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2020 Annual Report for 2 Months Ended 30 September 2020 September 30 Ended 2 Months for Report Annual and 2020 Report Annual Contents

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2020 Annual Report for 2 Months Ended 30 September 2020 September 30 Ended 2 Months for Report Annual and 2020 Report Annual Contents ended September 30 2020 and Annual Report Annual and 2 months for Annual Report 2020 ReportAnnual 2020 Annual Report 2020 and Nufarm Limited Annual Report for 2 months ended 30 September 2020 Contents Financial Year 2020 Overview 1 Annual Report for 2 months ended Chairman’s message 2 30 September 2020 126 Managing Director’s message 3 Operating and Financial Review 128 About us 4 Corporate Governance Statement 132 Directors’ report 145 Annual Report for year ended 31 July 2020 Remuneration Report for the 2 months ended Operating and Financial Review 8 30 September 2020 149 Board of Directors 18 Auditors’ Independence Declaration 162 Key Management Personnel 20 Financial statements for the 2 months ended Corporate Governance Statement 21 30 September 2020 163 Directors’ report 37 Consolidated statement of profi t or loss and 2020 Remuneration Report 39 other comprehensive income 164 Auditors’ Independence Declaration 54 Consolidated balance sheet 166 Financial statements for the year ended 31 July 2020 55 Consolidated statement of cash fl ows 167 Consolidated statement of profi t or loss and Consolidated statement of changes in equity 168 other comprehensive income 56 Notes to the consolidated fi nancial statements 170 Consolidated balance sheet 58 Directors’ declaration 224 Consolidated statement of cash fl ows 59 Independent Audit Report 225 Consolidated statement of changes in equity 60 Shareholder and Statutory Information 231 Notes to the consolidated fi nancial statements 62 Corporate Information ibc Directors’ declaration 118 Independent Audit Report 119 Nufarm Limited ABN 37 091 323 312 Financial Year 2020 Overview The statutory net loss of $456 million included the impact of discontinued operations and material items Our teams adapted quickly Good sales momentum Earnings growth to the global COVID-19 was generated in most in Asia Pacific pandemic and achieved regions in the second was offset by Nufarm’s best ever safety half as external lower earnings in performance headwinds eased other regions Safety Revenue Underlying (Lost time injury from continuing EBITDA from frequency rate per operations continuing operations 1,000,000 hours worked) (A$m) (A$m) 300 1.53 236 2,847 2,674 0.29 2019 2020 2019 2020 2019 2020 Underlying cash generation Our financial position was improved through was strengthened with disciplined working proceeds from the sale of the capital management South American businesses Underlying cash from continuing operations Net Debt (A$m) (A$m) 217 1,247 80 441 2019 2020 2019 2020 Nufarm Limited | Annual Report 2020 1 Chairman’s message While 2020 will be remembered globally for an extraordinary Most importantly, ongoing work to strengthen the company’s succession of events, the external headwinds that have impacted safety culture is generating good results. In 2020 we achieved Nufarm’s performance over the past two years showed signs of our best ever safety performance. Ensuring that our colleagues easing toward the end of the year. Drought breaking rain on the return home safely every day remains the most important priority east coast of Australia and improved conditions in Asia and North of the Board, the Executive Team, and every Nufarm employee. America generated good earnings momentum in the second half In financial year 2021, Nufarm will change its financial year end of the year. This partially offset the impact of a weaker first half in from 31 July to 30 September. The company’s earnings are North America and lower earnings from the European and Seed currently weighted toward the second half of the financial year Technologies businesses, however earnings for the full year and this is expected to become more pronounced following the declined on the prior year. divestment of the South American businesses. The change will Nufarm’s operations have shown good resilience to the impact better align the reporting periods with Nufarm’s key sales periods and disruption of COVID-19. While there has been some demand and enable improved comparison with industry peers. reduction in smaller niche markets to which the company is A program of Board renewal was also commenced this year. exposed, demand for crop protection products has largely After nine years on the Board, Anne Brennan will retire after this continued to be driven by seasonal conditions and fundamental year’s Annual General Meeting of shareholders. Anne has made drivers such as food commodity prices and farm incomes. With an outstanding contribution to the Board and on your behalf, governments around the world recognising that the supply of I thank Anne and wish her well for the future. farm inputs such as crop protection is an essential service, our manufacturing and logistics supply chains have continued to John Gillam was appointed as a non-executive Director and will operate and supply to customers has been maintained