LATEST COMPANY NEWS. - Free Online Library (2024)

Link/Page Citation

AFR - Incitec Pivot fertiliser deal catches political heat - 15/4/2024

Markets have been focused on Foreign Investment Review Board concerns attached to Incitec Pivot's $1 billion-plus fertiliser divestment, but there could be another hurdle for the protracted sale process to clear.

For the complete story, see:

https://www.afr.com/street-talk/incitec-pivot-fertiliser-deal-catches-political-heat-20240414-p5fjqm

PR Newswire - GRDC & Cicada Innovations in National Call for Deep Tech Innovators: Apply Your Solutions to Transform the Grains Industry - 15/4/2024

The Grains Research and Development Corporation (GRDC), in collaboration with Cicada Innovations, proudly launches the Grains Challenge.

For the complete story, see:

https://www.prnewswire.com/apac/news-releases/grdc--cicada-innovations-in-national-call-for-deep-tech-innovators-apply-your-solutions-to-transform-the-grains-industry-302116158.html

Real Estate Business - Elders Real Estate announce $250k community giving project - 15/4/2024

Elders Real Estate has announced its Elders Community Giving fund, a dedicated project for grassroots initiatives that seeks to promote sustainable, focused and long-term change in regional Australian communities.

For the complete story, see:

https://www.realestatebusiness.com.au/industry/27726-elders-real-estate-announce-250k-community-giving-project

Growers

Traders/Marketers (domestic and export)

Processors (crushers, refiners, manufacturers)

Consumers

AOF Value through service

The Australian Oilseeds Industry stands on a new era of growth and development. Through improved productivity and quality, product-mix and supply-chain efficiency it has the potential to grow from the current $2.5 billion to $3.3 billion by 2015. Since its inception in 1970, AOF members have consistently supported the Federation in its many vital and necessary functions in realizing this growth.

AOF acts as a leader and facilitator. It provides direction to the industry improves communication and secures stronger linkages within the industry for the betterment of the industry.

AOF delivers a range of services focused on enhancing industry growth and competitiveness and providing high value to members.

The range of services includes:

Industry issue lobbying and representation

Facilitating improved market access/export development

Industry training/education

Standards and protocols for trading and handling of oilseeds and oilseed products

Strategic plan and industry goals identification and implementation

Increasing industry awareness of innovations and potential opportunities

Information and communication to/amongst the key interest groups

Promoting Australian grown and Australian made oilseeds and oilseed products

Oilseed related R&D with government, industry and R&D bodies

Promoting environmentally responsible practices within the oilseed industry

AOF works for the benefit of the whole industry and, as such, its activities are based on:

effective positioning of the industry for competitive advantage

sound understanding of the needs of members

being flexible and responsive

taking account of the needs of consumers for seed, oil and meal

ensuring accountability and good corporate governance

The AOF provides services to the industry to help communicate the nature of and shape the environment in which the industry operates. AOF acts as a leader and facilitator to provide direction to the industry, improve communication and linkages between the industry and catalyse the industry to work together for the betterment of the industry. It responds to community wide issues on behalf of the industry and provides an independent and credible voice for the industry.

The AOF's current strategic plan - Growth through Cooperation - sets out the focus and activities for the AOF over the next three years that will help the industry maintain sustainable growth in the face of the changes occurring in its local and global environment.

The values that underpin the AOF's activities are:

equal participation for all members

complete industry integration

partnerships with the commercial sector

The AOF vision is to assist the Australian oilseed industry position itself as:

profitable for all sectors

one with a vibrant and viable value adding sector

dynamic with the ability to maximise opportunities within a continually changing environment

one that is growing through replacement of imports and increasing exports

The AOF is active in assisting the Australian oilseed industry to be a responsible, viable, world class producer, processor and marketer of quality oilseeds and products; and in encouraging innovation and investment in research, development and extension.

The AOF is the peak oilseed industry body representing all segments of the industry. Its functions are:

Administration

Industry issue lobbying/government representation - market access/export development

Industry training/education

Standards and protocols for trading and handling of oilseeds and oilseed products

Consumer education

Set and manage the strategic plan and industry goals

Increase industry awareness of innovations and potential opportunities

Information and communication to/amongst the key interest groups

Promote Australian grown and Australian made oilseeds and oilseed products

Oilseed related R&D with government, industry and R&D bodies

Promote environmentally responsible practices within the oilseed industry

Source: Australian Oilseeds Federation

http://www.australianoilseeds.com/about_aof

Barley Australia

Who We Are:

Barley Australia is the peak industry body for barley, established in early 2005, and seeks to represent the interest of all stakeholders of Australia's barley industry.

NB: Barley Australia is an Association of member companies. As such, Barley Australia itself, does not trade, nor sell, nor export barley, nor malt.

Our Growers - Our Markets

Barley Australia delivers leadership to increase the value and enhance the sustainability of Australia's barley industry.

We will achieve this by addressing the following key activities:

Providing timely and credible industry-specific information

Managing the malting barley accreditation process

Providing stewardship for the barley classification system

Providing barley industry relevant communication and education

Connecting with industry bodies on trade issues

Guiding R&D investors and research providers on priorities

Source: Barley Australia

https://www.barleyaustralia.com.au/who-we-are

https://www.barleyaustralia.com.au/barley-australia-vision

GrainGrowers

GrainGrowers is a leading voice for Australian grain farmers, representing their interests at a national and international level.

GrainGrowers strives to be a strong and influential voice, setting the agenda for change on national issues which will benefit grain farmers now and into the future. We work with progressive and profit-focussed farmers to drive positive change and advance their agenda both nationally and internationally.

Investing in the future capacity of the industry, GrainGrowers also plays a lead role in developing and supporting innovative grower leaders through a range of flagship initiatives.

If you're a grain farmer, we invite you to become a free member and join with 17,000 other members across Australia to help shape the future and drive positive change for the Australian grains industry.

Our Beginnings

In 1956 a group of growers gathered around a kitchen table in North Star, NSW to discuss the need for a premium payment for the high quality, high protein wheat they were growing in the region. At the time, wheat was sold as an undifferentiated commodity with no incentive to growers to grow better quality to meet different customer needs. The growers from North Star and Croppa Creek resolved to band together to form an association to lobby for change. The Premium Wheatgrowers Association (PWA) was formed in 1958 with an office in Narrabri.

After much hard work, PWA was ultimately successful and the principles of segregation and premium payment in the bulk handling system were accepted.

From this organisation Grain Growers Ltd, trading as GrainGrowers, was founded and in 2018 celebrates its 60th Anniversary.

We were founded to work on an issue which grain farmers had identified as important to the sustainability and profitability of their farming businesses. Over the years we have continued to be influential in working on issues identified by growers to realise value in the industry. We have a proven track record of success in unlocking real returns for growers and the wider industry.

Source: GrainGrowers

https://www.graingrowers.com.au/

https://www.graingrowers.com.au/about/

Who We Are?

Grain Producers Australia (GPA) represents Australia's broadacre, grain, pulse and oilseed producers at the national level. Broadly stated, GPA was created to foster a strong, innovative, profitable, globally competitive and environmentally sustainable grains industry in Australia.

The objectives of GPA are to establish a strong independent national advocate for grain producers based on a rigorous and transparent policy development process; engage all sectors of the Australian grains industry to ensure operation of the most efficient and profitable grain supply chain; and facilitate a strategic approach to Research, Development and Extension (RDE) intended to deliver sound commercial outcomes from industry research.

GPA is the ultimate outcome of two grains industry roundtables run by Grains Council of Australia (GCA) in October 2009 and February 2010. GCA was the former recognised peak national grain producer representative body and initiated the roundtables because it had been crippled by a fractured membership and severely limited in its financial capacity for several years. The GCA membership and funding model relied heavily on state farming organisations (SFOs).

GPA is a not for profit company limited by guarantee and is accountable to its members through board elections and annual review of operations. The GPA Board is directly accountable to grain producers in the same way a corporate board is accountable to its shareholders. The charter of the GPA Board is to provide representation for Australia's grain producers and to foster a culture of service within GPA.

GPA has voluntary membership drawn directly from the community of grain producers. The members pay an application fee and an annual subscription fee which are intended to be the main source of funds for GPA. This funding model provides an equitable system where all producers can contribute to the advocacy at a national level and alleviate the financial burden on the state based groups to fund the national structures.

Source: Grain Producers Australia

http://www.grainproducers.com.au/component/k2/item/34-who-we-are??Itemid=135

Grain Trade Australia

Grain Trade Australia (GTA) is the focal point for the commercial grains industry within Australia and acts to ensure there is an efficient, equitable and open trading environment given the prevailing industry structure in place.

GTA is non-political

GTA is industry driven and managed

The primary focus for GTA is to provide the commercial rules and grain trading standards that are used across the entire Australian grain industry.

GTA was formed in 1991 to standardize grain trading standards, trade rules and grain contracts across the Australian grain industry to enable to efficient facilitation of trade across the grain supply chain. GTA's has over 260 organisations as members ranging from regional family businesses to large national and international trading/storage and handling companies.

The vast majority of:

Grain contracts executed in Australia refer to GTA grain trading standards and/or trade rules; and

Grain storage and freight movements are made by GTA members.

Grain Trade Australia Ltd changed its name in 2009, to better reflect the position of the organisation within the industry.

GTA CORE FUNCTIONS

GTA's role is to ensure the efficient facilitation of commercial activities across the grain supply chain. It achieves this by providing the industry with some key tools.

GTA Grain Trading Standards

GTA develops and publishes the wheat and coarse grain trading standards for the industry and distributes the standards for oilseeds (developed by Australian Oilseeds Federation), pulses (developed by Pulse Australia) and birdseed as developed by the Queensland Agricultural Merchants.

These standards are the basis of trade for domestic and export contracts.

Key points

Vision

An efficient, equitable and open commercial grain industry in Australia

Mission

To facilitate trade by providing products, services and advocacy for the Australian grain value chain

Structure

GTA is non-political

GTA is member driven and managed

Source: Grain Trade Australia

http://www.graintrade.org.au/sites/default/files/Publications/001%20About%20Grain%20Trade%20Australia.pdf

Pulse Australia

Pulse Australia is a peak industry body that represents all sectors of the pulse industry in Australia, from growers and agronomists through to researchers, merchants, traders and exporters.

