Anglo American Platinum FY 2013 financial results presentation

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Anglo American Platinum FY 2013 financial results presentation

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Anglo American Platinum FY 2013 financial results presentation

  1. 1. 2013 ANNUAL RESULTS 3 February 2014
  2. 2. CAUTIONARY STATEMENT Disclaimer: This presentation has been prepared by Anglo American Platinum Limited (“Anglo American Platinum”) and comprises the written materials/slides for a presentation concerning Anglo American Platinum. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. This presentation is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy shares in Anglo American Platinum. Further, it does not constitute a recommendation by Anglo American Platinum or any other party to sell or buy shares in Anglo American Platinum or any other securities. All written or oral forward-looking statements attributable to Anglo American Platinum or persons acting on their behalf are qualified in their entirety by these cautionary statements. Forward-Looking Statements This presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding Anglo American Platinum’s financial position, business and acquisition strategy, plans and objectives of management for future operations (including development plans and objectives relating to Anglo American Platinum’s products, production forecasts and reserve and resource positions), are forward-looking statements. Such forwardlooking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American Platinum, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Anglo American Platinum’s present and future business strategies and the environment in which Anglo American Platinum will operate in the future. Important factors that could cause Anglo American Platinum’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource exploration and development capabilities, recovery rates and other operational capabilities, the availability of mining and processing equipment, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American Platinum operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American Platinum’s most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Anglo American Platinum expressly disclaims any obligation or undertaking (except as required by applicable law, the Listings Requirements of the securities exchange of the JSE Limited in South Africa and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American Platinum’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this presentation should be interpreted to mean that future earnings per share of Anglo American Platinum will necessarily match or exceed its historical published earnings per share. Certain statistical and other information about Anglo American Platinum included in this presentation is sourced from publicly available third party sources. As such it presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American Platinum. No Investment Advice This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this presentation in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Advisory and Intermediary Services Act 37 of 2002 in South Africa). 2
  3. 3. AGENDA • Overview of 2013 • Safety, health & environment • Operational review • Review of markets • Review of financial performance • Portfolio restructuring update • 2014 Outlook • Q&A 3
  4. 4. OVERVIEW OF 2013 Chris Griffith, CEO
