Morning, guys. Welcome, ladies and gentlemen, to the annual shareholders' meeting for AoFrio. I think I've met most of you guys at this point. My name is John Scott. I'm the Chairman of the company. Today's meeting is being held both in person and online through the Computershare's online meeting platform. I'll get the health and safety. Down the stairs, on the way out in a fire in an emergency or off the balcony. I'm going to need a clicker. Do I have a clicker? Oh, they're clicking for me. Great. Before we start, we'll run through the instructions for the online meeting attendees. Just excuse me while we just so I get this stuff right.
For those of you attending the meeting virtually, if you would like to submit a question, the Q&A is always open, so please feel free to submit questions throughout the meeting. These will be addressed at the relevant time. Questions may be moderated by Howard. If we feel we receive multiple questions on one topic, we'll amalgamate them. Any questions not answered at the time will receive an email response after the meeting. Voting today will be conducted by way of a poll on all items of business. I will now open the online voting for all resolutions. If you are eligible to vote at this meeting, you will be able to cast your vote under the Vote tab. Once the voting has opened, the resolutions will allow votes to be submitted. You can change your vote up until the time I declare the voting closed.
On the screen is our safe harbor statement. I'll give everyone a moment to read it. I feel like we've been presenting that enough times that most people have it committed to memory now. These reflect our current views and expectations, but actual results may differ due to a range of risks and uncertainties, which we all experience every day. We encourage you to review the full wording on the slide. The agenda's obviously got myself talking to you about the performance and recap. I think most of you have met Genevieve. You've certainly met Greg, and you've got our other two directors here, John and Keith. We've got two of our other directors online. I don't know if you can see them or not, but we've got Roz and Greg with us as well. They can help if anyone's got any questions.
I'll start with our 2025 results. These have been published. There's nothing new here, guys. What do I want to highlight to you? I think probably we started off 2025 with a real roar. Like the Q1, we were up 44%, and then during the year it normalized. I think people should expect those cycles. You can actually see this year we started off slow, and we're sort of building momentum. U.S. motor demand was lower in Q4, and so that actually you could start to see the lead into these U.S. tariffs starting to take effect. Oh, mate, they told me to stand here, but I'm going to stand here. There you go. You good? Can see big shoulders. Pardon? Oh, yeah. I tell you what, you guys could move for me, and we'd all be good, but okay.
I could stand back a bit. Is that better? Righty-ho. IoT revenues were up 8.9% to NZD 47.1 million, with 42.5% margin. You can see there that our IoT revenue is at 40% gross margin is much better than our core business at 31%. Every NZD we get from that is good. Our motor revenues were at NZD 36.1 million. Again, as that mix increases, again, it's very small for you guys on the screen, but the previous year, our gross margin was 29%. Essentially up to 32%, it's essentially a 10% or three points increase. It's good to see that mix. Again, our profitability continues to increase like NZD 2.5 million-NZD 3.5 million. It's a 40% increase. Net operating cash flow at NZD 3.8 million, slightly down. A bit of timing. Now, I feel like the numbers are a look backwards.
The two numbers that I care most about Well, that's not quite true. I care about your guys' share price. The ones that are important is the Net Promoter Score and the staff engagement score. I keep banging on about these every year. I think this will be the fourth year they continue to rise. They basically tell you that, like my summary version is happy customers and happy staff equal happy shareholders. It seems to be working. I'm working in a lot of other businesses which would kill to have those kind of numbers. I feel like if you're in a good business, a Net Promoter Score of 30 is about, you can do business. At 62, your customers are advocating for you. With that staff engagement score, it's a tool that we use across most of the tech businesses.
Most are sitting in the 65- 70 range. Again, this tells you that we're doing a good job at least engaging our staff and our customers. Bit of a recap here. I saw a lot of you guys in December when we went through the two futures. This is a recap of the slide for the people who weren't there or the new people. Essentially in December, we said, "Look, we can continue to grow this business at 10%, but we have some opportunities in front of us that would give us the ability to grow at 25%," and the math flows. 25% CAGR compounded over a few years is quite a dramatic result. The big thing here was, and we did it in order at the time.
