Allied Farmers Limited · NZX:ALF
Allied Farmers — Shareholder Meeting (November 2022)
17 slides from Allied Farmers's shareholder meeting presentation, Nov 24, 2022
Slide 1: Annual Shareholder Meeting 24 November 2022
ANNUAL SHAREHOLDER MEETING 24 November 2022
Slide 2: Agenda
Agenda 1. Chair’s Introduction 2. Presentation to Shareholders 3. Shareholder Discussion 4. Resolutions
Slide 3: A Tribute to Mark Franklin
A Tribute to Mark Franklin • Mark Franklin sadly passed away on 12 November 2022. • Mark joined the Board as Independent Chair of Allied Farmers on 28 October 2021. • He was a highly experienced & principal businessman and he made a significant contribution to Allied Farmers and its investee compani
Slide 4: History
History • Allied Farmers has a history that dates back to 1889 when the Egmont Agricultural & Pastoral Association established a stock & station company - The Egmont Farmers Union Limited. • You can learn more about Allied Farmers History on our new website: www.alliedfarmers.co.nz/#history • There
Slide 5: FY 2022 Result Commentary
FY 2022 Result Commentary • Allied Farmers reported a Net Profit After Tax (NPAT) of $2.876 mln in FY 2022 vs. $2.021mln in FY 2021. • The result reflected improved performances from (i) New Zealand Farmers Livestock (NZFL) driven by the Farmers Meat Export (FMEL) division, and (ii) New Zealand Rura
Slide 6: FY 2022 - NZRLM Result Commentary
FY 2022 - NZRLM Result Commentary • New Zealand Rural Land Management (NZRLM) is the external manager of the NZX-listed New Zealand Rural Land Company (NZL.NZX). • Allied Farmers currently owns 50% of NZRLM. • In FY2022, NZRLM delivered earnings to Allied Farmers of $1.624 mln. This was an increase
Slide 7: FY 2022 - NZFL Result Commentary
FY 2022 - NZFL Result Commentary • NZFL result benefited from a vastly improved contribution by Farmers Meat Export (FMEL). • The Livestock Agency business had a mixed year with dairy herd sales a highlight. • Livestock Finance continued its growth enhanced by the implementation of a referral agreem
Slide 8: FY 2022 Tax Loss Update
FY 2022 Tax Loss Update • Allied Farmers has tax losses which relate to its previous finance company investments. • As at 30 June 2022 the Company has tax losses that amount to $36,288,403. • We have recently obtained updated advice from Deloitte on our tax loss position & continue to work with them
Slide 9: Group Structure
Group Structure (67.1%) (50.0%) • Allied Farmers full corporate structure is detailed in the Appendices. • The Directors are looking to amalgamate legacy companies to simplify the corporate structure in FY2023 and are working with Deloitte at present on this matter alongside the Company’s tax loss p
Slide 10: Governance Structure
Governance Structure Philip Luscombe Christopher Swasbrook Shelley Ruha Independent Director Chair Independent Director Philip was appointed a Director of Allied Farmers Limited in Chris is one of the founders and directors of New Zealand Rural Shelley is a Company Director and Investor with 30 year
Slide 11: FY 2023 Operational Update
FY 2023 Operational Update • Shelley Ruha appointed to the Board on 9 November 2022. • Allied Farmers has no net debt at a Company and Group level and is in a net cash position of ~$1.0 mln at present. • Allied Farmers expects continued distributions from NZFL and is working with the NZFL management
Slide 12: FY 2023 Operational Update
FY 2023 Operational Update • On 21 October 2022, NZL announced the acquisition of a $63 mln forestry estate located in the Manawatū-Whanganui region in the North Island. The estate comprises five properties with a total area of approximately 2,400 hectares. • The settlement date for the acquisition
Slide 13: ASM Resolutions
ASM Resolutions Resolutions & Other Business: Resolution #1: Director re-election: That Philip Luscombe be re-elected as a Director of the Company. Resolution #2: Director re-election: That Shelley Ruha be re-elected as a Director of the Company. Resolution #3: Auditor’s fees: That the re-appointmen
Slide 14: ASM Proxy Votes
ASM Proxy Votes ALLIED FARMERS SINCE 1889 THURSDAY 24 NOVEMBER 2022 Proxies at 22/11/2022 14:16 Total Valid As a% of For Open Against ~— Available Votes —Issued Capital Abstain’ Resolution 1 Votes 4,647,286 219,008 5,956 4,872,250 16.91% 7,172 PHILIP LUSCOMBE TO BE RE-ELECTED AS DIRECTOR. Holders 62
Slide 15: Appendices
Appendices Appendix #1: Allied Farmers Full Corporate Structure - as at 24 November 2022 - Pre Amalgamations
Slide 16: Appendix #1: Allied Farmers Full Corporate Structure
Appendix #1: Allied Farmers Full Corporate Structure - as at 24 November 2022 - Pre Amalgamations Allied Farmers Rural Funding ALF Nominees NZ Rural Land Allied Farmers (New Zealand) SolutioNZ Ltd. Management GP Ltd. Rural Ltd. Ltd. Limited (50%) NZ Rural Land Management Limited Partnership (50%) Li
Slide 17: www.alliedfarmers.co.nz
ALLIED FARMERS SINCE 1889 www.alliedfarmers.co.nz ALLIED Allied Farmers Limited 201 Broadway, Stratford 4332, New Zealand _allliedfarmers.co.nz FARMERS Phone: +64 6 765 6199,