It is unique in that it is an independent, non-political and whole of industry organisation, which acts as a catalyst for the development of the pulse industry.

A Board of Directors

is nominated from across the industry and provides direction and vision. Directors bring skills and knowledge from many areas of interest including pulse farming, pulse research, seed merchandising, marketing and exporting. The Grains Research and Development Corporation also nominates one director.

Our mission

Our charter is to provide coordinated leadership to the Australian pulse industry and to facilitate activities that will achieve improved profitability for all sectors of the industry.

Pulse Australia's broad long-term goals are to:

Distinguish Australian pulse products in the international market place.

Develop and maintain existing and new markets.

Address any weak links in the pulse value chain.

Provide coordinated leadership and planning.

Encourage world's best practice throughout the whole industry.

Foster and maintain grower confidence.

Ensure a reliable production base of consistent and safe pulse crops that meet customer requirements.

Pulse Australia takes a three pronged approach to ensure that the overall objectives are met in all areas of the industry.

Crop support: Qualified field staff provide the catalyst for coordination or information across state and institutional boundaries - actively supporting farmers to ensure confidence, sustainability and consistency of pulse production.

Industry support: Fundamentally about filling the gaps. That is, the provision of the means to create essential linkages along the value chain.

Market support: Providing a single voice for industry in the areas of market access and development, negotiating with governments and other industry bodies both domestically and internationally.

Crop support

The Pulse Australia crop support team works in cooperation with the Grains Research and Development Corporation to develop agronomic management packages and provide training for agronomists and farmers.

The support team includes highly qualified agricultural scientists and agronomists who primarily work in the field. These specialists work across geographic and institutional boundaries to coordinate information flow, ensuring that it reaches agronomists and farmers at the earliest possible time. They are also key players in providing information from the field that may influence varietal development and crop selection for particular regions. Pulse Australia also works with farmers, merchants, chemical companies, state government departments of agriculture and the Australian National Registration Authority to gain limited use registrations or permits for chemicals not otherwise legally available for use on pulses.

Pulse Australia has also developed a HACCP based quality assurance program with whole of industry input for those growers who need such a tool to access specific markets.

Disease management

Crop selection + management

Coordination of varietal development + research

Chemical registrations

Cross region communication

Liaison with state departments of agriculture

Food safety and quality issues

Industry support

Pulse Australia works to coordinate activities across all sectors of the industry.

A sophisticated communications program, including a high profile web site, regular newsletters and bulletins, ensures that all sectors of the industry are kept informed of current and relevant topics. Pulse Australia acts as the focal for liaison between the industry and governments, both domestically and internationally, in areas such as market access, tariffs, quarantine and other trade issues. Regular forums are held with regional pulse groups and other industry bodies around the country. The Pulse Australia Standards Committee develops receival standards for all pulse products within Australia, aimed at meeting the requirements of the export trade.

Communication

Products + services

Regional pulse groups

Cross industry relationships

Government + other peak bodies liaison

International liaison

Food safety + quality issues

Market support

As well as international collaboration through the world peak body CICILS/IPTIC (Confederation Internationale du Commerce et des Industries des Legumes Secs/International Pulse Trade Industry Confederation), Pulse Australia is actively involved in the promotion of pulses in specific markets and the development of long term secure value chain relationships.

Pulse Australia is recognised around the world as the peak body of the Australian pulse industry and, as such, is best placed to address tariff and other trade impediment issues that may arise from time to time. Pulse Australia cooperates very closely with relevant Australian government departments to ensure recognition of the quality and integrity of Australian pulses in the international marketplace. A list of

traders and handlers

who support Pulse Australia and its values can be found on this web site.

Value add (promote)

Change grower + market attitude

Address tariff + other trade impediments

International collaboration

Food safety + quality issues

Increase / improve product integrity

http://www.pulseaus.com.au/about/corporate-profile

About

Wheat Quality Australia is an independent company that classifies wheat varieties according to distinct quality attributes, for processors and end product use. Wheat Quality Australia is also the owner and producer of Australia's Wheat Variety Master List.

What we do

Wheat Quality Australia is responsible for maintaining and growing the reputation of Australian wheat as a high quality product, by using its accountable, transparent and sustainable wheat classification system.

The Wheat Quality Australia Wheat Variety Classification Panel assesses new wheat varieties to determine their processing and end product suitability (for qualities such as milling extraction, dough balance, baking performance and noodle colour and texture), to meet key market requirements.

The Wheat Quality Australia Classification Council represents the entire value chain of wheat production in Australia, and uses this engagement to constantly improve the classification system in response to the needs of the market.

The Wheat Variety Master List, is the primary output of the classification system and is the foundation for wheat quality management in Australia.

What is Wheat Quality

Wheat quality refers to the performance of grain to meet the requirements of its use in flour milling, breads, noodles, cereals, pasta or animal feed. Quality is determined by the genetic attributes of the variety grown and the environmental conditions during crop growth.

Why is Wheat Quality classification important?

Classification identifies varieties with the proven capability to deliver the requirements of each class, creating a solid foundation for consistent processing and end product performance. This foundation, along with Wheat Standards, which are designed to ensure defects and contamination are absent, gives customers an assurance that Australian Wheat is of the highest quality.

Source: Wheat Quality Australia

https://wheatquality.com.au/about/

Leading Companies

Archer Daniels Midland Group

About ADM Australia

The Archer Daniels Midland Group in Australia includes companies that are subsidiaries of Archer Daniels Midland Company (NYSE: ADM) registered in Australia and operating under the Archer Daniels Midland or ADM brand.

Our Company

For more than a century, the people of Archer Daniels Midland Company (NYSE: ADM) have transformed crops into products that serve the vital needs of a growing world. Today, we're one of the world's largest agricultural processors and food ingredient providers, with approximately 40,000 employees serving customers in nearly 200 countries. With a global value chain that includes approximately 450 crop procurement locations, more than 330 food and feed ingredient manufacturing facilities, 62 innovation centers and the world's premier crop transportation network, we connect the harvest to the home, making products for food, animal feed, industrial and energy uses.

https://www.adm.com/our-company

At ADM, everything we do starts with you.

As the world's population grows, so does demand for quality foods, feed ingredients for livestock, alternative fuels, and environmentally friendly alternatives to traditional chemicals. As one of the world's leading agricultural processors, ADM plays a pivotal role in meeting all of these needs.

We produce the food ingredients, animal feeds and feed ingredients, biofuels and other products that manufacturers around the world use to provide wholesome food and a better life to millions of people around the globe.

In Australia everything we do starts with you, the Australian grain producer. We originate grain, oilseeds and pulses from the farmer, arrange the logistics and supply direct to our domestic and international customers by road, rail, container, and/or bulk shipments. Our regionally based Accumulation Managers are the core of our buying strength supporting Australian farmers and their grain marketing needs.

http://www.admgrain.com.au/

About ADM Australia

Since 1991, ADM Australia has served customers throughout the Pacific Rim, including New Zealand and the South Pacific, with a range of specialty food, feed and industrial ingredients made from corn, soy and wheat. ADM employs 45 people in Australia.

Grain Merchandising

ADM's grain merchandising business, based in Adelaide, originates Australian wheat, barley, canola, sorghum and pulses, serving both domestic and international customers. The business was formerly part of Alfred C. Toepfer International, a global merchandiser of agricultural commodities and processed products, which ADM acquired in 2014.

ADM can provide export solutions for both bulk and containerized products from all grain exporting ports in Australia. ADM often sources commodities directly from growers located in the main cropping areas of Australia, supported by ADM's national grain origination network.

Food

ADM's ingredient business has sales offices in Sydney and Melbourne, as well as distribution centres in Sydney, Melbourne, Brisbane, Perth, Adelaide and Darwin. We also work with a national logistics company, which enables us to efficiently serve customers throughout the country.

For bakery, beverage, confectionary, dairy and other applications, we offer the following ingredients:

Acidulants

Fibersol® -2 dietary soluble fiber

Lecithin

Natural-source vitamin E

Phytosterols

Polyols and Gums

Soy proteins

Sweeteners

Wheat protein isolates

Animal Feed

For the animal feed industry, we offer specialty feed ingredients, such as lysine, threonine and soy protein concentrate, which are used primarily in chicken, fish and pig feeds.

Industrials

For industrial products, we offer a wide variety of solutions, including bio-based Propylene Glycol and Glycerol.

Partnerships

A key part of ADM's Asia strategy today is our strategic ownership interest in Wilmar International Limited, Asia's premiere agricultural processing business, which has locations in Australia, China, India, Indonesia, Japan, Malaysia and Singapore, and in other parts of the world. Wilmar operates palm plantations; crushing facilities for various types of oilseeds; vegetable oil refineries and packaging facilities; plants that produce oleo chemicals, soy proteins and fertilizers; and multiple wheat and rice milling facilities.

https://www.adm.com/adm-worldwide/australia

ADM Reports Third Quarter Earnings per Share of $1.52, $1.63 on an Adjusted Basis

10/24/2023

Net earnings of $0.8 billion, adjusted net earnings of $0.9 billion

Trailing four-quarter average adjusted ROIC of 13.2%

ADM (NYSE: ADM) today reported financial results for the quarter ended September 30, 2023.

"ADM again delivered a strong quarter in increasingly dynamic market conditions as we continued to adjust our business model to meet the evolving needs of our customers. Through targeted investments in innovation and a focus on efficiencies that align to our customers' goals, we are strengthening critical partnerships and expanding our new profit opportunities to deliver additional shareholder value," said Chair of the Board and CEO Juan Luciano.

"Ag Services & Oilseeds delivered another solid quarter, leveraging the strength of our Brazilian export capabilities, extending regenerative agriculture partnerships, and commissioning our Spiritwood production facility to serve growing demand for renewable green diesel. Carbohydrate Solutions drove strong results through excellent execution in favorable ethanol, starches and sweeteners margin environments, while extending customer wins in BioSolutions and formally advancing the Broadwing Energy project for lower carbon intensity power generation in Decatur. Within Nutrition, the outstanding growth of Flavors continues to outpace the market, and Health & Wellness is developing the next generation of evidence-based solutions, while we address pockets of softness in other areas of the portfolio. With strong performance to date in 2023 and a constructive expectation for the remainder of the year, we are again raising our full-year earnings outlook."

Quarterly Results of Operations

Ag Services & Oilseeds results were lower than the third quarter of 2022.

