C I A L M A R K E T S E C O N O M I C P O L I C Y S E C T O R S ECONOMIC RESE ARCH Working Paper 198 February 10, 2016 M A C R O E C O N O M I C S F I N A N C I A L M A R K E T S E C O N O M I C P O L I C Y S E C T O R S Gregor Eder Emerging markets: Asian companies

More information

TMK ANNOUNCES 4Q 2012 AND FULL-YEAR 2012 IFRS RESULTS

TMK ANNOUNCES 4Q 2012 AND FULL-YEAR 2012 IFRS RESULTS TMK ANNOUNCES 4Q AND FULL-YEAR IFRS RESULTS The following contains forward looking statements concerning future events. These statements are based on current information and assumptions of TMK management

More information

4Q and FYE 2014 Results Conference Call

4Q and FYE 2014 Results Conference Call A global environmental technology company focused on air pollution control, energy, fluid handling and filtration industries 4Q and FYE 2014 Results Conference Call March 5, 2015 1 Safe Harbor Statement

More information

June 2015 From Nature to Green Energy

June 2015 From Nature to Green Energy Business Overview: 2015Q2 Performance June 2015 Fully Integrated Sugar & Energy Company Note : Conversion Ratio 1 ton of Sugar Cane = 105 kg of sugar + 45 kg of Molasses + 50 kg of Filter Cake + 295 kg

More information

FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3.

FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3. FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3.00 Fiscal Year 2014 Net Sales Increase 8% to $3.510 Billion;

More information

1st Quarter 2010 Results CONFERENCE CALL

1st Quarter 2010 Results CONFERENCE CALL 1st Quarter 2010 Results CONFERENCE CALL 12 May 2010, 3:00 p.m. CEST Experience growth. 12 May 2010 K+S Group 0 Market environment in Q1/10 Fertilizer Business Sector Business Sector Preparation for the

More information

Ludwigshafen, February 25, 2014

Ludwigshafen, February 25, 2014 Ludwigshafen, February 25, 2014 Analyst Conference FY2013 Cautionary note regarding forward-looking statements This presentation may contain forward-looking statements that are subject to risks and uncertainties,

More information

Global outlook: Healthcare

Global outlook: Healthcare Global outlook: Healthcare March 2014 healthcare 1 Today s presenters Ana Nicholls Managing Editor, Industry Briefing Economist Intelligence Unit Lauren Brayshaw Marketing executive Economist Intelligence

More information