Orora Group (ORA) AGM 2024 summary

Opening remarks and agenda

• The chair welcomed attendees to the eleventh AGM, introduced the board, executive team, and auditor, and outlined the meeting's hybrid format and procedures.

• AGM held on 16 October 2024, chaired by Rob Sindel, with Brian Lowe as Managing Director and CEO.

• The agenda included a review of FY2024 activities, financial highlights, sustainability progress, strategic initiatives, and an outlook for FY2025.

Financial performance review

• Underlying EBIT rose 26% to AUD 404 million, driven by the Saverglass acquisition; excluding Saverglass, EBIT increased 1% to AUD 323 million.

• Underlying NPAT increased 10.2% to AUD 224 million, while EPS decreased 19.4% to 17.9 cps due to a higher share count from the capital raise.

• Operating cash flow grew 47% to AUD 397 million, with an 80% cash conversion rate.

• OPS revenue down 10.8%, Australasia EBIT up 2.0%, Saverglass delivered €48.8m EBIT in seven months.

• A final dividend of AUD 0.05 per share (total AUD 0.10 for the year, 60% payout ratio) was declared.

Board and executive committee updates

• Two long-serving directors retired, replaced by Sarah Hofman and Claude-Alain Tardy, both bringing extensive global experience.

• Board comprises Chair Rob Sindel, CEO Brian Lowe, and four independent non-executive directors.

• The board recommended shareholders vote in favor of all resolutions, including director elections and CEO incentive grants.