fertilizantes heringer s.a. heringer day · 4 heringer day presenters presenters background jaime...
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Fertilizantes Heringer S.A.HERINGER DAYJune 1st, 2007
2
HERINGER DAY – June 1st, 2007
AGENDA14h00 Opening– Dalton Carlos Heringer (CEO)
Accomplishments, Perspectives and Priorities for 2007Dalton Carlos Heringer and Jaime Rebelo (CFO e DRI)
15h30 Q & A
16h00 Coffee Break
16h30 Brazilian Agribusiness Scenarios for 2007 and 2008André Pessôa ( Agroconsult Company - Partner)
17h30 Q & A
18h00 ClosingDalton Carlos Heringer
3
Legal Notice
This presentation may include forward-looking statements about future events or results in accordance with Brazilian and international regulations governing stock markets. Such statements are based on assumptions and analyses made by the Company based on its experience and the economic climate and on market conditions and expected future events, many of which are beyond the Company’s control. Important factors which can lead to significant differences between real results and these forward-looking statements include the Company's business strategy, national and international economic conditions, technology, financial strategies, developments in the fertilizer industry, financial market conditions, uncertainty regarding the results of the Company’s future operations, plans, objectives, expectations, intentions, and other factors. Because of these factors, the real results of the Company may differ substantially from those expressed or implied in forward-looking statements.
4
Heringer Day Presenters
PresentersPresenters BackgroundBackground
Jaime Rebelo joined Heringer in September 2006
Previously he worked at TIM Mobile Operator as Financial & AdmShared Service Director for about 3 years and at Motorola for ten years, in several positions including the Company´s CFO and at Dupont for more than eleven years
Dalton Carlos Heringer CEO and Board Member
Dalton Heringer joined Heringer in 1986 and has been the Company’s CEO since 2004
He is also a director of Associação dos Misturadores de Adubo do Brasil (AMA) and of Sindicato da Indústria de Adubos e CorretivosAgrícolas do Estado de São Paulo (SIACESP)
Jaime RebeloCFO and Investor Relations
Agroconsult Company - Parnter and Agribusiness Analyst
BM&F Corn and Soybean Board Member
Economy Advisor for the Brazilian Rural Marketing Association
André Pessôa
Agroconsult Co. Partner
5
Company Ownership Structure after IPO(Apr 12, 2007)
PrePre--OfferingOffering PostPost--OfferingOffering11
Dalton Carlos
Heringer4.2%
Juliana Rezende
4.0%
AlmirMiranda
2.9% Dalton Dias Heringer68.2%
BSSF1
20.6%
Dalton Heringer, 51.4%
Dalton Carlos Heringer,
3.2%
Juliana Rezende,
3.0%
42.3%
Total shares: 36.6 millionTotal shares: 36.6 million Total shares: 48.6 millionTotal shares: 48.6 million
Note 1 BSSF is wholly owned by AIG Capital Partners
Note 1 Including greenshoe exercise
6
Leading Fertilizer Blender and Distributor Company in Brazil
The third largest player in Brazil, with 11.9% market share in 2006, R$1.426 mm in net revenues and R$58.6 million in EBITDA
Unique Business ModelUnique Business Model Nationwide Reach through Superior FacilitiesNationwide Reach through Superior Facilities’’ LocationLocation
Rosário do Catete
CamaçariRondonópolis
Catalão
Manhuaçu
Três Corações
UberabaViana
Paranaguá
PaulíniaBebedouro
OurinhosRio Brilhante
Bom Jesus de Goiás
Founded in 1968, Heringer blends,
distributes and sells NPK formulas,
mixed nutrients and processed
fertilizer products
– 13 strategically located mixing
facilities
Proven track record
Differentiated network and footprint
Diversified client base
Legend
Owned Mixing Facilities Leased Mixing Facilities Tolling Mixing Facility
Coverage area HeadquarterNew mixing facilities under construction
7
NPK Production Chain at a Glance
The Brazilian fertilizer industry operates in three major sub-segments– ore mining and natural gas extraction– production of basic and intermediate fertilizers – production and distribution of NPK mixtures
Fertilizers Production Chain Fertilizers Production Chain –– Major PlayersMajor Players
NPKNPKMixtures Mixtures
ProducersProducers
MiningMining& Basic/Intermediate Fertilizer & Basic/Intermediate Fertilizer
ProducersProducers
Petrobrás
CVRD
Ultrafértil1
Fosfértil1
Copebras
Bunge
Heringer2
Bunge
Mosaic
Fosfértil1
Galvani
Yara
Copebras
Cibrafértil
Heringer
Bunge
Mosaic
Fertipar
Yara
Other
SSPSSP
Note:1 Both Fosfértil and Ultrafértil are jointly controlled by Bunge and Mosaic2 After completing its backward integration plan (expected by 2nd half of 2008)
8
Unique Way to Play the Agribusiness Growth in Brazil
Significant growth Significant growth opportunitiesopportunities
Balanced sales mix Balanced sales mix considering both considering both client and crop client and crop segmentationsegmentation
Extensive logisticsExtensive logisticsand nationwide and nationwide
coveragecoverage
Secure supply of raw Secure supply of raw materialsmaterials
Established retail Established retail player focused on player focused on specialty productsspecialty products
Leading market Leading market position and well position and well
known brandknown brand
Market where Heringer is inserted….
