Announcement PDF REALISING GLOBAL POTENTIAL Full Year Results Presentation 2024 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL Important notice & disclaimer This presentation is for information purposes only. This information is given in summary form and does not purport to be complete. It should be read in conjunction with the most recent financial report, prior disclosures to the ASX and the Information Memorandum dated March 2019. The content of this presentation is provided as at the date of this presentation (unless otherwise stated). Reliance should not be placed on information or opinions contained in this presentation as advice to investors or potential investors and, subject to any legal obligation to do so Ricegrowers Limited (trading as SunRice) does not have any obligation to correct or update content. This presentation does not purport to contain all information necessary to an investment decision, is not intended as investment or financial advice, is not a recommendation, offer or invitation by any person or to any person to sell or purchase securities in SunRice in any jurisdiction, and must not be relied upon as such. Any decision to buy or sell securities or other products should be made only after seeking appropriate financial advice. This presentation is of a general nature and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Any investment decision should be made solely on the basis of your own enquiries. Before making an investment in SunRice, you should consider whether such an investment is appropriate to your particular investment objectives, financial situation or needs and obtain independent advice from a qualified financial adviser. The distribution of this presentation including in jurisdictions outside Australia, may be restricted by law. Any person who receives this presentation must seek advice on and observe any such restrictions. presentation, including the accuracy, likelihood of achievement or reasonableness, fairness, accuracy, reliability, completeness or correctness of any forwardlooking statements. There can be no assurance or guarantee that these forward-looking statements will be realised. To the maximum extent permitted by law, SunRice, its related corporations, directors, officers, employees or agents disclaim liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement and whether that liability is direct, indirect or consequential) for any loss arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this (whether foreseeable or not). This presentation should be read in conjunction with other publicly available material. Further information including historical results and a description of the activities of SunRice is available on our website: investors.sunrice.com.au All amounts are in Australian Dollars, unless otherwise stated. Certain statements in this presentation (including those that contain terms such as "believe", "estimate", "plan", "project", "target”, "anticipate", "expect", "intend", "likely", "may", "will", "could" or "should") relate to the future, including forward looking statements relating to SunRice’s financial position and strategy. Whilst the forward-looking statements are based on current views, expectations and beliefs as at the date they are expressed, these forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of SunRice to be materially different from the future results, performance or achievements expressed or implied by such statements. No representation or warranty, express or implied, is made as to the fairness, accuracy, reliability, completeness or correctness of information contained in this 1. The Company has a dual class share structure with differential voting rights; About SunRice’s structure The structure of Ricegrowers Limited (trading as SunRice) contains Non-Standard Elements, including: 2. The Company’s constitution imposes shareholding limits on A Class Shares and B Class Shares; and 3. The Company’s constitution outlines the composition of the Board of Directors. Details of these Non-Standard Elements are available on SunRice’s website. One of the conditions of the Company’s admission to the official list of the ASX in 2019 was the provision by SunRice of an undertaking to the ASX that it would disclose, in this year’s Annual Report, whether it had considered removing the NonStandard Elements from its structure and operations, and if it had decided not to remove the Non-Standard Elements for the time being, its reasons for this. The SunRice Board periodically reviews the NonStandard Elements of the Company’s share capital structure to assess whether the structure continues to be in the best interests of the Company and its shareholders generally and whether any changes should be made. The business is currently conducting a strategic review which will include a review of its structure