If we got external funding, and we were asking for NZD 15 million at the time, was we could go after cold drinks, motor fans, and accelerate that. We'd go after food retail, and then we'd go after ice cream. We'll get to the punchline a little bit later on. We were looking for NZD 15, and we've got more than NZD five, and we'll figure out how much we get, and then we will come back to you. We're going to refer to our new future at the moment as 1.68 till we figure out exactly what that means. If you go to the next slide, you can see what compounded annual growth rate does. You can see why we wanted to make that investment, because three, four years of that investment starts to make some pretty good returns.
We're sort of talking to you guys that if we delivered anything like that, we'd be on the NZX50 before we got to FY 2030. Next slide. This is the one I wanted to spend a little bit of time with you guys on. I think we did a really good job on the investment day. If anyone hasn't watched that video, it's still up there online. We'll put the link out when we actually do this capital raise material. What happened off the back of that was Mike Daniel got in contact and said he believed the story and he'd like to get involved. Mike's put NZD 4.56 million on the table. We said to you guys that we'd give everyone a chance to go in at that same price. There's very small dilution at the NZD 0.07 that he put it in.
We're very pleased with that. I think it's a good deal for everybody. The shareholders' association seems to think so. If you guys want to come along with us for the ride, we would like that. If you don't, there's no pressure and really there's no dilution. What we're doing is a structure of one to seven at NZD 0.07, which is the same as Mike got. If we get 100% take-up across the shareholder base, which I don't think we will, but we would like, we'd raise another NZD 5 million, we'd get a total of NZD 9.5 million. We're going to do that over the next couple of weeks. There'll be a placement sent to you guys before the 4th of June. With that, we'll put all the material of the structure. That's me off stage.
I'm going to pass over to Greg, and he's going to tell you hopefully what we're going to spend it on.
Thanks, John. It's great to be here to talk about the strategy of the organization. As we presented in December, and we've been talking about this like this for a few years now, our strategy is made up of three parts. The first part is protect and grow our core business, which is the cold drink equipment business and our motors and fans business. The second part of our strategy is around diversifying our market segments. That's entering, as John talked about, the food retail market segment and the ice creams segment. The third part of our strategy is really about making sure we've got the right organization to take advantage of the opportunity. It's transforming our organization. There's lots to do in each of those parts, and I'm going to talk to you a little bit about each of those progressively.
Well, actually, I'm going to talk about the first one, and Genevieve is going to talk about the second and third part. I'm going to talk to you about protect and grow the core, which is our primary part of our business today. Again, just to recap what we talked about at the investor day around our cold drink equipment business. The first thing we talked about was that we want to really ensure that we protect that hardware part of our business and grow that. We see that there's significant opportunities to grow that, and they come from different aspects. The first part is there's a lot of opportunity, particularly in the U.S. and Europe, which are really under-penetrated from this type of solution. We see there's a real opportunity to grab share in that part of the market.
That's the first part that we talked about. The market today, which is the second part about increasing the number of connected coolers. Of the total fleet of coolers that are out in the marketplace, only a small percentage of them are connected today. As companies review their strategy around this, we see there's significant opportunity. There's about 20 million coolers in the market and about 4.5 million of them are connected today. We see there's a real opportunity to connect that rest of that fleet over time. The third thing that we talked about from a recap and from a strategy perspective was with the change in technology and the way the market is shifting, we're seeing that the dollar of hardware, which is one of that we're talking about at the moment per cooler, will double over time.
For each cooler that's connected, if it was NZD 50 today, NZD 100 in the future. That's a real opportunity to grow the hardware revenue. Why hardware revenue is really important, it's important in its own right, but it's the hardware that collects the data. It's a really important part of the strategy. If you've got a hardware fleet, you have big data in your platform. It's really important part of the strategy. First part, make sure you've got hardware in collecting data, and that's the first part of the strategy. Once you've got hardware in and collecting data, you have the opportunity to provide software and intelligence to your customers.
