Sanford Limited · NZX:SAN
Sanford — Shareholder Meeting (December 2023)
22 slides from Sanford's shareholder meeting presentation, Dec 18, 2023
Slide 1: 2023 Annual Shareholders' Meeting
2023 ANNUAL SHAREHOLDERS’ MEETING 18 December 2023 2023 Annual Meeting
Slide 2: Click to view video
Click to view video 2023 Annual Meeting
Slide 3: Chair Sir Rob McLeod
CHAIR SIR ROB MCLEOD 2023 Annual Meeting
Slide 4: How to Participate Online
HOW TO PARTICIPATE ONLINE Voting Q&A Once the voting has been opened, Written Questions: Questions may be the resolutions and voting options submitted ahead of the meeting. If you will allow voting. have a question to submit during the live meeting, please select the Q&A tab To vote, simply click on
Slide 5: Agenda
AGENDA 1. Presentations 2. Shareholder Discussion 3. Resolutions 4. General Business 5. Close of the Meeting 2023 Annual Meeting
Slide 6: Sanford Board
SANFORD BOARD Sir Rob McLeod Craig Ellison Independent Chair Executive director & Acting CEO David Mair Fiona Mackenzie Independent director Independent director Retiring at end of 2023 ASM 2023 Annual Meeting
Slide 7: Our Vision and Strategy
OUR VISION NEW ZEALAND’S SEAFOOD LEADER FOR QUALITY, VALUE AND REPUTATION PURPOSE PROVIDING EXCEPTIONAL NUTRITIOUS FOOD FROM HEALTHY OCEANS CULTURE ACHIEVING TOGETHER VALUES CARE - PASSION - INTEGRITY Ss) OUR STRATEGY SANFORD _ RECOVER, REBUILD AND OUTPERFORM COMMERCIAL FOCUS a =~ ay ad STRENGTHEN G
Slide 8: FY23 Results Snapshot
FY23 RESULTS SNAPSHOT CATCH/HARVEST SALES VOLUME REVENUE • Highest revenue result for 5 years VOLUME reflecting good demand and strong in- 112.5K GWT 92.0K GWT $553.4m market prices. +2.8% -12.1% +4.0% • Lower sales volume down 12.1% due to reduced squid catch as a result of EBIT GW KG ADJUSTED EBIT
Slide 9: Our People
OUR PEOPLE 2023 Annual Meeting
Slide 10: Looking to the Future
LOOKING • Strong international and local demand for high quality, sustainable, delicious seafood. TO THE • Positive momentum towards pre-covid results. • Volume growth will be achieved through smart FUTURE farming and ability to increase our farm footprints. • Committed to integrity of the quota man
Slide 11: Acting CEO Craig Ellison
ACTING CEO CRAIG ELLISON 2023 Annual Meeting
Slide 12: FY23 Key Events and Highlights
FY23 KEY EVENTS AND HIGHLIGHTS • Outperformance in Salmon • Announced long term lease of much of Sanford’s North Island inshore Annual Catch business. Entitlement (ACE) to Moana New Zealand. Transaction settled 31 October 2023. • Reset of Mussel business to meet strong demand – profitability • Chall
Slide 13: Grow Salmon
• Salmon business going from strength GROW SALMON to strength under Big Glory Bay brand. • NZ King salmon is a premium and prized product - significant demand, particularly in international markets. • Challenges of El Nino summer – risk mitigations in place. • Focus on sustaining margins and cost ma
Slide 14: Grow Mussels
GROW MUSSELS • Well positioned to capitalise on warm growing conditions and return to full workforce. • Pricing and demand remain strong for half shell mussels. • Low seeding in 2023 will limit harvest volumes in 2024. • Bioactives facility now commissioned – continuing to assess and develop the opp
Slide 15: Strengthen Wildcatch
• Focus on deepwater fishing. STRENGTHEN WILDCATCH • Continuation of strong demand and prices for key species. • Integrity capital investment for fleet and infrastructure. • Priority focus on improving operational efficiency. • Forecasting lower-than-average squid catch for FY24 based on historical
Slide 16: People, Place, Performance: FY23 Highlights
1 PEOPLE, PLACE, PERFORMANCE: FY23 HIGHLIGHTS • Continued to build on our trusted customer partnerships in new and existing markets. • Rebuilt team back to full force. • Reported a significant drop in waste going to landfill; remain on track to achieve our 2030 target of a 25% reduction in carbon em
Slide 17: FY24 Outlook
FY24 OUTLOOK Q1 FY24 UPDATE • Market prices and demand expected to remain at current • Continuing strong pricing and strong levels. demand for premium species, particularly scampi, mussels and • Salmon expected to perform well and maintain current salmon. profitability. • Economic headwinds continue
Slide 18: Shareholder Discussion
S SANFORD SHAREHOLDER DISCUSSION
Slide 19: Resolutions
RESOLUTIONS Resolution 1: Election of William John Strowger That Mr Strowger be elected as a Director of the Company, having been nominated by Tasman Equity Holdings Limited, a shareholder of the Company, in accordance with NZX Listing Rule 2.3. Resolution 2: Auditor To authorise the Directors to fi
Slide 20: Other Business, Close of the Meeting
OTHER BUSINESS CLOSE OF THE MEETING
Slide 21: FY23 Financial Results - GAAP to Non-GAAP
FY23 FINANCIAL RESULTS - GAAP TO NON-GAAP GAAP to Non-GAAP Reconciliation Non-GAAP Profit measures 30-Sep-23 30-Sep-22 Sanford’s standard profit measure prepared under New Zealand GAAP is net profit. Sanford have used non-GAAP measures when discussing financial performance in this $000 $000 document
Slide 22: Disclaimer
DISCLAIMER Important Notice This presentation contains not only a review of operations and information about Sanford Limited (the Company), but also contains some forward-looking statements about the Company and the environment in which it operates. This disclaimer applies to this presentation and a