Skellerup Holdings (SKL) AGM 2024 summary

Opening remarks and agenda

• Meeting held as a hybrid event at Eden Park and online, with notice and annual report circulated to all shareholders.

• Chair John Strowger and CEO Graham Leaming delivered addresses outlining the meeting's focus and company direction.

• Chairman introduced board members, new CEO and CFO, and outlined the order of events: chairman's address, CEO presentation, Q&A, and voting on resolutions.

• Agenda included resolutions on director re-elections, director fee pool increase, auditor remuneration, and general business.

• Voting conducted by poll for all resolutions, with instructions provided for both in-person and online attendees.

Financial performance review

• FY2024 delivered record EBIT of NZD 72.7 million and underlying NPAT of NZD 50 million, slightly below last year's record due to higher tax and interest.

• Record operating cash flow of NZD 70.8 million, up 31% from prior year; net debt reduced by 43% to NZD 15.4 million.

• Full-year dividend payout reached 24.0 cents per share, up 9% on the previous corresponding period.

• FY24 revenue distribution: North America 36%, New Zealand 21%, Europe & UK 20%, Australia 13%, Asia 9%, Other 1%.

• Eight consecutive years of EBIT and dividend growth, with strong cash flow supporting low debt and ongoing investment.

Board and executive committee updates

• David Mair stepped down as CEO after 14 years, remaining as a non-executive director; Graham Leaming appointed CEO in March 2024.

• Tim Runnalls appointed CFO in March 2024.

• Transition described as seamless, with new leadership and emerging younger business leaders highlighted.

• Board includes independent directors and committee chairs for health & safety, sustainability, and audit.

• Introduction of new CFO and recognition of key business unit leaders and contributors.