Elders (ELD) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and confirmation of quorum for business proceedings.

• Directors, company secretary, and key executives were introduced, including new and retiring board members.

• Outlined 10 items of business and nine resolutions, with voting conducted by poll and results to be released to the ASX.

• Voting and Q&A procedures explained for both in-person and online participants.

Financial performance review

• Underlying EBIT for FY2024 was AUD 128 million, down 25% from the previous year due to challenging market conditions.

• First quarter was particularly weak, impacted by livestock prices, crop protection margins, and client sentiment, but improved in the second half.

• Diversification and strategic acquisitions, including Delta Agribusiness, supported resilience.

• Rights issue raised AUD 246 million to fund acquisitions and strengthen the balance sheet.

Board and executive committee updates

• Board renewal continued with appointments of John Lloyd, Damien Frawley, Glenn Davis, and Bethwyn Todd.

• Raelene Murphy retired; chair Ian Wilton announced intention to step down during 2025.

• CEO succession planning ongoing, with external evaluation of senior executives and focus on internal candidates.