The Lottery Corporation (TLC) AGM 2024 summary

Opening remarks and agenda

• Chairman welcomed attendees, acknowledged traditional custodians, and introduced the board and executive team.

• Procedures for questions and voting were outlined, with a poll conducted for all resolutions.

• Notice of Meeting and formal addresses were published on the ASX and company website.

Financial performance review

• Achieved record Group revenue of $3,996.6m, with EBITDA before significant items at $827.1m and NPAT before significant items at $411.8m for FY24.

• Lotteries revenue rose 14.7% to $3,708.5m, with 4.75m active customers, up 12.2% from FY23.

• Keno revenue increased 2.7% to $288.1m, though EBITDA declined 3.2% compared to FY23.

• AUD 4.4 billion was returned to players in prizes, with over 320 new millionaires.

• AUD 1.9 billion in lottery and Keno tax revenues delivered to governments; AUD 725 million in commissions to retail partners.

Board and executive committee updates

• Stephen Morro joined as Non-Executive Director in December 2023 and stood for election.

• Board comprises an independent non-executive chairman, CEO, and five independent non-executive directors.

• Board committee roles were updated, with new chairs for Risk and Compliance, Audit, and People and Remuneration Committees.

• Board performance and skills matrix were reviewed and updated.