Zeder Investments Limited · JSE:ZED
Zeder Investments — FY2025 Earnings Presentation
18 slides from Zeder Investments's earnings presentation, Apr 24, 2025
Slide 1: Full Year Results for the Year Ended 28 February 2025
FULL YEAR RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2025 PRESENTED BY: JOHANN LE ROUX DATE: 24 APRIL 2025 1
Slide 2: Agenda
AGENDA • Noteworthy transactions • Cashflow movements • Financial results • Portfolio review • Strategy • Questions – email to cosec@zeder.co.za 2
Slide 3: Noteworthy Transactions – Pome Investments
NOTEWORTHY TRANSACTIONS • Pome Investments – disposal of individual pome assets Disposal of Zeder special Key transaction Further cashflows Pome assets dividends terms • Transfers completed • Zeder paid special • Warranties for • Further special dividend of 20c per 12-month period from dividend of R
Slide 4: Noteworthy Transactions – Zaad Holdings
NOTEWORTHY TRANSACTIONS • Zaad Holdings – internal strategic transactions Exit of South Exit of African Further internal Rationale African seed JV operations transaction pursued • Minority interest and • Signed agreements • Negotiations in final • Not strategic assets or not strategic to the (Zambia
Slide 5: Cashflow Movements
CASHFLOW MOVEMENTS • Special dividends and TLG earn-out received Special dividends Special dividends Special dividends Further cashflows • Disposal of Capespan • No further TLG • Disposal of individual • Final earn-out of R30m during January 2024 restricted funds as from pome assets during from TLG
Slide 6: Financial Results
FINANCIAL RESULTS • Business and operating environment • Sum-of-the-parts 6
Slide 7: Business and Operating Environment
FINANCIAL RESULTS BUSINESS AND OPERATING ENVIRONMENT ❑ Index recovered by 11 points during Q1 2025 to 70 points ❑ Third consecutive improvement to highest level since Q4 2021, a La Nina rainfall year ❑ Optimism a combination of factors, including La Nina rains that support the 2024-2025 agricultural
Slide 8: Sum-of-the-Parts FY2025
FINANCIAL RESULTS SUM-OF-THE-PARTS FY2025 SOTP value per share to 28 February 2025 decreased, mainly as a result of the successful disposals and resultant special dividends of 61c per share paid during the year. Cash movement subsequent to year end relates to the R54m special dividend received (no i
Slide 9: Portfolio Review
PORTFOLIO REVIEW INVESTMENTS LIMITED
Slide 10: Zaad is a specialist agricultural seed and agrochemicals company
Zaad is a specialist agricultural seed and agrochemicals company that develops and supplies a broad basket of proprietary seeds and chemicals to emerging markets. 10
Slide 11: Portfolio Review – Financial Results
PORTFOLIO REVIEW FINANCIAL RESULTS On a last twelve-month (LTM) basis, Zaad reported an increase of 8% in recurring earnings to R172m, mainly due to the performance of the South African seed and chemical operations, countered by the performance of May Seed in Turkey. The EBITDA from associates is no
Slide 12: Portfolio Review – Financial Results (Continued Operations)
PORTFOLIO REVIEW FINANCIAL RESULTS On a continued LTM business operations basis, the recurring earnings increased by 10% to R204m from the comparative period of R186m, as a result of the anticipated and concluded transactions on the non-performing smaller associate investments. GENERAL COMMENTS • Th
Slide 13: Portfolio Review – Business and Operating Environment
PORTFOLIO REVIEW BUSINESS AND OPERATING ENVIRONMENT GENERAL COMMENTS • Agricol delivered results exceeding expectations for the 6- • This, combined with lower cost inventory levels, is leading month reporting period and had a great start to the early to an improvement in margins and resultant earnin
Slide 14: Portfolio Review – Business and Operating Environment
PORTFOLIO REVIEW BUSINESS AND OPERATING ENVIRONMENT GENERAL COMMENTS • Bakker Brothers, based in the Netherlands, remains in a • In addition, unfavourable weather patterns and pressure on transitional phase towards a fully-fledged IP research and farmers, led to lower hectares of sunflower, maize an
Slide 15: Strategy
STRATEGY INVESTMENTS LIMITED
Slide 16: Strategy
STRATEGY • Zeder’s objective remains to maximise shareholder wealth • How did we do during the 2025 financial year? ─ Dividends to shareholders ─ Special dividends totalling 61c per share paid during the 2025 financial year (R939m) ─ Given uncertainty and volatility in markets, board has taken the d
Slide 17: Strategy – Value Returned to Shareholders
STRATEGY Zeder’s strategy has enabled a return of over R8.5bn to shareholders in terms of special dividends and the Kaap Agri Group unbundling. Significant value has been created for shareholders and the discount has narrowed from R2.96bn to the current ~R300m as at 28 February 2025. We will continu
Slide 18: Thank you
Awaiting image… Thank you PHYSICAL ADDRESS POSTAL ADDRESS 1ST FLOOR, OU KOLLEGE PO BOX 7403 35 KERK STREET STELLENBOSCH STELLENBOSCH 7599 7600 TEL: 021 831 9559 FOR FURTHER INFORMATION, PLEASE CONTACT US AT INFO@ZEDER.CO.ZA