10
Important Producer and Exporter
Brazil ranks among the top producers/exporters of agricultural products …
BrazilBrazil as % as % ofof WorldwideWorldwide ProductionProduction(2006)(2006)
BrazilBrazil as % as % ofof WorldwideWorldwide ExportExport Sales Sales (2006)(2006)
1st
1st
2nd
2nd1st
3rd
4th
5th
1st
2st
1st1nd
1st 1st
5th5th
1st
60%
32%30%
25%
19%16% 15%
6%4%
Orangejuice
Coffee HardwoodPulp
Soybean Sugar Poultry Beef Cotton Corn
82%
40% 39%35%
28% 28%
4% 3%
OrangeJuice
Soybean Poultry Sugar Coffee Beef Cotton Corn
Source: USDA/AGE/MAPA… and has one of the lowest cost of production worldwide
11
Significant Untapped Farmland
Brazil has over 394 million hectares of potential farmland compared to an estimated 269 million hectares of total used farmland in the US
Total Potential Farmland Total Potential Farmland (mm hectares)(mm hectares)
394
269
220
Source: Revista Exame – August 2005
17%
83% 30%176
40% 13834%
30%7670% 71
60%
70%
30%66% 41%70%
59%
Currently Used Farmland Unused Farmland
12
Brazil: The Frontier of World’s Agriculture Frontiers
Brazil is the fourth largest fertilizer market, growing above global average
Largest Fertilizer MarketsLargest Fertilizer Markets Current Fertilizer Application Rate (kg/ha)Current Fertilizer Application Rate (kg/ha)
9%
3%
-3%
1%
4%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
China US India Brazil France
(mm
tons
)
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
CA
GR
(199
0 - 2
004
1990 2004 CAGR%
164
214249
Source: IFA, as of 2005Source: IFA/ANDA
Production growing faster than planted area due to technologicalimprovements and increase in fertilizer application rate
13
Impressive Growth Profile …
CAGR: 18%
Organic growth at approximately 3.0x the industry’s CAGR from 1995 to 2006
2005
0.40.7 0.8 1.0 1.1
1.5 1.51.7
2.1 2.2 2.0
-
0.5
1.0
1.5
2.0
2.5
3.0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
(mm
tons
)
2.5
2006
3.7%3.7% Heringer’s market share 11.9%11.9%
CAGR: 6%
Heringer Brazilian NPK Market
10.8 12.2 13.8 14.6 13.616.3 17.0
19.122.8 22.8 20.2
-
5
10
15
20
25
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
(mm
tons
)
20.9
2006
Source: ANDA and Company’s estimates
48.0%48.0% Top six players’ market share 76.0%76.0%
14
… in a Competitive LandscapeHeringer’s differentiated sales network and focus in the retail segment were the key factors which enabled the Company to increase its market share from approximately 4% in 1995 to 12% in 2006
Main Players in the Brazilian NPK MarketMain Players in the Brazilian NPK Market
1995 2006
Bunge27%
Yara14%
Heringer12%
FertiparGroup12%
Mosaic11%
ADM4%
Others20%Others
30%
Fertiza
4% Solorrico7%
Fertibras3%
Trevo
14%
Takenaka4%
IAP7%
Manah
10%
Serrana11%
Heringer4%
Copas6%
Bunge32%
Yara17%
Mosaic11%
Source: Company’s estimates
15
Balanced Sales Mix
Heringer’s crop diversity minimizes the volatility associated with local weather and specific crop conditions, such as price cyclicality and diseases
Sales Mix by Crop Sales Mix by Crop -- 20062006
Soybean31%
Coffee8%
Citrus2%
Others27%
Forest2%
Sugar cane12%
Corn18%
Coffee22%
Corn14%
Others14%
Forest7%
Citrus4%
Sugar cane21%
Soybean18%34%
16
Also focused on Direct Sales to Farmers
Heringer’s broad distribution network allows the Company to access all size farmers all over Brazil … focusing on Retail
Distribution NetworkDistribution Network Sales by Segment Sales by Segment -- 20062006
Farmers
