THIS year's Elders annual general meeting, held in Adelaide yesterday, was a stark contrast to the angry, angst-ridden meetings of recent years.
In the past year, the agribusiness has made significant improvements and, according to chairman Hutch Ranck, appears to have finally "turned the corner".
"It is quite fitting that the year in which Elders has returned to its agricultural roots is the same year in which we have celebrated our 175th anniversary," he said.
Mr Ranck said in 2014, the business had established a strong platform from which to create value for its stakeholders into the future.
"Financially we achieved a $77.3m improvement in underlying profit and for the first time in six years, recorded a profit at both a statutory and underlying level of $3m and $8.8m respectively."
At the beginning of the global financial crisis, Mr Ranck said Elders' debt was in excess of $1 billion. Elders' proforma net debt now stands at $92.6m, or less than one-tenth of 2008 levels.
Going forward, Elders' agency business - which includes livestock, wool, grain and real estate - is the largest part of its business and offers the greatest opportunity for improvement and growth, according to chief executive Mark Allison.
It would be an integral part of the Eight Point Plan launched this year and outlined at the AGM.
The three-year strategic "blueprint" was developed by forty of Elders' senior managers and launched in July.
Mr Allison said the company was taking a planned and methodical approach to each initiative.
"It's our strategic vision to become an efficient user of capital and a business that generates acceptable returns for its stakeholders," he said.
"We've set ourselves the financial year 2017 target of achieving $60 million earnings before interest and tax and a 20 per cent return on capital."
The Eight Point Plan would underpin this goal and agency development would be a key component.
"In the livestock segment the (plan) initiatives are centered around driving performance and increasing our market share," he said.
"Realigning the remuneration model for our livestock and wool employees aims to reward high performers and drive sales, and attract high quality salespeople to our business."
He said with Elders' improved fortunes over the past 12 months, they were seeing a number of former and new staff drawn back to the pink shirt.
Key performance indicators for agency employees would also help them identify high performers and manage underperformers.
Strong demand for cattle in Asian markets, particularly Indonesia, Vietnam and China, meant the company would be focusing on managing and controlling that growth.
The company would seek to replicate its 14-year Indonesian business - which includes a feedlot, abattoir and top-end beef brand.
Its Chinese market, particularly dairy export, was in a strong position and in 2016 Mr Allison said the company would be seeking to add shipping capacity.
An automated inventory management system would be implemented to strengthen the controls and systems in this part of the business.
"This is clearly a significant growth opportunity for the business and an area where Elders has a significant sustainable competitive advantage," Mr Allison said.
The company's cost-saving plans included consolidating its offices, which will include a move from its historic headquarters at Elder House on Currie Street to new offices in the Bendigo Bank building on Grenfell Street.
Elders has already reduced its floor space at Elder House from six floors to 2.5.
All seven resolutions presented at the meeting were carried, including the consolidation of shares from 10 to one.
Mr Ranck said this would assist in mitigating disadvantages such as share price volatility.
The share consolidation will mean that Elders will shrink its capital base from 837 million shares on issue now, meaning the equivalent shares will trade on the Australian Securities Exchange at around $2.15 each rather than 21.5 cents.