Slide 1: PGG Wrightson Limited Annual Meeting 2013
PGG Wrightson Annual Meeting Presentation 22 October 2013 PGG Wrightson Limited Annual Meeting 2013 Riccarton Park Christchurch 22 October 2013 Agenda Sir John Anderson 1. Welcome & Introductions 2. Formalities 3. Chairman’s Address Mark Dewdney 4. Operational Review Rob Woodgate 5. Financial Review
Slide 2: Directors and Senior Management
PGG Wrightson Annual Meeting Presentation 22 October 2013 Directors • Sir John Anderson • Trevor Burt • Bruce Irvine • Alan Lai • Ronald Seah • Patrick Tsang • Kean Seng U Senior Management • Mark Dewdney Chief Executive Officer • Rob Woodgate Chief Financial Officer • Julian Daly General Counsel &
Slide 3: Formalities / Chairman's Address
PGG Wrightson Annual Meeting Presentation 22 October 2013 Formalities • Notice of Meeting • Minutes • Proxies • Annual Financial Statements Chairman’s Address Sir John Anderson
Slide 4: Overview and Goodwill
PGG Wrightson Annual Meeting Presentation 22 October 2013 Overview • Performance mirrors on-farm challenges • Operating EBITDA** $45.8 million • Dividend payment 3.2 cps for the year Goodwill $321.1 million goodwill Mostly created from 2005 merger Basis for decision Share price and slower than origi
Slide 5: Operational Review
PGG Wrightson Annual Meeting Presentation 22 October 2013 Operational Review Mark Dewdney
Slide 6: Rural Services Operational Performance
PGG Wrightson Annual Meeting Presentation 22 October 2013 Financial Highlights ($M) Operational $55 $59 Performance $46 • Operating EBITDA $45.8m $39 • Goodwill $24 impairment ($321.1m) $15* $15 ($307) • Profit ($306.5m) • Profit (excl Goodwill) $14.6m Operating Profit Operating EBITDA Cash Flow • O
Slide 7: Seed & Grain Strategy
PGG Wrightson Annual Meeting Presentation 22 October 2013 Seed & Grain New Zealand Technology driven growth Australian Seeds Weather hinders profitability South America Successful launch of seed coating Grain Impacted by drought Strategy Solid foundations • Quality, committed staff • Loyal customers
Slide 8: Water / Financial Review
PGG Wrightson Annual Meeting Presentation 22 October 2013 Water Purchase of Water Dynamics and Aquaspec • Complementary business • “Bolt-on” acquisition • Provides nationwide footprint • Increases market share • Adds wholesale capability Strategic goal to establish ourselves as the clear market lead
Slide 9: Financial Performance, Cash Flow and Balance Sheet
PGG Wrightson Annual Meeting Presentation 22 October 2013 Financial Performance Financial June Year (NZ $M) FY13 FY12 Performance Operating EBITDA 46 55 • Non-operating items: Goodwill impairment (321) - 1 - • Loss on sale of Associate earnings molasses business Depreciation (8) (8) Non-operating it
Slide 10: Outlook
PGG Wrightson Annual Meeting Presentation 22 October 2013 Outlook Market • Better outlook for lamb • Record pay-out forecast for dairy PGG Wrightson • Less than 10% of earnings delivered in first quarter • Strong start to the season Overall • On target for operating EBITDA of $52-$56 million
Slide 11: Business of the Meeting: Trevor Burt
PGG Wrightson Annual Meeting Presentation 22 October 2013 Business of the Meeting 1. Election of Directors 2. To authorise the directors to fix the remuneration of the auditors Trevor Burt B.Sc Trevor has had extensive international experience in the industrial gas industry, joining BOC Gases NZ in
Slide 12: Lim Siang (Ronald) Seah
PGG Wrightson Annual Meeting Presentation 22 October 2013 Lim Siang (Ronald) Seah B.Soc.Sc (Honours in Economics) Ronald is a Singaporean with a background in banking and funds management. His fund management career spanned 26 years with the AIG group of companies in Singapore, serving as Chairman o
Slide 13: Appointment of Auditors / Kean Seng U
PGG Wrightson Annual Meeting Presentation 22 October 2013 Kean Seng U LLB (Honours), B Ec Kean Seng is Head of Corporate & Legal Affairs for Agria Corporation. He has extensive experience in advising on investment into and out off China. Kean Seng previously practiced as a partner at Singaporean law
Slide 14: General Business
PGG Wrightson Annual Meeting Presentation 22 October 2013 General Business Thank you for attending 28
Slide 15: Notes and Non-GAAP Disclosure
PGG Wrightson Annual Meeting Presentation 22 October 2013 Notes: * All references to PGG Wrightson Limited or the Company refer to the Company, its subsidiaries and interests in associates and jointly controlled entities. ** Disclosure Statement: Non-GAAP profit reporting measures: PGW’s standard pr