… a key driver for its superior profitability
800
1,500
Beginning2005
End2006
87.5%
Companies19%
Reforest6%
56%
Sugar5%
Wholesale7%
Coops6%
17
Increase Footprint in Specialty Products Heringer invests in technology, presenting the market with several successful initiatives over the years in order to meet client’s demand …
Micro TotalMicro TotalNew LaunchingsNew Launchings
AchievementsAchievements
innovative production process: micronutrients are applied to all fertilizer grains, substantially increasing effectiveness micronutrients
Heringer launches four products in 2006
++
Product Mix (% of Gross Sales)Product Mix (% of Gross Sales)
10% 18%
82%90%
2005 2006Commodity Specialty
Gross Margin %
6.6%
11.7%8.8%
16.4%
Gross Margin %(1)
… developing products differentiated from commoditized ones and
capturing higher margins(1) Margins on “non-comercial” Sales Excluded
18
Leading Market Position and Well-Known Brand
Heringer markets its products under a single brand name (Fertilizantes Heringer) which is one of the most recognized brand names in the industry
Southeast32%
South28%
Midwest27%
Northeast11%
North2%
Fertilizer Consumption by Region Fertilizer Consumption by Region -- 20062006HeringerHeringer’’s Market Share s Market Share -- 20062006
Northeast10.3%
Southeast23.5%
North5.4%
Midwest8.5%
South2.6%
Heringer sells its products in 23 states, which accounted for approximately 89% of Brazil’s overall fertilizer consumption in 2006
19
Case Studies: Entering & Expanding in New RegionsHeringer has had a successful track record in expanding the States of Bahia and Minas Gerais
Expanding BahiaExpanding Bahia Expanding Minas Expanding Minas GeraisGerais
1.0%
3.6%
7.4%
10.1%10.6%
10.1%
13.8%
2000 2001 2002 2003 2004 2005 2006
Deliveries from Vianaplant (ES)
Start up of Camaçariplant (BA)
Additional deliveries from Rosario do Catete (SE)
Deliveries from Manhaçuunit
5.6%
8.2%
10.0%
20.
15.6%
18.4%18.1%17.4%
16.2%
1996 1997 1998 1999 2000 2001 2002 2003 200
Deliveries from Manhuaçuplant
Opening of the TrêsCoraçõesplant
Opening of the Uberaba plant
Heringer’s Market share
CAGR: 55% CAGR: 16%
4%
21.9%
24.8%
4 2005 2006
Heringer’s Operations
21
Extensive Logistics for Supply and Nationwide Coverage
PortsPorts
Heringer’s distribution facilities are strategically located close to target markets …
… also enabling the Company to save on transportation costs, sales taxes and to reduce transportation risks
The Company benefits from an extensive supply logistics in its production units importing raw materials through five ports in the Brazilian coast
Most production units are served by railroads and/or roads, making possible to supply through intermodaltransportation
13 facilities are strategically located close to main fertilizer consumer centers, reducing delivery timing and logistics costs
Ports used by Heringer
Heringer current units
Heringer units starting in 2007
Units with railway direct link
Units with partial railway access
Legend
22
Secure Supply of Raw Materials
Heringer is seen as an important client for domestic and international suppliers and is the third largest purchaser of fertilizers in Brazil
Main Sources of Imported Raw MaterialsMain Sources of Imported Raw Materials
UreaUrea Venezuela, Russia and Argentina
Potassium Potassium chloridechloride Canada, Israel, Germany and Russia
MAPMAP Morocco, US and Russia
Ammonium Ammonium sulfatesulfate Germany, Russia and US
