Phibro Animal Health Corporation - Seeking Alpha

Fourth Quarter – June 30, 2020Webcast and Conference Call August 27, 2020

U.S. toll-free +1-833-968-1955 International toll +1-647-689-6656Conference ID: 2577655

Phibro Animal Health Corporation

Cautionary Statements

Forward-Looking StatementsThis communication contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “believe,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These statements are not guarantees of future performance or actions. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Phibro expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements” and “Risk Factors.” These filings and subsequent filings are available online at www.sec.gov, www.pahc.com, or on request from Phibro.

Non-GAAP Financial InformationWe use non-GAAP financial measures, such as adjusted EBITDA and adjusted net income, to assess and analyze our operational results and trends and to make financial and operational decisions. Management uses adjusted EBITDA as its primary operating measure. We report adjusted net income to portray the results of our operations prior to considering certain income statement elements. We believe these non-GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non-GAAP financial measures included in this communication should not be considered alternatives to measurements required by GAAP, such as net income, operating income, and earnings per share, and should not be considered measures of liquidity. These non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. Reconciliation of non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this communication and/or our Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

Internet Posting of InformationWe routinely post information that may be important to investors in the “Investors” section of our website at www.pahc.com. We encourage investors and potential investors to consult our website regularly for important information about us.

2 August 27, 2020 Webcast and Conference Call

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GAAP and Non-GAAP Financial Information

Reported results are presented in accordance with GAAPAdjusted results are GAAP results adjusted to exclude- Acquisition-related items, including intangible amortization, cost of goods sold,

accrued compensation costs, transaction costs and adjustments to contingent consideration

- Unusual, non-operational or non-recurring items, including stock-based compensation, restructuring costs

- Other (income) expense as separately reported in the consolidated statements of operations, including foreign currency (gains) losses, net

- Income tax effects related to pre-tax adjustments and unusual or non-recurring income tax items


Opening Remarks and Financial Review

Jack BendheimChairman, President, Chief Executive Officer

Richard JohnsonChief Financial Officer


HighlightsQ4 – June 2020

Short-term decline in product demand due to COVID-19. Sales declines in the Animal Health, Mineral Nutrition and Performance Products businesses, primarily due to lower volume. In Animal Health, decreased sales in MFAs and other sales were partially offset by increases in nutritional specialty products and vaccines.

Net income declined as gross profit decreased driven by sales decline, primarily in the Animal Health segment, partially offset by favorable SG&A expenses. Increased income tax was due to the effects of GILTI tax, changes in uncertain tax positions and increased valuation allowances.


For the three months ended June 30 2020 2019

Net sales 185.9$ 203.9$ (18.0)$ (9)%

Net income 5.6 8.8 (3.2) (36)%

Diluted EPS 0.14$ 0.22$ (0.08)$ (36)%

Adjusted EBITDA 23.9$ 26.3$ (2.5)$ (9)%

Adjusted net income 6.8 13.6 (6.8) (50)%

Adjusted diluted EPS 0.17$ 0.33$ (0.16)$ (48)%

(in millions, except per share amounts and percentages)

Consolidated

Change

Summary

Three Months Twelve Months Nine Months Change

For the Periods Ended June 30 2020 2019 Change 2020 2019 Change 2020 2019 For the Year Ended June 30 2020 2019 2018 2016 2015 2020 / 2019 2019 / 2018 2017 / 2016

(in thousands, except per share amounts and percentages) (in thousands, except per share)

Net sales $ 185,883 $ 203,883 $ (18,000) (9)% $ 800,354 $ 827,995 $ (27,641) (3)% $ 614,471 $ 624,112 Net sales $ 800,354 $ 827,995 $ 819,982 $ 751,526 $ 748,591 $ (27,641) (3)% $ 8,013 1% $ 68,456 9%

Cost of goods sold 125,319 138,580 (13,261) (10)% 543,472 563,371 (19,899) (4)% 418,153 424,791 Cost of goods sold 543,472 563,371 553,103 512,494 515,311 (19,899) (4)% 40,609 8% (2,817) (1)%

Gross profit 60,564 65,303 (4,739) (7)% 256,882 264,624 (7,742) (3)% 196,318 199,321 Gross profit 256,882 264,624 266,879 239,032 233,280 (7,742) (3)% (2,255) (1)% 27,847 12%

Selling, general and administrative expenses 42,445 53,204 (10,759) (20)% 187,688 181,398 6,290 3% 145,243 128,194 Selling, general and administrative expenses 187,688 181,398 167,953 153,288 145,612 6,290 3% 13,445 8% 14,665 10%

Operating income 18,119 12,099 6,020 50% 69,194 83,226 (14,032) (17)% 51,075 71,127 Operating income 69,194 83,226 98,926 85,744 87,668 (14,032) (17)% (15,700) (16)% 13,182 15%

Interest expense, net 2,807 3,047 (240) (8)% 12,856 11,776 1,080 9% 10,049 8,729 Interest expense, net 12,856 11,776 11,910 16,592 14,305 1,080 9% (134) (1)% (4,682) (28)%

Foreign currency (gains) losses, net (1,069) (159) (910) * 826 (55) 881 * 1,895 104 Foreign currency (gains) losses, net 826 (55) (1,054) (7,609) (5,400) 881 * 999 * 6,555 *

Loss on extinguishment of debt - 0 - 0 - 0 * - 0 - 0 - 0 * - 0 - 0 Loss on extinguishment of debt - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *

Other (income) expense, net - 0 - 0 - 0 * - 0 - 0 - 0 * - 0 - 0 Other (income) expense, net - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *

Income before income taxes 16,381 9,211 7,170 78% 55,512 71,505 (15,993) (22)% 39,131 62,294 Income before income taxes 55,512 71,505 88,070 76,761 78,763 (15,993) (22)% (16,565) (19)% 11,309 15%

Provision for income taxes 10,739 409 10,330 * 21,960 16,792 5,168 31% 11,221 16,383 Provision for income taxes 21,960 16,792 23,187 (5,967) 18,483 5,168 31% (6,395) (28)% 29,154 *

Net income $ 5,642 $ 8,802 $ (3,160) (36)% $ 33,552 $ 54,713 $ (21,161) (39)% $27,910 $45,911 Net income $ 33,552 $ 54,713 $ 64,883 $ 82,728 $60,280 $ (21,161) (39)% $ (10,170) (16)% $ (17,845) (22)%

Net income per share Net income per share

basic $ 0.14 $ 0.22 $ (0.08) $ 0.83 $ 1.35 $ (0.52) basic $ 0.83 $ 1.35 $ 1.61 $ 2.11 $1.55 $ (0.52) $ (0.26) $ (0.50)

diluted $ 0.14 $ 0.22 $ (0.08) $ 0.83 $ 1.35 $ (0.52) diluted $ 0.83 $ 1.35 $ 1.61 $ 2.07 $1.51 $ (0.52) $ (0.26) $ (0.46)

Weighted average number of shares outstanding Weighted average number of shares outstanding

basic 40,454 40,454 40,454 40,412 basic 40,454 40,412 40,181 39,254 38,969

diluted 40,504 40,536 40,504 40,523 diluted 40,504 40,523 40,385 39,962 39,815

Ratio to net sales Ratio to net sales

Gross profit 32.6% 32.0% 32.1% 32.0% Gross profit 32.1% 32.0% 32.5% 31.8% 31.2%

Selling, general and administrative expenses 22.8% 26.1% 23.5% 21.9% Selling, general and administrative expenses 23.5% 21.9% 20.5% 20.4% 19.5%

Operating income 9.7% 5.9% 8.6% 10.1% Operating income 8.6% 10.1% 12.1% 11.4% 11.7%

Income before income taxes 8.8% 4.5% 6.9% 8.6% Income before income taxes 6.9% 8.6% 10.7% 10.2% 10.5%

Net income 3.0% 4.3% 4.2% 6.6% Net income 4.2% 6.6% 7.9% 11.0% 8.1%

Effective tax rate 65.6% 4.4% 39.6% 23.5% Effective tax rate 39.6% 23.5% 26.3% (7.8)% 23.5%

Amounts and percentages may reflect rounding adjustments Amounts and percentages may reflect rounding adjustments

* Calculation not meaningful * Calculation not meaningful

&Z&F&D &T

Adj EBITDA Rec - Segments



Net sales (in thousands, except percentages) Net sales (in thousands)

MFAs and other $ 72,641 $ 86,315 $ (13,674) (16)% $ 322,300 $ 350,468 $ (28,168) (8)% $ 249,659 $ 264,153 MFAs and other $ 322,300 $ 350,468 $ 336,666 $ 339,916 $ 335,735 $ (28,168) (8)% $ 13,802 4% $ (3,250) (1)%

Nutritional specialties 31,133 28,558 2,575 9% 129,264 113,215 16,049 14% 98,131 84,657 Nutritional specialties 129,264 113,215 122,978 94,084 81,702 16,049 14% (9,763) (8)% 28,894 31%

Vaccines 18,617 17,161 1,456 8% 75,340 68,291 7,049 10% 56,723 51,130 Vaccines 75,340 68,291 72,083 52,140 53,363 7,049 10% (3,792) (5)% 19,943 38%

Animal Health 122,391 132,034 (9,643) (7)% 526,904 531,974 (5,070) (1)% $ 404,513 $ 399,940 Animal Health 526,904 531,974 531,727 486,140 470,800 (5,070) (1)% 247 0% 45,587 9%

Mineral Nutrition 49,878 55,972 (6,094) (11)% 214,412 233,782 (19,370) (8)% 164,534 177,810 Mineral Nutrition 214,412 233,782 234,922 216,685 227,102 (19,370) (8)% (1,140) (0)% 18,237 8%

Performance Products 13,614 15,877 (2,263) (14)% 59,038 62,239 (3,201) (5)% 45,424 46,362 Performance Products 59,038 62,239 53,333 48,701 50,689 (3,201) (5)% 8,906 17% 4,632 10%

Total $ 185,883 $ 203,883 $ (18,000) (9)% $ 800,354 $ 827,995 $ (27,641) (3)% $ 614,471 $ 624,112 Total $ 800,354 $ 827,995 $ 819,982 $ 751,526 $ 748,591 $ (27,641) (3)% $ 8,013 1% $ 68,456 9%

Adjusted EBITDA Adjusted EBITDA

Animal Health $ 29,572 $ 31,167 $ (1,595) (5)% $ 123,106 $ 136,049 $ (12,943) (10)% $ 93,534 $ 104,882 Animal Health $ 123,106 $ 136,049 $ 141,914 $ 127,442 $ 120,259 $ (12,943) (10)% $ (5,865) (4)% $ 14,472 11%

Mineral Nutrition 3,464 3,778 (314) (8)% 14,678 15,712 (1,034) (7)% 11,214 11,934 Mineral Nutrition 14,678 15,712 18,583 14,971 14,429 (1,034) (7)% (2,871) (15)% 3,612 24%

Performance Products 719 1,168 (449) (38)% 4,534 4,728 (194) (4)% 3,815 3,560 Performance Products 4,534 4,728 1,881 970 2,646 (194) (4)% 2,847 151% 911 94%

Corporate (9,895) (9,798) (97) * (40,178) (38,452) (1,726) * (30,283) (28,654) Corporate (40,178) (38,452) (33,420) (29,323) (27,315) (1,726) * (5,032) * (4,097) *

Total $ 23,860 $ 26,315 $ (2,455) (9)% $ 102,140 $ 118,037 $ (15,897) (13)% $ 78,280 $ 91,722 Total $ 102,140 $ 118,037 $ 128,958 $ 114,060 $ 110,019 $ (15,897) (13)% $ (10,921) (8)% $ 14,898 13%

Adjusted EBITDA ratio to segment net sales Adjusted EBITDA ratio to segment net sales

Animal Health 24.2% 23.6% 23.4% 25.6% 23.1% 26.2% Animal Health 23.4% 25.6% 26.7% 26.2% 25.5%

Mineral Nutrition 6.9% 6.7% 6.8% 6.7% 6.8% 6.7% Mineral Nutrition 6.8% 6.7% 7.9% 6.9% 6.4%

Performance Products 5.3% 7.4% 7.7% 7.6% 8.4% 7.7% Performance Products 7.7% 7.6% 3.5% 2.0% 5.2%

Corporate (1) (5.3)% (4.8)% (5.0)% (4.6)% (4.9%) (4.6%) Corporate (1) (5.0)% (4.6)% (4.1)% (3.9)% (3.6%)

Total (1) 12.8% 12.9% 12.8% 14.3% 12.7% 14.7% Total (1) 12.8% 14.3% 15.7% 15.2% 14.7%

(1) reflects ratio to total net sales (1) reflects ratio to total net sales

Reconciliation of operating income to adjusted EBITDA Reconciliation of operating income to adjusted EBITDA

Change Change Change

Animal Health 2020 2019 2020 / 2019 2020 2019 2020 / 2019 For the Years Ended June 30 2020 2019 2018 2016 2015 2020 / 2019 2019 / 2018 2017 / 2016

(in thousands) Animal Health (in thousands)

Operating income $ 23,045 $ 25,275 $ (2,230) (9)% $ 96,539 $ 113,737 $ (17,198) (15)% $ 73,494 $ 88,462 Operating income $ 96,539 $ 113,737 $ 118,112 $ 106,047 $ 104,082 $ (17,198) (15)% $ (4,375) (4)% $ 12,065 11%

Acquisition related accrued compensation - 0 - 0 - 0 * - 0 - 0 * - 0 Acquisition related accrued compensation - 0 - 0 1,152 1,680 747 - 0 * (1,152) * (528) (31)%

Acquisition related cost of goods sold - 0 - 0 - 0 * 280 - 0 280 * 280 - 0 Acquisition related cost of goods sold 280 - 0 1,671 2,566 - 0 280 * (1,671) * (895) (35)%

Acquisition-related other, net - 0 - 0 - 0 - 0 * - 0 Acquisition-related other, net - 0 - 0 (468) - 0 - 0 * 468 * - 0 *

Other, net - 0 - 0 - 0 - 0 * - 0 Other, net - 0 - 0 - 0 - 0 - 0 * - 0 *

Depreciation and amortization 6,527 5,892 635 11% 26,287 22,312 3,975 18% 19,760 16,420 Depreciation and amortization 26,287 22,312 21,447 17,149 15,430 3,975 18% 865 4% 4,298 25%

Adjusted EBITDA 29,572 31,167 (1,595) (5)% 123,106 136,049 (12,943) (10)% 93,534 104,882 Adjusted EBITDA 123,106 136,049 141,914 127,442 120,259 (12,943) (10)% (5,865) (4)% 14,472 11%

Mineral Nutrition Mineral Nutrition

Operating income 2,813 3,264 (451) (14)% 12,156 13,393 (1,237) (9)% 9,343 10,129 Operating income 12,156 13,393 16,212 12,504 11,961 (1,237) (9)% (2,819) (17)% 3,708 30%

Depreciation and amortization 651 514 137 27% 2,522 2,319 203 9% 1,871 1,805 Depreciation and amortization 2,522 2,319 2,371 2,467 2,468 203 9% (52) (2)% (96) (4)%

Adjusted EBITDA 3,464 3,778 (314) (8)% 14,678 15,712 (1,034) (7)% 11,214 11,934 Adjusted EBITDA 14,678 15,712 18,583 14,971 14,429 (1,034) (7)% (2,871) (15)% 3,612 24%

Performance Products Performance Products

Operating income 162 866 (704) (81)% 2,674 3,601 (927) (26)% 2,512 2,735 Operating income 2,674 3,601 852 163 2,069 (927) (26)% 2,749 323% 689 423%

Depreciation and amortization 557 302 255 84% 1,860 1,127 733 65% 1,303 825 Depreciation and amortization 1,860 1,127 1,029 807 577 733 65% 98 10% 222 28%

Adjusted EBITDA 719 1,168 (449) (38)% 4,534 4,728 (194) (4)% 3,815 3,560 Adjusted EBITDA 4,534 4,728 1,881 970 2,646 (194) (4)% 2,847 151% 911 94%

Corporate Corporate

Operating income (7,901) (17,306) 9,405 * (42,175) (47,505) 5,330 * (34,274) (30,199) Operating income (42,175) (47,505) (36,250) (32,970) (30,444) 5,330 * (11,255) * (3,280) *

Acquisition related transaction costs - 0 213 (213) * 462 213 249 117% 462 - 0 Acquisition related transaction costs 462 213 400 618 - 0 249 117% (187) (47)% (218) (35)%

Loss on insurance claim - 0 - 0 - 0 * - 0 - 0 * - 0 Loss on insurance claim - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *

Recovery of insurance claim - 0 - 0 - 0 * - 0 - 0 * - 0 Recovery of insurance claim - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *

Pension settlement expense - 0 - 0 - 0 * - 0 - 0 * - 0 Pension settlement expense - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *

Acquisition related other, net (2,988) 1,506 (4,494) * (2,821) - 0 (2,821) * 167 (1,506) Acquisition related other, net (2,821) - 0 - 0 (2,821) * - 0 * - 0 *

Restructuring costs - 0 6,281 (6,281) * 425 6,281 (5,856) (93)% 425 Restructuring costs 425 6,281 - 0 (5,856) (93)% 6,281 * - 0 *

Other, net - 0 (1,506) 1,506 * (1,506) 1,506 * Other, net - 0 (1,506) - 0 1,506 * (1,506) *

Stock-based compensation 565 565 - 0 0% 2,259 2,259 - 0 0% 1,694 1,694 Stock-based compensation 2,259 2,259 334 - 0 0% 1,925 576% 334 *

Depreciation and amortization 429 449 (20) (4)% 1,672 1,806 (134) (7)% 1,243 1,357 Depreciation and amortization 1,672 1,806 2,096 3,029 3,129 (134) (7)% (290) (14)% (933) (31)%

Adjusted EBITDA (9,895) (9,798) (97) * (40,178) (38,452) (1,726) * (30,283) (28,654) Adjusted EBITDA (40,178) (38,452) (33,420) (29,323) (27,315) (1,726) * (5,032) * (4,097) *

Consolidated Consolidated

Operating income 18,119 12,099 6,020 50% 69,194 83,226 (14,032) (17)% Operating income 69,194 83,226 98,926 85,744 87,668 (14,032) (17)% (15,700) (16)% 13,182 15%

Loss on insurance claim - 0 - 0 - 0 * - 0 - 0 - 0 * Loss on insurance claim - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *

Gain on insurance settlement - 0 - 0 - 0 * - 0 - 0 - 0 * Recovery of insurance claim - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *

Acquisition related accrued compensation - 0 - 0 - 0 * - 0 - 0 - 0 * Acquisition related accrued compensation - 0 - 0 1,152 1,680 747 - 0 * (1,152) * (528) (31)%

Acquisition related cost of goods sold - 0 - 0 - 0 * 280 - 0 280 * Acquisition related cost of goods sold 280 - 0 1,671 2,566 - 0 280 * (1,671) * (895) (35)%

Acquisition related transaction costs - 0 213 (213) * 462 213 249 117% Acquisition related transaction costs 462 213 400 618 - 0 249 117% (187) (47)% (218) (35)%

Pension settlement expense - 0 - 0 - 0 * - 0 - 0 - 0 * Pension settlement expense - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *

Acquisition related other, net (2,988) 1,506 (4,494) * (2,821) - 0 (2,821) * Acquisition related other, net (2,821) - 0 (468) - 0 - 0 (2,821) * 468 * (468) *

Restructuring costs - 0 6,281 (6,281) * 425 - 0 6,281 (5,856) (93)% Restructuring costs 425 6,281 - 0 - 0 - 0 (5,856) (93)% 6,281 *

Other, net - 0 (1,506) 1,506 * - 0 - 0 (1,506) 1,506 * Other, net - 0 (1,506) - 0 17,149 - 0 1,506 * (1,506) *

Stock-based compensation 565 565 - 0 0% 2,259 2,259 - 0 0% Stock-based compensation 2,259 2,259 334 - 0 - 0 - 0 0% 1,925 576% 334 *

Depreciation and amortization 8,164 7,157 1,007 14% 32,341 27,564 4,777 17% Depreciation and amortization 32,341 27,564 26,943 23,452 21,604 4,777 17% 621 2% 3,491 15%

Adjusted EBITDA $ 23,860 $ 26,315 $ (2,455) (9)% $ 102,140 $ 118,037 $ (15,897) (13)% Adjusted EBITDA $ 102,140 $ 118,037 $ 128,958 $ 131,209 $ 110,019 $ (15,897) (13)% $ (10,921) (8)% $ (2,251) (2)%

EBDITA % of Total before Corporate EBDITA % of Total before Corporate

Animal Health 88% 86% 87% 87% Animal Health 87% 87% 87% 79% 88%

Mineral Nutrition 10% 10% 10% 10% Mineral Nutrition 10% 10% 11% 9% 11%

Performance Products 2% 3% 3% 3% Performance Products 3% 3% 1% 1% 2%

% of Total Sales % of Total Sales

MFAs and other 39% 42% 40% 42% MFAs and other 40% 42% 41% 45% 45%

&Z&F&D &T

Adjusted EBITDA Rec


For the Periods Ended June 30 2020 2019 Change 2020 2019 Change 2020 2019 For the Year Ended June 30 2020 2019 2018 2016 2015 2020/ 2019 2019 / 2018 2017 / 2016

(in thousands, except percentages) (in thousands)

Net income $ 5,642 $ 8,802 $ (3,160) (36)% $ 33,552 $ 54,713 $ (21,161) (39)% $ 27,910 $ 27,910 $ 45,911 Net income $ 33,552 $ 54,713 $ 64,883 $ 82,728 $ 60,280 $ (21,161) (39)% $ (10,170) (16)% $ (17,845) (22)%


Provision for income taxes 10,739 409 10,330 2526% 21,960 16,792 5,168 31% 11,221 16,383 Provision for income taxes 21,960 16,792 23,187 (5,967) 18,483 5,168 31% (6,395) (28)% 29,154 *

Depreciation and amortization 8,164 7,157 1,007 14% 32,341 27,564 4,777 17% 24,177 20,407 Depreciation and amortization 32,341 27,564 26,943 23,452 21,604 4,777 17% 621 2% 3,491 15%

EBITDA 27,352 19,415 7,937 41% 100,709 110,845 (10,136) (9)% 73,357 91,430 EBITDA 100,709 110,845 126,923 116,805 114,672 (10,136) (9)% (16,078) (13)% 10,118 9%

Restructuring costs - 0 6,281 (6,281) * 425 6,281 (5,856) (93)% 425 - 0 Restructuring costs 425 6,281 - 0 (5,856) (93)% - 0 *

Stock-based compensation 565 565 - 0 0% 2,259 2,259 - 0 0% 1,694 1,694 Stock-based compensation 2,259 2,259 334 - 0 - 0 0% 1,925 576% 334 *

Acquisition-related cost of goods sold - 0 - 0 - 0 * 280 - 0 280 * 280 - 0 Acquisition-related cost of goods sold 280 - 0 1,671 2,566 - 0 280 * (1,671) * (895) (35)%

Acquisition-related accrued compensation - 0 - 0 - 0 * - 0 - 0 - 0 * - 0 - 0 Acquisition-related accrued compensation - 0 - 0 1,152 1,680 747 - 0 * (1,152) * (528) (31)%

Acquisition-related transaction costs - 0 213 (213) * 462 213 249 117% 462 - 0 Acquisition-related transaction costs 462 213 400 618 - 0 249 117% (187) (47)% (218) (35)%

Acquisition-related other, net (2,988) - 0 (2,988) * (2,821) - 0 (2,821) * 167 - 0 Acquisition-related other, net (2,821) - 0 (468) (2,821) * 468 *

Other, net - 0 - 0 - 0 * - 0 (1,506) 1,506 * - 0 (1,506) Other, net - 0 (1,506) - 0 - 0 - 0 1,506 * (1,506) * (468) *

Pension settlement cost - 0 - 0 - 0 * - 0 - 0 - 0 * - 0 - 0 Pension settlement expense - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *

Loss on insurance claim - 0 - 0 - 0 * - 0 - 0 - 0 * - 0 - 0 Loss on insurance claim - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *

Gain on insurance settlement - 0 - 0 - 0 * - 0 - 0 - 0 * - 0 - 0 Gain on insurance settlement - 0 - 0 - 0 - 0 - 0 - 0 * - 0 * - 0 *




0 *

0 *

Adjusted EBITDA $ 23,860 $ 26,315 $ (2,455) (9)% $ 102,140 $ 118,037 $ (15,897) (13)% $ 78,280 $ 91,722 Adjusted EBITDA $ 102,140 $ 118,037 $ 128,958 $ 114,060 $ 110,019 $ (15,897) (13)% $ (10,921) (8)% $ 14,898 13%

Amounts and percentages may reflect rounding adjustments (1)Acquisition-related other, net includes the net effect of adjustments to deferred consideration on acquisitions and impairments of intangible assets

* Calculation not meaningful

Certain amounts and percentages may reflect rounding adjustments


&Z&F&D &T

Tax Provision Tables

Three Months Nine Months

For the Periods Ended March 31 2018 2017 2018 2017

Provision (benefit) for income taxes $ 4,548 $ 2,805 $ 21,779 $ 14,087

Effective income tax rate 18.6% 10.6% 33.7% 22.2%

Discrete income tax related items

Benefit from exercised employee stock options $ (1,038) $ (1,442) $ (3,397) $ (1,442)

Unrecognized tax benefits (758) - (758) -

Mandatory toll charge - - 4,249 -

Remeasurement of deferred tax assets - - 2,450 -

Remeasurement of foreign deferred tax assets - - 1,000 -

Accumulated other comprehensive income item - - 527 -

Foreign valuation allowance release - (3,780) - (3,780)

Total $ (1,796) $ (5,222) $ 4,071 $ (5,222)

Provision (benefit) for income taxes, excluding discrete items $ 6,344 $ 8,027 $ 17,708 $ 19,309

Effective income tax rate, excluding discrete items 26.0% 30.4% 27.4% 30.5%

For the Three Months Ended March 31 2018 2017

(in thousands, except percentages)

Provision (benefit) for income taxes $ 4,548 $ 2,805

Effective income tax rate 18.6% 10.6%

Certain income tax items

Benefit from exercised employee stock options $ (1,038) $ (1,442)

Release of unrecognized tax benefits (758) -

Release of foreign valuation allowance - (3,780)

Total $ (1,796) $ (5,222)

Provision (benefit) for income taxes, excluding certain items $ 6,344 $ 8,027

Effective income tax rate, excluding certain items 26.0% 30.4%

For the Years Ended June 30 2018 2017






Mandatory toll charge 403 -

Reduction of domestic deferred tax assets 2,289 -

Reduction of foreign deferred tax assets 1,156 -

Recognition of foreign tax credits (565) -

Reclassification from accumulated other comprehensive income 527 -

Release of unrecognized tax benefits (994) (500)


Total $ (957) $ (7,714)



Q4 for press release only

For the Three Months Ended June 30 2018 2017





Benefit from exercised employee stock options $ (376) $ (1,654)

Mandatory toll charge (3,846) -

Adjustment to domestic deferred tax assets (161) -

Reduction of foreign deferred tax assets 156 -



Release of foreign valuation allowance - (338)

Total $ (5,028) $ (2,492)



&8&F&A&8&D&T

Cash Flows

MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS



Cash provided by/(used in): (in thousands) (in thousands) Cash provided by/(used in): (in thousands)

Operating activities $ 3,877 $ 14,879 $ (11,002) $ 59,348 $ 47,169 $ 12,179 $ 55,471 $ 32,290 Operating activities $ 59,348 $ 47,169 $ 70,008 $ 37,218 $ 68,704 $ 12,179 $ (22,839) $ 32,790

Investing activities (9,533) 14,743 (24,276) (120,390) (14,133) (106,257) (110,857) (28,876) Investing activities (120,390) (14,133) (84,612) (82,791) (34,464) (106,257) 70,479 (1,821)

Financing activities 14,985 (7,999) 22,984 40,936 (4,107) 45,043 25,951 3,892 Financing activities 40,936 (4,107) (11,775) 50,380 (15,351) 45,043 7,668 (62,155)

Effect of exchange-rate changes on cash Effect of exchange-rate changes on cash

and cash equivalents 266 74 192 (1,124) (524) (600) (1,390) (598) and cash equivalents (1,124) (524) (536) (418) (1,494) (600) 12 (118)

Net increase/(decrease) in cash and cash equivalents $ 9,595 $ 21,697 $ (12,102) $ (21,230) $ 28,405 $ (49,635) $ (30,825) $ 6,708 Net increase/(decrease) in cash and cash equivalents $ (21,230) $ 28,405 $ (26,915) $ 4,389 $ 17,395 $ (49,635) $ 55,320 $ (31,304)

Net cash provided (used) by operating activities is comprised of the following items: Net cash provided (used) by operating activities is comprised of the following items:



(in thousands) (in thousands) (in thousands)

EBITDA $ 27,352 $ 19,415 $ 7,937 $ 100,709 $ 110,845 $ (10,136) $ 73,357 $ 91,430 EBITDA $ 100,709 $ 110,845 $ 126,923 $ 116,805 $ 114,672 $ (10,136) $ (16,078) $ 10,118

Adjustments Adjustments

Restructuring costs - 0 6,281 425 6,281 (5,856) 425 $ - 0 Restructuring costs 425 6,281 - 0 (5,856) 6,281

Stock-based compensation 565 565 - 0 2,259 2,259 - 0 1,694 1,694 Stock-based compensation 2,259 2,259 334 - 0 - 0 1,925 334

Acquisition-related cost of goods sold - 0 - 0 - 0 280 - 0 280 280 - 0 Acquisition-related cost of goods sold 280 - 0 1,671 2,566 - 0 280 (1,671) (895)

Acquisition-related accrued compensation - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 Acquisition-related accrued compensation - 0 - 0 1,152 1,680 747 - 0 (1,152) (528)

Acquisition-related transaction costs - 0 213 (213) 462 213 249 462 - 0 Acquisition-related transaction costs 462 213 400 618 - 0 249 (187) (218)

Acquisition related other, net (2,988) - 0 (2,988) (2,821) - 0 (2,821) 167 - 0 Acquisition-related other, net (2,821) - 0 (468) - 0 - 0 (2,821) 468

Other, net - 0 - 0 - 0 - 0 (1,506) 1,506 - 0 (1,506) Other, net - 0 (1,506) - 0 - 0 - 0 1,506 (1,506) - 0

Pension settlement cost - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 Pension settlement cost - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Loss on insurance claim - 0 - 0 - 0 - 0 - 0 - 0 - 0 Loss on insurance claim - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Gain on insurance settlement - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 Gain on insurance settlement - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

- 0

Foreign currency (gains) losses, net (1,069) (159) (910) 826 (55) 881 1,895 104 Foreign currency (gains) losses, net 826 (55) (1,054) (7,609) (5,400) 881 999 6,555

Loss on extinguishment of debt - 0 - 0 - 0 - 0 - 0 - 0 - 0 Loss on extinguishment of debt - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Other (income) expense, net - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 Other (income) expense, net - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Interest paid, net (2,406) (4,559) 2,153 (11,577) (12,250) 673 (9,171) (7,691) Interest paid, net (11,577) (12,250) (11,208) (14,215) (12,912) 673 (1,042) 3,007

Income taxes paid (5,821) (3,046) (2,775) (20,866) (16,215) (4,651) (15,045) (13,169) Income taxes paid (20,866) (16,215) (15,191) (16,828) (10,780) (4,651) (1,024) 1,637

Changes in operating assets and liabilities and other items (11,756) (3,831) (7,925) (10,349) (42,403) 32,054 1,407 (38,572) Changes in operating assets and liabilities and other items (10,349) (42,403) (32,551) (45,181) (12,337) 32,054 (9,852) 12,630

Cash provided by gain on insurance settlement - 0 - 0 - 0 - 0 - 0 - 0 Cash provided by insurance settlement - 0 - 0 - 0 - 0 (5,286) - 0 - 0 - 0

Cash used for acquisition-related transaction costs - 0 - 0 - 0 - 0 - 0 - 0 - 0 Cash used for acquisition-related transaction costs - 0 (618) - 0 - 0 - 0 618

Net cash provided (used) by operating activities $ 3,877 $ 14,879 $ (11,002) $ 59,348 $ 47,169 $ 12,179 $ 55,471 $ 32,290 Net cash provided by operating activities $ 59,348 $ 47,169 $ 70,008 $ 37,218 $ 68,704 $ 12,179 $ (22,839) $ 32,790



- 0

&Z&F&D &T

Liquidity

June 30, June 30, June 30, Change

As of 2020 2019 2018 Change As of June 30 2020 2019 2018 2016 2015 2020 / 2019 2019 / 2018 2017 / 2016

(in thousands, except ratios) (in thousands, except ratios)

Cash and cash equivalents and short-term investments $91,343 $81,573 $79,168 $9,770 Cash and cash equivalents and short-term investments $91,343 $81,573 $79,168 $33,605 $29,216 $9,770 $2,405 $45,563

Working capital 222,006 242,902 205,651 (20,896) Working capital 222,006 242,902 205,651 $203,356 $175,988 (20,896) 37,251 2,295

Ratio of current assets to current liabilities 2.6:1 2.71:1 2.57:1 Ratio of current assets to current liabilities 2.6:1 2.71:1 2.57:1 2.92:1 2.62:1

360,494 384,589 336,293 360,494 384,589 336,293 309,226 284,512

138,488 141,687 130,642 138,488 141,687 130,642 105,870 108,524

2.60 2.71 2.57 2.60 2.71 2.57 2.92 2.62

&Z&F&D &T

Working Capital

Phibro Animal Health Corp

Working Capital Changes

June June June June June June Mar June Dec June Sept June June June March June December June September June June June Mar June Dec June Sept June June June March June December June September June June June March June December June September June June June March June December June September June June June March June December June September June June June March June December June September June

2020 2019 Change 2019 2018 Change 2018 2017 Change 2018 2017 Change 2017 2017 Change 2017 2017 Change 2017 2016 Change 2017 2016 Change 2016 2016 Change 2016 2016 Change 2016 2015 Change 2016 2015 Change 2015 2015 Change 2015 2015 Change 2015 2014 Change 2015 2014 Change 2014 2014 Change 2014 2014 Change 2014 2013 Change 2014 2013 2013 2013 2013 2013 2013 2012 Change 2013 2012 Change 2012 2012 Change 2012 2012 Change 2012 2011 Change 2012 2011 Change 2011 2011 Change 2011 2011 Change 2011 2010 Change 2011 2010 Change 2010 2010 Change 2010 2010 Change

Cash and cash equivalents 36,343 57,573 (21,230) 57,573 29,168 28,405 29,168 56,083 (26,915) 30,553 56,083 (25,530) 40,185 56,083 (15,898) 62,097 56,083 6,014 56,083 33,605 22,478 49,310 33,605 15,705 39,220 33,605 5,615 37,415 33,605 3,810 33,605 29,216 4,389 32,225 29,216 3,009 25,372 29,216 (3,844) 31,817 29,216 2,601 29,216 11,821 17,395 20,804 11,821 20,689 11,821 19,749 11,821 11,821 27,369 10,979 27,369 30,474 27,369 36,851 27,369 27,369 53,900 (26,531) 27,995 53,900 (25,905) 27,023 53,900 (26,877) 41,853 53,900 (12,047) 53,900 48,598 5,302 33,658 48,598 (14,940) 49,373 48,598 775 47,089 48,598 (1,509) 48,598 62,705 (14,107) 41,517 62,705 (21,188) 20,066 62,705 (42,639) 12,068 62,705 (50,637)

Short Term Investments 55,000 24,000 24,000 50,000 50,000 45,000 27,000

Accounts receivable, net 126,522 159,022 159,022 135,742 135,742 125,847 127,044 125,847 132,242 125,847 136,337 125,847 125,847 123,790 113,130 123,790 124,131 123,790 119,607 123,790 123,790 111,099 116,233 111,099 114,572 111,099 113,710 111,099 111,099 113,858 115,152 113,858 114,264 113,858 110,756 113,858 113,858 99,137 107,705 99,137 103,253 99,137 94,446 99,137 109,816 105,721 4,095 101,713 105,721 (4,008) 102,267 105,721 (3,454) 95,949 105,721 (9,772) 105,721 103,168 2,553 106,456 103,168 3,288 104,698 103,168 1,530 96,469 103,168 (6,699) 103,168 99,244 3,924 97,841 99,244 (1,403) 99,827 99,244 583 97,846 99,244 (1,398)

Inventories 196,659 198,322 198,322 178,170 178,170 161,233 184,478 161,233 173,613 161,233 170,928 161,233 161,233 167,691 163,831 167,691 158,819 167,691 162,644 167,691 167,691 149,786 168,293 149,786 154,422 149,786 147,294 149,786 149,786 143,184 136,368 143,184 144,858 143,184 146,382 143,184 143,184 140,032 142,804 140,032 140,445 140,032 141,376 140,032 140,157 118,372 21,785 138,892 118,372 20,520 128,954 118,372 10,582 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 124,137 (5,685) 117,300 124,137 (6,837) 123,026 124,137 (1,111) 124,137 113,228 10,909 121,028 113,228 7,800 118,741 113,228 5,513 115,586 113,228 2,358

Prepaid expenses and other current assets 37,313 27,245 27,245 22,381 22,381 20,502 20,351 20,502 23,407 20,502 25,193 20,502 20,502 17,745 21,273 17,745 16,839 17,745 20,102 17,745 17,745 23,627 15,847 23,627 15,807 23,627 24,170 23,627 23,627 30,426 27,728 30,426 26,932 30,426 26,967 30,426 30,426 29,848 31,159 29,848 28,359 29,848 31,979 30,498 19,644 22,190 (2,546) 29,119 22,190 6,929 24,563 22,190 2,373 29,680 22,190 7,490 22,190 18,929 3,261 20,200 18,929 1,271 24,694 18,929 5,765 15,888 18,929 (3,041) 18,929 19,816 (887) 21,123 19,816 1,307 19,505 19,816 (311) 19,986 19,816 170

Current assets held for sale - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Loans payable to banks - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Current portion of long-term debt (18,750) (12,540) (12,540) (12,579) (12,579) (6,250) (11,020) (6,250) (9,458) (6,250) (7,895) (6,250) (6,250) (2,803) (2,900) (2,803) (2,901) (2,803) (2,903) (2,803) (2,803) (2,809) (2,809) (2,809) (2,814) (2,809) (2,819) (2,809) (2,809) (2,969) (2,813) (2,969) (2,828) (2,969) (2,950) (2,969) (2,969) (64) (72) (64) (9,994) (64) (9,966) (64) (64) (5,350) 5,286 (79) (5,350) 5,271 (29,361) (5,350) (24,011) (29,198) (5,350) (23,848) (5,350) (5,526) 176 (5,283) (5,526) 243 (5,650) (5,526) (124) (5,565) (5,526) (39) (5,526) (5,557) 31 (5,434) (5,557) 123 (5,829) (5,557) (272) (5,704) (5,557) (147)

Accounts payable (66,091) (73,189) (73,189) (59,498) (59,498) (56,894) (64,127) (56,894) (64,779) (56,894) (61,732) (56,894) (56,894) (60,167) (53,271) (60,167) (54,826) (60,167) (54,274) (60,167) (60,167) (63,061) (51,852) (63,061) (61,226) (63,061) (59,469) (63,061) (63,061) (59,608) (56,920) (59,608) (56,762) (59,608) (64,544) (59,608) (59,608) (57,902) (60,572) (57,902) (60,109) (57,902) (52,739) (58,432) (58,432) (66,806) 8,374 (59,620) (66,806) 7,186 (60,229) (66,806) 6,577 (63,758) (66,806) 3,048 (66,806) (63,045) (3,761) (58,555) (63,045) 4,490 (60,972) (63,045) 2,073 (64,579) (63,045) (1,534) (63,045) (60,278) (2,767) (62,489) (60,278) (2,211) (61,960) (60,278) (1,682) (59,859) (60,278) 419

Current liabilities held for sale - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Accrued expenses and other current liabilities (72,397) (68,498) (68,498) (71,144) (71,144) (52,652) (53,397) (52,652) (52,999) (52,652) (51,480) (52,652) (52,652) (45,703) (50,126) (45,703) (45,602) (45,703) (44,159) (45,703) (45,703) (45,463) (45,119) (45,463) (50,491) (45,463) (46,039) (45,463) (45,463) (49,861) (45,751) (49,861) (41,788) (49,861) (39,293) (49,861) (49,861) (57,438) (54,163) (57,438) (52,527) (57,438) (48,747) (57,160) (57,160) (52,640) (4,520) (45,815) (52,640) 6,825 (47,234) (52,640) 5,406 (41,876) (52,640) 10,764 (52,640) (47,753) (4,887) (43,319) (47,753) 4,434 (55,616) (47,753) (7,863) (40,572) (47,753) 7,181 (47,753) (50,330) 2,577 (42,492) (50,330) 7,838 (47,206) (50,330) 3,124 (40,736) (50,330) 9,594

294,599 311,935 311,935 272,240 272,240 247,869 278,882 247,869 269,211 247,869 273,448 247,869 247,869 234,158 241,247 234,158 235,680 234,158 238,432 234,158 234,158 202,395 232,818 202,395 195,642 202,395 208,664 202,395 202,395 186,851 194,568 186,851 205,365 186,851 197,067 186,851 186,851 180,982 177,840 180,982 179,901 180,982 193,200 181,380 181,330 175,387 5,943 192,205 175,387 16,818 145,983 175,387 (29,404) 156,151 175,387 (19,236) 175,387 178,508 (3,121) 171,609 178,508 (6,899) 173,827 178,508 (4,681) 171,756 178,508 (6,752) 178,508 178,828 (320) 171,094 178,828 (7,734) 143,144 178,828 (35,684) 139,187 178,828 (39,641)

June June June June June June Mar June Dec June Sept June June June March June December June September June June June Dec June Dec June Sept June June June March June December June September June June June March June December June September June June June March June December June September June June June March June December June September June June June September June September June September June

Working Capital Adjusted 2020 2019 2019 2018 2018 2017 2018 2017 2017 2017 2017 2017 2017 2016 2017 2016 2016 2016 2016 2016 2016 2015 2015 2015 2015 2015 2015 2015 2015 2014 2015 2014 2014 2014 2014 2014 2014 2013 2014 2013 2013 2013 2013 2013 2013 2012 Change 2013 2012 Change 2012 2012 Change 2012 2012 Change 2012 2011 Change 2012 2011 Change 2011 2010 Change 2011 2010 Change 2009 2009 Change 2009 2009 Change 2009 2009 Change 2010 2009 Change

Cash and cash equivalents - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Short Term Investments - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Accounts receivable, net 126,522 159,022 (32,500) 159,022 135,742 23,280 135,742 125,847 9,895 127,044 125,847 1,197 132,242 125,847 6,395 136,337 125,847 10,490 125,847 123,790 2,057 113,130 123,790 (10,660) 124,131 123,790 341 119,607 123,790 (4,183) 123,790 111,099 12,691 116,233 111,099 5,134 114,572 111,099 3,473 113,710 111,099 2,611 111,099 113,858 (2,759) 115,152 113,858 1,294 114,264 113,858 406 110,756 113,858 (3,102) 113,858 99,137 14,721 107,705 99,137 8,568 103,253 99,137 94,446 99,137 109,816 105,721 4,095 101,713 105,721 (4,008) 102,267 105,721 (3,454) 95,949 105,721 (9,772) 105,721 103,168 2,553 106,456 103,168 3,288 104,698 103,168 1,530 96,469 103,168 (6,699) 103,168 99,244 3,924 97,841 99,244 (1,403) 99,827 99,244 583 97,846 99,244 (1,398)

Inventories 196,659 198,322 (1,663) 198,322 178,170 20,152 178,170 161,233 16,937 184,478 161,233 23,245 173,613 161,233 12,380 170,928 161,233 9,695 161,233 167,691 (6,458) 163,831 167,691 (3,860) 158,819 167,691 (8,872) 162,644 167,691 (5,047) 167,691 149,786 17,905 168,293 149,786 18,507 154,422 149,786 4,636 147,294 149,786 (2,492) 149,786 143,184 6,602 136,368 143,184 (6,816) 144,858 143,184 1,674 146,382 143,184 3,198 143,184 140,032 3,152 142,804 140,032 2,772 140,445 140,032 141,376 140,032 140,157 118,372 21,785 138,892 118,372 20,520 128,954 118,372 10,582 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 124,137 (5,685) 117,300 124,137 (6,837) 123,026 124,137 (1,111) 124,137 113,228 10,909 121,028 113,228 7,800 118,741 113,228 5,513 115,586 113,228 2,358

Prepaid expenses and other current assets 37,313 27,245 10,068 27,245 22,381 4,864 22,381 20,502 1,879 20,351 20,502 (151) 23,407 20,502 2,905 25,193 20,502 4,691 20,502 17,745 2,757 21,273 17,745 3,528 16,839 17,745 (906) 20,102 17,745 2,357 17,745 23,627 (5,882) 15,847 23,627 (7,780) 15,807 23,627 (7,820) 24,170 23,627 543 23,627 30,426 (6,799) 27,728 30,426 (2,698) 26,932 30,426 (3,494) 26,967 30,426 (3,459) 30,426 29,848 578 31,159 29,848 1,311 28,359 29,848 31,979 30,498 19,644 22,190 (2,546) 29,119 22,190 6,929 24,563 22,190 2,373 29,680 22,190 7,490 22,190 18,929 3,261 20,200 18,929 1,271 24,694 18,929 5,765 15,888 18,929 (3,041) 18,929 19,816 (887) 21,123 19,816 1,307 19,505 19,816 (311) 19,986 19,816 170

Loans payable to banks - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Current portion of long-term debt - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Accounts payable (66,091) (73,189) 7,098 (73,189) (59,498) (13,691) (59,498) (56,894) (2,604) (64,127) (56,894) (7,233) (64,779) (56,894) (7,885) (61,732) (56,894) (4,838) (56,894) (60,167) 3,273 (53,271) (60,167) 6,896 (54,826) (60,167) 5,341 (54,274) (60,167) 5,893 (60,167) (63,061) 2,894 (51,852) (63,061) 11,209 (61,226) (63,061) 1,835 (59,469) (63,061) 3,592 (63,061) (59,608) (3,453) (56,920) (59,608) 2,688 (56,762) (59,608) 2,846 (64,544) (59,608) (4,936) (59,608) (57,902) (1,706) (60,752) (57,902) (2,850) (60,109) (57,902) (52,739) (58,432) (58,432) (66,806) 8,374 (59,620) (66,806) 7,186 (60,229) (66,806) 6,577 (63,758) (66,806) 3,048 (66,806) (63,045) (3,761) (58,555) (63,045) 4,490 (60,972) (63,045) 2,073 (64,579) (63,045) (1,534) (63,045) (60,278) (2,767) (62,489) (60,278) (2,211) (61,960) (60,278) (1,682) (59,859) (60,278) 419

