Coca-Cola Amatil (ASX:CCL) is an Australasian bottler for US-based The Coca Cola Company.

CCL manufactures, sells and distributes Coca-Cola products, including carbonated soft drinks, mineral waters and other non-alcoholic beverages, plus packaged fruit.

It is also considered among the market’s blue chip stocks.

Over the years, the company has successfully reduced its percentage of sugary carbonated beverages and increased its percentage of non-carbonated beverages, alcoholic beverages and food, in order to diversify its earnings stream.

It has also ventured into the manufacture and distribution of premium beer brands and the premium spirit portfolio of global distributor Maxxium through Pacific Beverages (a JV entity between CCA and SABMiller).

The company delivered a solid first half result last month helped by its strategic product positioning in key markets.

Market ace

CCL stands to benefit from SABMiller’s takeover of Foster’s Group. The move is likely to result in the Pacific Beverages joint venture being dissolved.

CCL management estimates it could book a profit of $200-$300 million on the $305-$380 million sale of Pacific Beverages to SABMiller.

From an EPS perspective, this would be equivalent to a 2%-3% accretion.

CCL will also have the opportunity to acquire some of Foster’s assets at multiples that would be EPS accretive to CCL.

As an overall entity, CCL has grown from strength to strength in recent years. The company’s diversification strategy has been key to this growth, which has included the addition of alcoholic beverages.

Drink up to earnings

CCL last month reported a 27.8% decline in 1H11 net profit to $153.6 million.  An interim dividend of 22 cents was declared.

The result was impacted by an $80.5 million charge related to the restructuring of its SPCA Ardmona division.

Underlying profit rose 5.5% to $234.1 million, with revenue growing 3.3% on-year despite the impact of the recent flooding and consumer caution.

At an AGM in June, CCL had said it was looking to target around 5% growth in underlying profit for the 1H11.

The group has been hurt by the strong Aussie dollar, natural disasters and higher resin prices.

Before currency translation effects, first half profit was expected to be around 6% – 7% higher than the prior year.

CCL was expecting to generate stronger earnings in the second half, but said trading conditions remained uncertain as consumers contended with higher living costs.

Taking into consideration the adverse factors CCL faced during the period, we feel the company delivered a solid result.

Looking ahead

CCL will continue to focus on capitalising on its growing alcoholic beverage and non-carbonated soft drinks market, which are growing owing to modern lifestyle trends.

The company has strong brand awareness, and very stable and highly predictable cashflow compared to its peers.

Coca-Cola Amatil is a defensive company which is protected against inflation as it can pass costs on to customers, who are always willing to spend money on CCL’s famous brands.

With the potential for significant earnings upside from the Foster’s takeover, we feel CCL is in a lucrative position.

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Carsales.com Limited (ASX:CRZ) is an Australian business offering online access to automotive classifieds.

The company listed on the ASX at $3.92 in September 2009, up 12% from the $3.50 price at which the shares were issued.

Shortly after listing, CRZ was added to the S&P/ASX 200.

It is the largest consumer website in the country which covers automotive, plant machinery, motorcycle, caravan, marine and display advertising.

CRZ operates 23 individual websites which are all specifically focused on different products.

The company has been a fantastic growth story, benefitting from a migration to online advertising.

It has been one of the hot stocks since bottoming out at $3.79 earlier this month, having surged around 30% in the past few weeks.

Tough conditions, not for Carsales

Whilst most consumer sectors struggle in the face of tough economic conditions, CRZ has continued to prosper.

This is mainly because CRZ has been at the forefront of the continuing migration of advertisers from print to online.

Being proactive in identifying market trends has helped CRZ continue to be a clear leader in market share.

Surprisingly, there has been robust growth in new vehicle enquiry volumes despite decreased new vehicle stock availability.

CRZ recently acquired Jumbuck Entertainment’s OZtion assets which is one of the world’s leading developers of mobile phone applications.

FY earnings

CRZ reported a 30% jump in FY underlying earnings to $83.8 million with EBITDA margins at 55%.

Operating cashflow for the period climbed 19% to $60.1 million with operating revenue rising 26% to $152.5 million.

Earnings per share (EPS) increased by 34% to 25 cps while a final FY11 dividend of 10.5 cents per share was declared.

The majority of its revenue (47%) comes from the Dealer division and the Private division which accounts for approximately 20% of revenue.

