Duxton Farms Limited · ASX:DBF
Duxton Farms — Duxton Broadacre Farms — Shareholder Meeting (November 2019)
28 slides from Duxton Farms's shareholder meeting presentation, Nov 27, 2019
Slide 1: Annual General Meeting
For personal use only DUXTONBROADACREFARMS 27 November 2019 ANNUALGENERALMEETING
Slide 2: Disclaimer
DISCLAIMER For personal use only This presentation was prepared by Duxton Capital (Australia) No representation or warranty, either expressed or implied, FINANCIAL DATA Pty Ltd [ACN: 164 225 647; AFSL no. 450218] (“DC Australia”) is provided in relation to the accuracy, completeness or as Investment
Slide 3: Contents
CONTENTS For personal use only The Team Chairman’s Address Operational Update Key Resolutions Key Contact
Slide 4: The Team at Duxton Broadacre Farms
The Team at Duxton Broadacre Farms DUXTON BROADACRE For personal use only ED PETER STEPHEN DUERDEN TONY HAMILTON MARK HARVEY WADE DABINETT Chairman of the Board Non-Executive Director Non-Executive Director Independent Director/Deputy Chair Independent Director KATELYN ADAMS BRYAN GOLDSMITH MARTIN F
Slide 5: Contents
CONTENTS For personal use only The Team Chairman’s Address Operational Update Key Resolutions Key Contact
Slide 6: Chairman's Address
Chairman’s Address DUXTON BROADACRE DUXTON BROADACRE FARMS (“DBF”) For personal use only The Company actively manages an aggregation of broadacre farms in Australia. Risk is mitigated and returns are optimised through ownership of water entitlements (securing water supply), through geographic and co
Slide 7: Chairman's Address: Key Financials
Chairman’s Address DUXTON BROADACRE For personal use only Key Financials Statutory net profit after tax $(1,115,472) Total comprehensive income $513,803 Fair net asset value per share $1.76 Total Land Holding Total Area 21,445 Ha Irrigated Area 2,514 Ha Total Water Access Surface Water Entitlements
Slide 8: Chairman's Address: Yield
Chairman’s Address DUXTON BROADACRE YIELD • The below heat map illustrates the impact on a For personal use only normalised forecast 2019 profit and dividend yield Area (Ha) Actual Avg Bumper given the following scenarios: Barley 4,793 1.24 t/h 2.85 t/h 4.55 t/h • Average crop yield vs ‘bumper’ crop
Slide 9: Investment Overview: Indonesia Growing Population and Middle Class
Investment Overview AUSTRALIAN BROADACRE INDONESIA GROWING POPULATION AND MIDDLE CLASS For personal use only INDONESIA 2004: 2 million 2030: 120 million ASIA PACIFIC [up 514.9%] 2009: 525 million 2030: 3,228 million Sources: Kharas, H. 2010, Working Paper No. 285: ‘The emerging middle class in devel
Slide 10: Indonesia Growing Population and Middle Class: GDP and Food Consumption
Investment Overview AUSTRALIAN BROADACRE INDONESIA GROWING POPULATION AND MIDDLE CLASS For personal use only GDP and food consumption 4000 • As nations become wealthier, typically 3500 red meat consumption increases. • It is likely this will cause increased demand for grain through intensive Protein
Slide 11: Investment Overview: Australian Broadacre
Investment Overview AUSTRALIAN BROADACRE If US$100m For personal use only was invested Average Land Price ($USD/ha) $2,304 $28,302 $23,332 $24,099 $10,205 Ha Purchased 43,403 3,533 4,286 4,150 9,799 5-year Annual Production (t/ha) 1.96 7.94 8.91 7.90 3.14 Annual Production (t) 85,070 28,052 38,188 3
Slide 12: Contents
CONTENTS For personal use only The Team Chairman’s Address Operational Update Key Resolutions Key Contact
Slide 13: NSW Operational Report
NSW Operational Report DUXTON BROADACRE For personal use only 13
Slide 14: NSW Operational Report
NSW Operational Report DUXTON BROADACRE For personal use only 14
Slide 15: NSW Operational Report
NSW Operational Report DUXTON BROADACRE For personal use only • Irrigation development of Walla Wallah and Yarranlea fast-tracked due to drier conditions in the winter of 2018. • 700ha developed for irrigation • Completed a new storage and channel system at Walla Wallah • In addition, Duxton Broadac