and operations, including the Non-Standard Elements of the Company’s share capital structure. Any significant recommendations arising from this review will be the subject of discussion with the ASX and may ultimately require shareholder approval. It should be noted that the interests of A Class Shareholders are in achieving returns through Paddy Prices. The interests of B Class Shareholders are in achieving dividends on B Class Shares and improvement in the market price of B Class Shares. The Directors are required to act in the best interests of the Company as a whole. SunRice’s Directors have actively managed the interests of both A Class and B Class shareholders, in a listed environment on both the NSX and ASX for more than 17 years and the Directors believe they have demonstrated a strong track record in balancing the interests of both classes of shareholders. In addition, the Board has adopted procedures to manage any potential conflict or divergence of interests which may arise, including establishing a committee of nongrower Directors (the Independent Committee). These procedures are set out in the SunRice Conflict of Interest Policy and the Paddy Pricing Policy. Copies of both policies are also available on SunRice’s website. For more details of the Non-Standard Elements of SunRice’s structure see: investors.sunrice.com.au 2 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL In FY24 we achieved another year of strong growth across the SunRice Group. We made significant gains, as we look to lay the foundations to realise further potential ahead. FY24’s performance was driven by the efforts of our team and underpinned by our: Ongoing successful implementation of the SunRice Group’s Growth Strategy: We continued to realise the potential of our previous key portfolio acquisitions and strategic operational decisions, while exploring additional opportunities. Discipline and agility in navigating challenging conditions and turning opportunities into advantages: Including being nimble in overcoming supply chain challenges and adaptive to volatile market dynamics, while seizing opportunities for our diversified portfolio Connection between our brands and and sourcing model to satisfy consumer supply chain: Specifically, the relevance demand in global markets. and strength of our consumer brands, our continued focus on product Combined, these factors supported our diversification and innovation, and the international market expansion with connection of both to our integrated more than half of our Group revenue supply chain, which underpins our realised outside of Australia in FY24. resilient business model. 1. 2. 3. EBITDA is defined as earnings before net finance costs (asset financing charges are not considered a finance cost/income for the purpose of the EBITDA calculation), tax, depreciation, amortisation and impairment. FY24 includes a final dividend of 40 cents, an interim dividend of 15 cents and a special dividend of 5 cents per B Class Share. FY23 includes a final dividend of 40 cents and an interim dividend of 10 cents per B Class Share. Dividend yield based on total dividend (FY24: 60 cents, FY23: 50 cents per B Class Share) and closing B Class Share price as at 30 April (2024: $6.51, 2023: $6.20). Revenue FY23 $1.88b ^15 % $430/t 7% $143.9m ^23% $68.2m ^24% Per B Class Share 97.5¢ ^16% Fully franked dividend 60¢ ^20% 9.2% Paddy price for medium grain EBITDA1 Net Profit After Tax Basic Earnings per B Class Share2 Dividend yield3 ^ FY24 Financial Highlights FY24 $1.64b $461/t $117.0m $54.8m 83.8¢ 50¢ 8.1% 33 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL FY24 Sustainability Highlights We continued to embed sustainability into our business across six priority areas. During the year, SunRice made significant progress on a number of programs. The Group: • Supported trials, using V071, to assess the impact of various sowing and irrigation techniques to reduce Greenhouse Gases and increase water efficiency. • Undertook a gap analysis on the International Sustainability Standards Board’s (ISSB) Sustainability Reporting Standards, which incorporates the requirements of the Task Force on Climate-Related Financial Disclosures (TCFD). • Continued to make progress on meeting our Australian Packaging Covenant Organisation (APCO) targets, with 91% of packaging (by weight) now recyclable and 16% (by weight) made from recycled content. 