Accrued expenses and other current liabilities (72,397) (68,498) (3,899) (68,498) (71,144) 2,646 (71,144) (52,652) (18,492) (53,397) (52,652) (745) (52,999) (52,652) (347) (51,480) (52,652) 1,172 (52,652) (45,703) (6,949) (50,126) (45,703) (4,423) (45,602) (45,703) 101 (44,159) (45,703) 1,544 (45,703) (45,463) (240) (45,119) (45,463) 344 (50,491) (45,463) (5,028) (46,039) (45,463) (576) (45,463) (49,861) 4,398 (45,751) (49,861) 4,110 (41,788) (49,861) 8,073 (39,293) (49,861) 10,568 (49,861) (57,438) 7,577 (54,513) (57,438) 2,925 (52,527) (57,438) (48,747) (57,160) (57,160) (52,640) (4,520) (45,815) (52,640) 6,825 (47,234) (52,640) 5,406 (41,876) (52,640) 10,764 (52,640) (47,753) (4,887) (43,319) (47,753) 4,434 (55,616) (47,753) (7,863) (40,572) (47,753) 7,181 (47,753) (50,330) 2,577 (42,492) (50,330) 7,838 (47,206) (50,330) 3,124 (40,736) (50,330) 9,594

Costs related to equity transactions accrual - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

222,006 242,902 (20,896) 242,902 205,651 37,251 205,651 198,036 7,615 214,349 198,036 16,313 211,484 198,036 13,448 219,246 198,036 21,210 198,036 203,356 (5,320) 194,837 203,356 (8,519) 199,361 203,356 (3,995) 203,920 203,356 564 203,356 175,988 27,368 203,402 175,988 27,414 173,084 175,988 (2,904) 179,666 175,988 3,678 175,988 177,999 (2,011) 176,577 177,999 (1,422) 187,504 177,999 9,505 180,268 177,999 2,269 177,999 153,677 24,322 166,403 153,677 12,726 159,421 153,677 166,315 154,075 154,025 126,837 27,188 164,289 126,837 37,452 148,321 126,837 21,484 143,496 126,837 16,659 126,837 135,436 (8,599) 143,234 135,436 7,798 130,104 135,436 (5,332) 130,232 135,436 (5,204) 135,436 121,680 13,756 135,011 121,680 13,331 128,907 121,680 7,227 132,823 121,680 11,143

March March March March March March March March December December September September June March March March December December September September June June March March December December September September

2013 2013 2014 2013 2014 2013 2014 2013 2013 2012 2013 2012 2013 2012 Change 2013 2012 Change 2012 2011 Change 2012 2011 Change 2012 2011 Change 2012 2011 Change 2011 2010 Change 2011 2010 Change

Cash and cash equivalents 27,369 27,369 19,749 27,369 11,821 27,369 10,979 27,369 30,474 27,023 36,851 41,853 27,369 33,658 (6,289) 27,995 33,658 (5,663) 27,023 49,373 (22,350) 41,853 53,900 (12,047) 53,900 48,598 5,302 33,658 41,517 (7,859) 49,373 20,066 29,307 47,089 12,068 35,021

Accounts receivable, net 99,137 99,137 110,756 99,137 113,858 99,137 107,705 99,137 103,253 96,123 94,446 95,949 109,816 106,456 3,360 101,713 106,456 (4,743) 102,267 104,698 (2,431) 95,949 105,721 (9,772) 105,721 103,168 2,553 106,456 97,841 8,615 104,698 99,827 4,871 96,469 97,846 (1,377)

Inventories 140,032 140,032 146,382 140,032 143,184 140,032 142,804 140,032 140,445 128,954 141,376 123,501 140,157 118,452 21,705 138,892 118,452 20,440 128,954 117,300 11,654 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 121,028 (2,576) 117,300 118,741 (1,441) 123,026 115,586 7,440

Prepaid expenses and other current assets 29,848 29,848 26,967 29,848 30,426 29,848 31,159 29,848 28,359 30,728 31,979 29,680 19,644 20,200 (556) 29,119 20,200 8,919 24,563 24,694 (131) 29,680 22,190 7,490 22,190 18,929 3,261 20,200 21,123 (923) 24,694 19,505 5,189 15,888 19,986 (4,098)

Current assets held for sale - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Loans payable to banks - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Current portion of long-term debt (64) (64) (2,950) (64) (2,969) (64) (72) (64) (9,994) (29,361) (9,966) (29,198) (64) (5,283) 5,219 (79) (5,283) 5,204 (29,361) (5,650) (23,711) (29,198) (5,350) (23,848) (5,350) (5,526) 176 (5,283) (5,434) 151 (5,650) (5,829) 179 (5,565) (5,704) 139

Accounts payable (55,960) (55,960) (64,544) (55,960) (59,608) (55,960) (60,572) (55,960) (60,109) (59,699) (52,739) (63,758) (58,432) (58,555) 123 (59,620) (58,555) (1,065) (60,229) (60,972) 743 (63,758) (66,806) 3,048 (66,806) (63,045) (3,761) (58,555) (62,489) 3,934 (60,972) (61,960) 988 (64,579) (59,859) (4,720)

Current liabilities held for sale - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Accrued expenses and other current liabilities (57,438) (57,438) (39,293) (57,438) (49,861) (57,438) (54,163) (57,438) (52,527) (47,084) (48,747) (41,876) (57,160) (43,319) (13,841) (45,815) (43,319) (2,496) (47,234) (55,616) 8,382 (41,876) (52,640) 10,764 (52,640) (47,753) (4,887) (43,319) (42,492) (827) (55,616) (47,206) (8,410) (40,572) (40,736) 164

182,924 182,924 197,067 182,924 186,851 182,924 177,840 182,924 179,901 146,684 193,200 156,151 181,330 171,609 9,721 192,205 171,609 20,596 145,983 173,827 (27,844) 156,151 175,387 (19,236) 175,387 178,508 (3,121) 171,609 171,094 515 173,827 143,144 30,683 171,756 139,187 32,569


Working Capital Adjusted 2013 2013 2014 2013 2014 2013 2014 2013 2013 2012 2013 2012 2013 2012 Change 2013 2012 Change 2012 2011 Change 2012 2011 Change 2012 2011 Change 2012 2011 Change 2011 2010 Change 2011 2010 Change

Cash and cash equivalents - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Accounts receivable, net 99,137 99,137 110,756 99,137 113,858 99,137 107,705 99,137 8,568 103,253 96,123 7,130 94,446 95,949 109,816 105,721 4,095 101,713 106,456 (4,743) 102,267 104,698 (2,431) 95,949 96,469 (520) 105,721 103,168 2,553 106,456 97,841 8,615 104,698 99,827 4,871 96,469 97,846 (1,377)

Inventories 140,032 140,032 146,382 140,032 143,184 140,032 142,804 140,032 2,772 140,445 128,954 11,491 141,376 123,501 140,157 118,372 21,785 138,892 118,452 20,440 128,954 117,300 11,654 123,501 123,026 475 118,372 124,137 (5,765) 118,452 121,028 (2,576) 117,300 118,741 (1,441) 123,026 115,586 7,440

Prepaid expenses and other current assets 29,848 29,848 26,967 29,848 30,426 29,848 31,159 29,848 1,311 28,359 30,728 (2,369) 31,979 29,680 19,644 22,190 (2,546) 29,119 20,200 8,919 24,563 24,694 (131) 29,680 15,888 13,792 22,190 18,929 3,261 20,200 21,123 (923) 24,694 19,505 5,189 15,888 19,986 (4,098)

Loans payable to banks - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Current portion of long-term debt - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Accounts payable (55,960) (55,960) (64,544) (55,960) (59,608) (55,960) (60,572) (55,960) (4,612) (60,109) (59,699) (410) (52,739) (63,758) (58,432) (66,806) 8,374 (59,620) (58,555) (1,065) (60,229) (60,972) 743 (63,758) (64,579) 821 (66,806) (63,045) (3,761) (58,555) (62,489) 3,934 (60,972) (61,960) 988 (64,579) (59,859) (4,720)

Accrued expenses and other current liabilities (57,438) (57,438) (39,293) (57,438) (49,861) (57,438) (54,163) (57,438) 3,275 (52,527) (47,084) (5,443) (48,747) (41,876) (57,160) (52,640) (4,520) (45,815) (43,319) (2,496) (47,234) (55,616) 8,382 (41,876) (40,572) (1,304) (52,640) (47,753) (4,887) (43,319) (42,492) (827) (55,616) (47,206) (8,410) (40,572) (40,736) 164

Costs related to equity transactions accrual - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

155,619 155,619 180,268 155,619 177,999 155,619 166,933 155,619 11,314 159,421 149,022 10,399 166,315 143,496 22,819 154,025 126,837 27,188 164,289 143,234 21,055 148,321 130,104 18,217 143,496 130,232 13,264 126,837 135,436 (8,599) 143,234 135,011 8,223 130,104 128,907 1,197 130,232 132,823 (2,591)

&Z&F&D &T

DSO & Inventories

Change

As of June 30 2020 2019 2018 2015 2013 2013/2012 2013 2012 2011 Change 2020/2019 2019/2018

(in thousands)

Accounts receivable - trade $ 126,522 $ 159,022 $ 135,742 $ 111,099 $ 99,137 12% $ 99,137 $ 99,140 97,566 $ 24,643 $ (32,500) $ 23,280

DSO 61 70 58 54 53 2% 54 53 55


Change

As of June 30 2020 2019 2018 2015 2013 2013/2012 2013 2012 2011 Change 2020/2019 2019/2018

(in thousands)

Inventories $ 196,659 $ 198,322 $ 178,170 $ 149,786 $ 140,032 7% $ 140,032 $ 120,123 97,566 $ 28,384 $ (1,663) $ 20,152

&Z&F&D &T

Business Segments

Segments Change Percentage of total

For the Year Ended June 30 2020 2019 2018 2015 2020 / 2019 2019 / 2018 2016 / 2015 2020 2019 2018 2015

($ in millions)

MFAs and other $ 340 $ 340 $ 336 $ 327 $ 4 1% $ 9 3%

Nutritional Specialties 94 94 82 63 12 15% 19 30%

Vaccines 52 52 53 41 (1) (2)% 12 29%

Animal Health $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ 0 0% $ 61 13% 66% 64% 65% 63%

Mineral Nutrition 214 234 235 227 (19) (8)% (1) (0)% 8 3% 27% 28% 29% 30%

Performance Products 59 62 53 51 (3) (5)% 9 17% 3 5% 7% 8% 7% 7%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%

Species Change Percentage of total


($ in millions)

Poultry $ 301 $ 316 $ 321 $ 280 $ (15) (5)% $ (5) (2)% $ 41 15% 38% 38% 39% 37%

Dairy 163 170 177 135 (7) (4)% (7) (4)% 42 31% 20% 21% 22% 18%

Cattle 94 88 80 100 6 7% 8 10% (20) (20)% 12% 11% 10% 13%

Swine 81 101 100 102 (20) (20)% 1 1% (2) (2)% 10% 12% 12% 14%

Other (1) 161 153 142 132 8 5% 11 8% 10 7% 20% 18% 17% 18%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%

Regions (2) Change Percentage of total


($ in millions)

United States $ 472 $ 481 $ 491 $ 483 $ (9) (2)% $ (10) (2)% $ 8 2% 59% 58% 60% 65%

Latin America and Canada 159 152 143 107 7 5% 9 6% 36 33% 20% 18% 17% 14%

Europe, Middle East and Africa 112 105 110 61 7 7% (5) (5)% 49 79% 14% 13% 13% 8%

Asia Pacific 57 90 76 97 (33) (37)% 14 18% (21) (21)% 7% 11% 9% 13%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%

(1) Other includes the Performance Products segment, Mineral Nutrition sales to pet food and fertilizer manufacturers and sales to the ethanol industry

(2) Net Sales by region are based on country of destination

Adjusted EBITDA(1) Change Percentage of total (2)


($ in millions)

MFAs and other $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 * $ - 0 *

Nutritional Specialties - 0 - 0 - 0 - 0 - 0 * - 0 *

Vaccines - 0 0 0 4 - 0 0% (4) (96)%

Animal Health $ 123 $ 136 $ 142 $ 120 $ (13) (10)% $ (6) (4)% $ 22 18% 87% 87% 87% 88%


Performance Products 5 5 2 3 (0) (4)% 3 151% (1) (37)% 3% 3% 1% 2%

Corporate (40) (38) (33) (27) (2) * (5) * (6) *

Total $ 102 $ 118 $ 129 $ 110 $ (16) (13)% $ (11) (8)% $ 19 17%

(1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—General description of non-GAAP financial measures” for description of Adjusted EBITDA.

(2) Before unallocated corporate costs

Net Identifiable Assets Change Percentage of total

As of June 30 2020 2019 2018 2015 2020 / 2019 2019 / 2018 2016 / 2015 2020 2019 2018 2015

($ in millions)

MFAs and other $ 23 $ 23 $ 22 $ 21 $ 2 9% $ 0 1%


Vaccines - 0 - 0 - 0 - 0 - 0 * - 0 *

Animal Health $ 561 $ 509 $ 456 $ 349 $ 52 10% $ 53 12% $ 107 31% 71% 70% 68% 71%



Corporate 127 117 122 60 10 8% (5) (4)% 62 102% 16% 16% 18% 12%

Total $ 785 $ 727 $ 672 $ 490 $ 58 8% $ 55 8% $ 182 37%

Adjusted value down to $784M to agree in total - all individual amounts rounded up.

&Z&F&D &T

Animal Health

Product Groups Change Percentage of total

For the Years Ended June 30 2020 2019 2018 2015 2020 / 2019 2019 / 2018 2016 / 2015 2020 2019 2018 2015

($ in millions)

MFAs and other $ 322 $ 350 $ 337 $ 336 $ (28) (8)% $ 13 4% $ 1 0% 61% 66% 63% 71%

Nutritional specialties 129 113 123 82 16 14% (10) (8)% 41 50% 25% 21% 23% 17%

Vaccines 75 68 72 53 7 10% (4) (5)% 19 36% 14% 13% 14% 11%

Animal Health $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ (0) (0)% $ 61 13%



($ in millions)

Poultry $ 253 $ 251 $ 255 $ 231 $ 2 1% $ (4) (2)% $ 24 10% 48% 47% 48% 49%

Swine 43 62 59 65 (19) (31)% 3 5% (6) (9)% 8% 12% 11% 14%

Dairy 117 116 120 83 1 1% (4) (3)% 37 44% 22% 22% 23% 18%

Cattle 44 47 42 43 (3) (6)% 5 12% (1) (3)% 8% 9% 8% 9%

Other 70 56 56 48 14 25% - 0 0% 8 17% 13% 11% 11% 10%

Total $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ - 0 0% $ 61 13%



($ in millions)

United States $ 214 $ 199 $ 220 $ 219 $ 15 8% $ (21) (10)% $ 1 1% 41% 37% 41% 46%



Asia Pacific 56 88 75 92 (32) (36)% 13 17% (17) (19)% 11% 17% 14% 20%

Total $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ - 0 0% $ 61 13%


% of Sales

U.S. 41% 37% 41%

Foreign 59% 63% 59%

100% 100% 100%

Page 18 of the 10K

&Z&F&D &T

Mineral Nutrition


For the Years Ended June 30 2017 2016 2015 2017 / 2016 2016 / 2015 2017 2016 2015

($ in millions)

Poultry $ - 0 $ 54 $ 52 $ (54) * $ 2 4% ERROR:#DIV/0! 25% 23%

Swine - 0 35 28 (35) * 7 27% ERROR:#DIV/0! 16% 12%

Dairy - 0 48 48 (48) * 0 0% ERROR:#DIV/0! 22% 21%

Cattle - 0 52 74 (52) * (22) (30)% ERROR:#DIV/0! 24% 33%

Other - 0 28 26 (28) * 2 8% ERROR:#DIV/0! 13% 11%

Total $ - 0 $ 217 $ 227 $ (217) * $ (10) (5)%

PR Table #1 - Summary P&L in MM


Consolidated Results of Operations

Make sure all cells are linked

Three Months Twelve Months

For the Periods Ended June 30 2020 2019 Change 2020 2019 Change


Net sales $ 185.9 $ 203.9 $ (18.0) (9)% $ 800.4 $ 828.0 $ (27.6) (3)%

Cost of goods sold 125.3 138.6 (13.3) (10)% 543.5 563.4 (19.9) (4)%

Gross profit 60.6 65.3 (4.7) (7)% 256.9 264.6 (7.7) (3)%

Selling, general and administrative 42.4 53.2 (10.8) (20)% 187.7 181.4 6.3 3%

Operating income 18.1 12.1 6.0 50% 69.2 83.2 (14.0) (17)%

Interest expense, net 2.8 3.0 (0.2) (8)% 12.9 11.8 1.1 9%

Foreign currency (gains) losses, net (1.1) (0.2) (0.9) * 0.8 (0.1) 0.9 *

Loss on extinguishment of debt - 0 - 0 - 0 * - 0 - 0 - 0 *

Income before income taxes 16.4 9.2 7.2 78% 55.5 71.5 (16.0) (22)%

Provision for income taxes 10.7 0.4 10.3 * 22.0 16.8 5.2 31%

Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%

Net income per share

basic $0.14 $0.22 $ (0.08) $0.83 $1.35 $ (0.52)

diluted $0.14 $0.22 $ (0.08) $0.83 $1.35 $ (0.52)

Weighted average common shares outstanding

basic 40.5 40.5 40.5 40.4

diluted 40.5 40.5 40.5 40.5

Ratio to net sales

Gross profit 32.6% 32.0% 32.1% 32.0%

Selling, general and administrative 22.8% 26.1% 23.5% 21.9%

Operating income 9.7% 5.9% 8.6% 10.1%

Income before income taxes 8.8% 4.5% 6.9% 8.6%

Net income 3.0% 4.3% 4.2% 6.6%

Effective tax rate 65.6% 4.4% 39.6% 23.5%

Amounts and percentages may reflect rounding adjustments


PR Table #2 - Seg Rev & EBITDA

Phibro Animal Health Corporation MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS

Segment Net Sales and Adjusted EBITDA



(in millions, except percentages)

Net Sales

MFAs and other $ 72.6 $ 86.3 $ (13.7) (16)% $ 322.3 $ 350.5 $ (28.2) (8)%

Nutritional specialties 31.1 28.6 2.6 9% 129.3 113.2 16.0 14%

Vaccines 18.6 17.2 1.5 8% 75.3 68.3 7.0 10%

Animal Health 122.4 132.0 (9.6) (7)% 526.9 532.0 (5.1) (1)%

Mineral Nutrition 49.9 56.0 (6.1) (11)% 214.4 233.8 (19.4) (8)%

Performance Products 13.6 15.9 (2.3) (14)% 59.0 62.2 (3.2) (5)%

Total $ 185.9 $ 203.9 $ (18.0) (9)% $ 800.4 $ 828.0 $ (27.6) (3)%

Adjusted EBITDA

Animal Health $ 29.6 $ 31.2 $ (1.6) (5)% $ 123.1 $ 136.0 $ (12.9) (10)%


Performance Products 0.7 1.2 (0.4) (38)% 4.5 4.7 (0.2) *

Corporate (9.9) (9.8) (0.1) * (40.2) (38.5) (1.7) *

Total $ 23.9 $ 26.3 $ (2.5) (9)% $ 102.1 $ 118.0 $ (15.9) (13)%

Ratio to segment net sales

Animal Health 24.2% 23.6% 23.4% 25.6% Make sure all cells are linked

Mineral Nutrition 6.9% 6.7% 6.8% 6.7%

Performance Products 5.3% 7.4% 7.7% 7.6%

Corporate (1) (5.3)% (4.8)% (5.0)% (4.6)%

Total (1) 12.8% 12.9% 12.8% 14.3%

(1)reflects ratio to total net sales

Reconciliation of GAAP Net Income to Adjusted EBITDA

Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%



Depreciation and amortization 8.2 7.2 1.0 14% 32.3 27.6 4.8 17%

EBITDA 27.4 19.4 7.9 41% 100.7 110.8 (10.1) (9)%

Restructuring costs - 0 6.3 (6.3) * 0.4 6.3 (5.9) (93)%

Stock-based compensation 0.6 0.6 - 0 0% 2.3 2.3 - 0 0%

Acquisition-related cost of goods sold - 0 - 0 - 0 * 0.3 - 0 0.3 *

Acquisition-related accrued compensation - 0 - 0 - 0 * - 0 - 0 - 0 *

Acquisition-related transaction costs - 0 0.2 (0.2) * 0.5 0.2 0.2 117%

Acquisition-related other, net (3.0) - 0 (3.0) * (2.8) - 0 (2.8) *

Other, net (1) - 0 - 0 - 0 * - 0 (1.5) 1.5 *

Pension settlement cost - 0 - 0 - 0 * - 0 - 0 - 0 *

Gain on insurance settlement - 0 - 0 - 0 * - 0 - 0 - 0 *



Adjusted EBITDA $ 23.9 $ 26.3 $ (2.5) (9)% $ 102.1 $ 118.0 $ (15.9) (13)%

(1) Other, net relates to the cancellation of a certain business arrangement

(2) Acquisition-related other, net includes the adjustment to contingent consideration



PR Table #3 - ANI in MM


Adjusted Net Income Make sure all cells are linked




Adjusted cost of goods sold $ 123.8 $ 137.3 $ (13.5) (10)% $ 536.9 $ 558.1 $ (21.2) (4)%

Adjusted gross profit 62.1 66.6 (4.5) (7)% 263.5 269.9 (6.4) (2)%

Adjusted selling, general and administrative 44.2 45.9 (1.7) (4)% 184.8 173.3 11.5 7%

Adjusted interest expense, net 2.7 3.0 (0.3) (10)% 12.6 11.8 0.8 7%

Adjusted income before income taxes 15.2 17.7 (2.5) (14)% 66.1 84.8 (18.7) (22)%

Adjusted provision for income taxes 8.4 4.1 4.3 105% 22.3 22.8 (0.5) (2)%

Adjusted net income $ 6.8 $ 13.6 $ (6.8) (50)% $ 43.8 $ 62.0 $ (18.2) (29)%

Adjusted net income per share

diluted $0.17 $0.33 ($0.16) (48%) $1.08 $1.53 ($0.45) (29)%


diluted 40.5 40.5 40.5 40.5

Ratio to net sales

Adjusted gross profit 33.4% 32.7% 32.9% 32.6%

Adjusted selling, general and administrative 23.8% 22.5% 23.1% 20.9%

Adjusted income before income taxes 8.2% 8.7% 8.3% 10.2%

Adjusted net income 3.6% 6.7% 5.5% 7.5%

Adjusted effective tax rate 55.4% 23.2% 33.7% 26.9%

Reconciliation of GAAP Net Income to Adjusted Net Income

Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%


Stock-based compensation (1) 0.6 0.6 - 0 0% 2.3 2.3 - 0 0%


Acquisition-related intangible amortization(2) 1.5 1.3 0.2 17% 6.3 5.3 1.1 20%


Acquisition-related accrued compensation(1) - 0 - 0 - 0 * - 0 - 0 - 0 *

Acquisition-related transaction costs(1) - 0 0.2 (0.2) * 0.5 0.2 0.2 117%

Acquisition-related other, net (1) (3.0) - 0 (3.0) * (2.8) - 0 (2.8) *

Other, net(1) (3) - 0 - 0 - 0 * - 0 (1.5) 1.5 *

Pension settlement cost (2) - 0 - 0 - 0 * - 0 - 0 - 0 *

Gain on insurance settlement (2) - 0 - 0 - 0 * - 0 - 0 - 0 *

Acquisition-related accrued interest 0.1 0.0 0.1 * 0.3 - 0 0.3 *

Foreign currency (gains) losses, net(4) (1.1) (0.2) (0.9) * 0.8 (0.1) 0.9 *


Adjustments to income taxes(5) 2.3 (3.7) 6.0 * (0.3) (6.0) 5.7 *




(1)Included in selling, general and administrative

(2)Included in cost of goods sold


(3)Relates to the cancellation of a certain business arrangement

(4)Primarily related to intercompany balances

(5)Related to the income tax effect of pre-tax income adjustments and the exclusion of certain income tax items

(6) Acquisition-related other, net includes …….

Depreciation and amortization 8.164 7.157 (1.0) $ (0.02) 32.341 27.564 (4.8) $ (0.12)

Less: amortization (1.803) (1.623) 0.2 $ 0.00 (6.598) (5.575) 1.0 $ 0.03

Depreciation 6.361 5.534 (0.8) $ (0.02) 25.743 21.989 (3.8) $ (0.09)

Interest 2.732 3.036 0.3 $ 0.01 12.581 11.776 (0.8) $ (0.02)

Taxes 8.401 4.104 (4.3) $ (0.11) 22.290 22.776 0.5 $ 0.01

Subtotal 17.494 12.674 (4.8) $ (0.12) 60.614 56.541 (4.1) $ (0.10)

EBITDA 23.860 26.315 (2.5) $ (0.06) 102.140 118.037 (15.9) $ (0.39)

Adjusted net income (7.3) $ (0.18) (20.0) $ (0.49)

PR Tax Provision Tables













Total $ (1,796) $ (5,222) $ 4,071 $ (5,222)











Total $ (1,796) $ (5,222)









Mandatory toll charge (360) 403

Reduction of domestic deferred tax assets - 2,289

Reduction of foreign deferred tax assets - 1,156

Recognition of federal and foreign tax credits (1,417) (565)

Reclassification from accumulated other comprehensive income - 527

Release of unrecognized tax benefits (1,271) (994)

Total $ (3,358) $ (957)






Provision (benefit) for income taxes $ 409 $ 1,408



Benefit from exercised employee stock options $ - $ (376)

Mandatory toll charge - (3,846)

Reduction of domestic deferred tax assets - (161)

Reduction of foreign deferred tax assets - 156

Recognition of federal and foreign tax credits (385) (565)


Total $ (1,656) $ (5,028)



&8&F&A&8&D&T

ANI Worksheet


Adjusted Net Income

For the Three Months Ended June 30 2020 2019 For the Year Ended June 30 2020 2019 For the Nine Months Ended March 31 2020 2019

As Reported Adjustments Adjusted

For the Three Months Ended June 30 2020 2019 2020 2019 2020 2019 Cost of goods sold: Cost of goods sold: Cost of goods sold:

(in millions, except per share amounts) Acquisition-related cost of goods sold - 0 - 0 Acquisition-related cost of goods sold $ (0.280) $ - 0 Acquisition-related cost of goods sold $ (0.280) $ - 0

Acquisition-related intangible amortization (1.540) (1.317) Acquisition-related intangible amortization $ (6.335) $ (5.269) Acquisition-related intangible amortization $ (4.795) $ (3.952)

Net sales $185.9 $203.9 $ - 0 $ - 0 $185.9 $203.9 Total (1.540) (1.317) Total $ (6.615) $ (5.269) Total $ (5.075) $ (3.952)

Cost of goods sold 125.3 138.6 (1.5) (1.3) 123.8 137.3 . .

Gross profit 60.6 65.3 1.5 1.3 62.1 66.6

Selling, general and administrative expenses 42.4 53.2 1.8 (7.3) 44.2 45.9 Selling, general and administrative expenses: Selling, general and administrative expenses: Selling, general and administrative expenses:

Restructuring Costs - 0 (6.281) Restructuring Costs $ (0.425) $ (6.281) Restructuring Costs $ (0.425) $ - 0

Operating income 18.1 12.1 (0.2) 8.6 17.9 20.7 Acquisition-related intangible amortization (0.669) (0.225) Acquisition-related intangible amortization $ (2.533) $ (0.823) Acquisition-related intangible amortization $ (1.864) $ (0.598)

Interest expense, net 2.8 3.0 (0.1) (0.0) 2.7 3.0 Acquisition-related accrued compensation - 0 - 0 Acquisition-related accrued compensation $ - 0 $ - 0 Acquisition-related accrued compensation $ - 0 $ - 0

Foreign currency (gains) losses, net (1.1) (0.2) 1.1 0.2 - 0 - 0 Acquisition-related transaction costs - 0 (0.213) Acquisition-related transaction costs $ (0.462) $ (0.213) Acquisition-related transaction costs $ (0.462) $ - 0

Loss on extinguishment of debt - 0 - 0 - 0 - 0 - 0 - 0 Stock-based compensation (0.565) (0.565) Stock-based compensation $ (2.259) $ (2.259) Stock-based compensation $ (1.694) $ (1.694)

Other (income) expense, net - 0 - 0 - 0 - 0 - 0 - 0 Pension settlement expense - 0 - 0 Pension settlement expense $ - 0 $ - 0 Pension settlement expense $ - 0 $ - 0

Income before income taxes 16.4 9.2 (1.2) 8.5 15.2 17.7 Acquisition-related other, net 2.988 - 0 Acquisition-related other, net $ 2.821 $ - 0 Acquisition-related other, net $ (0.167) $ - 0

Provision for income taxes 10.7 0.4 (2.3) 3.7 8.4 4.1 Other, net - 0 - 0 Other, net $ - 0 $ 1.506 Other, net $ - 0 $ 1.506

Net income $ 5.6 $ 8.8 $ 1.1 $ 4.8 $ 6.8 $ 13.6 Gain on insurance settlement - 0 - 0 Gain on insurance settlement $ - 0 $ - 0 Gain on insurance settlement $ - 0 $ - 0

Total 1.754 (7.284) Total $ (2.858) $ (8.070) Total $ (4.612) $ (0.786)

Net income per share - diluted $ 0.14 $ 0.22 $ 0.03 $ 0.12 $ 0.17 $ 0.33

Interest expense, net: Interest expense, net: Interest expense, net:

Weighted average common shares outstanding - diluted 40.5 40.5 40.5 40.5 Acquisition-related accrued interest (0.075) (0.011) Acquisition-related accrued interest $ (0.275) $ - 0 Acquisition-related accrued interest $ (0.200) $ 0.011

Foreign currency (gains) losses, net: Foreign currency (gains) losses, net: Foreign currency (gains) losses, net:

As Reported Adjustments Adjusted Primarily related to intercompany balances 1.069 0.159 Primarily related to intercompany balances $ (0.826) $ 0.055 Primarily related to intercompany balances $ (1.895) $ (0.104)

For the Year Ended June 30 2020 2019 2020 2019 2020 2019

(in millions, except per share amounts) Loss on extinguishment of debt: Loss on extinguishment of debt: Loss on extinguishment of debt:

Related to refinancing - 0 - 0 Related to refinancing $ - 0 $ - 0 Related to refinancing $ - 0 $ - 0

Net sales $800.4 $828.0 $0.0 $0.0 $800.4 $828.0

Cost of goods sold $543.5 $563.4 ($6.6) ($5.3) $536.9 $558.1 Provision (benefit) for income taxes: Provision (benefit) for income taxes: Provision (benefit) for income taxes:

Gross profit $256.9 $264.6 $6.6 $5.3 $263.5 $269.9 Adjustments (2.338) 3.695 Adjustments $ 0.330 $ 5.984 Adjustments $ 2.668 $ 2.289

Selling, general and administrative expenses $187.7 $181.4 ($2.9) ($8.1) $184.8 $173.3

Operating income (loss) $69.2 $83.2 $9.5 $13.3 $78.7 $96.6

Interest expense, net $12.9 $11.8 ($0.3) $0.0 $12.6 $11.8

Foreign currency (gains) losses, net $0.8 ($0.1) ($0.8) $0.1 $0.0 $0.0

Loss on extinguishment of debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Other (income) expense, net $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

Income before income taxes $55.5 $71.5 $10.6 $13.3 $66.1 $84.8

Provision for income taxes $22.0 $16.8 $0.3 $6.0 $22.3 $22.8

Net income $33.6 $54.7 $10.2 $7.3 $43.8 $62.0

Net income per share - diluted $0.83 $1.35 $1.08 $1.53

Weighted average common shares outstanding - diluted 40.5 40.5 40.5 40.5

(1)Selling, general and administrative expense adjustments include loss on insurance claim of $5.4 in 2014 and acquisition intangible amortization of $1.2 and $1.1 and stock-based compensation expense of $0.0 and $0.1 for 2014 and 2013, respectively.

(2)We adjust the provision (benefit) for income taxes to reflect cash income taxes paid in the period.

(3)Proforma weighted average diluted shares for all periods presented are based on a $19.01 market price, equal to the average for April 11-June 30, 2014.

&Z&F&D &T

Cognos_Office_Connection_Cache

PR Table #4 - Cash Flows in MM


Operating and Investing Cash Flows MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS

Three Months Twelve Months Change Nine Months

For the Periods Ended June 30 2020 2019 Change 2020 2019 Change 2014 / 2013 2013 / 2012 2020 2019

(in millions)

EBITDA $ 27.4 $ 19.4 $ 7.9 41% $ 100.7 $ 110.8 $ (10.1) $ (10.1) $ (10) (9)% $ 121 * $ 73.4 $ 91.4

Adjustments

Restructuring costs - 0 6.3 (6.3) 0.4 6.3 (5.9) 0.4 - 0

Stock-based compensation 0.6 0.6 - 0 2.3 2.3 - 0 1.7 1.7

Acquisition-related cost of goods sold - 0 - 0 - 0 0.3 - 0 0.3 0.3 - 0

Acquisition-related accrued compensation - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Acquisition-related transaction costs - 0 0.2 (0.2) 0.5 0.2 0.2 0.5 - 0

Acquisition-related other, net (3.0) - 0 (3.0) (2.8) - 0 (2.8) 0.2 - 0

Other, net (1) - 0 - 0 - 0 - 0 (1.5) 1.5 - 0 (1.5)

Pension settlement cost - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Gain on insurance settlement - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Foreign currency (gains) losses, net (1.1) (0.2) (0.9) 0.8 (0.1) 0.9 1.9 0.1

Loss on extinguishment of debt - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Interest paid, net (2.4) (3.2) 0.8 * (11.6) (12.3) 0.7 0.7 1 * (13) * (9.2) (9.1)

Income taxes paid (5.8) (3.0) (2.8) * (20.9) (16.2) (4.7) (4.7) (5) * (12) * (15.0) (13.2)

Changes in operating assets and liabilities and other items (11.7) (5.2) (6.5) * (10.3) (42.4) 32.1 32.1 32 * (74) * 1.4 (37.2)

Cash provided by insurance settlement - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Cash used for acquisition-related transaction costs - 0 - 0 - 0 - 0 - 0

Net cash provided by operating activities $ 3.9 $ 14.9 $ (11.0) (74)% $ 59.3 $ 47.2 $ 12.2 $ 12.2 $ 12 26% $ 35 287% $ 55.5 $ 32.3

Short-term investments, net $ - 0 $ 25.0 $ (25.0) $ (31.0) $ 26.0 $ (57.0) $ (57.0) $ (31.0) $ 1.0

Capital expenditures (10.0) (10.1) 0.1 (34.0) (29.9) (4.1) (4.1) (24.0) (19.8)

Business acquisitions - 0 - 0 - 0 (54.5) (9.8) (44.7) (44.7) (54.5) (9.8)

Other investing, net 0.5 (0.1) 0.6 (0.8) (0.4) (0.4) (1.3) (0.3)

Net cash provided (used) by investing activities $ (9.5) $ 14.7 $ (24.2) $ (120.3) $ (14.1) $ (106.2) $ (106.2) $ (110.8) $ (28.9)

Net cash flow before financing activities $ (5.6) $ 29.6 $ (35.2) $ (61.0) $ 33.0 $ (94.0) $ (94.0) $ (55.3) $ 3.4

Proforma adjustments

Add: actual interest paid - 0 3.2 (3.2) 11.6 12.3 (0.7)

Less: proforma interest paid(1) - 0 (3.2) 3.2 (12.9) (13.0) 0.2

Add: payment of premiums and costs on extinguished debt ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!

Proforma net cash flow before financing activities ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!

(1)proforma interest assumes IPO and refinancing occurred at the beginning of each period presented



PR Table #5 - Guidance


Guidance for fiscal year 2017

FY 2017 Guidance - adjusted basis FY 2016 adjusted Growth - adjusted basis FY 2016 reported

low high low high


Net sales - Animal Health segment $ 495 - $ 510 $ 486 2% - 5% $ 486

Net sales 750 - 770 752 (0)% - 2% 752

Adjusted EBITDA 116 - 120 114 2% - 5%

Depreciation expense 21 - 21 18 18% - 18%

Operating income 95 - 99 96 (1)% - 3% 86

Interest expense, net 17 - 17 15 10% - 10% 17

Foreign currency (gains) losses, net - 0 - 0 - 0 * * (8)

Income before income taxes 78 - 82 81 (3)% - 2% 77

Provision (benefit) for income taxes 23 - 24 24 (3)% - 2% (6)

Net income $ 55 - $ 58 $ 57 (3)% - 2% $ 83

Net income per share - diluted $ 1.38 - $ 1.45 $ 1.43 (3)% - 1% $ 2.07


Diluted 40.0 - 40.0 40.0 40.0

Ratio to net sales

Adjusted EBITDA 15.5% - 15.6% 15.2%

Effective tax rate 29.6% - 29.6% 29.6%


The methodology for the adjusted provision for income taxes has been revised for 2017 and the 2016 comparison, to present the GAAP provision for income taxes , adjusted for the tax effect of pre-tax income adjustments and to remove non-recurring or discrete items, such as the benefit from the release of the valuation allowance in 2016.

PR Table #5 Guidance NEW

Phibro Animal Health Corporation Input


FY 2017 GAAP - updated FY 2016 GAAP Growth FY 2017 GAAP - initial YTD March 31, 2017 Q4 Forecast Q4 Low Q4 High FY 2017 GAAP - updated FY 2017 GAAP - updated

low high low high low high Schedule 1 low high Q1 Q2 Q3 March YTD Q4 Forecast Q4 Low Q4 High low high

(in millions, except per share amounts and percentages) Operating income

Net sales - Animal Health segment 527 125 121 126 648 653 Net Sales 187,987 191,598 185,883 565,468 193,871 191,000 196,000 756,468 761,468

Net sales - Animal Health segment $ 648 - $ 653 $ 486 33% - 34% $ 495 - $ 510 Schedule 1 Net sales 800 194 191 196 991 996 COGS 126,988 128,100 125,319 380,407 132,292 130,924 133,336 511,331 513,743

Net sales 991 - 996 752 32% - 33% 750 - 770 Schedule 1 GM 60,999 63,498 60,564 185,061 61,579 60,076 62,664 245,137 247,725

SG&A 39,186 40,870 42,445 122,501 40,393 40,393 40,981 162,894 163,482 0.3176287325

Operating income 89 - 91 86 4% - 6% na na Schedule 2 Schedule 2 Operating Income 21,813 22,628 18,119 62,560 21,186 19,683 21,683 82,243 84,243

Interest expense, net 17 - 17 17 1% - 1% na na Schedule 2 Interest expense, net 3,907 3,940 3,929 11,776 3,896 3,896 3,896 15,672 15,672

Foreign currency (gains) losses, net 1 - 1 (8) * * na na Schedule 2 Operating income 69 21 20 21.68 89 91 Foreign currency (gains) losses, net 334 (548) (403) (617) - 0 - 0 - 0 (617) (617)

Income before income taxes 71 - 73 77 (7)% - (5)% na na Interest expense, net 13 4 4 3.90 17 17 Income before income taxes 17,572 19,236 14,593 51,401 17,290 15,787 17,788 67,188 69,189

Provision (benefit) for income taxes 27 - 27 (6) * - * na na Schedule 3 Foreign currency (gains) losses, net 1 - 0 - 0 - 0 1 1 Provision (benefit) for income taxes 5,395 5,887 10,739 22,021 5,274 4,815 5,425 26,836 27,446

Net income $ 45 - $ 46 $ 83 (46)% - (44)% na na Net income 12,177 13,349 3,854 29,380 12,017 10,972 12,362 40,352 41,742

Net income per share - diluted $ 1.11 - $ 1.15 $ 2.07 (46)% - (44)% na na

Schedule 3 Adjusted EBITDA

Weighted average common shares outstanding - diluted 40.0 - 40.0 40.0 40.0 - 40.0

Provision (benefit) for income taxes 22 5 4.82 5.43 27 27 Net income 12,177 13,417 5,642 31,236 12,017 10,972 12,362 42,208 43,598

Interest expense, net 3,907 3,940 3,929 11,776 3,896 3,896 3,896 15,672 15,672

FY 2017 Adjusted - updated FY 2016 Adjusted Growth FY 2017 Adjusted - initial Provision (benefit) for income taxes 5,395 5,887 10,739 22,021 5,274 4,815 5,425 26,836 27,446

low high low high low high Depreciation and amortization 6,318 6,444 6,842 19,604 7,074 7,074 7,074 26,678 26,678

(in millions, except per share amounts and percentages) EBITDA 27,797 29,688 27,152 84,637 28,260 26,757 28,757 111,394 113,394

Adjusted EBITDA $ 115 - $ 117 $ 114 1% - 3% $ 116 - $ 120 Acquisition-related accrued compensation 420 420 - 0 840 420 420 420 1,260 1,260

Depreciation expense 20.715 - 20.715 18 16% - 16% 21 - 21 Acquisition-related transaction costs 1,274 1,274 - 0 - 0 - 0 1,274 1,274

Adjusted interest expense, net 13.899 - 13.899 15 (8)% - (8)% 17 - 17 Pension settlement cost - 0 1,702 1,702 - 0 - 0 - 0 1,702 1,702

Adjusted income before income taxes 80 - 82 81 (1)% - 2% 78 - 82 Gain on insurance settlement - 0 - 0 - 0 - 0 - 0 - 0 - 0

Adjusted provision (benefit) for income taxes 26 - 26 24 8% - 10% 23 - 24 Foreign currency (gains) losses, net 334 (548) (403) (617) - 0 - 0 - 0 (617) (617)

Adjusted net income $ 55 - $ 56 $ 57 (4)% - (2)% $ 55 - $ 58

Adjusted EBITDA 29,825 31,262 26,749 87,836 28,680 27,177 29,177 115,013 117,013

Adjusted net income per share - diluted $ 1.36 - $ 1.40 $ 1.43 (5)% - (2)% $ 1.38 - $ 1.45


* Calculation not meaningful Interest expense, net

na GAAP guidance was not initially provided

Phibro Corporate

BofA Revolver - Interest 690 463 349 1,502 277
Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 277
Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25 1,779 1,779

BofA Letters of Credit Fee 84 77 84 245 104
Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) 104
Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter) 349 349

BofA Unused Line Fee 153 168 185 506 194

BofA Revolver - Def Charges Amort 96 96 95 287 95
Anthony Andolino: Anthony Andolino:Average / Run Rate 95
Anthony Andolino: Anthony Andolino:Average / Run Rate 382 382

Term B Loan - Interest 2,905 2,866 2,859 8,630 2,820
Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) 2,820
Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter) 11,450 11,450

Term B Loan - OID Amort 27 26 26 79 26

Term B Loan - Def Charge Amort 132 133 132 397 132

Long term care agreement 33 33 33 99 33

Miscellaneous - 0 - 0 - 0 - 0

Prince Agri 16 13 - 0 29 - 0
Anthony Andolino: Anthony Andolino:Average / Run Rate - 0

Phibro-Tech 24 21 22 67 22

CP Chemicals 2 2 2 6 2

PAH Foreign

Capital leases 2 1 1 4 1

Acquisition related accrued interest 393 462 459 1,314 459
Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. 459
Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan. 1,773 1,773

Miscellaneous 30 68 3 101 30

Interest Income (680) (489) (321) (1,490) (300) (300) (300) (1,790) (1,790)

TOTAL INTEREST EXPENSE 3,907 3,940 3,929 11,776 3,896 3,896 3,896 15,672 15,672

- 0 - 0

Foreign currency (gains) losses, net

Foreign currency (gains) losses, net 334 (548) (403) (617) - 0 - 0
Anthony Andolino: Anthony Andolino:Average / Run Rate (617) (617)

Provision (benefit) for income taxes

Income before income taxes 17,572 19,304 16,381 53,257 17,290 15,787 17,788 69,044 71,045

Taxes 5,395 5,887 10,739 22,021 5,274 4,815 5,425 26,836 27,446

Effective tax rate 30.7% 30.5% 65.6% 41.3% 30.5% 30.5% 30.5% 38.9% 38.6%

Depreciation and amortization expense

Phibro Corporate 660 655 665 1,980 665 665
Anthony Andolino: Anthony Andolino:Average / Run Rate 2,645 2,645

Phibrochem-ESS 6 7 13 26 13 13

Phibrochem-EPG 45 42 40 127 40 40

Prince Agri - NS 1,604 1,682 1,951 5,237 2,183 2,183
Anthony Andolino: Anthony Andolino:Average / Run Rate 2,183

Prince Agri - MN 542 542 610 1,694 610 610

Phibro-Tech 212 228 242 682 242 242

PAH U.S. 799 800 817 2,416 817 817

PAH Foreign 2,449 2,488 2,504 7,441 2,504 2,504

Total 6,318 6,444 6,842 19,604 7,074 7,074 7,074 26,678 26,678

Depreciation only



Phibrochem-EPG 45 42 40 127 40 40

Prince Agri - NS 893 1,062 1,331 3,286 1,331 1,563

Prince Agri - MN 404 405 472 1,281 472 472

Phibro-Tech 212 228 242 682 242 242

PAH U.S. 153 155 171 479 171 171

PAH Foreign 2,357 2,398 2,474 7,229 2,474 2,474
Anthony Andolino: Anthony Andolino:Average / Run Rate
Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25
Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter)
Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter)
Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan.

