Australian Agricultural Company (AAC) AGM 2024 summary

Opening remarks and agenda

• Chairman welcomed attendees, acknowledged the company's 200th anniversary, and recognized traditional custodians of the land.

• Quorum confirmed, meeting declared open, and housekeeping matters addressed.

• Notice of meeting sent to shareholders, live webcast provided for observers, and directors introduced.

• Meeting agenda included financial statements, remuneration report, director elections, fee cap increase, and renewal of takeover provisions.

Financial performance review

• Total sales revenue increased 7% to AUD 336 million; meat sales revenue up 10%.

• Statutory net loss after tax of AUD 94 million due to herd valuation decrease from four-year low cattle prices.

• Net assets slightly decreased to AUD 1.52 billion; NTA reduced to AUD 2.51 per share.

• Operating profit was AUD 50.5 million, the second highest since metric introduction.

• Operating cash flow was AUD 9.3 million; herd grew 5% to about 455,000 head.

Board and executive committee updates

• Several directors stood for re-election; new director Josh Levy introduced, replacing Shehan Dissanayake.

• Emily Bird appointed as Company Secretary and General Counsel, succeeding Bruce Bennett.

• Board expressed unity and commitment to company strategy.