Eagers Automotive Limited
T (07) 3608 7100
Registered Office
Postal Address
ABN 87 009 680 013
F (07) 3608 7111
5 Edmund Street
PO Box 199
ASX: APE
E corporate@eagersautomotive.com.au
Newstead
Fortitude Valley
W www.eagersautomotive.com.au
QLD 4006
QLD 4006
24 April 2025
Market Announcements Office
ASX Limited
Annual Report for 2024
Attached is the 2024 Annual Report for Eagers Automotive Limited (ASX: APE).
This document is given to the ASX under listing rule 4.7.
-ENDS-
For more information:
Denis Stark
Company Secretary
(07) 3608 7110
Authorised for release by the Company Secretary.
5 Year Financial Summary
YEAR ENDED 31 DECEMBER
2024
$’000
2023
$’000
2022
$’000
2021
$’000
2020
$’000
OPERATING RESULTS From continuing operations
Revenue
11,193,742
9,851,681
8,541,502
8,663,462
8,749,675
EBITDAI
684,714
688,457
652,410
651,642
625,447
Depreciation and amortisation
(143,871)
(121,296)
(116,603)
(120,428)
(166,257)
Impairment and property revaluations through profit and loss
(24,275)
(17,451)
(16,727)
(5,156)
(90,700)
EBIT
516,568
549,710
519,080
526,058
368,490
Finance costs
(184,475)
(130,751)
(88,245)
(79,619)
(88,384)
Finance income
3,485
8,376
11,387
10,368
-
Profit before tax
335,578
427,335
442,222
456,807
280,106
Income tax expense
(112,664)
(128,267)
(117,882)
(118,070)
(88,575)
Profit from continuing operations
222,914
299,068
324,340
338,737
191,531
GROUP TRADING RESULTS
Loss from discontinued operations
-
-
-
(8,000)
(35,320)
Non-controlling interest in subsidiary
(17,819)
(17,968)
(16,173)
(12,913)
(8,921)
Attributable profit after tax
205,095
281,100
308,167
317,824
147,290
OPERATING STATISTICS
Basic earnings per share - cents
80.2
110.7
121.3
125.2
57.6
Dividends per share - cents
74.0
74.0
71.0
70.9
25.0
Dividend franking - %
100
100
100
100
100
AS AT 31 DECEMBER
2024
$’000
2023
$’000
2022
$’000
2021
$’000
2020
$’000
FUNDS EMPLOYED
Contributed equity
1,192,319
1,173,659
1,154,572
1,173,069
1,173,069
Reserves
(642,171)
(653,652)
(606,122)
(617,978)
(580,200)
Retained earnings
764,318
750,095
655,796
510,725
317,848
Non-controlling interest in subsidiary
35,819
35,284
37,384
21,635
13,860
Total equity
1,350,285
1,305,386
1,241,630
1,087,451
924,577
Non-current liabilities
1,683,883
1,224,431
1,261,740
1,300,548
1,443,313
Current liabilities
2,419,943
2,190,898
1,616,867
1,342,946
1,665,761
Total liabilities
4,103,826
3,415,329
2,878,607
2,643,494
3,109,074
Total funds employed
5,454,111
4,720,715
4,120,237
3,730,945
4,033,651
REPRESENTED BY
Property, plant and equipment
1,029,031
691,192
698,393
514,374
494,266
Intangibles
1,042,099
859,573
855,022
775,295
785,574
Financial assets at fair value through OCI
66,158
64,072
12,118
577
2,366
Other non-current assets
856,536
863,245
979,385
1,067,324
1,188,502
Property assets held for resale
-
6,546
-
18,670
-
Other current assets
2,460,287
2,236,087
1,575,319
1,354,705
1,562,943
Total assets
5,454,111
4,720,715
4,120,237
3,730,945
4,033,651
OTHER STATISTICS
Shares on issue – ‘000
258,074
256,900
255,398
256,933
256,933
Number of shareholders
17,103
11,188
11,439
10,767
11,159
Total Debt1
2,515,298
1,796,127
1,316,234
1,056,611
1,233,079
Net debt (total debt less bailment finance less cash) - $’000
813,109
262,706
253,452
128,409
129,263
Gearing ratio (debt/debt plus total equity) – %
65.1
57.9
51.2
49.3
57.1
Gearing ratio (net debt/net debt plus total equity) – %
37.6
16.8
17.0
10.6
12.3
1.
Bailment finance is a form of financing peculiar to the motor industry, which is provided by financiers on a vehicle-by-vehicle basis. It is short-term in
nature, is generally secured by the vehicle being financed and is principally represented on the borrower’s balance sheet as vehicle inventory with the
liability reflected under current liabilities. Because of its short-term nature, it is excluded from net debt and the corresponding gearing ratio.
2 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Statutory Profit Before Tax
$335.6m
Revenue
$11.2bn
Underlying EBITDAI
$550.4m
Underlying Return on Sales
3.3%
Strong Available Liquidity
$773.9m
Owned-Property Portfolio 2
$885.4m
Underlying Operating Profit Before Tax 1
$371.2m
Total Ordinary Dividend
74.0cps
Key drivers
- Revenue
- Underlying EBITDAI
- Independent Used Profit
Before Tax
- Maintain Final & Full
Year Dividend
2024 Records
Greater
Productivity
Disciplined
Growth
Property
Consolidation
Reduced
Cost Base
2024 Highlights
1.
Underlying operating results refers to continuing operations outlined and reconciled to statutory results on slides 34 (FY24) and 35 (comparative
financial information) of the FY2024 Investor Presentation. Underlying operating figures are non-financial measures and have not been subject to
audit by the Company’s external auditors.
2.
Owned property includes construction in progress – at cost.
2024 ANNUAL REPORT | 3
REMUNERATION REPORT
FINANCIAL STATEMENTS
SHAREHOLDER INFORMATION
SIGNED REPORTS
4 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
5 Year Financial Summary
2
2024 Highlights
3
Letter from Chair and
CEO to Shareholders
6
Our NEXT100 Strategy
8
Our Principles and Values
9
Company Profile
10
Sustainability Report
13
Board of Directors
28
Executive Management
30
Directors’ Report
31
Auditor’s Declaration of
Independence
67
Financial Statements
69
Notes to and Forming Part of the
Consolidated Financial Statements
76
Consolidated Entity
Disclosure Statement
130
Independent Auditor’s Report
135
Directors’ Declaration
139
Shareholder Information
140
Corporate Directory
142
Contents
Annual General Meeting
Our Annual General Meeting will be held at 10:00am
(QLD time) on Wednesday, 28 May 2025. It will be
held as a “hybrid” meeting, giving shareholders an
opportunity to attend either online or in person.
Financial Calendar
2024 Financial Year End
31 December 2024
Full Year Results Announcement
27 February 2025
Final Dividend Announcement
27 February 2025
Final Dividend Record Date
28 March 2025
Final Dividend Payment Date
11 April 2025
Annual General Meeting*
28 May 2025
Half Year End
30 June 2025
Half Year Results Announcement*
August 2025
Interim Dividend Announcement*
August 2025
Interim Dividend Record Date*
September 2025
Interim Dividend Payment Date*
October 2025
2025 Financial Year End
31 December 2025
*Estimate only, subject to any changes notified to the ASX.
2024 ANNUAL REPORT | 5
REMUNERATION REPORT
FINANCIAL STATEMENTS
SHAREHOLDER INFORMATION
SIGNED REPORTS
Dear Shareholders
On behalf of the Board of Directors of Eagers Automotive Limited, we are pleased to present our report on the financial
year ended 31 December 2024 (“FY24”).
In 2024, Eagers Automotive outperformed relative to both our peer group and the industry in general, delivering
record revenue, a strong underlying profit for the group and record results for our independent pre-owned business,
easyauto123, and our Retail Joint Venture.
Operating Environment
The 2024 result reaffirms the advantages Eagers
Automotive continues to leverage - our scale, geographic
diversity, balanced brand portfolio and our unique
business model.
During the year demand for new and used cars remained
robust. While many in the industry reported a challenging
market, this was not related to weak customer demand.
In most cases, the challenges were franchise-specific
impacts related to aggressive inventory positions taken
by some OEMs. For Eagers Automotive, while not immune
to these franchise dynamics, our scale, discipline and
diversified portfolio allowed us to maintain our strong
performance through a period of industry re-set.
Our new car order bank remains robust, with orders
exceeding deliveries during the second half of 2024, and
our total order bank at the end of the year being a factor
of five times pre-COVID levels.
Within this strong revenue environment, Eagers
Automotive continued to execute on our Next100 Strategy
and drive industry-leading productivity levels. This was
achieved by leveraging the tailwinds of the recent high
demand / low supply environment and our transformed
operating business model.
Our long-term strategy has delivered a multi-year
transformation of our business model, providing the
foundation for a more resilient net margin performance
and outperformance relative to industry benchmarks,
even in periods of industry and economic headwinds.
The transformation of our business model has enabled
Eagers Automotive to build an enduring and growing
competitive advantage.
Financial Performance
Eagers delivered record revenue in 2024, up 13.6% to $11.2
billion. Pleasingly, this was delivered through balanced
contributions from organic, greenfield and acquisition
initiatives.
Our underlying EBITDAI reached a record $550.4 million,
with an EBITDAI margin of 4.9% compared to 5.5% in 2023
- well above the long-term average of 4.1%.
Eagers Automotive remains in a strong financial position,
underpinned by a substantial property portfolio of $885.4
million at year end.
We also ended the year with corporate debt of $813
million, net of cash on hand, up from $495.1 million in June
2024. The increase in total debt, including both syndicate
and captive financing, aligned with our strategic growth
investments involving large scale business acquisitions
and strategic property purchases in 2024.
We are well-positioned to fund future growth, with total
available liquidity of $773.9 million, supported by strong
gearing capacity and a disciplined approach to capital
deployment across multiple funding sources.
Strategic Progress
The 2024 result highlights the Company’s relentless
execution against our Next100 Strategy through the
optimisation of our core business combined with
disciplined reinvestment in sustainable growth initiatives.
A disciplined focus on cost management, along with further
investment in proprietary technology, has enabled us to
achieve record productivity levels – increasing more than
50% in the last four years. This allowed us to outperform
the industry in terms of our return on sales margin and
resetting the business model to provide a more resilient and
sustainable platform for future performance.
The record profit achieved by easyauto123 leveraged its
unique advantage in being able to source vehicles from
our New Car Franchised business and the continued
execution of its benchmark operating model.
We saw rapid growth in our Retail Joint Venture. After
navigating excess inventory challenges earlier in the
year, this business recovered to produce a record profit
result for the full year. As a leader in New Energy Vehicles,
capitalising on the high growth volume opportunities in
the plug-in hybrid segment, it will benefit from the general
transition towards lower emission vehicles.
Generating sustainable growth
The Company’s FY24 Sustainability Report reaffirms our
strategic aim of delivering sustainable growth through the
development of our people and the optimisation of our
operations and environment. Specifically, our goals are:
-
To attract and retain the best people, deliver superior
customer service on a balanced and productive
cost base and support our communities through our
dealerships and the Eagers Automotive Foundation;
-
To reduce our impact on the environment through
operational optimisation; and
-
To build a resilient business that can adapt through
market cycles and thrive in the face of change
and disruption.
We are pleased with the progress made across these areas,
which in FY24 included:
-
Supporting our people through various initiatives in
the promotion of a safe, inclusive and respectful
workplace environment;
-
Our solar panel and metering initiatives, our program
for decommissioning underground petroleum storage
tanks and our waste management initiatives; and
-
Our continuing focus on embedding sustainability
into risk management frameworks and enhancing
information management.
Letter from Chair and
CEO to Shareholders
INTRO LINK HERE
6 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Outlook
Looking ahead, despite some uncertainty in the economic
backdrop, we see signs of positive industry dynamics
emerging in 2025 along with a resilient new car market with
demand supported by our material order bank.
Into these industry dynamics, we expect to deliver another
$1 billion in revenue growth in 2025 - taking turnover to
approximately $12.2 billion, representing growth of 43%
since 2022.
As we move into 2025 and beyond, there is no shortage of
growth opportunities for Eagers Automotive to pursue. The
industry is continuing to evolve and consolidate at a rapid
pace. Go-to-market strategies for both new and existing
OEMs are being reconsidered. With the scale provided
by Eagers Automotive, combined with our resilient and
highly productive business model and our innovative
pre-owned and joint venture businesses, there is no doubt
we are uniquely positioned to add value for new and
existing OEMs and other business partners, continuing our
enduring competitive advantage.
Acknowledgments
Firstly, we thank our customers for your ongoing loyalty
year-in year-out. It is a privilege to continue to serve you
every day and retain your trust.
Thank you to all of our dedicated team members across
Australia and New Zealand. Our outstanding results would
not be possible without you delivering day after day for
our customers, our communities and our shareholders.
To our OEM partners whose brands we represent across
our dealerships - we have said many times, it is both a
privilege and a responsibility we take very seriously, and we
look forward to continuing to work together in 2025.
To our other suppliers and partners, including financiers
and landlords, we thank you for your continued loyalty to
our business.
We would also like to thank our Directors and Managers
across the Company. Eagers Automotive’s sustained,
strong results are an outcome of the Board and the
leadership team’s careful planning, execution and
continued pursuit of excellence in all that we do. We thank
you for the valuable role you play in these endeavours.
Finally, to our shareholders - thank you for your
continuing support.
We look forward to another successful year in FY25.
Keith Thornton
Chief Executive Officer
Tim Crommelin
Chairman
2024 ANNUAL REPORT | 7
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
ABOUT EAGERS AUTOMOTIVE LINK HERE
8 | EAGERS AUTOMOTIVE LIMITED
Our NEXT100 Strategy
Online.
In shopping malls.
In multi-brand
service hubs.
At home. At work.
Our flexible owned-
and leased-property
portfolio allows
us to continue to
evolve to fit our
customers’ lifestyles,
circumstances, wants
and needs.
Engage Our
Customers,
Everywhere
Reinvest With
Discipline
Disciplined use of
shareholder funds
combined with
rigorous review of
existing and new
operations to support
an unrelenting focus
on long term wealth
creation.
Utilise balance sheet
strength to capitalise
on evolving and
emerging market
trends.
Support
Innovation
Support our partners
to introduce ACE
(autonomous,
connected and
electric) and other
emerging product and
service innovations.
Our partners cover
circa 95% of the
total market for new
vehicles in Australia
and are at the
forefront of design,
performance and
innovation.
Deliver Optimised
Vehicle Finance
Solutions
Capitalise on the
unique position our
industry occupies in
the distribution of
motor vehicles, with
the aim of becoming
the preferred provider
of automotive and
mobility finance
solutions.
Deliver ultra-
competitive, highly
tailored finance
solutions sourced
from our extensive
funding relationships.
Redefine
Our Workforce
Our workforce:
Redefined and
reimagined,
based on our
customers’ journey.
This transformation
is aimed at delivering
an all new and vastly
superior customer
experience on a more
sustainable and
productive cost base.
Exceed Stakeholder Expectations
Customers. Employees. Partners. Shareholders. Community.
Providing integrated mobility solutions
for the next 100 years.