with succeed me as Chairman. John’s background and experience minimal disruption. will be invaluable to the Board and I believe he will be an excellent Chairman. It has been a privilege to serve as your Our strategy of focusing on core crops in key agricultural regions Chairman and I thank you for your support over the 17 years has provided diversification to mitigate the impact of seasonal I have been on the Board and during my 10 years as Chairman. volatility. In April 2020 we completed the sale of our South American businesses to Sumitomo Chemical Company. This delivered up-front value for shareholders and we have retained a strong, geographically diverse portfolio focused on businesses and agricultural regions with higher margins and stronger cash flow. The sale proceeds also strengthened the company’s balance sheet, allowing us to better manage inherent industry volatility and continue to make prudent reinvestment into the business. Cash Donald McGauchie generation from the underlying performance of the continuing Chairman businesses also improved despite the decline in earnings. While this reinforces the Board’s confidence in the continued strength of the balance sheet, we have considered it prudent to continue the suspension of dividends for the current year. Improving margins and cash generation remain key priorities for the management team. By focusing on building strong relationships with channel partners and investing in our product portfolio we are continuing to build scale in our chosen markets. During the year a review of our manufacturing footprint and cost structures identified opportunities to improve the competitiveness of our supply chain and cost base. When combined with a refocused portfolio and the continued support of our channel partners, these measures are expected to contribute to improved returns in the coming year and years. 2 Nufarm Limited | Annual Report 2020 Managing Director’s message The 2020 financial year saw a continuation of external Our Nuseed business achieved a number of important commercial headwinds for Nufarm as the agricultural markets in which we milestones during the year. A new Value Beyond Yield® technology operate endured mixed seasonal conditions, industry-related platform was added to our portfolio with the acquisition of key supply issues and the tragedy and disruption of COVID-19. assets relating to the oilseed crop, carinata. This crop has been developed as a feedstock for renewable fuels and high protein Against this backdrop, we maintained our commitment to meal for livestock feed. We generated our first commercial sales the safety of our people, recording our best ever safety during the year and a multi-year offtake agreement has been performance, and continued to meet the needs of our secured to underpin future growth. customers with minimal disruption. In September 2020 we also secured the first commercial orders We have taken decisive steps to strengthen our business to deliver of our proprietary omega-3 canola oil to a major global salmon improved returns. We have refocused our portfolio, strengthened producer. This follows more than a decade of development and our balance sheet and progressed key priorities to drive better significant investment and marks the beginning of a new phase performance from our continuing businesses. in the delivery of shareholder value from this technology growth Our earnings performance in 2020 was disappointing. While platform. Plans to scale and expand production and sales of constant currency revenues were in line with the prior year and omega-3 canola are now advancing and we believe this good earnings momentum was generated in most regions in the product is set to deliver significant value for shareholders in the second half of the year, underlying EBITDA from continuing coming years. operations declined by 21%. In closing I thank our dedicated and talented people. The I was pleased with the rebound in earnings in ANZ, North backdrop of COVID-19 has made 2020 a particularly challenging America and Asia in the second half of the year and our primary year. The speed with which our teams adapted to new ways focus is on driving improved performance from of our European of working and the discretionary efforts made to ensure we business. Over the past few years, higher raw material and maintained supply to our customers has contributed not only to manufacturing costs and increased competition have eroded the continued resilience of our business, but also to the continuity earnings in the base product portfolio in this region. While our of global food supply chains. I also thank our shareholders for recent investment in new product portfolios has helped offset this their continued support. trend, we recognised a pre-tax impairment to the carrying value of the European assets of $188m in the reporting period. We have a comprehensive program underway in Europe to grow revenues, reduce costs and lift margins. We expect this program, combined with an anticipated easing in raw material costs and improved weather conditions would be the major drivers of improved profitability in the European business in financial year 2021 and beyond.
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