1. • Submitted our emissions reduction targets (against a baseline year of CY22/FY23) for validation to the Science Based Target initiative (SBTi) and started drafting our Net Zero Roadmap to meet the Group's commitment to Net Zero by 2050. The Roadmap and our emissions reduction targets will be disclosed in FY25. • Continued evolving our approach to managing modern slavery in our supply chain by introducing a new Supplier Assessment Questionnaire, integrating human rights into our new Procurement Policy and enhancing our approach to supplier screening and due diligence approach. • Maintained SunRice manufacturing site certification to Global Food Safety Initiative recognised standard. Total monetary value of cash and in-kind/product donations during FY24. Water efficiency Percentage of CY23 crop drill sown CY23 av. water efficiency achieved. rising to 72% for the CY24 crop. Waste reduction Resilient communities 0.91t/ML 44.5% Continued supporting the National Plastics Recycling Scheme (NPRS) to design Australia’s largest industryled plastics recycling scheme. $1.68m donated to community organisations.1 Respecting human rights Food security & quality Completed four social and ethical audits, with 14 operational sites having completed audits to date. All SunRice manufacturing sites hold certification to the Codex Hazard Analysis & Critical Control Point (HACCP) International Food Standard. The Group continues to provide nutrient-enriched rice into Papua New Guinea (PNG) and the Pacific. 4 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL FY24 Activity Revenue Profitability Volume growth Value growth • Approximately 70% of the Group’s sales related to branded product in FY24. • The strength of the Group’s brands was further demonstrated in the revenue growth achieved in FY24, with sales pricing strategies implemented to help absorb inflationary impacts that weighed on profitability in the prior year. • Our strong portfolio of brands, together with our discipline in balancing our branded and unbranded product mix to maximise returns and our operating plant efficiencies, meant that we were able to grow volume during the year. • These factors were a key driver in both the Australian Rice Pool Business and International Rice segment and allowed us to expand our branded product offering in the Middle East, take advantage of abundant rice supply in the Riverina to support growth into Europe and the United Kingdom, and to participate in additional government tenders, primarily in Japan. • The inflationary environment resulted in some market share erosion to lower price offerings in some categories. • Product innovation and a broader, diverse and stronger portfolio of brands resulting from acquisitions in previous years helped to mitigate these impacts. • Growth in profitability was supported by the Group’s ability to navigate challenging and volatile conditions and to implement cost saving initiatives. • The Group undertook operational and manufacturing efficiencies across its various businesses, and CopRice’s strategic actions from the current and prior years continued to deliver margin improvements. • SunRice’s extensive supply chain network also enabled sourcing at competitive prices and the ability to react efficiently to changes in supply and demand dynamics by adapting strategic sourcing strategies as required. • Excellence in supply chain and logistics also allowed capitalisation on improvements in global freight conditions, although supply chain disruptions in the Pacific and the Middle East partly offset these gains. • The stronger USD throughout the period put pressure on the margins of our import businesses, particularly Riviana and Trukai in PNG. 5 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL FY24 Segment snapshot Australian Rice Pool Business Profit Businesses Rice Pool Volume growth in key international retail and tender markets, together with favourable foreign exchange on exports drove a significant uplift in revenue. However, the return of Northern Hemisphere supply post drought increased competition and triggered a significant drop in international tender pricing as the year progressed. This affected the CY23 Paddy Price outcome, as did carryover volumes in the Riverina. International Rice Volume growth in key international markets, sales pricing strategies to help absorb inflationary impacts, improved shipping conditions and cost saving initiatives supported a strong revenue and profitability uplift. Revenue Revenue $335.3m FY24 $384.9m ^15% FY23 $735.0m EBITDA CY22/FY23 FY23 $430 $39.9m 7% ^ $461 Riverina crop size (000s) CY22/FY23 ~688 paddy tonnes harvested FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY24 FY23 $56.7m $11.1m ^42% FY24 FY23 $14.0m $6.3m ^26% FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY23 This growth was achieved despite ongoing challenges, including supply chain disruption, significant foreign exchange impacts and affordability pressures in key Pacific markets. Paddy Price/tonne (Medium Grain) CY23/FY24 Riviana Foods Product innovation and brand strength helped to offset the ongoing high cost of globally sourced products, unfavourable foreign exchange on imports and a shift in consumer spending patterns towards lower price offerings in some categories. However, these