OPTIMISE
DEVELOP
GROW
8
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
To be the most
admired automotive
group
To provide optimisation
for all stakeholders,
not maximisation
for one
To keep our community
moving and give them
freedom to enjoy
their lives
2024 ANNUAL REPORT | 9
Our Principles
This is what we stand for and the reason why we exist. They guide
our people and create a culture where everyone understands what is
important for achieving success.
Our Values
Doing what you
say you’ll do
Being open and
recognising the
contribution of
all individuals
Taking pride
and ownership
in your work
Being flexible
and open to
change
Agility
Owner’s
Mindset
Inclusiveness
Integrity
9
REMUNERATION REPORT
FINANCIAL STATEMENTS
SHAREHOLDER INFORMATION
SIGNED REPORTS
EV SALES
8%
SUV SALES
57%
Company Profile
A History of Growth
About us
Eagers Automotive Limited is the leading automotive retail
group in Australia and New Zealand, with a long and proud
history of 112 years.
Our name was changed to Eagers Automotive Limited
from A.P. Eagers Limited in 2020 following our acquisition
of the listed Automotive Holdings Group Limited
(AHG). This new name better reflects our position in
the automotive industry and recent growth, whilst also
maintaining a connection to our foundation.
We are a pure automotive retail group representing a
diversified portfolio of automotive brands across Australia
and New Zealand.
Our core business consists of the ownership and operation
of motor vehicle dealerships. We provide full facilities
including the sale of new and used vehicles, service, parts
and the facilitation of allied consumer finance.
Our operations are typically provided through strategically
clustered dealerships, many of which are situated on
properties owned by us in high profile, main road locations,
with the balance leased by us.
Our main operations are located in Brisbane, regional
Queensland, Adelaide, Alice Springs, Darwin, Melbourne,
Perth, Sydney, the Newcastle/Hunter Valley region of New
South Wales, ACT, Tasmania and Auckland.
Dividends and EPS growth
We have paid a dividend to our shareholders every year since
we listed on the Australian Securities Exchange in 1957.
We have a track record of delivering Earnings Per Share
(EPS) growth from acquisitions.
• Operations expanded into
the Northern Territory with the
acquisition of Bridge Toyota
in 2005.
• In 2010, acquired the publicly listed
Adtrans Group Limited, being South
Australia’s premier car retailer.
• Operations in South Australia were
expanded with acquisition of Eblens
Motors in 2011 and Main North and
Unley Nissan and Renault in 2013.
• Established Precision Automotive
Technology as a new business to
source and distribute our own range
of car care products in 2013.
• Reynella Subaru acquired in South
Australia in 2014.
• Queensland operations continued
to expand through acquisition of
Ian Boettcher Motos in Ipswich and
Craig Black Group in south-west
and central Queensland in 2014.
• Acquisition of the Crampton
Automotive and Tony Ireland
Groups, expanding to Toowoomba
and Townsville in 2016.
• Acquisition of Motors Group
Tasmania and Victorian
businesses Silver Star Motors,
Mercedes-Benz Ringwood
and Waverley Toyota in 2016.
• Our origins trace back to 1913 when
Edward Eager and his son, Frederic,
founded their family automotive
business, E.G. Eager & Son Ltd,
which continues today as one
of our wholly-owned subsidiaries.
• Established the first motor vehicle
assembly plant in Queensland
in 1922.
• Secured the General Motors
distributorship in Queensland and
Northern New South Wales in 1930.
• Listed as a public company under
the name of Eager Holdings Limited
in 1957.
1913 - 1992
Automotive Industry
New Vehicle Sales in 2024
Source: FY24 VFACTS Data
Passenger 203,384 (17%)
SUV 695,566 (57%)
Light Commercial 270,351 (22%)
Heavy Commercial 51,306 (4%)
Australia
New Zealand
Toyota
19.8%
Toyota
23.5%
Ford
8.2%
Ford
13.9%
Mazda
7.9%
Mitsubishi
11.0%
Kia
6.7%
Kia
6.7%
Mitsubishi
6.1%
Suzuki
4.1%
Hyundai
5.9%
Nissan
3.4%
MG
4.1%
Hyundai
3.2%
Isuzu Ute
3.9%
Mazda
3.0%
Nissan
3.7%
Volkswagen
2.6%
GWM
3.5%
Honda
2.5%
Top 10
69.8%
Top 10
73.8%
Market share
by type in
Australia
Top 10 Brands
2005 - 2013
2014 - 2016
10 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Where We Operate
• Acquisition of Toowoomba Motor
Group (Mitsubishi and Kia), Metro
Nissan (Brisbane) and Southern
Vales Nissan (Adelaide) in 2018.
• Strategic acquisitions of
Toowoomba Ford (Queensland) and
multiple franchises in Cardiff and
Maitland (New South Wales) in 2021.
• Acquired strategic holding in AHG in
2012, which grew to full ownership in
2019, bringing significant operations
in Perth, Sydney, Newcastle/Hunter
Valley, Brisbane, Melbourne and
Auckland (New Zealand).
• In 2022, acquired a portfolio of
dealerships and properties in the
Canberra regions of Belconnen,
Fyshwick, Phillip, and Gungahlin giving
the Company operations in every
state and territory of Australia.
• Acquired Newspot (Adelaide) a multi-
franchised dealership group in 2022.
• Expanded in North Queensland
acquiring Ireland’s of Cairns in 2023.
• Early 2024, acquisition of
complementary large-scale dealership
group in Melbourne and Mornington
region, Victoria, and also Alice Springs
Toyota in Northern Territory.
• Acquired Norris Motor Group in
Brisbane, Queensland, in late 2024.
Eagers Automotive dealerships can be found in all States and Territories in Australia as well
as in New Zealand.
2018 - 2021
2022 - 2023
2024
New vehicle market
share has grown to
with 49 brand partners
across passenger
vehicles, trucks and
buses in 2024
11.5%
146
5
22
59
54
24
41
84
17
2024 ANNUAL REPORT | 11
REMUNERATION REPORT
FINANCIAL STATEMENTS
SHAREHOLDER INFORMATION
SIGNED REPORTS
12 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
SUS REPORT
LINK HERE
At Eagers Automotive, our vision is to be the most admired automotive
group, and we know this cannot be realised without a strong people
focus, considered environmental footprint and a business resilient to
internal and external pressures. This is why our sustainability strategy
has People, the Planet and our Performance at its core.
SUSTAINABILITY
REPORT
1.
Introduction
15
2.
About Us
16
3.
People
17
4.
Planet - Climate Change and the Environment
22
5.
Performance - Sustainable Growth
26
Contents
2024 ANNUAL REPORT | 13
REMUNERATION REPORT
FINANCIAL STATEMENTS
SHAREHOLDER INFORMATION
SIGNED REPORTS
People
To attract and retain the
best people, deliver superior
customer service on a
balanced and productive cost
base and support sustainable
communities through our
dealerships and the Eagers
Automotive Foundation.
Planet
To reduce our impact on,
and where practicable
enhance the environment
through operational
optimisation and
collaborative partnerships.
Performance
To build a resilient business
that can withstand and
adapt through market cycles
as well as grow and thrive
in the face of change
and disruption.
Sustainable Together
Our sustainability vision is to be the most admired automotive retailer by
delivering sustainable growth through the optimisation of our operations,
our people and our environment.
Mission & Goals
SUSTAINABILITY
PILLARS
KEY FOCUS
AREAS
2024
KEY ACTIVITIES
People
Safety
Culture
Community
- Safe Work Month Campaign - “Speak up for safety”, HSE due diligence enhancements,
operational safety enhancement initiatives
- Retention and engagement initiatives including employee onboarding program, DEI training,
core policy refresh and leadership support toolkit
- Eagers Automotive Foundation and community and charitable support
Planet
Sustainable Energy
Waste
Management
Climate Change
- Solar panel and metering program rollout, ongoing energy reduction initiatives
- Management of hazardous chemicals including continued decommissioning of underground
petroleum storage tanks, waste minimisation and recycling initiatives
- Climate change risk & opportunities assessment, preliminary planning for future
reporting obligations
Performance
Risk Management
Good Governance
Security
- Continued focus on integrating sustainability into existing governance and risk management
frameworks
- Sustainability Steering Committee to drive sustainable outcomes
- Privacy and information management enhancements including training, enhancements to IT
security, infrastructure and cyber awareness training
14 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Introduction
1
The Eagers Automotive Group is pleased
to present its sustainability report for
the 2024 financial year, from 1 January to
31 December.
Over the past year, we have progressed key activities
that support our sustainability strategy and align with
our five United Nations Sustainable Development Goals
(UN SDGs), while also focussing on ensuring that we will
have the appropriate and necessary foundations in place
to support compliance with the upcoming mandatory
Australian Sustainability Reporting Standards1 and
broader community expectations.
Previously our sustainability reporting aligned with the
Sustainability Accounting Standards Board’s guidance
for companies in the multiline and speciality retailers
and distributors sector (SASB Standard) and considered
the Task Force on Climate related Financial Disclosures
(TCFD) reporting framework. With the introduction of
mandatory sustainability reporting for our 2025 reporting
year, we have elected for 2024 to report only on the SASB
and TCFD disclosure areas of most relevance to Eagers
Automotive, supplemented by additional commentary on
sustainability matters that are important to us and our
stakeholders, and that support our sustainability journey.
These five UN SDGs reflect the areas
we believe the Eagers Automotive
Group is best placed to contribute
given our prominent role in the
automotive retail industry.
1.
As published by the Australian Accounting
Standards Board (AASB). The Eagers
Automotive Group is required by the
Corporations Act 2001 (Cth) to apply AASB
S2 Climate-related Disclosures for annual
reporting periods beginning on or after
1 January 2025 .
2024 ANNUAL REPORT | 15
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About Us
2
Eagers Automotive is the largest automotive retail group
in Australia, with a long and proud history spanning over
110 years. The Group has been listed on the Australian
Stock Exchange for more than 60 years, since 1957.
Now with operations in New Zealand, in 2024 the Group represented a diverse
portfolio of over 45 automotive brands across every Australian capital city as well
as regional Queensland, the Newcastle/ Hunter Valley region of New South Wales,
Alice Springs in the Northern Territory, Mornington Region in Victoria, broader
Tasmania and Auckland, New Zealand. We also employed 8,588 people, 8,238 in
Australia and 350 in New Zealand.1
As well as the sale of new and used motor vehicles and trucks, our principal
activities consist of the distribution and sale of parts, accessories and car care
products (including our own range of premium car care products), provision of
finance and insurance products, and the repair and servicing of vehicles. Our
operations span both owned and leased properties, with the Group’s owned
property portfolio valued at more than $840 million at the end of 2024.
1.
As at 31 December 2024.
16 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Our people are integral to our long-term
success and are at the core of our business
and everything that we do.
A. Employee Engagement
We recognise there is a strong link between employee
engagement and business performance. To be
competitive and provide a superior customer experience,
we need to attract and retain the best employees, and
maintain a positive and constructive company culture
– a highly engaged workforce will help us to achieve
sustainable high-performance outcomes.
In 2024 we continued to survey our employees, to gain
insights into employment engagement levels throughout
the business. This survey was both anonymous and
confidential and sought employee insights into themes
including safety, training and resources, workplace
treatment and reward and recognition across the Eagers
Automotive Group. The survey results highlighted that
safety remains an area where we are highly engaged in
across the Group.
B. Diversity, Equity & Inclusion
We recognise the value in having a workforce that
reflects the diversity of the communities within which
we operate and the need to provide an inclusive culture
where people are valued and respected, regardless of
their personal characteristics, circumstances, beliefs and
perspectives. This is why ‘Inclusiveness’ is one of our four
Company values.
I. Equal Opportunity and Treatment
To attract and retain a diverse workforce comprised
of the most talented and engaged people we must
provide equal opportunity for workforce participation,
from recruitment to retention initiatives, performance
management and promotional opportunities, and
remuneration and succession planning. We work on the
principle that all employment decisions must be based
on merit and be non-discriminatory. All employees are
valued according to how they perform their duties and
their ability and enthusiasm for maintaining company
expectations and standards.
Our leaders and managers are responsible for
ensuring employees are treated fairly and with respect
and dignity regardless of background or personal
characteristics, in accordance with our Diversity, Equity
and Inclusion Policy, Code of Conduct and Appropriate
Workplace Behaviours Policy.
II. Diversity Objectives
In accordance with our Diversity, Equity, and Inclusion
Policy, the Group’s governing Board has set a number of
objectives for achieving diversity in the composition of
the Board, senior executives and the workforce generally.
a.
Board Composition
The Board’s gender diversity objective is to
achieve at least 30% of Directors of each gender.
This was achieved in March 2024, with women
currently making up 33.3% of the Board.
b.
Diversity & Inclusion Training
To further embed our Company value of
‘Inclusiveness’ across the Group, the Board set
the objective to develop and deliver diversity and
inclusion training for managers over a four-year
period. Developed as an online training module,
the diversity and inclusion training focuses on
unconscious bias and harnessing diversity for
high performance. Roll out of this training is
expected to be completed by the end of 2025.
Other related training provided in 2024
included training in support of the Group’s
Code of Conduct and Appropriate Workplace
Behaviours Policy.
c.
Workforce Gender Composition
While the automotive industry is traditionally
male dominated, we acknowledge the role that
we can play, as Australia’s largest automotive
retailer, to improve the gender balance of our
workforce. Our objective is to better understand
relevant gender issues so that we can ensure a
supportive environment for all and minimise any
barriers to gender equality, including by way of a
gender pay gap analysis which commenced later
this reporting period.
The following table shows the trends in gender
representation across the Group, over the past
four reporting years.
People
3
*Rates are calculated to the nearest two decimal places.
Gender
2024
Rate*
2023
Rate*
2022
Rate*
2021
Rate*
Management
Female
14.56%
13.77%
15.22%
8.16%
Male
85.44%
86.23%
84.78%
91.84%
Not
disclosed
/Non-
specific
0%
N/A
N/A
N/A
All Other Employees
Female
25.63%
25.78%
25.36%
23.25%
Male
74.27%
74.19%
74.60%
76.75%
Not
disclosed
/Non
specific
0.10%
0.03%
0.04%
N/A
People
2024 ANNUAL REPORT | 17
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People (continued)
3
B. Diversity, Equity & Inclusion (continued)
d.
Cultural Diversity Recognition
Our objective is to better understand the cultural
heritage and diversity of our employees. Our
employee engagement surveys in previous
years have shown that whilst Australia, New
Zealand, the United Kingdom and Asia have
been the prominent places of origin of our
employees, more than 64 other places of origin
have also been represented, along with more
than 53 different languages. We intend to further
our understanding of the cultural heritage
and diversity of our workforce, with a view to
implementing appropriate initiatives that support
achievement of a workforce that is representative
of the communities in which we operate.
