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2021 Half-Year Results Investor Presentation

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2021 Half-Year Results Investor Presentation Monday 17 May 2021 2021 Half-Year Results Investor Presentation Attached is the Elders Limited (ASX:ELD) investor presentation in connection with the financial results for the 6 month period ended 31 March 2021. Elders CEO, Mark Allison, and Group Financial Controller, Vanessa Trengove, will deliver this presentation by webcast and simultaneous teleconference at 10.00am (AEST) today. As advised in the Company’s announcement to ASX on Tuesday 11 May 2021, you can register to view and listen to the live commentary of the presentation. For details, refer to that announcement. Further Information: Mark Allison, Managing Director & Chief Executive Officer, 0439 030 905 Media Enquiries: Stephanie Larkin, Head of Marketing & Communications, 0419 226 384 Authorised by: Peter Hastings, Company Secretary Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000 Elders Limited 1H21 Results Presentation 17 May 2021 Disclaimer and Important Information Forward looking statements This presentation is prepared for informational purposes only. It contains forward looking statements that are subject to risk factors associated with the agriculture industry many of which are beyond the control of Elders. Elders’ future financial results will be highly dependent on the outlook and prospect of the Australian farm sector, and the values and volume growth in internationally traded livestock and fibre. Financial performance for the operations is heavily reliant on, but not limited to, the following factors: weather and rainfall conditions; commodity prices and international trade relations. Whilst every endeavour has been made to ensure the reasonableness of forward-looking statements contained in this presentation, they do not constitute a representation and no reliance should be placed on those statements. Non-IFRS information This presentation refers to and discusses underlying profit to enable analysis of like-for-like performance between periods, excluding the impact of discontinued operations or events which are not related to ongoing operating performance. Underlying profit measures reported by the Company have been calculated in accordance with the FINSIA/AICD principles for the reporting of underlying profit. Underlying profit is non-IFRS financial information and has not been subject to review by the external auditors but is derived from audited accounts by removing the impact of discontinued operations and items not considered to be related to ongoing operating performance. 2 Agenda Key Highlights Financial Performance Third Eight Point Plan Progress Sustainability Market Outlook Appendix Questions 3 1H21 Key Highlights Robust year to date across the business Safety Financial Performance Strategy ▪ 2 lost time injuries (LTI), compared to 1 last year, with ▪ ▪ $73.8 million Underlying EBIT (+40%) On track to deliver first year of the third Eight Point target of zero Plan (EPP) ▪ $23.9 million Operating Cash Flow (-$3.5 million) ▪ LTI frequency rate at 0.8 compared to 2.2 last year ▪ Retail Products margin increased through higher sales ▪ 20.1% Return on Capital (ROC) improvement of 1.2%, ▪ 57 days lost, compared to 95 last year in line with improved seasonal conditions and market mainly due to margin growth exceeding impact of growth, as well as benefits from additional backward ▪ In 1H21 and to date, Elders has experienced minimal capital growth integration throughput and improved pricing impact on its people, operational and financial ▪ 1.5x Leverage Ratio at the lower end of our targeted techniques performance as a result of COVID-19 range of 1.5x-2.0x ▪ Continued to grow our footprint through acquisition ▪ COVID safety protocols are embedded in the business ▪ 42.9 cents YTD Earnings per Share (+38%) of Rural Products and Agency Services businesses and personnel ▪ Elders will pay an interim dividend of $0.20 per share, 20% franked, compared to $0.09 on the pcp ▪ Completed Service Design phase for Systems ▪ Elders did not access any government support such Modernisation program as JobKeeper during the half year ended 31 March 2021 4 1H21 Operating Highlights Implementation of third Eight Point Plan Operating Safely Sustainability Efficiency & Growth Core Relationships ▪ 2 lost time injuries (LTI), compared to ▪ Modern Slavery Statement and ▪ Preserved and captured further gross ▪ Worked closely with industry and 1 last year, with target of zero Ethical Contracting Framework margin through strategic initiatives clients to ensure continuity of launched to support responsible operations and agricultural supply ▪ Successful integration of AIRR and ▪ LTI frequency rate at 0.8 compared to sourcing chains during COVID-19 2.2 last