Ag Services results were lower than the strong third quarter of 2022. South American origination results were higher year-over-year, as the team delivered significantly higher volumes and margins on strong export demand. Results for North American origination were lower year-over-year, driven by the shift of exports to South America. Effective risk management and higher volumes and margins in Global Trade led to strong results, however, lower year-over-year. The current quarter also included a $48 million insurance settlement related to damages from Hurricane Ida.

Crushing results were much lower than the prior-year's record third quarter. Global soy crush margins remained robust, but lower than the very strong levels of a year ago. In EMEA, we continued to optimize our flex capacity to higher margin softseeds, in line with market opportunities. In the quarter, there were large net positive mark-to-market timing effects, which were lower than the net positive impacts in the prior year quarter.

Refined Products and Other results were higher than the prior-year period. EMEA results were higher year-over-year as strong export demand for biodiesel and domestic demand for food oil supported higher margins. In the quarter, there were large net positive mark-to-market timing effects which are expected to reverse as contracts execute in future periods.

Equity earnings from Wilmar were significantly lower versus the third quarter of 2022.

Carbohydrate Solutions delivered an outstanding third quarter, significantly higher than last year.

The Starches and Sweeteners subsegment results, including ethanol production from our wet mills, were higher year-over-year on a healthy demand environment during the quarter. North American starches and sweeteners delivered higher margins on similar volumes versus the prior year and capitalized on a strong ethanol backdrop. The global wheat milling business posted higher margins on similar volumes, supported by steady customer demand.

Vantage Corn Processors results were significantly higher year-over-year on robust demand and margins for ethanol.

Nutrition results were significantly lower year-over-year.

Human Nutrition results were much lower than the third quarter of 2022. Flavors results were substantially higher than the prior year, driven by pricing actions in EMEA and strong win rates in North America. Specialty Ingredients results were much lower year-over-year due to continued lower market demand for plant-based proteins in meat alternatives, inventory adjustments, and unplanned down time resulting from the recent Decatur incident. In Health & Wellness, a favorable impact related to the revised commercial agreement with Spiber, as well as stronger probiotics sales, led to higher results versus the prior year.

Animal Nutrition results were lower compared to the same quarter last year due to lower contributions from amino acids and persistent demand fulfillment challenges in Pet Solutions, partially offset by cost optimization actions and improving volumes.

Other Business results were significantly higher than the prior-year quarter due to improved ADM Investor Services earnings on higher net interest income. Captive insurance results were slightly lower on higher claim settlements partially offset by premiums from new programs.

Other Items of Note

As additional information to help clarify underlying business performance, the table on page 10 includes reported earnings and EPS as well as adjusted earnings and EPS.

Segment operating profit of $1.4 billion for the quarter includes net charges of $69 million ($0.10 per share) related to impairments and restructuring, net of a contingent loss reversal, and a loss of $2 million ($0.00 per share) related to the sale of certain assets.

In Corporate results, net interest expense for the quarter increased year-over-year primarily on higher short-term interest rates. Unallocated corporate costs increased versus the prior year on higher global technology spend to support our digital transformation efforts. Other Corporate was favorable versus the prior year primarily due to foreign currency hedges.

Note: Additional Facts and Explanations

Additional facts and explanations about results and industry environment can be found at the end of the ADM Q3 Earnings Presentation at www.adm.com/webcast.

Conference Call Information

ADM will host a webcast on October 24, 2023, at 8 a.m. Central Time to discuss financial results and provide a company update. To listen to the webcast, go to www.adm.com/webcast. A replay of the webcast will also be available for an extended period of time at www.adm.com/webcast.

Forward-Looking Statements

Some of our comments and materials in this presentation constitute forward-looking statements that reflect management's current views and estimates of future economic circ*mstances, industry conditions, Company performance and financial results. These statements and materials are based on many assumptions and factors that are subject to risk and uncertainties. ADM has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those in this presentation, and you should carefully review the assumptions and factors in our SEC reports. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements as a result of new information or future events.

About ADM

ADM unlocks the power of nature to enrich the quality of life. We're a premier global human and animal nutrition company, delivering solutions today with an eye to the future. We're blazing new trails in health and well-being as our scientists develop groundbreaking products to support healthier living. We're a cutting-edge innovator leading the way to a new future of plant-based consumer and industrial solutions to replace petroleum-based products. We're an unmatched agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. And we're a leader in sustainability, scaling across entire value chains to help decarbonize our industry and safeguard our planet. From the seed of the idea to the outcome of the solution, we give customers an edge in solving the nutritional and sustainability challenges of today and tomorrow. Learn more at

www.adm.com

For the complete story, see:

https://www.adm.com/en-us/news/news-releases/2023/10/adm-reports-third-quarter-earnings-per-share-of-$1.52-$1.63-on-an-adjusted-basis/

Bunge Agribusiness Australia

Bunge is a leading marketer of Australian grains focusing on exporting Australian grains to global destinations. Bunge Australia is a division of Bunge Limited, which is a leading global agribusiness and food company operating in over 40 countries with approximately 35,000 employees. We are committed to the Australian grains industry and have made significant investments in Western Australia, having built an export Port Terminal in Bunbury, and two grain receival facilities at Kukerin and Arthur River. Bunge is also an active participant in grain markets in South Australia and the East Coast with head office operations in Melbourne.

http://bunge.com.au/

Bunge Reports Fourth Quarter and Full-Year 2023 Results

St. Louis, MO - February 7, 2024 - Bunge Global SA (NYSE: BG) today reported fourth quarter and full-year 2023 results.

Full-year GAAP diluted EPS of $14.87 vs. $10.51 in the prior year; $13.66 vs. $13.91 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences

Q4 GAAP diluted EPS of $4.18 vs. $2.21 in the prior year; $3.70 vs. $3.24 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences

Excellent execution across value chains drove strong Q4 and full-year results

Strong cash flow with full-year adjusted funds from operations of ~$2.5B

Substantial progress on the Viterra transaction and other strategic growth initiatives as well as enhancing operational effectiveness in 2023

Overview

Greg Heckman, Bunge's Chief Executive Officer, commented, "Our team delivered another outstanding quarter to close out a very strong year for Bunge with significant accomplishments in all aspects of our business. We continued investing in our core capabilities, new growth areas, sustainability and new technology. We also announced the transformational combination with Viterra to further strengthen and diversify our business. And we delivered value to our shareholders in the form of dividends, share repurchases, and overall strong financial performance. I'm proud of the team for executing well on so many fronts against a highly dynamic environment.

"Looking ahead to 2024, we currently expect a less robust market environment than we have recently experienced. We are confident that the strategic work we have done to make our business more flexible and efficient positions us well to capitalize on emerging opportunities as we serve our customers at both ends of the value chain."

For the full release, see:

https://delivery.bunge.com/-/media/Files/2024/FINAL-EPR-12312023.ashx

Cargill Australia

About Cargill in Australia

Cargill's presence in Australia was first established in 1967 and has continued to grow through ongoing investment in the Australian agriculture and food industries. We now employ over 520 employees in more than 40 locations. The main business operations include: grain and oilseed origination, storage and handling; oilseed and malt barley processing; vegetable oil refining; trading and marketing of grains, cotton & oilseed products domestically and for export; procuring food ingredients in to Southeast Asia; sales of Cargill cocoa & chocolate products to the domestic market; and joint ventures in beef and storage and handling.

Malt

Cargill acquired Joe White Maltings in 2013. Joe White Maltings was established in the 1850s and has a long and distinguished history. As a result Cargill is the largest malt producer in Australia with six plants strategically located across the country. We supply malt to the domestic market as well as exporting to brewers in Asia Pacific and Africa.

Grain and Oilseeds

Cargill Australia is a major marketer of Australian grain and oilseeds to supply our crush plants and domestic/international customers in the food processing, animal feed and meat industries. Cargill Australia processes 700,000 tonnes of canola, cottonseed, sunflower seed and soybeans annually at its three crush plants in Australia, producing protein meal and vegetable oils for the feed and food industries.

Cargill Australia also provides a range of differentiated price risk management and logistical solutions to help customers thrive. Cargill's extensive network of international trading offices provides comprehensive access to global markets for Australian grown grain and oilseeds.

AWB Origination

The AWB Origination business was formed in 2011 when Cargill Australia acquired the trading and origination arm of AWB. AWB originates grain, oilseeds and pulses on behalf of Cargill Australia. The company has an extensive field origination networks with 20 farm marketers located across the Australian grain belt. AWB farm marketers partner with farmers to provide them with access to our wide range of marketing and risk management tools.

GrainFlow

GrainFlow operates a network of 22 storage centres in Queensland, New South Wales, Victoria and South Australia. These sites provide efficient and cost effective receival, storage and outturn of large quantities of bulk grains and oilseeds.

Cargill Australia has a storage and handling facility joint venture with BFB Pty Ltd at Temora in New South Wales.

Refined Oils

Cargill Australia's vegetable oil refinery is located in Newcastle, New South Wales. The operation refines, bleaches and deodorises canola, sunflower, soybean and cottonseed oils as well as imported palm olein and stearine.

The Cargill refinery in Newcastle is fully integrated with existing multi-seed crush facility. This integrated crush and refinery is conveniently located on the Newcastle port and meets Australian Quarantine and Inspection Service requirements for processing imported oilseeds.

Cargill distributes its high quality oils and shortenings throughout the country to some of Australia's premier food companies.

Risk Management

Cargill Risk Management (CRM) works with customers to understand their business objectives, pricing needs and market views to create tailored risk management solutions which mitigate risks and uncertainly by having a more diversified pricing portfolio.

Globally, CRM serves customers in 71 countries across more than 50 markets, including grains, meats, soft oils, proteins, energy, metals, dairy and foreign exchange markets. CRM in Australia has offices in Melbourne and Sydney and strives to provide risk management solutions at both the corporate and agricultural producer level. The focus of CRM's activity in Australia is in grain, oilseeds, fibre and sugar markets.

Cotton

Cargill Australia established a cotton marketing business in 2000. This business has established a strong presence in the Australian market by providing marketing tools to cotton growers through a network of regional representatives in Queensland and New South Wales. International cotton processors are serviced with Australian cotton through Cargill's extensive network of marketing offices around the world.

Cocoa & Chocolate

Cargill recently established a sales office in Melbourne Australia to sell Cargill cocoa & chocolate products to the domestic market.

