Cobram Estate Olives (CBO) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of shareholders, staff, and traditional landowners, outlining a hybrid format and agenda including CEO presentations, formal business, Q&A, facility tour, and lunch.

• Chair Rob McGavin opened the meeting, followed by presentations on FY2024 results, business operations, growth strategy, formal business, and Q&A.

• Directors, executives, auditors, and key partners were introduced, highlighting governance and operational leadership.

Financial performance review

• Group olive oil sales revenue reached $220.9m, up 134.6% vs FY2023; global packaged goods sales rose 38.4% to $193.4m.

• EBITDA increased 163.4% to $66.7m; net profit after tax was $18.5m, up 140.1% from FY2023.

• Record operating cashflow of $64.1m, with continued investment in growth projects in Australia and the USA.

• Net assets rose to $322m, with a debt ratio of 31.5% due to new and existing debt facilities funding capital projects.

• Australian olive oil sales grew 28.3% to $156.0m; USA olive oil sales increased 52.5% to $64.9m.

Board and executive committee updates

• Board composition includes experienced directors with backgrounds in finance, sustainability, and nutrition.

• Election and re-election of directors: David Wills, Rob McGavin, Sam Beaton, and Dr. Joanna McMillan, all supported by the board.

• External search underway for an additional non-executive director.

• Deloitte continues as auditor, with a new audit partner and independent voting scrutineer appointed.