The period saw continued strong growth in automotive enquiry volumes, up 15% on year.

Looking ahead

CRZ’s FY earnings were highly impressive, convincingly beating guidance. The company is looking to stay ahead of its competitors through the use of mobile devices.

Mobile now accounts for 13% of CRZ’s automotive traffic.

The acquisition of OZtion delivers CRZ a robust and proven e-commerce platform that will complement its growing general classifieds business.

CRZ has introduced significant new product releases with many planned for the coming months.

Its mobile application is expected to continue growing at a strong rate and will be a key area of ongoing focus.

Tough economic conditions remain a key challenge but we feel CRZ has enough upside potential to remain an outperformer, thus making it one of the stocks to watch.

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Troy Resources NL (ASX:TRY) is a junior gold producer with operations at Sandstone in Western Australia and the Andorinhas Gold mine in Para State, Brazil.

The company, which is dual-listed on the Australian and Toronto Stock Exchanges, also boasts the Casposo gold-silver project being developed in Argentina.

TRY has forged a proven record of fast-track mine development., low cost operations, strategic acquisitions and exploration discoveries.

The Casposo mine and processing plant development recently recorded its first gold pour.

TRY has stepped into gold production at the right time, with gold prices repeatedly hitting record highs and driving up prospective gold miners such as TRY.

Operations booming

TRY is involved in gold production through its operations at Sandstone and Andorinhas, with the latter a focus of TRY’s attention over the last year.

Last year TRY acquired the Casposo gold/silver deposit in Argentina, and on 29 September confirmed the commencement of ore processing at the project.

The project has already poured its first gold.

Casposo will support the doubling of TRY’s production and rejoining the plus 100,000oz per annum producer club.

Troy Resources has an aggressive exploration program aimed at increasing Reserves and Resources and nearly all of this exploration expenditure is expensed.

The miner recently announced a high grade drill intercept outside the current Reserves and Resources in the Kamila South East Extension.

TRY is confident it will add to the existing Reserves and extend the mine life past the current planned 6 years.

Quarterly update

For the June quarter, TRY saw a 68% increase in group gold production to 26,382oz at a cash cost of US$496/oz.

For the year, gold production was up 17% to 71,614oz at a cash cost of US$554/oz.

The miner enjoyed record quarterly and annual production at Andorinhas. TRY has its exploration budget at Caposo to $15 million.

Strong cashflow generation saw net debt decrease to just $5.5 million at the end of the quarter.

Looking ahead

With inflation concerns and a weaker US dollar continuing to propel gold prices higher, we feel TRY has plenty of upside potential.

Bullion prices have rocketed this year, and the domestic gold miners have been some of the hot stocks in recent months.

Gold price has repeatedly hit record highs of US$1815.5 per oz last week with forecasts it will keep rising.

Fears over rising debt levels across the US and Europe provide strong support for gold prices.

TRY is committed to pursuing growth through exploration, acquisition of new projects and/or corporate merger activity.

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McMillan Shakespeare (ASX:MMS) is the leading provider of independent salary packaging services in Australia.

The group’s primary services include: salary packaging, remuneration policy design, motor vehicle lease management, information retrieval, procurement of motor vehicles and finance and administration of fuel card and service maintenance programs.

MMS occupies a unique market position: it is the only integrated provider of salary packaging and “company car” solutions, and its services are seeing a lot of demand.

Recent acquisitions have helped MMS win new lucrative business contracts.

The benefits are reflected in its strong business momentum which saw MMS report solid first half earnings.

The salary packaging scene

Salary packaging is a lucrative business. Australia’s taxation system allows tax concessions for certain employee benefits and for certain industry sectors, which makes salary packaging attractive.

Eligible employees increase their disposable income by using pre-tax salary to pay for goods or services. They also use these benefits to attract and retain staff in a tight employment market.

Existing payroll systems do not cope well with salary packaging, and this is where MMS comes in.

McMillian Shakespeare administers budgets; deducts pretax salary; makes payments to service providers on behalf of an employee; and accurately reports transactions for tax purposes.

A high transaction load, a complex business process and the tax implications leads many employers to outsource this task to MMS.

Likewise, fleet management is a complex and capital intensive task. Many corporations choose to outsource management and/or lease their fleet using MMS.