Total 4,730 4,953 5,400 15,083 5,400 5,632 5,632 20,715 20,715

Adjusted Net Income


Acquistion-related cost of goods sold 1,265 1,265 1,266 3,796 1,266 1,266 1,266 5,062 5,062

Acquisition-related intangible amortization 263 169 170 602 170 170 170 772 772

Acquisition-related accrued compensation 420 420 - 0 840 420 420 420 1,260 1,260

Acquisition-related transaction costs 1,274 - 0 - 0 1,274 - 0 - 0 - 0 1,274 1,274

Pension settlement cost - 0 1,702 - 0 1,702 - 0 - 0 - 0 1,702 1,702

Gain on insurance settlement - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Acquisition-related accrued interest 393 461 460 1,314 460 460 460 1,774 1,774

Foreign currency (gains) losses, net 334 (548) (403) (617) - 0 - 0 - 0 (617) (617)

Adjusted income before taxes 21,521 22,705 16,086 60,312 19,606 18,103 20,104 78,415 80,416

Provision for income taxes 6,967 7,334 5,982 20,283 5,980 5,522 6,132 25,805 26,415

Adjusted net income 14,554 15,371 10,104 40,029 13,626 12,582 13,972 52,611 54,001

depreciation & amort

Depreciation and Amortization

Depreciation Amortization Depreciation and Amortization

FY16 FY17 increase FY16 FY17 increase FY16 FY17 increase

Corporate 3,029 2,936 (93) - 0 - 0 - 0 3,029 2,936 (93)

PChem 19 22 3 - 0 - 0 - 0 19 22 3

EPG 172 204 32 - 0 - 0 - 0 172 204 32

PAP 4,201 6,340 2,139 3,581 3,170 (411) 7,782 9,510 1,728

PTech 787 (787) 940 (940) 787 940 153

Non - PAH 8,208 9,502 1,294 4,521 3,170 (1,351) 11,789 13,612 1,823

PAH Domestic - 0 - 0 - 0 1,901 (1,901)

Brazil - 0 - 0 2,940 (2,940)

Israel - 0 - 0 6,203 (6,203)

EPG Brazil - 0 - 0 13 (13)

Ferro - 0 - 0 1 1 - 0

PAH Foreign Other 9,685 11,548 1,863 1,038 3,114 2,076 605 13,721 13,116

Tota PAH 9,685 11,548 1,863 1,038 3,114 2,076 11,663 13,722 2,059

Total 17,893 21,050 3,157 5,559 6,284 725 23,452 27,334 3,882

Q4 run rate Q4 run rate

20,812 6,284

interest expense

Interest expense

2016 Interest 2017 Interest change Principal Interest Rate

Term B Q1 2.935 2.842 (0.093) 284.2 1%

Term B Q2 2.927 2.835 (0.092) 283.5 1%

Term B Q3 2.888 2.827 (0.061) 282.7 1%

Term B Q4 2.881 2.820 (0.061) 282.0 1%

Revolver 1.410 2.278
Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June. 0.868
Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June.

Letters of Credit 0.301 0.374 0.073 14.2 2.6%

Unused Line Fee 0.445 0.598
Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June 0.153
Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June

Ticking Fee - 0 0.750 0.750

LT care agreement 0.181 0.132 (0.049)

Prince 0.062 0.031 (0.031)

Ptech 0.093 0.093 - 0

CP Chemicals 0.008 - 0 (0.008)

Capital Leases 0.006 - 0 (0.006)

Other, net (0.010) - 0 0.010

Term B OID 0.104 0.104 (0.000)

Term B Deferred Costs 0.530 0.530 (0.000)

Revolver Deferred Costs - New 0.355 0.381 0.026

15.116 16.594 1.478

Acq-related accrued interest 1.476

Total 16.592

Webcast #1 NEW



For the three months ended June 30 2020 2019 Change For the year ended June 30 2020 2019 Change

(in millions, except per share amounts and percentages) (in millions, except per share amounts and percentages)

Net sales $ 185.9 $ 203.9 $ (18.0) (9)% Net sales $ 800.4 $ 828.0 $ (27.6) (3)%

Net income 5.6 8.8 (3.2) (36)% Net income 33.6 54.7 (21.2) (39)%

Diluted EPS $ 0.14 $ 0.22 $ (0.08) (36)% Diluted EPS $ 0.83 $ 1.35 $ (0.52) (39)%

Adjusted EBITDA $ 23.9 $ 26.3 $ (2.5) (9)% Adjusted EBITDA $ 102.1 $ 118.0 $ (15.9) (13)%

Adjusted net income 6.8 13.6 (6.8) (50)% Adjusted net income 43.8 62.0 (18.2) (29)%

Adjusted diluted EPS $ 0.17 $ 0.33 $ (0.16) (48)% Adjusted diluted EPS $ 1.08 $ 1.53 $ (0.45) (29)%

Webcast #2 NEW






Adjusted gross profit 62.1 66.6 (4.5) (7)% Adjusted gross profit 263.5 269.9 (6.4) (2)%

Adjusted SG&A 44.2 45.9 (1.7) (4)% Adjusted SG&A 184.8 173.3 11.5 7%

Adjusted EBITDA 23.9 26.3 $ (2.5) (9)% Adjusted EBITDA 102.1 118.0 (15.9) (13)%

Depreciation expense 5.9 5.6 0.3 5% Depreciation expense 23.3 21.4 1.8 9% UPDATE THIS CELL FOR CURRENT DEPRECIATION QTR AND YTD

Adjusted interest expense, net 2.7 3.0 (0.3) (10)% Adjusted interest expense, net 12.6 11.8 0.8 7%

Adjusted income before income taxes 15.2 17.7 (2.5) (14)% Adjusted income before income taxes 66.1 84.8 (18.7) (22)%

Adjusted provision for income taxes 8.4 4.1 4.3 105% Adjusted provision for income taxes 22.3 22.8 (0.5) (2)%

Adjusted net income $ 6.8 $ 13.6 $ (6.8) (50)% Adjusted net income $ 43.8 $ 62.0 $ (18.2) (29)%



Adjusted gross profit 33.4% 32.7% Adjusted gross profit 32.9% 32.6%

Adjusted SG&A 23.8% 22.5% Adjusted selling, general and administrative 23.1% 20.9%

Adjusted income before income taxes 8.2% 8.7% Adjusted income before income taxes 8.3% 10.2%

Adjusted net income 3.6% 6.7% Adjusted net income 5.5% 7.5%

Adjusted effective tax rate 55.4% 23.2% Adjusted effective tax rate 33.7% 26.9%

Webcast #1


For the three months ended March 31 2017 2016 Change For the nine months ended March 31 2017 2016 Change


MFAs and other $ 72.6 $ 86.3 $ (13.7) (16)% MFAs and other $ 322.3 $ 350.5 $ (28.2) (8)%

Nutritional specialties 31.1 28.6 2.6 9% Nutritional specialties 129.3 113.2 16.0 14%

Vaccines 18.6 17.2 1.5 8% Vaccines 75.3 68.3 7.0 10%

Animal Health $ 122.4 $ 132.0 $ (9.6) (7)% Animal Health $ 526.9 $ 532.0 (5.1) (1)%

Mineral Nutrition 49.9 56.0 (6.1) (11)% Mineral Nutrition 214.4 233.8 (19.4) (8)%

Performance Products 13.6 15.9 (2.3) (14)% Performance Products 59.0 62.2 (3.2) (5)%

Net sales $ 185.9 $ 203.9 $ (18.0) (9)% Net sales $ 800.4 $ 828.0 (27.6) (3)%

Gross profit 60.6 65.3 (4.7) (7)% Gross profit 256.9 264.6 (7.7) (3)%

% of net sales 32.6% 32.0% % of net sales 32.1% 32.0%

SG&A 42.4 53.2 (10.8) (20)% SG&A 187.7 181.4 6.3 3%



% of net sales 12.8% 12.9% -050bps % of net sales 12.8% 14.3% +060bps

Adjusted diluted EPS $0.17 $0.33 $ (0.16) (48)% Adjusted EPS $1.08 $1.53 $ (0.45) (29)%

40.74 53.2 (12.5) (23)%

Webcast #3 NEW


For the three months ended September 30 For the three months ended September 30

(in millions) 2016 2015 Change (in millions) 2016 2015 Change



% of net sales 12.8% 12.9% +110bps % of net sales 12.8% 14.3% +110bps

Animal Health Animal Health

For the three months ended June 30 2020 2019 Change For the year ended June 30 2020 2019 Change Make sure all cells are linked

(in millions, except percentages) (in millions, except percentages)






% of segment net sales 24.2% 23.6% +60bps % of segment net sales 23.4% 25.6% -220bps

Webcast #2









(in millions, excpet percentages) (in millions, excpet percentages)






% of segment net sales 24.2% 23.6% -090bps % of segment net sales 23.4% 25.6% +010bps

Webcast #4 NEW






% of segment net sales 6.9% 6.7% +20bps % of segment net sales 6.8% 6.7% +10bps





Corporate Corporate

Adjusted EBITDA $ (9.9) $ (9.8) $ (0.1) * Adjusted EBITDA $ (40.2) $ (38.5) $ (1.7) *


Webcast #3











Corporate Corporate



FY2020 Guidance update Webcast


Updated Guidance for fiscal year 2020

For the year ending June 30 2020 2019 Change from 2019 Change from Previous Guidance 17 Guidance

(in millions, except per share amounts and percentages) low high low % high %

Net sales - Animal Health segment $ 537 - $ 547 $ 532 $ 5 - $ 15 1% - 3% $ - 0 - $ (10) 524,603 495,000 510,000 94% 97%

Net sales $ 812 - $ 828 $ 828 $ (16) - $ 0 (2)% - 0% $ (21) - $ (35) 788,165 750,000 770,000 95% 98%

Operating income 94.9 - 97.8 97.9 (3.0) - (0.1) (3)% - (0)% - 0 - (3.8) 94,986 94,950 98,950 100% 104%

Interest expense, net 12.8 - 12.3 14.9 (2.1) - (2.6) (14)% - (17)% - 0 - (1.4) 18,322 16,594 16,594 91% 91%

Foreign currency (gains) losses, net - 0 - - 0 (0.1) 0.1 - 0.1 * - * - 0 - 0.1 1,444 - 0 - 0 0% 0%

Loss on extinguishment of debt - 0 - - 0 2.6 (2.6) - (2.6) * - * - 0 - (2.6) - 0 - 0 - 0 ERROR:#DIV/0! ERROR:#DIV/0!

Income before income taxes 82.1 - 85.5 80.5 1.5 - 5.0 2% - 6% - 0 - 0.0 75,220 78,356 82,356

Provision (benefit) for income taxes 24.2 - 22.5 15.9 8.2 - 6.6 52% - 41% - 0 - 10.0 22,190 23,147 24,330 104% 110%

Net income $ 57.9 - $ 63.0 $ 64.6 $ (6.7) - $ (1.6) (10)% - (2)% $ - 0 - $ (10.0) 53,030 55,209 58,026 104% 109%

Net income per share - diluted $ 0.88 - $ 0.95 $ 1.61 $ (0.73) - $ (0.66) (45)% - (41)% $ 0.04 - $ 0.05

Weighted average common shares outstanding - diluted 40.4 - 40.3 40.0 - 0 - - 0

GAAP effective income tax rate 29.5% - 26.3% 19.8% ERROR:#DIV/0! - 24389.2%

Adjusted

for the year ending June 30 2018 2017 Increase (Decrease) 2018


Adjusted EBITDA $ 103 - $ 107 $ 118 $ (15) - $ (11) (13)% - (9)% $ - 0 - $ - 0 124,000 116,000 120,000 94% 97%

Depreciation expense 21.6 - 21.6 20.1 1.5 - 1.5 8% - 8% - 0 - - 0

Adjusted interest expense, net 11.7 - 11.2 13.5 (1.8) - (2.3) (13)% - (17)% - 0 - - 0

Adjusted income before income taxes 69.7 - 74.2 84.5 (14.8) - (10.3) (18)% - (12)% - 0 - - 0

Adjusted provision (benefit) for income taxes 27.1 - 28.4 26.0 1.1 - 2.4 4% - 9% - 0 - - 0

Adjusted net income $ 42.5 - $ 45.7 $ 58.4 $ (15.9) - $ (12.7) (27)% - (22)% $ - 0 - $ - 0

Adjusted net income per share - diluted $ 1.15 - $ 1.22 $ 1.53 $ (0.38) - $ (0.31) (25)% - (20)% $ 0.07 - $ 0.08

Adjusted EBITDA ratio to net sales 12.7% - 12.9% 14.3% 0.0% - 0.0%

Adjusted effective income tax rate 38.9% - 38.3% 30.8% ERROR:#DIV/0! - ERROR:#DIV/0!



FY2020 Guidance update Press Re



GAAP Previous



Net sales - Animal Health segment $ 537 - $ 547 $ 532 $ 5 - $ 15 1% - 3% $ - 0 - $ (10) $ 537 - $ 557 524,603 495,000 510,000 94% 97%

Net sales 812 - 828 828 (16) - 0 (2)% - 0% (21) - (35) $ 833 - $ 863 788,165 750,000 770,000 95% 98%

Gross profit 265 - 272 265 1 - 8 0% - 3% (5) - (8) 270 - 280

Selling, general and administrative 198 - 201 181 17 - 20 9% - 11% (7) - (10) 205 - 211

Operating income 67 - 71 83 (16) - (12) (20)% - (15)% 2 - 2 65 - 69 94,986 94,950 98,950 100% 104%

Interest expense, net 14 - 14 12 2 - 3 18% - 22% (4) - (4) 18 - 19 18,322 16,594 16,594 91% 91%

Foreign currency (gains) losses, net 3 - 3 (0) 3 - 3 * - * 3 - 3 - 0 - - 0 1,444 - 0 - 0 0% 0%

Income before income taxes 51 - 54 72 (21) - (17) (29)% - (24)% 3 - 4 47 - 50 75,220 78,356 82,356

Provision (benefit) for income taxes 15 - 16 17 (2) - (1) (13)% - (8)% 2 - 2 13 - 14 22,190 23,147 24,330 104% 110%

Net income $ 36 - $ 38 $ 54 $ (19) - $ (16) (35)% - (30)% $ 2 - $ 2 $ 34 - $ 37 53,030 55,209 58,026 104% 109%

Net income per share - diluted $ 0.88 - $ 0.95 $1.35 $ (0.47) - $ (0.40) (35)% - (30)% $ 0.04 - $ 0.05 $ 0.84 - $ 0.90 Note that the Net Income per share is hardcoded for 2019

Weighted average common shares outstanding - diluted 40.5 - 40.5 40.5 - 0 - - 0 40.5 - 40.5

GAAP effective income tax rate 29.5% - 29.0% 23.5% 2.0% - 2.0% 27.5% - 27.0% Note that the tax rate is hardcoded for 2019

Adjusted Previous

For the year ending June 30 2020 2019 Change Change from Previous Guidance


Adjusted gross profit 272 - 279 270 2 - 9 1% - 3% (7) - (10) 279.4 - 289.2

Adjusted selling, general and administrative 194 - 197 173 20 - 23 12% - 13% (7) - (10) 201.0 - 206.8

Adjusted EBITDA $ 103 - $ 107 $ 118 $ (15) - $ (11) (13)% - (9)% $ - 0 - $ - 0 103.0 - 107.0 caution - formula 124,000 116,000 120,000 94% 97%

Depreciation expense 25 - 25 21 3 - 3 14% - 14% - 0 - - 0 24.6 - 24.6

Adjusted interest expense, net 14 - 14 12 2 - 2 15% - 20% (4) - (5) 17.8 - 18.8

Adjusted income before income taxes 65 - 68 85 (20) - (16) (24)% - (19)% 4 - 5 60.6 - 63.6

Adjusted provision (benefit) for income taxes 18 - 19 23 (5) - (4) (20)% - (18)% 1 - 2 16.7 - 17.2

Adjusted net income $ 47 - $ 50 $ 62 $ (15) - $ (12) (25)% - (20)% $ 3 - $ 3 43.9 - 46.4

Adjusted net income per share - diluted $ 1.15 - $ 1.22 $ 1.53 $ (0.38) - $ (0.31) (25)% - (20)% $ 0.07 - $ 0.08 $ 1.08 - $ 1.15

Ratio to net sales

Adjusted gross profit 33.5% - 33.7% 32.6% (0.0)% - 0.2% 33.5% - 33.5%

Adjusted selling, general and administrative 23.9% - 23.8% 20.9% (0.3)% - (0.2)% 24.1% - 24.0%

Adjusted EBITDA 12.7% - 12.9% 14.3% 0.3% - 0.5% 12.4% - 12.4%

Adjusted effective income tax rate 28.0% - 27.5% 26.9% 0.5% - 0.5% 27.5% - 27.0%



Depr-Amort (Qtrly) - 6.30.20

PHIBRO ANIMAL HEALTH CORPORATION

TOTAL DEPRECIATION & AMORTIZATION

June 30, 2020

(000 OMITTED) YTD

Depreciation Depreciation Depreciation Depreciation Amortization Amortization Amortization Amortization Amortization Depr/Amort Depr/Amort

Business Unit P P & E P P & E Total Allocation to Deferred Chgs Deferred Chgs Intangibles Intangibles Total Total SG&A only

CGS SG&A 06/30/20 Amprol/Nicarb CGS SG&A CGS SG&A 06/30/20 06/30/20 06/30/20

Phibro Corporate - 0 1,672 1,672 - 0 - 0 - 0 - 0 - 0 - 0 1,672 1,672

Phibrochem-ESS - 0 1 1 - 0 222 - 0 - 0 - 0 222 223 1

Phibrochem-EPG - 0 171 171 - 0 - 0 - 0 - 0 - 0 - 0 171 171

Prince Agri - NS 5,613 189 5,802 - 0 - 0 - 0 2,449 - 0 2,449 8,251 189

Prince Agri - MN 1,928 51 1,979 - 0 - 0 - 0 - 0 543 543 2,522 594

Osprey Biotechnics 147 20 167 - 0 - 0 - 0 1,118 1,682 2,800 2,967 1,702

Phibro-Tech 1,636 - 0 1,636 - 0 - 0 - 0 - 0 - 0 - 0 1,636 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 598 67 665 - 0 - 0 - 0 2,637 - 0 2,637 3,302 67

PAH Foreign 9,352 1,805 11,157 - 0 - 0 - 0 131 308 439 11,596 2,113

Koffolk Animal Health - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Koffolk Fine Chemicals - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 1 1 - 0 - 0 - 0 - 0 - 0 - 0 1 1

Total 19,274 3,977 23,251 - 0 222 - 0 6,335 2,533 9,090 32,341 6,510

June 30, 2020 QTD




Phibro Corporate - 0 429 429 - 0 - 0 - 0 - 0 - 0 - 0 429 429

Phibrochem-ESS - 0 1 1 - 0 99 - 0 - 0 - 0 99 100 1

Phibrochem-EPG - 0 47 47 - 0 - 0 - 0 - 0 - 0 - 0 47 47

Prince Agri - NS 1,493 39 1,532 - 0 - 0 - 0 519 - 0 519 2,051 39

Prince Agri - MN 513 3 516 - 0 - 0 - 0 - 0 135 135 651 138

Osprey Biotechnics 40 7 47 - 0 - 0 - 0 305 458 763 810 465

Phibro-Tech 456 - 0 456 - 0 - 0 - 0 - 0 - 0 - 0 456 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 158 11 169 - 0 - 0 - 0 657 - 0 657 826 11

PAH Foreign 2,207 451 2,658 - 0 - 0 - 0 59 76 135 2,793 527



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 1 1 - 0 - 0 - 0 - 0 - 0 - 0 1 1

Total 4,867 989 5,856 - 0 99 - 0 1,540 669 2,308 8,164 1,658

March 31, 2020 YTD





Phibrochem-ESS - 0 - 0 - 0 - 0 123 - 0 - 0 - 0 123 123 - 0

Phibrochem-EPG - 0 124 124 - 0 - 0 - 0 - 0 - 0 - 0 124 124

Prince Agri - NS 4,120 150 4,270 - 0 - 0 - 0 1,930 - 0 1,930 6,200 150

Prince Agri - MN 1,415 48 1,463 - 0 - 0 - 0 - 0 408 408 1,871 456

Osprey Biotechnics 107 13 120 - 0 - 0 - 0 813 1,224 2,037 2,157 1,237

Phibro-Tech 1,180 - 0 1,180 - 0 - 0 - 0 - 0 - 0 - 0 1,180 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 440 56 496 - 0 - 0 - 0 1,980 - 0 1,980 2,476 56

PAH Foreign 7,145 1,354 8,499 - 0 - 0 - 0 72 232 304 8,803 1,586



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 14,407 2,988 17,395 - 0 123 - 0 4,795 1,864 6,782 24,177 4,852

December 31, 2018 YTD





Phibrochem-ESS - 0 5 5 - 0 25 - 0 - 0 - 0 25 30 5

Phibrochem-EPG - 0 86 86 - 0 - 0 - 0 - 0 - 0 - 0 86 86

Prince Agri - NS 2,522 111 2,633 - 0 - 0 - 0 1,287 - 0 1,287 3,920 111

Prince Agri - MN 879 43 922 - 0 - 0 - 0 - 0 291 291 1,213 334

Osprey Biotechnics - 0 - 0 - 0 - 0

Phibro-Tech 522 - 0 522 - 0 - 0 - 0 - 0 - 0 - 0 522 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 268 58 326 - 0 - 0 - 0 1,320 - 0 1,320 1,646 58

PAH Foreign 4,263 820 5,083 - 0 - 0 - 0 28 86 114 5,197 906



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 8,454 2,041 10,495 - 0 25 - 0 2,635 377 3,037 13,532 2,418

December 31, 2018 QTD




Phibro Corporate - 0 (439) (439) - 0 - 0 - 0 - 0 - 0 - 0 (439) (439)

Phibrochem-ESS - 0 (1) (1) - 0 (12) - 0 - 0 - 0 (12) (13) (1)

Phibrochem-EPG - 0 (40) (40) - 0 - 0 - 0 - 0 - 0 - 0 (40) (40)

Prince Agri - NS (1,268) (46) (1,314) - 0 - 0 - 0 (643) - 0 (643) (1,957) (46)

Prince Agri - MN (434) (11) (445) - 0 - 0 - 0 - 0 (147) (147) (592) (158)

Osprey Biotechnics - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Phibro-Tech (260) - 0 (260) - 0 - 0 - 0 - 0 - 0 - 0 (260) - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. (142) (29) (171) - 0 - 0 - 0 (660) - 0 (660) (831) (29)

PAH Foreign (2,186) (469) (2,655) - 0 - 0 - 0 (14) (74) (88) (2,743) (543)



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total (4,290) (1,035) (5,325) - 0 (12) - 0 (1,317) (221) (1,550) (6,875) (1,256)

March 31, 2019 YTD





Phibrochem-ESS - 0 6 6 - 0 37 - 0 - 0 - 0 37 43 6

Phibrochem-EPG - 0 126 126 - 0 - 0 - 0 - 0 - 0 - 0 126 126

Prince Agri - NS 3,790 157 3,947 - 0 - 0 - 0 1,930 - 0 1,930 5,877 157

Prince Agri - MN 1,313 54 1,367 - 0 - 0 - 0 - 0 438 438 1,805 492


Phibro-Tech 782 - 0 782 - 0 - 0 - 0 - 0 - 0 - 0 782 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 410 87 497 - 0 - 0 - 0 1,980 - 0 1,980 2,477 87

PAH Foreign 6,449 1,289 7,738 - 0 - 0 - 0 42 160 202 7,940 1,449



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 12,744 3,076 15,820 - 0 37 - 0 3,952 598 4,587 20,407 3,674


Mineral Nutrition P P & E P P & E Total Allocation to Deferred Chgs Deferred Chgs Intangibles Intangibles Total Total SG&A only

FY17 CGS SG&A 12/31/99 Amprol/Nicarb CGS SG&A CGS SG&A 12/31/99 12/31/99 12/31/99

Q1 399 6 405 - 0 - 0 - 0 - 0 138 138 543 144

Q2 398 6 404 - 0 - 0 - 0 - 0 137 137 541 143

Q3 467 5 472 - 0 - 0 - 0 - 0 138 138 610 143

Q4 479 21 500 - 0 - 0 - 0 - 0 138 138 638 159

YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

Q2 YTD 797 12 809 - 0 - 0 - 0 - 0 275 275 1,084 287

Q3 YTD 1,264 17 1,281 - 0 - 0 - 0 - 0 413 413 1,694 430

Q4 YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

&8&F&A&8&D&T

Webcast #5 NEW


Guidance for fiscal year 2020 Year 2016 Year 2017 Guidance

Actual Low Range High Range

FY2020 FY2019 Change FY2017 initial

low high low high low high Adjusted EBITDA 114.1 116.0 120.0

(in millions, except per share amounts and percentages) Less: depreciation (17.9) (21.1) (21.1)

Net sales - Animal Health segment $ 537 - $ 557 $ 532 1% - 5% $ 495 - $ 510 ** Amounts are hardcoded. For guidance details - refer to the "Guidance 2020 - FINAL" workbook

Net sales 833 - 863 828 1% - 4% 750 - 770

Adjusted Net Income - 0 - 0 - 0

Adjusted EBITDA $ 103 - $ 107 $ 118 (13)% - (9)% $ 116 - $ 120

Adjusted diluted EPS $ 1.08 - $ 1.15 $ 1.53 (29)% - (25)% $ 1.38 - $ 1.45

Adjusted EPS ERROR:#REF! ERROR:#REF! ERROR:#REF!

Effective Tax Rate ERROR:#REF! ERROR:#REF! ERROR:#REF!

Depr-Amort (Qtrly Analysis)



March 31, 2020

(000 OMITTED) YTD





Phibrochem-ESS - 0 - 0 - 0 - 0 123 - 0 - 0 - 0 123 123 - 0

Phibrochem-EPG - 0 124 124 - 0 - 0 - 0 - 0 - 0 - 0 124 124

Prince Agri - NS 4,120 150 4,270 - 0 - 0 - 0 1,930 - 0 1,930 6,200 150

Prince Agri - MN 1,415 48 1,463 - 0 - 0 - 0 - 0 408 408 1,871 456


Phibro-Tech 1,180 - 0 1,180 - 0 - 0 - 0 - 0 - 0 - 0 1,180 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 440 56 496 - 0 - 0 - 0 1,980 - 0 1,980 2,476 56

PAH Foreign 7,145 1,354 8,499 - 0 - 0 - 0 72 232 304 8,803 1,586



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 14,407 2,988 17,395 - 0 123 - 0 4,795 1,864 6,782 24,177 4,852

March 31, 2020 QTD





Phibrochem-ESS - 0 - 0 - 0 - 0 99 - 0 - 0 - 0 99 99 - 0

Phibrochem-EPG - 0 43 43 - 0 - 0 - 0 - 0 - 0 - 0 43 43

Prince Agri - NS 1,408 52 1,460 - 0 - 0 - 0 644 - 0 644 2,104 52

Prince Agri - MN 477 16 493 - 0 - 0 - 0 - 0 136 136 629 152


Phibro-Tech 410 - 0 410 - 0 - 0 - 0 - 0 - 0 - 0 410 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 149 10 159 - 0 - 0 - 0 660 - 0 660 819 10

PAH Foreign 2,313 456 2,769 - 0 - 0 - 0 44 77 121 2,890 533



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,797 1,027 5,824 - 0 99 - 0 1,653 672 2,424 8,248 1,699






Phibrochem-ESS - 0 - 0 - 0 - 0 24 - 0 - 0 - 0 24 24 - 0

Phibrochem-EPG - 0 81 81 - 0 - 0 - 0 - 0 - 0 - 0 81 81

Prince Agri - NS 2,712 98 2,810 - 0 - 0 - 0 1,286 - 0 1,286 4,096 98

Prince Agri - MN 938 32 970 - 0 - 0 - 0 - 0 272 272 1,242 304

Osprey Biotechnics 67 8 75 - 0 - 0 - 0 508 765 1,273 1,348 773

Phibro-Tech 770 - 0 770 - 0 - 0 - 0 - 0 - 0 - 0 770 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 291 46 337 - 0 - 0 - 0 1,320 - 0 1,320 1,657 46

PAH Foreign 4,832 898 5,730 - 0 - 0 - 0 28 155 183 5,913 1,053



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 9,610 1,961 11,571 - 0 24 - 0 3,142 1,192 4,358 15,929 3,153

March 31, 2019 YTD





Phibrochem-ESS - 0 6 6 - 0 37 - 0 - 0 - 0 37 43 6

Phibrochem-EPG - 0 126 126 - 0 - 0 - 0 - 0 - 0 - 0 126 126

Prince Agri - NS 3,790 157 3,947 - 0 - 0 - 0 1,930 - 0 1,930 5,877 157

Prince Agri - MN 1,313 54 1,367 - 0 - 0 - 0 - 0 438 438 1,805 492

Osprey Biotechnics - 0 - 0 - 0 - 0 - 0 - 0

Phibro-Tech 782 - 0 782 - 0 - 0 - 0 - 0 - 0 - 0 782 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 410 87 497 - 0 - 0 - 0 1,980 - 0 1,980 2,477 87

PAH Foreign 6,449 1,289 7,738 - 0 - 0 - 0 42 160 202 7,940 1,449



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 12,744 3,076 15,820 - 0 37 - 0 3,952 598 4,587 20,407 3,674

March 31, 2019 QTD





Phibrochem-ESS - 0 1 1 - 0 12 - 0 - 0 - 0 12 13 1

Phibrochem-EPG - 0 40 40 - 0 - 0 - 0 - 0 - 0 - 0 40 40

Prince Agri - NS 1,268 46 1,314 - 0 - 0 - 0 643 - 0 643 1,957 46

Prince Agri - MN 434 11 445 - 0 - 0 - 0 - 0 147 147 592 158


Phibro-Tech 260 - 0 260 - 0 - 0 - 0 - 0 - 0 - 0 260 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 142 29 171 - 0 - 0 - 0 660 - 0 660 831 29

PAH Foreign 2,186 469 2,655 - 0 - 0 - 0 14 74 88 2,743 543



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,290 1,035 5,325 - 0 12 - 0 1,317 221 1,550 6,875 1,256

September 30, 2018 YTD





Phibrochem-ESS - 0 3 3 - 0 12 - 0 - 0 - 0 12 15 3

Phibrochem-EPG - 0 43 43 - 0 - 0 - 0 - 0 - 0 - 0 43 43

Prince Agri - NS 1,255 52 1,307 - 0 - 0 - 0 644 - 0 644 1,951 52

Prince Agri - MN 436 17 453 - 0 - 0 - 0 - 0 144 144 597 161


Phibro-Tech 258 - 0 258 - 0 - 0 - 0 - 0 - 0 - 0 258 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 125 29 154 - 0 - 0 - 0 660 - 0 660 814 29

PAH Foreign 2,086 417 2,503 - 0 - 0 - 0 14 31 45 2,548 448



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,160 1,026 5,186 - 0 12 - 0 1,318 175 1,505 6,691 1,201




Q1 399 6 405 - 0 - 0 - 0 - 0 138 138 543 144

Q2 398 6 404 - 0 - 0 - 0 - 0 137 137 541 143

Q3 467 5 472 - 0 - 0 - 0 - 0 138 138 610 143

Q4 479 21 500 - 0 - 0 - 0 - 0 138 138 638 159

YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

Q2 YTD 797 12 809 - 0 - 0 - 0 - 0 275 275 1,084 287

Q3 YTD 1,264 17 1,281 - 0 - 0 - 0 - 0 413 413 1,694 430

Q4 YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

&8&F&A&8&D&T

Webcast #4

Consolidated

For the years ended June 30 Year 2016 Year 2017 Guidance

(in millions, except per share) 2017 Guidance 2016 Growth Actual Low Range High Range

Net sales - Animal Health segment $ 495 - $ 510 $ 486 2% - 5% Adjusted EBITDA 114.1 116.0 120.0

Less: depreciation (17.9) (21.1) (21.1)

Net sales $ 750 - $ 770 $ 752 (0)% - 2% Less: Interest (15.1) (16.6) (16.6)

Income before Taxes 81.1 78.3 82.3

Adjusted EBITDA $ 116 - $ 120 $ 114 2% - 5% Provision for income taxes (23.9) (23.1) (24.3)

ratio 15.5% 15.6% 15.2% +30bps Adjusted Net Income 57.2 55.2 58.0

Adjusted EPS $ 1.38 - $ 1.5 $ 1.43 (3)% - 1%

Weighted Average Shares 40.0 40.0 40.0

Adjusted EPS 1.43 1.38 1.45

Effective Tax Rate 29.5% 29.5% 29.5%

Selected Line Items Q4 – June 2020

Adjusted gross profit - Animal Health volume decline in MFAs and other

was partially offset by increased sales in nutritional specialty products and vaccines.

- Mineral Nutrition decreased as lower average selling prices more than offset favorable raw material costs.

- Performance Products decline driven by lower volume.

Adjusted SG&Aￚ Lower variable compensation and employee-

related costs, partially offset by the Osprey acquisition

Adjusted income taxes- Effective tax rate of 55.4% for current quarter

driven by GILTI tax, uncertain tax positions and increased valuation allowances



Net sales 185.9$ 203.9$ (18.0)$ (9)%

Adjusted gross profit 62.1 66.6 (4.5) (7)%

Adjusted SG&A 44.2 45.9 (1.7) (4)%

Adjusted EBITDA 23.9 26.3 (2.5)$ (9)%

Depreciation expense 5.9 5.6 0.3 5%

Adjusted interest expense, net 2.7 3.0 (0.3) (10)%

Adjusted income before income taxes 15.2 17.7 (2.5) (14)%

Adjusted provision for income taxes 8.4 4.1 4.3 105%

Adjusted net income 6.8$ 13.6$ (6.8)$ (50)%



Consolidated

Change

Summary

















basic $ 0.14 $ 0.22 $ (0.08) $ 0.83 $ 1.35 $ (0.52) basic $ 0.83 $ 1.35 $ 1.61 $ 2.11 $1.55 $ (0.52) $ (0.26) $ (0.50)

diluted $ 0.14 $ 0.22 $ (0.08) $ 0.83 $ 1.35 $ (0.52) diluted $ 0.83 $ 1.35 $ 1.61 $ 2.07 $1.51 $ (0.52) $ (0.26) $ (0.46)


basic 40,454 40,454 40,454 40,412 basic 40,454 40,412 40,181 39,254 38,969

diluted 40,504 40,536 40,504 40,523 diluted 40,504 40,523 40,385 39,962 39,815










&Z&F&D &T











Total $ 185,883 $ 203,883 $ (18,000) (9)% $ 800,354 $ 827,995 $ (27,641) (3)% $ 614,471 $ 624,112 Total $ 800,354 $ 827,995 $ 819,982 $ 751,526 $ 748,591 $ (27,641) (3)% $ 8,013 1% $ 68,456 9%






Total $ 23,860 $ 26,315 $ (2,455) (9)% $ 102,140 $ 118,037 $ (15,897) (13)% $ 78,280 $ 91,722 Total $ 102,140 $ 118,037 $ 128,958 $ 114,060 $ 110,019 $ (15,897) (13)% $ (10,921) (8)% $ 14,898 13%






Total (1) 12.8% 12.9% 12.8% 14.3% 12.7% 14.7% Total (1) 12.8% 14.3% 15.7% 15.2% 14.7%





















Corporate Corporate
































&Z&F&D &T

Adjusted EBITDA Rec








EBITDA 27,352 19,415 7,937 41% 100,709 110,845 (10,136) (9)% 73,357 91,430 EBITDA 100,709 110,845 126,923 116,805 114,672 (10,136) (9)% (16,078) (13)% 10,118 9%














0 *

0 *






&Z&F&D &T














Total $ (1,796) $ (5,222) $ 4,071 $ (5,222)











Total $ (1,796) $ (5,222)
















Total $ (957) $ (7,714)
















Total $ (5,028) $ (2,492)



&8&F&A&8&D&T

Cash Flows















EBITDA $ 27,352 $ 19,415 $ 7,937 $ 100,709 $ 110,845 $ (10,136) $ 73,357 $ 91,430 EBITDA $ 100,709 $ 110,845 $ 126,923 $ 116,805 $ 114,672 $ (10,136) $ (16,078) $ 10,118












- 0












- 0

&Z&F&D &T

Liquidity







360,494 384,589 336,293 360,494 384,589 336,293 309,226 284,512

138,488 141,687 130,642 138,488 141,687 130,642 105,870 108,524

2.60 2.71 2.57 2.60 2.71 2.57 2.92 2.62

&Z&F&D &T

Working Capital








Inventories 196,659 198,322 198,322 178,170 178,170 161,233 184,478 161,233 173,613 161,233 170,928 161,233 161,233 167,691 163,831 167,691 158,819 167,691 162,644 167,691 167,691 149,786 168,293 149,786 154,422 149,786 147,294 149,786 149,786 143,184 136,368 143,184 144,858 143,184 146,382 143,184 143,184 140,032 142,804 140,032 140,445 140,032 141,376 140,032 140,157 118,372 21,785 138,892 118,372 20,520 128,954 118,372 10,582 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 124,137 (5,685) 117,300 124,137 (6,837) 123,026 124,137 (1,111) 124,137 113,228 10,909 121,028 113,228 7,800 118,741 113,228 5,513 115,586 113,228 2,358








294,599 311,935 311,935 272,240 272,240 247,869 278,882 247,869 269,211 247,869 273,448 247,869 247,869 234,158 241,247 234,158 235,680 234,158 238,432 234,158 234,158 202,395 232,818 202,395 195,642 202,395 208,664 202,395 202,395 186,851 194,568 186,851 205,365 186,851 197,067 186,851 186,851 180,982 177,840 180,982 179,901 180,982 193,200 181,380 181,330 175,387 5,943 192,205 175,387 16,818 145,983 175,387 (29,404) 156,151 175,387 (19,236) 175,387 178,508 (3,121) 171,609 178,508 (6,899) 173,827 178,508 (4,681) 171,756 178,508 (6,752) 178,508 178,828 (320) 171,094 178,828 (7,734) 143,144 178,828 (35,684) 139,187 178,828 (39,641)






Inventories 196,659 198,322 (1,663) 198,322 178,170 20,152 178,170 161,233 16,937 184,478 161,233 23,245 173,613 161,233 12,380 170,928 161,233 9,695 161,233 167,691 (6,458) 163,831 167,691 (3,860) 158,819 167,691 (8,872) 162,644 167,691 (5,047) 167,691 149,786 17,905 168,293 149,786 18,507 154,422 149,786 4,636 147,294 149,786 (2,492) 149,786 143,184 6,602 136,368 143,184 (6,816) 144,858 143,184 1,674 146,382 143,184 3,198 143,184 140,032 3,152 142,804 140,032 2,772 140,445 140,032 141,376 140,032 140,157 118,372 21,785 138,892 118,372 20,520 128,954 118,372 10,582 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 124,137 (5,685) 117,300 124,137 (6,837) 123,026 124,137 (1,111) 124,137 113,228 10,909 121,028 113,228 7,800 118,741 113,228 5,513 115,586 113,228 2,358







222,006 242,902 (20,896) 242,902 205,651 37,251 205,651 198,036 7,615 214,349 198,036 16,313 211,484 198,036 13,448 219,246 198,036 21,210 198,036 203,356 (5,320) 194,837 203,356 (8,519) 199,361 203,356 (3,995) 203,920 203,356 564 203,356 175,988 27,368 203,402 175,988 27,414 173,084 175,988 (2,904) 179,666 175,988 3,678 175,988 177,999 (2,011) 176,577 177,999 (1,422) 187,504 177,999 9,505 180,268 177,999 2,269 177,999 153,677 24,322 166,403 153,677 12,726 159,421 153,677 166,315 154,075 154,025 126,837 27,188 164,289 126,837 37,452 148,321 126,837 21,484 143,496 126,837 16,659 126,837 135,436 (8,599) 143,234 135,436 7,798 130,104 135,436 (5,332) 130,232 135,436 (5,204) 135,436 121,680 13,756 135,011 121,680 13,331 128,907 121,680 7,227 132,823 121,680 11,143





Inventories 140,032 140,032 146,382 140,032 143,184 140,032 142,804 140,032 140,445 128,954 141,376 123,501 140,157 118,452 21,705 138,892 118,452 20,440 128,954 117,300 11,654 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 121,028 (2,576) 117,300 118,741 (1,441) 123,026 115,586 7,440








182,924 182,924 197,067 182,924 186,851 182,924 177,840 182,924 179,901 146,684 193,200 156,151 181,330 171,609 9,721 192,205 171,609 20,596 145,983 173,827 (27,844) 156,151 175,387 (19,236) 175,387 178,508 (3,121) 171,609 171,094 515 173,827 143,144 30,683 171,756 139,187 32,569





Inventories 140,032 140,032 146,382 140,032 143,184 140,032 142,804 140,032 2,772 140,445 128,954 11,491 141,376 123,501 140,157 118,372 21,785 138,892 118,452 20,440 128,954 117,300 11,654 123,501 123,026 475 118,372 124,137 (5,765) 118,452 121,028 (2,576) 117,300 118,741 (1,441) 123,026 115,586 7,440







155,619 155,619 180,268 155,619 177,999 155,619 166,933 155,619 11,314 159,421 149,022 10,399 166,315 143,496 22,819 154,025 126,837 27,188 164,289 143,234 21,055 148,321 130,104 18,217 143,496 130,232 13,264 126,837 135,436 (8,599) 143,234 135,011 8,223 130,104 128,907 1,197 130,232 132,823 (2,591)

&Z&F&D &T

DSO & Inventories

Change

As of June 30 2020 2019 2018 2015 2013 2013/2012 2013 2012 2011 Change 2020/2019 2019/2018

(in thousands)


DSO 61 70 58 54 53 2% 54 53 55


Change

As of June 30 2020 2019 2018 2015 2013 2013/2012 2013 2012 2011 Change 2020/2019 2019/2018

(in thousands)

Inventories $ 196,659 $ 198,322 $ 178,170 $ 149,786 $ 140,032 7% $ 140,032 $ 120,123 97,566 $ 28,384 $ (1,663) $ 20,152

&Z&F&D &T

Business Segments



($ in millions)

MFAs and other $ 340 $ 340 $ 336 $ 327 $ 4 1% $ 9 3%


Vaccines 52 52 53 41 (1) (2)% 12 29%

Animal Health $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ 0 0% $ 61 13% 66% 64% 65% 63%



Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%



($ in millions)

Poultry $ 301 $ 316 $ 321 $ 280 $ (15) (5)% $ (5) (2)% $ 41 15% 38% 38% 39% 37%

Dairy 163 170 177 135 (7) (4)% (7) (4)% 42 31% 20% 21% 22% 18%

Cattle 94 88 80 100 6 7% 8 10% (20) (20)% 12% 11% 10% 13%

Swine 81 101 100 102 (20) (20)% 1 1% (2) (2)% 10% 12% 12% 14%

Other (1) 161 153 142 132 8 5% 11 8% 10 7% 20% 18% 17% 18%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%



($ in millions)

United States $ 472 $ 481 $ 491 $ 483 $ (9) (2)% $ (10) (2)% $ 8 2% 59% 58% 60% 65%



Asia Pacific 57 90 76 97 (33) (37)% 14 18% (21) (21)% 7% 11% 9% 13%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%





($ in millions)

MFAs and other $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 * $ - 0 *


Vaccines - 0 0 0 4 - 0 0% (4) (96)%

Animal Health $ 123 $ 136 $ 142 $ 120 $ (13) (10)% $ (6) (4)% $ 22 18% 87% 87% 87% 88%



Corporate (40) (38) (33) (27) (2) * (5) * (6) *

Total $ 102 $ 118 $ 129 $ 110 $ (16) (13)% $ (11) (8)% $ 19 17%




As of June 30 2020 2019 2018 2015 2020 / 2019 2019 / 2018 2016 / 2015 2020 2019 2018 2015

($ in millions)

MFAs and other $ 23 $ 23 $ 22 $ 21 $ 2 9% $ 0 1%


Vaccines - 0 - 0 - 0 - 0 - 0 * - 0 *

Animal Health $ 561 $ 509 $ 456 $ 349 $ 52 10% $ 53 12% $ 107 31% 71% 70% 68% 71%



Corporate 127 117 122 60 10 8% (5) (4)% 62 102% 16% 16% 18% 12%

Total $ 785 $ 727 $ 672 $ 490 $ 58 8% $ 55 8% $ 182 37%


&Z&F&D &T

Animal Health



($ in millions)

MFAs and other $ 322 $ 350 $ 337 $ 336 $ (28) (8)% $ 13 4% $ 1 0% 61% 66% 63% 71%


Vaccines 75 68 72 53 7 10% (4) (5)% 19 36% 14% 13% 14% 11%

Animal Health $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ (0) (0)% $ 61 13%



($ in millions)

Poultry $ 253 $ 251 $ 255 $ 231 $ 2 1% $ (4) (2)% $ 24 10% 48% 47% 48% 49%

Swine 43 62 59 65 (19) (31)% 3 5% (6) (9)% 8% 12% 11% 14%

Dairy 117 116 120 83 1 1% (4) (3)% 37 44% 22% 22% 23% 18%

Cattle 44 47 42 43 (3) (6)% 5 12% (1) (3)% 8% 9% 8% 9%

Other 70 56 56 48 14 25% - 0 0% 8 17% 13% 11% 11% 10%

Total $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ - 0 0% $ 61 13%



($ in millions)

United States $ 214 $ 199 $ 220 $ 219 $ 15 8% $ (21) (10)% $ 1 1% 41% 37% 41% 46%



Asia Pacific 56 88 75 92 (32) (36)% 13 17% (17) (19)% 11% 17% 14% 20%

Total $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ - 0 0% $ 61 13%


% of Sales

U.S. 41% 37% 41%

Foreign 59% 63% 59%

100% 100% 100%

Page 18 of the 10K

&Z&F&D &T

Mineral Nutrition



($ in millions)


Swine - 0 35 28 (35) * 7 27% ERROR:#DIV/0! 16% 12%

Dairy - 0 48 48 (48) * 0 0% ERROR:#DIV/0! 22% 21%

Cattle - 0 52 74 (52) * (22) (30)% ERROR:#DIV/0! 24% 33%

Other - 0 28 26 (28) * 2 8% ERROR:#DIV/0! 13% 11%

Total $ - 0 $ 217 $ 227 $ (217) * $ (10) (5)%








Net sales $ 185.9 $ 203.9 $ (18.0) (9)% $ 800.4 $ 828.0 $ (27.6) (3)%


Gross profit 60.6 65.3 (4.7) (7)% 256.9 264.6 (7.7) (3)%








Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%


basic $0.14 $0.22 $ (0.08) $0.83 $1.35 $ (0.52)

diluted $0.14 $0.22 $ (0.08) $0.83 $1.35 $ (0.52)


basic 40.5 40.5 40.5 40.4

diluted 40.5 40.5 40.5 40.5

Ratio to net sales

Gross profit 32.6% 32.0% 32.1% 32.0%




Net income 3.0% 4.3% 4.2% 6.6%










Net Sales

MFAs and other $ 72.6 $ 86.3 $ (13.7) (16)% $ 322.3 $ 350.5 $ (28.2) (8)%


Vaccines 18.6 17.2 1.5 8% 75.3 68.3 7.0 10%

Animal Health 122.4 132.0 (9.6) (7)% 526.9 532.0 (5.1) (1)%



Total $ 185.9 $ 203.9 $ (18.0) (9)% $ 800.4 $ 828.0 $ (27.6) (3)%

Adjusted EBITDA

Animal Health $ 29.6 $ 31.2 $ (1.6) (5)% $ 123.1 $ 136.0 $ (12.9) (10)%



Corporate (9.9) (9.8) (0.1) * (40.2) (38.5) (1.7) *

Total $ 23.9 $ 26.3 $ (2.5) (9)% $ 102.1 $ 118.0 $ (15.9) (13)%





Corporate (1) (5.3)% (4.8)% (5.0)% (4.6)%

Total (1) 12.8% 12.9% 12.8% 14.3%



Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%




EBITDA 27.4 19.4 7.9 41% 100.7 110.8 (10.1) (9)%







Other, net (1) - 0 - 0 - 0 * - 0 (1.5) 1.5 *





Adjusted EBITDA $ 23.9 $ 26.3 $ (2.5) (9)% $ 102.1 $ 118.0 $ (15.9) (13)%



















diluted $0.17 $0.33 ($0.16) (48%) $1.08 $1.53 ($0.45) (29)%


diluted 40.5 40.5 40.5 40.5

Ratio to net sales







Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%









Other, net(1) (3) - 0 - 0 - 0 * - 0 (1.5) 1.5 *



















Depreciation 6.361 5.534 (0.8) $ (0.02) 25.743 21.989 (3.8) $ (0.09)

