Ricegrowers Ltd. Class B · ASX:SGLLV
Ricegrowers Ltd. Class B — Shareholder Meeting (August 2023)
48 slides from Ricegrowers Ltd. Class B's shareholder meeting presentation, Aug 23, 2023
Slide 1: ASX Announcement
ASX Announcement 23 August 2023 Ricegrowers Limited (SunRice) 2023 Annual General Meeting – Chairman and Group CEO addresses and presentations Attached are the following documents to be presented at SunRice’s 2023 Annual General Meeting (AGM) and B Class Meeting, both of which are being held in-pers
Slide 2: Chairman's address – Laurie Arthur
2023 AGM Ricegrowers Limited (SunRice) Chairman’s address – Laurie Arthur, Chairman Welcome everyone, it is great to be here with you today in Leeton at the centre of the Riverina rice growing industry. I also want to welcome those A and B Class Shareholders, and other valued stakeholders, who are v
Slide 3: Chairman's address: paddy price and outlook
2023 AGM Given these circumstances, the paddy price range of $390 to $450 per tonne announced in February 2023 for the CY23 crop remains in place at this stage. As we look ahead to planting for the CY24 Riverina crop, favourable seasonal conditions are expected to result in a fourth consecutive year
Slide 4: Farewell to Grower Directors
2023 AGM We also farewell two of our Grower Directors at the conclusion of this Annual General Meeting. At the 2021 Annual General Meeting a special resolution was passed to reduce the size of the SunRice Board from 10 to 9 directors which takes effect from the date of this AGM. Accordingly, we fare
Slide 5: CEO's address – Rob Gordon, Group CEO
2023 AGM Ricegrowers Limited (SunRice) CEO’s address – Rob Gordon, Group CEO Thank you Laurie and good morning to everyone who has joined us today. It is a pleasure to be with you here in Leeton, in the heart of the Riverina, to provide my final update on the performance of your company as the SunRi
Slide 6: Segment performance
2023 AGM drought and improving the profitability of the Group’s segments that rely on inputs from the Australian Rice Pool Business; • Sales price increases across most of the Group’s segments and product categories, which helped to offset inflationary pressures; • Favourable changes in product mix
Slide 7: FY2023 Sustainability Highlights
2023 AGM the Australian Rice Pool business during Financial Year 2023, driven by the improved availability of Riverina rice and the corresponding increase in branded sales levels of Australian rice, together with a sharp rise in the cost of capital due to interest rate hikes. If Shareholders would l
Slide 8: Capital management and delivering on our strategy
2023 AGM The SunRice Group has been able to achieve this growth and deliver value to both classes of shareholders while maintaining a strong focus on capital management and balance sheet flexibility. Net debt of 2.5 times EBITDA, core debt of 0.6 times EBITDA and gearing of 34% at 30 April 2023 refl
Slide 9: Outlook and closing remarks
2023 AGM Based on current favourable seasonal conditions, including water availability, we are expecting a fourth consecutive year of abundant Australian rice production in CY24. The Group is also expecting a large amount of the CY23 crop to be carried over at the end of the financial year. Coupled
Slide 10: Annual General Meeting
Annual General Meeting Growing 23 August 2023 Adapting (ASX:SGLLV) Thriving
Slide 11: Important notice & disclaimer
ANNUAL GENERAL MEETING This presentation is for information purposes restricted by law. Any person who receives this There can be no assurance or guarantee that only. This information is given in summary form presentation must seek advice on and observe these forward-looking statements will be and d
Slide 12: Chairman's Welcome
ANNUAL GENERAL MEETING Chairman’s Welcome Laurie Arthur 23 August 2023 3
Slide 13: Agenda
ANNUAL GENERAL MEETING Procedural matters Chairman’s address Agenda Group CEO’s presentation Financial Reporting, including questions and answers AGM resolutions AGM close B Class Meeting to follow 4
Slide 14: Procedural Matters