First Half results

MMS saw its NPAT and EPS for the first half rise 83% on year. NPAT for the period came in at $20.5 million and EPS at 30.3 cents per share.

An interim dividend of 16 cents per share was declared, up from 10 cents a share on year.

Its Asset Management business recorded a NPAT of $6.6 million.

First half performance in its asset management segment exceeded expectations.

Asset Management capability has opened up significant new opportunities in the private sector for Group Remuneration Services. This has been a largely untapped market for MMS.

The company has been focusing on integration; maintaining momentum in its core business; and disciplined prioritisation of tasks and opportunities.

New business wins and cross sells continue to build momentum.

Looking ahead

MMS runs a unique business that is able to grow even during economic downturns, with the market running at 3-8% per annum.

A combination of the Group Remuneration Services business with the Asset Management business is helping to create a different and more capable organisation.

The company has been able to capitalise on demand for salary packaging and fleet management services, which involve a complex business process as well as tax implications, leading many employers to outsource this task to MMS.

Continued, disciplined development of its core business combined with increasing participation rates within its existing customer portfolio will help MMS going forward.

The company’s FY11 earnings may expectations given the typical seasonal bias favouring the second half of the year.

MMS has been one of the shares to buy since early 2009 and future growth will be sustained by the group’s alliance with big-name (including government) clients and new contracts.

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Perilya (ASX:PEM) is a mining and exploration company and is among the top 20 global producers for zinc and the top 10 for lead production.

PEM is investing substantially in the development of its three major projects located in the Broken Hill (New South Wales), Mt Isa (Queensland) and Flinders (South Australia) regions as well as exploration in the surrounding tenements.

The group is 52%-owned by Shenzhen Zhongjin Lingnan Nonfemet, China’s third largest zinc producer.

The company has rapidly grown from a junior explorer to a company with two operating mines, substantial cash reserves, and investments in other resource companies.

It has also been one of the hot stocks since late February, having surged more than 40% from that month’s lows.

PEM has a wide exposure to base metals and gold. Whilst most commodities have gained strength of late, this diversification helps PEM flourish during bearish economic times (which drives up gold demand) and during times of economic strength (which drives up copper prices).

Regional operator

PEM is the operator of the Broken Hill zinc, lead, silver mine in NSW and the Flinders zinc silicate project in South Australia.

The company’s Broken Hill mine went through a resizing in 2008, resulting in a significant improvement in productivity and cashflows and an extension to the mine’s life by at least 10 years.

Perilya has an active exploration and development program covering Broken Hill and Flinders (in South Australia, in the vicinity of its Beltana zinc silicate project).

At present, PEM is reviewing options for the development of the Mount Oxide Copper and Cobalt Project in the Mount Isa region in Queensland.

PEM recently announced a new mineral resource estimate for the Moblan Lithium Project in Quebec, Canada, which has more than doubled the earlier mineral resource for the project.

Diversified resources

PEM, especially now with its acquisition of Globestar, is exposed to a very wide range of metals, including lead, zinc, lithium, nickel, silver, copper and gold.

Copper price has been steadily strengthening on signs of a global economic recovery, whilst nickel prices on the London Metals Exchange averaged US$9.49 a pound this year against US$5.67 last year.

Copper prices should rise as mine production fails to keep up with rising global demand, creating supply-and-demand issues.

Gold has gained significantly this year, reaching an all-time high of $1,624 an ounce last night, as the US debt crisis remains unresolved.

The Globestar acquisition further diversifies PEM’s metals portfolio. The Moblan Lithium Project in Quebec is looking to benefit from forecast future demand for lithium in electronic products, particularly in electronic car batteries.

Demand from China is set to drive the boom. Lithium usage in electronics has already grown 25%-30% from 1999-2008.

Quarterly report

For the June quarter, PEM saw net cash costs at its Broken Hill operation come in at below market guidance.

Production levels for the quarter saw combined metal production of 30,000 tonnes of contained zinc and lead coming in line with guidance.

PEM reiterated annualised production guidance of 110,000-120,000 tonnes of combined zinc and lead.

At June 2011, PEM held cash, deposits and investments totalling $117.9 million.

Looking ahead

PEM’s diversification and growth strategy has reduced its reliance on the Broken Hill Operations as its sole source of revenue and increased its ability to withstand external shocks.

The miner does not feel the proposed carbon tax will have any material impact on its Australian operations.

