Bapcor (BAP) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and respect for First Nations people across Australia.

• Board, executive team, auditors, and share registry representatives introduced.

• Hybrid format enabled both in-person and online participation, with clear instructions for voting and Q&A.

• Agenda included Executive Chair & CEO's address, items for resolution, and general questions.

Financial performance review

• FY2024 revenue reached AUD 2.0 billion, up 0.8% from FY2023, with consistent year-on-year growth since 2014 listing.

• Gross margin at 46.2%, a 45bps increase on FY2023.

• Pro-forma EBIT was AUD 174.9 million, up 14.4%; pro-forma NPAT at AUD 94.8 million, up 24.3%, aligned with May 2024 guidance.

• Statutory loss of AUD 158.3 million, including AUD 253.1 million post-tax significant items, mainly non-cash impairments in retail, DC rationalization, and restructuring.

• Trade, New Zealand, and Specialist Wholesale segments delivered steady or growing top-line growth, while retail and specialist wholesale underperformed.

Board and executive committee updates

• Angus McKay appointed as combined Executive Chair and CEO, with Mark Powell as Lead Independent Director to ensure governance separation.

• Mark Bernhard returned to Independent Non-Executive Director after serving as Interim CEO; thanks extended to outgoing board members Mark Bernhard and Margie Haseltine.

• Board succession planning underway to address diversity and skills.