ANNUAL GENERAL MEETING Procedural Matters 1 Voting will be by way of poll 3 If you are the registered holder of a shareholding of First A Class Share(s), you are entitled 4 Proxy and direct voting results already received will be displayed for each 2 to one vote in respect of that resolution Ordinar
Slide 15: Lodging your votes
ANNUAL GENERAL MEETING Lodging your votes Online and other forms of early voting are now closed A Class Shareholders present in Leeton are able to cast votes using the yellow voting card Link Market Services will collect votes at the end of the meeting and conduct the poll If you have to leave early
Slide 16: Asking questions
ANNUAL GENERAL MEETING Asking questions Only Shareholders are able to ask questions Shareholders who were unable to attend today’s meeting were invited to submit questions in advance Shareholders present are invited to hold up your voting or admission card and wait for a microphone If you have a que
Slide 17: Chairman's Address
ANNUAL GENERAL MEETING Chairman’s Address Laurie Arthur 23 August 2023 8
Slide 18: Rob Gordon
ANNUAL GENERAL MEETING Rob Gordon 23 August 2023 11 9
Slide 19: FY2023 Financial Highlights
2023 ANNUAL GENERAL MEETING FY2023 Financial Highlights Group Revenue FY2023 $1.6b FY2022 Highest revenue, naturally determined paddy price and 23% $1.3b total dividend in the company’s history Paddy price for medium grain Reiziq $461/t 8% $428/t Key drivers External headwinds Group EBITDA • Abundan
Slide 20: FY2023 segment snapshot
2023 ANNUAL GENERAL MEETING AUSTRALIAN RICE POOL BUSINESS CY22 pool price (Reiziq) Revenue FY2023 Rice Pool Benefited from largest harvest in five years, providing base for higher sales volumes in both domestic and international $461/t $335.3m 36% segment markets. Paddy price also supported by favou
Slide 21: FY2023 Sustainability Highlights
2023 ANNUAL GENERAL MEETING FY2023 Sustainability Highlights Water Climate Waste Resilient Respecting Food security productivity resilience reduction communities human rights & quality Supporting the Net zero emissions across Toward zero waste Our communities Equity and equality Secure nourishing in
Slide 22: History of performance $255-$461/t through the cycle
2023 ANNUAL GENERAL MEETING History of Paddy Price Investment in growth performance $255-$461/t 1 $411m 750* through the CAGR: +5.5% 395 404 415* 379 411 500* 428 461 $119m invested across multiple cycle 255 * 317 294 strategic acquisitions and $292m invested in capital expenditure (FY2012–FY2023 in
Slide 23: Delivering on Strategy
2023 ANNUAL GENERAL MEETING Delivering on Strategy Our Objectives Our progress in FY2023 To optimise returns Strong financials Resilient global supply chain for both classes of • Second consecutive year of successful trials of Australian • Record Group revenue of $1.64 billion shareholders by: rice
Slide 24: Outlook
2023 ANNUAL GENERAL MEETING Group revenue growth in the first quarter of FY2024 has Headwinds being monitored and managed include: Outlook been supported by a number of favourable conditions that are expected to continue through FY2024, including: • Positive effects of cycling annualised price incre
Slide 25: Formal Items of Business
ANNUAL GENERAL MEETING Formal Items of Business 23 August 2023 16
Slide 26: Financial Reporting
ANNUAL GENERAL MEETING AGENDA ITEM 1 Financial Reporting Consideration of the Annual Financial Report, Directors’ Report and Independent Audit Report for the year ended 30 April 2023. 17
Slide 27: Remuneration Report
ANNUAL GENERAL MEETING RESOLUTION 1 Remuneration Report “That the Remuneration Report for the year ended 30 April 2023 be adopted.” 18
Slide 28: Remuneration Report – Votes Received
ANNUAL GENERAL MEETING RESOLUTION 1 Remuneration Report “That the Remuneration Report for the year ended 30 April 2023 be adopted.” Votes Received For 134 Against 11 Open 6 Abstain 0 19
Slide 29: Re-election of Ian Glasson
ANNUAL GENERAL MEETING RESOLUTION 2 Re-election of Ian Glasson “That Mr. Ian Glasson, being eligible, be re-elected as a Director of the Company for a period of three years.” 20
Slide 30: Re-election of Ian Glasson – Votes Received
