Welcome to the Agri Invest A/S Annual General Meeting
Thursday 2 May 2013

 

Agenda

 

1. Selection of the AGM Chairman
2. The Board’s Report on the company’s activities during the past year
3. Presentation of the audited Annual Report and Management Report for approval
4. Decision on the use of profit or covering of loss according to the approved Annual Report
5. Lunch
6. Presentation of the 2013 budget
7. Consideration of submitted proposals
8. Election of the Board
9. Appointment of an accountant
10. Other business

 

Chairman’s Report

 

• Group structure
• Soil compaction strategies
• Land status
• Building activities
• Organisation
• Focus areas

 

 

Soil compaction strategy

 

• Sale of “unwanted” land
• Tougher line against inflexible neighbours
• Pending land distribution reform

 

 

 

 

 

 

Videle, Blejesti

 

 

“Racasdia”, stage 2

 

 

 

 

 

 

“Amaru”, stage 2

 

 

 

 

 

 

Focus Areas

 

• Operations
• Soil compaction – Sale – Purchase
• Processing external investors

 

Prerequisites for being attractive

 

 

 

 

 

Annual Report and
Management Report 2012
and hereafter
Budget 2013

 

• Implementation and legalization of property transactions (Notary, fiscal certificates, documentation, lawyer)

 

• 368 hectares of fallow land in culture

 

• Regulatory approvals building / fire / environment etc.

 

• FEADR SUPPORT – design / approval.

 

• (the measurable costs)

 

 

BUDGET 2012 vs. ACTUAL 2012:

 

Budgeted / Actual gross yield corn:

 

6.6 T/HA * 1120 DKK/T  =   7,392 DKK/HA

 

2.44 T/HA * 1560 DKK/T =  3,806 DKK/HA

 

Budgeted / Actual gross yield wheat:

 

 

3.47 T/HA * 1580 DKK/T   =  5,483 DKK/HA

 

 

Adjustments to operational result
	DKK
Concerning land acquisition and legalization	353,430
Projects permits	885,455
Preparing soil & soil improvements	1,455,924
SUM ”non-operation” enteries	2,694,809
Stock holding at sale price (changes)	-3,058,498
APIA – land subsidy concerning 2012 (changes)	2,764,748
SUM accruals	-293,750
Total adjustments	2,401,059

 

DKK	Romanian Companies OPERATION	AGRI INVEST A/S	Adjusted to  EU/DK Accounting Standard	Adjusted Group Operating Result
Gross yield	58,849,641		2,764,748	61,614,389
Change in stock, etc.	5,279,551		-3,058,498	2,221,053
Other operational income	10,259,254	1,590,015		11,849,269
Raw and ancillary materials	-24,157,232	-983,858	1,299,539	23,841,551
Personnel costs	-4,026,570	-2,093,587		-6,120,157
Depreciation	-5,986,153			-5,986,153
Other operating costs	-38,221,903	-1,497,132	1,395,270	-38,323,765
Operating result	1,996,588	-2,984,562	2,401,059	1,413,085
Financial net income	-2,090,567	3,107,257		1,016,690
Exchange rate changes	-518,141	-1,428,005		-1,946,146
Result before tax	-612,121	-1,305,310		483,628
Tax on year result
RESULT	-612,121	-1,305,310	2,401,059	483,628

 

 

 

 

 

 

 

 

CAPITAL SITUATION	DKK
Equity	440,408,649
Nominal share capital	320,500,000
EXCHANGE RATE – INTRINSIC VALUE	137

 

DKK 1,000

 

Liquid assets:

 

Bank deposits                                  7,700

 

Finished goods for sale                 23,660

 

Balance APIA (HA subsidy)              5.900

 

Approved VAT refund                      6,727

 

Total liquid assets:                    43,987

 

Unutilized credit facility                24,000 (max. 55 mill.)

 

Total available liquidity           67,987

 

“Receivable” FEADR

 

investment support                        10.700

 

Total “expected” liquidity              78,687

 

Financial results, net of internal revenue, compared with the 2012 budget.