III. Diversity and Inclusion Awareness
During the reporting year, programs, activities and
awareness events to support and promote a diverse
and inclusive workplace included:
-
Eagers’ GROW Program
-
Harmony Week
-
Matariki Celebrations
-
International Women’s Day
-
National Reconciliation Week
-
NAIDOC Week
-
Neurodiversity Celebration Week
-
R U OK? Day
-
MHAW New Zealand
C. Reward and Recognition
Appropriate and adequate rewards and recognition are
an important driver of employee engagement and we
are proud that many of our employees have chosen to
have long careers with us. To celebrate our long tenured
employees, we recognise annual service anniversaries
that begin after 10 years with us, and every subsequent
five-year anniversary. A review and update of our Service
Recognition Program commenced this year, with roll out
planned for early 2025.
We are committed to meeting and where reasonably
practicable, exceeding, all legal and employee payment
obligations. We made a commitment to remunerate all
Group employees above the minimum wage and in 2024
we continued to honour this commitment.
D. Career Development and Training
With a history of over 100 years in the automotive industry
and a NEXT100 strategy guiding the Group through the
next 100 years of operations, we continue to invest in the
future of the automotive industry and the people that will
make it a success into the future.
I. Learning and Development
We value continuous learning that supports role
performance, customer service improvements and the
achievement of professional goals. In that regard, we
provide training in many areas including:
Operational:
-
Sales and service development
-
Car care
-
Finance and insurance
-
Manufacturer and product-specific training
-
Systems training
Management:
-
Leadership – including the development of
an industry specific Leadership Toolkit of
comprehensive resources and practical tools for
strengthening leadership capabilities
-
Culture and Engagement
-
Duty of Care
-
Legislative changes impacting employment
arrangements – including amendments to the Fair
Work Act under the ‘Closing Loopholes’ laws
Company-sponsored training and educational
opportunities are also available on a case-by-case
basis in areas such as executive education, future
leadership and sponsored higher education.
II. Apprenticeships
We have various apprenticeship and traineeship
opportunities available in Automotive Trades and
Services, as well as Administration.
In 2024 the Group employed 855 apprentices, including
306 new apprentices. During the year, 131 apprentices
completed their training to become qualified in trades
such as Technicians, Service Advisors and Parts
Interpreters.
We provide many benefits to support our apprentices
during their training. These vary by region however
they include payment of technical fees, free or
discounted tools, the opportunity to salary sacrifice
some expenses, apprenticeship support program and
discounts on vehicles, parts and servicing.
E. Employee Retention
Employee turnover rates in the automotive retail industry
are often higher than the national average causing
operational disruptions and having financial impacts. The
regular monitoring of this metric helps us to identify actual
or potential workplace issues and to put in place actions
to mitigate or respond to these issues.
In 2024 we saw an improvement in both voluntary and
involuntary turnover rates across the Group. Voluntary
turnover includes resignations and retirements, while
involuntary turnover includes dismissal, redundancy and
non-renewal of contracts.
Group-wide
Turnover
2024
Rate*
2023
Rate*
2022
Rate*
2021
Rate*
Voluntary
30.2%
33.4%
33.0%
30.2%
Involuntary
2.5%
4.3%
3.2%
3.0%
*Rates are calculated to the nearest one decimal place.
18 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
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DIRECTORS’ REPORT
E. Employee Retention (continued)
Improving employee retention strategies and uniting
employees through periods of growth continues to be
a priority. Launched in 2024, the online New Starter
Onboarding Program provides essential information
about our operations, values, policies and training,
while facilitating connections with key team members.
Complementing the refreshed Employee Handbook, the
program delivers a consistent, standardised experience to
all new employees from the outset of their time with us.
F. Balancing Work Goals with Life Goals
As a large business with diverse operations and roles,
we recognise that flexibility presents differently across
the Group. We are committed to living our ‘Inclusiveness’
Company value and to attracting and retaining the
best employees, while also meeting our stakeholder
expectations and strategic objectives. To do so, our
approach is to consider flexibility in all its forms to enable
an engaged, inclusive and high performing workplace
culture that balances work goals with life goals.
For example, our Parental Leave Policy supports new
parents by providing supplementary payments to any
payments made under Australian and New Zealand
Governments paid parental leave schemes so that eligible
employees can maintain their usual average pay for a
period of up to 12 weeks during their parental leave.
Employees and immediate family members also have
access to our Employee Assistance Program which
provides services such as independent, free and
confidential counselling and support in areas including
mental health, relationships, exercise, sleep and financial
counselling, as well as a library of self-serve health and
wellbeing resources.
G. Health and Safety
At Eagers, providing a safe workplace and environment
for our team members and customers is a top priority. In
doing so we are guided by our Workplace Health, Safety
and Environment Policy, Risk Management Procedure,
integrated HSE software platform and other supporting
documents and systems.
I. Health, Safety, and Environment (HSE)
Governance
2024 saw a refocusing of our safety and well-being
commitments at all levels of the business.
-
Enhancing HSE Due Diligence and Reporting:
We expanded HSE due diligence knowledge and
understanding at the Board and Executive levels,
better integrating these principles into reporting,
strategic planning and compliance activities.
-
Safe Work Month Participation: We actively
participated in Safe Work Month, implementing
the “Speak Up for Safety” engagement workshops
Group-wide. This campaign, led by executive
and operational leaders in a demonstration of
leadership visibility and commitment, aligned
with the 2024 National Safe Work Month theme -
‘Safety is Everyone’s Business’, and was aimed at
empowering employees to raise HSE concerns and
suggest improvements.
Further, Eagers Automotive conducts a variety of HSE
assurance activities annually for the safety of our people
and compliance with external legal requirements and
the Group’s HSE Management System. These assurance
programs assist in verifying that our risks are effectively
managed and that key control measures are functioning
as intended.
II. Operational HSE Risk Activity Highlights
In 2024 we developed and implemented a digital daily
hoist checking process across all sites, eliminating paper-
based methods and providing real-time visibility of this
critical safety control for our technicians and leaders.
We also completed stage 1 of our EV risk review. Stage
2 will begin in early 2025, involving the development of
HSE and operational procedures to simplify effective
EV-related compliance and risk management. Where
appropriate and necessary we have already adopted
additional EV related controls.
H. Modern Slavery
Eagers Automotive Group continues to mature its approach
to the identification and understanding of modern slavery
risks in its operations and supply chain, and to strengthen
its controls to mitigate these risks, in line with its obligations
under the Modern Slavery Act 2018 (Cth).
In 2024, roll out of general awareness modern slavery
training to employees continued. The Group also
onboarded a new third-party modern slavery due
diligence platform, Ethixbase360, and commenced
surveying (and re-surveying) its tier one suppliers using
a risk-based approach (i.e. high spend suppliers in risk
industries and/or supplying high risk goods or services).
As well as having a Modern Slavery Policy, Modern
Slavery Response Procedure, Complaints Management
Policy and Whistleblower Policy, we also strengthened
our modern slavery governance through the release
of a Supplier Code of Conduct which establishes the
minimum standards, behaviours and practices that we
expect our suppliers to uphold.
People
2024 ANNUAL REPORT | 19
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Supporting our
Community
The Village Community
Services Trust
In New Zealand, easyauto123 Community
Ambassador, Sir Michael Jones, co-founded The
Village Community Services Trust with his wife
Maliena. While the Village’s focus has been supporting
youth through sports, education and mentorship
programmes, with tough economic times upon us, the
charity has shifted its focus to its foodbank sector.
Through its partnership, easyauto123 launched a food
drive with donations delivered to the foodbank by
easyauto123’s New Zealand mascot the kiwi. easyauto123
staff also take time out every month to volunteer at the
foodbank, packing boxes of food and vital supplies to
support the vulnerable in the community.
People (continued)
3
Reconnect Project
The Reconnect Project provides technology repair
services and distributes donated IT equipment to
Australians in crisis. In 2024, easyauto123 donated 78
devices (laptops, mobile phones and tablets) to the
Reconnect Project for refurbishment and donation.
The Reconnect Project also facilitates training
programs for young people who are neurodivergent,
where they are taught how to refurbish the IT
equipment and interact with customers.
National Tree Day
A number of our Toyota dealerships engaged with
local schools and early childhood centres to promote
National Tree Day, with the aim of strengthening
community relationships, making positive
environmental impact at the schools and centres
and teaching children the importance of connecting
with nature and giving back to the environment.
These engagements involved a variety of support
including the donation of trees and gardening
apparel and gave students an opportunity to plant
and care for the seedlings as they grow, while also
beautifying the school grounds.
I. Eagers Automotive Foundation and local
charitable initiatives
The Eagers Automotive Foundation’s vision is to create
a lasting spirit of giving within the Eagers Automotive
network for those in need. Employees have the option to
donate a portion of their salary to the Foundation through
our Workplace Giving Program and as all Foundation
administration expenses are paid by Eagers Automotive
Limited, we ensure that 100% of donations received are
delivered to intended recipients.
This year, the Foundation and our dealerships provided
over $1.5 million in monetary and in-kind contributions to
community and charitable causes.
20 | EAGERS AUTOMOTIVE LIMITED
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People
National Breast
Cancer Foundation
AMCAPs partnership with the
National Breast Cancer Foundation
continued throughout 2024. AMCAP
aims to not only raise valuable funds,
but to also create breast cancer
awareness through their Pink NBCF
branded cabinets and containers.
The fundraising efforts culminated in
a morning tea to support the NBCF
during Breast Cancer Awareness
month. The support for the cause
was on display for all to see with
AMCAP staff kitted out in pink
shirts, bows, ribbons, pants, lipstick
and Hi-Viz.
Sapphire Gala
Established in 2022, the
Sapphire Gala raises much
needed funds for The
Queensland Children’s
Hospital, funding ground-
breaking research, cutting-
edge equipment and vital
in-hospital support. In 2024,
Porsche Centre Brisbane
donated $15,000, in addition
to donating a Porsche Drive
Voucher, for an experiential
fundraising activity.
Dandelions WA
In 2024, AMCAP and Eagers
Nissan collectively donated
$13,000 to Dandelions WA.
This donation, together
with volunteer support,
directly helps Dandelions
WA to continue the delivery
of its “kindness kits” and
school bags for remote and
vulnerable families and
children in WA, including
those impacted by fires or
droughts, and family and
domestic violence.
Variety Children’s
Charity 2024
Christmas Event
For every New or Demo
vehicle sold and delivered by
City Mazda over the month
of December, City Mazda
donated a bike and lock
valued at $245 to Variety’s
Bikes4Kids program so that
children don’t go without on
Christmas Day.
Adtrans Charity
Golf Day
In South Australia, Eagers
Automotive dealerships
come together for an annual
golf day fundraiser. The 2024
event raised over $360,000
which was then donated
to various charitable
organisations and causes
including Breakthrough
Mental Health Research
Foundation, Backpacks
4 SA Kids, Kickstart for
Kids, See Differently, Youth
Opportunities and Living
Without Limits.
Lifeline WA
In 2024, AMCAP donated a total of
$33,300 to Lifeline WA. This donation
was made up of the prize money AMCAP
was awarded as winner of the RAC
Environmental Sustainability Excellence
category at the AIM WA Pinnacle Awards,
an annual donation and money raised by
staff through participation in the Push-Up
Challenge. In addition to this, employees
also volunteered their services for the
annual Lights for Lifeline Campaign by
gift wrapping at shopping centres during
the Christmas period, with donations
raised supporting Lifeline’s mission.
2024 ANNUAL REPORT | 21
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Planet - Climate Change and the Environment
4
Our business activities can be both
impacted by, and have an impact on, the
environment in which we operate.
Our efforts have and will continue to focus on
incorporating business resilience activities into our
strategic and operational planning to help protect our
business from the risks posed by climate change, as well
as activities that reduce our environmental impact.
A. Environment
I. Hazardous Chemicals
Our operations involve the handling, storage, sale
and disposal of hazardous chemicals such as paints,
solvents, fuel, degreasers, aerosols and oil. Our WHSE
risk management approach aligns with our overarching
risk management approach.
While chemical use and management is primarily
guided by vehicle manufacturer requirements and
those of the third-party products we on-sell, systems,
programs and governance processes have been
introduced to help further mitigate the environmental
and safety implications of certain hazardous
chemicals used within our operations.
Our centralised safety management system and use of
Chemwatch, an externally run online platform, enables
the application of specific control measures for each
site, including the development and maintenance of
chemicals registers and Safety Data Sheets, chemical
composition awareness to aid decision making,
signage and employee training in the safe handling
and use of chemicals.
Our WHSE governance framework includes our WHSE
Policy, Environmental Aspects/Impacts Register, WHSE
Risk Management Procedure and site and business-
based risk profile registers.
We work with key chemical supply partners to develop
products (such as detailing products) with reduced
hazardous chemical content and source safer
alternatives for use by our employees and contractors.
Annual reviews of our spray-painting activities are
completed to mitigate safety and environmental risks,
with all new spray-painting plant and operations using
water-based paints to further reduce the need for
harmful solvents.
Our underground petroleum storage systems (UPSSs)
management program continued in 2024, aimed at
removing or decommissioning UPSSs on our owned
sites to mitigate safety and environmental risks should
they deteriorate over time. To date a total of 75 UPSSs
have fallen within the program, 51 of which have been
decommissioned, handed back (if within a leased site)
or divested (if subject to a property sale), 5 of these
during the 2024 reporting period.
II.
Waste Management
Improving waste management practices under a
reduce, reuse and recycle approach continues to be an
area of focus to address specific site and operational
impacts and requirements.
During 2024 the Group continued to leverage
technology to improve customer and employee
experience and also to reduce paper usage, increase
information security, and reduce physical storage and
document destruction expenses. This was enabled
through initiatives such as the roll out of electronic
contracts and repair orders, implementation of a new
Information Management Policy, HR management
system, and electronic document management
system, all of which promote a move away from the
use, storage and handling of hardcopy documents.
While waste management initiatives have traditionally
been site specific, the Company is currently
working with a supply partner to consolidate waste
management practices across the group with the
aim of increasing visibility of practices and improving
environmental outcomes, leveraging volume to create
economic efficiencies and enabling better data
gathering and reporting processes to track progress.
Current initiatives deployed at various sites include:
-
Reducing the use of single-use products,
-
Substituting non-biodegradable packaging
products with biodegradable equivalents,
-
Reusing packaging for repackaged goods where
appropriate (dependant on size, shape and
weight considerations); and
-
The recycling of:
•
plastics (such as pallet wrapping, bumpers
and mouldings)
•
paper, cardboard and timber pallets
•
metal (predominantly manufacturer’s transport
frames, damaged panels, and doors)
•
e-waste (redundant IT equipment)
•
lead acid batteries and tyres.
22 | EAGERS AUTOMOTIVE LIMITED
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Precision Automotive Technology (PAT)
PAT and its supply partner have been working closely to trial and implement
sustainability initiatives, commencing in Queensland. These include:
-
20L drum recycling program at Eagers’ Brisbane Parts Distribution Centre
-
Small bottle recycling trial across four (4) Queensland sites
-
Bulk supply program
-
Use of recycled Perfexion Paint pack packaging
These trials have realised environmental and economical benefits including
a reduction in waste production, increased waste diversion from landfill to
recycling, reduction in use of virgin cardboard packaging, reduced waste
disposal and labour costs, and reduced freight and administrative and
compliance costs.
