Ricegrowers Ltd. Class B · ASX:SGLLV
Ricegrowers Ltd. Class B — Shareholder Meeting (September 2024)
68 slides from Ricegrowers Ltd. Class B's shareholder meeting presentation, Sep 3, 2024
Slide 1: ASX Announcement: 2024 AGM addresses and presentations
ASX Announcement 3 September 2024 Ricegrowers Limited (SunRice) 2024 Annual General Meeting – Chairman and Group CEO addresses and presentations Attached are the following documents to be presented at SunRice’s 2024 Annual General Meeting (AGM) and B Class Meeting, both of which are being held in-pe
Slide 2: Chairman's Address – Laurie Arthur
2024 AGM Ricegrowers Limited (SunRice) Chairman’s Address – Laurie Arthur, Chairman Welcome again everyone, it is great to be here with you today in Deniliquin in the heart of Riverina rice growing. I also want to welcome those A and B Class Shareholders, and other valued stakeholders, who are viewi
Slide 3: Driving Australian rice industry productivity
2024 AGM Driving Australian rice industry productivity Helping to safeguard the Australian rice industry’s long-term viability remains a high priority for the Board. The role our Riverina rice growers play in SunRice’s success and that of the Australian rice industry cannot be overstated, and we con
Slide 4: Consultative committee on water recovery and rice vesting
2024 AGM We have now commenced a consultative committee with the Federal Government to help them understand, and better mitigate, the downstream supply chain impacts of water recovery. Further, after a number of reviews of vesting over recent years, in April 2024 the NSW Government released the 2023
Slide 5: Director re-election and acknowledgements
2024 AGM While we will hear from each of them during the meeting, I would like to reiterate the outstanding contribution that Andy, John and Ian each make to the SunRice Board on behalf of our growers and shareholders. Their fellow Directors and I recommend their re-election whole-heartedly. Thank y
Slide 6: CEO's address – Paul Serra, Group CEO
2024 AGM Ricegrowers Limited (SunRice) CEO’s address – Paul Serra, Group CEO Thank you Laurie, and good morning to everyone who has joined us in Deniliquin and online. It is 12 months since I was formally appointed CEO of the SunRice Group at the conclusion of last year’s AGM and it has been a privi
Slide 7: International revenue, dividend reinvestment plan and sustainability
2024 AGM As a result, over half of our Group revenue was generated outside of Australia and New Zealand in FY24, demonstrating our successful international market expansion. I’ll provide further detail on the key factors influencing our financial performance shortly. However, before we move on, I’d
Slide 8: Revenue growth and profit drivers
2024 AGM • The strength of the Group's brands also supported revenue growth, despite the challenges of inflation, which we sought to address via appropriate sales pricing strategies. Turning to profit drivers: • Profitability growth was driven by revenue growth and cost-saving measures. • We were su
Slide 9: International Rice and Rice Food segment results
2024 AGM • This included long grain rice prices increasing considerably, due in part to a ban on Indian exports of non-Basmati rice, as well as a demand increase in Vietnam and Thailand as suppliers pivoted to alternative sources. • Overall, the International Rice segment achieved great results, wit
Slide 10: CopRice and Corporate segment results
2024 AGM • CopRice’s strong profitability was driven by the continued momentum in the Australia and New Zealand companion animal portfolio, which benefited from growth in CopRice branded dog food sales. • This offset an increase in commodity and distribution costs; and a contraction in the New Zeala
Slide 11: EBITDA & cash flow, capital management
2024 AGM EBITDA & cash flow Looking at where we experienced shifts in EBITDA, you will see all segments are up on the prior year, with significant improvement in the International Rice segment and the continued momentum in the CopRice business. There has also been an increase in the return on capita
Slide 12: 2030 Growth Strategy
2024 AGM It centres on a new purpose and a new vision that builds on our heritage but also positions us for the future. Our 2030 Growth Strategy is designed around six commercial principles: • Placing consumers at the core of everything we do; • Building on our innovation capabilities; • Implementin
Slide 13: SavourLife acquisition and paddy price outlook
2024 AGM • High quality branded earnings and increased share in the high value premium pet food and treat categories, with a brand that has established loyal customer relationships and a platform to grow in Australia and, in time, internationally; • A further shift in mix from ruminant stockfeed to
Slide 14: Outlook remains positive
2024 AGM circumstances, while ensuring a more consistent supply, which is in the best interests of the business and both classes of shareholders. We will target new contracting and paddy pricing options that align with our growers needs and aspirations and our Growth Strategy takes this into account
Slide 15: Annual General Meeting – Realising Global Potential
REALISING GLOBAL POTENTIAL Annual General Meeting 3 SEPTEMBER 2024 (ASX:SGLLV)
