Slide 1: Clover Corporation Limited 2022 Annual General Meeting
CLOVER CORPORATION LIMITED 2022 Annual General Meeting 24 November 2022
Slide 2: Welcome
Welcome OS CLOVER CORPORATION 24 November 2022
Slide 3: Board Members
Board Rupert Harrington Members Ian Glasson Graeme Billings Peter Davey Simon Green Toni Brendish
Slide 4: Agenda
Agenda • Welcome • 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 Dr Simon Green • Item 4 –
Slide 5: How to ask a question
How to ask a question • 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 • 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 2A Re-elect Mr Sam Sample as a Director Abstain FOR AGAINST ABSTAIN • You will see a vote confirmation 2B Re-elect Ms Jane Citizen as a Director • To change o
Slide 7: Chairman's Address
Chairman’s Address 24 November 2022
Slide 8: Managing Director's Report
Managing Director’s Report 12 Months to 31 July 2022 24 November 2022
Slide 9: Vision, Values and Purpose Statement
Vision, Values and Purpose Statement Vision To optimise the health and development of adults, infants and children. Values Respect, Response, Responsibility Purpose In collaboration with key market participants, Clover develops customised high value nutritional ingredients that enhance the wellbeing
Slide 10: Full Year Performance Highlights
Full Year Performance Highlights ♣ Total full year Revenue ♣ New customers and $70.7m up 16.9% on products diversify revenue base FY21 $60.5m driven by increased demand ♣ Inventory at $36m increased $5.2m on FY21 full ♣ Net Profit after tax year $7.1m up 18.8% on ♣ Balance Sheet remains strong FY21
Slide 11: FY'22 Update
FY’22 Update ♣ Clover’s employees have worked through COVID conditions, managing to a COVID safe plan operating through the year without incident in operations ♣ Revenue in the first half year was stable at $29.7m with improved orders through the second half year at $40.9m ♣ Clover maintains a relat
Slide 12: Sales by Geography
Sales by Geography Europe ♣ Easing COVID19 conditions and increased customer engagement resulted in FY22 sales improving against FY21 Asia ANZ ♣ Asian sales showed some improvement with markets stabilizing as they come to terms with COVID-19 conditions ♣ AU / NZ improved as infant formula manufactur
Slide 13: Full Year 2022 Results
Full Year 2022 Results ♣ 16.8% year on year revenue increase. All regions showing AUD million 4E Reported 4E Reported 31 Jul 2022 31 Jul 2021 improvement Revenue $70.7 $60.5 ♣ Recovery from pantry stacking and COVID-19 restrictions in FY21 EBITDA $11.0 $9.5 lead to increased volumes and revenue NPBT
Slide 14: Balance Sheet 31 July 2022
Balance Sheet 31 July 2022 AUD Reported Reported 31 Jul 2022 31 Jul 2021 Movement $M $M $M ♣ Cash balance strong $10.1m Cash 10.1 9.1 1.0 Trade Receivables 19.6 13.3 6.3 ♣ Trade receivables up with strong finish to Inventories 36.0 30.8 5.2 FY22. Total Current Assets 66.9 54.7 12.2 Fixed Assets 23.7
Slide 15: Melody Dairies- New Zealand
Melody Dairies- New Zealand ♣ Clover has 42% ownership of a spray drying facility in Hamilton, New Zealand ♣ Following a delayed start up in FY21 due to COVID-19 the facility is now fully operational ♣ COVID-19 continued to impact utilisation of the dryer with Clover allowed entry into NZ only since
Slide 16: An Update on Growth Platforms
An Update on Growth Platforms Focus on Infant Formula New New Product Market Development Development 9
Slide 17: Market Development- Diversification
G r o wt h P l a t f o r ms Market Development- Diversification
Slide 18: Growth Platform: New Product Development
Growth Platform New products driving future growth ♣ Clover announced the successful clinical trial results improving the IQ or pre-term infants utilising a unique DHA emulsion product. The Medical Food product is branded Premneo with a commercialisation path in development ♣ Clover has developed an
Slide 19: Growth Platform: Infant Formula
