Allied Farmers Limited · NZX:ALF
Allied Farmers — Shareholder Meeting (November 2024)
26 slides from Allied Farmers's shareholder meeting presentation, Nov 20, 2024
Slide 1: Annual Shareholder Meeting 20 November 2024
A ANNUAL SHAREHOLDER MEETING 20 NOVEMBER 2024 A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 1
Slide 2: Agenda
AGENDA 1. Chair’s Introduction 2. Managing Director’s Address to Shareholders 3. Resolutions 4. Shareholder Questions A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 2
Slide 3: 1. Chair's Introduction
1. CHAIR’S INTRODUCTION A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 3
Slide 4: 2. Managing Director's Address to Shareholders
2. MANAGING DIRECTOR’S ADDRESS TO SHAREHOLDERS A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 4
Slide 5: ASM Presentation November 2024
A ASM PRESENTATION 20 NOVEMBER 2024
Slide 6: Key Events & People
KEY EVENTS & PEOPLE Key events in FY24: • Earnings per share up +56% from FY23 • Sale of NZFL’s Frankton saleyard at above book value • NZRLM managed the sale of a 25% equity interest in New Zealand Rural Land Company’s land portfolio to specialist private markets investment firm, Roc Partners • Sub
Slide 7: FY24 Financial Result
FY24 FINANCIAL RESULT Allied Farmers is pleased with its performance in FY24, reflecting its commitment to delivering earnings per share growth for its shareholders. +56% • FY24 Group NPAT of $6.9m and NTA of $13.9m • New Zealand Farmers Livestock (NZFL) EBITDA has grown +73% to $8.1m in FY24, from
Slide 8: Allied Farmers Overview & Strategy
A SECTION 1 ALLIED FARMERS OVERVIEW & STRATEGY
Slide 9: Allied Farmers Today
ALLIED FARMERS TODAY Allied Farmers Limited has a longstanding history of providing services to the agricultural sector, while also functioning as an agricultural investment company. Today, Allied Farmers continues as an investment company, with two primary investments in the sector. A Allied Farmer
Slide 10: Strategy & Update
STRATEGY & UPDATE Allied Farmers is a NZX-listed investment company with a focus on investments in the primary sector. In FY24 Allied recorded a net profit after tax of $5.2m or 18.1 cents per share from these investments. Strategy 1. Provide shareholders with exposure to attractive investments; 2.
Slide 11: Investment Summary
INVESTMENT SUMMARY Below is an operational and financial update for Allied’s investments. • Livestock services EBITDA grew +74% to $7.8m in • NZRLM EBITDA grew +61% to $2.2m in FY24, from FY24, from $4.5m in FY23 $1.4m in FY23 • Financial services EBITDA grew +56% to $0.3m in • NZRLM holds the manag
Slide 12: FY24 Financial Result
A SECTION 2 FY24 FINANCIAL RESULT
Slide 13: Financial Overview - FY24 Highlights & Metrics
FINANCIAL OVERVIEW - FY24 HIGHLIGHTS & METRICS +2% +72% +62% growth in Group growth in Group growth in Group Revenue, to $27.6m. EBITDA1, to $9.0m. NPAT, to $6.9m. (from (from $27.1m in FY23) (from $5.2m in FY23) $4.3m in FY23) +56% +90% growth in Allied EPS, growth in Allied NTA to 18.07 cps (from
Slide 14: Profit & Loss Statement (Consolidated)
PROFIT & LOSS STATEMENT (CONSOLIDATED) NZ$000 Jun-24 Jun-23 Income Commission and fee income 16,497 15,906 Sale of goods 10,381 10,015 Interest income 328 414 $27.63m Other Income 422 387 Group Revenue Equity Accounted Earnings NZRLM - 417 Total Income 27,628 27,139 Expenses Cost of goods sold (7,70
Slide 15: Balance Sheet (Consolidated)
BALANCE SHEET (CONSOLIDATED) NZ$000 Jun-24 Jun-23 $ per share Jun-24 Jun-23 Assets NTA per Share 0.48 0.26 Cash and cash equivalents 9,524 3,783 Attributable to Allied 0.40 0.21 Receivables 10,937 11,650 Inventories 240 252 Total current assets 20,702 15,685 $39.16m Deferred tax assets 1,464 1,324 T
Slide 16: FY24 Financial Result: Investment Performance
A SECTION 3 FY24 FINANCIAL RESULT: INVESTMENT PERFORMANCE
Slide 17: New Zealand Farmers Livestock
NEW ZEALAND FARMERS LIVESTOCK Livestock Services Financial Services NZFL Consolidated $24.28m NZ$000 Income Jun-24 Jun-23 Jun-24 Jun-23 Jun-24 Jun-23 Total Revenue Commission and fee income 13,126 14,699 21 4 13,147 14,703 Sale of goods 10,381 10,015 - - 10,381 10,015 Interest income 253 284 75 124
Slide 18: New Zealand Rural Land Management
NEW ZEALAND RURAL LAND MANAGEMENT $3.35m NZ$000 Income Jun-24 Jun-23 Total Revenue Commission and fee income 3,350 1,203 Sale of goods - - Interest income - - Other Income * - - Equity Accounted Earnings NZRLM - 417 Total Income 3,350 1,620 $2.18m Expenses Cost of goods sold - - EBITDA Personnel exp
Slide 19: Appendices
A APPENDICES
Slide 20: Appendix 1: Allied Farmers Financial Performance 2015 to 2024
APPENDIX 1: ALLIED FARMERS FINANCIAL PERFORMANCE - 2015 TO 2024 $30.00 $0.20 Annual Growth Rates: $0.18 $25.00 $0.16 $0.14 +7% p.a $20.00 Revenue (millions) Revenue Growth $0.12 2015-2024 NPAT/sh $15.00 $0.10 $0.08 $10.00 $0.06 +78% p.a Allied $0.04 NPAT Growth $5.00 Per Share $0.02 2015-2024 $0.00
Slide 21: Appendix 2: Allied Farmers Financial Performance 2020 to 2024
APPENDIX 2: ALLIED FARMERS FINANCIAL PERFORMANCE - 2020 TO 2024 $30.00 $0.20 Annual Growth Rates: $0.18 $25.00 $0.16 $0.14 +8% p.a $20.00 Revenue Growth Revenue (millions) 2020-2024 $0.12 NPAT/sh $15.00 $0.10 +43% p.a $0.08 $10.00 $0.06 Allied NPAT Growth $0.04 Per Share $5.00 2020-2024 $0.02 $0.00
Slide 22: Appendix 3: Allied Farmers Share Price 2015 to 2024
APPENDIX 3: ALLIED FARMERS SHARE PRICE 2015 TO 2024 $0.80 Annual Growth Rate: $0.75 +5% p.a $0.70 $0.65 Revenue Growth Share Price 2015-2024 $0.60 $0.55 $0.50 $0.45 $0.40 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Share Price (ALF) A ALLIED FARMERS | FY24 ASM PRESENTATION 22
Slide 23: 3. Resolutions
3. RESOLUTIONS A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 23
Slide 24: Proxy Snapshot
PROXY SNAPSHOT As at 18 November 2024: A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 24
Slide 25: ASM Resolutions
ASM RESOLUTIONS Resolution 1: Auditors Remuneration That the Directors be authorised to fix the fees and expenses of the Company’s auditor, RSM Hayes Audit, for the ensuing year. Refer to Explanatory Note 1 on page 5 of the ASM notice for further details on this Resolution. Resolution 2: Issue of FY
Slide 26: 4. Shareholder Questions
4. SHAREHOLDER QUESTIONS A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 26