Cobram Estate Olives (CBO) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional owners and an overview of the agenda, including CEO presentations, formal business, Q&A, facility tour, and lunch.

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

Financial performance review

• FY24 EBITDA profit reached AUD 66.7 million, with record operating cash flow of AUD 64.1 million.

• Olive oil sales revenue totaled AUD 220.9 million, with global packaged goods sales up 38.4% to AUD 193.4 million.

• Net profit after tax was AUD 18.5 million, up 140.1% from FY2023.

• Net assets reported at AUD 322 million, with a debt ratio of 31.5% and AUD 42.9 million in available cash at year-end.

• Australian business EBITDA grew from AUD 38 million to AUD 60 million, and U.S.A. EBITDA rose to AUD 5.8 million.

Board and executive committee updates

• Board composition includes experienced directors with expertise 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.

• Directors and key executives re-elected or confirmed by shareholder vote.