SG Fleet Group (SGF) AGM 2024 summary

Opening remarks and agenda

• Meeting opened virtually with a quorum present, including introductions of directors, management, and auditors.

• AGM held on 22 October 2024, focusing on FY2024 performance and outlook.

• Formal business included reviewing minutes, resolutions, and voting procedures, with opportunities for shareholder questions.

Financial performance review

• Underlying NPAT rose to $89.7 million in FY24, up from $75.2 million in FY23, with underlying EPS at 26.23 cents.

• Funded new deliveries increased by 38.2%, and funded fleet grew 6.8%.

• Special dividend of $0.15 per share declared, total FY24 dividends at $0.3393 per share, more than double FY23.

• Product penetration increased, with 85% of customers now taking multiple products, up from 42% four years ago.

• Used vehicle values declined less than anticipated, with gradual normalization expected in FY25.

Strategic initiatives and plans

• LeasePlan integration in final phases, with successful NZ system migration and focus shifting to AU SAP migration.

• $20 million in additional pre-tax run rate synergies expected post-SAP migration, on top of $5 million already delivered.

• Continued focus on expanding product offerings, digital improvements, and increasing customer product penetration.

• Guidance range for FY25 maintained, anticipating continued strong earnings.