COG Financial Services (COG) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and introduction of board, management, auditors, and registry representatives.

• CEO Andrew Bennett led the AGM, presenting an overview of the company’s 21% share in asset finance, national footprint, 500+ team members, and 795 broker firms.

• Hybrid format enabled both in-person and online participation, with instructions for questions and voting provided.

• Agenda included Chair and CEO addresses, formal business, and a Q&A session.

Financial performance review

• Underlying revenue rose 36% to AUD 495.6 million, with EBITDA to shareholders at AUD 37.1 million and NPATA at AUD 24.2 million, reflecting 2% and 9% growth respectively.

• Net assets financed reached AUD 8.9 billion, up 15.9% CAGR, and assets under management grew 19% to AUD 936.3 million, with strong contributions from the Equity-One Mortgage Fund.

• Novated leasing segment saw 24% growth in customers and 28% in leases, with improved EBITDA margin.

• Underlying NPAT increased 2% to AUD 24.2 million; EPSA was flat at AUD 0.1256 per share.

Board and executive committee updates

• Board and management team introduced, including new and continuing directors.

• Auditors and registry officers present to oversee proceedings and answer questions.

• Capital management review underway, considering realisation of non-core assets and evaluating dividend payout ratio versus share buy-back.