Clover Corporation Limited · ASX:CLV
Clover — Shareholder Meeting (November 2024)
34 slides from Clover's shareholder meeting presentation, Nov 19, 2024
Slide 1: 2024 Annual General Meeting
For personal use only 2024 Annual General Meeting 19 November 2024
Slide 2: Welcome
For personal use only Welcome 2
Slide 3: Board Members
Board Members For personal use only Rupert Harrington Graeme Billings Toni Brendish Peter Davey Ian Glasson Simon Green
Slide 4: Agenda
Agenda • Welcome For personal use only • Introductions • How to ask Questions • How to Vote • Chairman’s Address • Managing Directors Report Formal Business • Item 1 – Adoption of the Annual Accounts • Item 2 – Resolution 1 Adoption of the Remuneration Report • Item 3 – Resolution 2 Re-election of R
Slide 5: How To Ask A Question
How To Ask A Question For personal use only • To ask a written question select the Q&A icon • Select the topic your question relates to from the drop-down list • Type your question in the text box and press the send button • To ask a verbal question follow the instructions below the broadcast window
Slide 6: How To Vote
How To Vote For personal use only • When the poll is open, select the vote icon at the top of the screen Items of Business • To vote, select either For, Against or Abstain 2A Re-elect Mr Sam Sample as a Director FOR AGAINST ABSTAIN • You will see a vote confirmation 2B Re-elect Ms Jane Citizen as a
Slide 7: Chairmans Address
For personal use only Address Chairmans
Slide 8: Managing Directors Report
For personal use only Managing Directors Report 8
Slide 9: Vision, Values & Purpose
Vision, Values & Purpose For personal use only Vision Values Purpose To optimise the health and Respect. To develop customised high development of adults, infants Response. value nutritional ingredients, and children. Responsibility. enhancing the wellbeing and dietary needs of customers. 9
Slide 10: Full Year Performance Highlights
Full Year Performance Highlights For personal use only Revenue Working Capital In line with guidance down on the FY23 $79.9M (reduced $62.2M Reduced $6.0M on FY23 full year. $38.2M demand in market). Net Profit After Tax Down 77.6% on FY23 $6.2M $1.5M Balance Sheet Cash remains strong at. $12.2M Ope
Slide 11: FY24 Update
FY24 Update • The second half delivered revenue of $34.9m (1H $27.3m) an For personal use only increase of 28%, and NPAT $2.1m (1H NPAT -$0.6m). • The last quarter delivered improved orders including those from our Chinese customers. • The company's inventory position closed at $29.6 million, a 19.9
Slide 12: Full Year 2024 Results
Full Year 2024 Results For personal use only 4E Reported 4E Reported AUD Million 31 Jul 2024 31 Jul 2023 • Customer engagement remains a key Revenue $62.2 $79.9 focus with continued trialing of new products to diversify and extend our EBITDA $4.0 $10.0 business offering. NPBT $1.9 $8.4 • NPAT impact
Slide 13: First & Second Half Performances
First & Second Half Performances For personal use only FY23 1H • Driven by stock build ahead of China Net Sales Revenue FY23 and FY24 licensing which came into effect Feb 23. 45,000 • Middle East customers grew through brand and market growth. 40,000 2H • Demand reduced following stock build and int
Slide 14: Balance Sheet 31st July 2024
Balance Sheet 31st July 2024 For personal use only Reported Reported AUD Movement ($M) 31 Jul 2024 ($M) 31 Jul 2023 ($M) Cash 12.3 9.4 2.9 Trade Receivables 13.7 12.0 1.7 • Tighter inventory control Inventories 29.6 36.9 (7.3) in line with general Total Current Assets 56.9 60.0 (3.1) demand generate
Slide 15: Melody Dairies - New Zealand
Melody Dairies - New Zealand For personal use only DNIL 12.1% Clover LCorp 43.9% 32% • A new management team was installed in Dec23 with a greater focus on quality and scheduling of production to optimise drying days. SSheep • The ownership structure changed during the year with 12% Food Innovation
Slide 16: Ecuador
Ecuador For personal use only • AUD $5.0m strategic investment. • Extraction of fish oil from heads of Tuna. • Long Term Strategic Development. Supply chain protection and risk mitigation. Cost reduction. Delivered on time and on budget 16