AMCAP
AMCAP’s core business is parts distribution and logistics for the Automotive and Industrial industries. Over the past
three years AMCAP has implemented waste management strategies by introducing new technology, working with
new waste management providers, collaborating with parts manufacturers and customers, increasing employee
training, and redesigning processes and operations at the work front, that have vastly reduced the volume of waste
it has sent to landfill.
In 2023, AMCAP produced a total of 618 tonnes of waste, of which 86.5% was sent to landfill and only 13.5% was
diverted from landfill. In 2024 AMCAP produced a total of 624.9 tonnes of waste, of which 25.55% was sent to landfill
and 74.45% was diverted from landfill.
For its commitment to environmental sustainability and waste minimisation, in 2024 AMCAP:
-
Was awarded winner of the RAC Environmental Sustainability Excellence category at the AIM WA Pinnacle
Awards in November 2024, and
-
Received a rating of 100% in the annual Green Stamp Environmental Accreditation Assessment for the Motor
Trade Association of WA’s Green Stamp.
Minimising waste by designing reusable skids and cages to remove the need for
pallets and incorporating drawers to eliminate the need for secondary packaging.
Planet
2024 ANNUAL REPORT | 23
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Planet (continued)
4
B. Climate Change
As a group of companies operating across Australia and New
Zealand, we recognise the social and environmental impacts
of climate change and our responsibility in minimising our
environmental footprint to mitigate these impacts.
I. Climate Change Oversight
and Governance
The Audit and Risk Committee (ARC) provides oversight
of the adequacy and effectiveness of Eagers risk
management system, including sustainability and
climate-related risks and opportunities. More information
about our governance and risk management framework is
set out in section 5 – Performance – Sustainable Growth.
II. Climate Change Risks and Opportunities
As a retailer of new and used vehicles, we believe
regulatory demands and consumer expectations
are a driving force behind our original equipment
manufacturers (OEMs) transitioning to lower emission
vehicles and this, as well as the physical impacts of
extreme weather events, will continue to impact our
business, presenting both risks and opportunities.
Climate related risks and opportunities can be
categorised into two broad topics:
-
Transition risks and opportunities that arise from
the shift toward a lower-carbon economy, such
as changes in regulations, technology, or market
preferences, and
-
Physical risks and opportunities, which can be
acute (like extreme weather events) or chronic
(such as long-term shifts in climate patterns).
The Group has taken steps to identify and assess
the climate related risks and opportunities that the
Group faces, which will be subject to ongoing review
and assessment. These were identified through
a combination of internal and external risk and
opportunity assessments with the support of an
independent climate sustainability advisor.
By understanding our material climate-related risks
and opportunities we can build business resilience
by ensuring appropriate risk mitigations are in place,
leverage any opportunities for competitive advantage
and make more informed strategic, financial and
operational decisions.
While risk specific mitigation activities are continually
under review and assessment, overall, we are well
placed to respond to climate related risks and
opportunities due to:
-
Our diversified vehicle brand approach which
places us in a strong competitive position to adapt
to shifting consumer preferences,
-
Our diversified business model which enables us to
balance risks and leverage new opportunities, and
-
Our broad geographic base which enables us
to maintain operations in the face of isolated
extreme weather events.
Together these factors serve to improve business
resilience and financial stability.
III. Greenhouse Gas (GHG) Emissions
Although our businesses, as retailers, generate a
relatively modest level of GHG emissions, we are
committed to playing our part in the broader emission
reduction response and supporting our OEM partners
in their emissions reductions journey.
The Group continues to focus on energy efficiency and
renewable initiatives as well as site consolidations,
which serves to minimise energy consumption and
emission increases, despite business growth. An annual
review of the emissions and energy consumption of the
Group’s Australian operations is undertaken as part of
our compliance with Australia’s national greenhouse
and energy reporting requirements (NGERS).
In 2024 we enlisted third party assistance in
conducting an audit of the Group’s compliance
with NGERS, in line with a continuous improvement
approach. This audit also ensured continued
confidence in our facility-based reporting data in light
of our property acquisition and consolidation strategy.
a.
Scope 1 and Scope 2 emissions
Our total Scope 1 (direct) and Scope 2 (indirect)
emissions for the NGERS reporting year 2023 –
2024, in comparison to previous years were:
T CO2-e
2023-
2024
2022-
2023
2021-
2022
2020-
2021
Scope 1
33,110
31,670
29,067
33,009
Scope 2
25,545
24,762
26,104
29,561
TOTAL
58,655
56,432
55,171
62,570
These emissions have been calculated in
accordance with the NGERS methodology
including relevant emissions factors and should
be viewed in light of business growth. The NGERS
methodology requires that the operational
control approach be used.
The majority of the Group’s Scope 1 emissions
are from transport fuel used in motor vehicles,
determined through fuel purchasing data from
fuel cards and bulk fuel delivery to sites with in-
ground fuel tanks.
The Group’s Scope 2 emissions are mostly
from energy purchased from the grid.
Emissions from electricity consumption are
collated from electricity providers’ invoices by
operating location.
24 | EAGERS AUTOMOTIVE LIMITED
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ABOUT EAGERS AUTOMOTIVE
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DIRECTORS’ REPORT
III. Greenhouse Gas (GHG) Emissions (continued)
b.
Emission reduction initiatives
We have continued to roll out our solar
replacement and installation program with an
additional 6 Solar Photovoltaic (PV) systems
installed in 2024, each providing between 75kW
and 450kW of electricity. This amounts to an
additional 800 kW of solar PV capacity, which
combined with existing systems of approximately
7.7GWh, can generate approximately 8.5GWh
of electricity annually. For the 2024 reporting
period, the solar energy produced accounted
for approximately 15% 1 of the Group’s total
electricity consumption.
In conjunction with our solar roll out project,
this year the Group also commenced a solar
metering project. This project involves retrofitting
meters on existing solar PV systems so we can
more accurately measure energy produced by
our systems and obtain insights into system
performance for maintenance purposes. In
2024, 33 of 65 solar PV systems were retrofitted
with meters, with the remaining systems to be
retrofitted with meters in 2025.
The Group continued to pro-actively manage
the commercial installation of energy efficient
lighting (i.e. LEDs) and more efficient and
environmentally friendly air conditioning systems.
The rollout of light sensor and timer devices also
continued, which together support localised
reduction strategies in energy consumption,
as well as cost management in the face of
increasing electricity pricing.
c.
Transition towards lower emission vehicles
The evolution from largely internal
combustion engines (ICE) to lower
emission technologies is a significant
change to the automotive industry,
driven by evolving consumer
preferences, emerging technologies
and regulatory pressures and
incentives. Eagers Automotive
continues to support this transition
and the visions of our OEM
partners by:
•
Providing OEMs with local market
insights impacting customer
preferences for more informed
decision making,
•
Diversifying into the electric truck
segment, and
•
Investing in infrastructure across
its network to support adoption of
lower emission vehicles.
d.
Supporting OEM partners with
their sustainability and emission
reduction journeys
We partner with each of our OEMs to help
support their sustainability ambitions including
any aspirations for reducing emissions across
their operations and value chains. In 2024 this
included a number of our dealerships partnering
with OEMs to undertake ESG related audits and
develop appropriate action plans to support
the OEMs in their sustainability and emission
reduction journeys.
1.
Estimated solar generation, based on
system size and using the Clean Energy
Council’s published location factors per kWh
for the 23/24 financial year.
Planet
2024 ANNUAL REPORT | 25
REMUNERATION REPORT
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Performance - Sustainable Growth
5
We recognise that having strong leadership
and robust policies and systems in place
is key to building business resilience and
sustainable growth.
Our pragmatic approach and inbuilt flexibility also
encourage and facilitate innovation and strategic
decision making.
A. Governance
I. Board oversight
Sustainability and climate related risks and
opportunities are considered by the Board as
relevant, for example, when reviewing and guiding
strategy, overseeing major transactions and setting
performance objectives and policies.
The Audit & Risk Committee (ARC) and Remuneration
& Nomination Committee (RNC) are committees of
the Board and are appointed and authorised by the
Board to assist in fulfilling the Board's responsibilities.
The ARC Charter and RNC Charter address each
Committee’s role in considering sustainability related
matters when undertaking its responsibilities.
The ARC also provides oversight of the adequacy and
effectiveness of the Company’s risk management
and internal control systems, including review of
material risks at least every six months. This review
includes sustainability and climate related risks and
opportunities where appropriate.
II. Management oversight
We have integrated sustainability into our
existing governance processes and sought to
embed responsibility for the risks associated with
sustainability throughout our business.
The executive leadership team (ELT) has responsibility
for assessing, monitoring, managing and overseeing
risks and opportunities. For sustainability risks and
opportunities, the ELT is supported by a cross-
functional Sustainability Steering Committee.
The Sustainability Steering Committee is tasked with
assisting management to drive a sustainability culture
throughout the group by planning and prioritising
sustainability and climate related initiatives, maintaining
oversight of the performance of these initiatives, and
providing updates to the ELT on progress.
B. Risk Management
Robust risk management processes and practices
integrated into our work culture are important for the
resilience and long-term sustainability of our business.
The process and related policies the Group uses to
identify, assess, prioritise and monitor risks (including
sustainability and climate related risks) are reflected in the
Risk Management Framework, which has been developed
in accordance with the Group’s Risk Management Policy
and is approved by the Board.
Operations
Ultimate oversight of the Group’s risk management
framework - Setting risk appetite and ensuring sound
risk management and control environment is in place.
Delegates detailed work to ensure Board risk
management objectives are met, reporting and
making recommendations regarding adequacy and
effectiveness of risk management framework.
Establishment, implementation and maintenance
of the Group’s risk management framework.
Develops and conducts audits as set out in the
Annual Audit Plan, and encourage a culture that seeks
continual improvement in the management of risk.
Operationalising risk management, embedding risk
management processes in daily practices.
Management
Chief Financial Officer
Chief Executive Officer
Internal Risk & Audit
Board of Directors
Audit & Risk Committee
26 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Performance
B. Risk Management (continued)
When identifying risks, changes in external and internal
context and indicators of emerging risks are considered.
The risk analysis examines consequences and likelihood
to determine a risk rating that supports the priority of
actions for managing risks. The risk matrix provides
parameters for risk analysis to ensure a consistent
approach. Following assessment, risk management
plans and controls for individual risks are developed and
implemented by management. Risks are assessed on a
bi-annual basis.
The diagram on page 16 sets out the roles and
responsibilities of key risk functions within the Group.
C. Privacy and Cyber Security
The Group’s Chief Information Officer and Chief
Information Security Officer oversee the Group’s cyber
security and response framework and report to the Eagers
Board on this topic. The Group’s Privacy Officer supports
the Group in protecting the personal information of its
customers and employees and responding to any privacy-
related complaints or incidents.
Throughout 2024 and in line with a continuous
improvement approach, the Group continued to deploy
strategies to help protect, detect, monitor, assess and
strengthen business resilience to cyber threats and
privacy breaches. This included:
-
Improvements to cyber security operations,
vulnerability scanning and monitoring, and identity
security management tools,
-
Employee privacy and cyber security education and
training, including phishing exercises, and
-
Internal and external cyber security audits.
The Group also responded to the cyber incident
identified in late December 2023 by promptly launching
an investigation into the incident and undertaking
containment, privacy notification and remediation
activities, which have now concluded.
D. Ethics and Integrity
Our commitment to a culture of honesty, accountability and
ethical behaviour is reflected in our adoption of ‘Integrity’
as one of our four corporate values. Ethical behaviours
are promoted through a suite of Group-wide policies and
procedures, including our Anti-bribery and Corruption Policy,
employee and supplier Codes of Conduct, Diversity, Equity
and Inclusion Policy, Whistleblower Policy, Appropriate
Workplace Behaviours Policy and our Employee Manual.
We encourage and support our employees, customers
and stakeholders to speak up about unethical
behaviour and our integrity reporting framework
provides a safe avenue through which concerns
(including eligible whistleblower disclosures)
can be raised. Anyone can confidentially and
anonymously raise a concern via YourCall,
an external and independently operated
complaints avenue. Employees can also
choose to report issues directly to their
managers or other senior personnel
in accordance with our Complaints
Management Policy.
Disclaimer and Disclosures
This report contains forward-looking statements
in relation to Eagers Automotive Limited
and its controlled entities (collectively the
Eagers Automotive Group or Group), including
statements setting out the Group’s intent,
goals, objectives, initiatives, commitments
and current expectations in relation to the
Group’s business and operations, external
conditions and risk management practices.
This report also includes forward-looking
statements regarding climate change and other
environmental and social considerations. While
all forward-looking statements are based on the
Group’s good faith assumptions as to the risks and
opportunities likely to affect the Group’s business
and operations in the future, the Group does not
give any assurance that any assumptions will
eventuate or prove correct or accurate, as there
are many intervening factors which are outside the
control of the Group. As such, no undue reliance
should be placed on these statements.
The Eagers Automotive Group also advises that
due to its decentralised business structure and
maturing approach to sustainability reporting,
data and information gathered and reported
may be incomplete or inaccurate, despite the
Group’s best efforts. The continued development,
implementation and improvement of appropriate
data gathering tools and systems is a key focus
for the Group going forward.
2024 ANNUAL REPORT | 27
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Board of Directors
1
3
1
6
7
8
Tim Crommelin BCom, FSIA, FSLE
Chair of Board
Independent Director
Member of Remuneration & Nomination Committee
Non-executive Director since February 2011. Chair since
May 2013. Director of Morgans Holdings (Australia)
Limited since 1991, having served as Morgans’ Chair
from 2010 to 2023. Director of University of Queensland
Endowment Foundation (UQEF). Trustee of Australian
Cancer Research Foundation. Former Director of Senex
Energy Ltd (2010 to April 2022). Former Deputy Chair of
Queensland Gas Company Ltd (2006 to 2009). Broad
knowledge of corporate finance, risk management
and acquisitions and over 40 years’ experience in the
stockbroking and property industry.
Nicholas George Politis AM, BCom
Director
Non-executive Director since May 2000. Motor vehicle
dealer. Executive Chair of WFM Motors Pty Ltd,
Eagers Automotive Limited’s largest shareholder. Vast
automotive retail industry experience and Director of a
substantial number of proprietary limited companies.
Daniel Thomas Ryan BEc, MBus, FAICD
Director
Member of Remuneration & Nomination Committee
Non-executive Director since January 2010. Director
and Chief Executive Officer of WFM Motors Pty Ltd,
Eagers Automotive Limited’s largest shareholder.
Director of a substantial number of proprietary limited
companies. Significant management experience
in automotive, transport, manufacturing and retail
industries.
Marcus John Birrell
Independent Director
Member of Audit & Risk Committee
Non-executive Director since July 2016. Former Director
of Australian Automotive Dealer Association Limited
(2014 to 2017). Distinguished career in the automotive
industry, including 38 years at manufacturer, financier
and retail level and 21 years as Executive Chair of Birrell
Motors Group.
Sophie Alexandra Moore BBus, CA, FFin
Director
Chief Financial Officer
Joined the Company as Chief Financial Officer in
August 2015. Appointed as an executive Director in
March 2017. Executive responsibility for accounting,
taxation, internal audit, payroll and treasury
functions. Previous senior finance roles with
PricewaterhouseCoopers and Flight Centre Travel Group
Limited. Admitted as a Chartered Accountant in 1997.