That's what, again, what we talked about at their investor day was around the fact that today, with our iQ platform, we deliver that bottom part or the bottom two parts, if you like, the foundation services. The opportunity for us as with investment was to move up that chart. Go from NZD 2 to NZD 4 to NZD 6 per cooler for the software and intelligent solutions that we provide. Today, we're very much at the start of that, looking to get customers to sign up to the NZD 2. With the investment that we're talking about, it gives us that opportunity to develop the solutions for that next stage of that chart. We're really excited about the opportunity here. Our first customers that we're working with, potential customers in the U.S., are trialing the iQ solution at the NZD 2 level.
They're also already talking to us about some of their advanced features that we can offer, which allows us to go up the value from that chart. This is all stuff we've spoken to you about before, so I'm just recapping it. Next slide. Where are we at? We had an early launch of our two core flagship products that allow us to make this transition. We spoke to you about those in December. We had an early launch to early adopters last year. The formal commercial release is this year. We're saying June 1, which is only a couple of days away. We're on track for that commercial release. We've got customers trialing it, and we're expecting to get some real traction with both the SCS 800 and the iQ software that goes with it from June onwards.
Certainly, we have that built into the forecast that we have for the year. On this chart, you'll also see that on the bottom part of the chart, you'll see the North LatAm and South LatAm regions. Today, you can see quite big red bars on those charts compared to with the green charts. That's because we have really high share in those particular markets today, and we expect to protect that over the next few years. You can also see that the bars are going up in size between today and tomorrow. That's because of that transition from the Bluetooth technology to the cellular technology, which as I said, doubles the hardware component in each cooler. Added to that, of course, some of the other investments that we're making around camera technology will also increase that dollar per cooler component.
On the top of the chart is where the growth opportunities of unpenetrated regions are. The U.S. and the European markets where there's basically no business for us or for anyone else today. The opportunity is really to take market share as one of the first to market in those regions. We're really positive about how those are going. We're working with a big group of customers in the U.S., and we expect to be able to talk about results from those over time. We have a trial with the biggest potential customer in Europe as starting this year. Again, we expect to be able to talk about revenue from that customer next year because their trial is happening at the moment. We're really positive about how our CDE business is going.
We're getting really good feedback about our AoFrio iQ solution and the value it brings. We feel we're really well-positioned. From a motors and fans business, it's been a bit of a hard road over the last six months, particularly with the tariff impact in the U.S. A big part of our business is being challenged from our motors business. We're also seeing some really good opportunities to ensure that we protect that business for as long as possible. In summary, for protect and grow the core. The key thing here is that we help our customers connect their whole fleet. If their whole fleet is connected, they get really good insights about the performance of their fleet and can take action to manage it. That's our mindset is help our customers connect their whole fleet.
From an opportunity perspective, it's the U.S. and Europe that we're focused on in terms of new business, new region. We're really well penetrated in the LatAm region, we see the real opportunity, U.S. and Europe. That's where some of that investment money will go. It'll be investing in sales and marketing effort to address those particular regions. We also see that, as I've talked about, moving up the value chain from the software solution. Starting with that core solution, adding value-added solutions on top of that. That will come both from a software solutions, data insights as well. Genevieve will talk a little bit more about that when we talk about transformation overall. The final things here is investment allow us to go faster with these from a penetration perspective for our core product, SCS 800 and iQ.
Allow us to focus some of our development effort on bringing a camera solution to market. Added value for their intelligence solutions. That will come also with a bit of sales and marketing effort to round out the solution. We really feel confident that the strategy that we presented at the Investor Day with the investments that we've got, we can really strongly deliver on the first phase of that strategy. Really feeling good about the CDE business. Now going to hand over to Genevieve, who's going to talk through the food retail and transformation part of the strategy. Thanks.
