AMCIL (AMH) AGM 2025 summary

Opening remarks and agenda

• The Chair welcomed attendees to the 30th AGM, introduced the board, management, and auditors, and explained the hybrid meeting format and procedures for questions and voting.

• The agenda included a review of financial statements, portfolio performance, Q&A, and voting on resolutions such as director re-election and remuneration.

• The meeting covered purpose and approach, financial year summary, equity market conditions, portfolio performance, features, and outlook.

Financial performance review

• Profit declined from AUD 7.5 million to AUD 6.7 million, mainly due to reduced dividend income from trimmed bank holdings.

• Total portfolio return was 6.4%, underperforming the S&P/ASX 200 Accumulation Index at 15.1%.

• Realized gains exceeded AUD 20 million, enabling a total dividend of AUD 0.065 per share, up from AUD 0.04, with AUD 0.045 sourced from realized gains.

• Management expense ratio remained steady at 0.56% despite increased costs and portfolio growth.

• The portfolio underperformed over one and three years but outperformed the index over 15 years, with recent performance impacted by market volatility and sector allocation.

Dividend announcements

• Fully franked dividends totaled 6.5¢ per share, including a 3.0¢ special dividend.

• Announced a fully franked final dividend of 2.5¢ and a special dividend of 3.0¢ per share for 2025.

• A special dividend was paid, reflecting realized capital gains and franking credits from portfolio adjustments, notably the sale of Wesfarmers and major banks.

• Over five years, an additional AUD 0.07 per share was distributed as special dividends.