2
1
3
4
5
28 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
6
8
2
3
4
5
9
Gregory James Duncan OAM, BEc, FCA
Independent Director
Chairman of Remuneration & Nomination Committee
Member of Audit & Risk Committee
Non-executive Director since December 2019. Director
of advisory and investment firm JWT Bespoke Pty Ltd
(2013 to present). Former owner and Executive Chair of
Trivett Automotive Group, Australia’s largest prestige
automotive business. Former Director of Automotive
Holdings Group Ltd (2015 to 2019). Mr Duncan was
also Chair of Cox Automotive Australia Board of
Management (2016 to March 2021).
David Scott Blackhall BCom, MBA
Independent Director
Chairman of Audit & Risk Committee
Non-executive Director since December 2019. Over
half a century of automotive industry experience with
manufacturers, including at Managing Director level,
as dealer principal and owner of various automotive
franchises. Chair (since November 2021) and Chief
Executive (2016 to 2019) of Australian Automotive
Dealer Association. Managing Director of corporate
advisory firm Raglan Ridge Advisors. Former Director of
Automotive Holdings Group Ltd (2019).
Michelle Victoria Prater BBus, CPA, ACIS,
AICD
Director
Non-executive Director since February 2020. Executive
Chair of APPL Group (2004 to present), a property
development and investment group with an extensive
automotive property portfolio including significant
properties leased to Eagers Automotive dealerships.
Former executive roles at corporate and operational
levels with Automotive Holdings Group Ltd (1993 to
2004) including as an executive Director (2002 to 2004).
Katie McNamara BPharm (hons),
MBA, GAICD
Independent Director
Non-executive Director since March 2024. More than 25
years’ experience in strategy, marketing and technology,
including at Super Retail Group, as Chief Strategy &
Customer Officer, at IBM, leading the digital strategy and
iX (Digital customer practice) business unit across the
Asia Pacific region, at Foster’s and Treasury Wine Estates,
as Director of Strategy and Mergers & Acquisitions, and
at McKinsey and Company. Former Director of Motorcycle
Holdings Limited (ASX:MTO) (2022 to July 2024). Former
Director of Mighty Craft Limited (ASX:MCL) (2023 to
July 2024) and also former Managing Director of that
company (from late 2023 to June 2024), having been
appointed to the executive role on a part-time basis
to lead their Board’s strategic review. Since July 2024,
Ms McNamara is a Senior Partner at IBM, leading their
Customer Transformation service line across Asia Pacific.
7
6
9
8
2024 ANNUAL REPORT | 29
REMUNERATION REPORT
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30 | EAGERS AUTOMOTIVE LIMITED
Executive Management
Keith Thomas Thornton, BEc
Chief Executive Officer
Commenced with the Company in July 2002. Prior to his
appointment as Chief Executive Officer in February 2021,
Keith had been responsible for the group’s automotive
operations since June 2007, most recently as Chief
Operating Officer from January 2017 until February 2021.
Keith is a licensed motor dealer with substantial
automotive retail and wholesale experience in volume,
niche and prestige industry sectors. Keith also brought
significant industry experience to the Company, having
previously worked for various automotive manufacturers.
Keith is a Director of Australian Automotive Dealer
Association Limited (2014 to present).
Edward Geschke BA, MBA
Chief Operating Officer, Automotive
Appointed Chief Operating Officer in May 2022, Edward is
responsible for the Company’s Franchised Automotive and
Independent Used operations across Australia and New
Zealand. Since commencing in the automotive industry as
a trainee sales consultant with the Company in 2004, he
has since held many operational management positions
with the Company across Australia. Most recently, he was
Executive General Manager of the Company’s operations
in Western Australia from 2019 to 2022, leading integration
of AHG’s largest state operation into the merged Eagers
Automotive. Edward is also a graduate of the Harvard
Business School’s General Management Program.
Denis Gerard Stark LLB, BEc
Company Secretary
Commenced with the Company in January 2008.
Responsible for company secretarial and governance
support to the Board of Directors and the CEO, and
governance advice to the executive leadership team, with
prior group accountabilities for legal, property, insurance
and investor relations functions. Significant previous senior
executive, company secretarial and legal experience with
public companies and in private legal practice, having
been admitted as a solicitor in Queensland in 1994 and
Victoria in 1997.
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
DIRECTORS REPORT LINK HERE
DIRECTORS’
REPORT
2024 ANNUAL REPORT | 31
REMUNERATION REPORT
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32 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report
Directors’ Report
The Directors of Eagers Automotive Limited ABN 87 009 680 013 (the Company or Eagers) present their report together
with the consolidated financial report of the Company and its controlled entities (the Group) for the year
ended 31 December 2024 (FY24) and the auditor’s report thereon.
Directors
The Directors of the Company at any time during or since the end of the year, and their qualifications, experience and
special responsibilities, are detailed on pages 28 and 29.
Company Secretary
The Company Secretary and his qualifications and experience are detailed on page 30.
Directors’ Meetings
The number of Board meetings (including meetings of Board committees) held during the year under review and the
number of meetings attended by each Director were:
Board Meetings
Audit & Risk Committee
Meetings
Remuneration & Nomination
Committee Meetings
Attended
Held
Attended
Held
Attended
Held
T B Crommelin2
8
8
7
7
N G Politis
7
8
D T Ryan2,
7
8
7
7
M J Birrell1
8
8
4
4
S A Moore
8
8
G J Duncan1, 2
8
8
4
4
7
7
D S Blackhall1
7
8
4
4
M V Prater
7
8
K S McNamara 3
6
6
1.
Audit & Risk Committee members
2.
Remuneration & Nomination Committee members
3.
Ms McNamara was appointed to the Board on 21 March 2024
Principal Activities
The Group’s principal activities during the year consisted of the selling of new and used motor vehicles, distribution
and sale of parts, accessories and car care products, repair and servicing of vehicles, provision of extended warranties,
facilitation of finance and leasing in respect of motor vehicles, and the ownership of property and investments. The
products and services supplied by the Group were associated with, and integral to, the Group’s motor vehicle dealership
operations. There were no significant changes in the nature of the Group’s activities during the year.
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
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2024 ANNUAL REPORT | 33
Directors’ Report (continued)
Financial & Operational Review
Financial Summary
Full Year to
December
2024
$ Million
Full Year to
December
2023
$ Million
Statutory Results
Revenue
11,193.7
9,851.7
EBITDAI2
684.7
688.5
Statutory Profit Before Tax
335.6
427.3
Statutory Profit After Tax
222.9
299.1
Total Ordinary Dividend per Share (cents)
74.0
74.0
Underlying Operating Results1
Underlying Revenue1
11,193.7
9,851.7
Underlying EBITDAI2
550.4
546.0
Underlying Profit Before Tax1
371.2
433.3
Underlying Profit After Tax1
252.8
303.3
1.
Underlying operating results refers to continuing operations, adjusted for significant items outlined and reconciled to statutory results on slides 34
(FY24) and 35 (comparative financial information) of the Investor Presentation. Underlying operating figures are non-financial measures and have
not been subject to review by the Company’s external auditors.
2.
EBITDAI means earnings before interest, tax, depreciation, amortisation and impairment.
Dividend
The Board has approved an ordinary final dividend of 50.0 cps fully franked for FY24, maintaining the record final
dividend in FY23 (50.0 cps). The ordinary dividend has been approved for payment on 11 April 2025 to shareholders who
are registered on 28 March 2025 (Record Date). When combined with the ordinary interim dividend paid in September
2024, the total ordinary dividend based on FY24 earnings is 74.0 cps (FY23 ordinary dividend: 74.0 cps) fully franked.
Maintaining the record payout that was set in FY23 demonstrates the confidence the Board and Management have in
the underlying business, the continued progress against our strategic initiatives and the opportunities that will present in
the near to mid-term. This confidence will always be balanced with disciplined operating behaviour and a cautious view
to the impacts of recent economic and industry headwinds.
The Company’s dividend reinvestment plan (DRP) will not operate in relation to the ordinary dividend.
Dividends paid to members during the year under review were as follows:
Year ended 31 December
2024
$’000
2023
$’000
Final ordinary dividend for the year ended 31 December 2023 of 50.0 cents (2022: 49.0 cents) per share
paid on 28 March 2024
129,342
125,145
Interim ordinary dividend for 2024 of 24.0 cents (2023: 24.0 cents) per share paid on 20 September 2024
61,530
61,656
190,872
186,801
Financial Performance
The Company achieved a Statutory NPBT 2 of $335.6 million for FY24, compared to $427.3 million in the prior
corresponding period (pcp). The FY24 Statutory NPBT included significant items of $35.6 million, primarily relating to
the impairment of Goodwill and leased assets attributable to the New Zealand business of $21.2 million, and business
acquisition and integration costs of $9.4 million. Statutory Net Profit After Tax for FY24 was $222.9 million, compared to
$299.1 million in FY23.
Statutory and Underlying 1 Revenue increased by 13.6% to a record $11,193.7 million, with incremental contributions from recent
acquisitions in Victoria, Northern Territory and Queensland, combined with growth in our Retail Joint Venture and maturing
greenfield operations. On a like-for-like basis 3, Statutory and Underlying 1 Revenue increased by 6.1% to $10,281.0 million.
Underlying 1 Operating NPBT 2/Sales ratio decreased to 3.3% in FY24 (FY23: 4.4%). The decline was driven by a
combination of materially higher finance costs related to current interest rate and inventory cycles, in addition to recent
acquisitions which are yet to be integrated into the broader business. Despite this decline, the FY24 ratio represents a
resilient performance relative to the industry, with the sustainable strong margin delivered through the benefits arising
from the ongoing execution of strategic initiatives.
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34 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
Financial & Operational Review (continued)
Segment performance
Full Year to
December 2024
$ Million
Full Year to
December 2023
$ Million
Car Retailing Segment
Statutory & Underlying 1 Revenue
11,193.6
9,851.3
Underlying 1 Operating Profit Before Tax
369.4
419.1
Statutory Profit Before Tax
333.5
434.2
Property Segment
Underlying 1 Operating Profit Before Tax
8.3
16.4
Statutory Profit Before Tax
8.6
12.8
The Company’s national, independent pre-owned business, headlined by easyauto123 and supported by its national
auction business Carlins, delivered a record profit result in FY24, achieved through our unique competitive advantage in
vehicle sourcing and continued execution of our benchmark operating model.
The value of the property portfolio increased to $885.4 million as at 31 December 2024, compared with $597.9 million at
31 December 2023 (including assets held for sale), with the increase primarily attributable to strategic property acquired
as part of the Victorian, Queensland and Northern Territory business acquisitions.
Underlying 1 Operating Profit Before Tax for the Property Segment was impacted by higher interest and depreciation
costs associated with an increased owned property portfolio relative to the prior period.
Financial Position
Eagers Automotive is in a very strong financial position underpinned by a substantial property portfolio and asset base,
together with $773.9 million of available liquidity at 31 December 2024. This liquidity position includes available cash and undrawn
commitments under corporate debt facilities.
Corporate debt (Term and Capital loan facilities) net of cash on hand was $813.1 million at 31 December 2024, up from
$262.7 million at 31 December 2023, following the disciplined deployment of capital in 2024, with $441 million utilised to
fund large-scale strategic acquisitions and the purchase of strategic property. The Company’s leverage metrics are
strong, with the gearing ratio at 1.48 times at 31 December 2024 (FY23: 0.48 times).
Total inventory levels increased to $1,878.0 million at
31 December 2024, up from $1,620.0 million at 31 December 2023, driven primarily by the acquisition of the Victorian,
Queensland and Northern Territory businesses. Inventory management continued to be a core focus, with the group
holding 54 days supply at 31 December 2024 (down from 64 days supply at 31 December 2023). Eagers Automotive
continues to maintain significant equity ownership in used vehicle inventory.
The Company remains focused on cash management, generating a strong cash position of $183.7 million at 31 December
2024, driven by operating cash flows of $338.9 million. Strong operating cash flows for the period enabled business and
property acquisitions, continued investment in new automotive retail formats and the payment of dividends.
1.
Underlying operating results refers to continuing operations, adjusted for significant items outlined and reconciled to statutory results on slides 34
(FY24) and 35 (comparative financial information) of the Investor Presentation. Underlying operating figures are non-financial measures and have
not been subject to review by the Company’s external auditors.
2.
NPBT means Net Profit Before Tax.
3.
Like-for-like excludes businesses acquired (Ireland’s of Cairns, Alice Springs Toyota, NGP Victorian Operations and Norris Motor Group), businesses
divested in 2023 and 2024 respectively and non-significant greenfield sites.
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
2024 ANNUAL REPORT | 35
Directors’ Report (continued)
Financial & Operational Review
(continued)
Outlook
The resilient performance in 2024 is clear evidence that
the relentless execution of our strategy has transformed
the business, with the benefits clearly emerging in a period
of challenging market conditions.
Through this multi-year transformation, we have built an
enduring and growing competitive advantage that has allowed
the business to outperform the industry and reset the business
model to provide a sustainable strong return on sales margin.
The Company will continue to pursue disciplined and
material growth, with increasing contributions expected
from the large scale acquisitions completed in 2024,
combined with anticipated growth in our Retail Joint
Venture and maturing greenfield operations.
While a number of positive trends supporting consumer
sentiment have emerged, the Company remains cautious
of the impacts of recent economic and inflationary
headwinds. Demand remains strong relative to historic
levels and vehicle margins are expected to remain
consistent with long-term industry averages, supported
by the strong gross profit margin embedded within our
material order bank.
Looking forward we expect to see the following dynamics
drive our results:
-
Delivering a third consecutive year of material
growth with another $1.0 billion in revenue growth
forecast for 2025;
-
Resilient new car market performance with demand
supported by our material order bank and the
expectation of positive industry dynamics emerging
over the course of 2025;
-
Sustainable net margins with further improvements
delivered through our transformed business model,
leveraging our scale, geographic diversity and
relentless execution of our unique strategic initiatives;
-
Opportunity for profit improvement through deeper
integration of recent acquisitions into our core business;
-
Continued growth in our Retail Joint Venture, through
network and product expansion, and our independent
pre-owned used business via our unique business
model and inventory sourcing channels; and
-
Disciplined review of accretive growth opportunities
consistent with our Next100 Strategy.
With unrivalled scale, geographic reach and brand
diversity, the Company remains uniquely positioned
to capitalise on opportunities within the evolving and
consolidating industry landscape.
We have a track record of executing with discipline
against a clear and consistent strategy, which has built
an enduring and growing competitive advantage. When
combined with consistent, disciplined and material growth,
the Company is well positioned to continue to deliver for
the benefit of all our stakeholders over the remainder of
2025 and beyond.
Significant Changes in the State
of Affairs
In the Directors’ opinion there was no significant change
in the state of affairs of the Group during the financial
year that is not disclosed in this report or the consolidated
financial report.
Matters Subsequent to the End of
the Financial Year
The Directors are not aware of any matter or circumstance
not dealt with in this report or the consolidated financial
report that has arisen since the end of the year under review
and has significantly affected or may significantly affect the
Group’s operations, the results of those operations or the
state of affairs of the Group in future financial years.
