Ricegrowers (SGLLV) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians and confirmation of quorum.

• Chairman Laurie Arthur welcomed attendees and introduced board members, executives, auditors, and legal advisors.

• Agenda included chairman's and CEO's addresses, review of financial and directors' reports, voting on resolutions, and Q&A.

• Voting procedures, eligibility, and proxy rules were explained, with voting conducted by poll and results displayed for each resolution.

Financial performance review

• Achieved record group revenue of AUD 1.88 billion, up 15% from prior year, with EBITDA at AUD 143.9 million and NPAT at AUD 68.2 million, up 23% and 24% respectively.

• Fully franked dividend per B-Class share increased 20% to AUD 0.60, with a payout ratio of 62%.

• All business segments improved revenue and EBITDA, with branded sales comprising 70% of revenue.

• Net debt reduced to AUD 224 million and gearing ratio improved to 27% at 30 April 2024.

• Total shareholder return since FY17 reached 157%, outperforming the ASX300 Accumulation Index.

Board and executive committee updates

• CEO Paul Serra completed his first year, leading a review and refresh of the growth strategy.

• Smooth leadership transition from outgoing CEO Rob Gordon, with remuneration aligned to performance.

• Resolutions for the re-election of Dr. Andrew Crane (3 years), John Bradford (2 years), and Ian Mason (2 years) as Directors were presented and passed.