Focus on Infant Growth Platform Formula Infant formula provides new opportunities ♣ Clover has worked with customers across China and the Western world to incorporate our product into their SAMAR Chinese infant formula license applications ♣ China’s legislation requiring infant formula to contain a
Slide 20: Growth Platform: New Market Development
Growth Platform New market development ♣ Clover has achieved 125mg of DHA in a 3-gram gummy the highest in the world and is now supplying manufactures in the USA and Europe ♣ The company has added an employee and a new warehouse in Europe to better service opportunities ♣ The Company has grown its c
Slide 21: 1HFY23 Outlook & Priorities
1HFY23 Outlook & Priorities ♣ Managing the risk to employees, customers and suppliers continues to be the priority with COVID-19 still prevalent in our markets ♣ Supply chain challenges are a focus on obtaining raw materials and ensuring our customers are well serviced ♣ Re-engaging with customers a
Slide 22: Disclaimer
Disclaimer 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 such restrictions. This
Slide 23: Formal Business
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 Dr Simon Green Item 4 – Resolution 3 Re-election of Mr Graeme Billings Item 5 – Resolution 4 Issue of FY23 Performance Rights Item 6 – Resolution 5 Am
Slide 24: Item 1 - Adoption of Annual Report
Item 1 Annual Report Adoption of Annual Report
Slide 25: Item 2 - Resolution 1: Remuneration Report
Item 2 - Resolution 1 Remuneration Report Adoption of remuneration report That the remuneration report that forms part of the director’s report for the financial year ended 31 July 2021, be adopted
Slide 26: Item 2 - Resolution 1: Proxy Votes
Item 2 - Resolution 1 Remuneration Report Proxy Votes Votes % Voted For 58,691,492 99.08 Against 509,532 0.86 Abstain 37,349 0.06
Slide 27: Item 3 - Re-election of Dr Simon Green
Item 3 - Resolution 2 Re-election of Dr Simon Green Re-election of Dr Simon Green To consider and if thought fit pass the following resolution as an ordinary resolution That Dr Simon Green, who retires one year ahead of this 3-year term expiration, and being eligible, stands for re-election, be re-e
Slide 28: Item 3 - Resolution 2: Proxy Votes
Item 3 - Resolution 2 Re-election of Dr Simon Green Proxy Votes Votes % Voted For 59,496,538 99.62 Against 133,969 0.23 Abstain 91,333 0.15
Slide 29: Item 4 - Re-election of Graeme Billings
Item 4 - Resolution 3 Re-election of Graeme Billings Re-election of Graeme Billings To consider and if thought fit pass the following resolution as an ordinary resolution That Mr Graeme Billings, who retires in accordance with article 16 of the Company’s constitution and, being eligible, stands for
Slide 30: Item 4 - Resolution 3: Proxy Votes
Item 4 - Resolution 3 Re-election of Graeme Billings Proxy Votes Votes % Voted For 59,535,303 99.67 Against 139,169 0.23 Abstain 56,599 0.10
Slide 31: Item 5 - Issue of FY23 Performance Rights
Item 5 - Resolution 4 Issue of FY23 Performance Rights Approval of FY23 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, shareholder
Slide 32: Item 5 - Resolution 4: Proxy Votes
Item 5 - Resolution 4 Issue of FY23 Performance Rights Proxy Votes Votes % Voted For 58,513,730 97.96 Against 656,694 1.10 Abstain 561,647 0.94
Slide 33: Item 6 - Amendment to Constitution for Virtual Meetings
Item 6 – Resolution 5 Amendment to the Company’s Constitution to permit Virtual Meetings Approval to amend the Company Constitution to permit virtual meetings of members To consider and if thought fit pass the following resolution as a special resolution That, for the purposes of section 136(2) of t
Slide 34: Item 6 - Resolution 5: Proxy Votes
Item 6 – Resolution 5 Amendment to the Company’s Constitution to permit Virtual Meetings Special Resolution requiring 75% approval Proxy Votes Votes % Voted For 38,475,812 64.42 Against 21,236,509 35.55 Abstain 18,750 0.03
Slide 35: Close & Questions
Close & Questions Questions