Environmental Regulation
The Group’s property development and service centre
operations are subject to various environmental
regulations. Environmental licences are held for particular
underground petroleum storage tanks.
Planning approvals are required for property
developments undertaken by the Group in relevant
circumstances. Authorities are provided with appropriate
details and to the Directors’ knowledge developments
during the year were undertaken in compliance with
planning requirements in all material respects.
Management works with regulatory authorities, where
appropriate, to assist compliance with regulatory
requirements. There were no material adverse environmental
issues during the year to the Directors’ knowledge.
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36 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
Risk Management
Eagers Automotive recognises the importance of maintaining an effective risk management framework as part of good
corporate governance. We are committed to high standards of risk management in the way we operate our business and
actively identify and manage risks that may impact our ability to sustain future performance and deliver on long-term
strategic objectives.
Identified key risks (including environmental, and social risks) and the actions Eagers is taking to mitigate them, are
outlined below (in alphabetical order).
Risk description
How we respond
Challenging macro-economic conditions
Eagers Automotive has operations across
Australia and in New Zealand, which are
experiencing challenging macro-economic
conditions driven by numerous factors including
cost-of-living pressures, elevated inflation levels,
higher interest rates, weaker growth and lower
business and consumer confidence. All businesses,
including Eagers Automotive, are affected by
these conditions.
Our diversified geographic footprint mitigates the impact of
regional differences in economic conditions.
We actively monitor external indicators and incorporate
consideration of economic conditions and future expectations
into our strategic and operational plans.
We undertake regular financial reviews and forecast cash flows
and revenues to manage our capital position considering the
economic environment.
Cyber security and business resilience
Eagers Automotive uses information technology
systems to conduct business activities. Although
risk mitigation measures are in place, it is possible
these might not prevent or detect unauthorised
access to systems and data, which may impact
our business operations and attract regulatory
action.
We have a dedicated Information / Cyber Security team, led
by our Chief Information Officer and our Chief Information
Security Officer, that protects, detects, monitors, assesses
and strengthens our resilience to cyber threats (e.g. anti-virus
software and vulnerability monitoring).
We have a cyber framework that governs information security
across the group.
We continuously monitor our network and conduct vulnerability
assessments.
We focus on educating and training our employees to enhance
awareness of privacy and cyber security threats.
We have incident response procedures to improve recovery from
potential cyber disruption.
Manual work-arounds may be available if needed to assist
Eagers to return to business as usual in the event of an incident.
Geo-political events
In a connected, global industry, all businesses
including Eagers Automotive, can be prone to the
impacts of external geo-political events around
the globe, which could impact our representation
of particular brands associated with a particular
geographic or political region.
Additionally, the imposition of, or changes to,
tariffs between countries may drive an influx of
new brands into the Australian market where no
tariffs are currently in place. This has the potential
to disrupt the market landscape.
We prioritise maintaining effective relationships with our
OEM partners.
We have actively grown the diversity of our OEM brands and
business model.
We closely monitor higher risk markets and participate in
industry representation.
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
2024 ANNUAL REPORT | 37
Directors’ Report (continued)
Risk description
How we respond
Government intervention driving buyers’ preferences
Government intervention through providing
incentives, may drive a shift in customer
preferences.
Changes in customer behaviour may also open
new markets, presenting opportunities to deliver a
broader range of products.
Our diversified brand portfolio provides a broad range of options
to satisfy changing buyers’ preferences.
We participate in industry representation, providing input to
proposed legislative changes.
We have implemented strategic alliances with key OEMs to
increase offerings.
We closely monitor and manage sales performance at regional
and national levels.
Health, safety and environment (HSE)
Automotive industry employees are subject to an
inherent risk of workplace incidents, given their
proximity to the operation and servicing of motor
vehicles and warehouse facilities. These risks could
impact our employees, business and reputation
and lead to regulatory action.
We have a HSE management framework, including risk
identification, safe work procedures, training, awareness,
incident reporting and injury management.
We have invested in systems to support real time injury
reporting, enhance HSE monitoring and management and
mitigate risks.
We are committed to providing safe facilities for our people.
Our safety teams undertake safety inspections and regular
reporting to management and the Board.
Original equipment manufacturers (OEM)
Eagers Automotive has the right to sell new
vehicles and OEM parts and service pursuant to
agreements with the OEMs. The success of our
business and our ability to grow relies on retaining
relationships with existing OEMs and developing
new ones. Changes to OEM distribution models
also have the potential to impact our business.
OEM-driven inventory oversupply may potentially
lead to excess stock and increased holding costs,
pressuring margins through forced discounts.
Intensified competition amongst OEMs in any
segment of the vehicle market could also
compress gross profit margins.
We prioritise maintaining effective relationships with our
OEM partners.
We have actively grown the diversity of our OEM brands,
business model and geographic footprint.
We continue to focus on the development of non-franchise
businesses such as easyauto123 and Carlins Automotive
Auctioneers.
Privacy and data management
The effective management of personal
information is vital to ensure customer
relationships are appropriately managed, while
also protecting employee and customer privacy,
in accordance with our legislative requirements.
A failure to do so may result in the erosion of
stakeholder confidence, impact our business and
attract regulatory action.
Our privacy policy governs how we collect, use, disclose and hold
personal information.
We have an incident management process designed to address
data security incidents.
We focus on educating and training our employees to enhance
awareness of privacy and cyber security threats.
We carry out periodic actions to help protect, detect, monitor,
assess and strengthen our resilience to privacy breaches.
We adopt automated solutions to replace manual and paper-
based processes, where practicable, reducing the risk of
physical breaches.
Risk Management (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
38 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
REMUNERATION
REPORT
Letter to Shareholders from Chair of Remuneration Committee
40
1.
Introduction and Key Management Personnel
42
2.
Remuneration Strategy and Principles
43
3.
Executive remuneration framework
44
3.1
Our Framework
44
3.2 Changes to remuneration framework
45
3.3 Fixed remuneration
45
3.4 Short term incentive plan (STI)
45
3.5 Long term incentive plan (LTI) – FY21 – FY24 Options
46
3.6
LTI – LTI Loan Shares (including Deferred STI)
47
3.7
Peer Comparator Group
50
4.
Executive remuneration – performance and outcomes
51
4.1
Business performance
51
4.2 Statutory Remuneration
51
4.3 FY24 performance and remuneration outcomes
52
5.
Non-executive Director remuneration
59
5.1
Statutory non-executive Directors’ remuneration outcomes
60
6.
Remuneration Governance
61
6.1
Roles in determining remuneration
61
6.2
Executive contractual arrangements
61
7.
Equity instrument and other disclosures relating to KMP
62
Contents
2024 ANNUAL REPORT | 39
REMUNERATION REPORT
FINANCIAL STATEMENTS
SHAREHOLDER INFORMATION
SIGNED REPORTS
Dear Shareholders,
On behalf of the Board of Directors, I am pleased to present the remuneration report for 2024. This report
summarises our Remuneration Policy, how it has operated during the year under review, and how it will be
implemented in 2025.
Financial performance
Eagers has been relentless in driving industry-leading
productivity whilst, at the same time, transforming our
operating model. We believe our business is now far
more resilient, able to perform consistently through
cycles, and provides a platform for future growth. Our
FY24 result demonstrates the benefits of this multi-
year transformation and how Eagers continues to
build an enduring competitive advantage.
FY24 saw significant growth, with record revenue
underpinned by very strong contributions from
our core Franchised Auto business and a record
performance from our easyauto123 business -
Australia’s largest independent pre-owned business.
With further opportunities to optimise our business
model and improve the performance of recent
acquisitions, we have a platform to continue to
deliver sustainable results for all shareholders.
As a testament to our Company’s financial
performance, we have been able to reward
shareholders with a total dividend for FY24 of 74.0
cents per share.
FY24 remuneration and performance
As a result of Eagers’ strong financial and operational
performance in FY24, all Short-term Incentive (STI) KPIs
were achieved at or above target. Consequently, STI
payouts for FY24 were awarded to executives. This
is a testament to the outstanding performance and
dedication of our management team in delivering on
the Company’s strategic objectives and generating
strong results for our Shareholders.
Additionally, the performance conditions under
the Long-term Incentive (LTI) plan for the four-year
period FY21 to FY24 (based on the Group’s growth in
underlying EPS and interest cover ratio) have been
met in full, resulting in 100% vesting of share options
for that period. This outcome reflects the sustained
performance delivered by the business over the
long term. Although the share options have vested,
they will only deliver value to LTI participants to
the extent the Company’s share price exceeds the
option exercise price of $12.32, aligning the reward to
executives with returns to shareholders.
Changes to our Remuneration
Framework in FY24
KMP remuneration review
In FY24, the Board reviewed the remuneration
arrangements of executive KMP to ensure market
competitiveness. This resulted in the first change
to the CEO’s remuneration since his appointment
in early FY21. The review considered various metrics
regarding the size and complexity of the Eagers
business relative to its Peer Comparator Group,
consisting of:
-
companies within the ASX consumer
discretionary index;
-
ASX-listed automotive retail companies;
-
domestic unlisted automotive retailers; and
-
international automotive retail companies.
See section 3.7 for further information on our Peer
Comparator Group.
New LTI loan shares
With management’s LTI vesting for the period FY21
to FY24, new LTI awards were granted to the CEO
and COO in FY24. This provides greater weighting
to the long-term ‘at risk’ components of their
remuneration arrangements, with this new LTI having
a performance period exceeding five years, for the
CEO and four years for the COO.
The new LTI awards are in the form of loan-funded
shares alongside a deferred cash component of
their STI, with both the LTI and deferred STI subject
to long-term vesting periods (exceeding five years
for the CEO, and four years for the COO). This
means that 50% of the executive’s annual STI award
will be deferred (and remain at risk) until vesting of
the LTI. In this way, the deferred component of their
STI becomes a long-term incentive.
Loan share plans are commonly used in the
automotive retail industry to award an equity interest
to key executives. Within our business, supporting an
ownership culture is considered critical to delivering
long-term shareholder returns.
40 | EAGERS AUTOMOTIVE LIMITED
Letter to Shareholders from Chair
of Remuneration Committee
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
New LTI loan shares (continued)
Structuring the LTI using loan shares, where the
executives purchase Eagers shares at market price,
funded with a loan from the Company, strengthens
alignment between shareholders and the executives
by delivering a focus on growth in both share price
and dividends.
In addition, the Board believes these new LTI awards
provide a market competitive long-term equity
incentive that will address retention risk by rewarding
the CEO and COO for delivery of shareholder returns
over the longer term.
Further details of the changes to executive KMP
remuneration in FY24, including the new LTI loan
shares for the CEO and COO, are provided in
sections 3 and 4 of the remuneration report.
Looking ahead to FY25 and beyond
There will be a change to how our STI plan for
executives operates in FY25 and future years. The
performance conditions for each year’s STI will be set
annually from the start of the relevant year reflecting
our continuing focus on growth and the expected
economic environment for the respective year.
As outlined above, 50% of the STI outcome for
the CEO and COO for each year will be deferred
(and remain at risk) until their LTI loan shares vest
(which for the CEO is following release of the FY29
financial results, approximately 5 and a half years
after the loan shares were granted). At that time,
the deferred amounts (after tax has been deducted)
will be directed to repay the outstanding loan which
was provided in FY24 to purchase the LTI shares.
If the LTI loan shares do not vest, the deferred STI
amounts will be forfeited.
To achieve the intended pay mix for the CEO, which
puts a greater weighting on performance-based
pay and the longer-term deferred components of
his package, the CEO’s total STI opportunity for
FY25 will be increased to $1,600,000 (100% of fixed
remuneration, excluding superannuation). 50% of
the STI outcome for each financial year from FY25 to
FY29 will be delivered, to the extent STI performance
criteria are achieved, as deferred STI which will only
vest if and when the LTI loan shares vest (as outlined
above).
Acknowledgements
On behalf of the Board, I would like to thank
our CEO, Keith, the entire management team
and our employees. Your dedication, hard work,
and unwavering focus has been instrumental in
achieving the Company’s strong results during FY24.
I would also like to commend my fellow Directors for
their insightful guidance and valuable contributions
throughout the year.
Lastly to our valued shareholders, thank you for
your support and trust. Our strong foundation
and remuneration structures assist us to pursue
upcoming growth opportunities that align with our
strategic vision. Eagers is well placed to maintain its
leadership in the industry and provide strong returns
for shareholders.
I invite you to review the Remuneration Report and
trust you will find it informative. On behalf of the
Board, I would like to thank you for your continued
support.
Yours sincerely
Greg Duncan
Chair, Remuneration Committee
2024 ANNUAL REPORT | 41
REMUNERATION REPORT
FINANCIAL STATEMENTS
SHAREHOLDER INFORMATION
SIGNED REPORTS
1.
Introduction and Key Management Personnel
This report outlines the remuneration arrangements for the Company’s Key Management Personnel (KMP), which
include Directors and executives who have authority and responsibility for planning, directing and controlling the
activities of the Group.
The information provided in this report has been prepared in accordance with the requirements under the Corporations
Act 2001 and relevant Accounting Standards. This report forms part of the Directors’ Report and unless otherwise
indicated the following sections have been audited in accordance with section 308 (3c) of the Corporations Act 2001.
The KMP for FY24 were:
Name
Position
Term as KMP in FY24
Non-executive Directors (NEDs)
Tim Crommelin
Chair
Full year
Nick Politis
Director
Full year
Daniel Ryan
Director
Full year
Marcus Birrell
Director
Full year
David Blackhall
Director
Full year
Greg Duncan
Director
Full year
Michelle Prater
Director
Full year
Katie McNamara
Director
From initial appointment on 21 March 2024 to year end
Executive Directors
Sophie Moore (CFO)
Director, Chief Financial Officer
Full year
Other Executive KMP
Keith Thornton (CEO)
Chief Executive Officer
Full year
Edward Geschke (COO)
Chief Operating Officer
Full year
Denis Stark (CS)
Company Secretary
Full year
There have been no changes to KMP since the reporting date.
42 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Our Remuneration Strategy
Remuneration packages are intended to reflect the individual’s duties and
responsibilities, be competitive in attracting and retaining quality talent and be
aligned to shareholder interests.
Our Remuneration Principles
Flexibility
Simplicity
Drive equity
ownership
Aligned to
the Next100
Strategy
2. Remuneration Strategy and Principles
Enables the Board
to apply appropriate
judgement where in
the interests of the
Company to do so,
with the rationale to be
disclosed transparently
if and where discretion
is used
Easily explained to
and understood by
internal and external
stakeholders
Linked to long-term
value creation
for shareholders
Linked to the
achievement of
long-term financial
and non-financial
objectives
Our Remuneration Strategy
Remuneration packages are intended to reflect the individual’s duties and
responsibilities, be competitive in attracting and retaining quality talent and be
aligned to shareholder interests.
2024 ANNUAL REPORT | 43
Directors’ Report (continued)
2024 ANNUAL REPORT | 43
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
3. Executive Remuneration Framework
3.1 Our Framework
Fixed remuneration
(FR)
Short-Term Incentive
(STI)
Long-Term Incentive
Options (LTI Options)
Long-Term Incentive Loan
Shares (LTI Loan Shares)
FR consists of base
salary and excludes
superannuation and
additional benefits (e.g.
use of motor vehicles,
insurance, health and
fitness programs).