 

	AGRI INVEST A/S	Romanian Companies Operation	Adjusted to  EU/DK Accounting Standard	Adjusted Group Operating Result	Budget 2012
DKK
Gross yield		37,343,718	2,764,748	40,108,466	52,237,600
Change in stock, etc		5,279,551	-3,058,498	2,221,053	906,100
Other operational income	41,860	4,052,534		4,094,394	6,356,000
Raw and ancillary materials	25,199	24,157,232	-1,299,539	22,882,892	23,377,950
Personnel costs	1,504,091	4,026,570		5,530,661	6,761,500
Depreciation		5,986,153		5,986,153	6,658,750
Other operating costs	1,497,132	10,509,260	-1,395,270	10,611,122	9,566,750
Operating result	-2,984,562	1,996,588	2,401,059	1,413,085	13,134,750
Net financial income	3,107,257	-2,090,567		1,016,690	-899,250
Exchange rate changes	-1,428,005	-518,141		-1,946,146
Result before tax	-1,305,310	-612,121	2,401,059	483,628	12,235,500
Tax on year result		0
RESULT	-1,305,310	-612,121	2,401,059	483,628	12,235,500

 

 

 

PREREQUISITES FOR BUDGET 2012
YIELDS:	TONS/HA
Wheat	6 – 7
Corn	6.5 – 7
Sunflower
Rapeseed	3
Winter barley	5
PRICES:	DKK/HKg
Wheat	119
Corn	119
Rapeseed	309
Sunflower
Winter barley	119

 

Wheat: gross yield equivalent amount/price
Hkg/HA	DKK/Hkg	Gross yield
65	119	7735
60	129	7735
55	141	7735
50	155	7735
45	172	7735
40	193	7735

 

Corn: gross yield equivalent amount/price
Hkg/HA	DKK/Hkg	Gross yield
67.5	119	8033
60	134	8033
55	146	8033
50	161	8033
45	179	8033
40	201	8033

 

 

 

 

Focus areas:

 

• Operating economy
• Liquidity management
• Yields/field management
• Soil compaction management
• Related activities

 

 

Smaller equipment for small plots – compaction work !

 

 

 

 

Compaction work!

 

 

 

 

New corn sowing machine: “It works!” 

 

 

 

 

Wheat in Videle 27 april 2013

 

 

 

 

Rapeseed in Videle 27 april 2013

 

 

 

 

The new sprayer increases capacity and makes it possible to spray tall corn

 

 

 

 

Barley in Oravita 24 april 2013

 

 

 

 

Rapeseed in Oravita 24 April 2013  (Is it ”showing off” ??)

 

1: Proposal.
’Dividend Policy’
Agri Invest A/S pays 5% per year in dividends on invested capital, calculated as an average over a 3-year period.

 

2: Proposal.
’Dividend Policy’
Agri Invest A/S pay, as a minimum, 4% per year in dividends on invested capital, calculated as an average over a 3-year period.

 

3: Proposal.
’Dividend Policy’
Agri Invest A/S paid in the financial year:

 

 

 

 

 

 

 

 

 

Your sincerely,

 

Niels Meinertsen, Klaus Pedersen

 

Aalborg, the 11th april 2013

Notice Convening the Annual General Meeting of Agri Invest A/S

 

Time: Thursday 2. May 2013 at 11.00

 

Location: Tårnsalen at Skalborggaard, Hobrovej 437, 9200 Aalborg

 

 Agenda:

 

1.Election of chairman
2.Board’s report on company activities during the past year
3.Presentation of the audited annual report and management report for approval
4.Decision on allocation of profit or covering of loss according to the approved annual report
5.Presentation of budget 2013
6.Election of the Board
7.Appointment of auditor
8.Other business.

 

Yours sincerely,
Claus Melgaard
Chairman of the Board

 

Candidates for election to the Board are:

 

• Bent Hjort Knudsen
• Niels Busk
• Lars Skov Olesen and
• Jørgen Stougaard