Cleanaway Waste Management (CWY) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and safety instructions for attendees.

• Introduction of directors, executive team, auditor, and explanation of hybrid meeting format.

• Meeting opened with introductions of the board and executive team, including Chairman Philippe Etienne and CEO Mark Schubert.

• Agenda included Chairman's address, CEO and Managing Director's addresses, formal business, and Q&A.

• Acknowledgement of Country highlighted Cleanaway's commitment to reconciliation and sustainability.

Financial performance review

• FY24 saw double-digit earnings per share growth and improved returns, with net revenue of AUD 3.195 billion (up 7.7%) and underlying NPAT of AUD 170.6 million (up 14.8%).

• Underlying EBIT grew 18.9% to AUD 359.2 million, with EBIT margin rising to 11.2%.

• Earnings per share increased 15.2% to 7.6 cps, and return on invested capital rose to 5.5%.

• Net operating cashflow grew 12.5% to AUD 542.1 million.

• Strong financial health maintained, with AUD 276.4 million undrawn debt and net debt/EBITDA at 1.89x.

Dividend announcements

• Fully franked final dividend of AUD 0.0255 per share paid in October 2024, total dividends for the year AUD 0.05 per share, up 2% from prior year.

• Dividend payout ratio at 65.9%, consistent with policy of 50%-75% of underlying profits.