Starches, Sweeteners & Texturizing Solutions

Cargill offers a range of quality starches, sweeteners and texturizing solutions to the domestic market.

https://www.cargill.com.au/en/about-cargill

Cargill reports fiscal 2020 second-quarter results

7/1/2020

Strong execution and ongoing transformation elevate company performance

MINNEAPOLIS - Cargill today reported results for the fiscal 2020 second quarter ended Nov. 30, 2019. Key measures include:

Adjusted operating earnings were $1.02 billion, up 19% from $853 million last year. For the first half of the year, this brought adjusted earnings to $1.93 billion.

Net earnings on a U.S. GAAP basis for the quarter were $1.19 billion, up 61% from a year ago. The increase included gains from divesting Cargill's malt business and financial subsidiary, CarVal Investors. Net earnings for the first half climbed 20% to $2.11 billion.

Second-quarter revenues rose 4% to $29.2 billion. Six-month revenues totaled $58.2 billion, a 3% rise.

"We saw very good execution from our global teams throughout the quarter, as they focused on delivering what matters for our customers," said Dave MacLennan, Cargill's chairman and chief executive officer. "Our ongoing transformation, as well as recent acquisitions and expanded capabilities, are all helping us continue to raise our performance."

Performance highlights

Adjusted operating earnings increased in two of Cargill's four business segments: Animal Nutrition & Protein, and Industrial & Financial Services. They declined in Origination & Processing and Food Ingredients & Applications. Notable results include:

Cargill's protein businesses around the world were well prepared to meet opportunities from country-by-country changes in demand, shifts in global protein flows due to African swine fever and other market forces.

Transformation efforts, recent acquisitions and capital investments all had positive impacts in businesses like animal nutrition and global poultry. Likewise, the ocean transportation business benefited from its readiness for the upcoming industry shift to low-sulphur fuels that began on Jan. 1, 2020.

The company's agricultural trading business stayed well-positioned across commodities, while some of the regional origination and processing businesses continued to feel the negative impact of trade uncertainty and weather disruptions, particularly in North America.

Several global product lines of food ingredients saw softer results, including starches and sweeteners in Europe and Brazil, and edible oils in South America. Strong product deliveries kept cocoa and chocolate results near even with last year.

The beneficial impact of wintry weather combined with production efficiency gave a boost to road safety salt results.

Innovation for growth

Cargill and joint venture partner Royal DSM began commercial-scale production of EverSweet® stevia sweetener in November at Cargill's $50 million fermentation facility in Blair, Nebraska - the first of its kind in the U.S. This zero-calorie sweetener uses fermentation to create the two best-tasting molecules in the stevia leaf. In addition to providing scale, fermentation is much more sustainable than traditional leaf-based production, since these molecules make up less than 1% of the stevia leaf in nature.

The innovation has significant growth potential because it's well-suited for many kinds of food and beverage applications such as soft drinks, flavored waters and teas, smoothies, yogurt, confections and ice creams. More than 300 customer trials and product development projects are currently in progress.

Far-reaching climate solutions

With a major presence in food and agriculture supply chains around the globe, Cargill is committed to protecting the planet's vital natural resources. To that end, Cargill announced at the start of December that the company has adopted a Scope 3 target of reducing greenhouse gas emissions in its global supply chains by 30% per ton of product by 2030. The goal aligns with many of Cargill's customers and has been approved by the Science Based Targets initiative (SBTi). It complements the company's previously announced goal to reduce emissions from operations by 10% on an absolute basis by 2025. Along with the target, the company reinforced its commitment to the Paris Climate Accord through the We Are Still In coalition and pledged to the CEO climate statement.

To achieve the Scope 3 target, Cargill is focused on supply chain partnerships and solutions that benefit farmers, customers and the broader food system. This includes accelerating progress through the BeefUp Sustainability initiative, efforts to help farmers sequester carbon by maintaining healthier soils, reductions in carbon for sustainable shipping, and more.

"Without bold and decisive action by all involved in the production of food, climate change will destabilize the food system," MacLennan said. "As with all areas of our business, we are innovating alongside our partners in the supply chain to make sure we can nourish a growing world for years to come."

https://www.cargill.com/2020/cargill-reports-fiscal-2020-second-quarter-results

CBH Group

About CBH

The CBH Group is Australia's largest co-operative and a leader in the Australian grain industry, with operations extending along the value chain from grain storage, handling, transport, marketing and processing.

Owned and controlled by approximately 3,900 Western Australian grain growing businesses, the core purpose of the CBH Group is to sustainably create and return value to growers.

Since being established in Western Australia in 1933, CBH has continuously evolved, innovated and grown.

Its storage and handling system currently receives and exports around 90 per cent of the Western Australian grain harvest and is regarded as one of the best in the world.

The CBH Group owns a state-of-the-art rail fleet dedicated to the most efficient transfer of grain from country receival points to its four port terminals.

The co-operative's marketing and trading arm is the leading grain acquirer in Western Australia and has operations in eastern Australia, as well as offices in Hong Kong and Tokyo.

In 2004 CBH bought a 50% stake in Interflour which operates seven flour mills in Indonesia, Vietnam, Malaysia and Turkey, including a grain port terminal in Vietnam; and Intermalt, a malting house in Vietnam.

In 2016 CBH bought Blue Lake Milling is a leading manufacturer of premium Australian oat products operating in South Australia and Victoria.

The CBH Group has total assets of more than A$2 billion and employs approximately 1,100 permanent employees and up to 1,800 casual employees during the harvest period from October through to January.

https://www.cbh.com.au/about-cbh

CBH Group reports strong FY23 surplus

15/12/2023

The CBH Group has reported a strong surplus for the 2023 financial year, propelled by a record harvest and outloading that saw the co-operative report a multitude of new operational records throughout the year.

The grower-owned co-operative today released its 2023 Annual Report, which outlines the financial and operational performance for the year ending 30 September 2023.

CBH reported a Group surplus of $353.3 million for the 2023 financial year, driven by the record harvest of 22.9 million tonnes, record shipping volumes, and favourable export margins early in the year.

CBH Chief Executive Officer Ben Macnamara said this strong financial result positions CBH to achieve the Board-endorsed Path to 2033 Strategy - generating more value and strengthening the network for current growers and future generations.

"This success was a year underpinned by a second consecutive record harvest delivered by Western Australian growers to CBH sites," Mr Macnamara said.

"To grow and deliver back-to-back record crops is an outstanding achievement and is testament to the resilience, commitment and innovation of Western Australian growers, as well as the CBH team who helped to receive it.

"Together we set almost 100 new harvest records and achieved our second safest 12-month period on record.

"Critically it was also the first time in the co-operative's 90-year history that we outturned a record 21.9 million tonnes to our international and domestic customers, with both records allowing CBH Operations to achieve its largest ever surplus of $156.1 million."

The outturn program saw the supply chain ship a record 19.7 million tonnes from our port terminals, while road and grower subcontractors moved a record 8.3 million tonnes of grain directly to our ports, breaking nine monthly records.

Rail performance significantly improved during the year, with Aurizon helping to move a record 11 million tonnes, breaking 10 monthly rail records for the year in the process.

CBH invested a record $572.7 million into the network, including entering into three agreements that will significantly bolster the existing rail fleet by 24 locomotives and 650 wagons.

As part of this network investment, good progress was made on 11 rail outloading and siding projects, including the completion of the Brookton rail siding project and the start of construction at the Broomehill rapid rail outloading project.

During the year, 436,000 tonnes of permanent storage and 2.3 million tonnes of temporary storage was added to the CBH network, while a record $173.6 million was invested in more than 230 sustaining capital projects that will ensure the longevity and functionality of network assets.

CBH Marketing & Trading (M&T) reported a surplus of $176.3 million which was driven by increased export margins early in the year, a second consecutive record harvest in WA and the re-opening of the China barley market.

During the year, M&T bought 43 per cent of the record WA crop and paid $4.8 billion to WA growers, while shipping 8.9 million tonnes of grain.

"To support the Path to 2033 Strategy, $170 million of M&T's surplus will be paid as a fully franked dividend to CBH for the sole purpose of network investment, with the remainder used to support the division's equity position," Mr Macnamara said.

CBH Fertiliser reported excellent growth in a year of transformation and expansion, with a record 232,000 tonnes sold.

This milestone was aided by the opening of the new Kwinana Fertiliser Terminal, entry into the liquid fertiliser market and significant growth in the Esperance region.

"CBH Fertiliser now holds an 11 per cent market share in Western Australia - well on its way to achieving its Path to 2033 strategic goal of holding a 15 per cent market share, and more importantly, creating competitive tension in the market," Mr Macnamara said.

Looking ahead, Mr Macnamara said CBH was focused on achieving the 'Path to 2033' Strategy.

"By 2033, we want to increase how much we export to a peak of 3 million tonnes a month and critically, be able to outturn 70 per cent of the crop in the first half shipping window to maximise the value of WA growers' grain," Mr Macnamara said.

"As you will see in the Annual Report, we are making good progress on the Strategy with record-breaking supply chain performance and in December 2022, we exported 2.2 million tonnes.

"We remain focused on the core of our business, our storage and handling network, marketing and trading grain, and providing a secure and consistent supply of fertiliser for WA grain growers.

"Although we are having a smaller harvest this year, we project that over the coming decade the average crop size will continue to increase.

"Right now though, our focus is on ensuring we safely and efficiently receive the remainder of this year's harvest."

https://www.cbh.com.au/media-releases/2023/12/cbh-group-reports-strong-fy23-surplus

CSBP Limited (ASX: WES)

CSBP, its subsidiaries, and joint ventures form the Chemicals and Fertilisers business units of Wesfarmers Chemicals, Energy & Fertilisers, part of Wesfarmers Limited's Industrials division.

Many of our products are essential to a variety of Australian industries including broadacre agriculture, iron ore and coal mining, nickel and gold extraction and construction. We export a number of our chemical products to supply international markets with industrial chemicals.

Our head office and major chemical and fertiliser production complex is located in Kwinana, 40 kilometres south of Perth in Western Australia. We employ more than 600 people at this location, the majority of who live in the Kwinana-Rockingham area.

We have a state-of-the-art soil and plant analysis laboratory located in metropolitan Perth, with major regional fertiliser storage and despatch facilities located in Geraldton, Bunbury, Albany and Esperance. We have CSBP fertiliser supplier depots and field-based agricultural advisers operating throughout WA's agricultural region.