Interest 2.732 3.036 0.3 $ 0.01 12.581 11.776 (0.8) $ (0.02)

Taxes 8.401 4.104 (4.3) $ (0.11) 22.290 22.776 0.5 $ 0.01

Subtotal 17.494 12.674 (4.8) $ (0.12) 60.614 56.541 (4.1) $ (0.10)

EBITDA 23.860 26.315 (2.5) $ (0.06) 102.140 118.037 (15.9) $ (0.39)















Total $ (1,796) $ (5,222) $ 4,071 $ (5,222)











Total $ (1,796) $ (5,222)















Total $ (3,358) $ (957)















Total $ (1,656) $ (5,028)



&8&F&A&8&D&T

ANI Worksheet


Adjusted Net Income








Gross profit 60.6 65.3 1.5 1.3 62.1 66.6




















Net sales $800.4 $828.0 $0.0 $0.0 $800.4 $828.0











Net income $33.6 $54.7 $10.2 $7.3 $43.8 $62.0






&Z&F&D &T







(in millions)

EBITDA $ 27.4 $ 19.4 $ 7.9 41% $ 100.7 $ 110.8 $ (10.1) $ (10.1) $ (10) (9)% $ 121 * $ 73.4 $ 91.4

Adjustments







Other, net (1) - 0 - 0 - 0 - 0 (1.5) 1.5 - 0 (1.5)





























low high low high



Net sales 750 - 770 752 (0)% - 2% 752

Adjusted EBITDA 116 - 120 114 2% - 5%







Net income $ 55 - $ 58 $ 57 (3)% - 2% $ 83



Diluted 40.0 - 40.0 40.0 40.0

Ratio to net sales














SG&A 39,186 40,870 42,445 122,501 40,393 40,393 40,981 162,894 163,482 0.3176287325





















Adjusted EBITDA 29,825 31,262 26,749 87,836 28,680 27,177 29,177 115,013 117,013





Phibro Corporate










Prince Agri 16 13 - 0 29 - 0

Phibro-Tech 24 21 22 67 22


PAH Foreign




Interest Income (680) (489) (321) (1,490) (300) (300) (300) (1,790) (1,790)


- 0 - 0





Taxes 5,395 5,887 10,739 22,021 5,274 4,815 5,425 26,836 27,446





Phibrochem-EPG 45 42 40 127 40 40

Prince Agri - NS 1,604 1,682 1,951 5,237 2,183 2,183

Prince Agri - MN 542 542 610 1,694 610 610

Phibro-Tech 212 228 242 682 242 242

PAH U.S. 799 800 817 2,416 817 817

PAH Foreign 2,449 2,488 2,504 7,441 2,504 2,504

Total 6,318 6,444 6,842 19,604 7,074 7,074 7,074 26,678 26,678

Depreciation only



Phibrochem-EPG 45 42 40 127 40 40

Prince Agri - NS 893 1,062 1,331 3,286 1,331 1,563

Prince Agri - MN 404 405 472 1,281 472 472

Phibro-Tech 212 228 242 682 242 242

PAH U.S. 153 155 171 479 171 171

PAH Foreign 2,357 2,398 2,474 7,229 2,474 2,474

Total 4,730 4,953 5,400 15,083 5,400 5,632 5,632 20,715 20,715

Adjusted Net Income

















Corporate 3,029 2,936 (93) - 0 - 0 - 0 3,029 2,936 (93)

PChem 19 22 3 - 0 - 0 - 0 19 22 3

EPG 172 204 32 - 0 - 0 - 0 172 204 32

PAP 4,201 6,340 2,139 3,581 3,170 (411) 7,782 9,510 1,728

PTech 787 (787) 940 (940) 787 940 153

Non - PAH 8,208 9,502 1,294 4,521 3,170 (1,351) 11,789 13,612 1,823

PAH Domestic - 0 - 0 - 0 1,901 (1,901)

Brazil - 0 - 0 2,940 (2,940)

Israel - 0 - 0 6,203 (6,203)

EPG Brazil - 0 - 0 13 (13)

Ferro - 0 - 0 1 1 - 0


Tota PAH 9,685 11,548 1,863 1,038 3,114 2,076 11,663 13,722 2,059

Total 17,893 21,050 3,157 5,559 6,284 725 23,452 27,334 3,882


20,812 6,284

interest expense

Interest expense


Term B Q1 2.935 2.842 (0.093) 284.2 1%

Term B Q2 2.927 2.835 (0.092) 283.5 1%

Term B Q3 2.888 2.827 (0.061) 282.7 1%

Term B Q4 2.881 2.820 (0.061) 282.0 1%




Ticking Fee - 0 0.750 0.750


Prince 0.062 0.031 (0.031)

Ptech 0.093 0.093 - 0

CP Chemicals 0.008 - 0 (0.008)


Other, net (0.010) - 0 0.010

Term B OID 0.104 0.104 (0.000)



15.116 16.594 1.478


Total 16.592

Webcast #1 NEW











Webcast #2 NEW





















Webcast #1













SG&A 42.4 53.2 (10.8) (20)% SG&A 187.7 181.4 6.3 3%





40.74 53.2 (12.5) (23)%

Webcast #3 NEW
















Webcast #2
















Webcast #4 NEW











Corporate Corporate



Webcast #3











Corporate Corporate









Net sales $ 812 - $ 828 $ 828 $ (16) - $ 0 (2)% - 0% $ (21) - $ (35) 788,165 750,000 770,000 95% 98%







Net income $ 57.9 - $ 63.0 $ 64.6 $ (6.7) - $ (1.6) (10)% - (2)% $ - 0 - $ (10.0) 53,030 55,209 58,026 104% 109%




Adjusted



Adjusted EBITDA $ 103 - $ 107 $ 118 $ (15) - $ (11) (13)% - (9)% $ - 0 - $ - 0 124,000 116,000 120,000 94% 97%














GAAP Previous




Net sales 812 - 828 828 (16) - 0 (2)% - 0% (21) - (35) $ 833 - $ 863 788,165 750,000 770,000 95% 98%

Gross profit 265 - 272 265 1 - 8 0% - 3% (5) - (8) 270 - 280







Net income $ 36 - $ 38 $ 54 $ (19) - $ (16) (35)% - (30)% $ 2 - $ 2 $ 34 - $ 37 53,030 55,209 58,026 104% 109%




Adjusted Previous












Ratio to net sales



Adjusted EBITDA 12.7% - 12.9% 14.3% 0.3% - 0.5% 12.4% - 12.4%







June 30, 2020

(000 OMITTED) YTD





Phibrochem-ESS - 0 1 1 - 0 222 - 0 - 0 - 0 222 223 1

Phibrochem-EPG - 0 171 171 - 0 - 0 - 0 - 0 - 0 - 0 171 171

Prince Agri - NS 5,613 189 5,802 - 0 - 0 - 0 2,449 - 0 2,449 8,251 189

Prince Agri - MN 1,928 51 1,979 - 0 - 0 - 0 - 0 543 543 2,522 594


Phibro-Tech 1,636 - 0 1,636 - 0 - 0 - 0 - 0 - 0 - 0 1,636 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 598 67 665 - 0 - 0 - 0 2,637 - 0 2,637 3,302 67

PAH Foreign 9,352 1,805 11,157 - 0 - 0 - 0 131 308 439 11,596 2,113



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 1 1 - 0 - 0 - 0 - 0 - 0 - 0 1 1

Total 19,274 3,977 23,251 - 0 222 - 0 6,335 2,533 9,090 32,341 6,510

June 30, 2020 QTD





Phibrochem-ESS - 0 1 1 - 0 99 - 0 - 0 - 0 99 100 1

Phibrochem-EPG - 0 47 47 - 0 - 0 - 0 - 0 - 0 - 0 47 47

Prince Agri - NS 1,493 39 1,532 - 0 - 0 - 0 519 - 0 519 2,051 39

Prince Agri - MN 513 3 516 - 0 - 0 - 0 - 0 135 135 651 138


Phibro-Tech 456 - 0 456 - 0 - 0 - 0 - 0 - 0 - 0 456 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 158 11 169 - 0 - 0 - 0 657 - 0 657 826 11

PAH Foreign 2,207 451 2,658 - 0 - 0 - 0 59 76 135 2,793 527



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 1 1 - 0 - 0 - 0 - 0 - 0 - 0 1 1

Total 4,867 989 5,856 - 0 99 - 0 1,540 669 2,308 8,164 1,658

March 31, 2020 YTD





Phibrochem-ESS - 0 - 0 - 0 - 0 123 - 0 - 0 - 0 123 123 - 0

Phibrochem-EPG - 0 124 124 - 0 - 0 - 0 - 0 - 0 - 0 124 124

Prince Agri - NS 4,120 150 4,270 - 0 - 0 - 0 1,930 - 0 1,930 6,200 150

Prince Agri - MN 1,415 48 1,463 - 0 - 0 - 0 - 0 408 408 1,871 456


Phibro-Tech 1,180 - 0 1,180 - 0 - 0 - 0 - 0 - 0 - 0 1,180 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 440 56 496 - 0 - 0 - 0 1,980 - 0 1,980 2,476 56

PAH Foreign 7,145 1,354 8,499 - 0 - 0 - 0 72 232 304 8,803 1,586



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 14,407 2,988 17,395 - 0 123 - 0 4,795 1,864 6,782 24,177 4,852






Phibrochem-ESS - 0 5 5 - 0 25 - 0 - 0 - 0 25 30 5

Phibrochem-EPG - 0 86 86 - 0 - 0 - 0 - 0 - 0 - 0 86 86

Prince Agri - NS 2,522 111 2,633 - 0 - 0 - 0 1,287 - 0 1,287 3,920 111

Prince Agri - MN 879 43 922 - 0 - 0 - 0 - 0 291 291 1,213 334


Phibro-Tech 522 - 0 522 - 0 - 0 - 0 - 0 - 0 - 0 522 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 268 58 326 - 0 - 0 - 0 1,320 - 0 1,320 1,646 58

PAH Foreign 4,263 820 5,083 - 0 - 0 - 0 28 86 114 5,197 906



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 8,454 2,041 10,495 - 0 25 - 0 2,635 377 3,037 13,532 2,418






Phibrochem-ESS - 0 (1) (1) - 0 (12) - 0 - 0 - 0 (12) (13) (1)

Phibrochem-EPG - 0 (40) (40) - 0 - 0 - 0 - 0 - 0 - 0 (40) (40)

Prince Agri - NS (1,268) (46) (1,314) - 0 - 0 - 0 (643) - 0 (643) (1,957) (46)

Prince Agri - MN (434) (11) (445) - 0 - 0 - 0 - 0 (147) (147) (592) (158)


Phibro-Tech (260) - 0 (260) - 0 - 0 - 0 - 0 - 0 - 0 (260) - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. (142) (29) (171) - 0 - 0 - 0 (660) - 0 (660) (831) (29)

PAH Foreign (2,186) (469) (2,655) - 0 - 0 - 0 (14) (74) (88) (2,743) (543)



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total (4,290) (1,035) (5,325) - 0 (12) - 0 (1,317) (221) (1,550) (6,875) (1,256)

March 31, 2019 YTD





Phibrochem-ESS - 0 6 6 - 0 37 - 0 - 0 - 0 37 43 6

Phibrochem-EPG - 0 126 126 - 0 - 0 - 0 - 0 - 0 - 0 126 126

Prince Agri - NS 3,790 157 3,947 - 0 - 0 - 0 1,930 - 0 1,930 5,877 157

Prince Agri - MN 1,313 54 1,367 - 0 - 0 - 0 - 0 438 438 1,805 492


Phibro-Tech 782 - 0 782 - 0 - 0 - 0 - 0 - 0 - 0 782 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 410 87 497 - 0 - 0 - 0 1,980 - 0 1,980 2,477 87

PAH Foreign 6,449 1,289 7,738 - 0 - 0 - 0 42 160 202 7,940 1,449



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 12,744 3,076 15,820 - 0 37 - 0 3,952 598 4,587 20,407 3,674




Q1 399 6 405 - 0 - 0 - 0 - 0 138 138 543 144

Q2 398 6 404 - 0 - 0 - 0 - 0 137 137 541 143

Q3 467 5 472 - 0 - 0 - 0 - 0 138 138 610 143

Q4 479 21 500 - 0 - 0 - 0 - 0 138 138 638 159

YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

Q2 YTD 797 12 809 - 0 - 0 - 0 - 0 275 275 1,084 287

Q3 YTD 1,264 17 1,281 - 0 - 0 - 0 - 0 413 413 1,694 430

Q4 YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

&8&F&A&8&D&T

Webcast #5 NEW








Net sales 833 - 863 828 1% - 4% 750 - 770


Adjusted EBITDA $ 103 - $ 107 $ 118 (13)% - (9)% $ 116 - $ 120







March 31, 2020

(000 OMITTED) YTD





Phibrochem-ESS - 0 - 0 - 0 - 0 123 - 0 - 0 - 0 123 123 - 0

Phibrochem-EPG - 0 124 124 - 0 - 0 - 0 - 0 - 0 - 0 124 124

Prince Agri - NS 4,120 150 4,270 - 0 - 0 - 0 1,930 - 0 1,930 6,200 150

Prince Agri - MN 1,415 48 1,463 - 0 - 0 - 0 - 0 408 408 1,871 456


Phibro-Tech 1,180 - 0 1,180 - 0 - 0 - 0 - 0 - 0 - 0 1,180 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 440 56 496 - 0 - 0 - 0 1,980 - 0 1,980 2,476 56

PAH Foreign 7,145 1,354 8,499 - 0 - 0 - 0 72 232 304 8,803 1,586



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 14,407 2,988 17,395 - 0 123 - 0 4,795 1,864 6,782 24,177 4,852

March 31, 2020 QTD





Phibrochem-ESS - 0 - 0 - 0 - 0 99 - 0 - 0 - 0 99 99 - 0

Phibrochem-EPG - 0 43 43 - 0 - 0 - 0 - 0 - 0 - 0 43 43

Prince Agri - NS 1,408 52 1,460 - 0 - 0 - 0 644 - 0 644 2,104 52

Prince Agri - MN 477 16 493 - 0 - 0 - 0 - 0 136 136 629 152


Phibro-Tech 410 - 0 410 - 0 - 0 - 0 - 0 - 0 - 0 410 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 149 10 159 - 0 - 0 - 0 660 - 0 660 819 10

PAH Foreign 2,313 456 2,769 - 0 - 0 - 0 44 77 121 2,890 533



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,797 1,027 5,824 - 0 99 - 0 1,653 672 2,424 8,248 1,699






Phibrochem-ESS - 0 - 0 - 0 - 0 24 - 0 - 0 - 0 24 24 - 0

Phibrochem-EPG - 0 81 81 - 0 - 0 - 0 - 0 - 0 - 0 81 81

Prince Agri - NS 2,712 98 2,810 - 0 - 0 - 0 1,286 - 0 1,286 4,096 98

Prince Agri - MN 938 32 970 - 0 - 0 - 0 - 0 272 272 1,242 304


Phibro-Tech 770 - 0 770 - 0 - 0 - 0 - 0 - 0 - 0 770 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 291 46 337 - 0 - 0 - 0 1,320 - 0 1,320 1,657 46

PAH Foreign 4,832 898 5,730 - 0 - 0 - 0 28 155 183 5,913 1,053



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 9,610 1,961 11,571 - 0 24 - 0 3,142 1,192 4,358 15,929 3,153

March 31, 2019 YTD





Phibrochem-ESS - 0 6 6 - 0 37 - 0 - 0 - 0 37 43 6

Phibrochem-EPG - 0 126 126 - 0 - 0 - 0 - 0 - 0 - 0 126 126

Prince Agri - NS 3,790 157 3,947 - 0 - 0 - 0 1,930 - 0 1,930 5,877 157

Prince Agri - MN 1,313 54 1,367 - 0 - 0 - 0 - 0 438 438 1,805 492


Phibro-Tech 782 - 0 782 - 0 - 0 - 0 - 0 - 0 - 0 782 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 410 87 497 - 0 - 0 - 0 1,980 - 0 1,980 2,477 87

PAH Foreign 6,449 1,289 7,738 - 0 - 0 - 0 42 160 202 7,940 1,449



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 12,744 3,076 15,820 - 0 37 - 0 3,952 598 4,587 20,407 3,674

March 31, 2019 QTD





Phibrochem-ESS - 0 1 1 - 0 12 - 0 - 0 - 0 12 13 1

Phibrochem-EPG - 0 40 40 - 0 - 0 - 0 - 0 - 0 - 0 40 40

Prince Agri - NS 1,268 46 1,314 - 0 - 0 - 0 643 - 0 643 1,957 46

Prince Agri - MN 434 11 445 - 0 - 0 - 0 - 0 147 147 592 158


Phibro-Tech 260 - 0 260 - 0 - 0 - 0 - 0 - 0 - 0 260 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 142 29 171 - 0 - 0 - 0 660 - 0 660 831 29

PAH Foreign 2,186 469 2,655 - 0 - 0 - 0 14 74 88 2,743 543



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,290 1,035 5,325 - 0 12 - 0 1,317 221 1,550 6,875 1,256






Phibrochem-ESS - 0 3 3 - 0 12 - 0 - 0 - 0 12 15 3

Phibrochem-EPG - 0 43 43 - 0 - 0 - 0 - 0 - 0 - 0 43 43

Prince Agri - NS 1,255 52 1,307 - 0 - 0 - 0 644 - 0 644 1,951 52

Prince Agri - MN 436 17 453 - 0 - 0 - 0 - 0 144 144 597 161


Phibro-Tech 258 - 0 258 - 0 - 0 - 0 - 0 - 0 - 0 258 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 125 29 154 - 0 - 0 - 0 660 - 0 660 814 29

PAH Foreign 2,086 417 2,503 - 0 - 0 - 0 14 31 45 2,548 448



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,160 1,026 5,186 - 0 12 - 0 1,318 175 1,505 6,691 1,201




Q1 399 6 405 - 0 - 0 - 0 - 0 138 138 543 144

Q2 398 6 404 - 0 - 0 - 0 - 0 137 137 541 143

Q3 467 5 472 - 0 - 0 - 0 - 0 138 138 610 143

Q4 479 21 500 - 0 - 0 - 0 - 0 138 138 638 159

YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

Q2 YTD 797 12 809 - 0 - 0 - 0 - 0 275 275 1,084 287

Q3 YTD 1,264 17 1,281 - 0 - 0 - 0 - 0 413 413 1,694 430

Q4 YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

&8&F&A&8&D&T

Webcast #4

Consolidated









Adjusted EPS $ 1.38 - $ 1.5 $ 1.43 (3)% - 1%




Animal HealthQ4 – June 2020

MFAs and other- Lower demand in China, South America and other

international regions

- Lower demand in China due to ASF and phased regulatory change beginning January 1, 2020

Nutritional specialties- Increase primarily due to Osprey acquisition

Vaccines- Higher international volume

Adjusted EBITDA- Overall sales and related gross profit decline,

partially offset by favorable SG&A costs



MFAs and other 72.6$ 86.3$ (13.7)$ (16)%

Nutritional specialties 31.1 28.6 2.6 9%

Vaccines 18.6 17.2 1.5 8%

Net sales 122.4$ 132.0$ (9.6)$ (7)%

Adjusted EBITDA 29.6$ 31.2$ (1.6)$ (5)%

% of segment net sales 24.2% 23.6% +60bps

Animal Health

Change


Summary

















basic $ 0.14 $ 0.22 $ (0.08) $ 0.83 $ 1.35 $ (0.52) basic $ 0.83 $ 1.35 $ 1.61 $ 2.11 $1.55 $ (0.52) $ (0.26) $ (0.50)

diluted $ 0.14 $ 0.22 $ (0.08) $ 0.83 $ 1.35 $ (0.52) diluted $ 0.83 $ 1.35 $ 1.61 $ 2.07 $1.51 $ (0.52) $ (0.26) $ (0.46)


basic 40,454 40,454 40,454 40,412 basic 40,454 40,412 40,181 39,254 38,969

diluted 40,504 40,536 40,504 40,523 diluted 40,504 40,523 40,385 39,962 39,815










&Z&F&D &T











Total $ 185,883 $ 203,883 $ (18,000) (9)% $ 800,354 $ 827,995 $ (27,641) (3)% $ 614,471 $ 624,112 Total $ 800,354 $ 827,995 $ 819,982 $ 751,526 $ 748,591 $ (27,641) (3)% $ 8,013 1% $ 68,456 9%






Total $ 23,860 $ 26,315 $ (2,455) (9)% $ 102,140 $ 118,037 $ (15,897) (13)% $ 78,280 $ 91,722 Total $ 102,140 $ 118,037 $ 128,958 $ 114,060 $ 110,019 $ (15,897) (13)% $ (10,921) (8)% $ 14,898 13%






Total (1) 12.8% 12.9% 12.8% 14.3% 12.7% 14.7% Total (1) 12.8% 14.3% 15.7% 15.2% 14.7%





















Corporate Corporate
































&Z&F&D &T

Adjusted EBITDA Rec








EBITDA 27,352 19,415 7,937 41% 100,709 110,845 (10,136) (9)% 73,357 91,430 EBITDA 100,709 110,845 126,923 116,805 114,672 (10,136) (9)% (16,078) (13)% 10,118 9%














0 *

0 *






&Z&F&D &T














Total $ (1,796) $ (5,222) $ 4,071 $ (5,222)











Total $ (1,796) $ (5,222)
















Total $ (957) $ (7,714)
















Total $ (5,028) $ (2,492)



&8&F&A&8&D&T

Cash Flows















EBITDA $ 27,352 $ 19,415 $ 7,937 $ 100,709 $ 110,845 $ (10,136) $ 73,357 $ 91,430 EBITDA $ 100,709 $ 110,845 $ 126,923 $ 116,805 $ 114,672 $ (10,136) $ (16,078) $ 10,118












- 0












- 0

&Z&F&D &T

Liquidity







360,494 384,589 336,293 360,494 384,589 336,293 309,226 284,512

138,488 141,687 130,642 138,488 141,687 130,642 105,870 108,524

2.60 2.71 2.57 2.60 2.71 2.57 2.92 2.62

&Z&F&D &T

Working Capital








Inventories 196,659 198,322 198,322 178,170 178,170 161,233 184,478 161,233 173,613 161,233 170,928 161,233 161,233 167,691 163,831 167,691 158,819 167,691 162,644 167,691 167,691 149,786 168,293 149,786 154,422 149,786 147,294 149,786 149,786 143,184 136,368 143,184 144,858 143,184 146,382 143,184 143,184 140,032 142,804 140,032 140,445 140,032 141,376 140,032 140,157 118,372 21,785 138,892 118,372 20,520 128,954 118,372 10,582 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 124,137 (5,685) 117,300 124,137 (6,837) 123,026 124,137 (1,111) 124,137 113,228 10,909 121,028 113,228 7,800 118,741 113,228 5,513 115,586 113,228 2,358








294,599 311,935 311,935 272,240 272,240 247,869 278,882 247,869 269,211 247,869 273,448 247,869 247,869 234,158 241,247 234,158 235,680 234,158 238,432 234,158 234,158 202,395 232,818 202,395 195,642 202,395 208,664 202,395 202,395 186,851 194,568 186,851 205,365 186,851 197,067 186,851 186,851 180,982 177,840 180,982 179,901 180,982 193,200 181,380 181,330 175,387 5,943 192,205 175,387 16,818 145,983 175,387 (29,404) 156,151 175,387 (19,236) 175,387 178,508 (3,121) 171,609 178,508 (6,899) 173,827 178,508 (4,681) 171,756 178,508 (6,752) 178,508 178,828 (320) 171,094 178,828 (7,734) 143,144 178,828 (35,684) 139,187 178,828 (39,641)






Inventories 196,659 198,322 (1,663) 198,322 178,170 20,152 178,170 161,233 16,937 184,478 161,233 23,245 173,613 161,233 12,380 170,928 161,233 9,695 161,233 167,691 (6,458) 163,831 167,691 (3,860) 158,819 167,691 (8,872) 162,644 167,691 (5,047) 167,691 149,786 17,905 168,293 149,786 18,507 154,422 149,786 4,636 147,294 149,786 (2,492) 149,786 143,184 6,602 136,368 143,184 (6,816) 144,858 143,184 1,674 146,382 143,184 3,198 143,184 140,032 3,152 142,804 140,032 2,772 140,445 140,032 141,376 140,032 140,157 118,372 21,785 138,892 118,372 20,520 128,954 118,372 10,582 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 124,137 (5,685) 117,300 124,137 (6,837) 123,026 124,137 (1,111) 124,137 113,228 10,909 121,028 113,228 7,800 118,741 113,228 5,513 115,586 113,228 2,358







222,006 242,902 (20,896) 242,902 205,651 37,251 205,651 198,036 7,615 214,349 198,036 16,313 211,484 198,036 13,448 219,246 198,036 21,210 198,036 203,356 (5,320) 194,837 203,356 (8,519) 199,361 203,356 (3,995) 203,920 203,356 564 203,356 175,988 27,368 203,402 175,988 27,414 173,084 175,988 (2,904) 179,666 175,988 3,678 175,988 177,999 (2,011) 176,577 177,999 (1,422) 187,504 177,999 9,505 180,268 177,999 2,269 177,999 153,677 24,322 166,403 153,677 12,726 159,421 153,677 166,315 154,075 154,025 126,837 27,188 164,289 126,837 37,452 148,321 126,837 21,484 143,496 126,837 16,659 126,837 135,436 (8,599) 143,234 135,436 7,798 130,104 135,436 (5,332) 130,232 135,436 (5,204) 135,436 121,680 13,756 135,011 121,680 13,331 128,907 121,680 7,227 132,823 121,680 11,143





Inventories 140,032 140,032 146,382 140,032 143,184 140,032 142,804 140,032 140,445 128,954 141,376 123,501 140,157 118,452 21,705 138,892 118,452 20,440 128,954 117,300 11,654 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 121,028 (2,576) 117,300 118,741 (1,441) 123,026 115,586 7,440








182,924 182,924 197,067 182,924 186,851 182,924 177,840 182,924 179,901 146,684 193,200 156,151 181,330 171,609 9,721 192,205 171,609 20,596 145,983 173,827 (27,844) 156,151 175,387 (19,236) 175,387 178,508 (3,121) 171,609 171,094 515 173,827 143,144 30,683 171,756 139,187 32,569





Inventories 140,032 140,032 146,382 140,032 143,184 140,032 142,804 140,032 2,772 140,445 128,954 11,491 141,376 123,501 140,157 118,372 21,785 138,892 118,452 20,440 128,954 117,300 11,654 123,501 123,026 475 118,372 124,137 (5,765) 118,452 121,028 (2,576) 117,300 118,741 (1,441) 123,026 115,586 7,440







155,619 155,619 180,268 155,619 177,999 155,619 166,933 155,619 11,314 159,421 149,022 10,399 166,315 143,496 22,819 154,025 126,837 27,188 164,289 143,234 21,055 148,321 130,104 18,217 143,496 130,232 13,264 126,837 135,436 (8,599) 143,234 135,011 8,223 130,104 128,907 1,197 130,232 132,823 (2,591)

&Z&F&D &T

DSO & Inventories

Change

As of June 30 2020 2019 2018 2015 2013 2013/2012 2013 2012 2011 Change 2020/2019 2019/2018

(in thousands)


DSO 61 70 58 54 53 2% 54 53 55


Change

As of June 30 2020 2019 2018 2015 2013 2013/2012 2013 2012 2011 Change 2020/2019 2019/2018

(in thousands)

Inventories $ 196,659 $ 198,322 $ 178,170 $ 149,786 $ 140,032 7% $ 140,032 $ 120,123 97,566 $ 28,384 $ (1,663) $ 20,152

&Z&F&D &T

Business Segments



($ in millions)

MFAs and other $ 340 $ 340 $ 336 $ 327 $ 4 1% $ 9 3%


Vaccines 52 52 53 41 (1) (2)% 12 29%

Animal Health $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ 0 0% $ 61 13% 66% 64% 65% 63%



Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%



($ in millions)

Poultry $ 301 $ 316 $ 321 $ 280 $ (15) (5)% $ (5) (2)% $ 41 15% 38% 38% 39% 37%

Dairy 163 170 177 135 (7) (4)% (7) (4)% 42 31% 20% 21% 22% 18%

Cattle 94 88 80 100 6 7% 8 10% (20) (20)% 12% 11% 10% 13%

Swine 81 101 100 102 (20) (20)% 1 1% (2) (2)% 10% 12% 12% 14%

Other (1) 161 153 142 132 8 5% 11 8% 10 7% 20% 18% 17% 18%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%



($ in millions)

United States $ 472 $ 481 $ 491 $ 483 $ (9) (2)% $ (10) (2)% $ 8 2% 59% 58% 60% 65%



Asia Pacific 57 90 76 97 (33) (37)% 14 18% (21) (21)% 7% 11% 9% 13%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%





($ in millions)

MFAs and other $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 * $ - 0 *


Vaccines - 0 0 0 4 - 0 0% (4) (96)%

Animal Health $ 123 $ 136 $ 142 $ 120 $ (13) (10)% $ (6) (4)% $ 22 18% 87% 87% 87% 88%



Corporate (40) (38) (33) (27) (2) * (5) * (6) *

Total $ 102 $ 118 $ 129 $ 110 $ (16) (13)% $ (11) (8)% $ 19 17%




As of June 30 2020 2019 2018 2015 2020 / 2019 2019 / 2018 2016 / 2015 2020 2019 2018 2015

($ in millions)

MFAs and other $ 23 $ 23 $ 22 $ 21 $ 2 9% $ 0 1%


Vaccines - 0 - 0 - 0 - 0 - 0 * - 0 *

Animal Health $ 561 $ 509 $ 456 $ 349 $ 52 10% $ 53 12% $ 107 31% 71% 70% 68% 71%



Corporate 127 117 122 60 10 8% (5) (4)% 62 102% 16% 16% 18% 12%

Total $ 785 $ 727 $ 672 $ 490 $ 58 8% $ 55 8% $ 182 37%


&Z&F&D &T

Animal Health



($ in millions)

MFAs and other $ 322 $ 350 $ 337 $ 336 $ (28) (8)% $ 13 4% $ 1 0% 61% 66% 63% 71%


Vaccines 75 68 72 53 7 10% (4) (5)% 19 36% 14% 13% 14% 11%

Animal Health $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ (0) (0)% $ 61 13%



($ in millions)

Poultry $ 253 $ 251 $ 255 $ 231 $ 2 1% $ (4) (2)% $ 24 10% 48% 47% 48% 49%

Swine 43 62 59 65 (19) (31)% 3 5% (6) (9)% 8% 12% 11% 14%

Dairy 117 116 120 83 1 1% (4) (3)% 37 44% 22% 22% 23% 18%

Cattle 44 47 42 43 (3) (6)% 5 12% (1) (3)% 8% 9% 8% 9%

Other 70 56 56 48 14 25% - 0 0% 8 17% 13% 11% 11% 10%

Total $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ - 0 0% $ 61 13%



($ in millions)

United States $ 214 $ 199 $ 220 $ 219 $ 15 8% $ (21) (10)% $ 1 1% 41% 37% 41% 46%



Asia Pacific 56 88 75 92 (32) (36)% 13 17% (17) (19)% 11% 17% 14% 20%

Total $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ - 0 0% $ 61 13%


% of Sales

U.S. 41% 37% 41%

Foreign 59% 63% 59%

100% 100% 100%

Page 18 of the 10K

&Z&F&D &T

Mineral Nutrition



($ in millions)


Swine - 0 35 28 (35) * 7 27% ERROR:#DIV/0! 16% 12%

Dairy - 0 48 48 (48) * 0 0% ERROR:#DIV/0! 22% 21%

Cattle - 0 52 74 (52) * (22) (30)% ERROR:#DIV/0! 24% 33%

Other - 0 28 26 (28) * 2 8% ERROR:#DIV/0! 13% 11%

Total $ - 0 $ 217 $ 227 $ (217) * $ (10) (5)%








Net sales $ 185.9 $ 203.9 $ (18.0) (9)% $ 800.4 $ 828.0 $ (27.6) (3)%


Gross profit 60.6 65.3 (4.7) (7)% 256.9 264.6 (7.7) (3)%








Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%


basic $0.14 $0.22 $ (0.08) $0.83 $1.35 $ (0.52)

diluted $0.14 $0.22 $ (0.08) $0.83 $1.35 $ (0.52)


basic 40.5 40.5 40.5 40.4

diluted 40.5 40.5 40.5 40.5

Ratio to net sales

Gross profit 32.6% 32.0% 32.1% 32.0%




Net income 3.0% 4.3% 4.2% 6.6%










Net Sales

MFAs and other $ 72.6 $ 86.3 $ (13.7) (16)% $ 322.3 $ 350.5 $ (28.2) (8)%


Vaccines 18.6 17.2 1.5 8% 75.3 68.3 7.0 10%

Animal Health 122.4 132.0 (9.6) (7)% 526.9 532.0 (5.1) (1)%



Total $ 185.9 $ 203.9 $ (18.0) (9)% $ 800.4 $ 828.0 $ (27.6) (3)%

Adjusted EBITDA

Animal Health $ 29.6 $ 31.2 $ (1.6) (5)% $ 123.1 $ 136.0 $ (12.9) (10)%



Corporate (9.9) (9.8) (0.1) * (40.2) (38.5) (1.7) *

Total $ 23.9 $ 26.3 $ (2.5) (9)% $ 102.1 $ 118.0 $ (15.9) (13)%





Corporate (1) (5.3)% (4.8)% (5.0)% (4.6)%

Total (1) 12.8% 12.9% 12.8% 14.3%



Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%




EBITDA 27.4 19.4 7.9 41% 100.7 110.8 (10.1) (9)%







Other, net (1) - 0 - 0 - 0 * - 0 (1.5) 1.5 *





Adjusted EBITDA $ 23.9 $ 26.3 $ (2.5) (9)% $ 102.1 $ 118.0 $ (15.9) (13)%



















diluted $0.17 $0.33 ($0.16) (48%) $1.08 $1.53 ($0.45) (29)%


diluted 40.5 40.5 40.5 40.5

Ratio to net sales







Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%









Other, net(1) (3) - 0 - 0 - 0 * - 0 (1.5) 1.5 *



















Depreciation 6.361 5.534 (0.8) $ (0.02) 25.743 21.989 (3.8) $ (0.09)

Interest 2.732 3.036 0.3 $ 0.01 12.581 11.776 (0.8) $ (0.02)

Taxes 8.401 4.104 (4.3) $ (0.11) 22.290 22.776 0.5 $ 0.01

Subtotal 17.494 12.674 (4.8) $ (0.12) 60.614 56.541 (4.1) $ (0.10)

EBITDA 23.860 26.315 (2.5) $ (0.06) 102.140 118.037 (15.9) $ (0.39)















Total $ (1,796) $ (5,222) $ 4,071 $ (5,222)











Total $ (1,796) $ (5,222)















Total $ (3,358) $ (957)















Total $ (1,656) $ (5,028)



&8&F&A&8&D&T

ANI Worksheet


Adjusted Net Income








Gross profit 60.6 65.3 1.5 1.3 62.1 66.6




















Net sales $800.4 $828.0 $0.0 $0.0 $800.4 $828.0











Net income $33.6 $54.7 $10.2 $7.3 $43.8 $62.0






&Z&F&D &T







(in millions)

EBITDA $ 27.4 $ 19.4 $ 7.9 41% $ 100.7 $ 110.8 $ (10.1) $ (10.1) $ (10) (9)% $ 121 * $ 73.4 $ 91.4

Adjustments







Other, net (1) - 0 - 0 - 0 - 0 (1.5) 1.5 - 0 (1.5)





























low high low high



Net sales 750 - 770 752 (0)% - 2% 752

Adjusted EBITDA 116 - 120 114 2% - 5%







Net income $ 55 - $ 58 $ 57 (3)% - 2% $ 83



Diluted 40.0 - 40.0 40.0 40.0

Ratio to net sales














SG&A 39,186 40,870 42,445 122,501 40,393 40,393 40,981 162,894 163,482 0.3176287325





















Adjusted EBITDA 29,825 31,262 26,749 87,836 28,680 27,177 29,177 115,013 117,013





Phibro Corporate










Prince Agri 16 13 - 0 29 - 0

Phibro-Tech 24 21 22 67 22


PAH Foreign




Interest Income (680) (489) (321) (1,490) (300) (300) (300) (1,790) (1,790)


- 0 - 0





Taxes 5,395 5,887 10,739 22,021 5,274 4,815 5,425 26,836 27,446





Phibrochem-EPG 45 42 40 127 40 40

Prince Agri - NS 1,604 1,682 1,951 5,237 2,183 2,183

Prince Agri - MN 542 542 610 1,694 610 610

Phibro-Tech 212 228 242 682 242 242

PAH U.S. 799 800 817 2,416 817 817

PAH Foreign 2,449 2,488 2,504 7,441 2,504 2,504

Total 6,318 6,444 6,842 19,604 7,074 7,074 7,074 26,678 26,678

Depreciation only



Phibrochem-EPG 45 42 40 127 40 40

Prince Agri - NS 893 1,062 1,331 3,286 1,331 1,563

Prince Agri - MN 404 405 472 1,281 472 472

Phibro-Tech 212 228 242 682 242 242

PAH U.S. 153 155 171 479 171 171

PAH Foreign 2,357 2,398 2,474 7,229 2,474 2,474

Total 4,730 4,953 5,400 15,083 5,400 5,632 5,632 20,715 20,715

Adjusted Net Income

















Corporate 3,029 2,936 (93) - 0 - 0 - 0 3,029 2,936 (93)

PChem 19 22 3 - 0 - 0 - 0 19 22 3

EPG 172 204 32 - 0 - 0 - 0 172 204 32

PAP 4,201 6,340 2,139 3,581 3,170 (411) 7,782 9,510 1,728

PTech 787 (787) 940 (940) 787 940 153

Non - PAH 8,208 9,502 1,294 4,521 3,170 (1,351) 11,789 13,612 1,823

PAH Domestic - 0 - 0 - 0 1,901 (1,901)

Brazil - 0 - 0 2,940 (2,940)

Israel - 0 - 0 6,203 (6,203)

EPG Brazil - 0 - 0 13 (13)

Ferro - 0 - 0 1 1 - 0


Tota PAH 9,685 11,548 1,863 1,038 3,114 2,076 11,663 13,722 2,059

Total 17,893 21,050 3,157 5,559 6,284 725 23,452 27,334 3,882


20,812 6,284

interest expense

Interest expense


Term B Q1 2.935 2.842 (0.093) 284.2 1%

Term B Q2 2.927 2.835 (0.092) 283.5 1%

Term B Q3 2.888 2.827 (0.061) 282.7 1%

Term B Q4 2.881 2.820 (0.061) 282.0 1%




Ticking Fee - 0 0.750 0.750


Prince 0.062 0.031 (0.031)

Ptech 0.093 0.093 - 0

CP Chemicals 0.008 - 0 (0.008)


Other, net (0.010) - 0 0.010

Term B OID 0.104 0.104 (0.000)



15.116 16.594 1.478


Total 16.592

Webcast #1 NEW











Webcast #2 NEW





















Webcast #1













SG&A 42.4 53.2 (10.8) (20)% SG&A 187.7 181.4 6.3 3%





40.74 53.2 (12.5) (23)%

Webcast #3 NEW
















Webcast #2
















Webcast #4 NEW











Corporate Corporate



Webcast #3











Corporate Corporate









Net sales $ 812 - $ 828 $ 828 $ (16) - $ 0 (2)% - 0% $ (21) - $ (35) 788,165 750,000 770,000 95% 98%







Net income $ 57.9 - $ 63.0 $ 64.6 $ (6.7) - $ (1.6) (10)% - (2)% $ - 0 - $ (10.0) 53,030 55,209 58,026 104% 109%




Adjusted



Adjusted EBITDA $ 103 - $ 107 $ 118 $ (15) - $ (11) (13)% - (9)% $ - 0 - $ - 0 124,000 116,000 120,000 94% 97%














GAAP Previous




Net sales 812 - 828 828 (16) - 0 (2)% - 0% (21) - (35) $ 833 - $ 863 788,165 750,000 770,000 95% 98%

Gross profit 265 - 272 265 1 - 8 0% - 3% (5) - (8) 270 - 280







Net income $ 36 - $ 38 $ 54 $ (19) - $ (16) (35)% - (30)% $ 2 - $ 2 $ 34 - $ 37 53,030 55,209 58,026 104% 109%




Adjusted Previous












Ratio to net sales



Adjusted EBITDA 12.7% - 12.9% 14.3% 0.3% - 0.5% 12.4% - 12.4%







June 30, 2020

(000 OMITTED) YTD





Phibrochem-ESS - 0 1 1 - 0 222 - 0 - 0 - 0 222 223 1

Phibrochem-EPG - 0 171 171 - 0 - 0 - 0 - 0 - 0 - 0 171 171

Prince Agri - NS 5,613 189 5,802 - 0 - 0 - 0 2,449 - 0 2,449 8,251 189

Prince Agri - MN 1,928 51 1,979 - 0 - 0 - 0 - 0 543 543 2,522 594


Phibro-Tech 1,636 - 0 1,636 - 0 - 0 - 0 - 0 - 0 - 0 1,636 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 598 67 665 - 0 - 0 - 0 2,637 - 0 2,637 3,302 67

PAH Foreign 9,352 1,805 11,157 - 0 - 0 - 0 131 308 439 11,596 2,113



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 1 1 - 0 - 0 - 0 - 0 - 0 - 0 1 1

Total 19,274 3,977 23,251 - 0 222 - 0 6,335 2,533 9,090 32,341 6,510

June 30, 2020 QTD





Phibrochem-ESS - 0 1 1 - 0 99 - 0 - 0 - 0 99 100 1

Phibrochem-EPG - 0 47 47 - 0 - 0 - 0 - 0 - 0 - 0 47 47

Prince Agri - NS 1,493 39 1,532 - 0 - 0 - 0 519 - 0 519 2,051 39

Prince Agri - MN 513 3 516 - 0 - 0 - 0 - 0 135 135 651 138


Phibro-Tech 456 - 0 456 - 0 - 0 - 0 - 0 - 0 - 0 456 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 158 11 169 - 0 - 0 - 0 657 - 0 657 826 11

PAH Foreign 2,207 451 2,658 - 0 - 0 - 0 59 76 135 2,793 527



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 1 1 - 0 - 0 - 0 - 0 - 0 - 0 1 1

Total 4,867 989 5,856 - 0 99 - 0 1,540 669 2,308 8,164 1,658

March 31, 2020 YTD





Phibrochem-ESS - 0 - 0 - 0 - 0 123 - 0 - 0 - 0 123 123 - 0

Phibrochem-EPG - 0 124 124 - 0 - 0 - 0 - 0 - 0 - 0 124 124

Prince Agri - NS 4,120 150 4,270 - 0 - 0 - 0 1,930 - 0 1,930 6,200 150

Prince Agri - MN 1,415 48 1,463 - 0 - 0 - 0 - 0 408 408 1,871 456


Phibro-Tech 1,180 - 0 1,180 - 0 - 0 - 0 - 0 - 0 - 0 1,180 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 440 56 496 - 0 - 0 - 0 1,980 - 0 1,980 2,476 56

PAH Foreign 7,145 1,354 8,499 - 0 - 0 - 0 72 232 304 8,803 1,586



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 14,407 2,988 17,395 - 0 123 - 0 4,795 1,864 6,782 24,177 4,852






Phibrochem-ESS - 0 5 5 - 0 25 - 0 - 0 - 0 25 30 5

Phibrochem-EPG - 0 86 86 - 0 - 0 - 0 - 0 - 0 - 0 86 86

Prince Agri - NS 2,522 111 2,633 - 0 - 0 - 0 1,287 - 0 1,287 3,920 111

Prince Agri - MN 879 43 922 - 0 - 0 - 0 - 0 291 291 1,213 334


Phibro-Tech 522 - 0 522 - 0 - 0 - 0 - 0 - 0 - 0 522 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 268 58 326 - 0 - 0 - 0 1,320 - 0 1,320 1,646 58

PAH Foreign 4,263 820 5,083 - 0 - 0 - 0 28 86 114 5,197 906



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 8,454 2,041 10,495 - 0 25 - 0 2,635 377 3,037 13,532 2,418






Phibrochem-ESS - 0 (1) (1) - 0 (12) - 0 - 0 - 0 (12) (13) (1)

Phibrochem-EPG - 0 (40) (40) - 0 - 0 - 0 - 0 - 0 - 0 (40) (40)

Prince Agri - NS (1,268) (46) (1,314) - 0 - 0 - 0 (643) - 0 (643) (1,957) (46)

Prince Agri - MN (434) (11) (445) - 0 - 0 - 0 - 0 (147) (147) (592) (158)


Phibro-Tech (260) - 0 (260) - 0 - 0 - 0 - 0 - 0 - 0 (260) - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. (142) (29) (171) - 0 - 0 - 0 (660) - 0 (660) (831) (29)

PAH Foreign (2,186) (469) (2,655) - 0 - 0 - 0 (14) (74) (88) (2,743) (543)



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total (4,290) (1,035) (5,325) - 0 (12) - 0 (1,317) (221) (1,550) (6,875) (1,256)

March 31, 2019 YTD





Phibrochem-ESS - 0 6 6 - 0 37 - 0 - 0 - 0 37 43 6

Phibrochem-EPG - 0 126 126 - 0 - 0 - 0 - 0 - 0 - 0 126 126

Prince Agri - NS 3,790 157 3,947 - 0 - 0 - 0 1,930 - 0 1,930 5,877 157

Prince Agri - MN 1,313 54 1,367 - 0 - 0 - 0 - 0 438 438 1,805 492


Phibro-Tech 782 - 0 782 - 0 - 0 - 0 - 0 - 0 - 0 782 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 410 87 497 - 0 - 0 - 0 1,980 - 0 1,980 2,477 87

