Allied Farmers (ALF) AGM 2024 summary

Opening remarks and agenda

• Meeting opened virtually, enabling broader shareholder participation and online voting and Q&A.

• Chair and Managing Director addressed shareholders, outlining the meeting agenda and key topics for discussion.

• Quorum confirmed with at least five shareholders present in person or by proxy.

• Notice of meeting and explanatory notes dispatched in compliance with constitution and NZX rules.

Financial performance review

• Net profit before tax reached NZD 7.315 million, up from NZD 4.071 million in 2023.

• Group NPAT reached $6.9m, with group revenue up 2% to $27.6m and group EBITDA up 72% to $9.0m.

• Earnings per share increased 56% to $0.181, and net tangible assets per share rose 90% to $0.40.

• NZ Farmers Livestock EBITDA grew 73% to $8.1m, NZ Rural Land Management EBITDA up 61% to $2.2m.

• Profit attributable to shareholders increased 56% to NZD 5.206 million, driven by a one-off gain from a sale and leaseback.

Board and executive committee updates

• Board and executive team present, including Managing Director and CFO.

• Shelley Ruha (Chair), Phillip Luscombe (Independent Director), Richard Milsom (Managing Director), Ross O'Neill (Legal Counsel & Company Secretary), and Brian Lee (CFO) highlighted as key people.

• Auditor from RSM Hayes Audit in attendance.