Centuria Capital Group (CNI) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians and introduction of board members, highlighting their diverse expertise.

• Housekeeping and meeting formalities were addressed, including voting procedures and technical support for remote attendees.

• The AGM was held as a concurrent meeting for both company shareholders and trust unit holders, with clear instructions for voting eligibility and participation.

Financial performance review

• Statutory net profit after tax for FY24 was AUD 102.2 million, with operating profit after tax at AUD 94.7 million.

• Operating earnings per security were AUD 0.117, and distribution per security was AUD 0.10, both in line with guidance.

• Assets under management remained steady at AUD 21.1 billion, outperforming peers amid challenging market conditions.

• Net asset value increased to $1.79 per security, and net operating cash inflows exceeded group operating profit after tax.

• Centuria retained over $266 million in cash and undrawn debt, with year-end operating gearing at 12% and look-through gearing at 35%.

Board and executive committee updates

• Garry Charny announced he would not seek re-election as chair, supporting Kristie Brown as his successor.

• Joanne Dawson joined as an independent non-executive director and chair of the audit, risk, and compliance committee.

• Several management promotions and appointments were made, including new CIOs for Australia and New Zealand.

• Board diversity improved, with 75% female non-executive directors and significant female representation across management.