JB Hi-Fi (JBH) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and welcome to attendees, both in-person and online.

• Chair Stephen Goddard highlighted the company's motivated staff and purpose to help people live, learn, work, and play better.

• Agenda included procedural matters, CEO and Chairman addresses, voting on resolutions, and Q&A.

• Voting conducted via poll, with instructions for both online and in-person participants.

Financial performance review

• FY 2024 sales reached AUD 9.6 billion, EBIT was AUD 647.2 million, NPAT was AUD 438.8 million, and EPS was AUD 4.014.

• Total ordinary dividend for FY 2024 was AUD 2.61 per share, with a special dividend of AUD 0.80 per share.

• Net cash at 30 June 2024 was AUD 302.7 million, reflecting a strong balance sheet.

• Share price CAGR since 2003 listing is 20.1%, with EPS CAGR at 18.6% and dividend CAGR at 19.7%, outperforming the ASX 200's 4.5%.

• Q1 FY25 sales growth: JB Hi-Fi Australia 4.9%, New Zealand 19.6%, The Good Guys 5.3%.

Board and executive committee updates

• Nick Wells appointed Group COO in October 2024; David Giansalvo succeeded him as CFO.

• Board re-elections for Geoff Roberts, Richard Uechtritz, and Nick Wells, with each providing background and vision.

• Rob Sinclair continues as Managing Director of E&S, reporting to the Group CEO.

• CEO Terry Smart addressed the AGM, outlining the group's focus areas and recent performance.