PEM is a low-cost mining and exploration company which is invested heavily in Australia but also has overseas exposure, most recently via its acquisition of GlobeStar.

GlobeStar’s Canadian lithium operation adds to PEM’s already-impressive metals portfolio.

The company has rapidly grown from a junior explorer to a company with two operating mines, substantial cash reserves, and investments in other resource companies.

PEM is one of the stocks to watch.

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Resolute Mining (ASX:RSG) is a gold mining and exploration company, operating primarily in Africa and Australia.

It is the second largest gold producer by volume listed on the Australian stock exchange.

The group has a portfolio of three operating mines in Africa and Australia.

Its three operating mines are: Golden Pride in Tanzania, Ravenswood in Queensland, and the newly re-developed Syama in Mali, which was once a BHP Billiton operation.

RSG’s operations are well-placed, and exploration is likely to lead to further resource discoveries, underground, and in nearby pits.

Being unhedged, RSG continues to benefit from a boom in gold prices.

Doubling exploration budget

RSG today announced an annual group exploration budget increase to $20 million in FY12, from $10 million in FY11.

The news comes after RSG identified some high priority exploration targets at Syama in Mali and Ravenswood in Queensland.

RSG has a strengthening balance sheet on the back of operating improvements at Syama.

Results from current exploration at both projects will be provided in the miner’s June Quarter Report.

It is targeting an increase in production from its flagship Syama project to 250,000oz of gold a year after an extended ramp-up and commissioning period

Golden update

Last month, RSG provided its Group gold production and cash cost guidance for FY12.

Gold production in the coming year is forecast to increase to 410,000 ounces at a cash cost of $730 per ounce.

This cements RSG’s position as the second largest primary listed gold producer on the ASX.

It also represents a substantial increase in production and reduction in cash costs.

RSG’s continued improvement in outlook is underpinned by ongoing progress being achieved at the Syama operation in Mali.

The miner’s shares surged 7.6% on the day of the announcement.

Looking ahead

RSG could be debt free by the end of December should existing share options and convertible note debt be converted to equity.

The miner has a highly prospective tenement package with the potential to add significant value for shareholders.

Gold has gained significantly this year, reaching fresh record highs this week as global economic uncertainty pushes investors towards the safety of the shiny metal.

The metal printed highs of around US$1610 this week and continues to hold its ground well above US$1500.

Following the recent production and reserves updates, RSG seems well placed to benefit from the surging gold prices so it will be one of the stocks to watch in coming months.

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Invocare (ASX:IVC) is the largest funeral, cemetery and crematorium industry operator in Australia and Singapore.

It operates national brands such as White Lady, Simplicity and Singapore Casket.

The company operates a network of 180 funeral homes and 12 crematoria and cemeteries across Australia.

This network of facilities makes IVC the largest participant in the “death care” industry, performing over 20% of the burials in Australia. The majority of other funeral providers are well-established, small family operations.

Though IVC already has a stranglehold on a defensive industry that is certain of future business, it has continued to grow its market share over the last year via acquisitions.

It recently completed its latest acquisition which saw its shares surge as the market cheered the news.

Takeover completed

IVC recently completed the acquisition of Bledisloe Group. Bledisloe is the largest operator in New Zealand and one of the top four in several Australian markets.

It has revenues of approximately $60 million and maintainable EBITDA of approximately $11 million.

Invocare expects Bledisloe’s post synergy annual contribution to its EBITDA result to be approximately $14.4 million.

This move increases IVC’s presence in markets it was previously light on. We feel the acquisition is a good move for IVC going forward.

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Profits are alive

In February, IVC reported a 43.2% slide in FY10 net profit to $27.4 million.  Excluding the impact of a change in accounting policy, profit increased 11.9% on-year to $34.2 million.

Revenue grew 4.6% to $267.4 million, which was attributable to increased sales of cemeteries and crematoria memorials.

IVC declared a final dividend of 15.25 cents per share.

For the four months to 30 April 2011, total group sales revenue was up 6.5%. Average revenue per funeral was up 5.7% supported by a 4.5% price increase.

The impressive earnings trend looks set to continue as the business continues to engage in earnings accretive investments.

Looking ahead

IVC’s defensive characteristics give it an edged in the current market conditions.

The company is targeting approximately 6%-7% annual revenue growth. Its pillars of growth include favourable demographics (ageing population), consistent annual pricing improvements and market share improvements.

