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DPM - Lively AGM with great insight into NH3, NPK plants - AGM Note

DPM’s AGM went smoothly today. Most investor questions focused on the anti-dumping tax proposal, input VAT proposal, the NH3-NPK project and the PVTex associate company. DPM guides for 2017 NPAT to drop 29.3% on low volume due to periodic maintenance and input prices recovering faster than urea selling prices. Management is very confident that the NH3-NPK project will start commercial production by late 2017 and will run at full capacity in 2018. They also expect good sales volume.