Slide 16: Important notice & disclaimer
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL This presentation is for information purposes only. This To the maximum extent permitted by law, SunRice, its About SunRice’s structure information is given in summary form and does not related corporations, directors, officers, employees or The st
Slide 17: Chairman's Welcome
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Chairman’s Welcome Laurie Arthur 3 SEPTEMBER 2024
Slide 18: Agenda
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Procedural matters Chairman’s address Group CEO’s address Financial Reporting, Agenda including questions and answers AGM resolutions AGM close B Class Meeting to follow
Slide 19: Procedural Matters
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Procedural Matters 1 Voting will be by way of poll 3 If you are the registered holder of a shareholding of First A Class Share(s), you are entitled 4 Proxy and direct voting results already received will be displayed for each 2 Ordinary resolutions
Slide 20: Lodging your votes
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Lodging your votes Online and other forms of early voting are now closed A Class Shareholders present in Deniliquin are able to cast votes using the yellow voting card Link Market Services will collect votes at the end of the meeting and conduct th
Slide 21: Asking questions
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Asking questions Only Shareholders are able to ask questions Shareholders who were unable to attend today’s meeting were invited to submit questions in advance Shareholders present are invited to hold up your voting or admission card and wait for a
Slide 22: Chairman's Address
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Chairman’s Address Laurie Arthur 3 SEPTEMBER 2024
Slide 23: Delivering for both A and B Class shareholders
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Delivering for both A and B Class shareholders AA Class B B Class Shareholder Shareholders GsR O W E R S INVESTORS Naturally earned A Class Shareholders B Class Shareholders Total Dividend of paddy price of Receival, milling & selling of Riverina R
Slide 24: Driving Australian rice industry productivity
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Driving Australian rice industry productivity Research and development continues to play a critical role Drill sowing increased across our growing regions in CY24, with VO71 producing record breaking yields
Slide 25: Industry challenges & opportunities
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Industry challenges & opportunities Water reform and proposed partial rice vesting deregulation A For our growers, we are now looking at ways to introduce greater flexibility and initiatives to continue to grow rice and maximise paddy returns. acce
Slide 26: Re-election of SunRice Directors
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Re-election of SunRice Directors Re-election Re-election Re-election of Dr. Andrew Crane of John Bradford of Ian Mason
Slide 27: Thank you and acknowledgements
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Thank you and acknowledgements
Slide 28: Group CEO's Address
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Group CEO’s Address Paul Serra 3 SEPTEMBER 2024
Slide 29: FY24 results: another year of strong growth
GROUP CEO PRESENTATION - REALISING GLOBAL POTENTIAL FY24 FY23 In FY24 we achieved Revenue $1.88b ^15 % $1.64b another year of strong Paddy price for $430/t 7% ^ $461/t growth across the medium grain EBITDA1 $143.9m ^23% $117.0m SunRice Group. $68.2m ^24% Net Profit After Tax $54.8m We made significa
Slide 30: Embedding sustainability across six priority areas
GROUP CEO PRESENTATION - REALISING GLOBAL POTENTIAL Percentage of CY23 Resilient communities We continued to embed crop drill sown $1.68m sustainability into our 44.5% donated to community business across six rising to 72% for the CY24 crop. organisations.1 priority areas. Waste reduction Food secur
Slide 31: Revenue and profitability drivers
GROUP CEO PRESENTATION - REALISING GLOBAL POTENTIAL Profitability drivers The Group achieved Revenue growth and cost savings both volume and value Operational and manufacturing efficiencies growth in revenue. Competitive sourcing via our extensive supply Profitability was chain Revenue drivers suppo
Slide 32: All business segments improved Revenue and EBITDA in FY24
GROUP CEO PRESENTATION - REALISING GLOBAL POTENTIAL All business segments improved metrics at the Revenue and EBITDA level in FY24 Australian Rice Profit Businesses Pool Business Rice Pool International Rice Rice Food Riviana Foods CopRice Corporate Revenue Revenue FY23 FY24 FY23 FY24 FY23 FY24 FY23
Slide 33: Record FY24 revenue and consistent dividends
GROUP CEO PRESENTATION - REALISING GLOBAL POTENTIAL The record FY24 The total fully franked dividend of 60 cents per revenue was B Class Share represents a payout ratio of 62%.1 underpinned by the continued execution Resilience demonstrated AU Crop and Group Revenue 1,880 Consistently strong dividen
Slide 34: EBITDA and Cash flow movement
