AMCIL (AMH) AGM 2024 summary

Opening remarks and agenda

• The meeting was formally opened with a welcome to shareholders, acknowledgment of traditional landowners, and introductions of the board, executive team, and auditors.

• The agenda included a review of financial statements, board updates, portfolio strategy, Q&A, voting on resolutions, and a summary of equity market conditions and outlook.

Financial performance review

• Net profit for 2024 was AUD 7.5 million, slightly down from AUD 7.6 million in 2023.

• Portfolio returned 20.5% for 2024, outperforming the ASX 200 Accumulation Index at 13.5%.

• Management expense ratio improved to 0.56%, with ongoing cost reduction efforts.

• Net tangible assets per share at 30 September 2024 were $1.32, with a share price of $1.15.

• Five-year annualized return was 11.6%, and 10-year return was 9.8%.

Board and executive committee updates

• Dr. Jodie Auster retired from the board, with thanks for her contributions, especially in digital and international business.

• Chairman Rupert Myer offered himself for re-election due to board requirements, emphasizing his commitment to long-term returns.