In This Article:
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Statutory Result After Tax: Loss of EUR $311 million, primarily due to non-cash impairments in the fertilizer business.
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EBIT: $580 million, reflecting an 18% improvement on fiscal year '23.
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EBITDA: $925 million on a continuing operations basis.
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Dividend: Final dividend of 6.3 per share, unfranked, with a total ordinary dividend of 10.6 per share for fiscal year '24.
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Capital Expenditure: $379 million, 23% lower than the previous year.
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Net Debt to EBITDA: 0.8 times.
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Dyno Nobel Asia Pacific EBIT: $257 million, up $69 million from the prior year, with an EBIT margin of just over 17%.
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Dyno Nobel Americas EBIT: $132 million, a 13% increase from the prior year.
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Fertilizer Distribution EBIT: Record performance driven by volume and margin improvements.
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Transformation Program Uplift: $64 million EBIT improvement in fiscal year '24.
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Capital Return Program: $649 million returned, with $751 million remaining.
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ROIC Including Goodwill: Increased from 6.1% to 6.3%.
Release Date: November 10, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Incitec Pivot Ltd (ICPVF) reported record earnings in its Dyno Nobel Asia Pacific explosives business and fertilizer distribution business, highlighting strong operational performance.
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The company's transformation project has exceeded expectations, delivering a $64 million EBIT improvement in fiscal year 2024.
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Incitec Pivot Ltd (ICPVF) announced a final dividend of 6.3 cents per share, maintaining a 50% payout ratio, which reflects strong capital management.
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The company has made significant progress on its $1.4 billion capital return program, having returned $649 million to shareholders so far.
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The company's advanced technology and strong customer partnerships are driving growth, particularly in the metals markets, and positioning it well for future demand.
Negative Points
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Incitec Pivot Ltd (ICPVF) reported a statutory net loss after tax of $311 million, primarily due to non-cash impairments in its fertilizer business.
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Safety performance has been below expectations, with a TRIF of 1.08, which includes a fatal road incident, exceeding the fiscal year 2024 target of 0.8.
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The company's fertilizer business has been impacted by uncertainty over gas prices in Australia, leading to impairments and operational challenges.
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The strategic review of the Phosphate Hill asset is complex and ongoing, with no resolution expected before September 2025.
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The company faces a heightened program of plant turnarounds in fiscal year 2025, which is expected to negatively impact earnings.