Graincorp Limited Class A · ASX:GNC
Graincorp Limited Class A — Shareholder Meeting (February 2024)
37 slides from Graincorp Limited Class A's shareholder meeting presentation, Feb 14, 2024
Slide 1: Annual General Meeting Addresses and Presentation
GrainCorp Limited ABN 60 057 186 035 The Manager, Companies Level 28, 175 Liverpool Street Australian Securities Exchange Sydney NSW 2000 Australia Companies Announcement Centre t +61 2 9325 9100 20 Bridge Street f +61 2 9325 9180 graincorp.com.au SYDNEY NSW 2000 PO Box A268 Sydney South NSW 1235 14
Slide 2: Chairman's Address
Chairman’s Address Annual General Meeting 14 February 2024 Introduction Good morning, everyone, and welcome to the GrainCorp Annual General Meeting for FY23. My name is Peter Richards and I am the Chairman of your company. FY23 was another outstanding year for GrainCorp. We continued to execute on o
Slide 3: Chairman's Address: dividends, sustainability and community
The excellent financial performance in FY23 allowed the Board to declare a final dividend of 30 cents per share, fully franked, bringing total ordinary and special dividends for FY23 to 54cps. This payout is consistent with both FY22 and our dividend policy of paying out between 50 – 70% of “through
Slide 4: Board succession and conclusion
The Board unanimously recommends the election of Peter and John by shareholders today. I would also like to take a moment to recognise Dan Mangelsdorf, who, at the conclusion of this meeting, will retire from the GrainCorp Board after 19 years. During Dan’s tenure, GrainCorp has undergone countless
Slide 5: Managing Director and CEO's Address
Managing Director and CEO’s Address Annual General Meeting 14 February 2024 Introduction Thank you, Peter and good morning everyone, it is a pleasure to join you today. This morning, I will: • Further reflect on our operational and financial performance for FY23; • Provide an update on how we contin
Slide 6: For personal use only
crop. We continued to improve the utilisation of our port assets, and in FY23 bulk materials provided a record EBITDA contribution. Our processing business achieved a record result in FY23, driven by our oilseeds business. Disciplined investment and the integration of advanced analytics into our pro
Slide 7: 2023/24 ECA harvest update
2023/24 ECA harvest update Moving to the current crop for FY24. After several bumper crops, 2023/24 ECA grain production has moderated towards average levels, with ABARES estimating a 2023/24 ECA winter crop of 21.7mmt, compared to the 10-year average of 21.6mmt. We have seen crop production vary qu
Slide 8: Conclusion
Conclusion I would like to conclude by thanking the entire GrainCorp team for their effort and contributions throughout the year, and thank growers, customers and our shareholders for your ongoing support. Robert Spurway Managing Director and CEO This announcement is authorised for market release by
Slide 9: GrainCorp Limited FY23 Annual General Meeting
GrainCorp Limited FY23 Annual General Meeting 14 February 2024 For personal use only This release has been authorised by the Board of GrainCorp Limited
Slide 10: Disclaimer
Disclaimer For personal use only This presentation includes both information that is historical in character and information that consists of forward looking statements. Forward looking statements are not based on historical facts, but are based on current expectations of future results or events. T
Slide 11: Acknowledgement of Country
Acknowledgement of Country For personal use only GrainCorp acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of Australia and embraces the spirit of reconciliation, working towards the equality of outcomes and ensuring an equal voice. GrainCorp’s silo artwork at Sheep H
Slide 12: Board of Directors
Board of Directors For personal use only Peter Richards Robert Spurway Kathy Grigg AM Nicki Anderson Chairman Managing Director & CEO Non-Executive Director Non-Executive Director Clive Stiff Peter Knoblanche John Maher Dan Mangelsdorf Non-Executive Director Non-Executive Director Non-Executive Dire
Slide 13: Agenda
Agenda Speakers Contents For personal use only Peter Richards • Chairman’s Address Chairman • MD & CEO’s presentation • Business of the AGM Robert Spurway • Resolutions MD & CEO • Shareholder questions • Poll voting • Meeting closed GrainCorp receival site in Yamala, QLD GrainCorp Annual General Mee
Slide 14: Chairman's Address
Chairman’s Address Peter Richards For personal use only
Slide 15: Managing Director & CEO's presentation
Managing Director & CEO’s presentation Robert Spurway For personal use only
Slide 16: Health and safety
Health and safety The safety of our people is our highest priority • Colleague fatally injured at Moree site in April 2023 For personal use only • Developments in FY23: – Continued growth of our health and wellbeing program (THRIVE) including a focus on psychosocial hazards – Simplified and improved
Slide 17: FY23 highlights
FY23 highlights Continued strategy execution driving excellent all-round performance For personal use only Return on invested capital EBITDA1 Net profit after tax (ROIC)2,3 $565m $250m 18.6% (FY22: $703m) (FY22: $380m) (FY22: 27.9%) Total grain handled4,5 Oilseed crush volumes5 Core cash6 37.4mmt 49
Slide 18: Executing on strategy; delivering returns and growth
Executing on strategy; delivering returns and growth For personal use only Strengthen the core Targeted growth opportunities GrainCorp Annual General Meeting | FY23 10