TSPTSP Morocco, Egypt, Bulgaria and Tunisia
Ammonium Ammonium nitratenitrate Russia and Bulgaria
Heringer Raw Materials PurchasesHeringer Raw Materials Purchases
('000 tons) Total Imported
Potassium chloride 700 72%
SSP 395 0%
Urea 338 51%
Ammonium sulfate 332 87%
MAP 215 27%
Reactive phosphate 96 100%
TSP 135 42%
Ammonium nitrate 181 74%
Others 50 11%
Average 54%
Brazilian Average 58%
SSPSSP US, Israel, Egypt and Bulgaria
The Company has developed long-standing relationships with major suppliers resulting in excellent purchase terms, and reliability of supply
23
Growth: Improving Footprint
Midwest RegionMidwest RegionTotal Total CapexCapex: R$48 mm: R$48 mm
BeforeBefore AfterAfter
Facilities
Market Share
Capacity1
2
206
6
1,083
8.5% na
Northeast RegionNortheast RegionTotal Total CapexCapex: R$23 mm: R$23 mm
BeforeBefore AfterAfter
Facilities
Market Share
Capacity1
2
10.3%
544
5
na
1,034
From 2007 to 2010, Heringer expects to invest approximately R$ 170 million to expand capacity from 2,977 tons1 to 6,780 tons1
11%
% of Total Mkt % of Total Mkt
27%
Southeast RegionSoutheast RegionTotal Total CapexCapex: R$64 mm: R$64 mm
BeforeBefore AfterAfter
Facilities
Market Share
Capacity1
6
23.5%
1,841
10
na
3,301
South RegionSouth RegionTotal Total CapexCapex: R$37 mm: R$37 mm
BeforeBefore AfterAfter
Facilities
Market Share
Capacity1
1
2.6%
386
4
na
1,362
% of Total Mkt % of Total Mkt
Note:1 Production capacity adjusted by seasonality in ‘000 tons
32%28%
24
Growth: Backward Integration Plan
The SSP plant will enable Heringer to become part of the group of integrated players in Brazil…
The ProjectThe Project BenefitsBenefits
Construction of an SSP (Single Super Phosphate) plant at Heringer’s Paranaguá site with a total production capacity of:
– Sulfuric acid: 132,000 tons/year
– SSP powder: 176,000 tons/year
• SSP granules: 143,000 tons/year
Expected investment of approximately R$ 60 million over the next 2 years
Part of the equipment needed already acquired and all necessary licenses and permits are in place
Operations to begin in the second half of 2008
… joining its main competitors and partially eliminating its dependence on SSP suppliers
Significant gain in synergies by producing intermediate fertilizers and NPK mixtures at the same operational unit
Decrease dependence on others suppliers to obtain raw materials that should result in margin improvements
Improve distribution logistics in the Midwest region
Higher EBITDA margins
Financial Overview
26
What Happened in 2005….All these factors COMBINED at same timeit made 2005 a no good year for the Fertilizer Industry
Exchange Rate (R$ / US$)Exchange Rate (R$ / US$)Results were impacted by a significant erosion of the grain growers’ economics due to:– Magnitude of the Real appreciation
– decline in grain prices
– severe drought in the South of Brazil
– reduction in the total grain production volume of 4.4% (from 119.1million tons in 04/03 harvest to 113.9 million tons in 04/05 harvest)
2.14
2.34
2.89
2.00
2.50
3.00
3.50
Jan-
04
May
-04
Oct
-04
Feb-
05
Jul-0
5
Dec
-05
Apr
-06
Sep
-06
Dec
-06
Source: Economática
Soybean Prices (R$ / 60 kg bag)Soybean Prices (R$ / 60 kg bag) Fertilizer Inventory End Balance (mm tons)Fertilizer Inventory End Balance (mm tons)
30.91
46.53 -20%
-5%+45%
2.5
3.6
2.9 2.8
2003 2004 2005 2006
∆ (33)%
Jan-04 May-04 Oct-04 Mar-05 Aug-05 Dec-05
Soybean Source: CEPEA Source: SIACESP
