CAR Group (CAR) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees to the hybrid AGM, acknowledged traditional land owners, and outlined meeting procedures for both in-person and online participation.

• Quorum confirmed, meeting formally opened, and notice of meeting taken as read.

• Meeting held on 25 October 2024, covering FY24 highlights, financial performance, operating segments, and strategy update.

• Voting procedures explained, with polls open for all resolutions and proxy voting details provided.

Financial performance review

• Achieved proforma revenue of AUD 1,099m and EBITDA of AUD 581m, both up 17% in AUD, with double-digit growth in all major regions.

• Adjusted NPAT rose 24% to AUD 344m; reported NPAT was AUD 250m, reflecting one-off gains in the prior year.

• Strong cash conversion at 99% of EBITDA, leverage reduced to 1.7x debt to EBITDA, and CapEx as a percentage of revenue remained stable.

• Final dividend of AUD 0.385 per share declared, up 18% from last year, franked at 50%.

• Resilient performance despite high interest rates and weaker consumer sentiment in key markets.

Board and executive committee updates

• Introduction of directors, including new appointments and committee roles.

• CEO Cameron McIntyre appointed as non-executive director at Brambles Group, with board support and no conflict of interest.

• 44% female representation on the Board and 42% in senior management; Great Place to Work certification achieved in multiple countries.

• Artificial Intelligence Governance Committee established and new anti-bribery and corruption policy introduced.

• Board remains committed to long-term shareholder value and talent development.