2023 Full-year results
Chemicals, Energy and Fertilisers overview
• Revenue of $3,306m was up 8.7% and earnings of $669m were up 23.9% on the prior year, supported by
favourable global ammonia prices and strong plant performance
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Chemicals: Earnings increased significantly on the prior year
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Strong Ammonia earnings were driven by favourable global pricing
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AN1 earnings benefitted from robust demand from Western Australian mining customers
Record production volume supported by asset maintenance activities and investment in incremental process
improvements
Energy: Earnings declined on the prior year
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Earnings impacted by a lower Saudi CP2 and higher Western Australian natural gas costs
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Fertilisers: Earnings declined significantly on the prior year
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Earnings affected by a declining global commodity price environment coupled with a later seasonal break
resulting in delayed grower commitments, reduced sales volumes and lower margins
Continued investment in data and digital capabilities, product innovation and upgrading storage and
despatch assets has improved the reliability, experience and advice provided to growers
Lithium: Result includes WesCEF's 50% investment in the Covalent lithium project
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Construction was recently completed at Mt Holland, with depreciation of the mine from May 2023 reflecting
the commencement of mining operations, and commissioning of the concentrator underway
Construction continues to progress at the Kwinana refinery
- WesCEF's share of capital expenditure for the development of the project was $394m³ for the year
Lithium hydroxide offtake agreements executed with tier-one customers
1. Ammonium Nitrate.
2. Saudi Contract Price (the international benchmark indicator for LPG).
3. Excluding capitalised interest.
2023 Full-year results | 35View entire presentation