27
… and Favorable Scenario for the Upcoming Years
Global Outlook
Positive outlook for commodity prices
Bio energy becoming the base for global energy
Increasing alternative energy needs
Population growth with limited arable land – Food Security
Brazilian Outlook
Technology improvement
Expected increase in grower’s income level – Strong Grain Prices
Global Grain Inventories and ConsumptionGlobal Grain Inventories and Consumption
Grain Prices and Demand Adjusted InventoriesGrain Prices and Demand Adjusted Inventories
Source: USDA and Street Research
Source: USDA and Street Research
Positive Momentum Positive Momentum
0
100
200
300
400
500
600
70019
80
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
Gra
in in
vent
orie
s (m
illio
n to
ns)
0
20
40
60
80
100
120
140
Day
s
Grain inventories Inventories / demand
0
50
100
150
200
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
Grain price index
28
Financial Highlights - Sales Revenue
Sales Revenue (R$ million)Sales Revenue (R$ million) First Quarter 2007 Performance DriversFirst Quarter 2007 Performance Drivers
262,3373,5
1.645
1.3081.454
2004 2005 2006 1Q06 1Q07
- 20%+ 11%
+ 42%
Revenue moved up 42% year-on-year, thanks to strong demand, chiefly from sugarcane and the winter corn crop, generating increased sales and recouping margins.
Sector sales are highly seasonal in nature, following the Brazilian agricultural calendar. For most crops, fertilizer demand is concentrated in the second half of the year.
Fertilizer Sales Volume (thousand tonnes)
34%
15% 16%
35%
1Q 2Q 3Q 4Q
Seasonal Distribution of Fertilizer Volume(1)
2,202 1,993 2,461 422 584
Our market share remained steady in comparison to the 1Q06 at around 13%
9.5% 23.5% 38.2%
(1) Source: ANDA | Average for last 3 years (2004, 2005 and 2006)
29
Financial Highlights - Gross Profit and Margin
Gross ProfitGross Profit Gross MarginGross Margin
210,7
69,1
152,6
25,947,5
2004 2005 2006 1Q06 1Q07
Gross Profit (R$ million)
- 67%
+ 121%
+ 83%
13,4%
5,4%
10,7% 10,0%
13,0%
2004 2005 2006 1Q06 1Q07
9,7%13,6%
13,9%14,8%
1Q06 1Q07
Conventional Special
14% of Total
Volume
11% of Total
Volume
(1)
(1) Margins on “non-commercial” sales excluded
30
Financial Highlights – SG&A Expenses
SG&A ExpensesSG&A Expenses As % of Net RevenueAs % of Net Revenue
108,2 108,2 107,9
20,0 25,5
2004 2005 2006 1Q06 1Q07
Selling Expenses (R$ million)
6,9%8,4% 7,6% 7,8% 7,0%
2004 2005 2006 1Q06 1Q07
Selling Expenses (%NR)
24,6
35,2 31,9
6,7 8,5
2004 2005 2006 1Q06 1Q07
G&A Expenses (R$ million)
1,6%2,7% 2,2% 2,6% 2,3%
2004 2005 2006 1Q06 1Q07
G&A Expenses (%NR)
31
Financial Highlights - EBITDA and EBITDA Margin
EBITDAEBITDA EBITDA MarginEBITDA Margin
101,5
(33,5)
58,6
4,821,4
2004 2005 2006 1Q06 1Q07
EBITDA (R$ million)
6,5%
-2,6%
4,1%
1,9%
5,9%
2004 2005 2006 1Q06 1Q07
EBITDA Margin
6.5%(1)
23.7(1)
Adjusted EBITDA (R$ million) Adjusted EBITDA Margin
(1) Adjusted EBITDA and EBITDA Margin exclude R$ 2.3 million in IPO-related expenses.
32
Financial Highlights - Net Income and Net Margin
Net IncomeNet Income Net MarginNet Margin
63,5
(40,3)
45,5
14,020,0
2004 2005 2006 1Q06 1Q07
Net Income (R$ million)
4,0%
-3,1%
3,2%
5,5% 5,5%
2004 2005 2006 1Q06 1Q07
Net Margin
5.9%(1)
21.6(1)
Adjusted Net Income (R$ million) Adjusted Net Margin
(1) Adjusted net income and margin, exclude R$ 1.5 million in IPO-related expenses (R$ 2.3 million net of income tax and social contribution).