  5. 5. OVERVIEW OF 2013 Solid foundation for the future • Record year for safety performance Equivalent refined platinum production • Delivered on restructuring 2,600 – Rustenburg reconfigured from 5 to 3 mines – 2,300 redeployed to vacancies at other mines Thousand ounces – 5,100 employees left the business 2,500 • Unit costs contained - up 4% year-on-year 2,320 2,300 2,200 2,219 2010 2011 2012 2013 Headline earnings per share profile 25 • Production and sales in line with strategy 19.35 20 Rand per share Mogalakwena ore reserves 306 2009 – R2.9 billion improvement in headline earnings, despite restructuring cost in 2013 • 52.4 4E million ounce increase in 2,410 2,400 2,000 • Return to profitability • Solid and improved JV performance 2,525(1) 2,484 2,100 – R1.9bn benefits delivered at 2.3 million ounces 2,464 13.65 15 10 5 5.56 2.89 0 (5) (5.62) (10) 2009 2010 (1) Normalised production in 2012 of 2,525 includes the 306,000 ounces of production that was lost as a result of the illegal industrial action. 2011 2012 2013 5
  6. 6. SAFETY, HEALTH & ENVIRONMENT Chris Griffith, CEO
  7. 7. SAFETY, HEALTH & ENVIRONMENT Record safety performance Fatalities SAFETY • Best ever safety performance 25 76% • Fatalities reduced 50% since 2011 and 76% since 2007 • LTIFR down 9% to 1.05 in 2013 12 7 6 2012 HEALTH 2013 • Wellness programmes in place to address chronic conditions 2007 2011 • Ongoing programs to reduce exposure to LTIFR (1) noise and dust 2.03 ENVIRONMENT 48% • Energy intensity reductions ongoing 1.27 1.15 • 17% reduction in water consumed post 2009 1.05 baseline • Zero waste to landfill by 2020 on track 2007 (1) LTIFR = Lost-time injury frequency rate per 200,000 hours 2011 2012 2013 7
  8. 8. OPERATIONAL REVIEW Chris Griffith, CEO
  9. 9. GROUP PERFORMANCE IN 2013 Delivered on production despite headwinds • Equivalent refined platinum production Group equivalent refined platinum production increased 5% year-on-year in line with strategy: – Stopped unprofitable production at Rustenburg – Aligned production with market demand • Delivered on production despite 2,600 Thousand Ounces • Targeted production of 2.3 million ounces 2,525 2,500 250(2) 2,400 (306)(1) 2,300 2,219 2,320 7 48 46 2,200 2,100 2,000 2012 Normalised Industrial Action 2012 Own Mines JV & 3rd Party Ounces out Associates Purchases Restructuring 2013 headwinds Group labour productivity profile across the group m2 per operating employee • 9% improvement in labour productivity 7 9% 6.57 6.32 6.05 6 5 4 2011 (1) Lost production as a result of illegal industrial action in 2012 estimated at 306,000 platinum ounces. (2) Annualised ounces taken out of the production profile as a result of the restructuring 2012 2013 9
  10. 10. OWN MINES PERFORMANCE IN 2013 Record production at Mogalakwena and Unki • Equivalent refined platinum production Equivalent refined platinum production from own mines(1) increased 2% to 1.4 million ounces Mines • Union North and South mines combined into one entity • Record production at Mogalakwena and 13 36 1450 Thousand ounces • Rustenburg operations reconfigured into 3 1470 Dishaba production – and Union Unki 1410 1,436 1,410 1390 1370 1350 2012 lower Rustenburg Amandelbult Mines Mines Union 2013 Mogalakwena concentrator recoveries 76% 75% 74% Recoveries % – impacted by decision not to fill vacancies and production headwinds (17) 1430 Unki • Tumela, Mogalakwena (7) 1 73% 72% 70% 70% 68% 66% 2011 (1) Excluding Twickenham and Western Limb Tailings Retreatment plant 2012 2013 10
  11. 11. MOGALAKWENA RESERVES Reserves have increased by 52.5 million 4E ounces (59%) Improved resource confidence (0.7) 10 2013 B 89.1 141.6 1.8 Structure and design changes B 34.2 Rights transfer A 17.1 Drilling N Conversion Production A 2012 150 140 130 120 110 100 90 80 70 2012 N 2013 Reserves million ounces Expanded economic pit shell Enhanced structural interpretation 11
