Chair Address and Annual Meeting Results

1



Chair Address
For the year ending 30 June 2023 we reported an Allied Group net profit before tax of $4.071 million,
compared to $3.556 million for 2022. However, this is a consolidated group result that includes profit
attributable to NZ Farmers Livestock’s minority shareholders, and therefore it is more meaningful to
highlight the profit attributable just to our shareholders. For FY23 this was $3.3 million, which was a
pleasing increase of 16.06% from the previous year’s $2.9 million, which in itself was an outstanding
year.

Richard will provide more detail in his presentation, but the increased FY23 profit was driven by
increased returns from NZ Farmers Livestock - largely from veal processing - but offset by lower
transaction and performance fees from NZ Rural Land Management.

The highlight for the year was the acquisition in March of the 50% balance of NZ Rural Land
Management. We are pleased to now own 100% of NZ Rural Land Management, and are confident
that it will continue to demonstrate that it has been an excellent investment for Allied. The acquisition
led to governance changes, with NZ Rural Land Management co-founder Richard Milsom appointed
our Managing Director, and myself accepting the role as Chair to replace retiring Chair, Chris
Swasbrook.

We were pleased to be able to fund the NZ Rural Land Management acquisition without a capital raise.
It was funded by a mix of cash, debt and the transfer to the vendors of a number of NZ Rural Land
Company shares owned by Allied Farmers. The debt component has improved Allied Farmers’s capital
funding mix.

The appointment of Richard as Managing Director provided us with the opportunity to establish,
consistent with many other NZX issuers, a Long-Term Incentive Scheme comprising of Performance
Share Rights. Together with Richard’s Short-Term Incentive Scheme, we now have in place incentives
for him that are strongly aligned to the creation of longer-term shareholder value.

In FY22 Allied Farmers implemented initiatives to reduce several recurring corporate costs. The full
benefit of these recuring cost reductions was realised in FY23.

Similarly to FY22, the Board has decided to not pay a dividend for the FY23 financial year. We continue
to utilise tax losses, and therefore paying unimputed dividends is not the best use of your funds. The
Board strongly believes that in the short term, retaining and redeploying earnings is in your best
interests. Richard will discuss the tax losses in more detail in his presentation.

The Board continues to focus on delivering earnings per share growth for shareholders, and exploring
growth opportunities that leverage its core strengths in the rural and asset management sectors.


Shelley Ruha
Chair

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Meeting Results Announcement


23 November 2023

Results of Allied Farmers Limited Annual Shareholder Meeting

At
Allied Farmers Limited’s shareholder meeting, held online today, shareholders were asked to vote on
2 resolutions, which were supported by the Board.

As required by NZX Listing Rule 6.1, all voting was conducted by a poll.

The resolutions passed by shareholders were:

• That Richard Milsom be re-elected as Managing Director of the Company.
• That the re-appointment of RSM Hayes Audit as the auditor of the Company be recorded and the
Directors be authorised to fix the auditor’s remuneration for the ensuing year.


Details of the total number of votes cast in person or by a proxy holder are:
Resolution For Against Abstain
That Richard Milsom be re-elected as
Managing Director of the Company.
10,911,341
100.00%
336
0.00%
0
That the re-appointment of RSM Hayes
Audit as the auditor of the Company be
recorded and the Directors be authorised
to fix the auditor’s remuneration for the
ensuing year.
10,736,677
98.40%
175,000
1.60%
0

Ross O’Neill
Company Secretary