Slide 16: SA Operational Report
SA Operational Report DUXTON BROADACRE For personal use only 16
Slide 17: SA Operational Update: Acquisition Summary
SA Operational Update DUXTON BROADACRE ACQUISITION SUMMARY For personal use only Duxton Broadacre Farms settled the acquisition of the “Boorala” asset in March this year on a walk-in walk-out basis including improvements, plant, equipment and livestock for A$15 million. The acquisition of this high
Slide 18: Director Farewell
Director Farewell DUXTON BROADACRE For personal use only Farewell Dr Tony Hamilton, Non-Executive Director • Inaugural Managing Director • Pioneered cotton in central New South Wales • Identified and oversaw the Yarranlea acquisition • Consolidation of Merriment and Wyalong properties • Passionately
Slide 19: Contents
CONTENTS For personal use only The Team Chairman’s Address Operational Update Key Resolutions Key Contact
Slide 20: Item of Business 1: Consideration of Financial Reports
ITEM OF BUSINESS 1: Consideration of Financial Reports of the Directors and Auditors DUXTON BROADACRE Resolution For personal use only To receive and consider the Financial Report, Directors’ Report and Independent Auditor’s Report for the financial period ended 30 June 2018. The relevant documents
Slide 21: Resolution 1: Adoption of the Remuneration Report
RESOLUTION 1: Adoption of the Remuneration Report DUXTON BROADACRE Resolution For personal use only To consider, and if thought fit, to pass the following resolution as a non-binding resolution: “To adopt the Remuneration Report as contained in the Company’s Annual Financial Report for the financial
Slide 22: Resolution 2: Election of Director – Stephen Duerden
RESOLUTION 2: Election of Director – Stephen Duerden DUXTON BROADACRE Resolution For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “Pursuant to Article 49 of the Company’s Constitution and Listing Rule 14.4 and for all other purposes,
Slide 23: Resolution 3: Election of Director – Mark Harvey
RESOLUTION 3: Election of Director – Mark Harvey DUXTON BROADACRE Resolution For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “Pursuant to Article 49 of the Company’s Constitution and Listing Rule 14.4 and for all other purposes, Mark
Slide 24: Resolution 4: Issue of Equity Securities to Wade Dabinett
RESOLUTION 4: Approval of issue of Equity Securities to Wade Dabinett DUXTON BROADACRE Resolution For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, for the purposes of Listing Rule 10.11 and for all other purposes, Shareholders
Slide 25: Resolution 5: Issue of Equity Securities to Mark Harvey
RESOLUTION 5: Approval of issue of Equity Securities to Mark Harvey DUXTON BROADACRE Resolution For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, for the purposes of Listing Rule 10.11 and for all other purposes, Shareholders ap
Slide 26: Resolution 6: Issue of Equity Securities to Anthony Hamilton
RESOLUTION 6: Approval of issue of Equity Securities to Anthony Hamilton DUXTON BROADACRE Resolution For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, for the purposes of Listing Rule 10.11 and for all other purposes, Shareholde
Slide 27: Resolution 7: Equity Securities under Listing Rule 7.1A
RESOLUTION 7: Approval of issue of Equity Securities for the purpose of ASX Listing Rule 7.1A DUXTON BROADACRE Resolution For personal use only To consider and, if thought fit, to pass the following resolution as a special resolution: "That, for the purposes of Listing Rule 7.1A and for all other pu
Slide 28: Key Contacts
KEY CONTACTS For personal use only Will Brennan Duxton Capital (Australia) Portfolio Manager will.brennan@duxtonam.com +61 8 8130 9500 Bridget Johnson Duxton Capital (Australia) Business Development Bridget.johnson@duxtonam.com +61 8 8130 9500 28
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