Bapcor (BAP) AGM 2024 summary

Opening remarks and agenda

• Meeting opened by the Executive Chair and CEO, with acknowledgments to traditional land custodians and introductions of directors, management, auditors, and share registry representatives.

• Hybrid meeting format enabled both in-person and online participation, with clear instructions for voting and Q&A.

• Agenda included Executive Chair & CEO's address, items for resolution, and general questions.

Financial performance review

• FY2024 revenue reached AUD 2.0 billion, up 0.8% from FY2023, with consistent year-on-year growth since 2014 listing.

• Gross margin at 46.2%, a 45bps increase on FY2023.

• Statutory loss of AUD 158.3 million, including AUD 253.1 million post-tax significant items, mainly non-cash impairments and writedowns.

• Pro forma NPAT of AUD 94.8 million, up 24.3%, aligned with prior guidance; pro-forma EBIT was AUD 174.9 million, up 14.4%.

• Strong balance sheet and operating cash flows maintained.

Board and executive committee updates

• Angus McKay appointed as combined Executive Chair and CEO, with Mark Powell as Lead Independent Director to ensure governance and performance review.

• Mark Bernhard returned to Independent Non-Executive Director after serving as Interim CEO; thanks to outgoing board members Mark Bernhard and Margie Haseltine.

• Board succession planning underway to address diversity and skills.