MOVE Logistics Group (MOV) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, welcomes, and introductions, acknowledging shareholder participation both in person and online.

• Agenda included Chair and CEO presentations, Q&A, voting on resolutions, and opportunity for other business before closing.

Financial performance review

• FY2024 was marked by challenging trading conditions, with rising cost inflation, margin pressure, and reduced customer demand.

• FY24 income was $301.7m, down from $347.7m in FY23; normalised EBITDA fell to $27.6m (FY23: $47.4m); normalised EBT at $(25.7)m (FY23: $(5.8)m).

• Sales declined due to soft market, customer insourcing, increased competition, and pricing pressure.

• Non-cash impairments totaled NZD 17.3 million, including a write-down on the Atlas Wind vessel and warehousing goodwill.

• Adjusted net operating cash flow was negative NZD 5.1 million, but free cashflow improved to $2.0m (FY23: $0.7m); gearing increased to 38.4% (FY23: 17.2%).

Board and executive committee updates

• Ongoing board refresh with two directors stepping down and recruitment underway for up to two new directors; Julia Raue appointed Chair in June 2024.

• Greg Whitham (non-independent) and Lachie Johnstone (independent) standing for election; Mark Newman and Grant Devonport retiring at end of ASM.

• Interim CEO Paul Millward appointed; permanent CEO recruitment paused during turnaround.

• Key leadership roles in warehousing, finance, people, sales, oceans, specialist lifting, and technology outlined.

• Acknowledgment of outgoing and incoming directors and key management contributions.