Amotiv (AOV) AGM 2024 summary

Opening remarks and agenda

• The meeting was held on 21 October 2024, marking the 67th AGM and the first under the new company name, Amotiv Limited, with acknowledgment of traditional landowners and confirmation of a quorum.

• The hybrid format enabled both in-person and virtual participation, with voting and questions facilitated through multiple channels.

• Directors and key executives, including the new CFO and CEO Graeme Whickman, were introduced, along with the company's auditors.

• The agenda included financial statements, director elections, remuneration report, LTIP grant, director fee cap increase, and financial assistance approval.

Financial performance review

• Revenue increased 7.7% to AUD 987.2 million, underlying EBITDA up 5% to AUD 194.6 million, and gross margin rose 0.9pps to 44.1%.

• Statutory NPAT rose 6.5% to AUD 99.8 million, underlying EPSA up 4.5% to 84.4c, and cash conversion was 92.9%.

• Total shareholder return increased from 15% in FY 2023 to 23% in FY 2024.

• Leverage reduced to 1.6x net debt to EBITDA.

• Announced a 12-month on-market share buyback of up to 5% of outstanding shares.

Board and executive committee updates

• David Coolidge was appointed and elected as a non-executive director, bringing global automotive experience.

• Carole Campbell, Audit Committee Chair, retired and was recognized for her governance contributions.

• John Pollaers was re-elected, emphasizing his role in transformation and governance.

• The Board comprises independent non-executive directors and CEO, with a new skills matrix covering strategy, growth, sustainability, governance, and financial acumen.