33
Financial Highlights - Balance Sheet
Assets Dec/06 Mar/07 Liabilities and stockholders equity Dec/06 Mar/07
Current assets Current liabilitiesCash and banks 177,048 117,626 Suppliers 381,391 358,652 Account receivables 251,457 223,274 Loans and financing 125,863 108,626 Inventories 159,048 227,723 Advances received from customers 42,674 46,736 Other current assets 96,064 99,970 Other current liabilities 30,568 30,814
683,617 668,592 580,496 544,829
Non-current assets Long term liabilitiesReceivables 7,784 4,283 Deferred taxes 11,245 6,940 Loans and financing 3,356 7,138 Judicial deposits 10,050 10,072 Provisons for contingencies 3,904 3,926 Assets destined to sell 13,697 13,213 Taxes payable 9 8
42,776 34,508 7,269 11,072 Permanent assets Stockholders' equity
Capital 175,944 226,618 Legal reserve 16,256 2,839
Property and equipment 84,880 96,681 Profit reserve 31,308 - Deferred charges/investment - 3,101 Accumulated profit (loss) - 17,524
84,880 99,782 223,508 246,981
Total assets 811,273 802,882 Total liabilities and stockholders' equity 811,273 802,882
From 63 to 54 days- Credit Policy- Growers’ Earnings
From 46 to 64 days- Demand 2Q/3Q
Cash Purchases- Reduced financialcharges
Trucks Ppurchases- ICMS credits of R$ 10 million
Capitalization
34
Financial Highlights - Seasonality
14.9%16.0%
35.3%33.8%
1Q 2Q 3Q 4Q
Fertilizer Volume SeasonalityFertilizer Volume Seasonality11
Source: ANDANote: Last three years average (2004, 2005 and 2006)
The fertilizer industry in Brazil is seasonal with deliveries generally following the Brazilian agricultural calendar…
… which, for the major renewable summer crops (primarily grains and cotton), begins in August
30.8%
69.2%
35
Outlook and Priorities for 2007
Market expectation for 2007: 23 million tonnes.
Volume per CropVolume per Crop(million tonnes)(million tonnes)
Volume per RegionVolume per Region(million tonnes)(million tonnes)
6,1 6,3 6,8 7,3
7,4 6,0 5,66,4
6,65,5 5,8
6,4
2,3
2,1 2,3
2,5
0,4
0,40,40,4
2004 2005 2006 2007E
North +11,4%
Northeast +9,6%
South +10,7%
Midwest +13,0%
Southeast +5,9%
8,6 7,5 7,1 7,5
4,03,1 3,5 4,2
5,3
4,5 4,44,9
2,6
2,9 3,33,5
1,4
1,4 1,61,7
1,0
0,81,0
1,2
2004 2005 2006 2007E
Cotton +26,4%
Coffe +8,3%
Sugarcane +5,2%
Others +9,4%
Corn +19,1%
Soybean +5,1%
Continuing implantation of the SSP project, as well as the new mixing units. Operational started-up in May 2007 of the new plants in Rio Brilhante (MS) and Bom Jesus do Goiás (GO), both with a capacity of 80.000 tonnes p.a.
Source: ANDA for 2004, 2005 and 2006 | 2007 estimates
36
Positive Moment
Bioenergy becoming basis of global energy.
Greater need of alternative energy sources.
Population growth and limitations on arable land, demanding an increase in the fertilizer application ratio in order to ensure a minimum secure food level for humans and livestock.
End-of-2006 grain stocks were the lowest in 30 years.
Positive scenario for agricultural commodity prices, increasing growers’ earnings and, consequently, raising demand for fertilizers.
37
Unique Opportunity in the Agribusiness Sector
Significant growth Significant growth opportunitiesopportunities
Balanced sales mix Balanced sales mix considering both considering both client and crop client and crop segmentationsegmentation
Extensive logisticsExtensive logisticsand nationwide and nationwide
coveragecoverage
Secure supply of raw Secure supply of raw materialsmaterials
Established retail Established retail player focused on player focused on
specialized productsspecialized products
Leading market Leading market position and well position and well
known brandknown brand
38
Fertilizers Not Sprayed Over This Row
39
THANK YOU!