GROUP CEO PRESENTATION - REALISING GLOBAL POTENTIAL EBITDA and Cash flow movement EBITDA movement ($m) Movement in Net Debt ($m) At 30 April 2024, all remaining debt drawn down on our Seasonal facility relates to Net Working Capital funding, with this being primarily made up of near-term marketable
Slide 35: Net Debt and gearing reduced
GROUP CEO PRESENTATION - REALISING GLOBAL POTENTIAL Net Debt / EBITDA Core Debt / EBITDA Gearing ratio Core Gearing ratio2 Net Debt and 1.6x n.a. 27% n.a. gearing reduced to Net Debt ($m) Seasonal Net Debt3 and Net Working Capital ($m) $224m and 27% Seasonal debt is driven, in part, by the timing an
Slide 36: Strategy update
GROUP CEO PRESENTATION- REALISING GLOBAL POTENTIAL Strategy update 24
Slide 37: With rice at our heart: purpose, vision, priorities, 2030 goals
SUN GRROI CUEP AC G EOM P2R0E2S4E N T A T I O N - R E A L I S I N G G L O B A L P O T E N T I A L With rice at our heart Our Purpose Our Vision With rice at our With enduring care for heart, we bring our people, communities people together and environment, we through inspiring grow, source and craft
Slide 38: Acquisition of SavourLife
GROUP CEO PRESENTATION - REALISING GLOBAL POTENTIAL The acquisition of SavourLife will increase the scale of the CopRice business, support diversification into high- value branded companion animal segments, and provide an opportunity to utilise existing assets. High quality Potential to branded util
Slide 39: Paddy price and crop outlook
GROUP CEO PRESENTATION - REALISING GLOBAL POTENTIAL The CY24 Riverina harvest Paddy price and was another large crop at crop outlook approximately 618,000 paddy tonnes. CY25 Outlook With successively large crops in Several factors continue to weigh on CY23 and CY24, we have full anticipated returns,
Slide 40: Outlook remains positive for FY25
GROUP CEO PRESENTATION - REALISING GLOBAL POTENTIAL Outlook remains positive for FY25 Following a strong year of growth in FY24, SunRice Group is seeking to repeat the performance at both the top and bottom line in FY25. • We are managing significant headwinds: • A softening in sales prices; • Incre
Slide 41: Realising Global Potential
GROUP CEO PRESENTATION REALISING GLOBAL POTENTIAL
Slide 42: Formal Items of Business
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL Formal Items of Business 3 SEPTEMBER 2024
Slide 43: Financial Reporting
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL AGENDA ITEM 1 Financial Reporting Consideration of the Annual Financial Report, Directors’ Report and Independent Audit Report for the year ended 30 April 2024.
Slide 44: Remuneration Report
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 1 Remuneration Report “That the Remuneration Report for the year ended 30 April 2024 be adopted.”
Slide 45: Remuneration Report – votes received
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 1 Remuneration Report “That the Remuneration Report for the year ended 30 April 2024 be adopted.” Votes Received For 88 Against 14 Open 6 Abstain -
Slide 46: Re-election of Dr. Andrew Crane
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 2 Re-election of Dr. Andrew Crane “That Dr. Andrew Crane, being eligible, be re-elected as a Director of the Company for a period of three years.”
Slide 47: Re-election of Dr. Andrew Crane – votes received
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 2 Re-election of Dr. Andrew Crane “That Dr. Andrew Crane, being eligible, be re-elected as a Director of the Company for a period of three years.” Votes Received For 112 Against 8 Open 6 Abstain -
Slide 48: Re-election of John Bradford
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 3 Re-election of John Bradford “Subject to John Bradford and Ian Mason having ceased to be members of the Rice Marketing Board on or before the date of the Annual General Meeting, that Mr. John Bradford, being eligible, be re- elected as
Slide 49: Re-election of John Bradford – votes received
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 3 Re-election of John Bradford “That Mr. John Bradford, being eligible, be re-elected as a Director of the Company for a period of two years.” Votes Received For 100 Against 20 Open 6 Abstain -
Slide 50: Re-election of Ian Mason
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 4 Re-election of Ian Mason “Subject to John Bradford and Ian Mason having ceased to be members of the Rice Marketing Board on or before the date of the Annual General Meeting, that Mr. Ian Mason, being eligible, be re-elected as a Direct
Slide 51: Re-election of Ian Mason – votes received
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 4 Re-election of Ian Mason “That Mr. Ian Mason, being eligible, be re-elected as a Director of the Company for a period of two years.” Votes Received For 94 Against 26 Open 6 Abstain -
Slide 52: AGM close
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL AGM close B Class Meeting to follow in Deniliquin and via webcast on: https://meetings.linkgroup.com/sgl2024 AGM results will be posted on the ASX and SunRice website Thank you for your attendance
Slide 53: With rice at our heart
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL With rice at our heart, we bring people together through inspiring and delicious food.