Slide 19: Strengthen the core
Strengthen the core Driving our core business to lift shareholder returns Drive existing assets Leveraging capabilities Lift returns For personal use only • Sustained increase in oilseed crush volumes: • Commencement of business and systems • Foods NZ – commenced strategic review of 8% CAGR FY19-23
Slide 20: Targeted growth opportunities
Targeted growth opportunities Disciplined investment where GrainCorp has a right to win Agri-Energy Animal Nutrition Digital and AgTech For personal use only • Identified Western Australia as preferred • Proposed acquisition of Performance Feeds • GrainCorp Ventures is GrainCorp’s $30m state for a n
Slide 21: Commitment to sustainability
Commitment to sustainability ESG is fundamental to GrainCorp’s long-term performance and sustainability Our environment Our People Our integrity For personal use only • Committed to setting SBTi target for Scope 1, • GrainCorp Community Foundation supported • Received conditional endorsement from 2
Slide 22: Harvest update
Harvest update FY24 ECA production in line with historical average; improving outlook Australian rainfall deciles Above average yields in Victoria and Southern NSW were offset by 3 months to 31 January 20245 For personal use only • lower production in northern regions • ABARES December forecast1: •
Slide 23: Outlook
Outlook Continuing to execute on our strategy FY24 Guidance Grain volume assumptions (mmt) – FY24 For personal use only • Underlying EBITDA of $270–310 million Carry-in (at 1 Oct 2023) 3.9 • Underlying NPAT of $65–95 million Receivals 10.0-11.0 • Guidance excludes systems transformation costs Domest
Slide 24: Business of the AGM
Business of the AGM Peter Richards For personal use only
Slide 25: Agenda Business of the AGM
Agenda Business of the AGM For consideration For personal use only Item 1: Consideration of Financial Statements and Reports Ordinary resolutions Item 2: Adoption of the Remuneration Report Item 3a: Election of Mr John Maher Item 3b: Election of Mr Peter Knoblanche Item 4: FY24 Grant of Performance
Slide 26: Consideration of the Financial Statement and Reports
Item 1 Consideration of the Financial Statement and Reports To receive and consider the financial report (which includes the financial For personal use only statements and the Directors’ Report and Auditor’s Report) for GrainCorp for the financial year ended 30 September 2023. Note: No resolution is
Slide 27: Adoption of the Remuneration Report
Item 2 Adoption of the Remuneration Report To consider and, if thought appropriate, pass the following resolution as an For personal use only ordinary resolution: “That, for the purposes of section 250R(2) of the Corporations Act and for all other purposes, the Remuneration Report (which forms part
Slide 28: Proxy and direct votes – Item 2
Item 2 Adoption of the Remuneration Report Proxy and direct votes – Item 2 For personal use only FOR OPEN AGAINST TOTAL Votes 130,424,042 319,190 19,347,466 150,090,698 66. 7% of % vote 86.9% 0.2% 12.9% issued capital The Chairman of the Meeting will be voting open proxies in favour of the resolutio
Slide 29: Election of Mr John Maher
Item 3a Election of Mr John Maher To consider and, if thought appropriate, pass the following resolution as an For personal use only ordinary resolution: “That, for the purposes of ASX Listing Rule 14.4, article 11.3(c) of the Constitution and for all other purposes, Mr John Maher, appointed by the
Slide 30: Proxy and direct votes – Item 3a
Item 3a Election of Mr John Maher Proxy and direct votes – Item 3a For personal use only FOR OPEN AGAINST TOTAL Votes 149,024,042 309,551 1,499,351 150,832,944 67.0% of % vote 98.8% 0.2% 1.0% issued capital The Chairman of the Meeting will be voting open proxies in favour of the resolution Note: A v
Slide 31: Election of Mr Peter Knoblanche
Item 3b Election of Mr Peter Knoblanche To consider and, if thought appropriate, pass the following resolution as an For personal use only ordinary resolution: “That, for the purposes of ASX Listing Rule 14.4, article 11.3(c) of the Constitution and for all other purposes, Mr Peter Knoblanche, appoi
Slide 32: Proxy and direct votes – Item 3b
Item 3b Election of Mr Peter Knoblanche Proxy and direct votes – Item 3b For personal use only FOR OPEN AGAINST TOTAL Votes 144,857,964 314,804 5,659,167 150,831,935 67.0% of % vote 96.0% 0.2% 3.8% issued capital The Chairman of the Meeting will be voting open proxies in favour of the resolution Not
Slide 33: Grant of Performance Rights to the MD & CEO
Item 4 Grant of Performance Rights to the MD & CEO To consider and, if thought appropriate, pass the following resolution as an For personal use only ordinary resolution: “That, for the purpose of ASX Listing Rule 10.14 and for all other purposes, approval be given to grant 170,008 performance right
Slide 34: Proxy and direct votes – Item 4
Item 4 Grant of Performance Rights to the MD & CEO Proxy and direct votes – Item 4 For personal use only FOR OPEN AGAINST TOTAL Votes 143,713,070 311,445 6,329,659 150,354,174 66.8% of % vote 95.6% 0.2% 4.2% issued capital The Chairman of the Meeting will be voting open proxies in favour of the reso
Slide 35: Poll Voting
For personal use only Poll Voting
Slide 36: Meeting closed
For personal use only Meeting closed
Slide 37: GrainCorp Corporate Office
For personal use only GrainCorp Corporate Office Level 28 175 Liverpool Street Sydney NSW 2000 Australia Postal address PO Box A268 Sydney South NSW 1235 Australia graincorp.com.au 29