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
: Mark and Tania, congratulations on the really strong results and a good disclosure as well in the pack. Just first question on the guidance. It was
20% to 30% and now 30% to 40% up on PCP. Can you provide a bit more color around what you've seen since that initial guidance was set in
mid-March, and I suppose the key drivers across the business to drive that upgrade, please?
Question: Sophie Carran - Goldman Sachs Group, Inc., Research Division - Analyst
: Just one on the backward integration strategy. And maybe if you can just provide an update on this? I saw it was up to sort of 29% of sales in the
half. I mean how much of this is sort of pricing versus volume uplift? And then how far through this program are you? And how much further is
there to go? And then maybe just one more on that is if you could touch on the investment in Agcrest and then just how you're thinking about
this sort of longer term in terms of capturing more margin through that strategy?
Question: Evan Karatzas - UBS Investment Bank, Research Division - Analyst
: Congrats on really strong result. You touched a bit in your outlook in closing comments, but just interested to understand how you're mitigating
that risk of, I guess, margin squeeze, to use your term as some of these, I guess, commodity prices roll over. Can you start to sell forward some
volumes to mitigate that price risk? Just can to pass that out a bit.
And then also, if you can also touch on just how long the typical inventory cycle is for the AgChem and Fert products as well, that would be super
helpful?
Question: Evan Karatzas - UBS Investment Bank, Research Division - Analyst
: Just around the, I guess, the typical inventory cycle, how long it is for AgChem and Fert products?
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