  12. 12. JV & ASSOCIATES PERFORMANCE IN 2013 Solid and improved JV performance • Stand out operational performance from Equivalent refined platinum production JV operations 2012 to 0.84 • Equivalent refined platinum production increased 11% • Bokoni increased 68% Thousand Ounces • LTIFR improvement of 18% from 1.03 in • Kroondal increased 14% 780 760 740 720 700 680 660 640 620 600 • Attributable cash operating cost per 753 705 BRPM Modikwa 2013 29 (26) 4 679 11% 2012 Marikana 2012 Normalised Mototolo Kroondal Bokoni 8.5 m2 per operating employee 13% since 2011 to 8.11 (3) Labour productivity profile equivalent refined platinum ounce consistent year-on-year at R16,090 • Labour productivity performance improved 7 38 8.11 13% 8.0 7.65 7.5 7.15 7.0 6.5 2011 2012 2013 12
  13. 13. REFINED PRODUCTION AND SALES VOLUME IN 2013 Strategy to produce and sell around 2.3 million platinum ounces maintained Group refined platinum production • Equivalent refined production mined and 3.00 at 2.38 million ounces million ounces • Refined platinum production was constant 2.50 2.45 2.57 2009 purchased at 2.32 million ounces 2010 2.53 2.38 2.38 2011 2012 2013 2.00 1.50 1.00 0.50 0.00 • Sales volumes increased year-on-year but inline with strategy at 2.32 million platinum ounces sold Group refined platinum sales volume 3.00 2.57 2.52 2.60 million ounces 2.50 2.17 2.32 2.00 1.50 1.00 0.50 0.00 2009 2010 2011 2012 2013 13
  14. 14. REVIEW OF MARKETS Chris Griffith, CEO
  15. 15. MARKET PRICES Weak PGM prices continue to depress margins Platinum price US$ / oz (1) • Average realised US$ platinum price 1,800 USD per ounce declined by 3 % over the year – supply from above ground stocks and 11% weaker rand • Platinum traded at a premium to gold in H2 – underpin from platinum’s industrial uses 2013: $1,485 H1: $1,549 1,600 H2: $1,430 1,400 10 1,200 1,000 Jan 13 Mar 13 Platinum Price May 13 Jul 13 Gold Price Sep 13 Pt H1 Average Nov 13 Pt H2 Average Basket price (1) • Average US$ basket price realized on 28,000 2,800 26,000 2,600 average rand basket price realized on sales by 14% (1) Quoted prices are realised prices Rand H2: R22,682 USD per ounce • The weaker rand increased the monthly Rand per ounce sales declined by 3% over the year 24,000 2,400 22,000 2,200 Rand H1: R22,472 20,000 Jan 13 Mar 13 May 13 Jul 13 Rand basket Price Rand H2 Average Sep 13 2,000 Nov 13 Rand H1 Average 15 USD basket price
  16. 16. PLATINUM MARKET Deficit reduces above ground stocks for second year • Autocatalyst demand down but slower Gross global platinum demand (koz) rate of decline in EU markets – Industrial demand up on capacity increases in chemicals and glass demand matched supply in 2013 – balanced market • Unprecedented demand from new SA 8,500 Thousand ounces • Autocatalyst, jewellery, and industrial 9,000 893 8,099 (165) 250 (35) 8,606 (436) 8,000 7,713 7,500 7,000 6,500 6,000 based ETF created significant deficit 2012 Autocat Industrial Jewellery Investment 2013 New SA ETF • Annual deficit not reflected in price – Gross global platinum supply (koz) 9,000 • Primary supply remains constrained - 8,500 secondary supply flat on jewellery recycle at low prices lower Thousand ounces second year of significant reductions in above ground stocks 8,000 price recovery - industrial demand growth and flat supply Source: Johnson Matthey and Anglo American Platinum. 64 26 (30) (29) 7,750 2012 • Near term deficits expected to drive 7,719 South Africa Zimbabwe Other primary Recycle 2013 7,500 7,000 6,500 6,000 16
  17. 17. PALLADIUM AND RHODIUM MARKET Solid fundamentals – stock overhangs remain • Palladium market remains in deficit - Gross global palladium demand (koz) strong gasoline autocatalyst demand, reduced ETF holdings and flat supply ground stocks • Strong palladium autocatalyst China and US to continue in 213 Thousand ounces • Price flat - deficit reduced above 10,500 10,000 • Rhodium demand growth returned – (146) (53) 9,937 (451) 9,500 9,500 9,000 8,500 8,000 autocatalyst growing at low loading levels post 2007 thrifting programmes 2012 Autocat Industrial Jewellery Investment 2013 Gross global rhodium demand (koz) • Rhodium price weak as surface stock levels flat 1,010 990 970 950 930 910 890 870 850 Autocat 9 2 2012 Thousand ounces 973 Industrial Source: Johnson Matthey and Anglo American Platinum. 8 992 Investment 2013 17