IVC is currently working on prepaid funerals to lock in future market share. The move gives clients guaranteed future service at today’s price.

The company has around $10 million debt headroom following the completion of the Bledisloe takeover.

Unfortunately the number of deaths is a key variable impacting FY results. IVC has no control over this part of the business.

However, with increasing market share, the prepaid service and price increases, we feel IVC will continue to maximise returns.

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Regis Resources Limited (ASX:RRL) is an emerging Australian gold production and exploration company.

Its management team has a successful track record of developing mid sized gold operations within Australia and Africa.

RRL’s flagship is the 100% owned Duketon Gold Project, 130km north of Laverton in WA.

Operations commenced in August 2010 following the construction of the Moolart Well Gold Mine and the mine boasts a JORC reserve of 603,000 ounces (oz).

Average production is expected to be 90,000oz over a six year mine life.

Regis Resources is confident that Moolart Well offers further reserve and resource growth potential from continued exploration programmes.

RRL also has the Garden Well project which is located 30km south of Moolart.

A maiden ore reserve at the Garden Well deposit highlights the potential of the region.

Returning to profit

The commencement of operations at the Moolart Well Gold Mine saw RRL report a profit after tax of $13.52 million for the half year ended 31 December.

This equates to an earnings per share of 3.23 cents.

The result was a huge improvement from a loss of $17 million the previous year.

Gold sales for the period came in at $42.481 million. This was from the sale of 24,207 oz at an average delivery price of $1,408 per oz.

RRL has cash and gold bullion holdings of $21.5 million.

Gold production for its first full quarter of operation (up to December 2010) was 23,851 oz. A pre-royalty cash cost of $450 per oz was achieved.

Resource update

RRL recently announced a reserve increase at Garden Well to 1.66 million ounces (moz) contained gold.

Even more impressive is the fact that 90% of the reserve at Garden Well is within 200 metres of surface and 99% of the reserve is within 250 metres of the surface.

This update increases RRL’s total JORC compliant reserves to 2.5 moz of gold.

RRL believes the updated 2.14 moz resource at Garden Well confirms the likelihood of further reserve upgrades at the project.

The miner expects Garden Well to produce approximately 180,000oz of gold per annum.

Successful development of the Garden Well deposit should lift RRL’s gold production to around 270,000 oz per annum commencing FY13.

Should it achieve that production rate, RRL would be a well established mid tier gold miner.

Gold boom and outlook

RRL is moving towards commencement of a second stand alone mining operation at Garden Well in the September 2011 quarter.

Gold has gained significantly this year, reaching fresh record highs last month as global economic uncertainty, natural disasters and tension in North Africa and the Middle East pushes investors towards the safety of the shiny metal.

The metal printed highs of around US$1577 last month and continues to hold its ground well above US$1500.

With plenty in the reserve growth pipeline and rising gold prices, we feel RRL has plenty of upside potential.

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Alkane Resources (ALK) is a multi-commodity explorer and miner focussed in the Central West of New South Wales.

Its Dubbo Zirconia Project is a world class resource of zirconium, hafnium, niobium, tantalum, yttrium and rare earths.

ALK also has a new gold development planned at Tomingley based upon an 800,000 ounce (oz) resource.

Additionally, ALK made a major gold discovery at McPhillamys (3 million oz) with its joint venture partner Newmont.

ALK aims to develop multiple operations within a tight geographic area over the next five years.

Rare metals and rare earths are a unique proposition given their use in green technology.

Demand for many of the metals is being driven by environmental legislation to ensure emissions minimisation and energy consumption efficiency.

Demand looking strong

Rare Earths have long been considered a strategic resource for China, with LYC the nation’s only major competitor.

China controls more than 90% of the accessible resources of rare earth metals.

Over the last few years, there has been a trend in Chinese Government policy decisions supportive of government control of the Rare Earths industry in China.

ALK shares have soared over the past year following news the Chinese Ministry of Commerce announced restrictions on Rare Earth exports.

The total export quota for 2010 (30,259 tonnes) is 40% less than the total export quota for 2009 (50,145 tonnes). In addition, the export quota for 2H10 (7,976 tonnes) is 72% less than the export quota for 2H09 (28,417 tonnes).

With China deciding to keep most of the world’s supply to itself, it leaves Alkane Resources and its peers in a good position to cater for buyers elsewhere.