ANNUAL GENERAL MEETING RESOLUTION 2 Re-election of Ian Glasson “That Mr. Ian Glasson, being eligible, be re-elected as a Director of the Company for a period of three years.” Votes Received For 142 Against 12 Open 7 Abstain 0 21
Slide 31: Introducing incoming Group CEO Paul Serra
ANNUAL GENERAL MEETING Introducing incoming Group CEO Paul Serra 22
Slide 32: AGM close
ANNUAL GENERAL MEETING AGM close B Class Meeting to follow in Leeton and via webcast on: https://meetings.linkgroup.com/sgl2023 AGM results will be posted on the ASX and SunRice investor website Thank you for your attendance 2523
Slide 33: Making a difference to places and lives everywhere
ANNUAL GENERAL MEETING Making a difference to places and lives everywhere through nourishing and delicious products. 24
Slide 34: B Class Meeting
B Class Meeting Growing 23 August 2023 Adapting (ASX:SGLLV) Thriving
Slide 35: Important notice & disclaimer
ANNUAL GENERAL MEETING This presentation is for information purposes restricted by law. Any person who receives this There can be no assurance or guarantee that only. This information is given in summary form presentation must seek advice on and observe these forward-looking statements will be and d
Slide 36: Chairman's Welcome
B CLASS MEETING Chairman’s Welcome Laurie Arthur 23 August 2023 3
Slide 37: Agenda
B CLASS MEETING Procedural matters Agenda Meeting resolutions Questions and answers Meeting close 4
Slide 38: Procedural Matters
B CLASS MEETING Procedural Matters 1 Voting will be by way of poll 3 Proxy and direct voting results already received will be displayed for the resolution 2 Resolution 1 and 2 require a 50% majority of votes cast to pass 4 Voting will close once Link Market Services has collected all the voting card
Slide 39: Lodging your votes
B CLASS MEETING Lodging your votes Online and other forms of early voting are now closed B Class Shareholders present in Leeton are able to cast votes using the white voting card Link Market Services will collect votes at the end of the meeting and conduct the poll If you have to leave early, please
Slide 40: Asking questions
B CLASS MEETING Asking questions Only Shareholders are able to ask questions Shareholders who were unable to attend today’s meeting were invited to submit questions in advance Shareholders present are invited to hold up your voting or admission card and wait for a microphone If you have a question o
Slide 41: Formal Items of Business
B CLASS MEETING Formal Items of Business 23 August 2023 8
Slide 42: Long Term Incentive Award for the CEO
B CLASS MEETING RESOLUTION 1 Long Term Incentive Award for the CEO “That approval is given for all purposes, including ASX Listing Rule 10.14, for the Company to grant securities to the Chief Executive Officer, Mr. Paul Serra, as his Long Term Incentive Award on the terms set out in the Explanatory
Slide 43: Long Term Incentive Award for the CEO – Votes Received
B CLASS MEETING RESOLUTION 1 Long Term Incentive Award for the CEO Votes Received For 9,225,782 Against 1,232,973 Open 685,902 Abstain 45,429 10
Slide 44: One-Off Retention Award for the CEO
B CLASS MEETING RESOLUTION 2 One-Off Retention Award for the CEO “That approval is given for all purposes, including ASX Listing Rule 10.14, for the Company to grant securities to the Chief Executive Officer, Mr Paul Serra, as his One- Off Retention Award on the terms set out in the Explanatory Note
Slide 45: One-Off Retention Award for the CEO – Votes Received
B CLASS MEETING RESOLUTION 2 One-Off Retention Award for the CEO Votes Received For 8,788,238 Against 1,710,166 Open 663,863 Abstain 5,429 12
Slide 46: Questions and answers
B CLASS MEETING Questions and answers 23 August 2023 13
Slide 47: B Class Meeting Close
B CLASS MEETING B Class Meeting Close Voting has now closed AGM and B Class Meeting results will be posted on the ASX and SunRice investor website Thank you for your attendance 14
Slide 48: Making a difference to places and lives everywhere
B CLASS MEETING Making a difference to places and lives everywhere through nourishing and delicious products. 15