Kelsian Group (KLS) AGM 2024 summary

Opening remarks and agenda

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

• Chair Fiona Hele highlighted achievements and strategic direction for FY24, introducing board members, company secretaries, and the external auditor, and outlining the meeting's structure.

Board and executive committee updates

• Significant board refresh included retirement of long-serving directors and appointment of new independent directors Jackie McArthur and Caroline Elliott.

• Fiona Hele appointed as Independent Chair from July 2024, with the board now majority independent and gender balanced.

• Board comprises seven independent non-executive directors, one non-executive director, and two company secretaries.

• Directors up for election included Fiona Hele, Terry Dodd, Jackie McArthur, and Caroline Elliott, each providing statements on their experience and commitment.

• Ernst & Young continues as auditor.

Financial performance review

• FY24 marked a record year, with revenue up 42.2% to $2,016.8m, 367 million customer journeys (up 31%), and a 15% increase in fleet size, including a 51% rise in zero-emission buses.

• Underlying EBITDA rose 63.9% to $265.4m; NPATA up 32.3% to $92.6m; EPSA up 13.3%.

• Net operating cash flow increased 176% to AUD 58 million, supporting investment in fleet renewal and strategic assets.

• Major contributions from the first full year of AAAHI (US acquisition) and new Sydney bus contracts.

• Fully franked final dividend of AUD 0.095 per share, full-year dividend AUD 0.175 per share.