Thank you, Greg. Yeah, to recap on our diversify strategy that we presented to you late last year, it's about transforming our revenue mix through expansion into new and adjacent markets such as food, retail, and ice cream. It's in these segments that we can solve high-value problems in food safety, food loss and waste avoidance, as well as compliance. Through solving some of these challenges, we can unlock significant recurring revenue and higher margins, gaining a meaningful market share. We're targeting NZD 85 million in revenue in this segment by FY 2030 and ARR growth from 3% in 2025 to 19% in FY 2030. Diversification is all about ensuring our resilience, our scalability, and our long-term shareholder value. It's positioning AoFrio as the leader in connected refrigeration across multiple segments.
Our easy-to-retrofit solution for food retail is available now, and it enables food quality teams to monitor outlet performance and food safety and ensures retail staff and asset service providers can respond instantly to temperature issues. To recap our strategic focus for this segment, the first was to complete the first version of the solution, which has now been done. The next was to identify additional pilot customers, and we have a number underway in South America and APAC. Finally, now with investment, we plan to build our pipeline, supported by a multi-region go-to-market strategy, and this is now our primary focus in this space. In terms of milestones achieved, we've made some solid progress since we last provided you with an update and have achieved some key milestones.
We have a purchase order from and are currently onboarding to a large retail customer in South LatAm with the potential to roll out to up to 600 stores, that's within a global network of 15,000 stores. We have a strong pipeline, we'll be adding sales and marketing resource and subject matter expertise to our team in support of our go-to-market activities. That's planned for the second half of this year. Our progress this year gives us real confidence that these adjacent markets can become meaningful contributions to our recurring revenue over time. For example, our current pipeline has more outlets in it than our 2030 target, that's before we've even formally released or promoted this solution. We can see a lot of really good opportunity there. On to our transformation pillar.
I'll give you an update on this, and the particular focus here is on AI, as is the trend these days. In terms of AI and product, from a product perspective, we are well on our journey to embedding AI in our solutions. What we're doing is we're evolving from being a system of record and workflow, which is your more traditional SaaS solutions, into a system of action and coordination. This is where the agentic concepts start to come in. For over nine years, we've been collecting data about the performance of coolers. We're the only supplier in the market who can provide those rich multi-year insights from across a customer's entire fleet, all the way down to the history of an individual cooler.
While we've always considered this data to be valuable, since we've been building AI features into our solution, this has become even more apparent to us. Today, we're using that data to build machine learning algorithms. For example, ones that can predict when a cooler will break down and why. We can see that our next evolution of AI feature development will be instrumental for our customers in getting even more value from our iQ solution. Now in terms of embedding AI into our ways of working, over the next six months, we'll deepen how AI tools and automations are embedded, not only into our product design and engineering teams, but across the entire organization. We're moving from what has been a phase of active experimentation and learning into one of process transformation.
All of our teams have been reporting productivity benefits. We expect to see this accelerate further into the next stage of adoption and implementation. To sum up, our strategy is to protect and grow our core CDE and motors business. To do this, we will invest to maximize our growth in the U.S. and Europe with a strong focus on our SCS 800 cellular product and our iQ solution. We'll continue to add further commercial and customer value to that iQ solution. We'll bring our peripheral camera product to market, extending the value of our solution towards supporting commercial insights for our customers. Diversify. We'll formally launch the food retail solution, invest in our go-to-market activities, and team, and set ourselves up for that increased recurring revenue and higher margin. I'll now hand back to John, who will sum up.
Thanks. Okay. I like this slide. This is the way I think about it. It's, again, from the investor day, so if you want more details about this, you can go and have a look at that. Essentially, the way we are thinking about it is we have three categories, which are motors, fans, IoT, and the SaaS. The horizontals. We have three segments, which are obviously CDE, food, and ice cream. There's a little bit of artistic license taken in this because we understand our refrigeration business today sits in probably a different one. For purposes of this, it sits in the CDE motors overlap. We obviously operate in four regions, what we call North America, South America, EMEA, and APAC. There we go.