factors continued to impact FY24 profit overall. CopRice Challenges in the equine and ruminant sectors, particularly in New Zealand, impacted performance. However, volume growth in the companion animal and agricultural retail sectors, sales pricing strategies to help absorb inflationary impacts and the ongoing execution of turnaround activities supported a significant uplift in CopRice’s performance. Corporate The sale of non-core assets allowed the business to absorb non-recurring costs associated with the refresh of our Growth Strategy and other costs associated with an increased risk of doing business in some markets. Profitability was however negatively impacted by impairment charges. $893.8m $113.0m $121.0m $215.0m $221.8m $236.1m $252.7m ^22% ^7% ^3% ^7% $7.1m $12.4m ^13% $17.2m $47.3m ^39% FY24 $48.9m ^3% NPBT CY23/FY24 ~500 paddy tonnes harvested FY23 $27.8m $42.5m $9.0m ^53% $11.8m $4.7m ^31% $5.2m $5.5m ^11% $11.0m $22.7m ^98% FY24 $16.3m 28% 6 ^ FY23 Rice Food Product innovation, a more optimised raw materials sourcing mix and manufacturing efficiencies supported positive growth in earnings, despite increased competition from lower price offerings in some categories. FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL History of Performance The record FY24 revenue was underpinned by the continued execution against SunRice’s Growth Strategy and the discipline and agility in navigating challenging conditions and turning opportunities into advantages over the last few years. The total fully franked dividend of 60 cents per B Class Share represents a payout ratio of 62%.1 Resilience demonstrated AU Crop and Group Revenue 1,113 1,177 802 1,193 FY18 FY19 1,026 417 54 45 FY20 FY21 Revenue ($m) FY22 688 34 FY17 94 45 FY18 40 FY23 33 FY19 FY24 0 7.7% 8.3% FY17 FY18 49 18 49 FY20 FY21 FY22 33 33 5.1% 6.4% FY19 FY20 55 5.0% 5.8% FY21 FY22 FY23 FY23 19.0x 75.9 61.3 7.0x FY17 11.9x 5.3x FY18 54.5 FY19 11.2x 45.8 FY20 Basic EPS (cents) NPAT ($m) 8.1% FY23 9.2% FY24 Dividend Yield (%) Strong earnings Basic Earnings per B Class Share and Price Earnings ratio2 68 60 50 40 33 Dividend (cents) 144 23 EBITDA ($m) 33 AU Crop (kT) 91 66 33 500 117 79 Consistently strong dividends Dividend (cents per B Class Share) and Dividend Yield2 20 Robust business model Group EBITDA & NPAT 75 60 1,334 623 244 FY17 1,135 1,638 1,880 97.5 77.2 83.8 8.9x 7.4x 6.7x FY22 FY23 FY24 34.6 FY21 PE ratio (x) Since the beginning of FY17 All years refer to Financial Years ending 30 April. For the ‘AU Crop’ graph, ‘FY24’ correlates with ‘crop year 23’ or ‘CY23’. 1. Payout ratio of 56% when excluding the special dividend of 5 cents per B Class Share. 2. FY22 and FY24 dividends include a 5 cents per B Class Share special dividend. Dividend yield and Price Earnings ratio based on closing share price as at 30 April each year. 3. Investment period from 1 May 2016 until 30 April 2024, TSR considers movement in B Class Share price and dividends paid, and assumes all dividends are reinvested on the dividend payment date. ASX 300 Accumulation Index extracted from Bloomberg (AS52T Index). Total shareholder return (TSR) Dividends Investment in growth Compared to ASX300 Accumulation Index TSR of 102%.3 Declared to B Class Shareholders. $115m invested across multiple strategic acquisitions and $194m invested in capital expenditure (FY17–FY24 inclusive). 157% $188m $309m 7 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL HOW WE CREATE VALUE OUR STRUCTURE SunRice is a global food company with a deep Australian heritage. Our objective is to optimise returns for both classes of shareholders. Listed on the ASX, SunRice continues to grow with vertically integrated operations across 10 countries and close to 50 global markets. Our value chain spans all aspects of food creation, from partnering with growers and researchers to the creation of innovative and nutritious food products for the meals, snacks, entertaining and animal performance segments. We seek to create value at every stage for our consumers, customers, employees, shareholders, community and our broader group of stakeholders. A A Class Shareholders B B Class Shareholders GROWERS INVESTORS Rice Pool Business Profit Business Receival, milling & selling of Riverina Rice International Rice, Rice Food, Riviana Foods, CopRice & Corporate Shared costs Asset financing charge Brand use charges Revenue – Expenses = Paddy Price Revenue – Expenses = Profit Payments for paddy rice B Class Shareholders to A Class Shareholders entitled to dividends* and growers * When declared For more details of the Non-Standard Elements of SunRice’s structure see: www.investors.sunrice.com.au/investors 8 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL OUR INPUTS What we draw upon Our environment The land, soil, seeds, water and sunshine and its ongoing health, together with energy and other