FR is reviewed annually
and on promotion
to ensure it remains
competitive with the
market. The Board utilises
a Peer Comparator
Group comprised of the
following companies for
the purpose of reviewing
the remuneration
arrangements of key
executives:
-
Automotive retail
companies that are
listed on the ASX;
-
Companies in the S&P/
ASX 200 consumer
discretionary index;
-
Automotive retailers in
Australia that are not
listed on the ASX; and
-
Automotive retailers
that are listed on
recognised stock
exchanges overseas.
See section 3.7 for further
details on the Peer
Comparator Group.
STI consists of a combination
of cash and performance
rights vesting annually
subject to satisfaction of
performance hurdles.
The STI has a focus on
creation of shareholder value
by rewarding the achievement
of both financial and non-
financial performance hurdles.
Financial hurdles consist of
the following (both of which
must be achieved):
-
Compound annual growth
in underlying EPS above
the FY20 baseline of 52
cents per share (Baseline);
and
-
Interest cover ratio of at
least 2.5 times.
Non-financial hurdles
consist of:
-
Strategic hurdles; and
-
Sustainability hurdles.
Executive KMP are awarded
cash incentives and
performance rights based
on satisfaction of the above
financial and non-financial
hurdles.
The COO does not
participate in the STI rights
plan, and instead receives
a cash commission based
on the net profit of certain
business units and therefore
having a direct link to
the Company’s financial
performance.
Commission plans are
common for senior
operational executives in the
automotive retail industry.
As part of the CEO and
COO’s LTI Loan Shares, the
CEO (commencing FY25) and
COO (commencing FY24)
also participate in a deferred
STI – see adjacent ‘LTI Loan
Shares’ column.
For further details on STI see
section 3.4
FY21 – FY24 LTI Options
consist of a grant
of options set at an
exercise price (of
$12.32) and subject
to satisfaction of
performance hurdles.
The LTI Options focus on
creation of shareholder
value by rewarding
achievement of financial
performance hurdles
and growth in share
price over the Options’
exercise price.
The Options vested
at the end of a four-
year period (FY21 to
FY24), being the time
performance against
financial hurdles were
assessed. This LTI plan
ceased at the end of
FY24.
Financial hurdles for this
LTI plan consisted of:
-
Compound annual
growth in underlying
EPS above the FY20
baseline of 52 cents
per share (Baseline);
and
-
Interest cover ratio
of at least 2.5 times.
No new Options have
been granted since
FY21.
For further details on LTI
options see section 3.5
LTI Loan Shares consist of
a grant of shares acquired
at market price by the
executive, funded by a
limited recourse loan from
the Company subject to
continued service.
The LTI Loan Shares focus
on creation of shareholder
value by rewarding growth
in share price and delivery
of dividends. The LTI Loan
Shares were offered only to
the CEO and COO in FY24.
The CEO’s Loan Shares
have a performance period
exceeding five years (ending
in February 2030).
The COO’s Loan
Shares have a four year
performance period.
Alongside the LTI Loan
Shares, 50% of the
executive’s STI outcome
for the relevant financial
years over the LTI Loan
Share vesting period will be
deferred until the LTI Loan
Shares vest. To the extent
the aggregate deferred STI
vests, the total amount will
be automatically directed
(after deduction of tax)
to repay the outstanding
balance of the executive’s
loan.
For further details on the LTI
Loan Shares see section 3.6.
44 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
3. Executive Remuneration Framework (continued)
3.2 Changes to remuneration framework
In FY24, the remuneration arrangements for the CEO and COO were reviewed, reflecting their critical roles in driving the
future success of Eagers and the Board’s preference to allocate a greater weight of their remuneration to long-term
equity holdings. The Board awarded the CEO and COO LTI Loan Shares which seek to align their interests with those
of shareholders by rewarding the achievement of both share price growth and dividends over the long term. For more
detailed information, please see section 3.6.
3.3 Fixed remuneration
The Board reviews executive KMP remuneration annually, considering internal and external factors and the
Company’s Peer Comparator Group (see section 3.7 for further details). This ensures remuneration arrangements
remain competitive and aligned to performance, skill, contribution and knowledge, with changes to FR implemented
with effect from 1 January 2024.
3.4 Short term incentive plan (STI)
A description of the STI plan structure applicable for FY24 is set out below.
Design feature
Further detail
Purpose
The STI plan focuses on creation of shareholder value by rewarding the achievement of both financial and
non-financial performance hurdles.
FY24 is the final year the equity component of the STI plan will operate.
Participants
The CEO, COO, CFO and CS participate in the STI plan.
Instrument and
quantum
Quantum varies per role. Awards are delivered in a mix of cash and performance rights, other than for the COO1.
Role
Vehicle
Maximum STI quantum (as % of FR)
CEO
cash (57%) and rights (43%)
87.5%
COO1
cash (100%)
200%2
CFO
cash (63%) and rights (37%)
78%
CS
cash (72%) and rights (28%)
45%
Changes in FY24 to STI arrangements
- The CEO’s maximum cash STI opportunity increased by $200,000 to $800,000.
- The COO’s maximum STI opportunity (excluding commission) increased from $200,000 to $600,000 to align with
the COO’s increase in FR and accommodate a new deferred STI component as part of the LTI Loan Share award.
- The COO’s deferred STI is 50% of his non-commission STI outcome and will vest and become payable only when
the LTI Loan Shares vest. At that time, the aggregate deferred STI amount (after deduction of tax) will be
automatically directed to repay the loan used to acquire the LTI Loan Shares. See section 3.6 for further detail.
- For both the CFO and CS, a stretch component was incorporated into their FY24 STI, subject to achievment of
specific stretch conditions, as detailed below.
Award cycle and
performance period
The STI operates each financial year with performance measured annually.
Performance
conditions and
rationale
The STI is subject to various annual financial and non-financial hurdles which must be met for the STI to vest. See
section 4.3 for further details.
Treatment on cessation
of employment
If an executive ceases employment, the STI award will lapse and nil vesting/payment will be made for the year in
which employment ceases unless the Board determines otherwise.
Change of control
Change of control terms are in line with market practice, whereby the Board has discretion to determine an
appropriate treatment for unvested awards on occurrence of a change in control event.
Clawback and
preventing
inappropriate benefits
Equity awards may lapse or be forfeited, at the discretion of the Board, in certain circumstances, including
fraudulent behaviour, serious misconduct or where the awards vested as a result of a material misstatement in the
financial statements.
1.
The COO does not participate in the rights component of the STI, and instead is awarded a cash commission based on net profit of certain
business units and therefore having a direct link to the financial performance of the Company, as is common in the automotive industry.
2.
The COO’s percentage of FR consists of an upfront (50%) and deferred (50%) cash payment, and does not include the commission. The deferred
component is the deferred STI in relation to the LTI Loan Shares.
2024 ANNUAL REPORT | 45
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
3. Executive Remuneration Framework (continued)
3.5 Long term incentive plan (LTI) – FY21 – FY24 Options
A description of the LTI Options plan structure applicable for FY21 – FY24 is set out below.
Design feature
Further detail
Purpose
The LTI Plan focuses on creation of shareholder value by rewarding achievement of financial performance hurdles.
Participants
The CEO, CFO, COO and CS are participants in the LTI plan.
Instrument
Delivered in options. Each option entitles the participant to one ordinary share upon vesting and payment of the
exercise price.
Exercise price
$12.32 per option, being the share price on the initial grant date in February 2021.
Options for the four-year period were allocated on the initial grant date, with the number of options determined
using ‘fair value’ methodology.
Vesting and
performance period
Options may vest (graded vesting) subject to performance hurdles measured at the end of a four-year performance
period (FY21 to FY24).
Performance
conditions and
rationale
Two financial hurdles, both of which must be achieved for any Options to vest:
1.
Interest cover ratio of at least 2.5 times; and
2.
Compound annual growth in underlying EPS above the Baseline:
a. 50% of options will vest at 9.0% EPS growth over the four-year period.
b. 100% of options will vest at 10% EPS growth over the four-year period.
Performance is measured only at the end of the four-year period.
There is no re-testing if the hurdles are not achieved when first measured.
Quantum
Subject to meeting the two financial hurdles, the maximum award available per annum over the four-year period is
as per the following table:
Role
Quantum (as % of FR)
CEO
37.5%
COO
33.3%
CFO
14.3%
CS
6.3%
Treatment on cessation
of employment
If employment ceases during the four-year period, all unvested options will lapse, unless the Board
determines otherwise.
Change of control
Change in control terms are in line with market practice, whereby the Board has discretion to determine an
appropriate treatment for unexercised awards on occurrence of a change in control event.
Clawback and
preventing
inappropriate benefits
Equity awards may lapse or be forfeited, at the discretion of the Board, in certain circumstances, including
fraudulent behaviour, serious misconduct or where the awards vested as a result of a material misstatement in the
financial statements.
46 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
3. Executive Remuneration Framework (continued)
3.6 LTI – LTI Loan Shares (including Deferred STI)
The LTI Loan Shares have been structured to drive business performance and reward the delivery of shareholder returns
over the long term for selected executives considered critical to the future success of the Company.
The CEO and COO were awarded LTI Loan Shares in FY24.
The CEO’s Loan Shares have a performance period exceeding five years (ending in February 2030). The Deferred STI
component of his LTI Loan Shares will also commence in FY25.
The COO’s Loan Shares have a four year performance period.
The below graphic is an illustrative representation of how the COO’s LTI Loan Shares and Deferred STI will operate:
Deferred STI
LTI Plan
Award vests
August 2024
(Grant date)
Cash-based
incentive
31 December 2024
(Year 1)
31 December 2025
(Year 2)
31 December 2026
(Year 3)
31 December 2027
(Year 4)
February 2028
(Full year results released)
Deferral period
2024 Deferred STI
LTI Loan Shares
Deferral period
2025 Deferred STI
Deferral period
2026 Deferred STI
2027 Deferred STI
Note: The CEO’s LTI Loan Shares and Deferred STI operate on similar terms, but over a vesting period exceeding five
years (ending in February 2030)
2024 ANNUAL REPORT | 47
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
3. Executive Remuneration Framework (continued)
3.6 LTI – LTI Loan Shares (including Deferred STI) (continued)
Deferred STI
Design feature
Further detail
CEO
COO
Instrument and
quantum
Cash-based incentive is directed to repay the loan that was used to acquire the LTI Loan Shares.
The deferred STI quantum for each financial year comprises 50% of the executive’s STI outcome
for the relevant year.
The CEO’s annual maximum deferred STI is
$800,000 (commencing FY25).
The COO’s annual maximum deferred STI is
$300,000 (commencing FY24).
Award cycle
Each year from FY25 to FY29.
Each year from FY24 to FY27.
Vesting conditions and
vesting date
Awarding of each year’s deferred STI is dependent on satisfaction of the relevant financial and
non-financial hurdles under the STI. Once quantum of the deferred STI for each financial year has
been determined (50% of the executive’s STI outcome), vesting of the deferred STI is then subject
to the executive’s continued employment with the Group until the date on which the LTI Loan
Shares vest. For the CEO’s deferred STI, the vesting date is when the FY29 full-year results are
released (expected to be in February 2030). For the COO’s deferred STI, the vesting date is when
the FY27 full-year results are released (expected to be in February 2028).
Deferral period and
payment
Payment of the deferred STI is deferred (and remains at risk) until the LTI vesting date. Once
vested, the aggregate deferred STI amount will be paid through the payroll and the after-tax cash
value will then be applied to repay the outstanding loan balance for the LTI Loan Shares. After the
loan balance is fully repaid, any excess after-tax deferred STI will be paid to the executive.
Treatment on cessation
of employment
Unvested deferred STI will be forfeited where the executive ceases employment before the vesting
date, subject to Board discretion.
Change of control
Change of control terms are in line with market practice, whereby the Board has discretion to
determine an appropriate treatment for unvested deferred STI on the occurrence of a change in
control event.
Clawback and
preventing
inappropriate benefits
For circumstances involving fraud, dishonesty, gross misconduct or breach of the executive’s
obligations to the Company, the Board may:
-
Deem some or all of the executive’s unvested deferred STI to have been forfeited;
-
Require the executive to repay the Company some or all of the value of any deferred STI paid
to them; or
-
Any other treatment as determined by the Board.
48 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
3. Executive Remuneration Framework (continued)
3.6 LTI – LTI Loan Shares (including Deferred STI) (continued)
LTI Loan Shares
Design feature
Further detail
Instrument
Fully paid shares in the Company funded by an interest-free limited recourse loan provided by the
Company to the executive. The shares are subject to a holding lock until such time as the shares
have vested and the loan has been repaid in full.
Quantum
On 29 August 2024, the CEO and COO purchased shares in the Company at a market price of
$10.23 per share (the 5-day VWAP prior to grant).
The CEO purchased 1,000,000 shares at a market price of $10,228,899, which he loaned from the
Company. The shares had a total fair value at grant of $4,050,000.
The COO purchased 800,000 shares at a market price of $8,182,240, which he loaned from the
Company. The shares had a total fair value at grant of $2,592,000.
Loan terms
The loans provided by the Company to the executives to acquire shares are interest-free and
limited recourse.
The executive must repay the loan by no later than a specified date being approximately 13
months after the vesting date, noting:
-
The after-tax component of dividends received on shares during the vesting period will be
directed to repay the outstanding loan balance;
-
The after-tax amount of deferred STI earned during the vesting period will, once vested, be
applied to repay the outstanding loan balance;
-
The executive can elect to sell some shares for the purpose of repaying the loan at any
time after the release of the Company’s full-year results in respect of the third year of his
vesting period.
-
Proceeds from any sale of Loan Shares will be directed first towards settling any outstanding
loan balance.
Vesting conditions and
vesting date
Loan Shares vest subject to the executive’s continued employment with the Group until the
vesting date. For the CEO, the vesting date is when the FY29 full-year results are released
(expected to be in February 2030). For the COO, the vesting date is when the FY27 full-year results
are released (expected to be in February 2028).
Treatment on
cessation of
employment
The LTI Loan Shares will be forfeited where the executive ceases employment before the vesting
date, subject to Board discretion.
Change of control
Change of control terms are in line with market practice, whereby the Board has discretion to
determine an appropriate treatment for unvested LTI Loan Shares on the occurrence of a change
in control event.
Clawback and
preventing
inappropriate
benefits
For circumstances involving fraud, dishonesty, gross misconduct or breach of the executive’s
obligations to the Company, the Board may:
-
Require the executive to surrender the Shares to the Company (or its nominee); or
-
Any other treatment as determined by the Board.
2024 ANNUAL REPORT | 49
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
3. Executive Remuneration Framework (continued)
3.7 Peer Comparator Group
The Board utilises a peer comparator group comprised of
the following companies for the purpose of reviewing the
remuneration arrangements of senior executives (Peer
Comparator Group):
-
Automotive retail companies that are listed on the ASX;
-
Companies in the S&P/ASX 200 consumer
discretionary index;
-
Automotive retailers in Australia that are not listed on
the ASX; and
-
Automotive retailers that are listed on recognised stock
exchanges overseas.