What we have at the moment is we have obviously four and a bit from Mike in the tin. Obviously, we've got the management team and the exec going to stick some money in. Let's say we've got five in the tin. If everyone else comes in, us, we'll have five. Another five, which will get pretty close to 10. When we were talking to everyone last time, we were saying we needed 15 to do the whole lot. Depending on what comes in next is how we will think about that investment. Probably the easiest way to look at it is we're certainly going to stick to our core. Like our core core is CDE. We have rights to win.
As Jen mentioned, we've already won some food, so we have purchase orders and contractual obligations to address food, and it's just how far along the ice cream and into the SaaS we can get with that money. The most important thing is that you guys know we're going to be really prudent with that money. It actually ties nicely into our guidance. If you go on to the next page, we're not changing our guidance with that money in the tin. What that tells you is we're not going to spend the money in any crazy sort of way. We're going to keep it in the tin. We're going to wait till the rest of the money comes in, and we're going to come back to you guys with a plan.
Obviously, we've got some debt and stuff, so we'll use that to pay off some interest and other stuff. In terms of increasing our OpEx and doing anything, if you like, cavalier, we promise you we won't. Before we do it, we'll come back to the market. We've got an August update, so our aim is to come back in August, wrap a bow around our trading, and then tell you guys how we're going to spend that money. It should tell you that we will be very, very prudent, that we're going to keep our guidance in line with what we've done. I don't think I'm going to restate that. I think the highlight is we continue to see our motor business under pressure from the tariffs, and we continue to see our IoT business get stronger, which is what we all want.
Again, the guidance sort of sits in line. We will be better than last year on both the revenue and EBITDA line. If we go to the next line, I think I'm handing over to Greg. Well, actually, Greg gets to join me, and we do some Q&A with you guys. Yeah, happy to hand the mic over. If, Howard, you got some stuff there for us, I'm going to put you in the firing line.
If you have a question, we will give you the mic because that helps the people online hear the question. If you have a question, we'll just hand you the mic and then fire away.
Hello. I might have missed it. I had a bit of difficult hearing, I remember you wanted NZD 15 million. It's NZD 5 million from the investor, and possibly another NZD 5 million from us. Is there a facility to invest more than our one for seven entitlement?
Yes.
There is. Okay.
That's the short answer.
And-
It feels like we'd be delighted to get that support with oversubscription. We want 15, but if everyone did it 100%, we'd get five.
Yeah.
Yeah, if you like the story, we will take your money, and we'll treat it very carefully.
Okay. If you only get five, so you've got 10, do you have another way of accessing another five or?
Yeah. That's the thing that we're actually working about, and that's what I'm committing to come back with. When we know the exact amount, we will come back in August and tell you exactly what we're going to do with it.
Yeah.
I don't know if you can go back to a couple of those slides with my little grid on the table, and I don't know if the people online can see it, but that is exactly what I was trying to show you there. At the moment, it doesn't look like we have enough funding to do ice cream on the timing, but no one else is doing ice cream. If we get some momentum and some of these things start to deliver money, we will be able to fund it with our own cash flow. It's just not on the timing. Like we said, we'll do 10% with no investment, and we said we'd do 25% with NZD 15 million. When we come back to you, we'll sort of tell you what our new baseline for growth is amongst it.
Like Jen was talking about it, We have some huge advantages, right? We have three and a bit million connected fridges with another 600,000 fridges being added every year. There's some really good stuff there. We keep thinking that we're going to get someone to come up against us, but the biggest competitor from CDEs, I don't think they have 100,000. Is that them? They don't even have 100,000. There is no one in ice cream right now, and there's no one doing it. A lot of the stuff that we're doing with cameras and that for both CDE and food, we will be able to. The investment will still be able to be there. It's just the timing won't be on the same timing that we gave you.
There's another question.
All right, you get two.
Who's the shareholder of 19 point something%?
Yeah, that's a guy called Mike Daniels. Most people know him.
Sharebroking.
No. He's a retired gentleman who was playing a bit of golf.
Used to be.
He used to be, yeah. I think he'd rather be called a golfer or surfer these days.