year progressed maturity of Titan AG ▪ Action plan to full alignment with ▪ Continued engagement with Rural ▪ Maintained focus on footprint ▪ 57 days lost, compared to 95 TCFD Recommendations on track, RDCs, government and tertiary expansion through acquisitions of with analysis of climate change risks institutions to enhance our ▪ Inaugural safety week has been held Rural Products and Agency businesses and opportunities underway agricultural research, development and the continued development in and personnel and extension initiatives through the systems, processes and keeping safety ▪ Over $700,000 in sponsorships and ▪ Continued growth in Financial Thomas Elder Institute top of mind has benefitted the donations to local communities, Services offerings business with the injury severity charities and supporting the reducing significantly agriculture industry 5 1H21 Financial Performance: Summary Strong performance across our key metrics Sales Revenue $m Underlying EBIT $m CAGR +9% 2,093 119 1H21 1H20 Year-on-Year Change Financial Metric CAGR +19% Result ($m) Result ($m) 1,667 $m % 1,603 1,613 1,193 66 75 Sales revenue 1,100.5 900.2 200.3 22% 71 74 74 905 863 929 1,101 27 Underlying EBITDA 94.3 73.6 20.7 28% 29 40 Underlying EBIT 73.8 52.8 21.0 40% 900 53 750 738 42 48 698 34 Underlying profit after tax 67.0 47.5 19.5 41% FY17 FY18 FY19 FY20 1H21 FY17 FY18 FY19 FY20 1H21 Statutory profit after tax 68.2 52.0 16.2 31% Underlying EPS (c) ROC % Net debt 263.9 319.7 55.8 (17%) 28.6 CAGR +11% 71 Operating cash flow 23.9 27.4 (3.5) (13%) 3-year avg 18.5% 24.2 55 52 53 20.1 Total capital (balance date) 882.3 845.7 36.6 4% 18.4 18.9 43 Underlying return on capital (%)1 20.1% 18.0% n.a 2.1% Underlying earnings per share (cents) 42.9 31.2 11.7 38% Leverage ratio (times)2 1.5 1.9 (0.4) (21%) FY17 FY18 FY19 FY20 1H21 FY17 FY18 FY19 FY20 R12 1H21 1 Return on capital = Rolling 12 months Underlying EBIT / (working capital + investments + property, plant and equipment + intangibles (excluding Elders brand name) – DTL on acquisitions – lease liabilities – provisions) 6 2 Excludes the impact of AASB 16 Leases 1H21 Financial Performance: Product Favourable performance across most products, partially offset by increased costs in line with strategic initiatives Increased through higher sales in line with improved Change in product margin ($m) seasonal conditions and market growth, as well as Retail Products Product margin benefits from additional backward integration 1.8 2.9 5.2 2.8 throughput and improved pricing techniques 6.2 16.5 Benefitted from a strong first half, with AIRR recognising 11.9 Wholesale 1.4 an additional $11.9 million in gross margin due to Products 18.0 increased sales, with performance above expectations Agency Services Upside mostly in Livestock, primarily driven by high prices 67.0 Real Estate Favourable predominantly due to increased Residential 47.5 Services and Broadacre turnover Improved on the previous corresponding period (pcp), mainly in our Insurance business due to strong earnings Financial Services on our equity accounted investments, as well as interest income earned on our new livestock funding product 1H20 Retail Wholesale Agency Real Estate Financial Feed and Branch Costs Interest, 1H21 Underlying Products Products Services Services Services Processing Incentive Tax & NCI Underlying Feed and Profit Services Profit Lower than pcp mostly at Killara Feedlot, driven by Processing pricing pressures on feeder cattle Product Margin by Year ($m) Services 1H21 90.9 29.3 77.0 24.2 20.5 5.9 (6.2) Branch Incentive In line with EBIT upside across the business 1H20 72.9 17.4 70.8 19.0 18.7 8.8 (3.4) Up on last year due to acquisitions, higher insurance Costs costs, investment in strategic areas and Systems % Modernisation expenses 25% 68% 9% 27% 10% (33%) 82% change 7 1H21 Financial Performance: Geography Improvement across all areas with increased investment in strategic initiatives Change in underlying profit by geography ($m) Benefitted from a strong first half, with AIRR Wholesale contributing an additional $6.7 million of EBIT due to Underlying EBIT Products increased sales, with performance above expectations 0.7 5.1 10.4 4.3 0.5 Increase largely driven by strong Retail Products results, 1.4 6.3 New South Wales partially offset by feeder cattle price pressures at Killara 4.1 3.7 Feedlot 6.7 Queensland and Uplift across most products, including acquisition Northern growth 67.0 Territory 47.5 Upside mainly resulting from increased Retail Products Victoria and sales for AgChem and Fertiliser due to confidence in Riverina winter crop outlook Profiting principally in Retail Products with both sales South Australia and margin increases, as well as additional earnings 1H20 Wholesale NSW1 QLD & NT VIC & RIV SA TAS WA China Corporate Interest, 1H21
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