The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Matthew H. Ryan - Barrenjoey Capital Partners - Analyst
: Just focusing again on the U.S. market. Obviously, the backdrop seems really supportive for price changes for a number of different reasons. Just
wondering whether you think you can speed up any of those contract discussions to make the most of the current conditions.
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AUGUST 17, 2021 / 8:00AM, BXB.AX - Full Year 2021 Brambles Ltd Earnings Call
Question: Matthew H. Ryan - Barrenjoey Capital Partners - Analyst
: Okay. And then maybe just looking at your comments around pallet recoveries. I'm not sure whether I'm interpreting your comments, Nessa,
correctly that it seems to be, I guess, a greater focus on that than I would have expected. Just curious as to how much worse that seems to be
getting at the moment.
And I think you made some comments about the recyclers specifically. Can you just talk about the change -- changes that you might be looking
at? And I assume you must be referring to the asset recovery program that's sort of been reduced over the last few years.
Question: Owen Birrell - RBC Capital Markets, Research Division - Analyst
: I'm probably just going to ask kind of another similar question to the hoarding issue in the U.S. Can I just ask just firstly, the $180 million of pooling
CapEx that's been deferred this year, is that going to be incremental to what you would have otherwise spent next year? Or is it just $180 million
of CapEx is effectively just going to be lost or pushed down the road into perpetuity?
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AUGUST 17, 2021 / 8:00AM, BXB.AX - Full Year 2021 Brambles Ltd Earnings Call
Question: Owen Birrell - RBC Capital Markets, Research Division - Analyst
: And is it fair to say the -- I guess, the pooling CapEx to CapEx ratio should be sort of back at around that sort of 20-odd percent going forward? Or
should we -- or what you're saying that we get a bump on that next year?
Question: Owen Birrell - RBC Capital Markets, Research Division - Analyst
: Yes. Okay. Did you have a sense of -- you talked about the hoarding of pallets. Can you give us a sense of what percentage of the pool is being, I
guess, held back? Just give us a sense of, I guess, how material this issue is and what percentage of the pool effectively gets released when it stops.
Question: Owen Birrell - RBC Capital Markets, Research Division - Analyst
: Okay. And just one final question on EMEA. Look, the growth rates out of that market look significantly better than, I guess, what you -- against the
dire commentary that you guys were providing at the end of the last calendar year. I'm just wondering what has changed so materially in EMEA
that the growth rates that have actually been delivered are some much stronger than, I guess, what you were sort of alluding to previously.
Question: Owen Birrell - RBC Capital Markets, Research Division - Analyst
: Right. And can we assume that I guess, I mean, obviously I don't need you to provide guidance, but just that the operating environment is still
moving back to a normalization over the course of the next 6 to 12 months?
Question: Andre Peter Fromyhr - UBS Investment Bank, Research Division - Analyst
: Just curious about the increased pricing for higher-risk lanes. How material is that relative to base prices? And how receptive are customers to find
out they're paying more because they're considered higher risk?
Question: Andre Peter Fromyhr - UBS Investment Bank, Research Division - Analyst
: Got it. Is it sort of a step in the direction of even more price discrimination across your portfolio such that you're considering the characteristics...
Question: Andre Peter Fromyhr - UBS Investment Bank, Research Division - Analyst
: Sure. Just one final one for me. The -- and as much as you're not talking about FY '22 guidance, there is a comment about increased investments
and initiatives in FY '22 with the benefits to yield in '23. Am I right in assuming that that's referring to continued spending under the Shaping Our
Future program? Or is there sort of another layer on top of that?
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