Yeah. He doesn't have any specific knowledge for the company.
No, he just likes the message. He got the same. Obviously, we had a pretty good chat to him.
Yeah
kind of emphasized not to screw it up and treat his money carefully, and we're going to do that.
Yeah.
If anyone knows Mike, he's a pretty solid investor, and he won't let us cut any corners or do anything silly.
That's encouraging. Thank you.
Well, yeah. He's been a long-term investor, right? I think he was sitting at, I'm going to make a number up, like 3% or 4% before he took. He's been with us a long time, and he believes in what we're doing. I think I've seen you for the last three or four years, too. He's been in there with you.
Cool. Thank you. Yeah. I have a suggestion. I have a suggestion to spend the money because several months ago, I read The New Zealand Herald, and one news mentioned that the previous CEO of Air New Zealand, Greg Foran. He is rumored that he will be the CEO of the second biggest supermarkets in USA. Walmart is the number one, that supermarket start with the word D. D for dog. I forgot the name. I think it would be good to find out whether Greg Foran is in charge of the second biggest supermarket. Because he is a Democrat, he will be keen on saving energy. Also, if the staff from here like to have business in USA, then it's good that Greg Foran is New Zealander. It is much more easier. Yeah. Thank you.
Yeah. No, thank you for your suggestion. I think like you say, there's lots of opportunities and certainly connections is something that is really important. We leverage NZTE around the world who connect us really strongly to New Zealanders who are working in different countries. That's a great way to, like you suggest, to enter or open a door. Yeah, we're really big on working with NZTE and leveraging the New Zealand connections around the world. Thank you for your suggestion.
Hi, Josie Raiden. I just got a quick question regarding manpower. If you hope to go ahead with the big ideas, how much more manpower would you need and is it going to be a problem sourcing the right people?
Certainly the accelerated plan, the future two, does have us increasing headcount. Particularly in the sales and marketing area, but some technical specialty areas as well. To date, we haven't had a big challenge finding the right people. Yeah, we're pretty optimistic that we can find the people that we need. Obviously, the food retail is something that's a little bit newer for us, finding expertise in that area will be something that we're going to explore. We believe we've got good contacts in those industries already. Yeah, we feel pretty confident we can find the people we need to find. No, you're lucky. You get a second question. Go ahead.
Yeah. My question is for the shares funding. I'm happy to subscribe it, I'm just not too happy. It's about the second biggest shareholder, Wairahi Investments Limited. He subscribed NZD 4 million into shares, now he is a very big shareholder. If I wish to oversubscribe, will you, what should I say, downsize my subscription? I think I'm not happy if you do not accept my oversubscription. What about that?
If you have NZD 4.5 million, we'll take it.
I won't take such a risk because I have about maybe 50- 60 shares invested.
Yeah, when the form goes out.
When the form goes out, put down as many as you like, and we'll talk.
Also, I wish to know that I think it's better to be quicker for the funds raising. Why? The Ryman, they have just given out the NZD 1.55 per share to all the shareholders, and that will be NZD 355 million in the shareholders' pockets now, excluding the options. There's lots of money swimming around, so it's a good time to, what should I say, raise funds. Yeah. Thank you.
Agree.
Jim Hamilton, Shareholder. You mentioned the other company's got some market share. Can you just mention the name of them, and are they a profitable company? Where are they based? Are they putting up a good battle?
Yes. Our competitors tend to be either a hardware competitor or a software competitor. I'm not really going to talk about them too much, but one's a software competitor that's based in Latin America. At the moment, they have zero business. They're winning some stuff with free trials, if you like, but they don't have paying customers yet. From a hardware perspective, we do have one competitor that we're going up against in the U.S., and we expect to take their share in the U.S. with this change. They're ones that have some share in Europe at the moment, and so we expect to go up against them in Europe, and we certainly believe that we're well-positioned to take a considerable amount of their share, but also to expand the market in that region. Primarily, we have one main hardware competitor and one main software competitor.
