Amotiv (AOV) AGM 2024 summary

Opening remarks and agenda

• The meeting was held on 21 October 2024, acknowledging traditional landowners, confirming a quorum, and introducing the hybrid format and Board members, including new and retiring directors.

• Voting procedures were explained, with electronic polling and proxy votes representing 67.81% of issued capital already received.

• The agenda included financial statements, director elections, remuneration report, LTIP grant, director fee cap increase, and financial assistance approval.

Financial performance review

• FY 2024 revenue increased 7.7% to AUD 987.2 million, underlying EBITDA up 5% to AUD 194.6 million, and gross margin rose 0.9pps to 44.1%.

• Statutory NPAT up 6.5% to AUD 99.8 million; underlying EPSA up 4.5% to 84.4c; cash conversion at 92.9%.

• Full year dividend increased 3.8% to AUD 0.405 per share, with a final dividend of AUD 0.22 per share.

• A 12-month on-market share buyback of up to 5% of shares was announced.

• 5.8% organic revenue growth driven by diversification; all segments performed in line with expectations.

Board and executive committee updates

• David Coolidge was appointed as a non-executive director and stands for election; Carole Campbell retires as audit chair.

• Board comprises independent non-executive directors and CEO Graeme Whickman.

• A new Board skills matrix was developed to align with the automotive pure-play strategy, covering strategy, growth, operational expertise, sustainability, governance, and financial acumen.

• The Board is focused on succession planning and renewal, with ongoing search for a new audit committee chair.