CSBP subsidiary Australian Vinyls and ModWood, a subsidiary of Australian Vinyls, are located in Victoria and supply polyvinyl chloride (PVC) resins and wood-plastic composite products.

We also have a 50 per cent interest in Queensland Nitrates (QNP), a stand-alone integrated ammonia / ammonium nitrate facility in Queensland.

https://www.csbp.com.au/about-us/business-overview

2019 Full-year Results Briefing Presentation

27 August 2019

Progress on strategic agenda: FY19 highlights

Portfolio management

Significant portfolio repositioning

Successful demerger of Coles

Divestments of Bengalla, Kmart Tyre & Auto (KTAS) & stake in Quadrant Energy

People

Divisional leadership - Kmart Group, Officeworks, Target

Corporate Office - Corporate Affairs, Company Secretariat, Advanced Analytics Centre

Wesfarmers Board - director & strategic advisor appointments

Data & digital

Investment in Advanced Analytics Centre accelerating divisional data capabilities

Significant investments to step-change digital offer

Strong growth (33%) in online sales with improved customer experience

Capital allocation & management

Ongoing focus on organic & adjacent growth opportunities

Acquisition of Catch Group completed, Kidman shareholder vote on 5 September 2019

Special dividend in April 2019

https://www.wesfarmers.com.au/docs/default-source/asx-announcements/2019-full-year-results-briefing-presentation.pdf?sfvrsn=0

Cubbie Group

Cubbie Ag today announced that an agricultural fund managed by Macquarie Asset Management (the Fund) has acquired the remaining 51 per cent stake in Cubbie Station, associated properties and cotton ginnery (Cubbie), bringing the Fund's total ownership to 100 per cent.

Macquarie Asset Management, and its Australian agricultural funds management team, has a strong track record of managing agricultural operations.

Macquarie Asset Management looks forward to continuing Cubbie Ag's involvement in and support for local communities.

The change of ownership will not materially change the day-to-day operations of Cubbie.

Paul Brimblecombe, will continue as CEO of Cubbie, supported by the existing management team, and all current employee positions remain unchanged. There will also be no change to the Voluntary Water Contribution that was announced when the Fund acquired its initial 49 per cent interest in 2019.

About Macquarie Asset Management:

Macquarie Asset Management (MAM), the asset management arm of Macquarie Group, is one of the world's leading alternative asset managers.

For more than two decades, MAM has partnered with investors, governments and communities to manage, develop and enhance assets relied on by more than 100 million people each day. For more than 10 years, MAM has combined farming expertise, investment management discipline and a deep understanding of global commodities markets 'inhouse', to become one of Australia's largest diversified farmers. MAM's Australian agriculture portfolio teams are based in Albury, Orange and Sydney.

https://cubbie.com.au/wp-content/uploads/2022/02/2022-02-23-Cubbie-Ag-Company-announcement-1.pdf

About Cubbie Group

Cubbie Group comprises 93,700 hectares of farmland including 22,100 hectares of irrigated cropping fields which is supported by extensive on-farm irrigation infrastructure covering 13,300 hectares. The land mass also includes 8,900 hectares of cereal cropping area and 49,400 hectares of grazing, remnant vegetation and balance area. The properties can produce in excess of 250,000 bales of cotton in full production years or, alternatively, produce a wide variety of irrigated agriculture including wheat, sorghum, sunflowers, barley, chickpeas and corn

https://cubbie.com.au/wp-content/uploads/2019/08/Cubbie-press-release-020819.pdf

About

Cubbie Ag properties are located near Dirranbandi and St George in South West Queensland, the total holding is 93,000 hectares with 22,000 hectares of irrigated cropping fields which is supported by on-farm irrigation infrastructure.

Cubbie Station was a grazing business before being acquired in 1983 by the late Des Stevenson whose vision unheralded the property development to cotton production, this vision provided significant confidence to the local irrigation community.

The Brimblecombe family St George irrigation farming assets where sold and amalgamated with the Cubbie Station irrigation farming assets in 2005. The Brimblecombe family grew their first crop of cotton in 1965 at Forest Hill in the Lockyer Valley before moving to St George to expand their farming desires during the 1970s.

Since January 2013, the Cubbie Ag property aggregation has been owned by CS Agriculture Pty Ltd, an Australian registered company incorporated in 2012. The major stakeholder of this company being Ruyi Australia Group, a company that own and manage Australian operations on behalf of Ruyi Group, a Chinese multinational company which is rapidly becoming the world's largest vertically integrated fashion enterprise.

https://cubbie.com.au/about/

Elders Limited (ASX: ELD)

180 years of agribusiness knowledge, experience, and advice

Since 1839, Elders has been an integral part of Australia's rural business landscape. With 180 years of knowledge, experience and advice for its clients, Elders continues to focus on its future as a pure agribusiness both within Australia and internationally.

Elders provide various services to primary producers, supporting their needs throughout the entire production cycle. From finance, banking, and real estate services to wool, grain and livestock trading, Elders provides innovative services to those working in the agricultural industry and is heavily involved in all aspects of primary production.

Although our clients vary in size, production, industry and location, they have one common goal: to maximise the performance and returns of their farming enterprise. Whether you're looking for assistance during the launch phase of your business or are looking to increase the value and size of your established business, Elders has the resources and experience to help you reach your short and long term goals.

https://elders.com.au/about/history/

https://elders.com.au/about/

FY23 Half Year Results

15 May 2023

Elders reports an $82.8 million underlying earnings before interest and tax (EBIT) and has determined to pay a dividend of 23 cents per share, 30% franked. Full year underlying EBIT guidance of between $180 million and $200 million.

Australian agribusiness Elders Limited (ASX:ELD) today released its half year results for the six months to 31 March 2023.

Elders reported a resilient HY23 performance against a volatile agricultural industry backdrop, impacted by softened livestock trading conditions, weaker crop input prices and unseasonably wet weather. This contrasts with the exceptionally favourable HY22 trading conditions which saw firmer livestock prices, a strong real estate market and ahead-of-season client procurement for winter crop, in response to the global supply chain uncertainty at that time. HY23 continued the similar trajectory seen in 4Q-22 with the industry reverting to a more normalised trading environment.

Elders reported statutory net profit after tax (NPAT) of $48.8 million, down 46.5% on the prior corresponding period (PCP). Underlying EBIT of $82.8 million, down 37.7% on the PCP, but up 12.2% on HY21. Portfolio return on capital (ROC) for HY23 was 16.9%, 1.9% above the 15% benchmark set in its Eight Point Plan strategy. This result was impacted by higher working capital build in anticipation of a strong winter crop and accelerated recovery of supply chain lead times.

The Directors have determined to pay a dividend of 23 cents per share, 30% franked.

Agency services experienced a 22.1% decline in earnings, driven by lower prices for cattle and sheep, negatively impacted by challenging market and unseasonal conditions. US beef import prices were notably weaker during HY23, following a significant herd reduction amidst drier conditions, but have since shown signs of recovery.

Retail Products sales increased across fertiliser, animal health and crop protection products whilst margins declined due to the sales mix composition and pressure from softening crop input prices in core products, including fertiliser and glyphosate.

Wholesale Products expanding footprint and our backward-integration initiative supported a sales uplift of $10.2 million (+5%). This increase was offset by declining crop input prices throughout the period, placing downward pressure on gross margin, particularly glyphosate.

Real Estate Services experienced higher property management earnings offset by lower broadacre turnover. Residential sales remained resilient during the period, notwithstanding rising interest rates.

Financial Services continues to grow revenue, predominantly driven by increased demand for insurance products and rising premiums.

Progress on Elders' third Eight Point Plan

In FY21 Elders embarked on its third Eight Point Plan, targeting 5% to 10% growth in EBIT and EPS through the agricultural cycles whilst maintaining strong financial discipline to generate a ROC of at least 15%.

Managing Director and Chief Executive Officer, Mark Allison said, "the half year financial results have been satisfactory given the market and seasonal conditions, especially in the flood impacted Q1. Elders continues to execute its plan to deliver growth through the cycles.

"FY22 was unusual with EBIT greater in the first half than the second, primarily because clients brought forward their winter crop procurement due to supply concerns and rising input prices. The freeing up of supply chains, lower freight costs and more sustainable fertiliser prices are a great benefit to the agricultural industry but make comparison between HY23 and HY22 challenging. Consequently, Elders has taken the decision to provide full year guidance to reinforce our expectation that second half earnings are likely to exceed the first half, a more typical earnings profile for Elders. We look forward to the second half given the strong winter crop outlook."

Mr Allison attributed higher costs to the significant strategic investments in business transformation and growth initiatives.

"To deliver on growth beyond the third Eight Point Plan, Elders must invest in strong leadership and capable people to deliver initiatives like our Systems Modernisation program, Rural Products supply chain optimisation and Elders Wool Handling. These investments are critical to remaining a leading and trusted partner to farming clients into the future. The first stage (Wave 1) of our Systems Modernisation program is on track for successful completion within budget and on time," Mr Allison said.

"Elders has also made a series of strategically important acquisitions in the first half of the financial year and opened new branches to increase points of presence. The pipeline of quality bolt-on acquisitions remains strong.

"Elders continues to invest in an expanded product portfolio through the TitanAG brand, as well as growing its service offerings and branch network to better cater to the changing needs of Australian farming clients and emerging markets."

Elders recorded two Lost Time Injuries (LTI) in the first half of FY23, resulting in a decrease in its total recordable injury frequency rate (TRIFR) to 11.9. Elders continues to invest in safety initiatives in its ambition to achieve a zeroinjury workplace.

FY23 Outlook

Demand for agricultural commodities is anticipated to support favourable trading conditions in the second half of FY23.

The outlook for Rural Products in the second half is encouraging with sowing now under way supported by generally favourable soil moisture profiles and neutral climactic conditions.

The outlook for Agency Services is forecast to improve in the second half but overall remain below FY22 levels. Cattle prices are expected to remain subdued on volume growth, supported by the recent improvement in United States beef import prices. Lamb prices are expected to remain under pressure given mixed quality and higher volumes, while mutton prices have shown signs of improvement. The wool market is expected to remain robust.

In Real Estate, softer broadacre market conditions are expected to persist for the foreseeable future, with residential remaining robust despite elevated interest rates and inflation. Property management is expected to remain strong, supported by the acquisition of six offices in NSW.

