Fisher & Paykel Healthcare (FPH) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees in person and online, confirmed quorum, and introduced directors and future director.

• Outlined agenda: chair's address, subcommittee updates, CEO update, financial statement Q&A, and voting on resolutions.

• Meeting held on 28 August 2024, with agenda including Chair and CEO addresses, financial statements, resolutions, voting, and Q&A with shareholders.

Financial performance review

• Operating revenue reached NZD 1.74 billion, up 10% year-on-year (8% in constant currency).

• Underlying net profit after tax was NZD 264.4 million, a 6% increase, excluding abnormal items.

• Hospital Product Group revenue rose 6% to NZD 1.1 billion; HomeCare Product Group hit a record NZD 652.3 million, up 18%.

• Gross margin improved to 61.6% from 59.8%, driven by lower freight costs, efficiencies, and pricing.

• Hospital product group revenue was $1,087.9M, with consumables making up 72% of revenue; hardware revenue declined 33% from prior year.

Board and executive committee updates

• Donal O'Dwyer retired; Graham McLean and Charlotte Walsh joined the board.

• Mark Cross appointed, effective October 2024, as Scott St. John retires; Neville Mitchell to become chair.

• Board members listed, including Scott St John (Chair), Lewis Gradon (CEO), and others.

• Mark Cross appointed effective 1 October 2024, to chair the Audit & Risk Committee.

• Subcommittees (Audit and Risk, People and Remuneration, Quality, Safety, and Regulatory) provided annual updates.