  18. 18. COMMERCIAL STRATEGY Adding value to underpin portfolio restructuring • Commercial strategy implementation PGM sales increased revenue in 2013 by over $60 m – primarily due to elimination of discounts and increased sales of minor metals • From end of 2013 no sales commissions (R418 m in 2013) and 80% of PGM sales no discounts. • Benefits from participation in Anglo American Group commercial transformation include increased Asia Pacific access by Singapore sales team Rhodium autocatalyst demand • Engaged automakers to explore reintroduction of rhodium into autocatalysts to achieve emissions control cost savings Source: Johnson Matthey and Anglo American Platinum 18
  19. 19. REVIEW OF FINANCIAL PERFORMANCE Bongani Nqwababa, Financial Director
  20. 20. FINANCIAL REVIEW Return to profitability, despite inflationary pressure and weak commodity markets +22% +R8.3bn +R2.9bn +4% R1.0bn increase Revenue Operating profit Headline earnings Unit Cost (1) Net debt R52.4bn R2.0bn R1.5bn R17,053 R11.5bn Operating profit / (loss) (Rand million) 10,000 8,000 6,000 4,000 2,000 -(2,000) (4,000) (6,000) (8,000) 7,253 Headline profit / (loss) (Rand million) 6,000 7,965 4,931 5,000 3,566 4,000 1,968 921 3,000 1,451 2,000 1,000 705 -(1,000) 2009 2010 2011 (1) Excludes Twickenham which is a mine in development (6,334) 2012 (2,000) 2013 2009 2010 2011 (1,468) 2012 2013 20
  21. 21. KEY FINANCIAL MEASURES Strategic steps taken to improve financial returns Rand million 31 Dec 2013 31 Dec 2012 % change 2 326 2 406 3% Basket price per platinum ounce (Rand per ounce) 22 586 19 764 14% Net sales revenue 52 404 42 838 22% 11.8 2.1 10% EBITDA(1) 6,515 (2,136) 405% Operating profit / (loss) 1 968 (6 334) 131% 2.7 (11.7) 14% 1 451 (1 468) 199% 556 (562) 199% Operating free cash flow 3 011 (717) 520% Capital expenditure (excluding capitalised interest) 5,956 6 785 12% 11 456 10 491 9% Basket price per platinum ounce ($ per ounce) Gross profit on metal sales (%) ROCE (%) Headline earnings / (loss) Headline earnings / (loss) per share (cents) Net debt (1) EBITDA equates to operating profit plus depreciation and amortisation, less the loss on associates and the associated tax 21
  22. 22. NET REVENUE Benefit from volume increases and exchange rate • Net revenue increased by 22% to R52.4 Net revenue variance (Rand million) billion 55,000 – Average realised platinum price decreased 3% to $1,485 / oz in 2013 – Average $ basket price decreased by 3% to $ 2,326/ oz 8,075 52,404 Exchange Rate 2013 50,000 – Refined platinum sales volumes up 7% – Further impacted by a 18% year-on-year depreciation in Rand/US Dollar exchange rate (2013: R9.71, 2012: R8.22) 45,000 3,344 42,838 (1,853) 2012 $ Price 40,000 – Realised average rand basket price increased by 14% to R22,586 per platinum ounce in 2013 35,000 Volume 22
  23. 23. COST OF SALES Costs impacted by above inflationary pressure • Cost of sales increase of 10% mainly due to: – Production costs contained to a net 7% increase (on-mine costs +9%, processing -4%) – Purchase of metals – increase in volume and rand prices (+18%) – Other costs – increase in royalties and spend on bulk infrastructure at Unki (+19%) Rand million 31 Dec 2013 31 Dec 2012 % change On-mine 30,201 27,607 + 9% Purchase of metals 10,582 8,959 +18% 5,546 5,789 (4)% Smelting 2,968 3,096 (4)% Treatment and refining 2,578 2,693 (4)% (3,365) (3,144) + 7% Other costs 3,244 2,737 + 19% Cost of sales 46,208 41,948 +10% Processing Movement in inventories 23