The strong performance of the Financial Services business is expected to continue into the second half of FY23.

Mr Allison said, "demand for food and fibre remains strong globally and Elders' long-term earning potential persists with equal strength.

"We remain confident in the strategic foundations and principles set for Elders under its Eight Point Plan and its ability to deliver expected earnings and shareholder value at full year."

In light of this outlook, and performance since the end of the first six months, Elders expects FY23 underlying EBIT to be between $180 million and $200 million¹, the midpoint of which is 18.1% lower than FY22 but up 13.8% on FY21.

CEO Transition and Leadership

Mr Allison noted, "Elders has strengthened its leadership team with executive appointments that bring the skills and vision required to grow the business over the coming years and enable us to better service existing and new customers."

Chair, Ian Wilton, said "the process of identifying a suitable successor to Mark Allison as CEO of Elders is continuing. The board expects to make a further announcement in July."

https://elders.com.au/for-investors/updates/asx-announcements/

Emerald Grain (TYO: 80530)

Louis Dreyfus Company Asia Pte. Ltd. (LDC) and Longriver Farms announced today that the companies have entered into an agreement for the acquisition of Emerald Grain Pty. Ltd. (Emerald Grain) by LDC.

The Emerald Network

Emerald Grain is one of the largest grain marketing and supply chain businesses in Australia.

Our Reach

At Emerald Grain, our purpose is to support Australian grain growers and their communities.

Our network extends to all key grain growing regions of Australia with a network of grain merchants located close to growers in regional areas.

Through our grain marketing network, we have access to quality grains and oil seeds from around 12,000 farming families.

We have a network of up-country storage and handling facilities in Victoria and New South Wales with an overall capacity of 1.5 million tonnes.

We own the Melbourne Port Terminal and we export grain from around 17 grain terminals across Australia to 35 countries across the globe.

We are owned by Sumitomo Corporation of Japan, one of the world's largest diversified trading houses with offices in 60 countries worldwide.

We have a network of grain merchants in major grain growing regions of Australia, providing us with exceptional access to intelligence about the Australian Grain market.

Our purpose is to support Australian grain growers and their communities. We do this by employing local people and customising grain marketing plans to suit each growers needs. These sentiments are supported by our parent company Sumitomo, one of the largest diversified trading houses in the globe.

Sumitomo acquired Emerald Grain in 2014 as a strategic move to connect Emerald's position in the grain market in Australia, with Sumitomo's strong position across the world stage. Together we have strong and capable people across the world, servicing the entire global grain business.

Our trading and marketing team based in Australia and Asia are experts in commodity trading in domestic and international markets. We are a trusted supplier of quality Australian grain to over 35 countries across the globe.

Linking these international customers to quality Australian grain is our Supply Chain business in Australia. We have 9 up-country grain storage facilities in Victoria and New South Wales, feeding our Melbourne Port Terminal and other grain terminals across the east coast.

Our strong team across Australia is working alongside growers on the ground and partnering with grain buyers across the globe to feed the rapidly growing populations and economies of the world.

http://emeraldgrain.com/home/about/

Glencore Group

The Glencore Group in Australia includes companies registered in Australia that are part of the Glencore Agriculture business, of which Glencore International plc is a shareholder.

About us

Glencore Agriculture is one of the largest buyers and exporters of Australian wheat, barley, canola, pulses, sorghum and cotton.

Glencore Agriculture buys directly from growers with accumulation offices in Western Australia, South Australia, Victoria, New South Wales and Queensland.

We have strong relationships at all stages of the supply chain. Using our world-class marketing, storage and logistics network, which incorporates bulk storage systems and container packing facilities across Australia, we supply customers in Australia and overseas, including food and beverage manufacturers, animal feed manufacturers, consumer product processors, local importers and distributors and government purchasing entities.

We are the largest importer of protein meals into Australia and supply product to a range of feed manufacturers and customers.

Glencore Agriculture is part of the global Glencore Agriculture business.

The global Glencore Agriculture operations and marketing offices span more than 35 countries worldwide.

Glencore Agriculture is backed by the strength of its shareholders; Glencore, Canada Pension Plan Investment Board and British Columbia Investment Management Corporation.

https://glencoreagriculture.com.au/index.php/about-us/

GrainCorp Limited (ASX: GNC)

GrainCorp is proud to be a leading international agribusiness with diversified operations that span four continents and supply customers in over 30 countries.

We operate a unique mix of interlinked businesses - Grains, Malt and Oils - which provide a diverse range of products and services to our valued customers across the food and beverage supply chain.

GrainCorp focuses its activities on three core grains (wheat, barley and canola) where the company has comparative advantages through grain origination, freight differentials and technical expertise.

GrainCorp has operations in Australia, New Zealand, North America and Europe (including the United Kingdom), which collectively represent over 50% of global export trade in wheat, barley and canola.

Across all aspects of our business we are committed to working closely with our customers to develop and deliver innovative solutions that help meet the demands of a rapidly growing global population.

http://www.graincorp.com.au/investors-and-media

Improved financial performance in a year of transformation

12 November 2020

GrainCorp Limited (GrainCorp or the Company) (ASX: GNC) announces its full year results for the year ended 30 September 2020.

Underlying EBITDA1 for continuing operations: $108 million (FY19: $107 million loss)

Underlying NPAT2 for continuing operations: $16 million loss (FY19: $158 million loss)

Statutory NPAT3 : $343 million (FY19: $113 million loss)

Declared dividend 7 cents per share fully franked (FY19: nil dividend)

Recordable Injury Frequency Rate4 of 6.5 (FY19: 7.7)

Managing Director & CEO, Robert Spurway, commented:

"GrainCorp reported a substantially improved financial performance in FY20, despite a third year of drought. We are delivering on our operational initiatives and these are providing more consistent and stable earnings for the business.

"The most significant drivers in the year were the positive impact from the Crop Production Contract (CPC), improved performance from our East Coast of Australia (ECA) grains and international trading businesses, and stronger oilseed crush volumes and margins.

"The Company has a strong balance sheet and is in a privileged position with a high quality, integrated network of infrastructure assets to receive and export the much larger crop currently in harvest across ECA."

Dividend

The Board of Directors has declared a dividend of 7 cents per share, fully franked, for the FY20 year.

Chairman, Peter Richards, commented:

"Following a year of transformation, we are pleased to be in a position to pay a dividend of 7 cents per share, fully franked. The dividend reflects the strength of our balance sheet, the benefits of the Crop Production Contract and our confidence in the outlook and the sustainability of earnings and cash flows into the future."

The dividend will be paid on 10 December 2020 to ordinary shareholders at a record date of 26 November 2020.

Strong financial performance

Underlying EBITDA from continuing operations was $108 million, up from a loss of $107 million.

Chief Financial Officer, Ian Morrison, commented:

"Although ECA grain production was again adversely impacted by drought, the Company benefited from the first year of the CPC, receiving a total gross payment of $58 million due to the reduced size of the harvest.

"Throughout the year, the business continued to import grain from other states to manage east coast grain deficits, although these trans-shipments slowed in the second half as expectations for the 2020/21 crop improved.

"It is pleasing to see improvements in performance right across the business and the benefits being delivered from our capital investments and operating initiatives."

COVID-19 Resilience

At the outset of the COVID-19 pandemic, GrainCorp was confirmed as an essential service. Throughout the pandemic, GrainCorp has continued to operate across all business units without interruption and has accelerated the introduction of our digital solutions including CropConnect and FastWeigh, allowing safer and more efficient contactless processes at all receival sites for the 2020/21 winter harvest.

GrainCorp did not access any financial support from state or federal governments during the pandemic and, indeed, significantly increased employee numbers ahead of the harvest.

Outlook

GrainCorp expects growth in earnings in FY21 due to the anticipated larger ECA winter crop and the ongoing benefits from recent operating initiatives.

In Agribusiness, improved growing conditions and current grain receival year to date, indicate a very strong 2020/21 winter crop, similar in size to the FY17 harvest (subject to ongoing weather conditions and other variables).

In Processing, the expected increased supply of Canola seed will continue to support strong oilseed crush margins, partially offset by reduced meal values.

GrainCorp expects trading conditions in the Foods sector to remain highly competitive.

This announcement is authorised by the GrainCorp Board.

http://www.graincorp.com.au/_literature_255154/News_Release_%E2%80%93_FY_20_Results

Incitec Pivot Limited (ASX: IPL)

Company Profile

Incitec Pivot Limited's Purpose is to make people's lives better by unlocking the world's natural resources through innovation on the ground.

An ASX 100 Company, IPL had its origins in Europe and North America in the 19th century and Australia early last century. It is now a global leader in the resources and agricultural sectors with an unrelenting focus on Zero Harm. With a diverse leadership, we add value for our customers through manufacturing excellence, leading technology solutions, innovation and world class services focused on our customers.

Through Dyno Nobel, we play a critical role in releasing the worlds natural resources, so we can build infrastructure and generate the energy we need to live in a modern world today.

And with population growth, through Incitec Pivot Fertilisers' 100-year heritage in Australian agriculture, we play an important role in enabling sustainable food production to meet the rapidly rising demand for food around the world.

Global Manufacturing

IPL's global manufacturing facilities produce a wide range of explosives, fertilisers and industrial chemicals.

As well as owning and operating 20 manufacturing plants in the US, Canada, Australia, Mexico, Indonesia and Turkey, we have joint venture operations in South Africa, China and Australia.

Explosives

Our initiating systems and assembly plants in the US, Mexico and Australia, build detonators, boosters and cartridge explosives such as dynamite. Through our Dyno Nobel business, we supply industrial explosives and blasting services to the mining, quarrying, seismic and construction industries in North America and Australian market. Blasting is an essential step in extracting the minerals required to meet the world's demand for power, infrastructure and consumer goods. Mines, quarries and seismic explorers use Dyno Nobel products to achieve safety goals and improve operational efficiency.

Fertilisers

Incitec Pivot Fertilisers is Australia's largest supplier of fertilisers, dispatching around two million tonnes each year for use in the Australian grain, cotton, pasture, dairy, sugar and horticulture industries.

