Delegat Group (DGL) AGM 2024 summary

Opening remarks and agenda

• The meeting welcomed both in-person and online attendees, confirmed a quorum, and outlined the hybrid format for participation and voting.

• Chair and Managing Director delivered addresses, followed by shareholder Q&A, voting on resolutions, and general business.

• The agenda included review of the annual report, financial statements, audit report, strategic goals, board succession, and resolutions for director elections and auditor remuneration.

Financial performance review

• FY2024 operating net profit after tax was NZD 59.7 million, with operating EBITDA of $128.5 million and revenue of $371.8 million, up 1% from last year.

• Reported net profit after tax fell 52% to NZD 31.4 million, mainly due to a NZ IFRS biological asset write-down and a one-off tax adjustment.

• Global case sales were 3,614,000, a 2% decrease, outperforming the broader NZ wine export market, which was down 16%.

• Cash from operations was NZD 56.9 million, a 5% decrease from the previous year.

• Sales remained diversified: 48% North America, 33% UK/Ireland/Europe, 19% Australia/NZ/Asia-Pacific.

Board and executive committee updates

• Doug McKay joined as a non-executive director, with his independence to be reviewed in the new year.

• The board consists of seven directors, with three independent.

• Steve Carden, managing director, will step down on 31 January 2025; CFO Murray Annabell will act as CEO during the search for a replacement.