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: David Pobucky - Macquarie Research - Analyst
: Congratulations on the strong results and the good color in the pack as well. Just a couple for me. The first one on AIRR, solid synergies number
there of $14 million. Do you expect [Ag AIRR] terms to more incremental synergies from that business going forward?
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NOVEMBER 14, 2021 / 11:00PM, ELD.AX - Full Year 2021 Elders Ltd Earnings Call
Question: David Pobucky - Macquarie Research - Analyst
: And just the second one, good EBIT margin of 6.5% versus PCP. I think you've touched on this a little bit. But is there a medium-term target that
we should be thinking about at a group level? I mean, what are some of the key drivers of that expansion going forward? I think you touched on
at your halfway through that backward integration strategy?
Question: Evan Karatzas - UBS Investment Bank, Research Division - Analyst
: Just firstly on the working capital, just confirm that the increase is largely driven by higher sales and not an interest in debtor days or any sort of
deterioration in receivables aging or recovery?
Question: Evan Karatzas - UBS Investment Bank, Research Division - Analyst
: And then just finally, my second question. On the backwards integration strategy, obviously we've been quite successful in this first arrival with
Titan. Can you just talk to if there's a willingness to further that backwards integration into other adjacencies? Or what's the thinking there in terms
of potential opportunities for Elders to further backwards integrate?
Question: Evan Karatzas - UBS Investment Bank, Research Division - Analyst
: Just quickly, formulating capacity in crop protection, is that an area of focus at all, given -- I mean, you obviously sort of outsourced that Titan
formulating?
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