  24. 24. UNIT COST VARIANCE ANALYSIS Unit cost contained at +4% • Internal mining inflation of ~8.9% • Cash cost per ounce increase contained at 4% – Mined ounces production up 3% – Benefit realised through various cost savings initiatives Cash cost (R / equivalent refined ounce) Unit cost increase contained at 4% 1,012 18,000 (1,142) 17,800 17,600 941 17,400 (61) 17,200 (62) 17,053 (1) 17,000 16,800 16,600 16,400 16 364 16,200 16,000 2012 (1) Excluding Twickenham Inflation Cost escalation Cost Saving Shaft closures Production 2013 24
  25. 25. OPERATING PROFIT VARIANCE ANALYSIS Strong sales and weaker exchange rate help return to profitability • Financial performance in 2013 driven by: – – – – Weaker exchange rate benefitting revenue Increased sales volumes and a focus on improving revenues from “minor” metals Negatively impacted by lower realised USD prices, inflation and cash costs Significant impact from the scrapping of assets and restructuring costs Operating profit of R2.0bn 10,000 3,344 (1,821) (1,149)(1) 169 6,846 6,000 6,265 (4,297)(2) 4,000 1,968 6,606 272 (1,396) Price (1) Cash costs net of stock movement (2) Scrapping of assets total R2,814 million; retrenchment and social impact mitigation plan costs total R1,483 million. (3) Depreciation includes deferred waste stripping 2013 2013 Scrapping & Restructuring Adjusted Adjusted Operating Profit Operating Profit Depreciation Cash costs Inflation Sales volume 2012 2012 (3) (2,000) Exchange -- (6,334) Adjusted Adjusted 2012 2012 2,000 Scrapping Rand millions 8,000 25
  26. 26. HEADLINE EARNINGS Headline earnings impacted by write-downs as a result of restructuring Rand million Loss attributable to owners of Anglo American Platinum 31 Dec 2013 31 Dec 2012 (1,370) (6,677) 2,814 6,606 833 - 40 358 - 105 (79) (8) Taxation effect of adjustments (787) (1,852) Headline earnings / (loss) 1,451 (1,468) Restructuring costs 1,483 - Remeasurement of loans from Atlatsa refinancing (454) - 271 - Taxation effect of adjustments (491) - Prior year tax settlement 1,900 750 Normalised earnings / (loss) 4,160 (718) Loss on write-down of property, plant and equipment Impairment of Property due to Atlatsa Refinancing Loss on the revaluation of investments Impairment of associates Net profit on the sale of assets, mineral rights and investments Provision for royalties 26
  27. 27. CAPITAL EXPENDITURE Capital to transform the portfolio • Capital expenditure of R5.3 billion • • – Stay-in-business (SIB) capex of R3.6 billion – Project capex of R1.7 billion Capitalised waste stripping of R692 million at Mogalakwena Capex profile aligned to restructured portfolio – optimising capital allocation of low risk high return assets – SIB of ~ R2.5 - 4.0 billion over three years – Spend to peak in 2016 as projects progress towards approval and implementation 9,000 6.5 – 8.0 8,000 7,000 6.0 – 7.3 6.4 2.0 - 2.5 1.0 - 1.5 6,000 5,000 5.5 – 7.0 1.5 - 2.0 5.3 3.4 1.5 - 1.8 1.7 4,000 1.0 - 1.5 2.0 - 2.5 3,000 2,000 1,000 3.6 3.5 - 4.0 3.0 - 3.5 2.5 - 3.0 2013 3.0 Forecast 2014 Real Forecast 2015 Real Forecast 2016 Real 0 2012 SIB Projects Approved Projects Unapproved Projects 27
  28. 28. CASH FLOW AND NET DEBT Improved operating free cash flow utilised to invest in the business 0 Rand million (5,000) (4,268) (7,480) (1,688) (10,000) (10,491) (788) 7,279 (1,591) Operating free cash flow R3,011 million (15,000) Dec-12 Operation (Rand million) Mogalakwena Amandelbult Unki Union Rustenburg Twickenham WLTR JVs and associates Smelters & Refineries Group Total (11,456) 91 Dec 2012 Cash from Operations Cash from operations (2,300) SIB Capital Net Debt after FCF Projects Capital SIB Net debt after free cash flow Projects JV & Associate Funding Tax & Interest Other Dec-13 Tax & Interest Other(1) Tax Payment Q1 2014 Pro-Forma Net Debt Dec 2013 JV & Associates funding 3,949 650 117 (265) 403 (472) 524 (1,975) (582) (212) (247) (676) (20) (43) (209) (53) (296) (26) (262) (463) (3) 2,198 (10 491) (13,756) (412) (242) (788) -176 7,279 -(102) (4,268) (206) 72 (1,688) (788) (7,480) (1,591) (1,591) 91 91 (1) Other includes proceeds sale of equipment, mineral rights and other investments, Interest received, cash distributions to minorities. (11,456) 28