PAH Foreign 6,449 1,289 7,738 - 0 - 0 - 0 42 160 202 7,940 1,449



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 12,744 3,076 15,820 - 0 37 - 0 3,952 598 4,587 20,407 3,674




Q1 399 6 405 - 0 - 0 - 0 - 0 138 138 543 144

Q2 398 6 404 - 0 - 0 - 0 - 0 137 137 541 143

Q3 467 5 472 - 0 - 0 - 0 - 0 138 138 610 143

Q4 479 21 500 - 0 - 0 - 0 - 0 138 138 638 159

YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

Q2 YTD 797 12 809 - 0 - 0 - 0 - 0 275 275 1,084 287

Q3 YTD 1,264 17 1,281 - 0 - 0 - 0 - 0 413 413 1,694 430

Q4 YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

&8&F&A&8&D&T

Webcast #5 NEW








Net sales 833 - 863 828 1% - 4% 750 - 770


Adjusted EBITDA $ 103 - $ 107 $ 118 (13)% - (9)% $ 116 - $ 120







March 31, 2020

(000 OMITTED) YTD





Phibrochem-ESS - 0 - 0 - 0 - 0 123 - 0 - 0 - 0 123 123 - 0

Phibrochem-EPG - 0 124 124 - 0 - 0 - 0 - 0 - 0 - 0 124 124

Prince Agri - NS 4,120 150 4,270 - 0 - 0 - 0 1,930 - 0 1,930 6,200 150

Prince Agri - MN 1,415 48 1,463 - 0 - 0 - 0 - 0 408 408 1,871 456


Phibro-Tech 1,180 - 0 1,180 - 0 - 0 - 0 - 0 - 0 - 0 1,180 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 440 56 496 - 0 - 0 - 0 1,980 - 0 1,980 2,476 56

PAH Foreign 7,145 1,354 8,499 - 0 - 0 - 0 72 232 304 8,803 1,586



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 14,407 2,988 17,395 - 0 123 - 0 4,795 1,864 6,782 24,177 4,852

March 31, 2020 QTD





Phibrochem-ESS - 0 - 0 - 0 - 0 99 - 0 - 0 - 0 99 99 - 0

Phibrochem-EPG - 0 43 43 - 0 - 0 - 0 - 0 - 0 - 0 43 43

Prince Agri - NS 1,408 52 1,460 - 0 - 0 - 0 644 - 0 644 2,104 52

Prince Agri - MN 477 16 493 - 0 - 0 - 0 - 0 136 136 629 152


Phibro-Tech 410 - 0 410 - 0 - 0 - 0 - 0 - 0 - 0 410 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 149 10 159 - 0 - 0 - 0 660 - 0 660 819 10

PAH Foreign 2,313 456 2,769 - 0 - 0 - 0 44 77 121 2,890 533



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,797 1,027 5,824 - 0 99 - 0 1,653 672 2,424 8,248 1,699






Phibrochem-ESS - 0 - 0 - 0 - 0 24 - 0 - 0 - 0 24 24 - 0

Phibrochem-EPG - 0 81 81 - 0 - 0 - 0 - 0 - 0 - 0 81 81

Prince Agri - NS 2,712 98 2,810 - 0 - 0 - 0 1,286 - 0 1,286 4,096 98

Prince Agri - MN 938 32 970 - 0 - 0 - 0 - 0 272 272 1,242 304


Phibro-Tech 770 - 0 770 - 0 - 0 - 0 - 0 - 0 - 0 770 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 291 46 337 - 0 - 0 - 0 1,320 - 0 1,320 1,657 46

PAH Foreign 4,832 898 5,730 - 0 - 0 - 0 28 155 183 5,913 1,053



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 9,610 1,961 11,571 - 0 24 - 0 3,142 1,192 4,358 15,929 3,153

March 31, 2019 YTD





Phibrochem-ESS - 0 6 6 - 0 37 - 0 - 0 - 0 37 43 6

Phibrochem-EPG - 0 126 126 - 0 - 0 - 0 - 0 - 0 - 0 126 126

Prince Agri - NS 3,790 157 3,947 - 0 - 0 - 0 1,930 - 0 1,930 5,877 157

Prince Agri - MN 1,313 54 1,367 - 0 - 0 - 0 - 0 438 438 1,805 492


Phibro-Tech 782 - 0 782 - 0 - 0 - 0 - 0 - 0 - 0 782 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 410 87 497 - 0 - 0 - 0 1,980 - 0 1,980 2,477 87

PAH Foreign 6,449 1,289 7,738 - 0 - 0 - 0 42 160 202 7,940 1,449



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 12,744 3,076 15,820 - 0 37 - 0 3,952 598 4,587 20,407 3,674

March 31, 2019 QTD





Phibrochem-ESS - 0 1 1 - 0 12 - 0 - 0 - 0 12 13 1

Phibrochem-EPG - 0 40 40 - 0 - 0 - 0 - 0 - 0 - 0 40 40

Prince Agri - NS 1,268 46 1,314 - 0 - 0 - 0 643 - 0 643 1,957 46

Prince Agri - MN 434 11 445 - 0 - 0 - 0 - 0 147 147 592 158


Phibro-Tech 260 - 0 260 - 0 - 0 - 0 - 0 - 0 - 0 260 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 142 29 171 - 0 - 0 - 0 660 - 0 660 831 29

PAH Foreign 2,186 469 2,655 - 0 - 0 - 0 14 74 88 2,743 543



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,290 1,035 5,325 - 0 12 - 0 1,317 221 1,550 6,875 1,256






Phibrochem-ESS - 0 3 3 - 0 12 - 0 - 0 - 0 12 15 3

Phibrochem-EPG - 0 43 43 - 0 - 0 - 0 - 0 - 0 - 0 43 43

Prince Agri - NS 1,255 52 1,307 - 0 - 0 - 0 644 - 0 644 1,951 52

Prince Agri - MN 436 17 453 - 0 - 0 - 0 - 0 144 144 597 161


Phibro-Tech 258 - 0 258 - 0 - 0 - 0 - 0 - 0 - 0 258 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 125 29 154 - 0 - 0 - 0 660 - 0 660 814 29

PAH Foreign 2,086 417 2,503 - 0 - 0 - 0 14 31 45 2,548 448



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,160 1,026 5,186 - 0 12 - 0 1,318 175 1,505 6,691 1,201




Q1 399 6 405 - 0 - 0 - 0 - 0 138 138 543 144

Q2 398 6 404 - 0 - 0 - 0 - 0 137 137 541 143

Q3 467 5 472 - 0 - 0 - 0 - 0 138 138 610 143

Q4 479 21 500 - 0 - 0 - 0 - 0 138 138 638 159

YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

Q2 YTD 797 12 809 - 0 - 0 - 0 - 0 275 275 1,084 287

Q3 YTD 1,264 17 1,281 - 0 - 0 - 0 - 0 413 413 1,694 430

Q4 YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

&8&F&A&8&D&T

Webcast #4

Consolidated









Adjusted EPS $ 1.38 - $ 1.5 $ 1.43 (3)% - 1%




Other SegmentsQ4 – June 2020

Mineral Nutrition- Sales decreased due to lower average selling

prices and lower overall volumes

- Adjusted EBITDA decrease driven primarily by lower gross profit, as lower average selling prices outpaced favorable raw material costs.

Performance Products- Sales volume declines in copper-based and

industrial chemical products contributed to lower gross profit and a decline in Adjusted EBITDA

Corporate- Comparable to the prior year



Net sales 49.9$ 56.0$ (6.1)$ (11)%

Adjusted EBITDA 3.5$ 3.8$ (0.3)$ (8)%

% of segment net sales 6.9% 6.7% +20bps

Net sales 13.6$ 15.9$ (2.3)$ (14)%

Adjusted EBITDA 0.7$ 1.2$ (0.4)$ (38)%

% of segment net sales 5.3% 7.4% -210bps

Adjusted EBITDA (9.9)$ (9.8)$ (0.1)$ *


Performance Products

Corporate

Change


Mineral Nutrition

Summary

















basic $ 0.14 $ 0.22 $ (0.08) $ 0.83 $ 1.35 $ (0.52) basic $ 0.83 $ 1.35 $ 1.61 $ 2.11 $1.55 $ (0.52) $ (0.26) $ (0.50)

diluted $ 0.14 $ 0.22 $ (0.08) $ 0.83 $ 1.35 $ (0.52) diluted $ 0.83 $ 1.35 $ 1.61 $ 2.07 $1.51 $ (0.52) $ (0.26) $ (0.46)


basic 40,454 40,454 40,454 40,412 basic 40,454 40,412 40,181 39,254 38,969

diluted 40,504 40,536 40,504 40,523 diluted 40,504 40,523 40,385 39,962 39,815










&Z&F&D &T











Total $ 185,883 $ 203,883 $ (18,000) (9)% $ 800,354 $ 827,995 $ (27,641) (3)% $ 614,471 $ 624,112 Total $ 800,354 $ 827,995 $ 819,982 $ 751,526 $ 748,591 $ (27,641) (3)% $ 8,013 1% $ 68,456 9%






Total $ 23,860 $ 26,315 $ (2,455) (9)% $ 102,140 $ 118,037 $ (15,897) (13)% $ 78,280 $ 91,722 Total $ 102,140 $ 118,037 $ 128,958 $ 114,060 $ 110,019 $ (15,897) (13)% $ (10,921) (8)% $ 14,898 13%






Total (1) 12.8% 12.9% 12.8% 14.3% 12.7% 14.7% Total (1) 12.8% 14.3% 15.7% 15.2% 14.7%





















Corporate Corporate
































&Z&F&D &T

Adjusted EBITDA Rec








EBITDA 27,352 19,415 7,937 41% 100,709 110,845 (10,136) (9)% 73,357 91,430 EBITDA 100,709 110,845 126,923 116,805 114,672 (10,136) (9)% (16,078) (13)% 10,118 9%














0 *

0 *






&Z&F&D &T














Total $ (1,796) $ (5,222) $ 4,071 $ (5,222)











Total $ (1,796) $ (5,222)
















Total $ (957) $ (7,714)
















Total $ (5,028) $ (2,492)



&8&F&A&8&D&T

Cash Flows















EBITDA $ 27,352 $ 19,415 $ 7,937 $ 100,709 $ 110,845 $ (10,136) $ 73,357 $ 91,430 EBITDA $ 100,709 $ 110,845 $ 126,923 $ 116,805 $ 114,672 $ (10,136) $ (16,078) $ 10,118












- 0












- 0

&Z&F&D &T

Liquidity







360,494 384,589 336,293 360,494 384,589 336,293 309,226 284,512

138,488 141,687 130,642 138,488 141,687 130,642 105,870 108,524

2.60 2.71 2.57 2.60 2.71 2.57 2.92 2.62

&Z&F&D &T

Working Capital








Inventories 196,659 198,322 198,322 178,170 178,170 161,233 184,478 161,233 173,613 161,233 170,928 161,233 161,233 167,691 163,831 167,691 158,819 167,691 162,644 167,691 167,691 149,786 168,293 149,786 154,422 149,786 147,294 149,786 149,786 143,184 136,368 143,184 144,858 143,184 146,382 143,184 143,184 140,032 142,804 140,032 140,445 140,032 141,376 140,032 140,157 118,372 21,785 138,892 118,372 20,520 128,954 118,372 10,582 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 124,137 (5,685) 117,300 124,137 (6,837) 123,026 124,137 (1,111) 124,137 113,228 10,909 121,028 113,228 7,800 118,741 113,228 5,513 115,586 113,228 2,358








294,599 311,935 311,935 272,240 272,240 247,869 278,882 247,869 269,211 247,869 273,448 247,869 247,869 234,158 241,247 234,158 235,680 234,158 238,432 234,158 234,158 202,395 232,818 202,395 195,642 202,395 208,664 202,395 202,395 186,851 194,568 186,851 205,365 186,851 197,067 186,851 186,851 180,982 177,840 180,982 179,901 180,982 193,200 181,380 181,330 175,387 5,943 192,205 175,387 16,818 145,983 175,387 (29,404) 156,151 175,387 (19,236) 175,387 178,508 (3,121) 171,609 178,508 (6,899) 173,827 178,508 (4,681) 171,756 178,508 (6,752) 178,508 178,828 (320) 171,094 178,828 (7,734) 143,144 178,828 (35,684) 139,187 178,828 (39,641)






Inventories 196,659 198,322 (1,663) 198,322 178,170 20,152 178,170 161,233 16,937 184,478 161,233 23,245 173,613 161,233 12,380 170,928 161,233 9,695 161,233 167,691 (6,458) 163,831 167,691 (3,860) 158,819 167,691 (8,872) 162,644 167,691 (5,047) 167,691 149,786 17,905 168,293 149,786 18,507 154,422 149,786 4,636 147,294 149,786 (2,492) 149,786 143,184 6,602 136,368 143,184 (6,816) 144,858 143,184 1,674 146,382 143,184 3,198 143,184 140,032 3,152 142,804 140,032 2,772 140,445 140,032 141,376 140,032 140,157 118,372 21,785 138,892 118,372 20,520 128,954 118,372 10,582 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 124,137 (5,685) 117,300 124,137 (6,837) 123,026 124,137 (1,111) 124,137 113,228 10,909 121,028 113,228 7,800 118,741 113,228 5,513 115,586 113,228 2,358







222,006 242,902 (20,896) 242,902 205,651 37,251 205,651 198,036 7,615 214,349 198,036 16,313 211,484 198,036 13,448 219,246 198,036 21,210 198,036 203,356 (5,320) 194,837 203,356 (8,519) 199,361 203,356 (3,995) 203,920 203,356 564 203,356 175,988 27,368 203,402 175,988 27,414 173,084 175,988 (2,904) 179,666 175,988 3,678 175,988 177,999 (2,011) 176,577 177,999 (1,422) 187,504 177,999 9,505 180,268 177,999 2,269 177,999 153,677 24,322 166,403 153,677 12,726 159,421 153,677 166,315 154,075 154,025 126,837 27,188 164,289 126,837 37,452 148,321 126,837 21,484 143,496 126,837 16,659 126,837 135,436 (8,599) 143,234 135,436 7,798 130,104 135,436 (5,332) 130,232 135,436 (5,204) 135,436 121,680 13,756 135,011 121,680 13,331 128,907 121,680 7,227 132,823 121,680 11,143





Inventories 140,032 140,032 146,382 140,032 143,184 140,032 142,804 140,032 140,445 128,954 141,376 123,501 140,157 118,452 21,705 138,892 118,452 20,440 128,954 117,300 11,654 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 121,028 (2,576) 117,300 118,741 (1,441) 123,026 115,586 7,440








182,924 182,924 197,067 182,924 186,851 182,924 177,840 182,924 179,901 146,684 193,200 156,151 181,330 171,609 9,721 192,205 171,609 20,596 145,983 173,827 (27,844) 156,151 175,387 (19,236) 175,387 178,508 (3,121) 171,609 171,094 515 173,827 143,144 30,683 171,756 139,187 32,569





Inventories 140,032 140,032 146,382 140,032 143,184 140,032 142,804 140,032 2,772 140,445 128,954 11,491 141,376 123,501 140,157 118,372 21,785 138,892 118,452 20,440 128,954 117,300 11,654 123,501 123,026 475 118,372 124,137 (5,765) 118,452 121,028 (2,576) 117,300 118,741 (1,441) 123,026 115,586 7,440







155,619 155,619 180,268 155,619 177,999 155,619 166,933 155,619 11,314 159,421 149,022 10,399 166,315 143,496 22,819 154,025 126,837 27,188 164,289 143,234 21,055 148,321 130,104 18,217 143,496 130,232 13,264 126,837 135,436 (8,599) 143,234 135,011 8,223 130,104 128,907 1,197 130,232 132,823 (2,591)

&Z&F&D &T

DSO & Inventories

Change

As of June 30 2020 2019 2018 2015 2013 2013/2012 2013 2012 2011 Change 2020/2019 2019/2018

(in thousands)


DSO 61 70 58 54 53 2% 54 53 55


Change

As of June 30 2020 2019 2018 2015 2013 2013/2012 2013 2012 2011 Change 2020/2019 2019/2018

(in thousands)

Inventories $ 196,659 $ 198,322 $ 178,170 $ 149,786 $ 140,032 7% $ 140,032 $ 120,123 97,566 $ 28,384 $ (1,663) $ 20,152

&Z&F&D &T

Business Segments



($ in millions)

MFAs and other $ 340 $ 340 $ 336 $ 327 $ 4 1% $ 9 3%


Vaccines 52 52 53 41 (1) (2)% 12 29%

Animal Health $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ 0 0% $ 61 13% 66% 64% 65% 63%



Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%



($ in millions)

Poultry $ 301 $ 316 $ 321 $ 280 $ (15) (5)% $ (5) (2)% $ 41 15% 38% 38% 39% 37%

Dairy 163 170 177 135 (7) (4)% (7) (4)% 42 31% 20% 21% 22% 18%

Cattle 94 88 80 100 6 7% 8 10% (20) (20)% 12% 11% 10% 13%

Swine 81 101 100 102 (20) (20)% 1 1% (2) (2)% 10% 12% 12% 14%

Other (1) 161 153 142 132 8 5% 11 8% 10 7% 20% 18% 17% 18%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%



($ in millions)

United States $ 472 $ 481 $ 491 $ 483 $ (9) (2)% $ (10) (2)% $ 8 2% 59% 58% 60% 65%



Asia Pacific 57 90 76 97 (33) (37)% 14 18% (21) (21)% 7% 11% 9% 13%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%





($ in millions)

MFAs and other $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 * $ - 0 *


Vaccines - 0 0 0 4 - 0 0% (4) (96)%

Animal Health $ 123 $ 136 $ 142 $ 120 $ (13) (10)% $ (6) (4)% $ 22 18% 87% 87% 87% 88%



Corporate (40) (38) (33) (27) (2) * (5) * (6) *

Total $ 102 $ 118 $ 129 $ 110 $ (16) (13)% $ (11) (8)% $ 19 17%




As of June 30 2020 2019 2018 2015 2020 / 2019 2019 / 2018 2016 / 2015 2020 2019 2018 2015

($ in millions)

MFAs and other $ 23 $ 23 $ 22 $ 21 $ 2 9% $ 0 1%


Vaccines - 0 - 0 - 0 - 0 - 0 * - 0 *

Animal Health $ 561 $ 509 $ 456 $ 349 $ 52 10% $ 53 12% $ 107 31% 71% 70% 68% 71%



Corporate 127 117 122 60 10 8% (5) (4)% 62 102% 16% 16% 18% 12%

Total $ 785 $ 727 $ 672 $ 490 $ 58 8% $ 55 8% $ 182 37%


&Z&F&D &T

Animal Health



($ in millions)

MFAs and other $ 322 $ 350 $ 337 $ 336 $ (28) (8)% $ 13 4% $ 1 0% 61% 66% 63% 71%


Vaccines 75 68 72 53 7 10% (4) (5)% 19 36% 14% 13% 14% 11%

Animal Health $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ (0) (0)% $ 61 13%



($ in millions)

Poultry $ 253 $ 251 $ 255 $ 231 $ 2 1% $ (4) (2)% $ 24 10% 48% 47% 48% 49%

Swine 43 62 59 65 (19) (31)% 3 5% (6) (9)% 8% 12% 11% 14%

Dairy 117 116 120 83 1 1% (4) (3)% 37 44% 22% 22% 23% 18%

Cattle 44 47 42 43 (3) (6)% 5 12% (1) (3)% 8% 9% 8% 9%

Other 70 56 56 48 14 25% - 0 0% 8 17% 13% 11% 11% 10%

Total $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ - 0 0% $ 61 13%



($ in millions)

United States $ 214 $ 199 $ 220 $ 219 $ 15 8% $ (21) (10)% $ 1 1% 41% 37% 41% 46%



Asia Pacific 56 88 75 92 (32) (36)% 13 17% (17) (19)% 11% 17% 14% 20%

Total $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ - 0 0% $ 61 13%


% of Sales

U.S. 41% 37% 41%

Foreign 59% 63% 59%

100% 100% 100%

Page 18 of the 10K

&Z&F&D &T

Mineral Nutrition



($ in millions)


Swine - 0 35 28 (35) * 7 27% ERROR:#DIV/0! 16% 12%

Dairy - 0 48 48 (48) * 0 0% ERROR:#DIV/0! 22% 21%

Cattle - 0 52 74 (52) * (22) (30)% ERROR:#DIV/0! 24% 33%

Other - 0 28 26 (28) * 2 8% ERROR:#DIV/0! 13% 11%

Total $ - 0 $ 217 $ 227 $ (217) * $ (10) (5)%








Net sales $ 185.9 $ 203.9 $ (18.0) (9)% $ 800.4 $ 828.0 $ (27.6) (3)%


Gross profit 60.6 65.3 (4.7) (7)% 256.9 264.6 (7.7) (3)%








Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%


basic $0.14 $0.22 $ (0.08) $0.83 $1.35 $ (0.52)

diluted $0.14 $0.22 $ (0.08) $0.83 $1.35 $ (0.52)


basic 40.5 40.5 40.5 40.4

diluted 40.5 40.5 40.5 40.5

Ratio to net sales

Gross profit 32.6% 32.0% 32.1% 32.0%




Net income 3.0% 4.3% 4.2% 6.6%










Net Sales

MFAs and other $ 72.6 $ 86.3 $ (13.7) (16)% $ 322.3 $ 350.5 $ (28.2) (8)%


Vaccines 18.6 17.2 1.5 8% 75.3 68.3 7.0 10%

Animal Health 122.4 132.0 (9.6) (7)% 526.9 532.0 (5.1) (1)%



Total $ 185.9 $ 203.9 $ (18.0) (9)% $ 800.4 $ 828.0 $ (27.6) (3)%

Adjusted EBITDA

Animal Health $ 29.6 $ 31.2 $ (1.6) (5)% $ 123.1 $ 136.0 $ (12.9) (10)%



Corporate (9.9) (9.8) (0.1) * (40.2) (38.5) (1.7) *

Total $ 23.9 $ 26.3 $ (2.5) (9)% $ 102.1 $ 118.0 $ (15.9) (13)%





Corporate (1) (5.3)% (4.8)% (5.0)% (4.6)%

Total (1) 12.8% 12.9% 12.8% 14.3%



Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%




EBITDA 27.4 19.4 7.9 41% 100.7 110.8 (10.1) (9)%







Other, net (1) - 0 - 0 - 0 * - 0 (1.5) 1.5 *





Adjusted EBITDA $ 23.9 $ 26.3 $ (2.5) (9)% $ 102.1 $ 118.0 $ (15.9) (13)%



















diluted $0.17 $0.33 ($0.16) (48%) $1.08 $1.53 ($0.45) (29)%


diluted 40.5 40.5 40.5 40.5

Ratio to net sales







Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%









Other, net(1) (3) - 0 - 0 - 0 * - 0 (1.5) 1.5 *



















Depreciation 6.361 5.534 (0.8) $ (0.02) 25.743 21.989 (3.8) $ (0.09)

Interest 2.732 3.036 0.3 $ 0.01 12.581 11.776 (0.8) $ (0.02)

Taxes 8.401 4.104 (4.3) $ (0.11) 22.290 22.776 0.5 $ 0.01

Subtotal 17.494 12.674 (4.8) $ (0.12) 60.614 56.541 (4.1) $ (0.10)

EBITDA 23.860 26.315 (2.5) $ (0.06) 102.140 118.037 (15.9) $ (0.39)















Total $ (1,796) $ (5,222) $ 4,071 $ (5,222)











Total $ (1,796) $ (5,222)















Total $ (3,358) $ (957)















Total $ (1,656) $ (5,028)



&8&F&A&8&D&T

ANI Worksheet


Adjusted Net Income








Gross profit 60.6 65.3 1.5 1.3 62.1 66.6




















Net sales $800.4 $828.0 $0.0 $0.0 $800.4 $828.0











Net income $33.6 $54.7 $10.2 $7.3 $43.8 $62.0






&Z&F&D &T







(in millions)

EBITDA $ 27.4 $ 19.4 $ 7.9 41% $ 100.7 $ 110.8 $ (10.1) $ (10.1) $ (10) (9)% $ 121 * $ 73.4 $ 91.4

Adjustments







Other, net (1) - 0 - 0 - 0 - 0 (1.5) 1.5 - 0 (1.5)





























low high low high



Net sales 750 - 770 752 (0)% - 2% 752

Adjusted EBITDA 116 - 120 114 2% - 5%







Net income $ 55 - $ 58 $ 57 (3)% - 2% $ 83



Diluted 40.0 - 40.0 40.0 40.0

Ratio to net sales














SG&A 39,186 40,870 42,445 122,501 40,393 40,393 40,981 162,894 163,482 0.3176287325





















Adjusted EBITDA 29,825 31,262 26,749 87,836 28,680 27,177 29,177 115,013 117,013





Phibro Corporate










Prince Agri 16 13 - 0 29 - 0

Phibro-Tech 24 21 22 67 22


PAH Foreign




Interest Income (680) (489) (321) (1,490) (300) (300) (300) (1,790) (1,790)


- 0 - 0





Taxes 5,395 5,887 10,739 22,021 5,274 4,815 5,425 26,836 27,446





Phibrochem-EPG 45 42 40 127 40 40

Prince Agri - NS 1,604 1,682 1,951 5,237 2,183 2,183

Prince Agri - MN 542 542 610 1,694 610 610

Phibro-Tech 212 228 242 682 242 242

PAH U.S. 799 800 817 2,416 817 817

PAH Foreign 2,449 2,488 2,504 7,441 2,504 2,504

Total 6,318 6,444 6,842 19,604 7,074 7,074 7,074 26,678 26,678

Depreciation only



Phibrochem-EPG 45 42 40 127 40 40

Prince Agri - NS 893 1,062 1,331 3,286 1,331 1,563

Prince Agri - MN 404 405 472 1,281 472 472

Phibro-Tech 212 228 242 682 242 242

PAH U.S. 153 155 171 479 171 171

PAH Foreign 2,357 2,398 2,474 7,229 2,474 2,474

Total 4,730 4,953 5,400 15,083 5,400 5,632 5,632 20,715 20,715

Adjusted Net Income

















Corporate 3,029 2,936 (93) - 0 - 0 - 0 3,029 2,936 (93)

PChem 19 22 3 - 0 - 0 - 0 19 22 3

EPG 172 204 32 - 0 - 0 - 0 172 204 32

PAP 4,201 6,340 2,139 3,581 3,170 (411) 7,782 9,510 1,728

PTech 787 (787) 940 (940) 787 940 153

Non - PAH 8,208 9,502 1,294 4,521 3,170 (1,351) 11,789 13,612 1,823

PAH Domestic - 0 - 0 - 0 1,901 (1,901)

Brazil - 0 - 0 2,940 (2,940)

Israel - 0 - 0 6,203 (6,203)

EPG Brazil - 0 - 0 13 (13)

Ferro - 0 - 0 1 1 - 0


Tota PAH 9,685 11,548 1,863 1,038 3,114 2,076 11,663 13,722 2,059

Total 17,893 21,050 3,157 5,559 6,284 725 23,452 27,334 3,882


20,812 6,284

interest expense

Interest expense


Term B Q1 2.935 2.842 (0.093) 284.2 1%

Term B Q2 2.927 2.835 (0.092) 283.5 1%

Term B Q3 2.888 2.827 (0.061) 282.7 1%

Term B Q4 2.881 2.820 (0.061) 282.0 1%




Ticking Fee - 0 0.750 0.750


Prince 0.062 0.031 (0.031)

Ptech 0.093 0.093 - 0

CP Chemicals 0.008 - 0 (0.008)


Other, net (0.010) - 0 0.010

Term B OID 0.104 0.104 (0.000)



15.116 16.594 1.478


Total 16.592

Webcast #1 NEW











Webcast #2 NEW





















Webcast #1













SG&A 42.4 53.2 (10.8) (20)% SG&A 187.7 181.4 6.3 3%





40.74 53.2 (12.5) (23)%

Webcast #3 NEW
















Webcast #2
















Webcast #4 NEW











Corporate Corporate



Webcast #3











Corporate Corporate









Net sales $ 812 - $ 828 $ 828 $ (16) - $ 0 (2)% - 0% $ (21) - $ (35) 788,165 750,000 770,000 95% 98%







Net income $ 57.9 - $ 63.0 $ 64.6 $ (6.7) - $ (1.6) (10)% - (2)% $ - 0 - $ (10.0) 53,030 55,209 58,026 104% 109%




Adjusted



Adjusted EBITDA $ 103 - $ 107 $ 118 $ (15) - $ (11) (13)% - (9)% $ - 0 - $ - 0 124,000 116,000 120,000 94% 97%














GAAP Previous




Net sales 812 - 828 828 (16) - 0 (2)% - 0% (21) - (35) $ 833 - $ 863 788,165 750,000 770,000 95% 98%

Gross profit 265 - 272 265 1 - 8 0% - 3% (5) - (8) 270 - 280







Net income $ 36 - $ 38 $ 54 $ (19) - $ (16) (35)% - (30)% $ 2 - $ 2 $ 34 - $ 37 53,030 55,209 58,026 104% 109%




Adjusted Previous












Ratio to net sales



Adjusted EBITDA 12.7% - 12.9% 14.3% 0.3% - 0.5% 12.4% - 12.4%







June 30, 2020

(000 OMITTED) YTD





Phibrochem-ESS - 0 1 1 - 0 222 - 0 - 0 - 0 222 223 1

Phibrochem-EPG - 0 171 171 - 0 - 0 - 0 - 0 - 0 - 0 171 171

Prince Agri - NS 5,613 189 5,802 - 0 - 0 - 0 2,449 - 0 2,449 8,251 189

Prince Agri - MN 1,928 51 1,979 - 0 - 0 - 0 - 0 543 543 2,522 594


Phibro-Tech 1,636 - 0 1,636 - 0 - 0 - 0 - 0 - 0 - 0 1,636 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 598 67 665 - 0 - 0 - 0 2,637 - 0 2,637 3,302 67

PAH Foreign 9,352 1,805 11,157 - 0 - 0 - 0 131 308 439 11,596 2,113



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 1 1 - 0 - 0 - 0 - 0 - 0 - 0 1 1

Total 19,274 3,977 23,251 - 0 222 - 0 6,335 2,533 9,090 32,341 6,510

June 30, 2020 QTD





Phibrochem-ESS - 0 1 1 - 0 99 - 0 - 0 - 0 99 100 1

Phibrochem-EPG - 0 47 47 - 0 - 0 - 0 - 0 - 0 - 0 47 47

Prince Agri - NS 1,493 39 1,532 - 0 - 0 - 0 519 - 0 519 2,051 39

Prince Agri - MN 513 3 516 - 0 - 0 - 0 - 0 135 135 651 138


Phibro-Tech 456 - 0 456 - 0 - 0 - 0 - 0 - 0 - 0 456 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 158 11 169 - 0 - 0 - 0 657 - 0 657 826 11

PAH Foreign 2,207 451 2,658 - 0 - 0 - 0 59 76 135 2,793 527



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 1 1 - 0 - 0 - 0 - 0 - 0 - 0 1 1

Total 4,867 989 5,856 - 0 99 - 0 1,540 669 2,308 8,164 1,658

March 31, 2020 YTD





Phibrochem-ESS - 0 - 0 - 0 - 0 123 - 0 - 0 - 0 123 123 - 0

Phibrochem-EPG - 0 124 124 - 0 - 0 - 0 - 0 - 0 - 0 124 124

Prince Agri - NS 4,120 150 4,270 - 0 - 0 - 0 1,930 - 0 1,930 6,200 150

Prince Agri - MN 1,415 48 1,463 - 0 - 0 - 0 - 0 408 408 1,871 456


Phibro-Tech 1,180 - 0 1,180 - 0 - 0 - 0 - 0 - 0 - 0 1,180 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 440 56 496 - 0 - 0 - 0 1,980 - 0 1,980 2,476 56

PAH Foreign 7,145 1,354 8,499 - 0 - 0 - 0 72 232 304 8,803 1,586



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 14,407 2,988 17,395 - 0 123 - 0 4,795 1,864 6,782 24,177 4,852






Phibrochem-ESS - 0 5 5 - 0 25 - 0 - 0 - 0 25 30 5

Phibrochem-EPG - 0 86 86 - 0 - 0 - 0 - 0 - 0 - 0 86 86

Prince Agri - NS 2,522 111 2,633 - 0 - 0 - 0 1,287 - 0 1,287 3,920 111

Prince Agri - MN 879 43 922 - 0 - 0 - 0 - 0 291 291 1,213 334


Phibro-Tech 522 - 0 522 - 0 - 0 - 0 - 0 - 0 - 0 522 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 268 58 326 - 0 - 0 - 0 1,320 - 0 1,320 1,646 58

PAH Foreign 4,263 820 5,083 - 0 - 0 - 0 28 86 114 5,197 906



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 8,454 2,041 10,495 - 0 25 - 0 2,635 377 3,037 13,532 2,418






Phibrochem-ESS - 0 (1) (1) - 0 (12) - 0 - 0 - 0 (12) (13) (1)

Phibrochem-EPG - 0 (40) (40) - 0 - 0 - 0 - 0 - 0 - 0 (40) (40)

Prince Agri - NS (1,268) (46) (1,314) - 0 - 0 - 0 (643) - 0 (643) (1,957) (46)

Prince Agri - MN (434) (11) (445) - 0 - 0 - 0 - 0 (147) (147) (592) (158)


Phibro-Tech (260) - 0 (260) - 0 - 0 - 0 - 0 - 0 - 0 (260) - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. (142) (29) (171) - 0 - 0 - 0 (660) - 0 (660) (831) (29)

PAH Foreign (2,186) (469) (2,655) - 0 - 0 - 0 (14) (74) (88) (2,743) (543)



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total (4,290) (1,035) (5,325) - 0 (12) - 0 (1,317) (221) (1,550) (6,875) (1,256)

March 31, 2019 YTD





Phibrochem-ESS - 0 6 6 - 0 37 - 0 - 0 - 0 37 43 6

Phibrochem-EPG - 0 126 126 - 0 - 0 - 0 - 0 - 0 - 0 126 126

Prince Agri - NS 3,790 157 3,947 - 0 - 0 - 0 1,930 - 0 1,930 5,877 157

Prince Agri - MN 1,313 54 1,367 - 0 - 0 - 0 - 0 438 438 1,805 492


Phibro-Tech 782 - 0 782 - 0 - 0 - 0 - 0 - 0 - 0 782 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 410 87 497 - 0 - 0 - 0 1,980 - 0 1,980 2,477 87

PAH Foreign 6,449 1,289 7,738 - 0 - 0 - 0 42 160 202 7,940 1,449



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 12,744 3,076 15,820 - 0 37 - 0 3,952 598 4,587 20,407 3,674




Q1 399 6 405 - 0 - 0 - 0 - 0 138 138 543 144

Q2 398 6 404 - 0 - 0 - 0 - 0 137 137 541 143

Q3 467 5 472 - 0 - 0 - 0 - 0 138 138 610 143

Q4 479 21 500 - 0 - 0 - 0 - 0 138 138 638 159

YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

Q2 YTD 797 12 809 - 0 - 0 - 0 - 0 275 275 1,084 287

Q3 YTD 1,264 17 1,281 - 0 - 0 - 0 - 0 413 413 1,694 430

Q4 YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

&8&F&A&8&D&T

Webcast #5 NEW








Net sales 833 - 863 828 1% - 4% 750 - 770


Adjusted EBITDA $ 103 - $ 107 $ 118 (13)% - (9)% $ 116 - $ 120







March 31, 2020

(000 OMITTED) YTD





Phibrochem-ESS - 0 - 0 - 0 - 0 123 - 0 - 0 - 0 123 123 - 0

Phibrochem-EPG - 0 124 124 - 0 - 0 - 0 - 0 - 0 - 0 124 124

Prince Agri - NS 4,120 150 4,270 - 0 - 0 - 0 1,930 - 0 1,930 6,200 150

Prince Agri - MN 1,415 48 1,463 - 0 - 0 - 0 - 0 408 408 1,871 456


Phibro-Tech 1,180 - 0 1,180 - 0 - 0 - 0 - 0 - 0 - 0 1,180 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 440 56 496 - 0 - 0 - 0 1,980 - 0 1,980 2,476 56

PAH Foreign 7,145 1,354 8,499 - 0 - 0 - 0 72 232 304 8,803 1,586



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 14,407 2,988 17,395 - 0 123 - 0 4,795 1,864 6,782 24,177 4,852

March 31, 2020 QTD





Phibrochem-ESS - 0 - 0 - 0 - 0 99 - 0 - 0 - 0 99 99 - 0

Phibrochem-EPG - 0 43 43 - 0 - 0 - 0 - 0 - 0 - 0 43 43

Prince Agri - NS 1,408 52 1,460 - 0 - 0 - 0 644 - 0 644 2,104 52

Prince Agri - MN 477 16 493 - 0 - 0 - 0 - 0 136 136 629 152


Phibro-Tech 410 - 0 410 - 0 - 0 - 0 - 0 - 0 - 0 410 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 149 10 159 - 0 - 0 - 0 660 - 0 660 819 10

PAH Foreign 2,313 456 2,769 - 0 - 0 - 0 44 77 121 2,890 533



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,797 1,027 5,824 - 0 99 - 0 1,653 672 2,424 8,248 1,699






Phibrochem-ESS - 0 - 0 - 0 - 0 24 - 0 - 0 - 0 24 24 - 0

Phibrochem-EPG - 0 81 81 - 0 - 0 - 0 - 0 - 0 - 0 81 81

Prince Agri - NS 2,712 98 2,810 - 0 - 0 - 0 1,286 - 0 1,286 4,096 98

Prince Agri - MN 938 32 970 - 0 - 0 - 0 - 0 272 272 1,242 304


Phibro-Tech 770 - 0 770 - 0 - 0 - 0 - 0 - 0 - 0 770 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 291 46 337 - 0 - 0 - 0 1,320 - 0 1,320 1,657 46

PAH Foreign 4,832 898 5,730 - 0 - 0 - 0 28 155 183 5,913 1,053



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 9,610 1,961 11,571 - 0 24 - 0 3,142 1,192 4,358 15,929 3,153

March 31, 2019 YTD





Phibrochem-ESS - 0 6 6 - 0 37 - 0 - 0 - 0 37 43 6

Phibrochem-EPG - 0 126 126 - 0 - 0 - 0 - 0 - 0 - 0 126 126

Prince Agri - NS 3,790 157 3,947 - 0 - 0 - 0 1,930 - 0 1,930 5,877 157

Prince Agri - MN 1,313 54 1,367 - 0 - 0 - 0 - 0 438 438 1,805 492


Phibro-Tech 782 - 0 782 - 0 - 0 - 0 - 0 - 0 - 0 782 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 410 87 497 - 0 - 0 - 0 1,980 - 0 1,980 2,477 87

PAH Foreign 6,449 1,289 7,738 - 0 - 0 - 0 42 160 202 7,940 1,449



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 12,744 3,076 15,820 - 0 37 - 0 3,952 598 4,587 20,407 3,674

March 31, 2019 QTD





Phibrochem-ESS - 0 1 1 - 0 12 - 0 - 0 - 0 12 13 1

Phibrochem-EPG - 0 40 40 - 0 - 0 - 0 - 0 - 0 - 0 40 40

Prince Agri - NS 1,268 46 1,314 - 0 - 0 - 0 643 - 0 643 1,957 46

Prince Agri - MN 434 11 445 - 0 - 0 - 0 - 0 147 147 592 158


Phibro-Tech 260 - 0 260 - 0 - 0 - 0 - 0 - 0 - 0 260 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 142 29 171 - 0 - 0 - 0 660 - 0 660 831 29

PAH Foreign 2,186 469 2,655 - 0 - 0 - 0 14 74 88 2,743 543



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,290 1,035 5,325 - 0 12 - 0 1,317 221 1,550 6,875 1,256






Phibrochem-ESS - 0 3 3 - 0 12 - 0 - 0 - 0 12 15 3

Phibrochem-EPG - 0 43 43 - 0 - 0 - 0 - 0 - 0 - 0 43 43

Prince Agri - NS 1,255 52 1,307 - 0 - 0 - 0 644 - 0 644 1,951 52

Prince Agri - MN 436 17 453 - 0 - 0 - 0 - 0 144 144 597 161


Phibro-Tech 258 - 0 258 - 0 - 0 - 0 - 0 - 0 - 0 258 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 125 29 154 - 0 - 0 - 0 660 - 0 660 814 29

PAH Foreign 2,086 417 2,503 - 0 - 0 - 0 14 31 45 2,548 448



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,160 1,026 5,186 - 0 12 - 0 1,318 175 1,505 6,691 1,201




Q1 399 6 405 - 0 - 0 - 0 - 0 138 138 543 144

Q2 398 6 404 - 0 - 0 - 0 - 0 137 137 541 143

Q3 467 5 472 - 0 - 0 - 0 - 0 138 138 610 143

Q4 479 21 500 - 0 - 0 - 0 - 0 138 138 638 159

YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

Q2 YTD 797 12 809 - 0 - 0 - 0 - 0 275 275 1,084 287

Q3 YTD 1,264 17 1,281 - 0 - 0 - 0 - 0 413 413 1,694 430

Q4 YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

&8&F&A&8&D&T

Webcast #4

Consolidated









Adjusted EPS $ 1.38 - $ 1.5 $ 1.43 (3)% - 1%




Selected Line Items Year – June 2020

MFAs and other- Driven primarily by lower demand in China due to ASF

and phased regulatory change beginning January 1, 2020

Nutritional specialties- Growth in domestic dairy and poultry- Osprey acquisition contributed two-thirds of sales

growthVaccines- Strong international demand for poultry vaccines and

increased market penetrationMineral Nutrition- Sales decline due to lower average selling prices,

which outpaced favorable raw material costsAdjusted EBITDA- Gross profit decreased due to sales and related gross

profit declines in all three segments- SG&A increased due to product development,

strategic growth initiatives and the Osprey acquisition


For the year ended June 30 2020 2019

Net sales 800.4$ 828.0$ (27.6)$ (3)%

Adjusted gross profit 263.5 269.9 (6.4) (2)%

Adjusted SG&A 184.8 173.3 11.5 7%

Adjusted EBITDA 102.1 118.0 (15.9) (13)%

Depreciation expense 23.3 21.4 1.8 9%

Adjusted interest expense, net 12.6 11.8 0.8 7%

Adjusted income before income taxes 66.1 84.8 (18.7) (22)%

Adjusted provision for income taxes 22.3 22.8 (0.5) (2)%

Adjusted net income 43.8$ 62.0$ (18.2)$ (29)%


Consolidated

Change


Summary

















basic $ 0.14 $ 0.22 $ (0.08) $ 0.83 $ 1.35 $ (0.52) basic $ 0.83 $ 1.35 $ 1.61 $ 2.11 $1.55 $ (0.52) $ (0.26) $ (0.50)

diluted $ 0.14 $ 0.22 $ (0.08) $ 0.83 $ 1.35 $ (0.52) diluted $ 0.83 $ 1.35 $ 1.61 $ 2.07 $1.51 $ (0.52) $ (0.26) $ (0.46)


basic 40,454 40,454 40,454 40,412 basic 40,454 40,412 40,181 39,254 38,969

diluted 40,504 40,536 40,504 40,523 diluted 40,504 40,523 40,385 39,962 39,815










&Z&F&D &T











Total $ 185,883 $ 203,883 $ (18,000) (9)% $ 800,354 $ 827,995 $ (27,641) (3)% $ 614,471 $ 624,112 Total $ 800,354 $ 827,995 $ 819,982 $ 751,526 $ 748,591 $ (27,641) (3)% $ 8,013 1% $ 68,456 9%






Total $ 23,860 $ 26,315 $ (2,455) (9)% $ 102,140 $ 118,037 $ (15,897) (13)% $ 78,280 $ 91,722 Total $ 102,140 $ 118,037 $ 128,958 $ 114,060 $ 110,019 $ (15,897) (13)% $ (10,921) (8)% $ 14,898 13%






Total (1) 12.8% 12.9% 12.8% 14.3% 12.7% 14.7% Total (1) 12.8% 14.3% 15.7% 15.2% 14.7%





















Corporate Corporate
































&Z&F&D &T

Adjusted EBITDA Rec








EBITDA 27,352 19,415 7,937 41% 100,709 110,845 (10,136) (9)% 73,357 91,430 EBITDA 100,709 110,845 126,923 116,805 114,672 (10,136) (9)% (16,078) (13)% 10,118 9%














0 *

0 *






&Z&F&D &T














Total $ (1,796) $ (5,222) $ 4,071 $ (5,222)











Total $ (1,796) $ (5,222)
















Total $ (957) $ (7,714)
















Total $ (5,028) $ (2,492)



&8&F&A&8&D&T

Cash Flows















EBITDA $ 27,352 $ 19,415 $ 7,937 $ 100,709 $ 110,845 $ (10,136) $ 73,357 $ 91,430 EBITDA $ 100,709 $ 110,845 $ 126,923 $ 116,805 $ 114,672 $ (10,136) $ (16,078) $ 10,118












- 0












- 0

&Z&F&D &T

Liquidity







360,494 384,589 336,293 360,494 384,589 336,293 309,226 284,512

138,488 141,687 130,642 138,488 141,687 130,642 105,870 108,524

2.60 2.71 2.57 2.60 2.71 2.57 2.92 2.62

&Z&F&D &T

Working Capital








Inventories 196,659 198,322 198,322 178,170 178,170 161,233 184,478 161,233 173,613 161,233 170,928 161,233 161,233 167,691 163,831 167,691 158,819 167,691 162,644 167,691 167,691 149,786 168,293 149,786 154,422 149,786 147,294 149,786 149,786 143,184 136,368 143,184 144,858 143,184 146,382 143,184 143,184 140,032 142,804 140,032 140,445 140,032 141,376 140,032 140,157 118,372 21,785 138,892 118,372 20,520 128,954 118,372 10,582 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 124,137 (5,685) 117,300 124,137 (6,837) 123,026 124,137 (1,111) 124,137 113,228 10,909 121,028 113,228 7,800 118,741 113,228 5,513 115,586 113,228 2,358








294,599 311,935 311,935 272,240 272,240 247,869 278,882 247,869 269,211 247,869 273,448 247,869 247,869 234,158 241,247 234,158 235,680 234,158 238,432 234,158 234,158 202,395 232,818 202,395 195,642 202,395 208,664 202,395 202,395 186,851 194,568 186,851 205,365 186,851 197,067 186,851 186,851 180,982 177,840 180,982 179,901 180,982 193,200 181,380 181,330 175,387 5,943 192,205 175,387 16,818 145,983 175,387 (29,404) 156,151 175,387 (19,236) 175,387 178,508 (3,121) 171,609 178,508 (6,899) 173,827 178,508 (4,681) 171,756 178,508 (6,752) 178,508 178,828 (320) 171,094 178,828 (7,734) 143,144 178,828 (35,684) 139,187 178,828 (39,641)