I got up here about three years ago, and I said we had no competitors, and I think it still stands. People play in the corners, but what separates us is we have a whole vertical play. We have fans, controllers, and IoT. At the most basic level, I think the answer is none. We're certainly not talking about them and giving them any airtime. The bigger point is I think that's what separates us. I've been here seven years now, and every now and then someone tries to do something, but this space is not big enough or profitable enough, so we get people sort of start up and then fail. What I'm actually seeing is that because I talk about that Net Promoter Score because it's high, because we have lots of customers advocating for us.
Over the seven years, I've seen all of the big brands start to go, "Okay, we're here. We're going to be here." You know the brands. We have Coke, Pepsi, Heineken, ABI, they're all there. Yeah, we don't actually have a real competitor. You just have people kind of trying to get into segments that we play in.
I think I just would like to reinforce one of the points that John makes. One of our key competitive advantages, we do have really good, capable people in region supporting our products. That is quite a unique thing in our industry. If we're working with a bottler in Brazil, we have people in Brazil speaking Portuguese who work with that bottler to make sure they're getting value from our solution. You get that feedback because getting the Net Promoter Score like we do is quite a great result. It is because we have great people in region, or part of it is because we have great people in region really helping our customers be successful. I don't think you can underestimate the value that provides to them and helping us be as successful as we can.
Besides having really great products, which we do, we also have great in-region support, and that's hugely valuable.
Thank you. On a previous AGM, you reported that the business in Brazil had crumbled considerably. Sorry, can you hear me?
Yes.
Yeah. Had crumbled considerably with the imposition of a sugar tax. Has the company been able to recover that business, and are you at least back to neutral grounds or?
Yeah. I don't know that I would've spoken too much about the sugar tax, but I can talk a little bit about the fact that the biggest bottler in the Brazil region is our customer. We have 100% of their share. There is essentially five main bottlers in Brazil, and we work with four of the five and have successful business with all of them and are working to get the fifth. We feel we're pretty strong in Brazil, with a big share of all the main bottlers in the region. Soft drink bottlers. We've still got work to do with some of the beer brands.
I'll take that job. Okay, we're just going to move on here, and we'll try and get through the rest of it. Again, just excuse me for reading these bits out. I just want to get it right. We will now move to the formal business of the meeting, voting by way of poll and through proxy submission. Once all the votes have been cast, they will be counted by the company share register Computershare. The results of today's meeting will be released on the NZX on the completion of the verification of voting. As a reminder, if you're attending online, you've been able to vote since the meeting opened. Excuse me. To vote, simply select your voting direction from the option shown on the screen. Your vote has been cast when the tick appears. To change your vote, simply select Change Your Vote.
You can change your vote up until the time I declare voting closed. We have only one resolution, which is an ordinary resolution, which is required to be passed by a simple majority. Once all the votes have been cast, they will be counted by the company share register Computershare. Deloitte is the existing auditor of the company and is automatically reappointed by virtue of Section 207T of the New Zealand Companies Act 1993, which is always a mouthful. The proposed ordinary resolution is required to authorize the directors of the company to fix the auditors' remuneration for the purposes of Section 207S of the New Zealand Companies Act 1993. I now move as an ordinary resolution to authorize the directors of the company to fix the remuneration of the auditors for the purpose of Section 207S of the New Zealand Companies Act 1993.
If you haven't registered your vote online or completed the voting from here today, please do so now. Yeah, I'll give Deloitte a plug. I think Deloitte do a good job. There you go. No. All right, guys, we'll go to the next one. All right. I'll just read this for the people online so they can get back to their day. Ladies and gentlemen, that concludes our discussions on the items of business. I'll close the voting online very shortly. Computershare, can you please now collect the voting papers? Oh, which we did. The results of these votes will be released to the stock exchange later today. Thanks for voting. Online is now closed. Thank you for attending AoFrio's annual shareholder meetings.
Myself and the team will be floating around if you guys want to have a cup of tea, I think there are a few biscuits left. Thanks for coming. Thank you for your support. See you guys next year.