Zeder Investments Limited · JSE:ZED
Zeder Investments — Shareholder Meeting (July 2021)
22 slides from Zeder Investments's shareholder meeting presentation, Jul 14, 2021
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING PRESENTED BY: JOHANN LE ROUX DATE: 14 JULY 2021 1
Slide 2: Agenda
AGENDA • Social and ethics feedback • Post balance sheet events and sum-of-the-parts update • Covid-19 and portfolio update • Prospects and strategy • Questions 2
Slide 3: Social and Ethics Feedback
SOCIAL AND ETHICS FEEDBACK INVESTMENTS LIMITED
Slide 4: Social and Ethics Feedback
SOCIAL AND ETHICS FEEDBACK Zeder implements its monitoring and adherence to Social and Ethics obligations through conscious and deliberate participation at investee company level while aligning and monitoring at holding company level. ─ Zeder’s social and ethics (page 58) and governance (page 26) re
Slide 5: Social and Ethics Feedback (Examples)
SOCIAL AND ETHICS FEEDBACK (EXAMPLES) While it is impossible to record each “social and ethical” initiative across the group, below are examples referenced to illustrate our actions and intentions. Education Education Skills Skills Development Development Sustainability Sustainability Community Comm
Slide 6: Post Balance Sheet Events
POST BALANCE SHEET EVENTS • Dividends, portfolio transaction and buyback of Zeder shares Payment of Special Portfolio Dividends EA Seeds Buyback of Zeder Dividend Received Transaction Shares • A special dividend of • Dividends received • Zaad acquired a 40% • No further shares 20c per share was paid
Slide 7: Sum-of-the-Parts
SUM-OF-THE-PARTS The SOTP value per share decreased, largely due to the payment of the 20c special dividend, countered by the increase in the Kaap Agri share price. Share price discount to SOTP remains and is not unique to Zeder (prevalent in listed markets). 28-Feb-21 07-July-21 Share of Share of C
Slide 8: Covid-19 and Portfolio Update
COVID-19 AND PORTFOLIO UPDATE 8
Slide 9: Covid-19
COVID-19 • Impact on South Africa and business ─ GDP retraction and significant job losses ─ Economy struggling, government debt levels high and business confidence low ─ 3rd wave brings additional financial challenges ─ Access to vaccinations limited and slow vaccination rate (now also impacted by
Slide 10: Zaad is a specialist agricultural seed and agrochemicals company
Zaad is a specialist agricultural seed and agrochemicals company that develops and supplies a broad basket of proprietary seeds and chemicals to emerging markets. 10
Slide 11: Portfolio Update: Zaad
PORTFOLIO UPDATE Zaad has concluded the acquisition of a 40% interest in EA Seeds (Kenya) during May 2021. Final building block in terms of acquisitions for now. GENERAL COMMENTS • YEAR END CONSIDERATIONS • Valuation only adjusted at interim and full year reporting • Zaad reported an increase of 2%
Slide 12: The Logistics Group is an asset light business
The Logistics Group is an asset light business, operating strategic logistical and terminal assets in South Africa, whilst expanding its service offering and capabilities to a broader market base in Southern Africa. 12
Slide 13: Portfolio Update: The Logistics Group
PORTFOLIO UPDATE The Ressano Garcia terminal in Southern Mozambique was opened during June 2021. GENERAL COMMENTS YEAR END CONSIDERATIONS • Valuation only adjusted at interim and full year reporting • TLG reported an increase of 12% in RHEPS for the year ended 31 December 2020 • Sharp V-recovery in
Slide 14: Capespan is an internationally diversified group
Capespan is an internationally diversified group with a primary exposure to fruit farming, marketing, distribution and related services. 14
Slide 15: Portfolio Update: Capespan
PORTFOLIO UPDATE The Capespan farming operations (citrus and pome) had good agricultural seasons and produced good volumes. GENERAL COMMENTS YEAR END CONSIDERATIONS • Valuation only adjusted at interim and full year reporting • Capespan reported an increase in recurring headline earnings from a loss
Slide 16: Kaap Agri is a leading agri-related retail, trade, supply and services company
Kaap Agri is a leading Agri-related retail, trade, supply and services company that supplies a variety of products and services mainly to the agricultural sector, but also to the general public. 16
Slide 17: Portfolio Update: Kaap Agri
PORTFOLIO UPDATE Kaap Agri delivered solid interim 31 March 2021 results with an increase in recurring headline earnings per share of 23% and an interim dividend payment of 40c per share. GENERAL COMMENTS YEAR END CONSIDERATIONS • Valuation adjusted in-line with movement in JSE share price • Valuati
Slide 18: Agrivision Africa is a vertically integrated, grain-related food supplier
Agrivision Africa is a vertically integrated, grain-related food supplier that farms, mills and distributes products in the northern region of Zambia and southern parts of the DRC. 18
Slide 19: Portfolio Update: Agrivision Africa
PORTFOLIO UPDATE The Mkushi farming area received sufficient rainfall and has enabled the group to plant a full crop of wheat. GENERAL COMMENTS YEAR END CONSIDERATIONS • Valuation only adjusted at interim and full year reporting • Agrivision reported an improved performance, but challenges remain •
Slide 20: Prospects and Strategy
PROSPECTS AND STRATEGY INVESTMENTS LIMITED
Slide 21: Prospects and Strategy
PROSPECTS AND STRATEGY • Grow and support existing portfolio ─ The macro environment in which Zeder and its portfolio companies currently operate in remains favorable ─ Covid-19 implications and impact of protests being evaluated ─ Dedicating time to portfolio investments affected by Covid-19 and gr
Slide 22: Thank you / Questions?
Thank you Awaiting image… Questions? WE ARE BASED IN STELLENBOSCH, WESTERN CAPE, SOUTH AFRICA. PHYSICAL ADDRESS POSTAL ADDRESS 2ND FLOOR, OU KOLLEGE PO BOX 7403 35 KERK STREET STELLENBOSCH STELLENBOSCH 7599 7600 TEL: 021 831 9559 FOR FURTHER INFORMATION, PLEASE CONTACT US AT INFO@ZEDER.CO.ZA