  29. 29. GEARING Gross gearing remains unchanged • Significant committed undrawn debt facilities of R12.4 billion • Board resolved to continue with a suspension of dividend 31 Dec 2013 31 Dec 2012 Interest-bearing borrowings 12,618 12,665 Cash and cash equivalents (1,162) (2,174) Net debt 11,456 10,491 Total equity 50,008 50,100 Gross debt/equity (%) 25.2% 25.3% Gross debt/market capitalisation (%) 11.9% 10.5% Debt facilities 31,939 26,512 Committed 22,384 20,181 9,555 6,331 6.27% 6.12% Rand million Uncommitted Effective interest rate (%) 29
  30. 30. FINANCIAL IMPACT OF RESTRUCTURING One off costs to transform the portfolio Refinancing of Atlatsa Resources Corporation Assets written off (Rand billion) 2013 First Phase Khomanani Mine 1.7 • Atlatsa refinancing transaction completed at 31 Khuseleka 2 Shaft 0.2 Khuseleka 2 - capitalised costs in respect of ore replacement project 0.6 Union North Decline Shaft 0.1 Other Assets 0.2 Total write-downs 2.8 December 2013 • The sale by Atlatsa of 51% attributable interest in three farms was for an aggregate purchase consideration of R1.7bn • The proceeds enabled Atlatsa to repay the debt funding provided by Anglo American Platinum • Purchase price exceeded fair value of the properties acquired, resulting in a loss of R833m - this amount is excluded from headline earnings, • Completed at the end of January 2014 with a net gain estimated at R243m. 2013 Employee severance packages 0.9 Ramp down & care and maintenance Second Phase Cost of Restructuring (Rand billion) 0.2 Social mitigation plans 0.1 Other 0.3 Total cost 1.5 30
  31. 31. PORTFOLIO RESTRUCTURING UPDATE Chris Griffith, CEO
  32. 32. PORTFOLIO RESTRUCTURING UPDATE Delivered as promised Mines Capital • Rationalise Rustenburg operations into 3 • Capital focused on higher margin opportunities mines • Blasting stopped at Khomanani 1 & 2 and Khuseleka 2 in August 2013 • Reduction of high cost annualised production of 50 koz in 2012 and 250 koz in FY13 • Baseline production to 2.3-2.4 million ounces per annum Labour • Reduction of 7,450 positions by the end of 2013 − 5,100 employees leaving the organisation Assets Review • Rationalise Union mines into one and prepare for disposal • JV Portfolio review under way Value Delivery • Savings of R1.9bn in 2013. R3.8bn benefits targeted by 2015 • Major organisational changes in progress • Gross commercial savings of >R1bn enabled − 2,300 redeployed within the organisation 32
  33. 33. OUTLOOK Chris Griffith, CEO
  34. 34. 2014 OUTLOOK Embedding benefits from structural change • Journey to zero harm continued • Focus on value – not volume – Baseline production to remain 2.3-2.4 million platinum ounces • Expect the global platinum market to remain balanced in the short term, with increasing deficits over the medium term • Cash unit costs to between R18,000 and R19,000 per equivalent refined platinum ounce, assuming 2.3 million ounces production level • SIB and project capex forecast to be between R7 and R8 billion in real terms for next three years • Remain committed to investing in the business, in line with strategy • Restructuring – Next Phase – Cultural transformation – Embedding benefits of structural change – Optimise efficiencies – On-going cost savings 34
  35. 35. THANK YOU

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