natural and manufactured inputs. Our brands and innovation The strength and equity of our brands supported by our capability for product innovation to meet customer and consumer preferences and quality expectations. Our partnerships Strong partnerships with key stakeholders, including with Australian growers, to support the adoption of more sustainable and efficient agricultural practices and the development of new rice varietals through R&D investment. Our supply chain The global reach and diversity of our supply chain and our strong distribution network. Our people The expertise of our >2000 people, and their purpose-driven focus on the outcomes we create. OUR BUSINESS 2 How we create value Sourcing We source raw materials and specialty gourmet foods from growers and suppliers from Australia and globally 1 OUR STRUCTURE How we contribute 3 Creating Brands We create iconic brands for global customer and consumer needs that create value in a unique and differentiated way Research & Development We invest in research to help our growers produce higher quality and more sustainable rice Shareholder value We return value to our shareholders. Value-added products Our products feed millions of people and animals, providing critical nutrition and enabling shared enjoyment of food for our customers. Iconic brands Our trusted and well-loved brands embody a promise of quality. Food security We provide continuity of supply to our customers and consumers through our multi-origin global sourcing capabilities. 6 4 Returning Value We return value to our shareholders 5 Distributing We distribute to our customers through a robust global distribution network Storing & Processing We store, process and value add rice and its by-products, supporting food security in the places we operate Enhanced livelihoods Through our value chain we connect farmers to premium markets, enhancing livelihoods for farmers and rural communities in Australia and around the world. Sustainable practices Our innovation and partnerships help reduce water use and carbon emissions through rice genetics and more efficient farming practices. 9 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL FY24 Financial results FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL Group Financials Revenue up 15% ($’000s) FY24 FY23 Revenue from continuing operations 1,879.5 1,638.0 ^15% EBITDA 143.9 117.0 ^23% Key drivers included growth in volumes and value. Strong sales volumes were supported by brands and international market expansion. Value growth was further supported by sales pricing strategies implemented to help absorb inflation. EBITDA up 23% Reflects uplift across all parts of the business, but in particular from International Rice and CopRice, supported by operational and manufacturing efficiencies. Depreciation, amortisation & impairment 38.8 33.6 EBIT 105.1 83.4 Net interest 18.4 13.7 Tax 18.5 14.9 NPAT 68.2 54.8 ^24% Profit attributable to B Class Shareholders 63.1 52.6 ^20% Basic EPS (cents per B Class Share) 97.5 83.8 ^16% ^26% NPAT up 24% Depreciation, amortisation and impairment increased by $5.2m and included $10.0m of impairment that were offset by $12.2m in property sales. The Group experienced an increase in financing costs, primarily due to ongoing interest rate rises earlier in the year. Basic EPS up 16% Primarily driven by increased NPAT offset by the slight dilutive impact of increase in the weighted average number of B Class Shares on issue. 11 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL EBITDA and Cash flow movement EBITDA movement ($m) Movement in Net Debt ($m) At 30 April 2024, all remaining debt drawn down on our Seasonal facility relates to Net Working Capital funding, with this being primarily made up of near-term marketable inventory for our captured markets. +23% 1.6 4.8 Net April 2023 Operating inventory Net Debt cash flow movement1 Dividends 0.8 2.9 16.8 143.9 Capex 117.0 Riviana Foods CopRice Efficient use of capital Capital Employed ($m) and ROCE2 490 15.1% 477 10.3% FY17 5.3 22.8 Rice Food 572 9.9% FY18 FY19 Corporate 848 564 6.6% FY20 Capital Employed ($m) April 2024 Net Debt 0.7 223.9 (18.8) 25.9 International Rice Other items (25.1) (78.4) FY23 EBITDA Sale of Lease properties payments 703 609 9.3% 9.8% FY24 EBITDA 827 12.7% 291.4 -23% Balance sheet flexibility Net Debt / EBITDA (x) and Gearing Ratio (%) FY22 24% 28% 27% 15% 9% 3.9% FY21 19% 17% 34% FY23 FY24 1.1x FY17 ROCE (%) 1. Net movement in inventory and amounts payable to Riverina rice growers 2. Group’s Return on Capital Employed (ROCE – calculated as Profit Before Income Tax and Interest divided by Net Assets excluding Cash and Borrowings). 0.5x FY18 1.4x 1.3x FY19 FY20 Net Debt / EBITDA (x) 3.0x 2.2x 2.5x 1.6x FY21 FY22 FY23 FY24 Gearing Ratio (%) 12 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL Net Debt / EBITDA Capital 1.6x management n.a. 455 1. 