Bulk and packaged fertiliser products are distributed to farmers through a network of more than 200 business partners and agents. The company supports farmers across eastern Australia, from tropical fruit growers in north Queensland to dairy producers in Tasmania.

https://www.incitecpivot.com.au/about-us/about-incitec-pivot-limited/company-profile

IPL delivers resilient results through a commodity downturn and continues significant progress on strategic agenda

17 May 2023

Incitec Pivot Limited (ASX:IPL) today reported Net Profit After Tax (NPAT) of $362m excluding individually material items1 (IMIs) for 1H23, a decrease of 6% compared to $384m in 1H22. Earnings Before Interest and Tax (EBIT) ex-IMIs of $552m was down 3% from a record 1H22, which benefited from a very strong commodity price environment.

1H23 Result Highlights

Zero Harm: Total Recordable Injury Frequency Rate (TRIFR) was 0.67, a significant improvement from 0.89 in the prior corresponding period (pcp)

Statutory NPAT of $354m, down 8% from $384m in the pcp

EBIT adjusted for the impact of commodity and foreign exchange movements ($70m), increased by 10% compared to the pcp

Earnings Per Share ex-IMIs of 18.6 cents per share, 6% lower than the pcp

Return on Invested Capital2 (ROIC) incl. goodwill of 12.8%, up significantly from 10.1% in the pcp

Interim dividend maintained at 10 cents per share (franked to 60%), a 54% payout ratio

Robust balance sheet with net debt of $1.42bn and Net Debt / EBITDA ratio ex-IMIs of 0.8x, improved from 1.0x in the pcp

Business unit performance

Dyno Nobel Americas (DNA): EBIT of US$260m (US$182m pcp) underpinned by improved operating performance at the Waggaman ammonia plant and stable explosives results despite severe winter storms and heavy snowfall temporarily impacting customer demand.

Dyno Nobel Asia Pacific (DNAP): EBIT of $79m ($79m pcp) included underlying earnings growth of over 10% with growth in technology sales and excellent performance from the international businesses. This underlying growth was offset by the impacts of unusually wet weather and the previously announced impact of the Gibson Island closure.

Fertilisers: EBIT of $108m ($257m pcp). The main drivers of the result were lower commodity prices and the previously announced temporary increase in the cost of gas at Phosphate Hill. Distribution earnings were reduced by severe rain and flooding which significantly impacted volumes in the spring and summer planting seasons. The significant drop in commodity pricing has also impacted volumes in the first half with customers choosing to defer purchases to take advantage of the decrease.

Strong progress on strategic agenda

IPL has made significant progress on its strategic objectives:

Sale of the Waggaman ammonia facility for US$1.675bn. This transaction monetises IPL's excess ammonia exposure at an attractive point in the cycle while still retaining access to 25% of the equivalent WALA volumes and associated financial and strategic benefits3

Exclusive offtake agreement signed with Perdaman Chemicals and Fertilisers Pty Ltd (Perdaman) for up to 2.3 million tonnes per annum of granular urea. Following plant commissioning (forecast for mid-2027), the agreement is expected to add an estimated incremental EBIT of approximately $45m per annum4 , underpinning the objective of doubling distribution earnings.

IPL has signed a long-term gas supply agreement for its ammonium nitrate plant in Moranbah, Queensland, for gas supply up to 2037. This new gas contract is expected to sustain the long-term competitive cost base of the Moranbah plant and maintain its privileged asset position in its footprint5 . This, coupled with the ongoing recontracting, sets a platform to return DNAP to peak earnings.

The recently acquired Titanobel business integration is delivering earnings in line with the business case with the expected increase in advanced technology sales on target. The business is well positioned to grow into attractive new geographies, including Europe and West African gold markets. A focus on attractive and sustainable returns to shareholders

The Board has announced an interim dividend of 10 cents per share, franked to 60%, which represents a payout ratio of 54% of NPAT, excluding individually material items.

IPL intends to commence the previously announced on-market share buyback6 of up to $400m during permissible trading windows. Once complete, the IPL Board will consider further capital management initiatives aligned with its capital allocation framework.

Commentary from IPL's Managing Director & CEO

IPL Managing Director & CEO, Jeanne Johns, said:

"The first half saw resilient performance across our businesses with strong strategic momentum.

"The highlight for our explosives business was the important progress we made in our commitment to reduce our exposure to volatile commodity pricing and move our portfolio to higher value, customer-focused service and technology solutions. The Waggaman transaction enables us to monetise our excess ammonia exposure at an attractive point in the cycle while maintaining security of supply and benefiting the earnings of Dyno Nobel in the Americas.

"An increased focus on pricing pass through and continued management of our business cost base, positions Dyno Nobel Americas for an improved second half performance. In our Dyno Nobel Asia Pacific business, recontracting and providing competitively priced gas at our Moranbah plant is establishing a platform to return the business to peak earnings.

"A key highlight for the Fertilisers business was the partnership with Perdaman for the offtake agreement, which will provide Australian farmers with security of supply and underpin our target of doubling our distribution earnings. This will significantly grow the recurring earnings base of our Fertilisers business once Perdaman comes online."

FY23 Outlook

IPL expects a positive earnings skew in the second half for its Explosives businesses. Favourable agricultural conditions are expected in Eastern Australia for the remainder of the financial year with Fertiliser earnings, excluding impacts from foreign exchange and commodity price movements, forecast to be positively skewed to the second half. IPL remains focused on operational performance and strategy execution.

https://investors.incitecpivot.com.au/static-files/d0227095-e126-4458-b82b-e21e4e01ad79

Landmark (NYSE: NTR, TSE: NTR)

Landmark is a subsidiary of Nutrien Ltd (NYSE: NTR, TSE: NTR).

About Us

We have been a part of rural Australia for more than 150 years. We share your passion for agriculture and we'll always be there to help you get the most out of your farming business.

What We Do

Landmark is an integral part of t

he Australian agricultural industry. Our generations of experience have made us experts in a range of different farming areas, including precision farming services, marketing livestock and wool, agricultural services, finance, insurance, merchandise and real estate.

We are the largest distributor of both farming supplies and fertilizer in Australia and have a national network servicing 100 000 clients in over 400 locations. Our team of more than 1600 farming experts is committed to upholding the mission and values that have kept us a vital part of this industry for more than 150 years.

Our Vision

At Landmark, we're committed to growing value through a world of innovation, practically applied.

Our Mission is to always have:

Unrivalled expertise. We employ the best and brightest minds, supported by an extensive network of corporate branches, franchises, members and agents. Simply, we understand your needs and what matters to you.

An extensive range. We offer merchandise, fertiliser, farm services, wool, livestock, finance, insurance and real estate.

Unwavering commitment. With more than 150 years experience and over 400 locations across Australia, we dig deep in rural communities to provide value and service for the long haul.

Strong supplier relationships. We foster close relationships with our suppliers and partners, offering us access to the latest developments and ensuring our customers are always up to date.

Nutrien

Landmark's parent company, Nutrien, is the world's largest provider of crop nutrients, feed, crop protection and services. Nutrien plays a critical role in helping farmers across the planet increase food production in a sustainable manner.

Nutrien services over half a million growers at 1,500 retail stores worldwide, playing a critical role in Feeding the Future. Nutrien focuses on innovation, which is essential for achieving long-term shared success with customers, investors and other stakeholders.

https://www.landmark.com.au/about-us

Webster Limited (ASX: WBA)

About Us

At Stahmann Webster we pride ourselves in being farm-to-table producers of world class walnuts, pecans, macadamias and almonds.

From growing and processing to marketing, we are a team of hard-working producers and purpose-driven promoters. We specialise in what we do well, recognising that to deliver the best possible product, we need to work hard across all aspects of our business, closely monitoring and responsibly managing every step.

We are counted on - by our people, our customers and our communities - to deliver what we say. As a good employer and operator, we take seriously our role as responsible stewards and managers of the land, and as locals, we actively support our neighbours across the country.

At Stahmann Webster, we are fully invested, from the ground up. Because naturally, we believe people should feel good about the choices they make.

Our history

In 2020, Stahmann Farms and Webster Limited became Stahmann Webster. Built on hard work and determination, Stahmann Webster is trusted to deliver the best from what nature provides. This trust stems from bringing together two established, Australian agricultural brands - Stahmann Farms and Webster Limited - to bring the best possible locally-grown, natural nut products from our orchards to the world.

With a history spanning more than 180 years, we are proud of our roots and draw strength from our heritage, looking to the future with energy and optimism. Forever guided by our down-to-earth nature and authentic Australian spirit, we constantly strive to bring out the best in our people and our products.

About Stahmann Farms

Stahmann Farms Inc. was established in Las Cruces, New Mexico, in 1932 by Deane Stahmann Snr. Deane and his sons, the late brothers, Deane Jnr and Bill Stahmann, planted more than 100,000 pecan trees on a vast property still operated by the Stahmann family. In 1965, Deane Stahmann Jnr came to Australia with the intention of creating the first commercial pecan operation in the southern hemisphere. He first planted trees at Gatton in Queensland and shortly after at the flagship property Trawalla near Moree in New South Wales. His dream of creating a new industry was realised in 1982 when the Toowoomba Processing Plant began supplying the finest quality processed pecan nut kernel from these farms to Australia and the world.

About Webster Limited

Webster Limited - the fourth oldest company in Australia - dating back to 1831 and is named for the founder's nephew, Alexander George Webster, who was born in (what was then called) Van Diemen's Land in 1830 later running the grain and wool business in 1856.

Throughout its long history, Webster Ltd has been involved in many aspects of agriculture from broad acre farming to forestry and fresh vegetables, rural supplies, transport and machinery and most recently tree nut farming.

Since the 1990s Webster has pioneered the Australian walnut industry and today represents more than 90% of local production from orchards in Swansea and the Murrumbidgee.

Now too, the farming activities encompass almonds following the acquisition of Sandy Valley in the Riverina district.

http://stahmannwebster.com.au/contact/about/

Webster reports full year results to 30 September 2019

Reported net profit before tax of $2.1 million - slightly ahead of guidance

Reported net loss after tax of $9.1 million - impacted by derecognition of carried forward tax losses and recognition of temporary tax differences due to entering into scheme of arrangement with Public Sector Pension Investment Board

Revenue and other income of $154.0 million

Prior year result included Bengerang assets and liabilities, which were classified as held for sale,(since divested) and final cotton crop at Lake Tandou (since de-commissioned)

Horticulture division profit of $6.6 million vs $10.7 million in prior year

Agriculture division profit of $3.8 million vs $43.1 million in prior year

Directors advise that no final ordinary dividend will be declared for the year ended 30 September 2019

Market value of water entitlements estimated to be approximately $410 million vs carrying amount of $186.0 million

Webster Limited (ASX:WBA), one of Australia's leading agribusinesses, today reported a statutory net loss after tax of $9.1 million for the year ended 30 September 2019 and a profit before tax of $2.1 million from its continuing operating business.