Inventories 196,659 198,322 (1,663) 198,322 178,170 20,152 178,170 161,233 16,937 184,478 161,233 23,245 173,613 161,233 12,380 170,928 161,233 9,695 161,233 167,691 (6,458) 163,831 167,691 (3,860) 158,819 167,691 (8,872) 162,644 167,691 (5,047) 167,691 149,786 17,905 168,293 149,786 18,507 154,422 149,786 4,636 147,294 149,786 (2,492) 149,786 143,184 6,602 136,368 143,184 (6,816) 144,858 143,184 1,674 146,382 143,184 3,198 143,184 140,032 3,152 142,804 140,032 2,772 140,445 140,032 141,376 140,032 140,157 118,372 21,785 138,892 118,372 20,520 128,954 118,372 10,582 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 124,137 (5,685) 117,300 124,137 (6,837) 123,026 124,137 (1,111) 124,137 113,228 10,909 121,028 113,228 7,800 118,741 113,228 5,513 115,586 113,228 2,358







222,006 242,902 (20,896) 242,902 205,651 37,251 205,651 198,036 7,615 214,349 198,036 16,313 211,484 198,036 13,448 219,246 198,036 21,210 198,036 203,356 (5,320) 194,837 203,356 (8,519) 199,361 203,356 (3,995) 203,920 203,356 564 203,356 175,988 27,368 203,402 175,988 27,414 173,084 175,988 (2,904) 179,666 175,988 3,678 175,988 177,999 (2,011) 176,577 177,999 (1,422) 187,504 177,999 9,505 180,268 177,999 2,269 177,999 153,677 24,322 166,403 153,677 12,726 159,421 153,677 166,315 154,075 154,025 126,837 27,188 164,289 126,837 37,452 148,321 126,837 21,484 143,496 126,837 16,659 126,837 135,436 (8,599) 143,234 135,436 7,798 130,104 135,436 (5,332) 130,232 135,436 (5,204) 135,436 121,680 13,756 135,011 121,680 13,331 128,907 121,680 7,227 132,823 121,680 11,143





Inventories 140,032 140,032 146,382 140,032 143,184 140,032 142,804 140,032 140,445 128,954 141,376 123,501 140,157 118,452 21,705 138,892 118,452 20,440 128,954 117,300 11,654 123,501 118,372 5,129 118,372 124,137 (5,765) 118,452 121,028 (2,576) 117,300 118,741 (1,441) 123,026 115,586 7,440








182,924 182,924 197,067 182,924 186,851 182,924 177,840 182,924 179,901 146,684 193,200 156,151 181,330 171,609 9,721 192,205 171,609 20,596 145,983 173,827 (27,844) 156,151 175,387 (19,236) 175,387 178,508 (3,121) 171,609 171,094 515 173,827 143,144 30,683 171,756 139,187 32,569





Inventories 140,032 140,032 146,382 140,032 143,184 140,032 142,804 140,032 2,772 140,445 128,954 11,491 141,376 123,501 140,157 118,372 21,785 138,892 118,452 20,440 128,954 117,300 11,654 123,501 123,026 475 118,372 124,137 (5,765) 118,452 121,028 (2,576) 117,300 118,741 (1,441) 123,026 115,586 7,440







155,619 155,619 180,268 155,619 177,999 155,619 166,933 155,619 11,314 159,421 149,022 10,399 166,315 143,496 22,819 154,025 126,837 27,188 164,289 143,234 21,055 148,321 130,104 18,217 143,496 130,232 13,264 126,837 135,436 (8,599) 143,234 135,011 8,223 130,104 128,907 1,197 130,232 132,823 (2,591)

&Z&F&D &T

DSO & Inventories

Change

As of June 30 2020 2019 2018 2015 2013 2013/2012 2013 2012 2011 Change 2020/2019 2019/2018

(in thousands)


DSO 61 70 58 54 53 2% 54 53 55


Change

As of June 30 2020 2019 2018 2015 2013 2013/2012 2013 2012 2011 Change 2020/2019 2019/2018

(in thousands)

Inventories $ 196,659 $ 198,322 $ 178,170 $ 149,786 $ 140,032 7% $ 140,032 $ 120,123 97,566 $ 28,384 $ (1,663) $ 20,152

&Z&F&D &T

Business Segments



($ in millions)

MFAs and other $ 340 $ 340 $ 336 $ 327 $ 4 1% $ 9 3%


Vaccines 52 52 53 41 (1) (2)% 12 29%

Animal Health $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ 0 0% $ 61 13% 66% 64% 65% 63%



Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%



($ in millions)

Poultry $ 301 $ 316 $ 321 $ 280 $ (15) (5)% $ (5) (2)% $ 41 15% 38% 38% 39% 37%

Dairy 163 170 177 135 (7) (4)% (7) (4)% 42 31% 20% 21% 22% 18%

Cattle 94 88 80 100 6 7% 8 10% (20) (20)% 12% 11% 10% 13%

Swine 81 101 100 102 (20) (20)% 1 1% (2) (2)% 10% 12% 12% 14%

Other (1) 161 153 142 132 8 5% 11 8% 10 7% 20% 18% 17% 18%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%



($ in millions)

United States $ 472 $ 481 $ 491 $ 483 $ (9) (2)% $ (10) (2)% $ 8 2% 59% 58% 60% 65%



Asia Pacific 57 90 76 97 (33) (37)% 14 18% (21) (21)% 7% 11% 9% 13%

Total $ 800 $ 828 $ 820 $ 749 $ (28) (3)% $ 8 1% $ 71 10%





($ in millions)

MFAs and other $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 * $ - 0 *


Vaccines - 0 0 0 4 - 0 0% (4) (96)%

Animal Health $ 123 $ 136 $ 142 $ 120 $ (13) (10)% $ (6) (4)% $ 22 18% 87% 87% 87% 88%



Corporate (40) (38) (33) (27) (2) * (5) * (6) *

Total $ 102 $ 118 $ 129 $ 110 $ (16) (13)% $ (11) (8)% $ 19 17%




As of June 30 2020 2019 2018 2015 2020 / 2019 2019 / 2018 2016 / 2015 2020 2019 2018 2015

($ in millions)

MFAs and other $ 23 $ 23 $ 22 $ 21 $ 2 9% $ 0 1%


Vaccines - 0 - 0 - 0 - 0 - 0 * - 0 *

Animal Health $ 561 $ 509 $ 456 $ 349 $ 52 10% $ 53 12% $ 107 31% 71% 70% 68% 71%



Corporate 127 117 122 60 10 8% (5) (4)% 62 102% 16% 16% 18% 12%

Total $ 785 $ 727 $ 672 $ 490 $ 58 8% $ 55 8% $ 182 37%


&Z&F&D &T

Animal Health



($ in millions)

MFAs and other $ 322 $ 350 $ 337 $ 336 $ (28) (8)% $ 13 4% $ 1 0% 61% 66% 63% 71%


Vaccines 75 68 72 53 7 10% (4) (5)% 19 36% 14% 13% 14% 11%

Animal Health $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ (0) (0)% $ 61 13%



($ in millions)

Poultry $ 253 $ 251 $ 255 $ 231 $ 2 1% $ (4) (2)% $ 24 10% 48% 47% 48% 49%

Swine 43 62 59 65 (19) (31)% 3 5% (6) (9)% 8% 12% 11% 14%

Dairy 117 116 120 83 1 1% (4) (3)% 37 44% 22% 22% 23% 18%

Cattle 44 47 42 43 (3) (6)% 5 12% (1) (3)% 8% 9% 8% 9%

Other 70 56 56 48 14 25% - 0 0% 8 17% 13% 11% 11% 10%

Total $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ - 0 0% $ 61 13%



($ in millions)

United States $ 214 $ 199 $ 220 $ 219 $ 15 8% $ (21) (10)% $ 1 1% 41% 37% 41% 46%



Asia Pacific 56 88 75 92 (32) (36)% 13 17% (17) (19)% 11% 17% 14% 20%

Total $ 527 $ 532 $ 532 $ 471 $ (5) (1)% $ - 0 0% $ 61 13%


% of Sales

U.S. 41% 37% 41%

Foreign 59% 63% 59%

100% 100% 100%

Page 18 of the 10K

&Z&F&D &T

Mineral Nutrition



($ in millions)


Swine - 0 35 28 (35) * 7 27% ERROR:#DIV/0! 16% 12%

Dairy - 0 48 48 (48) * 0 0% ERROR:#DIV/0! 22% 21%

Cattle - 0 52 74 (52) * (22) (30)% ERROR:#DIV/0! 24% 33%

Other - 0 28 26 (28) * 2 8% ERROR:#DIV/0! 13% 11%

Total $ - 0 $ 217 $ 227 $ (217) * $ (10) (5)%








Net sales $ 185.9 $ 203.9 $ (18.0) (9)% $ 800.4 $ 828.0 $ (27.6) (3)%


Gross profit 60.6 65.3 (4.7) (7)% 256.9 264.6 (7.7) (3)%








Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%


basic $0.14 $0.22 $ (0.08) $0.83 $1.35 $ (0.52)

diluted $0.14 $0.22 $ (0.08) $0.83 $1.35 $ (0.52)


basic 40.5 40.5 40.5 40.4

diluted 40.5 40.5 40.5 40.5

Ratio to net sales

Gross profit 32.6% 32.0% 32.1% 32.0%




Net income 3.0% 4.3% 4.2% 6.6%










Net Sales

MFAs and other $ 72.6 $ 86.3 $ (13.7) (16)% $ 322.3 $ 350.5 $ (28.2) (8)%


Vaccines 18.6 17.2 1.5 8% 75.3 68.3 7.0 10%

Animal Health 122.4 132.0 (9.6) (7)% 526.9 532.0 (5.1) (1)%



Total $ 185.9 $ 203.9 $ (18.0) (9)% $ 800.4 $ 828.0 $ (27.6) (3)%

Adjusted EBITDA

Animal Health $ 29.6 $ 31.2 $ (1.6) (5)% $ 123.1 $ 136.0 $ (12.9) (10)%



Corporate (9.9) (9.8) (0.1) * (40.2) (38.5) (1.7) *

Total $ 23.9 $ 26.3 $ (2.5) (9)% $ 102.1 $ 118.0 $ (15.9) (13)%





Corporate (1) (5.3)% (4.8)% (5.0)% (4.6)%

Total (1) 12.8% 12.9% 12.8% 14.3%



Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%




EBITDA 27.4 19.4 7.9 41% 100.7 110.8 (10.1) (9)%







Other, net (1) - 0 - 0 - 0 * - 0 (1.5) 1.5 *





Adjusted EBITDA $ 23.9 $ 26.3 $ (2.5) (9)% $ 102.1 $ 118.0 $ (15.9) (13)%



















diluted $0.17 $0.33 ($0.16) (48%) $1.08 $1.53 ($0.45) (29)%


diluted 40.5 40.5 40.5 40.5

Ratio to net sales







Net income $ 5.6 $ 8.8 $ (3.2) (36)% $ 33.6 $ 54.7 $ (21.2) (39)%









Other, net(1) (3) - 0 - 0 - 0 * - 0 (1.5) 1.5 *



















Depreciation 6.361 5.534 (0.8) $ (0.02) 25.743 21.989 (3.8) $ (0.09)

Interest 2.732 3.036 0.3 $ 0.01 12.581 11.776 (0.8) $ (0.02)

Taxes 8.401 4.104 (4.3) $ (0.11) 22.290 22.776 0.5 $ 0.01

Subtotal 17.494 12.674 (4.8) $ (0.12) 60.614 56.541 (4.1) $ (0.10)

EBITDA 23.860 26.315 (2.5) $ (0.06) 102.140 118.037 (15.9) $ (0.39)















Total $ (1,796) $ (5,222) $ 4,071 $ (5,222)











Total $ (1,796) $ (5,222)















Total $ (3,358) $ (957)















Total $ (1,656) $ (5,028)



&8&F&A&8&D&T

ANI Worksheet


Adjusted Net Income








Gross profit 60.6 65.3 1.5 1.3 62.1 66.6




















Net sales $800.4 $828.0 $0.0 $0.0 $800.4 $828.0











Net income $33.6 $54.7 $10.2 $7.3 $43.8 $62.0






&Z&F&D &T







(in millions)

EBITDA $ 27.4 $ 19.4 $ 7.9 41% $ 100.7 $ 110.8 $ (10.1) $ (10.1) $ (10) (9)% $ 121 * $ 73.4 $ 91.4

Adjustments







Other, net (1) - 0 - 0 - 0 - 0 (1.5) 1.5 - 0 (1.5)





























low high low high



Net sales 750 - 770 752 (0)% - 2% 752

Adjusted EBITDA 116 - 120 114 2% - 5%







Net income $ 55 - $ 58 $ 57 (3)% - 2% $ 83



Diluted 40.0 - 40.0 40.0 40.0

Ratio to net sales














SG&A 39,186 40,870 42,445 122,501 40,393 40,393 40,981 162,894 163,482 0.3176287325





















Adjusted EBITDA 29,825 31,262 26,749 87,836 28,680 27,177 29,177 115,013 117,013





Phibro Corporate










Prince Agri 16 13 - 0 29 - 0

Phibro-Tech 24 21 22 67 22


PAH Foreign




Interest Income (680) (489) (321) (1,490) (300) (300) (300) (1,790) (1,790)


- 0 - 0





Taxes 5,395 5,887 10,739 22,021 5,274 4,815 5,425 26,836 27,446





Phibrochem-EPG 45 42 40 127 40 40

Prince Agri - NS 1,604 1,682 1,951 5,237 2,183 2,183

Prince Agri - MN 542 542 610 1,694 610 610

Phibro-Tech 212 228 242 682 242 242

PAH U.S. 799 800 817 2,416 817 817

PAH Foreign 2,449 2,488 2,504 7,441 2,504 2,504

Total 6,318 6,444 6,842 19,604 7,074 7,074 7,074 26,678 26,678

Depreciation only



Phibrochem-EPG 45 42 40 127 40 40

Prince Agri - NS 893 1,062 1,331 3,286 1,331 1,563

Prince Agri - MN 404 405 472 1,281 472 472

Phibro-Tech 212 228 242 682 242 242

PAH U.S. 153 155 171 479 171 171

PAH Foreign 2,357 2,398 2,474 7,229 2,474 2,474

Total 4,730 4,953 5,400 15,083 5,400 5,632 5,632 20,715 20,715

Adjusted Net Income

















Corporate 3,029 2,936 (93) - 0 - 0 - 0 3,029 2,936 (93)

PChem 19 22 3 - 0 - 0 - 0 19 22 3

EPG 172 204 32 - 0 - 0 - 0 172 204 32

PAP 4,201 6,340 2,139 3,581 3,170 (411) 7,782 9,510 1,728

PTech 787 (787) 940 (940) 787 940 153

Non - PAH 8,208 9,502 1,294 4,521 3,170 (1,351) 11,789 13,612 1,823

PAH Domestic - 0 - 0 - 0 1,901 (1,901)

Brazil - 0 - 0 2,940 (2,940)

Israel - 0 - 0 6,203 (6,203)

EPG Brazil - 0 - 0 13 (13)

Ferro - 0 - 0 1 1 - 0


Tota PAH 9,685 11,548 1,863 1,038 3,114 2,076 11,663 13,722 2,059

Total 17,893 21,050 3,157 5,559 6,284 725 23,452 27,334 3,882


20,812 6,284

interest expense

Interest expense


Term B Q1 2.935 2.842 (0.093) 284.2 1%

Term B Q2 2.927 2.835 (0.092) 283.5 1%

Term B Q3 2.888 2.827 (0.061) 282.7 1%

Term B Q4 2.881 2.820 (0.061) 282.0 1%




Ticking Fee - 0 0.750 0.750


Prince 0.062 0.031 (0.031)

Ptech 0.093 0.093 - 0

CP Chemicals 0.008 - 0 (0.008)


Other, net (0.010) - 0 0.010

Term B OID 0.104 0.104 (0.000)



15.116 16.594 1.478


Total 16.592

Webcast #1 NEW











Webcast #2 NEW





















Webcast #1













SG&A 42.4 53.2 (10.8) (20)% SG&A 187.7 181.4 6.3 3%





40.74 53.2 (12.5) (23)%

Webcast #3 NEW
















Webcast #2
















Webcast #4 NEW











Corporate Corporate



Webcast #3











Corporate Corporate









Net sales $ 812 - $ 828 $ 828 $ (16) - $ 0 (2)% - 0% $ (21) - $ (35) 788,165 750,000 770,000 95% 98%







Net income $ 57.9 - $ 63.0 $ 64.6 $ (6.7) - $ (1.6) (10)% - (2)% $ - 0 - $ (10.0) 53,030 55,209 58,026 104% 109%




Adjusted



Adjusted EBITDA $ 103 - $ 107 $ 118 $ (15) - $ (11) (13)% - (9)% $ - 0 - $ - 0 124,000 116,000 120,000 94% 97%














GAAP Previous




Net sales 812 - 828 828 (16) - 0 (2)% - 0% (21) - (35) $ 833 - $ 863 788,165 750,000 770,000 95% 98%

Gross profit 265 - 272 265 1 - 8 0% - 3% (5) - (8) 270 - 280







Net income $ 36 - $ 38 $ 54 $ (19) - $ (16) (35)% - (30)% $ 2 - $ 2 $ 34 - $ 37 53,030 55,209 58,026 104% 109%




Adjusted Previous












Ratio to net sales



Adjusted EBITDA 12.7% - 12.9% 14.3% 0.3% - 0.5% 12.4% - 12.4%







June 30, 2020

(000 OMITTED) YTD





Phibrochem-ESS - 0 1 1 - 0 222 - 0 - 0 - 0 222 223 1

Phibrochem-EPG - 0 171 171 - 0 - 0 - 0 - 0 - 0 - 0 171 171

Prince Agri - NS 5,613 189 5,802 - 0 - 0 - 0 2,449 - 0 2,449 8,251 189

Prince Agri - MN 1,928 51 1,979 - 0 - 0 - 0 - 0 543 543 2,522 594


Phibro-Tech 1,636 - 0 1,636 - 0 - 0 - 0 - 0 - 0 - 0 1,636 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 598 67 665 - 0 - 0 - 0 2,637 - 0 2,637 3,302 67

PAH Foreign 9,352 1,805 11,157 - 0 - 0 - 0 131 308 439 11,596 2,113



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 1 1 - 0 - 0 - 0 - 0 - 0 - 0 1 1

Total 19,274 3,977 23,251 - 0 222 - 0 6,335 2,533 9,090 32,341 6,510

June 30, 2020 QTD





Phibrochem-ESS - 0 1 1 - 0 99 - 0 - 0 - 0 99 100 1

Phibrochem-EPG - 0 47 47 - 0 - 0 - 0 - 0 - 0 - 0 47 47

Prince Agri - NS 1,493 39 1,532 - 0 - 0 - 0 519 - 0 519 2,051 39

Prince Agri - MN 513 3 516 - 0 - 0 - 0 - 0 135 135 651 138


Phibro-Tech 456 - 0 456 - 0 - 0 - 0 - 0 - 0 - 0 456 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 158 11 169 - 0 - 0 - 0 657 - 0 657 826 11

PAH Foreign 2,207 451 2,658 - 0 - 0 - 0 59 76 135 2,793 527



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 1 1 - 0 - 0 - 0 - 0 - 0 - 0 1 1

Total 4,867 989 5,856 - 0 99 - 0 1,540 669 2,308 8,164 1,658

March 31, 2020 YTD





Phibrochem-ESS - 0 - 0 - 0 - 0 123 - 0 - 0 - 0 123 123 - 0

Phibrochem-EPG - 0 124 124 - 0 - 0 - 0 - 0 - 0 - 0 124 124

Prince Agri - NS 4,120 150 4,270 - 0 - 0 - 0 1,930 - 0 1,930 6,200 150

Prince Agri - MN 1,415 48 1,463 - 0 - 0 - 0 - 0 408 408 1,871 456


Phibro-Tech 1,180 - 0 1,180 - 0 - 0 - 0 - 0 - 0 - 0 1,180 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 440 56 496 - 0 - 0 - 0 1,980 - 0 1,980 2,476 56

PAH Foreign 7,145 1,354 8,499 - 0 - 0 - 0 72 232 304 8,803 1,586



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 14,407 2,988 17,395 - 0 123 - 0 4,795 1,864 6,782 24,177 4,852






Phibrochem-ESS - 0 5 5 - 0 25 - 0 - 0 - 0 25 30 5

Phibrochem-EPG - 0 86 86 - 0 - 0 - 0 - 0 - 0 - 0 86 86

Prince Agri - NS 2,522 111 2,633 - 0 - 0 - 0 1,287 - 0 1,287 3,920 111

Prince Agri - MN 879 43 922 - 0 - 0 - 0 - 0 291 291 1,213 334


Phibro-Tech 522 - 0 522 - 0 - 0 - 0 - 0 - 0 - 0 522 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 268 58 326 - 0 - 0 - 0 1,320 - 0 1,320 1,646 58

PAH Foreign 4,263 820 5,083 - 0 - 0 - 0 28 86 114 5,197 906



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 8,454 2,041 10,495 - 0 25 - 0 2,635 377 3,037 13,532 2,418






Phibrochem-ESS - 0 (1) (1) - 0 (12) - 0 - 0 - 0 (12) (13) (1)

Phibrochem-EPG - 0 (40) (40) - 0 - 0 - 0 - 0 - 0 - 0 (40) (40)

Prince Agri - NS (1,268) (46) (1,314) - 0 - 0 - 0 (643) - 0 (643) (1,957) (46)

Prince Agri - MN (434) (11) (445) - 0 - 0 - 0 - 0 (147) (147) (592) (158)


Phibro-Tech (260) - 0 (260) - 0 - 0 - 0 - 0 - 0 - 0 (260) - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. (142) (29) (171) - 0 - 0 - 0 (660) - 0 (660) (831) (29)

PAH Foreign (2,186) (469) (2,655) - 0 - 0 - 0 (14) (74) (88) (2,743) (543)



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total (4,290) (1,035) (5,325) - 0 (12) - 0 (1,317) (221) (1,550) (6,875) (1,256)

March 31, 2019 YTD





Phibrochem-ESS - 0 6 6 - 0 37 - 0 - 0 - 0 37 43 6

Phibrochem-EPG - 0 126 126 - 0 - 0 - 0 - 0 - 0 - 0 126 126

Prince Agri - NS 3,790 157 3,947 - 0 - 0 - 0 1,930 - 0 1,930 5,877 157

Prince Agri - MN 1,313 54 1,367 - 0 - 0 - 0 - 0 438 438 1,805 492


Phibro-Tech 782 - 0 782 - 0 - 0 - 0 - 0 - 0 - 0 782 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 410 87 497 - 0 - 0 - 0 1,980 - 0 1,980 2,477 87

PAH Foreign 6,449 1,289 7,738 - 0 - 0 - 0 42 160 202 7,940 1,449



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 12,744 3,076 15,820 - 0 37 - 0 3,952 598 4,587 20,407 3,674




Q1 399 6 405 - 0 - 0 - 0 - 0 138 138 543 144

Q2 398 6 404 - 0 - 0 - 0 - 0 137 137 541 143

Q3 467 5 472 - 0 - 0 - 0 - 0 138 138 610 143

Q4 479 21 500 - 0 - 0 - 0 - 0 138 138 638 159

YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

Q2 YTD 797 12 809 - 0 - 0 - 0 - 0 275 275 1,084 287

Q3 YTD 1,264 17 1,281 - 0 - 0 - 0 - 0 413 413 1,694 430

Q4 YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

&8&F&A&8&D&T

Webcast #5 NEW








Net sales 833 - 863 828 1% - 4% 750 - 770


Adjusted EBITDA $ 103 - $ 107 $ 118 (13)% - (9)% $ 116 - $ 120







March 31, 2020

(000 OMITTED) YTD





Phibrochem-ESS - 0 - 0 - 0 - 0 123 - 0 - 0 - 0 123 123 - 0

Phibrochem-EPG - 0 124 124 - 0 - 0 - 0 - 0 - 0 - 0 124 124

Prince Agri - NS 4,120 150 4,270 - 0 - 0 - 0 1,930 - 0 1,930 6,200 150

Prince Agri - MN 1,415 48 1,463 - 0 - 0 - 0 - 0 408 408 1,871 456


Phibro-Tech 1,180 - 0 1,180 - 0 - 0 - 0 - 0 - 0 - 0 1,180 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 440 56 496 - 0 - 0 - 0 1,980 - 0 1,980 2,476 56

PAH Foreign 7,145 1,354 8,499 - 0 - 0 - 0 72 232 304 8,803 1,586



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 14,407 2,988 17,395 - 0 123 - 0 4,795 1,864 6,782 24,177 4,852

March 31, 2020 QTD





Phibrochem-ESS - 0 - 0 - 0 - 0 99 - 0 - 0 - 0 99 99 - 0

Phibrochem-EPG - 0 43 43 - 0 - 0 - 0 - 0 - 0 - 0 43 43

Prince Agri - NS 1,408 52 1,460 - 0 - 0 - 0 644 - 0 644 2,104 52

Prince Agri - MN 477 16 493 - 0 - 0 - 0 - 0 136 136 629 152


Phibro-Tech 410 - 0 410 - 0 - 0 - 0 - 0 - 0 - 0 410 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 149 10 159 - 0 - 0 - 0 660 - 0 660 819 10

PAH Foreign 2,313 456 2,769 - 0 - 0 - 0 44 77 121 2,890 533



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,797 1,027 5,824 - 0 99 - 0 1,653 672 2,424 8,248 1,699






Phibrochem-ESS - 0 - 0 - 0 - 0 24 - 0 - 0 - 0 24 24 - 0

Phibrochem-EPG - 0 81 81 - 0 - 0 - 0 - 0 - 0 - 0 81 81

Prince Agri - NS 2,712 98 2,810 - 0 - 0 - 0 1,286 - 0 1,286 4,096 98

Prince Agri - MN 938 32 970 - 0 - 0 - 0 - 0 272 272 1,242 304


Phibro-Tech 770 - 0 770 - 0 - 0 - 0 - 0 - 0 - 0 770 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 291 46 337 - 0 - 0 - 0 1,320 - 0 1,320 1,657 46

PAH Foreign 4,832 898 5,730 - 0 - 0 - 0 28 155 183 5,913 1,053



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 9,610 1,961 11,571 - 0 24 - 0 3,142 1,192 4,358 15,929 3,153

March 31, 2019 YTD





Phibrochem-ESS - 0 6 6 - 0 37 - 0 - 0 - 0 37 43 6

Phibrochem-EPG - 0 126 126 - 0 - 0 - 0 - 0 - 0 - 0 126 126

Prince Agri - NS 3,790 157 3,947 - 0 - 0 - 0 1,930 - 0 1,930 5,877 157

Prince Agri - MN 1,313 54 1,367 - 0 - 0 - 0 - 0 438 438 1,805 492


Phibro-Tech 782 - 0 782 - 0 - 0 - 0 - 0 - 0 - 0 782 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 410 87 497 - 0 - 0 - 0 1,980 - 0 1,980 2,477 87

PAH Foreign 6,449 1,289 7,738 - 0 - 0 - 0 42 160 202 7,940 1,449



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 12,744 3,076 15,820 - 0 37 - 0 3,952 598 4,587 20,407 3,674

March 31, 2019 QTD





Phibrochem-ESS - 0 1 1 - 0 12 - 0 - 0 - 0 12 13 1

Phibrochem-EPG - 0 40 40 - 0 - 0 - 0 - 0 - 0 - 0 40 40

Prince Agri - NS 1,268 46 1,314 - 0 - 0 - 0 643 - 0 643 1,957 46

Prince Agri - MN 434 11 445 - 0 - 0 - 0 - 0 147 147 592 158


Phibro-Tech 260 - 0 260 - 0 - 0 - 0 - 0 - 0 - 0 260 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 142 29 171 - 0 - 0 - 0 660 - 0 660 831 29

PAH Foreign 2,186 469 2,655 - 0 - 0 - 0 14 74 88 2,743 543



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,290 1,035 5,325 - 0 12 - 0 1,317 221 1,550 6,875 1,256






Phibrochem-ESS - 0 3 3 - 0 12 - 0 - 0 - 0 12 15 3

Phibrochem-EPG - 0 43 43 - 0 - 0 - 0 - 0 - 0 - 0 43 43

Prince Agri - NS 1,255 52 1,307 - 0 - 0 - 0 644 - 0 644 1,951 52

Prince Agri - MN 436 17 453 - 0 - 0 - 0 - 0 144 144 597 161


Phibro-Tech 258 - 0 258 - 0 - 0 - 0 - 0 - 0 - 0 258 - 0

Phibro-Wood - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

PAH U.S. 125 29 154 - 0 - 0 - 0 660 - 0 660 814 29

PAH Foreign 2,086 417 2,503 - 0 - 0 - 0 14 31 45 2,548 448



Abic Bio - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Abic Vet - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Assia Kenya - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Ferro - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0

Total 4,160 1,026 5,186 - 0 12 - 0 1,318 175 1,505 6,691 1,201




Q1 399 6 405 - 0 - 0 - 0 - 0 138 138 543 144

Q2 398 6 404 - 0 - 0 - 0 - 0 137 137 541 143

Q3 467 5 472 - 0 - 0 - 0 - 0 138 138 610 143

Q4 479 21 500 - 0 - 0 - 0 - 0 138 138 638 159

YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

Q2 YTD 797 12 809 - 0 - 0 - 0 - 0 275 275 1,084 287

Q3 YTD 1,264 17 1,281 - 0 - 0 - 0 - 0 413 413 1,694 430

Q4 YTD 1,743 38 1,781 - 0 - 0 - 0 - 0 551 551 2,332 589

&8&F&A&8&D&T

Webcast #4

Consolidated









Adjusted EPS $ 1.38 - $ 1.5 $ 1.43 (3)% - 1%




		Three Months				Twelve Months				Nine Months									Change
For the Periods Ended June 30		2020	2019	Change		2020	2019	Change		2020	2019	For the Year Ended June 30		2020	2019	2018	2016	2015	2020 / 2019		2019 / 2018		2017 / 2016
		(in thousands, except per share amounts and percentages)												(in thousands, except per share)
Net sales		$ 185,883	$ 203,883	$ (18,000)	(9)%	$ 800,354	$ 827,995	$ (27,641)	(3)%	$ 614,471	$ 624,112	Net sales		$ 800,354	$ 827,995	$ 819,982	$ 751,526	$ 748,591	$ (27,641)	(3)%	$ 8,013	1%	$ 68,456	9%
Cost of goods sold		125,319	138,580	(13,261)	(10)%	543,472	563,371	(19,899)	(4)%	418,153	424,791	Cost of goods sold		543,472	563,371	553,103	512,494	515,311	(19,899)	(4)%	40,609	8%	(2,817)	(1)%
Gross profit		60,564	65,303	(4,739)	(7)%	256,882	264,624	(7,742)	(3)%	196,318	199,321	Gross profit		256,882	264,624	266,879	239,032	233,280	(7,742)	(3)%	(2,255)	(1)%	27,847	12%
Selling, general and administrative expenses		42,445	53,204	(10,759)	(20)%	187,688	181,398	6,290	3%	145,243	128,194	Selling, general and administrative expenses		187,688	181,398	167,953	153,288	145,612	6,290	3%	13,445	8%	14,665	10%
Operating income		18,119	12,099	6,020	50%	69,194	83,226	(14,032)	(17)%	51,075	71,127	Operating income		69,194	83,226	98,926	85,744	87,668	(14,032)	(17)%	(15,700)	(16)%	13,182	15%
Interest expense, net		2,807	3,047	(240)	(8)%	12,856	11,776	1,080	9%	10,049	8,729	Interest expense, net		12,856	11,776	11,910	16,592	14,305	1,080	9%	(134)	(1)%	(4,682)	(28)%
Foreign currency (gains) losses, net		(1,069)	(159)	(910)	*	826	(55)	881	*	1,895	104	Foreign currency (gains) losses, net		826	(55)	(1,054)	(7,609)	(5,400)	881	*	999	*	6,555	*
Loss on extinguishment of debt		- 0	- 0	- 0	*	- 0	- 0	- 0	*	- 0	- 0	Loss on extinguishment of debt		- 0	- 0	- 0	- 0	- 0	- 0	*	- 0	*	- 0	*
Other (income) expense, net		- 0	- 0	- 0	*	- 0	- 0	- 0	*	- 0	- 0	Other (income) expense, net		- 0	- 0	- 0	- 0	- 0	- 0	*	- 0	*	- 0	*
Income before income taxes		16,381	9,211	7,170	78%	55,512	71,505	(15,993)	(22)%	39,131	62,294	Income before income taxes		55,512	71,505	88,070	76,761	78,763	(15,993)	(22)%	(16,565)	(19)%	11,309	15%
Provision for income taxes		10,739	409	10,330	*	21,960	16,792	5,168	31%	11,221	16,383	Provision for income taxes		21,960	16,792	23,187	(5,967)	18,483	5,168	31%	(6,395)	(28)%	29,154	*
Net income		$ 5,642	$ 8,802	$ (3,160)	(36)%	$ 33,552	$ 54,713	$ (21,161)	(39)%	$27,910	$45,911	Net income		$ 33,552	$ 54,713	$ 64,883	$ 82,728	$60,280	$ (21,161)	(39)%	$ (10,170)	(16)%	$ (17,845)	(22)%
Net income per share												Net income per share
	basic	$ 0.14	$ 0.22	$ (0.08)		$ 0.83	$ 1.35	$ (0.52)					basic	$ 0.83	$ 1.35	$ 1.61	$ 2.11	$1.55	$ (0.52)		$ (0.26)		$ (0.50)
	diluted	$ 0.14	$ 0.22	$ (0.08)		$ 0.83	$ 1.35	$ (0.52)					diluted	$ 0.83	$ 1.35	$ 1.61	$ 2.07	$1.51	$ (0.52)		$ (0.26)		$ (0.46)
Weighted average number of shares outstanding												Weighted average number of shares outstanding
	basic	40,454	40,454			40,454	40,412						basic	40,454	40,412	40,181	39,254	38,969
	diluted	40,504	40,536			40,504	40,523						diluted	40,504	40,523	40,385	39,962	39,815
Ratio to net sales												Ratio to net sales
	Gross profit	32.6%	32.0%			32.1%	32.0%						Gross profit	32.1%	32.0%	32.5%	31.8%	31.2%
	Selling, general and administrative expenses	22.8%	26.1%			23.5%	21.9%						Selling, general and administrative expenses	23.5%	21.9%	20.5%	20.4%	19.5%
	Operating income	9.7%	5.9%			8.6%	10.1%						Operating income	8.6%	10.1%	12.1%	11.4%	11.7%
	Income before income taxes	8.8%	4.5%			6.9%	8.6%						Income before income taxes	6.9%	8.6%	10.7%	10.2%	10.5%
	Net income	3.0%	4.3%			4.2%	6.6%						Net income	4.2%	6.6%	7.9%	11.0%	8.1%
Effective tax rate		65.6%	4.4%			39.6%	23.5%					Effective tax rate		39.6%	23.5%	26.3%	(7.8)%	23.5%
Amounts and percentages may reflect rounding adjustments												Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful												* Calculation not meaningful

		Three Months		Nine Months
For the Periods Ended March 31		2018	2017	2018	2017
Provision (benefit) for income taxes		$ 4,548	$ 2,805	$ 21,779	$ 14,087
Effective income tax rate		18.6%	10.6%	33.7%	22.2%
Discrete income tax related items
Benefit from exercised employee stock options		$ (1,038)	$ (1,442)	$ (3,397)	$ (1,442)
Unrecognized tax benefits		(758)	-	(758)	-
Mandatory toll charge		-	-	4,249	-
Remeasurement of deferred tax assets		-	-	2,450	-
Remeasurement of foreign deferred tax assets		-	-	1,000	-
Accumulated other comprehensive income item		-	-	527	-
Foreign valuation allowance release		-	(3,780)	-	(3,780)
Total		$ (1,796)	$ (5,222)	$ 4,071	$ (5,222)
Provision (benefit) for income taxes, excluding discrete items		$ 6,344	$ 8,027	$ 17,708	$ 19,309
Effective income tax rate, excluding discrete items		26.0%	30.4%	27.4%	30.5%
For the Three Months Ended March 31		2018	2017
	(in thousands, except percentages)
Provision (benefit) for income taxes		$ 4,548	$ 2,805
Effective income tax rate		18.6%	10.6%
Certain income tax items
Benefit from exercised employee stock options		$ (1,038)	$ (1,442)
Release of unrecognized tax benefits		(758)	-
Release of foreign valuation allowance		-	(3,780)
Total		$ (1,796)	$ (5,222)
Provision (benefit) for income taxes, excluding certain items		$ 6,344	$ 8,027
Effective income tax rate, excluding certain items		26.0%	30.4%
						For the Years Ended June 30		2018	2017
							(in thousands, except percentages)
						Provision (benefit) for income taxes		$ 23,187	$ 15,928
						Effective income tax rate		26.3%	19.8%
						Certain income tax items
						Benefit from exercised employee stock options		$ (3,773)	$ (3,096)
						Mandatory toll charge		403	-
						Reduction of domestic deferred tax assets		2,289	-
						Reduction of foreign deferred tax assets		1,156	-
						Recognition of foreign tax credits		(565)	-
						Reclassification from accumulated other comprehensive income		527	-
						Release of unrecognized tax benefits		(994)	(500)
						Release of foreign valuation allowance		-	(4,118)
						Total		$ (957)	$ (7,714)
						Provision (benefit) for income taxes, excluding certain items		$ 24,144	$ 23,642
						Effective income tax rate, excluding certain items		27.4%	29.3%
						Q4 for press release only
						For the Three Months Ended June 30		2018	2017
							(in thousands, except percentages)
						Provision (benefit) for income taxes		$ 1,408	$ 1,841
						Effective income tax rate		6.0%	10.7%
						Certain income tax items
						Benefit from exercised employee stock options		$ (376)	$ (1,654)
						Mandatory toll charge		(3,846)	-
						Adjustment to domestic deferred tax assets		(161)	-
						Reduction of foreign deferred tax assets		156	-
						Recognition of foreign tax credits		(565)	-
						Release of unrecognized tax benefits		(236)	(500)
						Release of foreign valuation allowance		-	(338)
						Total		$ (5,028)	$ (2,492)
						Provision (benefit) for income taxes, excluding certain items		$ 6,436	$ 4,333
						Effective income tax rate, excluding certain items		27.4%	25.1%

											MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS
		Three Months			Twelve Months			Nine Months									Change
For the Periods Ended June 30		2019	2018	Change	2020	2019	Change	2020	2019	For the Year Ended June 30		2020	2019	2018	2016	2015	2020 / 2019	2019 / 2018	2017 / 2016
Cash provided by/(used in):		(in thousands)			(in thousands)					Cash provided by/(used in):		(in thousands)
	Operating activities	$ 3,877	$ 14,879	$ (11,002)	$ 59,348	$ 47,169	$ 12,179	$ 55,471	$ 32,290		Operating activities	$ 59,348	$ 47,169	$ 70,008	$ 37,218	$ 68,704	$ 12,179	$ (22,839)	$ 32,790
	Investing activities	(9,533)	14,743	(24,276)	(120,390)	(14,133)	(106,257)	(110,857)	(28,876)		Investing activities	(120,390)	(14,133)	(84,612)	(82,791)	(34,464)	(106,257)	70,479	(1,821)
	Financing activities	14,985	(7,999)	22,984	40,936	(4,107)	45,043	25,951	3,892		Financing activities	40,936	(4,107)	(11,775)	50,380	(15,351)	45,043	7,668	(62,155)
Effect of exchange-rate changes on cash										Effect of exchange-rate changes on cash
and cash equivalents		266	74	192	(1,124)	(524)	(600)	(1,390)	(598)	and cash equivalents		(1,124)	(524)	(536)	(418)	(1,494)	(600)	12	(118)
Net increase/(decrease) in cash and cash equivalents		$ 9,595	$ 21,697	$ (12,102)	$ (21,230)	$ 28,405	$ (49,635)	$ (30,825)	$ 6,708	Net increase/(decrease) in cash and cash equivalents		$ (21,230)	$ 28,405	$ (26,915)	$ 4,389	$ 17,395	$ (49,635)	$ 55,320	$ (31,304)
Net cash provided (used) by operating activities is comprised of the following items:										Net cash provided (used) by operating activities is comprised of the following items:
		Three Months			Twelve Months			Nine Months									Change
For the Periods Ended June 30		2020	2019	Change	2020	2019	Change	2020	2019	For the Year Ended June 30		2020	2019	2018	2016	2015	2020 / 2019	2019 / 2018	2017 / 2016
		(in thousands)			(in thousands)								(in thousands)
EBITDA		$ 27,352	$ 19,415	$ 7,937	$ 100,709	$ 110,845	$ (10,136)	$ 73,357	$ 91,430	EBITDA		$ 100,709	$ 110,845	$ 126,923	$ 116,805	$ 114,672	$ (10,136)	$ (16,078)	$ 10,118
Adjustments										Adjustments
Restructuring costs		- 0	6,281		425	6,281	(5,856)	425	$ - 0	Restructuring costs		425	6,281	- 0			(5,856)	6,281
Stock-based compensation		565	565	- 0	2,259	2,259	- 0	1,694	1,694	Stock-based compensation		2,259	2,259	334	- 0		- 0	1,925	334
Acquisition-related cost of goods sold		- 0	- 0	- 0	280	- 0	280	280	- 0	Acquisition-related cost of goods sold		280	- 0	1,671	2,566	- 0	280	(1,671)	(895)
Acquisition-related accrued compensation		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	Acquisition-related accrued compensation		- 0	- 0	1,152	1,680	747	- 0	(1,152)	(528)
Acquisition-related transaction costs		- 0	213	(213)	462	213	249	462	- 0	Acquisition-related transaction costs		462	213	400	618	- 0	249	(187)	(218)
Acquisition related other, net		(2,988)	- 0	(2,988)	(2,821)	- 0	(2,821)	167	- 0	Acquisition-related other, net		(2,821)	- 0	(468)	- 0	- 0	(2,821)	468
Other, net		- 0	- 0	- 0	- 0	(1,506)	1,506	- 0	(1,506)	Other, net		- 0	(1,506)	- 0	- 0	- 0	1,506	(1,506)	- 0
Pension settlement cost		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	Pension settlement cost		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Loss on insurance claim		- 0	- 0		- 0	- 0	- 0	- 0	- 0	Loss on insurance claim		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Gain on insurance settlement		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	Gain on insurance settlement		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
														- 0
Foreign currency (gains) losses, net		(1,069)	(159)	(910)	826	(55)	881	1,895	104	Foreign currency (gains) losses, net		826	(55)	(1,054)	(7,609)	(5,400)	881	999	6,555
Loss on extinguishment of debt		- 0	- 0		- 0	- 0	- 0	- 0	- 0	Loss on extinguishment of debt		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Other (income) expense, net		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	Other (income) expense, net		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Interest paid, net		(2,406)	(4,559)	2,153	(11,577)	(12,250)	673	(9,171)	(7,691)	Interest paid, net		(11,577)	(12,250)	(11,208)	(14,215)	(12,912)	673	(1,042)	3,007
Income taxes paid		(5,821)	(3,046)	(2,775)	(20,866)	(16,215)	(4,651)	(15,045)	(13,169)	Income taxes paid		(20,866)	(16,215)	(15,191)	(16,828)	(10,780)	(4,651)	(1,024)	1,637
Changes in operating assets and liabilities and other items		(11,756)	(3,831)	(7,925)	(10,349)	(42,403)	32,054	1,407	(38,572)	Changes in operating assets and liabilities and other items		(10,349)	(42,403)	(32,551)	(45,181)	(12,337)	32,054	(9,852)	12,630
Cash provided by gain on insurance settlement		- 0	- 0	- 0		- 0	- 0		- 0	Cash provided by insurance settlement		- 0	- 0	- 0	- 0	(5,286)	- 0	- 0	- 0
Cash used for acquisition-related transaction costs		- 0	- 0	- 0	- 0	- 0	- 0		- 0	Cash used for acquisition-related transaction costs		- 0			(618)	- 0	- 0	- 0	618
Net cash provided (used) by operating activities		$ 3,877	$ 14,879	$ (11,002)	$ 59,348	$ 47,169	$ 12,179	$ 55,471	$ 32,290	Net cash provided by operating activities		$ 59,348	$ 47,169	$ 70,008	$ 37,218	$ 68,704	$ 12,179	$ (22,839)	$ 32,790
Amounts and percentages may reflect rounding adjustments										Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful										* Calculation not meaningful
			- 0

	June 30,	June 30,	June 30,								Change
As of	2020	2019	2018	Change	As of June 30	2020	2019	2018	2016	2015	2020 / 2019	2019 / 2018	2017 / 2016
	(in thousands, except ratios)					(in thousands, except ratios)
Cash and cash equivalents and short-term investments	$91,343	$81,573	$79,168	$9,770	Cash and cash equivalents and short-term investments	$91,343	$81,573	$79,168	$33,605	$29,216	$9,770	$2,405	$45,563
Working capital	222,006	242,902	205,651	(20,896)	Working capital	222,006	242,902	205,651	$203,356	$175,988	(20,896)	37,251	2,295
Ratio of current assets to current liabilities	2.6:1	2.71:1	2.57:1		Ratio of current assets to current liabilities	2.6:1	2.71:1	2.57:1	2.92:1	2.62:1
	360,494	384,589	336,293			360,494	384,589	336,293	309,226	284,512
	138,488	141,687	130,642			138,488	141,687	130,642	105,870	108,524
	2.60	2.71	2.57			2.60	2.71	2.57	2.92	2.62