China is expected to continue reducing export quotas for rare earths in the coming years. A reduction in the order of 5%-10% is anticipated next year.

The trend will likely continue until the Chinese government achieves its strategy of restructuring its rare earths industry, addressing environmental issues and preserving its resources for the long term.

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Quarterly update

In February, ALK completed a $21 million capital raising. The funds will be used to complete its current projects and for further resource evaluations.

According to ALK, the potential revenues from DZP products continue to increase assisted by escalating zircon prices, the Chinese Government classification of zirconium as a strategic metals and an indication of future preferences for value added zirconium products, and further restriction of their rare earth exports.

Base case revenues at the rate of 400,000 tonnes per annum ore processed are now estimated at US$180Mpa with project open pit life of at least 200 years.

The expanded case of 1Mtpa could generate revenues of US$450Mpa.

The base case development for its Tomingley gold project confirmed a production of 370,000 oz of gold over a seven and half year life.

Operating cash flows for this project are estimated to be $155 million with a capital cost of $95 million.

Looking ahead

ALK has built a substantial resource base and is proceeding towards several developments.

Following the capital raising, the company is well funded to pursue its projects.

Alkane Resources is prospecting and mining key commodities at the moment which are experiencing increasing demand and prices.

Peers such as Lynas Corp (rare earths) and Iluka (mineral sands) have experienced strong gains over the past few months as investors acknowledge the value of their minerals.

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Acrux (ACR) is an Australian drug business, developing and commercialising a range of pharmaceutical products for global markets.

ACR’s product pipeline includes treatment of hormonal deficiencies, central nervous system disorders, contraception and dermatological conditions – covering areas including men’s, women’s and animal health.

The group’s first product, Axiron, is being marketed in the USA following approval by the US Food and Drug Administration (FDA). Axiron is a spray for men with low sex drive because of decreased amounts of testosterone, restoring the normal level of the hormone in most men.

ACR has products in late stage development, follows a low risk development path and is well funded.

The company recently won approval to market menopause treatment in Sweden. This has been cheered by the market and could lead to further approvals to sell the treatment elsewhere in Europe.

Fundamentally strong

As a company, Acrux benefits from a number of strong fundamentals. ACR boasts faster, lower risk, lower cost development than its peers, because its products contain proven drugs.

ACR’s products are designed to have strong competitive advantage (“patient-preferred and patent protected”) and the group boasts a track record of commercial deals.

The company’s lead product, Axiron, has moved successfully through FDA approval, whilst the group has a range of products in clinical development for a range of therapeutic areas.

The broader environment for ACR is also supportive. As a pharmaceutical and biotechnology player, ACR is part of a relatively defensive sector.

Last year, ACR concluded Australia’s largest ever biotechnology licensing deal by entering into a global and exclusive agreement with Eli Lilly, a top-10 international company with reported revenue in 2009 of US$22 billion.

ACR is understandably focused on driving ahead with its landmark product, Axiron.

Axiron was the first testosterone replacement product approved for administration under the arm.

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Swedish persuasion

Last month, ACR announced it has been granted a marketing authorisation for its Ellavie product by Sweden’s Medical Products Agency.

The move has placed ACR in a strong position to actively engage potential marketing partners for the European market.

The estrogen therapy market outside the US is valued at US$360 million a year and ACR is looking to get a share of this market.

Earnings impress

In February, ACR reported a first half profit of $56.7 million, up from a loss of $2.1 million on year.

This translated to a diluted earnings per share of 34 cents. Revenue for the period jumped to $90.5 million (from $0.6 million).

ACR received US$87 million from Eli Lilly following the Axiron approval. A first distribution of approximately 60 cents per share was declared.

Looking ahead

The fully year profit after tax is expected to be similar to the first half result which equates to a very strong year.

Axiron was launched by Eli Lilly in the US at the end of March and is a significant step for ACR given the potential for the product.

Acrux is eligible to receive further sales milestone payments of up to US$195 million and will receive royalties on worldwide sales of Axiron.

Further approvals to sell Ellaive in Europe would give the stock significant upside.

The company has high cash reserves, sitting at $147 million, leaving it well capitalised for any investments.

A threat is the surging Aussie dollar which impacts ACR negatively on its US dollar earnings.

ACR continues to deliver on milestone projects which should help in generating significant and sustainable cash flows.

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