Allied Farmers (ALF) AGM 2024 summary

Opening remarks and agenda

• The meeting was held virtually to enable broader shareholder participation and cost efficiency.

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

• Chair confirmed quorum, introduced directors, management, and auditor, and declared the meeting open.

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

Financial performance review

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

• Net profit before tax was 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.

• NZ Farmers Livestock EBITDA grew 74% to $8.1m, NZ Rural Land Management EBITDA grew 61% to $2.2m.

• Sale of Frankton Saleyards at a premium and 25% portfolio sale to Roc Partners contributed to results.

Board and executive committee updates

• 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.

• Board decided not to pay a dividend for FY 2024, prioritizing reinvestment and tax loss utilization.

• Focus remains on delivering earnings per share growth and leveraging core strengths in rural and asset management.