The result was slightly ahead of the Company's previous guidance of a near break-even position, reflecting the continuing extensive drought conditions affecting all areas of production during the year and lower walnut pricing.

The prior year's net profit after tax of $27.1 million included earnings contributions from the Bengerang assets which were sold on 7 November 2018 and the final cotton crop at Lake Tandou which was subsequently de-commissioned.

Result commentary

Webster Chief Executive Officer, Maurice Felizzi, said the Company's priority was to manage through the current difficult dry conditions while continuing to invest for sustainable longer-term growth.

"The ongoing drought has resulted in challenging operating and trading conditions which has impacted our financial performance in 2019.

In response we are focused on de-stocking and adjusting livestock levels for available feed and managing our resources as efficiently as possible.

However, we continue to strengthen our asset base with permanent walnut and almond plantings across our core property holdings, which combined with our water allocation, ensures Webster remains in a strong position for sustainable growth over the longer term," he said.

Horticulture

The Horticulture business includes Webster's walnut business, a vertically integrated business that produces premium in-shell and kernel walnuts sourced from company owned orchards in NSW and Tasmania. The business also includes the Company's almond orchards.

Revenue and other income in the Horticulture business was $56.1 million compared to $53.4 million for the prior year.

Walnut yields were consistent with the prior season but below budgeted expectations. Total production in 2019 was 9,846 tonnes compared to 9,508 tonnes in 2018.

However, average selling prices were approximately 20 per cent below the prior year, reflecting continued excess supply in international markets.

Webster's almond orchards at Sandy Valley comprise 100 hectares of 4-year-old trees, 160 hectares of 3-year-old trees and 464 hectares of 1-year-old trees. Yields were consistent with the prior year.

Webster continued to expand its walnut orchard portfolio during the year. Additional plantings of 125 hectares at Leeton and 181 hectares at Avondale West were completed. With the additional planting, the 880-hectare development program at Avondale West is now complete.

During the year Webster acquired the cropping rights to 422 hectares of walnut orchards located amongst other Webster-owned Tabbita and Leeton orchards in the Riverina district. The orchards were previously owned by investors in two Managed Investment Schemes which were managed by AGW Funds Management Limited as the Responsible entity.

Agriculture Webster's Agricultural business is focused on annual row crops, primarily cotton in the Griffith and Hay district of NSW, and also includes wheat and maize as well as livestock (sheep and cattle).

Revenue and other income in the Agriculture business was $93.8 million compared to $153.7 million for the prior year.

Following the sale of the Bengerang assets and decommissioning of irrigation infrastructure at Lake Tandou in 2018, Webster planted 4,143 hectares of cotton in 2019 compared to 17,162 hectares company-wide in the prior year. The reduction in planted area also reflects the significantly dryer climatic conditions for the 2019 season and less water availability.

Average cotton yields of 11.41 bales per hectare were slightly below the prior year's average yield of 11.77 bales per hectare. The cotton lint average sale price of A$562 per bale was slightly ahead of the prior year A$550 per bale.

Livestock operations continued to be severely impacted by the drought, in both the southern and western regions. High supplementary feed costs impacted earnings from the livestock operations. Levels of livestock have been reduced across all properties to preserve ground cover and minimise feed costs. At all times the higher quality breeding stock has been retained to appropriate levels which has protected the historical investment made in the genetics of the livestock.

An additional $1.1 million has been invested in 2019 in additional containment lots specifically for the purpose of stock well-being and health.

The Agriculture segment also includes the Group's water assets which underpin Webster's water availability for its permanent and annual crops.

During the year, Webster acquired $24.1 million in additional water entitlements for future cropping activities associated with properties in the southern connected basin.

The Company's water assets as at 30 September 2019 totalled approximately 167,214ML of entitlements held across a range of water systems and water products.

As at 30 September 2019, Directors estimate the value of Webster's water entitlement portfolio to be approximately $410 million. This portfolio is currently carried in the accounts as an intangible asset at a value of $186.0 million.

Webster continues to focus on converting its water assets into valuable horticultural and agricultural products which the Company believes is likely to provide shareholders with a higher return on their funds in the medium to long term.

Corporate

On 31 October 2018, Webster shareholders approved the sale of the Company's wholly owned subsidiary, Bengerang Limited, incorporating the agricultural and water assets in northern NSW to an entity in the AFF JV group. The transaction was completed on 7 November 2018, the consideration of $132.7 million, less working capital adjustment, being used to retire debt.

As part of the Company's acquisition of cropping rights to 422 hectares of walnut orchards in the Riverina, the two Managed Investment Schemes (managed by Webster) which owned the rights to the crop have been wound up. This will realise ongoing savings to Webster in the order of $700,000 per annum.

Webster acquired an apiary business in NSW for $5.8 million. The bee colonies from this acquisition will be used to cross-pollinate trees at the Company's Sandy Valley orchard to produce almonds and honey for sales through domestic channels.

Net debt at 30 September 2019 was $129.3 million compared to last year of $199.6 million. The decrease in debt reflects the proceeds from the sale of the Bengerang assets, partially offset by the acquisition of walnut cropping rights, the apiary acquisition, the purchase of additional water entitlements, the additional development of 464 hectares of almond orchards, 125 hectares of walnut orchards and the completion of the agricultural developments at Darlington Point and Hay properties in NSW.

Webster's financial position remains strong with $250 million in committed credit facilities. These facilities have fixed maturity dates $70 million in July 2020 and $180 million maturing in January 2022. As at 30 September 2019, $114.3 million of these facilities were undrawn.

On 3 October the Company entered into a Scheme of Arrangement with Public Sector Pension Investment Board (PSP) and its related entities to acquire 100% of the issued shares that PSP does not already own. Following a review of the Deferred Tax Assets of the company, of which a major component of this class of asset is the value attributed to carry forward losses, the Deferred Tax Assets have not been recognised. Sufficient testing has not been performed to give the Directors confidence that these losses would pass the relevant tests to transfer and be available to be utilised should these losses transfer to a new shareholder. If the Group were able to recognise all unrecognised deferred tax assets of $97.8m, the profit would increase by $15.5m (2017: $5.9m).

Given the ongoing difficult conditions caused by the drought the Directors have determined that no dividend will be payable for 2019.

FY20 Outlook

Webster expects 2020 to be another challenging year.

As a result of the ongoing drought conditions and low water allocations, total cotton plantings in 2020, total 1,935 hectares.

Walnut yields are budgeted to be marginally higher, however pricing is expected to improve for the 2020 crop, partially offset by additional costs incurred with a small amount of water purchases and additional investment in orchard operating costs to improve yields.

Webster continues to manage through the current difficult conditions and remains focused on operational efficiencies across its operations.

Update on Transaction

On 3 October 2019, Webster announced that it had entered into a binding Scheme Implementation Agreement (SIA) with PSP BidCo and Sooke Investments Inc, each indirect wholly-owned subsidiaries of PSP Investments, one of Canada's largest pension investment managers. Under the SIA it is proposed that PSP BidCo will acquire all of the ordinary shares in Webster that PSP Investments does not already own for a cash price of $2.00 per Webster share (Scheme Consideration) by way of a Court-approved scheme of arrangement (Scheme).

PSP BidCo also intends to acquire all of the Webster preference shares on issue for $2.00 in cash per preference share via a separate, contemporaneous scheme of arrangement (Preference Share Scheme).

A Scheme Booklet containing information relating to the Scheme and Preference Share Scheme is expected to be despatched to Webster ordinary shareholders and preference shareholders in the week commencing 16 December with Court-convened shareholder meetings expected to be held in the week commencing 3 February 2020.

The Non-conflicted directors of Webster unanimously recommend that Webster ordinary and preference shareholders vote in favour of each respective Scheme, in the absence of a superior proposal and subject to an Independent Expert concluding that the Schemes are in the best interests of Webster shareholders.

Webster shareholders do not need to take any action in relation to the Proposed Transaction at this stage and the Company will continue to keep its shareholders and the market updated on the transaction process in accordance with its continuous disclosure obligations.

https://static1.squarespace.com/static/5770b8d4b8a79bc1087f2cfc/t/5dd607d847de325530234fb5/1574307808508/Appendix+4E_Media+Release_Financial+Report.pdf

Viterra Australia

Viterra operates storage and handling network spanning key growing regions in South Australia and western Victoria with a total storage capacity of over 10 million tonnes. We manage upcountry sites and strategically located port terminals to provide an efficient, cost effective and reliable supply chain to meet the requirements of our grower, domestic user and export customers.

We provide a range of services including storage and warehousing, receival and elevation, quality assessment, logistics and accumulation, quality control and food safety, electronic transactional services, container packing and bulk ship loading. Each service is adaptable to enable the individual requirements of customers to be met.

We receive the main commodities grown in South Australia including wheat, barley, canola, lentils, faba beans, field peas and lupins. We offer multiple segregations for each commodity. These segregations allow growers to capture value for their grain depending on the variety, grade and quality specifications of their individual loads and allow buyers to better match their needs.

Our facilities service more than 5,000 grower customers with around 40 buyers purchasing grain directly from growers through the Viterra system.

Quality management and food safety is integrated into all of our activities and operations. All Viterra facilities meet the highest international standards of food safety management through our ISO 22000 certification. All export facilities are registered and certified by the Department of Agriculture. We undertake comprehensive grain classification and residue testing and have a dedicated state of the art laboratory, accredited by the National Association of Testing Authorities, which oversees all classification testing.

With nearly 700 permanent employees and up to 2,000 additional employees during harvest, predominantly in rural areas; we are a major employer in South Australia.

Viterra is part of Glencore Agriculture, a global leader in originating, handling, processing and marketing agricultural commodities including grain, oilseeds, pulses, sugar, rice, cotton, vegetable oils, protein meals and biodiesel. Glencore Agriculture's operations and marketing offices span more than 35 countries worldwide.

http://viterra.com.au/index.php/about-us/

ACQ_REF: IS/42922/20240415/AUS/50/17

ACQ_AUTHOR: Senior Associate/Theadore Leighton Manjah

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