Ann: Chairman's Address to Shareholders, page-3

Those announcements were much bigger than I expected.

glad to see they're talking advantage of federal budget incentives too.

interesting that they're investing even more in dispersion manufacturing. At last year's AGM they were talking about just making the powder; I guess they found another customer base wanting ready made stuff, or close to it.

A thought:

250m sunscreen tubes at 100g each = 25000T of sunscreen
At 20% ZnO, that's 5000T (what we've been told)

- if they sell 50% capacity (125m tubes)
- at $15 per tube on average ($1.875bn)

- with 7.5% going to active ingredients

that's $140m in revenue. At 50% GP, $70m
take out $5-10m overhead (currently less than that), and you get the idea.

They're obviously not going to fill this demand immediately, but this is their target.


it's worth noting these guys are pros at investing at the bottom of the cycle. TWD did it again (read yesterday's announcement), and they're now reaping the benefits.

If I wasnt stuck in the dictatorship that is Victoria, I would attempt to get to the AGM...