Livestock Improvement Corporation (LIC) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged Māori leaders, and outlined housekeeping and emergency procedures.

• Introduced board members, Shareholder Reference Group, auditors, and legal counsel.

• Agenda included cooperative direction, CEO and CFO presentations, Honoraria report, voting on resolutions, and Q&A.

Financial performance review

• Total revenue was $267.3m, down 3.3% from last year, with net profit after tax at $7.7m, a 71.7% decrease.

• Underlying earnings were $13.9m, nearly $10m lower than last year due to reduced demand, semen quality issues, and tax changes.

• Total dividends distributed were $26.8m, including a special dividend of $18.5m from the National Milk Records divestment.

• R&D investment increased to $21.2m, representing 7.9% of revenue.

• Total assets decreased 6.2% to $358.6m.

Board and executive committee updates

• Departing board and Shareholder Reference Group members were acknowledged for their service.

• Board and management reaffirmed commitment to herd improvement, sector leadership, and operational excellence.

• Significant investments in critical infrastructure and R&D.