2. 3. Net debt / EBITDA Core debt / Core debt + Equity Seasonal net debt (net of cash and incl. overdrafts and lease liabilities) 221 Core debt 221 224 174 Seasonal debt3 Apr-24 Oct-23 Seasonal debt3 Oct-23 66 Apr-22 70 Apr-24 81 Apr-23 72 Apr-22 Oct-20 40 Oct-21 Apr-20 Apr-21 46 417 217 126 38 46 688 Apr-23 94 74 466 447 499 224 74 479 341 174 126 37 n.a. Oct-22 217 The Group’s leverage ratio was 1.6x at 30 April 2024 compared to 2.5x at 30 April 2023. We continue to exercise discipline in our capital management to allow us to utilise our strong balance sheet to seize further opportunities to consolidate our market leading positions, pursue further innovation and diversify our earnings. 27% Seasonal debt is driven, in part, by the timing and size of harvests, in particular the value and size of the carryover, as well as the payment capacity of some of our businesses. This improvement reflects the strong EBITDA generated in FY24 and the slight decrease in net working capital from $479 million at 30 April 2023 to $466 million at 30 April 2024. The improvement in these metrics also aligns with the strong EBITDA generated in FY24 and the reduction in Net Debt. Core Gearing ratio2 Gearing ratio Seasonal Net Debt3 and Net Working Capital ($m) Net Debt ($m) Oct-22 Net Debt and gearing reduced to $224m and 27% at 30 April 2024 from $291m and 34% respectively at 30 April 2023. Core Debt / EBITDA Net Working Capital Crop Size (kT) 13 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL Segment performance FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL Rice Pool Our SunRice brands and product portfolio delivered volume and value growth in premium markets for the Australian Rice Pool Business. Our FY24 Performance Driving Performance • Volume growth in consumer and tender markets. • Stronger USD favouring exports • Cost saving initiatives and operational improvements. • Normalisation of shipping conditions and costs for a large part of the year. Impacting performance • Red Sea disruption and industrial action at ports at the back end of the year. • Northern Hemisphere returning from drought, impacting competition and global medium grain rice prices. • Third successive year of large crop volumes, driving high crop carryover levels and impacting paddy returns. • Inflationary environment impacting input costs and consumer behaviour. • Energy prices. • Flooding events impacting CY23 crop harvest. Revenue ($m) $384.9m ^15% CY23 pool Paddy Price1 $430 per tonne 7% 246.1 223.2 335.3 384.9 114.8 FY20 ^ AUSTRALIAN RICE POOL BUSINESS FY21 FY22 FY23 FY24 428 461 430 FY22 FY23 FY24 ($/tonne) 750 500 FY20 FY21 How FY24 revenue was generated Where FY24 revenue was generated 54% 46% 37% 29% 28% Branded Unbranded Australia & New Zealand Middle East 5% 1% Europe 1. Price per tonne for medium grain. Asia Other 15 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL PROFIT BUSINESSES International Rice We delivered significant improvement in revenue and profitability off the strength of our brands, multi-origin sourcing and agility. Our FY24 Performance Driving Performance • Volume growth in consumer and tender markets. • Sales pricing strategies to help absorb inflationary pressures. • Cost saving initiatives. • Normalisation of shipping conditions and costs for a large part of the year. Impacting performance • Inconsistent international supply leading to higher inventory holdings. • Red Sea disruption and industrial action at ports at the back end of the year. • Stronger USD affecting imports, particularity in PNG. • Northern Hemisphere returning from drought, increasing competition and impacting tender pricing. • High non-medium grain global rice prices. • Inflationary environment impacting input costs. Revenue ($m) $893.8m ^22% 620.9 531.4 548.5 FY20 FY21 FY22 735.0 FY23 EBITDA ($m) FY24 56.7 $56.7m ^42% 893.8 33.7 43.6 39.9 FY22 FY23 10.5 FY20 FY21 NPBT ($m) $42.5m 34.2 22.6 ^53% FY24 42.5 27.8 (1.4) FY20 FY21 FY22 FY23 FY24 16 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL PROFIT BUSINESSES International Rice Where FY24 revenue was generated How FY24 revenue was generated 17 FY24 YEAR IN REVIEW - REALISING GLOBAL POTENTIAL PROFIT BUSINESSES Rice Food Innovation, raw material sourcing optimisation and manufacturing efficiencies supported positive growth in earnings. Our FY24 Performance Driving Performance • Product innovation supporting volume growth in some categories. • Sales pricing strategies to help absorb inflationary pressures. • Cost optimisation and operational improvements. • Raw material sourcing optimisation. • Normalisation of shipping conditions and costs for a large part of the year. Impacting performance • Stronger USD affecting imports. • Inflationary environment impacting input costs and consumer behaviour. Where FY24 revenue was generated