Slide 54: B Class Meeting
REALISING GLOBAL POTENTIAL B Class Meeting 3 SEPTEMBER 2024 (ASX:SGLLV)
Slide 55: Important notice & disclaimer
B CLASS MEETING - REALISING GLOBAL POTENTIAL This presentation is for information purposes only. This To the maximum extent permitted by law, SunRice, its About SunRice’s structure information is given in summary form and does not related corporations, directors, officers, employees or The structure
Slide 56: Chairman's Welcome
B CLASS MEETING - REALISING GLOBAL POTENTIAL Chairman’s Welcome Laurie Arthur 3 SEPTEMBER 2024
Slide 57: Agenda
B CLASS MEETING - REALISING GLOBAL POTENTIAL Procedural matters Agenda Meeting resolutions General business Meeting close
Slide 58: Procedural Matters
B CLASS MEETING - REALISING GLOBAL POTENTIAL Procedural Matters 1 Voting will be by way of poll 3 Proxy and direct voting results already received will be displayed for the resolution 2 Resolution 1 and 2 require a 50% majority of votes cast to pass 4 Voting will close once Link Market Services has
Slide 59: Lodging your votes
B CLASS MEETING - REALISING GLOBAL POTENTIAL Lodging your votes Online and other forms of early voting are now closed B Class Shareholders present in Deniliquin are able to cast votes using the white voting card Link Market Services will collect votes at the end of the meeting and conduct the poll I
Slide 60: Asking questions
B CLASS MEETING - REALISING GLOBAL POTENTIAL Asking questions Only Shareholders are able to ask questions Shareholders who were unable to attend today’s meeting were invited to submit questions in advance Shareholders present are invited to hold up your voting or admission card and wait for a microp
Slide 61: Formal Items of Business
B CLASS MEETING - REALISING GLOBAL POTENTIAL Formal Items of Business 3 September 2024
Slide 62: Long Term Incentive Award for the CEO
B CLASS MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 1 Long Term Incentive Award for the CEO “That approval is given for all purposes, including ASX Listing Rule 10.14, for the Company to grant securities to the Chief Executive Officer, Mr. Paul Serra, as his Long Term Incentive Award on the term
Slide 63: Long Term Incentive Award for the CEO – votes received
B CLASS MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 1 Long Term Incentive Award for the CEO Votes Received For 11,686,450 Against 1,289,110 Open 622,474 Abstain 4,368
Slide 64: Non-Executive Director's Fee Sacrifice B Class Share Acquisition Plan
B CLASS MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 2 Non-Executive Director’s Fee Sacrifice B Class Share Acquisition Plan “That approval is given, for the purposes of ASX Listing Rule 10.14 and all other purposes for the grant of share rights, and the allocation of B Class Shares on vesting of
Slide 65: Fee Sacrifice Share Acquisition Plan – votes received
B CLASS MEETING - REALISING GLOBAL POTENTIAL RESOLUTION 2 Non-Executive Director’s Fee Sacrifice B Class Share Acquisition Plan Votes Received For 11,454,449 Against 989,118 Open 622,842 Abstain 14,454
Slide 66: Questions and answers
B CLASS MEETING - REALISING GLOBAL POTENTIAL Questions and answers 3 SEPTEMBER 2024
Slide 67: B Class Meeting Close
B CLASS MEETING - REALISING GLOBAL POTENTIAL B Class Meeting Close Voting has now closed AGM and B Class Meeting results will be posted on the ASX and SunRice website Thank you for your attendance
Slide 68: With rice at our heart
ANNUAL GENERAL MEETING - REALISING GLOBAL POTENTIAL With rice at our heart, we bring people together through inspiring and delicious food.