Last week Nufarm reported pleasing full year 2015 results with underlying profit of $104.8m. EBITDA was up 18% to $317 million and revenue increased ~4%. Higher debt levels meant credit metrics remained broadly stable with net leverage decreasing slightly to to 1.7x. Revenue growth was driven by higher sales of herbicides and fungicides in particular, offsetting a decline in sales from insecticides. From a demographic perspective the core Australia and NZ market dropped by -4% as a dry weather conditions impacted growth but this was more than offset by growth in North America and Asia. Net debt increased slightly to $547m but this was driven by a depreciating currency (excluding the currency impact net debt would have fallen by $97m). Gearing rose marginally to 25% but operating cash flow improved to $228 million. Capital expenditure increased but organic free cash flow is now stable ($125 million) to improving. There is no major refinancing due until 2019 and hence liquidity risk is minimal.