Office of the Company Secretary
ABN 42 004 080 264 Registered Office: Level 8, 28 Freshwater Place Southbank Victoria 3006 Tel: (61 3) 8695 4400 Fax: (61 3) 8695 4419
23 November 2012
ASX Market Announcements Office
Dear Sir or Madam Electronic Lodgement 2012 Annual Report In accordance with the listing rules, I attach a copy of Incitec Pivot Limited’s Annual Report for 2012 for release to the market.
Kerry Gleeson Company Secretary Attach.
ANNUAL REPORT 2012
TURKEY PAKISTAN INDIA
Lausanne Tirana Bucharest Ankara Soma
Linyi (Fabchem) New Delhi Hong Kong
Batu Arang (TKEB)
Muara Tuhup Tenggarong Berau
Sibolga Tanjung Tabalong Jakarta Batu Kajang Port Hedland Mt Isa Phosphate Hill
PAPUA NEW GUINEA
Moranbah Townsville Moura
Johannesburg (SASOL Dyno Nobel) Johannesburg (DetNet)
Kalgoorlie Perth Port Adelaide Portland
Gibson Island Helidon Kooragang Island Melbourne Geelong Devonport
Moranbah ammonium nitrate plant
Meadowbank North Bay Mount Wright Maitland Boisbriand Ormstown Simsbury Port Ewen Donora Duffield Graham Brooksville Incitec Pivot Limited Company Headquarters Incitec Pivot Fertilisers Corporate Office Manufacturing/Distribution Quantum Fertilisers Dyno Nobel Corporate Office Manufacturing/Distribution Joint Ventures/Investments
Tumbler Ridge Calgary Biwabik St Helens Barry Salt Lake City Cheyenne Carthage Louisiana Wolf Lake Dinamita Gomez Palacios Guadalajara
Chairman’s Report Managing Director’s Report ii iv vi vii 1 9 27 38
La Serena Santiago
Board of Directors Executive Team Directors’ Report – Remuneration Report – Corporate Governance Statement Financial Report
To be the best in our markets, delivering Zero Harm and outstanding business performance through our people, our culture and our customer focus.
It is particularly pleasing to lead the Board as the Company completes its biggest-ever development project, the ammonium nitrate complex at Moranbah in Queensland
I am delighted to be able to present my first report as Chairman of Incitec Pivot Limited. It is particularly pleasing to lead the Board as the Company completes its biggest-ever development project, the ammonium nitrate complex at Moranbah in Queensland. Watching the final touches being made to Moranbah has reassured me that we have a great company with some tremendous opportunities along with, inevitably, some interesting challenges. I have no doubt we have an extremely strong team and the right strategy to build on IPL’s success to date. In terms of financial performance, the Group’s underlying profit, Net Profit After Tax (NPAT), excluding Individually Material Items (IMIs), compared to 2011, was down to $404.7 million, a decrease of 24% or $125.4 million on the previous year. While the financial result was unsatisfactory, 2012 saw substantial progress because of actions taken to respond to strategic business challenges and the establishment of important building blocks for the future. Our Managing Director & CEO, James Fazzino, covers this in detail in his report, so I will take the opportunity to reflect personally upon some of the things that have impressed me as I have travelled around some of our major operations, both in Australia and in the United States, over the past few months. The first thing which has been brought home to me is the relentless obsession with safety and the pursuit of Zero Harm, which we must continue to drive in all parts of the IPL Group. At Board level, safety is the first item on the agenda of every meeting and the same applies to James’ meetings with his Executive Team. However, it is only when you visit our various sites that you see examples of how our people, at all levels of the organisation,...
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