Phibro Animal Health Corp
Working Capital Changes
	June	June		June	June		June	June		Mar	June		Dec	June		Sept	June		June	June		March	June		December	June		September	June		June	June		Mar	June		Dec	June		Sept	June		June	June		March	June		December	June		September	June		June	June		March	June		December	June		September	June		June	June		March	June		December	June		September	June		June	June		March	June		December	June		September	June		June	June		March	June		December	June		September	June
	2020	2019	Change	2019	2018	Change	2018	2017	Change	2018	2017	Change	2017	2017	Change	2017	2017	Change	2017	2016	Change	2017	2016	Change	2016	2016	Change	2016	2016	Change	2016	2015	Change	2016	2015	Change	2015	2015	Change	2015	2015	Change	2015	2014	Change	2015	2014	Change	2014	2014	Change	2014	2014	Change	2014	2013	Change	2014	2013		2013	2013		2013	2013		2013	2012	Change	2013	2012	Change	2012	2012	Change	2012	2012	Change	2012	2011	Change	2012	2011	Change	2011	2011	Change	2011	2011	Change	2011	2010	Change	2011	2010	Change	2010	2010	Change	2010	2010	Change
Cash and cash equivalents	36,343	57,573	(21,230)	57,573	29,168	28,405	29,168	56,083	(26,915)	30,553	56,083	(25,530)	40,185	56,083	(15,898)	62,097	56,083	6,014	56,083	33,605	22,478	49,310	33,605	15,705	39,220	33,605	5,615	37,415	33,605	3,810	33,605	29,216	4,389	32,225	29,216	3,009	25,372	29,216	(3,844)	31,817	29,216	2,601	29,216	11,821	17,395	20,804	11,821		20,689	11,821		19,749	11,821		11,821	27,369		10,979	27,369		30,474	27,369		36,851	27,369		27,369	53,900	(26,531)	27,995	53,900	(25,905)	27,023	53,900	(26,877)	41,853	53,900	(12,047)	53,900	48,598	5,302	33,658	48,598	(14,940)	49,373	48,598	775	47,089	48,598	(1,509)	48,598	62,705	(14,107)	41,517	62,705	(21,188)	20,066	62,705	(42,639)	12,068	62,705	(50,637)
Short Term Investments	55,000	24,000		24,000	50,000		50,000			45,000			27,000
Accounts receivable, net	126,522	159,022		159,022	135,742		135,742	125,847		127,044	125,847		132,242	125,847		136,337	125,847		125,847	123,790		113,130	123,790		124,131	123,790		119,607	123,790		123,790	111,099		116,233	111,099		114,572	111,099		113,710	111,099		111,099	113,858		115,152	113,858		114,264	113,858		110,756	113,858		113,858	99,137		107,705	99,137		103,253	99,137		94,446	99,137		109,816	105,721	4,095	101,713	105,721	(4,008)	102,267	105,721	(3,454)	95,949	105,721	(9,772)	105,721	103,168	2,553	106,456	103,168	3,288	104,698	103,168	1,530	96,469	103,168	(6,699)	103,168	99,244	3,924	97,841	99,244	(1,403)	99,827	99,244	583	97,846	99,244	(1,398)
Inventories	196,659	198,322		198,322	178,170		178,170	161,233		184,478	161,233		173,613	161,233		170,928	161,233		161,233	167,691		163,831	167,691		158,819	167,691		162,644	167,691		167,691	149,786		168,293	149,786		154,422	149,786		147,294	149,786		149,786	143,184		136,368	143,184		144,858	143,184		146,382	143,184		143,184	140,032		142,804	140,032		140,445	140,032		141,376	140,032		140,157	118,372	21,785	138,892	118,372	20,520	128,954	118,372	10,582	123,501	118,372	5,129	118,372	124,137	(5,765)	118,452	124,137	(5,685)	117,300	124,137	(6,837)	123,026	124,137	(1,111)	124,137	113,228	10,909	121,028	113,228	7,800	118,741	113,228	5,513	115,586	113,228	2,358
Prepaid expenses and other current assets	37,313	27,245		27,245	22,381		22,381	20,502		20,351	20,502		23,407	20,502		25,193	20,502		20,502	17,745		21,273	17,745		16,839	17,745		20,102	17,745		17,745	23,627		15,847	23,627		15,807	23,627		24,170	23,627		23,627	30,426		27,728	30,426		26,932	30,426		26,967	30,426		30,426	29,848		31,159	29,848		28,359	29,848		31,979	30,498		19,644	22,190	(2,546)	29,119	22,190	6,929	24,563	22,190	2,373	29,680	22,190	7,490	22,190	18,929	3,261	20,200	18,929	1,271	24,694	18,929	5,765	15,888	18,929	(3,041)	18,929	19,816	(887)	21,123	19,816	1,307	19,505	19,816	(311)	19,986	19,816	170
Current assets held for sale					- 0		- 0			- 0																																																										- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0			- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Loans payable to banks																																																																				- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0			- 0			- 0	- 0		- 0			- 0			- 0
Current portion of long-term debt	(18,750)	(12,540)		(12,540)	(12,579)		(12,579)	(6,250)		(11,020)	(6,250)		(9,458)	(6,250)		(7,895)	(6,250)		(6,250)	(2,803)		(2,900)	(2,803)		(2,901)	(2,803)		(2,903)	(2,803)		(2,803)	(2,809)		(2,809)	(2,809)		(2,814)	(2,809)		(2,819)	(2,809)		(2,809)	(2,969)		(2,813)	(2,969)		(2,828)	(2,969)		(2,950)	(2,969)		(2,969)	(64)		(72)	(64)		(9,994)	(64)		(9,966)	(64)		(64)	(5,350)	5,286	(79)	(5,350)	5,271	(29,361)	(5,350)	(24,011)	(29,198)	(5,350)	(23,848)	(5,350)	(5,526)	176	(5,283)	(5,526)	243	(5,650)	(5,526)	(124)	(5,565)	(5,526)	(39)	(5,526)	(5,557)	31	(5,434)	(5,557)	123	(5,829)	(5,557)	(272)	(5,704)	(5,557)	(147)
Accounts payable	(66,091)	(73,189)		(73,189)	(59,498)		(59,498)	(56,894)		(64,127)	(56,894)		(64,779)	(56,894)		(61,732)	(56,894)		(56,894)	(60,167)		(53,271)	(60,167)		(54,826)	(60,167)		(54,274)	(60,167)		(60,167)	(63,061)		(51,852)	(63,061)		(61,226)	(63,061)		(59,469)	(63,061)		(63,061)	(59,608)		(56,920)	(59,608)		(56,762)	(59,608)		(64,544)	(59,608)		(59,608)	(57,902)		(60,572)	(57,902)		(60,109)	(57,902)		(52,739)	(58,432)		(58,432)	(66,806)	8,374	(59,620)	(66,806)	7,186	(60,229)	(66,806)	6,577	(63,758)	(66,806)	3,048	(66,806)	(63,045)	(3,761)	(58,555)	(63,045)	4,490	(60,972)	(63,045)	2,073	(64,579)	(63,045)	(1,534)	(63,045)	(60,278)	(2,767)	(62,489)	(60,278)	(2,211)	(61,960)	(60,278)	(1,682)	(59,859)	(60,278)	419
Current liabilities held for sale					- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0			- 0			- 0																			- 0			- 0			- 0		- 0	- 0		- 0			- 0											- 0			- 0			- 0			- 0			- 0			- 0			- 0			- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Accrued expenses and other current liabilities	(72,397)	(68,498)		(68,498)	(71,144)		(71,144)	(52,652)		(53,397)	(52,652)		(52,999)	(52,652)		(51,480)	(52,652)		(52,652)	(45,703)		(50,126)	(45,703)		(45,602)	(45,703)		(44,159)	(45,703)		(45,703)	(45,463)		(45,119)	(45,463)		(50,491)	(45,463)		(46,039)	(45,463)		(45,463)	(49,861)		(45,751)	(49,861)		(41,788)	(49,861)		(39,293)	(49,861)		(49,861)	(57,438)		(54,163)	(57,438)		(52,527)	(57,438)		(48,747)	(57,160)		(57,160)	(52,640)	(4,520)	(45,815)	(52,640)	6,825	(47,234)	(52,640)	5,406	(41,876)	(52,640)	10,764	(52,640)	(47,753)	(4,887)	(43,319)	(47,753)	4,434	(55,616)	(47,753)	(7,863)	(40,572)	(47,753)	7,181	(47,753)	(50,330)	2,577	(42,492)	(50,330)	7,838	(47,206)	(50,330)	3,124	(40,736)	(50,330)	9,594
	294,599	311,935		311,935	272,240		272,240	247,869		278,882	247,869		269,211	247,869		273,448	247,869		247,869	234,158		241,247	234,158		235,680	234,158		238,432	234,158		234,158	202,395		232,818	202,395		195,642	202,395		208,664	202,395		202,395	186,851		194,568	186,851		205,365	186,851		197,067	186,851		186,851	180,982		177,840	180,982		179,901	180,982		193,200	181,380		181,330	175,387	5,943	192,205	175,387	16,818	145,983	175,387	(29,404)	156,151	175,387	(19,236)	175,387	178,508	(3,121)	171,609	178,508	(6,899)	173,827	178,508	(4,681)	171,756	178,508	(6,752)	178,508	178,828	(320)	171,094	178,828	(7,734)	143,144	178,828	(35,684)	139,187	178,828	(39,641)
	June	June		June	June		June	June		Mar	June		Dec	June		Sept	June		June	June		March	June		December	June		September	June		June	June		Dec	June		Dec	June		Sept	June		June	June		March	June		December	June		September	June		June	June		March	June		December	June		September	June		June	June		March	June		December	June		September	June		June	June		March	June		December	June		September	June		June	June		September	June		September	June		September	June
Working Capital Adjusted	2020	2019		2019	2018		2018	2017		2018	2017		2017	2017		2017	2017		2017	2016		2017	2016		2016	2016		2016	2016		2016	2015		2015	2015		2015	2015		2015	2015		2015	2014		2015	2014		2014	2014		2014	2014		2014	2013		2014	2013		2013	2013		2013	2013		2013	2012	Change	2013	2012	Change	2012	2012	Change	2012	2012	Change	2012	2011	Change	2012	2011	Change	2011	2010	Change	2011	2010	Change	2009	2009	Change	2009	2009	Change	2009	2009	Change	2010	2009	Change
Cash and cash equivalents	- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Short Term Investments	- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0
Accounts receivable, net	126,522	159,022	(32,500)	159,022	135,742	23,280	135,742	125,847	9,895	127,044	125,847	1,197	132,242	125,847	6,395	136,337	125,847	10,490	125,847	123,790	2,057	113,130	123,790	(10,660)	124,131	123,790	341	119,607	123,790	(4,183)	123,790	111,099	12,691	116,233	111,099	5,134	114,572	111,099	3,473	113,710	111,099	2,611	111,099	113,858	(2,759)	115,152	113,858	1,294	114,264	113,858	406	110,756	113,858	(3,102)	113,858	99,137	14,721	107,705	99,137	8,568	103,253	99,137		94,446	99,137		109,816	105,721	4,095	101,713	105,721	(4,008)	102,267	105,721	(3,454)	95,949	105,721	(9,772)	105,721	103,168	2,553	106,456	103,168	3,288	104,698	103,168	1,530	96,469	103,168	(6,699)	103,168	99,244	3,924	97,841	99,244	(1,403)	99,827	99,244	583	97,846	99,244	(1,398)
Inventories	196,659	198,322	(1,663)	198,322	178,170	20,152	178,170	161,233	16,937	184,478	161,233	23,245	173,613	161,233	12,380	170,928	161,233	9,695	161,233	167,691	(6,458)	163,831	167,691	(3,860)	158,819	167,691	(8,872)	162,644	167,691	(5,047)	167,691	149,786	17,905	168,293	149,786	18,507	154,422	149,786	4,636	147,294	149,786	(2,492)	149,786	143,184	6,602	136,368	143,184	(6,816)	144,858	143,184	1,674	146,382	143,184	3,198	143,184	140,032	3,152	142,804	140,032	2,772	140,445	140,032		141,376	140,032		140,157	118,372	21,785	138,892	118,372	20,520	128,954	118,372	10,582	123,501	118,372	5,129	118,372	124,137	(5,765)	118,452	124,137	(5,685)	117,300	124,137	(6,837)	123,026	124,137	(1,111)	124,137	113,228	10,909	121,028	113,228	7,800	118,741	113,228	5,513	115,586	113,228	2,358
Prepaid expenses and other current assets	37,313	27,245	10,068	27,245	22,381	4,864	22,381	20,502	1,879	20,351	20,502	(151)	23,407	20,502	2,905	25,193	20,502	4,691	20,502	17,745	2,757	21,273	17,745	3,528	16,839	17,745	(906)	20,102	17,745	2,357	17,745	23,627	(5,882)	15,847	23,627	(7,780)	15,807	23,627	(7,820)	24,170	23,627	543	23,627	30,426	(6,799)	27,728	30,426	(2,698)	26,932	30,426	(3,494)	26,967	30,426	(3,459)	30,426	29,848	578	31,159	29,848	1,311	28,359	29,848		31,979	30,498		19,644	22,190	(2,546)	29,119	22,190	6,929	24,563	22,190	2,373	29,680	22,190	7,490	22,190	18,929	3,261	20,200	18,929	1,271	24,694	18,929	5,765	15,888	18,929	(3,041)	18,929	19,816	(887)	21,123	19,816	1,307	19,505	19,816	(311)	19,986	19,816	170
Loans payable to banks	- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Current portion of long-term debt	- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Accounts payable	(66,091)	(73,189)	7,098	(73,189)	(59,498)	(13,691)	(59,498)	(56,894)	(2,604)	(64,127)	(56,894)	(7,233)	(64,779)	(56,894)	(7,885)	(61,732)	(56,894)	(4,838)	(56,894)	(60,167)	3,273	(53,271)	(60,167)	6,896	(54,826)	(60,167)	5,341	(54,274)	(60,167)	5,893	(60,167)	(63,061)	2,894	(51,852)	(63,061)	11,209	(61,226)	(63,061)	1,835	(59,469)	(63,061)	3,592	(63,061)	(59,608)	(3,453)	(56,920)	(59,608)	2,688	(56,762)	(59,608)	2,846	(64,544)	(59,608)	(4,936)	(59,608)	(57,902)	(1,706)	(60,752)	(57,902)	(2,850)	(60,109)	(57,902)		(52,739)	(58,432)		(58,432)	(66,806)	8,374	(59,620)	(66,806)	7,186	(60,229)	(66,806)	6,577	(63,758)	(66,806)	3,048	(66,806)	(63,045)	(3,761)	(58,555)	(63,045)	4,490	(60,972)	(63,045)	2,073	(64,579)	(63,045)	(1,534)	(63,045)	(60,278)	(2,767)	(62,489)	(60,278)	(2,211)	(61,960)	(60,278)	(1,682)	(59,859)	(60,278)	419
Accrued expenses and other current liabilities	(72,397)	(68,498)	(3,899)	(68,498)	(71,144)	2,646	(71,144)	(52,652)	(18,492)	(53,397)	(52,652)	(745)	(52,999)	(52,652)	(347)	(51,480)	(52,652)	1,172	(52,652)	(45,703)	(6,949)	(50,126)	(45,703)	(4,423)	(45,602)	(45,703)	101	(44,159)	(45,703)	1,544	(45,703)	(45,463)	(240)	(45,119)	(45,463)	344	(50,491)	(45,463)	(5,028)	(46,039)	(45,463)	(576)	(45,463)	(49,861)	4,398	(45,751)	(49,861)	4,110	(41,788)	(49,861)	8,073	(39,293)	(49,861)	10,568	(49,861)	(57,438)	7,577	(54,513)	(57,438)	2,925	(52,527)	(57,438)		(48,747)	(57,160)		(57,160)	(52,640)	(4,520)	(45,815)	(52,640)	6,825	(47,234)	(52,640)	5,406	(41,876)	(52,640)	10,764	(52,640)	(47,753)	(4,887)	(43,319)	(47,753)	4,434	(55,616)	(47,753)	(7,863)	(40,572)	(47,753)	7,181	(47,753)	(50,330)	2,577	(42,492)	(50,330)	7,838	(47,206)	(50,330)	3,124	(40,736)	(50,330)	9,594
Costs related to equity transactions accrual																																																												- 0									- 0			- 0			- 0			- 0			- 0			- 0			- 0			- 0			- 0			- 0			- 0			- 0
	222,006	242,902	(20,896)	242,902	205,651	37,251	205,651	198,036	7,615	214,349	198,036	16,313	211,484	198,036	13,448	219,246	198,036	21,210	198,036	203,356	(5,320)	194,837	203,356	(8,519)	199,361	203,356	(3,995)	203,920	203,356	564	203,356	175,988	27,368	203,402	175,988	27,414	173,084	175,988	(2,904)	179,666	175,988	3,678	175,988	177,999	(2,011)	176,577	177,999	(1,422)	187,504	177,999	9,505	180,268	177,999	2,269	177,999	153,677	24,322	166,403	153,677	12,726	159,421	153,677		166,315	154,075		154,025	126,837	27,188	164,289	126,837	37,452	148,321	126,837	21,484	143,496	126,837	16,659	126,837	135,436	(8,599)	143,234	135,436	7,798	130,104	135,436	(5,332)	130,232	135,436	(5,204)	135,436	121,680	13,756	135,011	121,680	13,331	128,907	121,680	7,227	132,823	121,680	11,143
																																															March			March		March	March		March	March		March	March		December	December		September	September		June	March		March	March		December	December		September	September		June	June		March	March		December	December		September	September
																																															2013			2013		2014	2013		2014	2013		2014	2013		2013	2012		2013	2012		2013	2012	Change	2013	2012	Change	2012	2011	Change	2012	2011	Change	2012	2011	Change	2012	2011	Change	2011	2010	Change	2011	2010	Change
Cash and cash equivalents																																															27,369			27,369		19,749	27,369		11,821	27,369		10,979	27,369		30,474	27,023		36,851	41,853		27,369	33,658	(6,289)	27,995	33,658	(5,663)	27,023	49,373	(22,350)	41,853	53,900	(12,047)	53,900	48,598	5,302	33,658	41,517	(7,859)	49,373	20,066	29,307	47,089	12,068	35,021
Accounts receivable, net																																															99,137			99,137		110,756	99,137		113,858	99,137		107,705	99,137		103,253	96,123		94,446	95,949		109,816	106,456	3,360	101,713	106,456	(4,743)	102,267	104,698	(2,431)	95,949	105,721	(9,772)	105,721	103,168	2,553	106,456	97,841	8,615	104,698	99,827	4,871	96,469	97,846	(1,377)
Inventories																																															140,032			140,032		146,382	140,032		143,184	140,032		142,804	140,032		140,445	128,954		141,376	123,501		140,157	118,452	21,705	138,892	118,452	20,440	128,954	117,300	11,654	123,501	118,372	5,129	118,372	124,137	(5,765)	118,452	121,028	(2,576)	117,300	118,741	(1,441)	123,026	115,586	7,440
Prepaid expenses and other current assets																																															29,848			29,848		26,967	29,848		30,426	29,848		31,159	29,848		28,359	30,728		31,979	29,680		19,644	20,200	(556)	29,119	20,200	8,919	24,563	24,694	(131)	29,680	22,190	7,490	22,190	18,929	3,261	20,200	21,123	(923)	24,694	19,505	5,189	15,888	19,986	(4,098)
Current assets held for sale																																															- 0			- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Loans payable to banks																																															- 0			- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Current portion of long-term debt																																															(64)			(64)		(2,950)	(64)		(2,969)	(64)		(72)	(64)		(9,994)	(29,361)		(9,966)	(29,198)		(64)	(5,283)	5,219	(79)	(5,283)	5,204	(29,361)	(5,650)	(23,711)	(29,198)	(5,350)	(23,848)	(5,350)	(5,526)	176	(5,283)	(5,434)	151	(5,650)	(5,829)	179	(5,565)	(5,704)	139
Accounts payable																																															(55,960)			(55,960)		(64,544)	(55,960)		(59,608)	(55,960)		(60,572)	(55,960)		(60,109)	(59,699)		(52,739)	(63,758)		(58,432)	(58,555)	123	(59,620)	(58,555)	(1,065)	(60,229)	(60,972)	743	(63,758)	(66,806)	3,048	(66,806)	(63,045)	(3,761)	(58,555)	(62,489)	3,934	(60,972)	(61,960)	988	(64,579)	(59,859)	(4,720)
Current liabilities held for sale																																															- 0			- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Accrued expenses and other current liabilities																																															(57,438)			(57,438)		(39,293)	(57,438)		(49,861)	(57,438)		(54,163)	(57,438)		(52,527)	(47,084)		(48,747)	(41,876)		(57,160)	(43,319)	(13,841)	(45,815)	(43,319)	(2,496)	(47,234)	(55,616)	8,382	(41,876)	(52,640)	10,764	(52,640)	(47,753)	(4,887)	(43,319)	(42,492)	(827)	(55,616)	(47,206)	(8,410)	(40,572)	(40,736)	164
																																															182,924			182,924		197,067	182,924		186,851	182,924		177,840	182,924		179,901	146,684		193,200	156,151		181,330	171,609	9,721	192,205	171,609	20,596	145,983	173,827	(27,844)	156,151	175,387	(19,236)	175,387	178,508	(3,121)	171,609	171,094	515	173,827	143,144	30,683	171,756	139,187	32,569
																																															March			March		March	March		March	March		March	March		December	December		September	September		June	March		March	March		December	December		September	September		June	June		March	March		December	December		September	September
Working Capital Adjusted																																															2013			2013		2014	2013		2014	2013		2014	2013		2013	2012		2013	2012		2013	2012	Change	2013	2012	Change	2012	2011	Change	2012	2011	Change	2012	2011	Change	2012	2011	Change	2011	2010	Change	2011	2010	Change
Cash and cash equivalents																																															- 0			- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Accounts receivable, net																																															99,137			99,137		110,756	99,137		113,858	99,137		107,705	99,137	8,568	103,253	96,123	7,130	94,446	95,949		109,816	105,721	4,095	101,713	106,456	(4,743)	102,267	104,698	(2,431)	95,949	96,469	(520)	105,721	103,168	2,553	106,456	97,841	8,615	104,698	99,827	4,871	96,469	97,846	(1,377)
Inventories																																															140,032			140,032		146,382	140,032		143,184	140,032		142,804	140,032	2,772	140,445	128,954	11,491	141,376	123,501		140,157	118,372	21,785	138,892	118,452	20,440	128,954	117,300	11,654	123,501	123,026	475	118,372	124,137	(5,765)	118,452	121,028	(2,576)	117,300	118,741	(1,441)	123,026	115,586	7,440
Prepaid expenses and other current assets																																															29,848			29,848		26,967	29,848		30,426	29,848		31,159	29,848	1,311	28,359	30,728	(2,369)	31,979	29,680		19,644	22,190	(2,546)	29,119	20,200	8,919	24,563	24,694	(131)	29,680	15,888	13,792	22,190	18,929	3,261	20,200	21,123	(923)	24,694	19,505	5,189	15,888	19,986	(4,098)
Loans payable to banks																																															- 0			- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Current portion of long-term debt																																															- 0			- 0		- 0	- 0		- 0	- 0		- 0	- 0		- 0	- 0	- 0	- 0	- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Accounts payable																																															(55,960)			(55,960)		(64,544)	(55,960)		(59,608)	(55,960)		(60,572)	(55,960)	(4,612)	(60,109)	(59,699)	(410)	(52,739)	(63,758)		(58,432)	(66,806)	8,374	(59,620)	(58,555)	(1,065)	(60,229)	(60,972)	743	(63,758)	(64,579)	821	(66,806)	(63,045)	(3,761)	(58,555)	(62,489)	3,934	(60,972)	(61,960)	988	(64,579)	(59,859)	(4,720)
Accrued expenses and other current liabilities																																															(57,438)			(57,438)		(39,293)	(57,438)		(49,861)	(57,438)		(54,163)	(57,438)	3,275	(52,527)	(47,084)	(5,443)	(48,747)	(41,876)		(57,160)	(52,640)	(4,520)	(45,815)	(43,319)	(2,496)	(47,234)	(55,616)	8,382	(41,876)	(40,572)	(1,304)	(52,640)	(47,753)	(4,887)	(43,319)	(42,492)	(827)	(55,616)	(47,206)	(8,410)	(40,572)	(40,736)	164
Costs related to equity transactions accrual																																															- 0			- 0			- 0			- 0			- 0			- 0			- 0		- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
																																															155,619			155,619		180,268	155,619		177,999	155,619		166,933	155,619	11,314	159,421	149,022	10,399	166,315	143,496	22,819	154,025	126,837	27,188	164,289	143,234	21,055	148,321	130,104	18,217	143,496	130,232	13,264	126,837	135,436	(8,599)	143,234	135,011	8,223	130,104	128,907	1,197	130,232	132,823	(2,591)

		Segments				Change						Percentage of total
For the Year Ended June 30		2020	2019	2018	2015	2020 / 2019		2019 / 2018		2016 / 2015		2020	2019	2018	2015
			($ in millions)
MFAs and other		$ 340	$ 340	$ 336	$ 327			$ 4	1%	$ 9	3%
Nutritional Specialties		94	94	82	63			12	15%	19	30%
Vaccines		52	52	53	41			(1)	(2)%	12	29%
Animal Health		$ 527	$ 532	$ 532	$ 471	$ (5)	(1)%	$ 0	0%	$ 61	13%	66%	64%	65%	63%
Mineral Nutrition		214	234	235	227	(19)	(8)%	(1)	(0)%	8	3%	27%	28%	29%	30%
Performance Products		59	62	53	51	(3)	(5)%	9	17%	3	5%	7%	8%	7%	7%
Total		$ 800	$ 828	$ 820	$ 749	$ (28)	(3)%	$ 8	1%	$ 71	10%
		Species				Change						Percentage of total
For the Year Ended June 30		2020	2019	2018	2015	2020 / 2019		2019 / 2018		2016 / 2015		2020	2019	2018	2015
			($ in millions)
Poultry		$ 301	$ 316	$ 321	$ 280	$ (15)	(5)%	$ (5)	(2)%	$ 41	15%	38%	38%	39%	37%
Dairy		163	170	177	135	(7)	(4)%	(7)	(4)%	42	31%	20%	21%	22%	18%
Cattle		94	88	80	100	6	7%	8	10%	(20)	(20)%	12%	11%	10%	13%
Swine		81	101	100	102	(20)	(20)%	1	1%	(2)	(2)%	10%	12%	12%	14%
Other (1)		161	153	142	132	8	5%	11	8%	10	7%	20%	18%	17%	18%
Total		$ 800	$ 828	$ 820	$ 749	$ (28)	(3)%	$ 8	1%	$ 71	10%
		Regions (2)				Change						Percentage of total
For the Year Ended June 30		2020	2019	2018	2015	2020 / 2019		2019 / 2018		2016 / 2015		2020	2019	2018	2015
			($ in millions)
United States		$ 472	$ 481	$ 491	$ 483	$ (9)	(2)%	$ (10)	(2)%	$ 8	2%	59%	58%	60%	65%
Latin America and Canada		159	152	143	107	7	5%	9	6%	36	33%	20%	18%	17%	14%
Europe, Middle East and Africa		112	105	110	61	7	7%	(5)	(5)%	49	79%	14%	13%	13%	8%
Asia Pacific		57	90	76	97	(33)	(37)%	14	18%	(21)	(21)%	7%	11%	9%	13%
Total		$ 800	$ 828	$ 820	$ 749	$ (28)	(3)%	$ 8	1%	$ 71	10%
(1)	Other includes the Performance Products segment, Mineral Nutrition sales to pet food and fertilizer manufacturers and sales to the ethanol industry
(2)	Net Sales by region are based on country of destination
		Adjusted EBITDA(1)				Change						Percentage of total (2)
For the Year Ended June 30		2020	2019	2018	2015	2020 / 2019		2019 / 2018		2016 / 2015		2020	2019	2018	2015
			($ in millions)
MFAs and other		$ - 0	$ - 0	$ - 0	$ - 0			$ - 0	*	$ - 0	*
Nutritional Specialties		- 0	- 0	- 0	- 0			- 0	*	- 0	*
Vaccines		- 0	0	0	4			- 0	0%	(4)	(96)%
Animal Health		$ 123	$ 136	$ 142	$ 120	$ (13)	(10)%	$ (6)	(4)%	$ 22	18%	87%	87%	87%	88%
Mineral Nutrition		15	16	19	14	(1)	(7)%	(3)	(15)%	5	33%	10%	10%	11%	10%
Performance Products		5	5	2	3	(0)	(4)%	3	151%	(1)	(37)%	3%	3%	1%	2%
Corporate		(40)	(38)	(33)	(27)	(2)	*	(5)	*	(6)	*
Total		$ 102	$ 118	$ 129	$ 110	$ (16)	(13)%	$ (11)	(8)%	$ 19	17%
(1)	See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—General description of non-GAAP financial measures” for description of Adjusted EBITDA.
(2)	Before unallocated corporate costs
		Net Identifiable Assets				Change						Percentage of total
As of June 30		2020	2019	2018	2015	2020 / 2019		2019 / 2018		2016 / 2015		2020	2019	2018	2015
			($ in millions)
MFAs and other		$ 23	$ 23	$ 22	$ 21			$ 2	9%	$ 0	1%
Nutritional Specialties		114	114	110	91			4	4%	19	21%
Vaccines		- 0	- 0	- 0	- 0			- 0	*	- 0	*
Animal Health		$ 561	$ 509	$ 456	$ 349	$ 52	10%	$ 53	12%	$ 107	31%	71%	70%	68%	71%
Mineral Nutrition		66	68	70	59	(2)	(2)%	(2)	(3)%	11	19%	8%	9%	10%	12%
Performance Products		31	33	24	22	(2)	(6)%	9	37%	2	10%	4%	5%	4%	4%
Corporate		127	117	122	60	10	8%	(5)	(4)%	62	102%	16%	16%	18%	12%
Total		$ 785	$ 727	$ 672	$ 490	$ 58	8%	$ 55	8%	$ 182	37%
		Adjusted value down to $784M to agree in total - all individual amounts rounded up.

		Product Groups				Change						Percentage of total
For the Years Ended June 30		2020	2019	2018	2015	2020 / 2019		2019 / 2018		2016 / 2015		2020	2019	2018	2015
			($ in millions)
MFAs and other		$ 322	$ 350	$ 337	$ 336	$ (28)	(8)%	$ 13	4%	$ 1	0%	61%	66%	63%	71%
Nutritional specialties		129	113	123	82	16	14%	(10)	(8)%	41	50%	25%	21%	23%	17%
Vaccines		75	68	72	53	7	10%	(4)	(5)%	19	36%	14%	13%	14%	11%
Animal Health		$ 527	$ 532	$ 532	$ 471	$ (5)	(1)%	$ (0)	(0)%	$ 61	13%
		Species				Change						Percentage of total
For the Years Ended June 30		2020	2019	2018	2015	2020 / 2019		2019 / 2018		2016 / 2015		2020	2019	2018	2015
			($ in millions)
Poultry		$ 253	$ 251	$ 255	$ 231	$ 2	1%	$ (4)	(2)%	$ 24	10%	48%	47%	48%	49%
Swine		43	62	59	65	(19)	(31)%	3	5%	(6)	(9)%	8%	12%	11%	14%
Dairy		117	116	120	83	1	1%	(4)	(3)%	37	44%	22%	22%	23%	18%
Cattle		44	47	42	43	(3)	(6)%	5	12%	(1)	(3)%	8%	9%	8%	9%
Other		70	56	56	48	14	25%	- 0	0%	8	17%	13%	11%	11%	10%
Total		$ 527	$ 532	$ 532	$ 471	$ (5)	(1)%	$ - 0	0%	$ 61	13%
		Regions (1)				Change						Percentage of total
For the Years Ended June 30		2020	2019	2018	2015	2020 / 2019		2019 / 2018		2016 / 2015		2020	2019	2018	2015
			($ in millions)
United States		$ 214	$ 199	$ 220	$ 219	$ 15	8%	$ (21)	(10)%	$ 1	1%	41%	37%	41%	46%
Latin America and Canada		148	142	129	99	6	4%	13	10%	30	31%	28%	27%	24%	21%
Europe, Middle East and Africa		109	103	108	61	6	6%	(5)	(5)%	47	76%	21%	19%	20%	13%
Asia Pacific		56	88	75	92	(32)	(36)%	13	17%	(17)	(19)%	11%	17%	14%	20%
Total		$ 527	$ 532	$ 532	$ 471	$ (5)	(1)%	$ - 0	0%	$ 61	13%
(1)	Net Sales by region are based on country of destination
	% of Sales
	U.S.	41%	37%	41%
	Foreign	59%	63%	59%
		100%	100%	100%
		Page 18 of the 10K

Phibro Animal Health Corporation
Consolidated Results of Operations
									Make sure all cells are linked
	Three Months				Twelve Months
For the Periods Ended June 30	2020	2019	Change		2020	2019	Change
	(in millions, except per share amounts and percentages)
Net sales	$ 185.9	$ 203.9	$ (18.0)	(9)%	$ 800.4	$ 828.0	$ (27.6)	(3)%
Cost of goods sold	125.3	138.6	(13.3)	(10)%	543.5	563.4	(19.9)	(4)%
Gross profit	60.6	65.3	(4.7)	(7)%	256.9	264.6	(7.7)	(3)%
Selling, general and administrative	42.4	53.2	(10.8)	(20)%	187.7	181.4	6.3	3%
Operating income	18.1	12.1	6.0	50%	69.2	83.2	(14.0)	(17)%
Interest expense, net	2.8	3.0	(0.2)	(8)%	12.9	11.8	1.1	9%
Foreign currency (gains) losses, net	(1.1)	(0.2)	(0.9)	*	0.8	(0.1)	0.9	*
Loss on extinguishment of debt	- 0	- 0	- 0	*	- 0	- 0	- 0	*
Income before income taxes	16.4	9.2	7.2	78%	55.5	71.5	(16.0)	(22)%
Provision for income taxes	10.7	0.4	10.3	*	22.0	16.8	5.2	31%
Net income	$ 5.6	$ 8.8	$ (3.2)	(36)%	$ 33.6	$ 54.7	$ (21.2)	(39)%
Net income per share
basic	$0.14	$0.22	$ (0.08)		$0.83	$1.35	$ (0.52)
diluted	$0.14	$0.22	$ (0.08)		$0.83	$1.35	$ (0.52)
Weighted average common shares outstanding
basic	40.5	40.5			40.5	40.4
diluted	40.5	40.5			40.5	40.5
Ratio to net sales
Gross profit	32.6%	32.0%			32.1%	32.0%
Selling, general and administrative	22.8%	26.1%			23.5%	21.9%
Operating income	9.7%	5.9%			8.6%	10.1%
Income before income taxes	8.8%	4.5%			6.9%	8.6%
Net income	3.0%	4.3%			4.2%	6.6%
Effective tax rate	65.6%	4.4%			39.6%	23.5%
Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful

Phibro Animal Health Corporation									MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS
Segment Net Sales and Adjusted EBITDA
	Three Months				Twelve Months
For the Periods Ended June 30	2020	2019	Change		2020	2019	Change
	(in millions, except percentages)
Net Sales
MFAs and other	$ 72.6	$ 86.3	$ (13.7)	(16)%	$ 322.3	$ 350.5	$ (28.2)	(8)%
Nutritional specialties	31.1	28.6	2.6	9%	129.3	113.2	16.0	14%
Vaccines	18.6	17.2	1.5	8%	75.3	68.3	7.0	10%
Animal Health	122.4	132.0	(9.6)	(7)%	526.9	532.0	(5.1)	(1)%
Mineral Nutrition	49.9	56.0	(6.1)	(11)%	214.4	233.8	(19.4)	(8)%
Performance Products	13.6	15.9	(2.3)	(14)%	59.0	62.2	(3.2)	(5)%
Total	$ 185.9	$ 203.9	$ (18.0)	(9)%	$ 800.4	$ 828.0	$ (27.6)	(3)%
Adjusted EBITDA
Animal Health	$ 29.6	$ 31.2	$ (1.6)	(5)%	$ 123.1	$ 136.0	$ (12.9)	(10)%
Mineral Nutrition	3.5	3.8	(0.3)	(8)%	14.7	15.7	(1.0)	(7)%
Performance Products	0.7	1.2	(0.4)	(38)%	4.5	4.7	(0.2)	*
Corporate	(9.9)	(9.8)	(0.1)	*	(40.2)	(38.5)	(1.7)	*
Total	$ 23.9	$ 26.3	$ (2.5)	(9)%	$ 102.1	$ 118.0	$ (15.9)	(13)%
Ratio to segment net sales
Animal Health	24.2%	23.6%			23.4%	25.6%				Make sure all cells are linked
Mineral Nutrition	6.9%	6.7%			6.8%	6.7%
Performance Products	5.3%	7.4%			7.7%	7.6%
Corporate (1)	(5.3)%	(4.8)%			(5.0)%	(4.6)%
Total (1)	12.8%	12.9%			12.8%	14.3%
(1)reflects ratio to total net sales
Reconciliation of GAAP Net Income to Adjusted EBITDA
Net income	$ 5.6	$ 8.8	$ (3.2)	(36)%	$ 33.6	$ 54.7	$ (21.2)	(39)%
Interest expense, net	2.8	3.0	(0.2)	(8)%	12.9	11.8	1.1	9%
Provision for income taxes	10.7	0.4	10.3	*	22.0	16.8	5.2	31%
Depreciation and amortization	8.2	7.2	1.0	14%	32.3	27.6	4.8	17%
EBITDA	27.4	19.4	7.9	41%	100.7	110.8	(10.1)	(9)%
Restructuring costs	- 0	6.3	(6.3)	*	0.4	6.3	(5.9)	(93)%
Stock-based compensation	0.6	0.6	- 0	0%	2.3	2.3	- 0	0%
Acquisition-related cost of goods sold	- 0	- 0	- 0	*	0.3	- 0	0.3	*
Acquisition-related accrued compensation	- 0	- 0	- 0	*	- 0	- 0	- 0	*
Acquisition-related transaction costs	- 0	0.2	(0.2)	*	0.5	0.2	0.2	117%
Acquisition-related other, net	(3.0)	- 0	(3.0)	*	(2.8)	- 0	(2.8)	*
Other, net (1)	- 0	- 0	- 0	*	- 0	(1.5)	1.5	*
Pension settlement cost	- 0	- 0	- 0	*	- 0	- 0	- 0	*
Gain on insurance settlement	- 0	- 0	- 0	*	- 0	- 0	- 0	*
Foreign currency (gains) losses, net	(1.1)	(0.2)	(0.9)	*	0.8	(0.1)	0.9	*
Loss on extinguishment of debt	- 0	- 0	- 0	*	- 0	- 0	- 0	*
Adjusted EBITDA	$ 23.9	$ 26.3	$ (2.5)	(9)%	$ 102.1	$ 118.0	$ (15.9)	(13)%
(1) Other, net relates to the cancellation of a certain business arrangement
(2) Acquisition-related other, net includes the adjustment to contingent consideration
Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful

Phibro Animal Health Corporation									MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS
Adjusted Net Income									Make sure all cells are linked
	Three Months				Twelve Months
For the Periods Ended June 30	2020	2019	Change		2020	2019	Change
	(in millions, except per share amounts and percentages)
Adjusted cost of goods sold	$ 123.8	$ 137.3	$ (13.5)	(10)%	$ 536.9	$ 558.1	$ (21.2)	(4)%
Adjusted gross profit	62.1	66.6	(4.5)	(7)%	263.5	269.9	(6.4)	(2)%
Adjusted selling, general and administrative	44.2	45.9	(1.7)	(4)%	184.8	173.3	11.5	7%
Adjusted interest expense, net	2.7	3.0	(0.3)	(10)%	12.6	11.8	0.8	7%
Adjusted income before income taxes	15.2	17.7	(2.5)	(14)%	66.1	84.8	(18.7)	(22)%
Adjusted provision for income taxes	8.4	4.1	4.3	105%	22.3	22.8	(0.5)	(2)%
Adjusted net income	$ 6.8	$ 13.6	$ (6.8)	(50)%	$ 43.8	$ 62.0	$ (18.2)	(29)%
Adjusted net income per share
diluted	$0.17	$0.33	($0.16)	(48%)	$1.08	$1.53	($0.45)	(29)%
Weighted average common shares outstanding
diluted	40.5	40.5			40.5	40.5
Ratio to net sales
Adjusted gross profit	33.4%	32.7%			32.9%	32.6%
Adjusted selling, general and administrative	23.8%	22.5%			23.1%	20.9%
Adjusted income before income taxes	8.2%	8.7%			8.3%	10.2%
Adjusted net income	3.6%	6.7%			5.5%	7.5%
Adjusted effective tax rate	55.4%	23.2%			33.7%	26.9%
Reconciliation of GAAP Net Income to Adjusted Net Income
Net income	$ 5.6	$ 8.8	$ (3.2)	(36)%	$ 33.6	$ 54.7	$ (21.2)	(39)%
Restructuring costs	- 0	6.3	(6.3)	*	0.4	6.3	(5.9)	(93)%
Stock-based compensation (1)	0.6	0.6	- 0	0%	2.3	2.3	- 0	0%
Acquisition-related cost of goods sold	- 0	- 0	- 0	*	0.3	- 0	0.3	*
Acquisition-related intangible amortization(2)	1.5	1.3	0.2	17%	6.3	5.3	1.1	20%
Acquisition-related intangible amortization(1)	0.7	0.2	0.4	197%	2.5	0.8	1.7	208%
Acquisition-related accrued compensation(1)	- 0	- 0	- 0	*	- 0	- 0	- 0	*
Acquisition-related transaction costs(1)	- 0	0.2	(0.2)	*	0.5	0.2	0.2	117%
Acquisition-related other, net (1)	(3.0)	- 0	(3.0)	*	(2.8)	- 0	(2.8)	*
Other, net(1) (3)	- 0	- 0	- 0	*	- 0	(1.5)	1.5	*
Pension settlement cost (2)	- 0	- 0	- 0	*	- 0	- 0	- 0	*
Gain on insurance settlement (2)	- 0	- 0	- 0	*	- 0	- 0	- 0	*
Acquisition-related accrued interest	0.1	0.0	0.1	*	0.3	- 0	0.3	*
Foreign currency (gains) losses, net(4)	(1.1)	(0.2)	(0.9)	*	0.8	(0.1)	0.9	*
Loss on extinguishment of debt	- 0	- 0	- 0	*	- 0	- 0	- 0	*
Adjustments to income taxes(5)	2.3	(3.7)	6.0	*	(0.3)	(6.0)	5.7	*
Adjusted net income	$ 6.8	$ 13.6	$ (6.8)	(50)%	$ 43.8	$ 62.0	$ (18.2)	(29)%
Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful
(1)Included in selling, general and administrative
(2)Included in cost of goods sold
(3) Acquisition-related other, net includes the adjustment to contingent consideration
(3)Relates to the cancellation of a certain business arrangement
(4)Primarily related to intercompany balances
(5)Related to the income tax effect of pre-tax income adjustments and the exclusion of certain income tax items
(6) Acquisition-related other, net includes …….
Depreciation and amortization	8.164	7.157	(1.0)	$ (0.02)	32.341	27.564	(4.8)	$ (0.12)
Less: amortization	(1.803)	(1.623)	0.2	$ 0.00	(6.598)	(5.575)	1.0	$ 0.03
Depreciation	6.361	5.534	(0.8)	$ (0.02)	25.743	21.989	(3.8)	$ (0.09)
Interest	2.732	3.036	0.3	$ 0.01	12.581	11.776	(0.8)	$ (0.02)
Taxes	8.401	4.104	(4.3)	$ (0.11)	22.290	22.776	0.5	$ 0.01
Subtotal	17.494	12.674	(4.8)	$ (0.12)	60.614	56.541	(4.1)	$ (0.10)
EBITDA	23.860	26.315	(2.5)	$ (0.06)	102.140	118.037	(15.9)	$ (0.39)
Adjusted net income			(7.3)	$ (0.18)			(20.0)	$ (0.49)

Phibro Animal Health Corporation
Operating and Investing Cash Flows															MAKE SURE TO UNHIDE COLUMNS THAT MAY NOT BE APPLICABLE FOR THE QUARTERS
	Three Months				Twelve Months				Change				Nine Months
For the Periods Ended June 30	2020	2019	Change		2020	2019	Change		2014 / 2013		2013 / 2012		2020	2019
	(in millions)
EBITDA	$ 27.4	$ 19.4	$ 7.9	41%	$ 100.7	$ 110.8	$ (10.1)	$ (10.1)	$ (10)	(9)%	$ 121	*	$ 73.4	$ 91.4
Adjustments
Restructuring costs	- 0	6.3	(6.3)		0.4	6.3	(5.9)						0.4	- 0
Stock-based compensation	0.6	0.6	- 0		2.3	2.3	- 0						1.7	1.7
Acquisition-related cost of goods sold	- 0	- 0	- 0		0.3	- 0	0.3						0.3	- 0
Acquisition-related accrued compensation	- 0	- 0	- 0		- 0	- 0	- 0						- 0	- 0
Acquisition-related transaction costs	- 0	0.2	(0.2)		0.5	0.2	0.2						0.5	- 0
Acquisition-related other, net	(3.0)	- 0	(3.0)		(2.8)	- 0	(2.8)						0.2	- 0
Other, net (1)	- 0	- 0	- 0		- 0	(1.5)	1.5						- 0	(1.5)
Pension settlement cost	- 0	- 0	- 0		- 0	- 0	- 0						- 0	- 0
Gain on insurance settlement	- 0	- 0	- 0		- 0	- 0	- 0						- 0	- 0
Foreign currency (gains) losses, net	(1.1)	(0.2)	(0.9)		0.8	(0.1)	0.9						1.9	0.1
Loss on extinguishment of debt	- 0	- 0	- 0		- 0	- 0	- 0						- 0	- 0
Interest paid, net	(2.4)	(3.2)	0.8	*	(11.6)	(12.3)	0.7	0.7	1	*	(13)	*	(9.2)	(9.1)
Income taxes paid	(5.8)	(3.0)	(2.8)	*	(20.9)	(16.2)	(4.7)	(4.7)	(5)	*	(12)	*	(15.0)	(13.2)
Changes in operating assets and liabilities and other items	(11.7)	(5.2)	(6.5)	*	(10.3)	(42.4)	32.1	32.1	32	*	(74)	*	1.4	(37.2)
Cash provided by insurance settlement	- 0	- 0	- 0		- 0	- 0	- 0						- 0	- 0
Cash used for acquisition-related transaction costs	- 0	- 0	- 0				- 0							- 0
Net cash provided by operating activities	$ 3.9	$ 14.9	$ (11.0)	(74)%	$ 59.3	$ 47.2	$ 12.2	$ 12.2	$ 12	26%	$ 35	287%	$ 55.5	$ 32.3
Short-term investments, net	$ - 0	$ 25.0	$ (25.0)		$ (31.0)	$ 26.0	$ (57.0)	$ (57.0)					$ (31.0)	$ 1.0
Capital expenditures	(10.0)	(10.1)	0.1		(34.0)	(29.9)	(4.1)	(4.1)					(24.0)	(19.8)
Business acquisitions	- 0	- 0	- 0		(54.5)	(9.8)	(44.7)	(44.7)					(54.5)	(9.8)
Other investing, net	0.5	(0.1)	0.6		(0.8)	(0.4)	(0.4)						(1.3)	(0.3)
Net cash provided (used) by investing activities	$ (9.5)	$ 14.7	$ (24.2)		$ (120.3)	$ (14.1)	$ (106.2)	$ (106.2)					$ (110.8)	$ (28.9)
Net cash flow before financing activities	$ (5.6)	$ 29.6	$ (35.2)		$ (61.0)	$ 33.0	$ (94.0)	$ (94.0)					$ (55.3)	$ 3.4
Proforma adjustments
Add: actual interest paid	- 0	3.2	(3.2)		11.6	12.3		(0.7)
Less: proforma interest paid(1)	- 0	(3.2)	3.2		(12.9)	(13.0)		0.2
Add: payment of premiums and costs on extinguished debt	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!		ERROR:#REF!	ERROR:#REF!		ERROR:#REF!
Proforma net cash flow before financing activities	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!		ERROR:#REF!	ERROR:#REF!		ERROR:#REF!
(1)proforma interest assumes IPO and refinancing occurred at the beginning of each period presented
(1) Other, net relates to the cancellation of a certain business arrangement
Amounts and percentages may reflect rounding adjustments

Phibro Animal Health Corporation
Guidance for fiscal year 2017
	FY 2017 Guidance - adjusted basis			FY 2016 adjusted	Growth - adjusted basis			FY 2016 reported
	low		high		low		high
	(in millions, except per share amounts and percentages)
Net sales - Animal Health segment	$ 495	-	$ 510	$ 486	2%	-	5%	$ 486
Net sales	750	-	770	752	(0)%	-	2%	752
Adjusted EBITDA	116	-	120	114	2%	-	5%
Depreciation expense	21	-	21	18	18%	-	18%
Operating income	95	-	99	96	(1)%	-	3%	86
Interest expense, net	17	-	17	15	10%	-	10%	17
Foreign currency (gains) losses, net	- 0		- 0	- 0	*		*	(8)
Income before income taxes	78	-	82	81	(3)%	-	2%	77
Provision (benefit) for income taxes	23	-	24	24	(3)%	-	2%	(6)
Net income	$ 55	-	$ 58	$ 57	(3)%	-	2%	$ 83
Net income per share - diluted	$ 1.38	-	$ 1.45	$ 1.43	(3)%	-	1%	$ 2.07
Weighted average common shares outstanding
Diluted	40.0	-	40.0	40.0				40.0
Ratio to net sales
Adjusted EBITDA	15.5%	-	15.6%	15.2%
Effective tax rate	29.6%	-	29.6%	29.6%
* Calculation not meaningful
The methodology for the adjusted provision for income taxes has been revised for 2017 and the 2016 comparison, to present the GAAP provision for income taxes , adjusted for the tax effect of pre-tax income adjustments and to remove non-recurring or discrete items, such as the benefit from the release of the valuation allowance in 2016.