Slide 17: An Update on Growth Platforms
An Update on Growth Platforms For personal use only New Product Adult & Infant New Market Development Formula Development 17
Slide 18: New Products Driving Future Growth: CholineXcel
Growth Platform New Products Driving For personal use only Future Growth CholineXcel • Clover has filed for IP of its unique Choline powder which is to be branded CholineXcel. • Clover completed a production trial in August 2024 from which the product will be made available for customers to test ove
Slide 19: New Products
New Products • Highly concentrated oils • A powder form High Omega 3 allows customers to fortify gummies, powdered drinks, foods and For personal use only nutraceuticals. The powders can be pressed into tablet forms, withstand hot melt process and stay in blend for powder applications. • These produ
Slide 20: Premneo
Premneo • Clovers unique DHA emulsion which is clinically proven to increase the IQ of preterm infants. For personal use only • The emulsion containing a concentrated DHA oil can be fed to a preterm infants without rejection via a nasal gastric feeding tube in a NICU. • Regulators required a review
Slide 21: Growth Platform: Adult & Infant Formula
Growth Platform For personal use only Adult & Infant Formula • The infant formula market globally remains subdued due to lower birth rates. • Clover’s unique powders have allowed customers to achieve higher levels of DHA and meet ingredients requirements adding revenue in H2 FY24. • The H2 FY24 sale
Slide 22: FY25 Priorities
FY25 Priorities Innovation & Business Growth For personal use only • Appointment of new distributors to support our Operations & Supply sales team in reach and diversification of our Chain Efficiencies segment and customer base. • Integration of the Ecuador facility into the supply • Customer engage
Slide 23: FY25 Outlook
For personal use only FY25 Outlook Clover has sustained the demand profile from the second half of FY24 into the first half of FY25 and aims to build on this demand for the remainder of FY25.
Slide 24: Disclaimer
Disclaimer For personal use only The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe s
Slide 25: Formal Business
Formal Business For personal use only Item 1 – Adoption of the Annual Accounts Item 2 – Resolution 1 Adoption of the Remuneration Report Item 3 – Resolution 2 Re-election of Mr Rupert Harrington Item 4 – Resolution 3 Issue of FY25 Performance Rights Questions 25
Slide 26: Adoption of Annual Report
01 For personal use only Adoption of Annual Report 26
Slide 27: Adoption of Remuneration Report
02 For personal use only Adoption of Remuneration Report That the remuneration report that forms part of the director’s report for the financial year ended 31 July 2024, be adopted. 27
Slide 28: Proxy Votes
Proxy Votes For personal use only Votes % Voted For 71,830,666 43.0 Against 289,953 0.2 Abstain 62,401 0.1 28
Slide 29: Re-election of Mr. Rupert Harrington
03 For personal use only Re-election of Mr. Rupert Harrington To consider and if thought fit pass the following resolution as an ordinary resolution. That Mr. Rupert Harrington who retires in accordance with article 16 of the Company’s constitution and, being eligible, stands for re-election, be re-
Slide 30: Proxy Votes
Proxy Votes For personal use only Votes % Voted For 71,944,533 43.1 Against 176,797 0.1 Abstain 58,390 0.1 30
Slide 31: Issue of FY25 Performance Rights
04 For personal use only Issue of FY25 Performance Rights Approval of FY25 Performance Rights to be issued to the Managing Director To consider and if thought fit pass the following resolution as an ordinary resolution. That for the purposes of Listing Rule 10.14, and for all other purposes, shareho
Slide 32: Proxy Votes
Proxy Votes For personal use only Votes % Voted For 69,603,657 41.7 Against 2,368,522 1.4 Abstain 220,041 0.1 32
Slide 33: Voting Poll & Close
Voting Poll & Close For personal use only • Voting Poll • Formal Business Concluded 33
Slide 34: Questions
For personal use only Questions