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 released to the ASX.

• Procedures for voting and Q&A, both in-person and online, were explained in detail.

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 significantly impacted by declining livestock prices, lower crop protection margins, and negative client sentiment, but improved in the second half.

• Diversification in products and geography helped deliver steady earnings and resilience.

• 21 new points of presence were added in strategic areas, and bolt-on acquisitions contributed to growth.

Board and executive committee updates

• Board renewal included appointments of John Lloyd, Damien Frawley, Glenn Davis, and Bethwyn Todd, with Ms. Todd joining in January 2025.

• Raelene Murphy retired from the board at this meeting.

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

• Chair Ian Wilton announced intention to step down during 2025.