Phibro Animal Health Corporation															Input
Guidance for fiscal year 2017
	FY 2017 GAAP - updated			FY 2016 GAAP	Growth			FY 2017 GAAP - initial					YTD March 31, 2017	Q4 Forecast	Q4 Low	Q4 High	FY 2017 GAAP - updated										FY 2017 GAAP - updated
	low		high		low		high	low		high		Schedule 1					low	high		Q1	Q2	Q3	March YTD	Q4 Forecast	Q4 Low	Q4 High	low		high
	(in millions, except per share amounts and percentages)																		Operating income
												Net sales - Animal Health segment	527	125	121	126	648	653	Net Sales	187,987	191,598	185,883	565,468	193,871	191,000	196,000	756,468		761,468
Net sales - Animal Health segment	$ 648	-	$ 653	$ 486	33%	-	34%	$ 495	-	$ 510	Schedule 1	Net sales	800	194	191	196	991	996	COGS	126,988	128,100	125,319	380,407	132,292	130,924	133,336	511,331		513,743
Net sales	991	-	996	752	32%	-	33%	750	-	770	Schedule 1								GM	60,999	63,498	60,564	185,061	61,579	60,076	62,664	245,137		247,725
																			SG&A	39,186	40,870	42,445	122,501	40,393	40,393	40,981	162,894		163,482	0.3176287325
Operating income	89	-	91	86	4%	-	6%	na		na	Schedule 2	Schedule 2							Operating Income	21,813	22,628	18,119	62,560	21,186	19,683	21,683	82,243		84,243
Interest expense, net	17	-	17	17	1%	-	1%	na		na	Schedule 2								Interest expense, net	3,907	3,940	3,929	11,776	3,896	3,896	3,896	15,672		15,672
Foreign currency (gains) losses, net	1	-	1	(8)	*		*	na		na	Schedule 2	Operating income	69	21	20	21.68	89	91	Foreign currency (gains) losses, net	334	(548)	(403)	(617)	- 0	- 0	- 0	(617)		(617)
Income before income taxes	71	-	73	77	(7)%	-	(5)%	na		na		Interest expense, net	13	4	4	3.90	17	17	Income before income taxes	17,572	19,236	14,593	51,401	17,290	15,787	17,788	67,188		69,189
Provision (benefit) for income taxes	27	-	27	(6)	*	-	*	na		na	Schedule 3	Foreign currency (gains) losses, net	1	- 0	- 0	- 0	1	1	Provision (benefit) for income taxes	5,395	5,887	10,739	22,021	5,274	4,815	5,425	26,836		27,446
Net income	$ 45	-	$ 46	$ 83	(46)%	-	(44)%	na		na									Net income	12,177	13,349	3,854	29,380	12,017	10,972	12,362	40,352		41,742
Net income per share - diluted	$ 1.11	-	$ 1.15	$ 2.07	(46)%	-	(44)%	na		na
												Schedule 3							Adjusted EBITDA
Weighted average common shares outstanding - diluted	40.0	-	40.0	40.0				40.0	-	40.0
												Provision (benefit) for income taxes	22	5	4.82	5.43	27	27	Net income	12,177	13,417	5,642	31,236	12,017	10,972	12,362	42,208		43,598
																			Interest expense, net	3,907	3,940	3,929	11,776	3,896	3,896	3,896	15,672		15,672
	FY 2017 Adjusted - updated			FY 2016 Adjusted	Growth			FY 2017 Adjusted - initial											Provision (benefit) for income taxes	5,395	5,887	10,739	22,021	5,274	4,815	5,425	26,836		27,446
	low		high		low		high	low		high									Depreciation and amortization	6,318	6,444	6,842	19,604	7,074	7,074	7,074	26,678		26,678
	(in millions, except per share amounts and percentages)																		EBITDA	27,797	29,688	27,152	84,637	28,260	26,757	28,757	111,394		113,394
Adjusted EBITDA	$ 115	-	$ 117	$ 114	1%	-	3%	$ 116	-	$ 120									Acquisition-related accrued compensation	420	420	- 0	840	420	420	420	1,260		1,260
Depreciation expense	20.715	-	20.715	18	16%	-	16%	21	-	21									Acquisition-related transaction costs	1,274			1,274	- 0	- 0	- 0	1,274		1,274
Adjusted interest expense, net	13.899	-	13.899	15	(8)%	-	(8)%	17	-	17									Pension settlement cost	- 0	1,702		1,702	- 0	- 0	- 0	1,702		1,702
Adjusted income before income taxes	80	-	82	81	(1)%	-	2%	78	-	82									Gain on insurance settlement			- 0	- 0	- 0	- 0	- 0	- 0		- 0
Adjusted provision (benefit) for income taxes	26	-	26	24	8%	-	10%	23	-	24									Foreign currency (gains) losses, net	334	(548)	(403)	(617)	- 0	- 0	- 0	(617)		(617)
Adjusted net income	$ 55	-	$ 56	$ 57	(4)%	-	(2)%	$ 55	-	$ 58
																			Adjusted EBITDA	29,825	31,262	26,749	87,836	28,680	27,177	29,177	115,013		117,013
Adjusted net income per share - diluted	$ 1.36	-	$ 1.40	$ 1.43	(5)%	-	(2)%	$ 1.38	-	$ 1.45
Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful																			Interest expense, net
na GAAP guidance was not initially provided
																			Phibro Corporate
																			BofA Revolver - Interest	690	463	349	1,502	277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25	277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25	277 Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25	1,779		1,779
																			BofA Letters of Credit Fee	84	77	84	245	104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter)	104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter)	104 Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter)	349		349
																			BofA Unused Line Fee	153	168	185	506	194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter)	194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter)	194 Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter)	700		700
																			BofA Revolver - Def Charges Amort	96	96	95	287	95 Anthony Andolino: Anthony Andolino:Average / Run Rate	95 Anthony Andolino: Anthony Andolino:Average / Run Rate	95 Anthony Andolino: Anthony Andolino:Average / Run Rate	382		382
																			Term B Loan - Interest	2,905	2,866	2,859	8,630	2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter)	2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter)	2,820 Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter)	11,450		11,450
																			Term B Loan - OID Amort	27	26	26	79	26 Anthony Andolino: Anthony Andolino:Average / Run Rate	26 Anthony Andolino: Anthony Andolino:Average / Run Rate	26 Anthony Andolino: Anthony Andolino:Average / Run Rate	105		105
																			Term B Loan - Def Charge Amort	132	133	132	397	132 Anthony Andolino: Anthony Andolino:Average / Run Rate	132 Anthony Andolino: Anthony Andolino:Average / Run Rate	132 Anthony Andolino: Anthony Andolino:Average / Run Rate	529		529
																			Long term care agreement	33	33	33	99	33 Anthony Andolino: Anthony Andolino:Average / Run Rate	33 Anthony Andolino: Anthony Andolino:Average / Run Rate	33 Anthony Andolino: Anthony Andolino:Average / Run Rate	132		132
																			Miscellaneous			- 0	- 0				- 0		- 0
																			Prince Agri	16	13	- 0	29	- 0 Anthony Andolino: Anthony Andolino:Average / Run Rate	- 0 Anthony Andolino: Anthony Andolino:Average / Run Rate	- 0 Anthony Andolino: Anthony Andolino:Average / Run Rate	29		29
																			Phibro-Tech	24	21	22	67	22 Anthony Andolino: Anthony Andolino:Average / Run Rate	22 Anthony Andolino: Anthony Andolino:Average / Run Rate	22 Anthony Andolino: Anthony Andolino:Average / Run Rate	89		89
																			CP Chemicals	2	2	2	6	2 Anthony Andolino: Anthony Andolino:Average / Run Rate	2 Anthony Andolino: Anthony Andolino:Average / Run Rate	2 Anthony Andolino: Anthony Andolino:Average / Run Rate	8		8
																			PAH Foreign
																			Capital leases	2	1	1	4	1 Anthony Andolino: Anthony Andolino:Average / Run Rate	1 Anthony Andolino: Anthony Andolino:Average / Run Rate	1 Anthony Andolino: Anthony Andolino:Average / Run Rate	5		5
																			Acquisition related accrued interest	393	462	459	1,314	459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan.	459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan.	459 Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan.	1,773		1,773
																			Miscellaneous	30	68	3	101	30 Anthony Andolino: Anthony Andolino:Average / Run Rate	30 Anthony Andolino: Anthony Andolino:Average / Run Rate	30 Anthony Andolino: Anthony Andolino:Average / Run Rate	131		131
																			Interest Income	(680)	(489)	(321)	(1,490)	(300)	(300)	(300)	(1,790)		(1,790)
																			TOTAL INTEREST EXPENSE	3,907	3,940	3,929	11,776	3,896	3,896	3,896	15,672		15,672
																											- 0		- 0
																			Foreign currency (gains) losses, net
																			Foreign currency (gains) losses, net	334	(548)	(403)	(617)	- 0	- 0 Anthony Andolino: Anthony Andolino:Average / Run Rate	- 0 Anthony Andolino: Anthony Andolino:Average / Run Rate	(617)		(617)
																			Provision (benefit) for income taxes
																			Income before income taxes	17,572	19,304	16,381	53,257	17,290	15,787	17,788	69,044		71,045
																			Taxes	5,395	5,887	10,739	22,021	5,274	4,815	5,425	26,836		27,446
																			Effective tax rate	30.7%	30.5%	65.6%	41.3%	30.5%	30.5%	30.5%	38.9%		38.6%
																			Depreciation and amortization expense
																			Phibro Corporate	660	655	665	1,980	665	665 Anthony Andolino: Anthony Andolino:Average / Run Rate	665 Anthony Andolino: Anthony Andolino:Average / Run Rate	2,645		2,645
																			Phibrochem-ESS	6	7	13	26	13	13 Anthony Andolino: Anthony Andolino:Average / Run Rate	13 Anthony Andolino: Anthony Andolino:Average / Run Rate	39		39
																			Phibrochem-EPG	45	42	40	127	40	40 Anthony Andolino: Anthony Andolino:Average / Run Rate	40 Anthony Andolino: Anthony Andolino:Average / Run Rate	167		167
																			Prince Agri - NS	1,604	1,682	1,951	5,237	2,183	2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate	2,183 Anthony Andolino: Anthony Andolino:Average / Run Rate	7,420		7,420
																			Prince Agri - MN	542	542	610	1,694	610	610 Anthony Andolino: Anthony Andolino:Average / Run Rate	610 Anthony Andolino: Anthony Andolino:Average / Run Rate	2,304		2,304
																			Phibro-Tech	212	228	242	682	242	242 Anthony Andolino: Anthony Andolino:Average / Run Rate	242 Anthony Andolino: Anthony Andolino:Average / Run Rate	924		924
																			PAH U.S.	799	800	817	2,416	817	817 Anthony Andolino: Anthony Andolino:Average / Run Rate	817 Anthony Andolino: Anthony Andolino:Average / Run Rate	3,233		3,233
																			PAH Foreign	2,449	2,488	2,504	7,441	2,504	2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate	2,504 Anthony Andolino: Anthony Andolino:Average / Run Rate	9,945		9,945
																			Total	6,318	6,444	6,842	19,604	7,074	7,074	7,074	26,678		26,678
																			Depreciation only
																			Phibro Corporate	660	656	665	1,981	665	665 Anthony Andolino: Anthony Andolino:Average / Run Rate	665 Anthony Andolino: Anthony Andolino:Average / Run Rate	2,646		2,646
																			Phibrochem-ESS	6	7	5	18	5	5 Anthony Andolino: Anthony Andolino:Average / Run Rate	5 Anthony Andolino: Anthony Andolino:Average / Run Rate	23		23
																			Phibrochem-EPG	45	42	40	127	40	40 Anthony Andolino: Anthony Andolino:Average / Run Rate	40 Anthony Andolino: Anthony Andolino:Average / Run Rate	167		167
																			Prince Agri - NS	893	1,062	1,331	3,286	1,331	1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate	1,563 Anthony Andolino: Anthony Andolino:Average / Run Rate	4,849		4,849
																			Prince Agri - MN	404	405	472	1,281	472	472 Anthony Andolino: Anthony Andolino:Average / Run Rate	472 Anthony Andolino: Anthony Andolino:Average / Run Rate	1,753		1,753
																			Phibro-Tech	212	228	242	682	242	242 Anthony Andolino: Anthony Andolino:Average / Run Rate	242 Anthony Andolino: Anthony Andolino:Average / Run Rate	924		924
																			PAH U.S.	153	155	171	479	171	171 Anthony Andolino: Anthony Andolino:Average / Run Rate	171 Anthony Andolino: Anthony Andolino:Average / Run Rate	650		650
																			PAH Foreign	2,357	2,398	2,474	7,229	2,474	2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate	2,474 Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25	Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25	Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter)	Anthony Andolino: Anthony Andolino:$30,000,000 * 3.69% *.25	Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter)	Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter)	Anthony Andolino: Anthony Andolino:$14,518,124 * 2.875% *.25 (1 quarter)	Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter)	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:$155,481,876 * 0.5% *.25 (1 quarter)	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter)	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter)	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:$282,025,000 * 4% * .25 (1 quarter)	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan.	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan.	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Run rate of Jan-Mar as there was as step up in interest for MJB starting in Jan.	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	Anthony Andolino: Anthony Andolino:Average / Run Rate	9,703	9,703
																			Total	4,730	4,953	5,400	15,083	5,400	5,632	5,632	20,715		20,715
																			Adjusted Net Income
																			Income before income taxes	17,572	19,236	14,593	51,401	17,290	15,787	17,788	67,188		69,189
																			Acquistion-related cost of goods sold	1,265	1,265	1,266	3,796	1,266	1,266	1,266	5,062		5,062
																			Acquisition-related intangible amortization	263	169	170	602	170	170	170	772		772
																			Acquisition-related accrued compensation	420	420	- 0	840	420	420	420	1,260		1,260
																			Acquisition-related transaction costs	1,274	- 0	- 0	1,274	- 0	- 0	- 0	1,274		1,274
																			Pension settlement cost	- 0	1,702	- 0	1,702	- 0	- 0	- 0	1,702		1,702
																			Gain on insurance settlement	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0		- 0
																			Acquisition-related accrued interest	393	461	460	1,314	460	460	460	1,774		1,774
																			Foreign currency (gains) losses, net	334	(548)	(403)	(617)	- 0	- 0	- 0	(617)		(617)
																			Adjusted income before taxes	21,521	22,705	16,086	60,312	19,606	18,103	20,104	78,415		80,416
																			Provision for income taxes	6,967	7,334	5,982	20,283	5,980	5,522	6,132	25,805		26,415
																			Adjusted net income	14,554	15,371	10,104	40,029	13,626	12,582	13,972	52,611		54,001

Depreciation and Amortization
	Depreciation			Amortization			Depreciation and Amortization
	FY16	FY17	increase	FY16	FY17	increase	FY16	FY17	increase
Corporate	3,029	2,936	(93)	- 0	- 0	- 0	3,029	2,936	(93)
PChem	19	22	3	- 0	- 0	- 0	19	22	3
EPG	172	204	32	- 0	- 0	- 0	172	204	32
PAP	4,201	6,340	2,139	3,581	3,170	(411)	7,782	9,510	1,728
PTech	787		(787)	940		(940)	787	940	153
Non - PAH	8,208	9,502	1,294	4,521	3,170	(1,351)	11,789	13,612	1,823
PAH Domestic			- 0	- 0		- 0	1,901		(1,901)
Brazil			- 0			- 0	2,940		(2,940)
Israel			- 0			- 0	6,203		(6,203)
EPG Brazil			- 0			- 0	13		(13)
Ferro			- 0			- 0	1	1	- 0
PAH Foreign Other	9,685	11,548	1,863	1,038	3,114	2,076	605	13,721	13,116
Tota PAH	9,685	11,548	1,863	1,038	3,114	2,076	11,663	13,722	2,059
Total	17,893	21,050	3,157	5,559	6,284	725	23,452	27,334	3,882
		Q4 run rate			Q4 run rate
		20,812			6,284

Interest expense
	2016 Interest	2017 Interest	change	Principal	Interest Rate
Term B Q1	2.935	2.842	(0.093)	284.2	1%
Term B Q2	2.927	2.835	(0.092)	283.5	1%
Term B Q3	2.888	2.827	(0.061)	282.7	1%
Term B Q4	2.881	2.820	(0.061)	282.0	1%
Revolver	1.410	2.278 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June.	0.868 Anthony Andolino: Anthony Andolino:Assumes 69,000,000 *3.25% through December with 1.5M payments from Jan-June. And an increase in interest rate to 3.50% through March and one more increase to 3.75% from April to June.
Letters of Credit	0.301	0.374	0.073	14.2	2.6%
Unused Line Fee	0.445	0.598 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June	0.153 Anthony Andolino: Anthony Andolino:200M LOC less 69M LOC used less 14,241,628 LOC used. Remaining amount multiplied by .50% unused line fee. This amount is increased by the 1.5M repayments from Jan- June
Ticking Fee	- 0	0.750	0.750
LT care agreement	0.181	0.132	(0.049)
Prince	0.062	0.031	(0.031)
Ptech	0.093	0.093	- 0
CP Chemicals	0.008	- 0	(0.008)
Capital Leases	0.006	- 0	(0.006)
Other, net	(0.010)	- 0	0.010
Term B OID	0.104	0.104	(0.000)
Term B Deferred Costs	0.530	0.530	(0.000)
Revolver Deferred Costs - New	0.355	0.381	0.026
	15.116	16.594	1.478
Acq-related accrued interest	1.476
Total	16.592

Consolidated					Consolidated
										Make sure all cells are linked
For the three months ended June 30	2020	2019	Change		For the year ended June 30	2020	2019	Change
	(in millions, except per share amounts and percentages)					(in millions, except per share amounts and percentages)
Net sales	$ 185.9	$ 203.9	$ (18.0)	(9)%	Net sales	$ 800.4	$ 828.0	$ (27.6)	(3)%
Net income	5.6	8.8	(3.2)	(36)%	Net income	33.6	54.7	(21.2)	(39)%
Diluted EPS	$ 0.14	$ 0.22	$ (0.08)	(36)%	Diluted EPS	$ 0.83	$ 1.35	$ (0.52)	(39)%
Adjusted EBITDA	$ 23.9	$ 26.3	$ (2.5)	(9)%	Adjusted EBITDA	$ 102.1	$ 118.0	$ (15.9)	(13)%
Adjusted net income	6.8	13.6	(6.8)	(50)%	Adjusted net income	43.8	62.0	(18.2)	(29)%
Adjusted diluted EPS	$ 0.17	$ 0.33	$ (0.16)	(48)%	Adjusted diluted EPS	$ 1.08	$ 1.53	$ (0.45)	(29)%


Consolidated					Consolidated
For the three months ended September 30					For the three months ended September 30
(in millions)	2016	2015	Change		(in millions)	2016	2015	Change
Net sales	$ 185.9	$ 203.9	$ (18.0)	(9)%	Net sales	$ 800.4	$ 828.0	$ (27.6)	(3)%
Adjusted EBITDA	$ 23.9	$ 26.3	$ (2.5)	(9)%	Adjusted EBITDA	$ 102.1	$ 118.0	$ (15.9)	(13)%
% of net sales	12.8%	12.9%		+110bps	% of net sales	12.8%	14.3%		+110bps
Animal Health					Animal Health
For the three months ended June 30	2020	2019	Change		For the year ended June 30	2020	2019	Change		Make sure all cells are linked
	(in millions, except percentages)					(in millions, except percentages)
MFAs and other	$ 72.6	$ 86.3	$ (13.7)	(16)%	MFAs and other	$ 322.3	$ 350.5	$ (28.2)	(8)%
Nutritional specialties	31.1	28.6	2.6	9%	Nutritional specialties	129.3	113.2	16.0	14%
Vaccines	18.6	17.2	1.5	8%	Vaccines	75.3	68.3	7.0	10%
Net sales	$ 122.4	$ 132.0	$ (9.6)	(7)%	Net sales	$ 526.9	$ 532.0	$ (5.1)	(1)%
Adjusted EBITDA	$ 29.6	$ 31.2	$ (1.6)	(5)%	Adjusted EBITDA	$ 123.1	$ 136.0	$ (12.9)	(10)%
% of segment net sales	24.2%	23.6%		+60bps	% of segment net sales	23.4%	25.6%		-220bps

Phibro Animal Health Corporation
Updated Guidance for fiscal year 2020
For the year ending June 30	2020			2019	Change from 2019						Change from Previous Guidance				17 Guidance
	(in millions, except per share amounts and percentages)														low	high	low %	high %
Net sales - Animal Health segment	$ 537	-	$ 547	$ 532	$ 5	-	$ 15	1%	-	3%	$ - 0	-	$ (10)	524,603	495,000	510,000	94%	97%
Net sales	$ 812	-	$ 828	$ 828	$ (16)	-	$ 0	(2)%	-	0%	$ (21)	-	$ (35)	788,165	750,000	770,000	95%	98%
Operating income	94.9	-	97.8	97.9	(3.0)	-	(0.1)	(3)%	-	(0)%	- 0	-	(3.8)	94,986	94,950	98,950	100%	104%
Interest expense, net	12.8	-	12.3	14.9	(2.1)	-	(2.6)	(14)%	-	(17)%	- 0	-	(1.4)	18,322	16,594	16,594	91%	91%
Foreign currency (gains) losses, net	- 0	-	- 0	(0.1)	0.1	-	0.1	*	-	*	- 0	-	0.1	1,444	- 0	- 0	0%	0%
Loss on extinguishment of debt	- 0	-	- 0	2.6	(2.6)	-	(2.6)	*	-	*	- 0	-	(2.6)	- 0	- 0	- 0	ERROR:#DIV/0!	ERROR:#DIV/0!
Income before income taxes	82.1	-	85.5	80.5	1.5	-	5.0	2%	-	6%	- 0	-	0.0	75,220	78,356	82,356
Provision (benefit) for income taxes	24.2	-	22.5	15.9	8.2	-	6.6	52%	-	41%	- 0	-	10.0	22,190	23,147	24,330	104%	110%
Net income	$ 57.9	-	$ 63.0	$ 64.6	$ (6.7)	-	$ (1.6)	(10)%	-	(2)%	$ - 0	-	$ (10.0)	53,030	55,209	58,026	104%	109%
Net income per share - diluted	$ 0.88	-	$ 0.95	$ 1.61	$ (0.73)	-	$ (0.66)	(45)%	-	(41)%	$ 0.04	-	$ 0.05
Weighted average common shares outstanding - diluted	40.4	-	40.3	40.0							- 0	-	- 0
GAAP effective income tax rate	29.5%	-	26.3%	19.8%							ERROR:#DIV/0!	-	24389.2%
	Adjusted
for the year ending June 30	2018			2017	Increase (Decrease)						2018
	(in millions, except per share amounts and percentages)
Adjusted EBITDA	$ 103	-	$ 107	$ 118	$ (15)	-	$ (11)	(13)%	-	(9)%	$ - 0	-	$ - 0	124,000	116,000	120,000	94%	97%
Depreciation expense	21.6	-	21.6	20.1	1.5	-	1.5	8%	-	8%	- 0	-	- 0
Adjusted interest expense, net	11.7	-	11.2	13.5	(1.8)	-	(2.3)	(13)%	-	(17)%	- 0	-	- 0
Adjusted income before income taxes	69.7	-	74.2	84.5	(14.8)	-	(10.3)	(18)%	-	(12)%	- 0	-	- 0
Adjusted provision (benefit) for income taxes	27.1	-	28.4	26.0	1.1	-	2.4	4%	-	9%	- 0	-	- 0
Adjusted net income	$ 42.5	-	$ 45.7	$ 58.4	$ (15.9)	-	$ (12.7)	(27)%	-	(22)%	$ - 0	-	$ - 0
Adjusted net income per share - diluted	$ 1.15	-	$ 1.22	$ 1.53	$ (0.38)	-	$ (0.31)	(25)%	-	(20)%	$ 0.07	-	$ 0.08
Adjusted EBITDA ratio to net sales	12.7%	-	12.9%	14.3%							0.0%	-	0.0%
Adjusted effective income tax rate	38.9%	-	38.3%	30.8%							ERROR:#DIV/0!	-	ERROR:#DIV/0!
Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful

Phibro Animal Health Corporation
Updated Guidance for fiscal year 2020
	GAAP													Previous
For the year ending June 30	2020			2019	Change from 2019						Change from Previous Guidance									17 Guidance
	(in millions, except per share amounts and percentages)																			low	high	low %	high %
Net sales - Animal Health segment	$ 537	-	$ 547	$ 532	$ 5	-	$ 15	1%	-	3%	$ - 0	-	$ (10)	$ 537	-	$ 557			524,603	495,000	510,000	94%	97%
Net sales	812	-	828	828	(16)	-	0	(2)%	-	0%	(21)	-	(35)	$ 833	-	$ 863			788,165	750,000	770,000	95%	98%
Gross profit	265	-	272	265	1	-	8	0%	-	3%	(5)	-	(8)	270	-	280
Selling, general and administrative	198	-	201	181	17	-	20	9%	-	11%	(7)	-	(10)	205	-	211
Operating income	67	-	71	83	(16)	-	(12)	(20)%	-	(15)%	2	-	2	65	-	69			94,986	94,950	98,950	100%	104%
Interest expense, net	14	-	14	12	2	-	3	18%	-	22%	(4)	-	(4)	18	-	19			18,322	16,594	16,594	91%	91%
Foreign currency (gains) losses, net	3	-	3	(0)	3	-	3	*	-	*	3	-	3	- 0	-	- 0			1,444	- 0	- 0	0%	0%
Income before income taxes	51	-	54	72	(21)	-	(17)	(29)%	-	(24)%	3	-	4	47	-	50			75,220	78,356	82,356
Provision (benefit) for income taxes	15	-	16	17	(2)	-	(1)	(13)%	-	(8)%	2	-	2	13	-	14			22,190	23,147	24,330	104%	110%
Net income	$ 36	-	$ 38	$ 54	$ (19)	-	$ (16)	(35)%	-	(30)%	$ 2	-	$ 2	$ 34	-	$ 37			53,030	55,209	58,026	104%	109%
Net income per share - diluted	$ 0.88	-	$ 0.95	$1.35	$ (0.47)	-	$ (0.40)	(35)%	-	(30)%	$ 0.04	-	$ 0.05	$ 0.84	-	$ 0.90		Note that the Net Income per share is hardcoded for 2019
Weighted average common shares outstanding - diluted	40.5	-	40.5	40.5							- 0	-	- 0	40.5	-	40.5
GAAP effective income tax rate	29.5%	-	29.0%	23.5%							2.0%	-	2.0%	27.5%	-	27.0%		Note that the tax rate is hardcoded for 2019
	Adjusted													Previous
For the year ending June 30	2020			2019	Change						Change from Previous Guidance
	(in millions, except per share amounts and percentages)
Adjusted gross profit	272	-	279	270	2	-	9	1%	-	3%	(7)	-	(10)	279.4	-	289.2
Adjusted selling, general and administrative	194	-	197	173	20	-	23	12%	-	13%	(7)	-	(10)	201.0	-	206.8
Adjusted EBITDA	$ 103	-	$ 107	$ 118	$ (15)	-	$ (11)	(13)%	-	(9)%	$ - 0	-	$ - 0	103.0	-	107.0	caution - formula		124,000	116,000	120,000	94%	97%
Depreciation expense	25	-	25	21	3	-	3	14%	-	14%	- 0	-	- 0	24.6	-	24.6
Adjusted interest expense, net	14	-	14	12	2	-	2	15%	-	20%	(4)	-	(5)	17.8	-	18.8
Adjusted income before income taxes	65	-	68	85	(20)	-	(16)	(24)%	-	(19)%	4	-	5	60.6	-	63.6
Adjusted provision (benefit) for income taxes	18	-	19	23	(5)	-	(4)	(20)%	-	(18)%	1	-	2	16.7	-	17.2
Adjusted net income	$ 47	-	$ 50	$ 62	$ (15)	-	$ (12)	(25)%	-	(20)%	$ 3	-	$ 3	43.9	-	46.4
Adjusted net income per share - diluted	$ 1.15	-	$ 1.22	$ 1.53	$ (0.38)	-	$ (0.31)	(25)%	-	(20)%	$ 0.07	-	$ 0.08	$ 1.08	-	$ 1.15
Ratio to net sales
Adjusted gross profit	33.5%	-	33.7%	32.6%							(0.0)%	-	0.2%	33.5%	-	33.5%
Adjusted selling, general and administrative	23.9%	-	23.8%	20.9%							(0.3)%	-	(0.2)%	24.1%	-	24.0%
Adjusted EBITDA	12.7%	-	12.9%	14.3%							0.3%	-	0.5%	12.4%	-	12.4%
Adjusted effective income tax rate	28.0%	-	27.5%	26.9%							0.5%	-	0.5%	27.5%	-	27.0%
Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful

PHIBRO ANIMAL HEALTH CORPORATION
TOTAL DEPRECIATION & AMORTIZATION
June 30, 2020
(000 OMITTED)	YTD
	Depreciation	Depreciation	Depreciation	Depreciation	Amortization	Amortization	Amortization	Amortization	Amortization	Depr/Amort	Depr/Amort
Business Unit	P P & E	P P & E	Total	Allocation to	Deferred Chgs	Deferred Chgs	Intangibles	Intangibles	Total	Total	SG&A only
	CGS	SG&A	06/30/20	Amprol/Nicarb	CGS	SG&A	CGS	SG&A	06/30/20	06/30/20	06/30/20
Phibro Corporate	- 0	1,672	1,672	- 0	- 0	- 0	- 0	- 0	- 0	1,672	1,672
Phibrochem-ESS	- 0	1	1	- 0	222	- 0	- 0	- 0	222	223	1
Phibrochem-EPG	- 0	171	171	- 0	- 0	- 0	- 0	- 0	- 0	171	171
Prince Agri - NS	5,613	189	5,802	- 0	- 0	- 0	2,449	- 0	2,449	8,251	189
Prince Agri - MN	1,928	51	1,979	- 0	- 0	- 0	- 0	543	543	2,522	594
Osprey Biotechnics	147	20	167	- 0	- 0	- 0	1,118	1,682	2,800	2,967	1,702
Phibro-Tech	1,636	- 0	1,636	- 0	- 0	- 0	- 0	- 0	- 0	1,636	- 0
Phibro-Wood	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
PAH U.S.	598	67	665	- 0	- 0	- 0	2,637	- 0	2,637	3,302	67
PAH Foreign	9,352	1,805	11,157	- 0	- 0	- 0	131	308	439	11,596	2,113
Koffolk Animal Health	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Koffolk Fine Chemicals	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Bio	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Vet	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Assia Kenya	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Ferro	- 0	1	1	- 0	- 0	- 0	- 0	- 0	- 0	1	1
Total	19,274	3,977	23,251	- 0	222	- 0	6,335	2,533	9,090	32,341	6,510
June 30, 2020	QTD
	Depreciation	Depreciation	Depreciation	Depreciation	Amortization	Amortization	Amortization	Amortization	Amortization	Depr/Amort	Depr/Amort
Business Unit	P P & E	P P & E	Total	Allocation to	Deferred Chgs	Deferred Chgs	Intangibles	Intangibles	Total	Total	SG&A only
	CGS	SG&A	06/30/20	Amprol/Nicarb	CGS	SG&A	CGS	SG&A	06/30/20	06/30/20	06/30/20
Phibro Corporate	- 0	429	429	- 0	- 0	- 0	- 0	- 0	- 0	429	429
Phibrochem-ESS	- 0	1	1	- 0	99	- 0	- 0	- 0	99	100	1
Phibrochem-EPG	- 0	47	47	- 0	- 0	- 0	- 0	- 0	- 0	47	47
Prince Agri - NS	1,493	39	1,532	- 0	- 0	- 0	519	- 0	519	2,051	39
Prince Agri - MN	513	3	516	- 0	- 0	- 0	- 0	135	135	651	138
Osprey Biotechnics	40	7	47	- 0	- 0	- 0	305	458	763	810	465
Phibro-Tech	456	- 0	456	- 0	- 0	- 0	- 0	- 0	- 0	456	- 0
Phibro-Wood	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
PAH U.S.	158	11	169	- 0	- 0	- 0	657	- 0	657	826	11
PAH Foreign	2,207	451	2,658	- 0	- 0	- 0	59	76	135	2,793	527
Koffolk Animal Health	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Koffolk Fine Chemicals	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Bio	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Vet	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Assia Kenya	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Ferro	- 0	1	1	- 0	- 0	- 0	- 0	- 0	- 0	1	1
Total	4,867	989	5,856	- 0	99	- 0	1,540	669	2,308	8,164	1,658
March 31, 2020	YTD
	Depreciation	Depreciation	Depreciation	Depreciation	Amortization	Amortization	Amortization	Amortization	Amortization	Depr/Amort	Depr/Amort
Business Unit	P P & E	P P & E	Total	Allocation to	Deferred Chgs	Deferred Chgs	Intangibles	Intangibles	Total	Total	SG&A only
	CGS	SG&A	03/31/20	Amprol/Nicarb	CGS	SG&A	CGS	SG&A	03/31/20	03/31/20	03/31/20
Phibro Corporate	- 0	1,243	1,243	- 0	- 0	- 0	- 0	- 0	- 0	1,243	1,243
Phibrochem-ESS	- 0	- 0	- 0	- 0	123	- 0	- 0	- 0	123	123	- 0
Phibrochem-EPG	- 0	124	124	- 0	- 0	- 0	- 0	- 0	- 0	124	124
Prince Agri - NS	4,120	150	4,270	- 0	- 0	- 0	1,930	- 0	1,930	6,200	150
Prince Agri - MN	1,415	48	1,463	- 0	- 0	- 0	- 0	408	408	1,871	456
Osprey Biotechnics	107	13	120	- 0	- 0	- 0	813	1,224	2,037	2,157	1,237
Phibro-Tech	1,180	- 0	1,180	- 0	- 0	- 0	- 0	- 0	- 0	1,180	- 0
Phibro-Wood	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
PAH U.S.	440	56	496	- 0	- 0	- 0	1,980	- 0	1,980	2,476	56
PAH Foreign	7,145	1,354	8,499	- 0	- 0	- 0	72	232	304	8,803	1,586
Koffolk Animal Health	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Koffolk Fine Chemicals	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Bio	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Vet	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Assia Kenya	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Ferro	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Total	14,407	2,988	17,395	- 0	123	- 0	4,795	1,864	6,782	24,177	4,852
December 31, 2018	YTD
	Depreciation	Depreciation	Depreciation	Depreciation	Amortization	Amortization	Amortization	Amortization	Amortization	Depr/Amort	Depr/Amort
Business Unit	P P & E	P P & E	Total	Allocation to	Deferred Chgs	Deferred Chgs	Intangibles	Intangibles	Total	Total	SG&A only
	CGS	SG&A	12/31/18	Amprol/Nicarb	CGS	SG&A	CGS	SG&A	12/31/18	12/31/18	12/31/18
Phibro Corporate	- 0	918	918	- 0	- 0	- 0	- 0	- 0	- 0	918	918
Phibrochem-ESS	- 0	5	5	- 0	25	- 0	- 0	- 0	25	30	5
Phibrochem-EPG	- 0	86	86	- 0	- 0	- 0	- 0	- 0	- 0	86	86
Prince Agri - NS	2,522	111	2,633	- 0	- 0	- 0	1,287	- 0	1,287	3,920	111
Prince Agri - MN	879	43	922	- 0	- 0	- 0	- 0	291	291	1,213	334
Osprey Biotechnics			- 0						- 0	- 0	- 0
Phibro-Tech	522	- 0	522	- 0	- 0	- 0	- 0	- 0	- 0	522	- 0
Phibro-Wood	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
PAH U.S.	268	58	326	- 0	- 0	- 0	1,320	- 0	1,320	1,646	58
PAH Foreign	4,263	820	5,083	- 0	- 0	- 0	28	86	114	5,197	906
Koffolk Animal Health	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Koffolk Fine Chemicals	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Bio	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Vet	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Assia Kenya	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Ferro	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Total	8,454	2,041	10,495	- 0	25	- 0	2,635	377	3,037	13,532	2,418
December 31, 2018	QTD
	Depreciation	Depreciation	Depreciation	Depreciation	Amortization	Amortization	Amortization	Amortization	Amortization	Depr/Amort	Depr/Amort
Business Unit	P P & E	P P & E	Total	Allocation to	Deferred Chgs	Deferred Chgs	Intangibles	Intangibles	Total	Total	SG&A only
	CGS	SG&A	12/31/18	Amprol/Nicarb	CGS	SG&A	CGS	SG&A	12/31/18	12/31/18	12/31/18
Phibro Corporate	- 0	(439)	(439)	- 0	- 0	- 0	- 0	- 0	- 0	(439)	(439)
Phibrochem-ESS	- 0	(1)	(1)	- 0	(12)	- 0	- 0	- 0	(12)	(13)	(1)
Phibrochem-EPG	- 0	(40)	(40)	- 0	- 0	- 0	- 0	- 0	- 0	(40)	(40)
Prince Agri - NS	(1,268)	(46)	(1,314)	- 0	- 0	- 0	(643)	- 0	(643)	(1,957)	(46)
Prince Agri - MN	(434)	(11)	(445)	- 0	- 0	- 0	- 0	(147)	(147)	(592)	(158)
Osprey Biotechnics	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Phibro-Tech	(260)	- 0	(260)	- 0	- 0	- 0	- 0	- 0	- 0	(260)	- 0
Phibro-Wood	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
PAH U.S.	(142)	(29)	(171)	- 0	- 0	- 0	(660)	- 0	(660)	(831)	(29)
PAH Foreign	(2,186)	(469)	(2,655)	- 0	- 0	- 0	(14)	(74)	(88)	(2,743)	(543)
Koffolk Animal Health	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Koffolk Fine Chemicals	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Bio	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Vet	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Assia Kenya	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Ferro	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Total	(4,290)	(1,035)	(5,325)	- 0	(12)	- 0	(1,317)	(221)	(1,550)	(6,875)	(1,256)
March 31, 2019	YTD
	Depreciation	Depreciation	Depreciation	Depreciation	Amortization	Amortization	Amortization	Amortization	Amortization	Depr/Amort	Depr/Amort
Business Unit	P P & E	P P & E	Total	Allocation to	Deferred Chgs	Deferred Chgs	Intangibles	Intangibles	Total	Total	SG&A only
	CGS	SG&A	03/31/19	Amprol/Nicarb	CGS	SG&A	CGS	SG&A	03/31/19	03/31/19	03/31/19
Phibro Corporate	- 0	1,357	1,357	- 0	- 0	- 0	- 0	- 0	- 0	1,357	1,357
Phibrochem-ESS	- 0	6	6	- 0	37	- 0	- 0	- 0	37	43	6
Phibrochem-EPG	- 0	126	126	- 0	- 0	- 0	- 0	- 0	- 0	126	126
Prince Agri - NS	3,790	157	3,947	- 0	- 0	- 0	1,930	- 0	1,930	5,877	157
Prince Agri - MN	1,313	54	1,367	- 0	- 0	- 0	- 0	438	438	1,805	492
Osprey Biotechnics			- 0						- 0	- 0	- 0
Phibro-Tech	782	- 0	782	- 0	- 0	- 0	- 0	- 0	- 0	782	- 0
Phibro-Wood	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
PAH U.S.	410	87	497	- 0	- 0	- 0	1,980	- 0	1,980	2,477	87
PAH Foreign	6,449	1,289	7,738	- 0	- 0	- 0	42	160	202	7,940	1,449
Koffolk Animal Health	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Koffolk Fine Chemicals	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Bio	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Abic Vet	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Assia Kenya	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Ferro	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Total	12,744	3,076	15,820	- 0	37	- 0	3,952	598	4,587	20,407	3,674
	Depreciation	Depreciation	Depreciation	Depreciation	Amortization	Amortization	Amortization	Amortization	Amortization	Depr/Amort	Depr/Amort
Mineral Nutrition	P P & E	P P & E	Total	Allocation to	Deferred Chgs	Deferred Chgs	Intangibles	Intangibles	Total	Total	SG&A only
FY17	CGS	SG&A	12/31/99	Amprol/Nicarb	CGS	SG&A	CGS	SG&A	12/31/99	12/31/99	12/31/99
Q1	399	6	405	- 0	- 0	- 0	- 0	138	138	543	144
Q2	398	6	404	- 0	- 0	- 0	- 0	137	137	541	143
Q3	467	5	472	- 0	- 0	- 0	- 0	138	138	610	143
Q4	479	21	500	- 0	- 0	- 0	- 0	138	138	638	159
YTD	1,743	38	1,781	- 0	- 0	- 0	- 0	551	551	2,332	589
Q2 YTD	797	12	809	- 0	- 0	- 0	- 0	275	275	1,084	287
Q3 YTD	1,264	17	1,281	- 0	- 0	- 0	- 0	413	413	1,694	430
Q4 YTD	1,743	38	1,781	- 0	- 0	- 0	- 0	551	551	2,332	589

Documents

Phibro Animal Health Corporation - Seeking Alpha

Summary

Adj EBITDA Rec - Segments

Adjusted EBITDA Rec

Tax Provision Tables

Cash Flows

Liquidity

Working Capital

DSO & Inventories

Business Segments

Animal Health

Mineral Nutrition

PR Table #1 - Summary P&L in MM

PR Table #2 - Seg Rev & EBITDA

PR Table #3 - ANI in MM

PR Tax Provision Tables

ANI Worksheet

Cognos_Office_Connection_Cache

PR Table #4 - Cash Flows in MM

PR Table #5 - Guidance

PR Table #5 Guidance NEW

depreciation & amort

interest expense

Webcast #1 NEW

Webcast #2 NEW

Webcast #1

Webcast #3 NEW

Webcast #2

Webcast #4 NEW

Webcast #3

FY2020 Guidance update Webcast

FY2020 Guidance update Press Re

Depr-Amort (Qtrly) - 6.30.20

Webcast #5 NEW

Depr-Amort (Qtrly Analysis)

Webcast #4

Summary

Adj EBITDA Rec - Segments

Adjusted EBITDA Rec

Tax Provision Tables

Cash Flows

Liquidity

Working Capital

DSO & Inventories

Business Segments

Animal Health

Mineral Nutrition

PR Table #1 - Summary P&L in MM

PR Table #2 - Seg Rev & EBITDA

PR Table #3 - ANI in MM

PR Tax Provision Tables

ANI Worksheet

Cognos_Office_Connection_Cache

PR Table #4 - Cash Flows in MM

PR Table #5 - Guidance

PR Table #5 Guidance NEW

depreciation & amort

interest expense

Webcast #1 NEW

Webcast #2 NEW

Webcast #1

Webcast #3 NEW

Webcast #2

Webcast #4 NEW

Webcast #3

FY2020 Guidance update Webcast

FY2020 Guidance update Press Re

Depr-Amort (Qtrly) - 6.30.20

Webcast #5 NEW

Depr-Amort (Qtrly Analysis)

Webcast #4

Summary

Adj EBITDA Rec - Segments

Adjusted EBITDA Rec

Tax Provision Tables

Cash Flows

Liquidity

Working Capital

DSO & Inventories

Phibro Animal Health Corporation
Guidance for fiscal year 2020													Year 2016	Year 2017 Guidance
													Actual	Low Range	High Range
	FY2020			FY2019	Change			FY2017 initial
	low		high		low		high	low		high		Adjusted EBITDA	114.1	116.0	120.0
	(in millions, except per share amounts and percentages)											Less: depreciation	(17.9)	(21.1)	(21.1)
Net sales - Animal Health segment	$ 537	-	$ 557	$ 532	1%	-	5%	$ 495	-	$ 510	** Amounts are hardcoded. For guidance details - refer to the "Guidance 2020 - FINAL" workbook
Net sales	833	-	863	828	1%	-	4%	750	-	770
												Adjusted Net Income	- 0	- 0	- 0
Adjusted EBITDA	$ 103	-	$ 107	$ 118	(13)%	-	(9)%	$ 116	-	$ 120
Adjusted diluted EPS	$ 1.08	-	$ 1.15	$ 1.53	(29)%	-	(25)%	$ 1.38	-	$ 1.45
												Adjusted EPS	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
												Effective Tax Rate	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!