The Peer Comparator Group is a targeted list of
companies with a broad range of metrics for comparison
purposes, including market capitalisation, revenue,
profitability, number of employees, geographic footprint,
together with industry-specific factors.
For the following reasons, the Board does not believe
any meaningful comparison of the Company’s senior
executive remuneration practices can be made unless the
comparator group includes domestic non-listed automotive
retailers and foreign automotive retailers, together with a
range of non-automotive ASX-listed companies:
-
The comparator group needs to be broader than other
ASX-listed automotive retailers as there are only two
other such companies and they are both dwarfed by
Eagers on virtually every metric, such as enterprise
value, scale, revenue, profitability, number of vehicles
sold, brands represented, number of employees
and geographic footprint. For example, by market
capitalisation, Eagers is more than 9 times larger than
the next largest ASX-listed automotive retailer.
-
It is difficult to find any single ASX-listed company
from any industry, with metrics and industry dynamics
similar to Eagers. For a meaningful comparison, it is
therefore appropriate that the comparator group
include a range of ASX-listed companies with a broad
range of metrics for comparison purposes, such as the
S&P/ASX 200 consumer discretionary index.
-
The comparator group ought to include automotive
retailers in the Australian market that are not listed on
the ASX for these reasons:
• Non-listed automotive retailers in Australia are
Eagers‘ largest group of competitors for executive
leadership talent. Note that all ASX-listed companies
(including Eagers) account for only 16% of the
national new car market, with non-listed operators
accounting for the remaining 84% of the market.
• Industry practice for remunerating senior leaders of
our non-listed competitors is not typical for ASX-
listed companies. It is common for the remuneration
of these private operators to be comprised of a
relatively low fixed base pay, a very large variable
at-risk component in the form of a commission plan,
and a significant equity ownership plan, including
share loan plans. Although these arrangements
are often mandated by major global suppliers, they
are at times viewed as unattractive by analysts
with limited industry experience (despite the
arrangements being directly linked to financial
performance, the creation of shareholder value and
attracting, retaining and motivating key talent).
• The comparator group needs to also include
overseas-based automotive retailers as there is only
a limited domestic pool of executive talent capable of
leading an automotive retailer of Eagers‘ scale, brand
representation, geographic footprint, complexity and
industry attributes. One factor that significantly limits
the pool of available domestic talent is the need
for our senior leaders to have strong relationships
with new vehicle suppliers, 100% of which are global
suppliers located overseas.
50 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
4. Executive remuneration – performance and outcomes
4.1 Business performance
During FY24, despite a challenging external environment, the Company achieved strong growth in respect of key financial
and non-financial metrics, which has been reflected in the financial results for the year.
In considering the Company’s performance, benefit to shareholders and appropriate remuneration for executives, the
Board has regard to various financial and non-financial metrics, including those shown in the table below, which detail
the Company’s performance for the past five years.
2024
2023
2022
2021
2020
Statutory net profit after tax (NPAT) ($ million)
222.9
299.1
324.3
330.7
156.2
Statutory earnings per share (EPS) – basic (cents)
80.2
110.7
121.3
125.2
57.6
Dividend per share (cents)
74.0
74.0
71.0
70.9
25.0
Share price at year end ($)
11.84
14.48
10.85
13.44
13.29
4.2 Statutory Remuneration
The table below has been prepared in accordance with the requirements of the Corporations Act and relevant Australian
Accounting Standards. The figures provided under the equity component are based on accounting values and do not
reflect actual cash amounts received in FY24.
Executive
KMP
Year
Short-term
benefits
Post employ-
ment benefits
Share-based
payments
Salary
& fees
($)
Bonus &
commission
($)
Non-monetary
& other
benefits1
($)
Superannuation
($)
Performance
rights &
options2
($)
Loan
Share Plan
($)
Total
($)
Performance-
related
percentage
(%)
CEO
2024
1,600,000
800,000
335,870
29,865
749,998
245,455
3,761,188
41
2023
1,200,000
600,000
84,787
25,000
949,999
-
2,859,786
54
CFO
2024
700,000
300,000
66,974
28,666
149,999
-
1,245,638
36
2023
600,000
250,000
50,810
27,500
216,665
-
1,144,975
41
COO
2024
300,000
1,472,632 3
97,660
28,666
100,000
321,857 4
2,320,814
67
2023
200,000
1,629,444 3
195,690
27,500
100,000
-
2,152,634
80
CS
2024
400,000
100,000
118,840
28,666
37,501
-
685,007
20
2023
271,347
75,000
79,599
27,500
54,170
-
507,616
25
Total
2024
3,000,000
2,672,632
619,344
115,863
1,037,498
567,312
8,012,647
2023
2,271,347
2,554,444
410,886
107,500
1,320,834
-
6,665,011
3.
Includes benefits such as the provision of motor vehicles, insurance policy costs, health and fitness programme costs and the movement in the
provision for employee entitlements. If a negative amount is shown, leave taken for the year exceeded the sum of leave accrued for the year and
other benefits. This does not represent an amount paid or owed by the KMP to the Company.
4.
Performance rights and options are valued using a binomial tree methodology. A pre-determined value of the portion of the rights and options
attributable to the year under review has been expensed in the income statement in conformity with AASB 2 and reflected in the recipient’s
remuneration. Vesting is subject to the achievement of performance hurdles as detailed in this Remuneration Report.
5.
Includes STI payment ($200,000 for FY23 and $300,000 for FY24), with the balance being the COO’s commission plan.
6.
Includes $75,000 as the accrual for the Deferred STI. The actual Deferred STI was $300,000.
2024 ANNUAL REPORT | 51
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
4. Executive remuneration – performance and outcomes (continued)
4.3 FY24 performance and remuneration outcomes
In FY24, Eagers continued to focus on the delivery of
sustainable operational excellence while delivering against
the Company’s Next100 Strategy.
Executive remuneration plans aligned the following
Financial, Sustainability and Strategic performance
hurdles:
-
Financial hurdles are quantitative measures that
are aligned across the senior executive team to
ensure common objectives are communicated and
shared while also incorporating an element of STI
performance, payable only when the Company
performs financially.
-
Sustainability hurdles are qualitative measures
centered on each executive playing a productive role
in developing sustainable business practices across
operational, safety, risk, culture, governance and other
sustainability measures.
-
Strategic hurdles are a blend of quantitative and
qualitative, measuring progress against our Next100
Strategy initiatives and also specific strategic projects
initiated by the Company from time to time.
This blend of financial, sustainability and strategic
hurdles focuses the senior executive team on immediate
performance (as measured over the financial year)
balanced against appropriate initiatives to protect and
grow the Company over the medium and longer term,
thereby aligning executive and shareholder interests.
Where appropriate, executives have a combination of
group hurdles that must be achieved as well as individual
hurdles applicable to their role and the function they
lead across the Company. The COO, with a direct P&L
responsibility, is also eligible for commission payments
as a key part of his remuneration arrangements, directly
linked to the Company’s financial performance.
The utilisation of both group and individual performance
hurdles unites the executive as ‘one team’ working towards
common objectives, while also recognising and rewarding
individual performance.
Summary of FY24 outcomes
The CEO and senior management team have performed
strongly throughout FY24 and the Board is highly satisfied
with their performance and the results achieved for
shareholders.
The Company delivered strong results against key
financial and non-financial metrics for FY24, as reported
in this Directors‘ Report. Details of the FY24 remuneration
structures and outcomes awarded to executive KMP
based on both Company and individual performance are
as follows.
STI performance measures and outcomes (FY24)
Achievement of Financial performance hurdles was
determined with reference to the Company’s annual
growth in underlying EPS and interest cover ratio
performance hurdles, having regard to the group’s audited
financial statements.
Achievement of Strategic and Sustainability performance
hurdles was determined with reference to achievement of
both group and individual performance and engagement
against performance initiatives, as described below.
52 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
4. Executive remuneration – performance and outcomes (continued)
4.3 FY24 performance and remuneration outcomes (continued)
STI Plan – performance outcomes for FY24
Group performance
Financial
EPS growth
Compound annual growth in underlying EPS of at least 7.0% (with
the maximum level for this condition being 8.0%) above the Baseline
referred to previously.
Outcome: hurdle achieved, at 15.6%
Below Target
Above Target
7%
7.5%
8%
Interest cover ratio
Interest cover ratio of at least 2.5 times.
Outcome: hurdle achieved, at 3.9x
Below Target
2.5x
Non-financial
Strategic hurdles
Vision – Continue to embed Eagers vision across the Group in pursuit of
the Company’s vision to become “the most admired automotive retailer”.
Next100 Strategy – Take reasonable, practical and proactive steps to
identify, consider and (if in the Group’s interests) ensure the successful
execution of key projects in line with the Next100 Strategy.
Business Optimisation – Optimise the Group’s franchised automotive
operations, independent used operations and other operations via
organic and acquisitive growth opportunities and other improvements.
Achievements
-
Ongoing focus on group strategy development, embedding
corporate vision and optimisation of business model to maximise
operating leverage.
-
Property initiatives - continuing rebalance of owned vs leased
portfolio (up from 22.5% to 28.5% in FY24) and mitigating exposure
to inflationary pressures on property cost base.
-
People & technology initiatives – leveraging proprietary technology
to drive industry-leading productivity (7.1% increase in revenue per
employee in FY24).
-
Franchised automotive business - organic growth through
sustainable property redevelopments in Queensland and Victoria
and business transformations in Western Australia, South Australia
and ACT.
-
Independent used automotive business - organic growth resulting in
record result in line with global industry leader.
-
Organic growth of Retail Joint Venture for lower emission products.
-
M&A – value-accretive acquisitions of significant businesses and
properties in Queensland, Northern Territory and Victoria, and
integration of acquisitions from the previous years.
2024 ANNUAL REPORT | 53
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
STI Plan – performance outcomes for FY24
Group performance (continued)
Non-financial (continued)
Sustainability hurdles
Values – Continue to embed Eagers values across the Group.
Compliance & risk management – Ensure appropriate risk management
measures, adherence to regulatory and contractual requirements, and
implementation of sustainability roadmap.
Stakeholder engagement – Drive group-wide stakeholder engagement.
Health & safety – Champion safety and culture particularly with respect
to our people, customers and community.
Achievements
People
-
Ongoing focus on workforce culture in line with corporate values and
vision.
-
Annual employee engagement survey and follow-through.
-
Group-wide safe work campaign, safety leadership training and
operational safety initiatives including through technology.
-
Ongoing roll-out of improved payroll system, enhanced onboarding
programme, employee training and core policy refresh.
-
Enhancements to IT security, infrastructure and cyber awareness.
-
Privacy and document retention policy and training.
Performance
-
Enhanced group risk management governance.
-
Stakeholder engagement, including with community via the Eagers
Foundation and regional business units, our workforce and business
partners.
-
Ongoing cost-out program and optimisation of businesses and
property portfolio to provide for a more sustainable business and
greater flexibility for implementation of omni-channel approach.
-
Group-wide adherence to relevant regulatory and contractual
requirements.
Planet
-
Development and pursuit of sustainability activities and culture
with assistance from multi-disciplinary Sustainability Steering
Committee.
-
Solar photovoltaic system installations and metering programmes.
-
Energy reduction initiatives such as LED lights, sensors and timers.
-
Programmes for decommissioning of underground petroleum
storage tanks, management of hazardous chemicals and recycling.
-
Assessment of external climate-change risks and opportunities and
preparation for future reporting obligations.
4. Executive remuneration – performance and outcomes (continued)
4.3 FY24 performance and remuneration outcomes (continued)
54 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
4. Executive remuneration – performance and outcomes (continued)
4.3 FY24 performance and remuneration outcomes (continued)
STI Plan – performance outcomes for FY24
CEO
Financial
Opportunity:
$400,000 cash
$600,000 rights
EPS growth
See prior group EPS growth hurdle.
Outcome: hurdle achieved, at 15.6%
Below Target
Above Target
7%
7.5%
8%
Interest cover ratio
See prior group interest cover
ratio hurdle.
Outcome: hurdle achieved, at 3.9x
Below Target
2.5x
Non-
financial
Opportunity:
$400,000 cash
Strategy hurdle
(50% weighting)
See prior group strategic hurdles.
Achievement through leadership of group strategic
initiatives as described above.
Outcome: achieved, above target
Above Target
Below Target
Target
Sustainability hurdle
(50% weighting)
See prior group sustainability
hurdles.
Achievement through leadership of group sustainability
initiatives (People, Performance and Planet) as described
above.
Outcome: achieved, above target
Above Target
Below Target
Target
COO
Financial
Opportunity:
$300,000 cash
Revenue growth
Group revenue for the year at
least 5% higher than the prior year
(weighted to adjust for total national
new car market performance)
(subject to interest cover ratio as
a gateway hurdle)
Outcome: achieved, at 13.6%
Below Target
5%
Return on sales (ROS)
Group underlying ROS margin for
the year at least 120% of industry
average (subject to interest
cover ratio achievement as a
gateway hurdle)
Outcome: achieved, at 185%
Below Target
120%
Interest cover ratio
See prior group interest cover
ratio hurdle.
Outcome: achieved, at 3.9x
Below Target
2.5x
2024 ANNUAL REPORT | 55
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
STI Plan – performance outcomes for FY24
COO (continued)
Non-
financial
Opportunity:
$300,000 cash
Strategy hurdle
Individual contribution to group
strategic performance.
Achievement through contributions towards group strategic
initiatives as described above, including optimisation of business
model to maximise operating leverage and property, people,
technology, franchised automotive and independent used
automotive business and other organic growth initiatives, while
balancing desired outcomes with appropriate commerciality.
Outcome: achieved, above target
Above Target
Below Target
Target
Sustainability hurdle
Individual contribution to group
sustainability performance.
Achievement through contributions towards group sustainability
initiatives as described above, including the rollout of growth and
operational projects across new and used automotive and other
business units, focus on workforce culture, safe work initiatives,
stakeholder engagement and the cost-out program, while
balancing desired outcomes with appropriate commerciality.
Outcome: achieved, above target
Above Target
Below Target
Target
Commission
Plan
Opportunity:
Percentage
of NPBT of
certain
business
units, subject
to a cap
Achievement
- Based on net profit, this plan has a direct link to the Company’s financial performance.
- Commission plans are common for senior operational executives in the automotive industry, where FR forms
a relatively low proportion of the remuneration mix.
CFO
Financial
Opportunity:
$120,000 cash
$200,000 rights
+
$45,000 cash
(stretch)
EPS growth
See prior group EPS growth hurdle.
Outcome: hurdle achieved, at 15.6%
Below Target
Above Target
7%
7.5%
8%
Interest cover ratio
See prior group interest cover
ratio hurdle.
Outcome: hurdle achieved, at 3.9x
Below Target
2.5x
Stretch hurdle
Stretch target based on underlying PBT
performance for FY24.
Outcome: not achieved
Below Stretch
Above Stretch
4. Executive remuneration – performance and outcomes (continued)
4.3 FY24 performance and remuneration outcomes (continued)
56 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
STI Plan – performance outcomes for FY24
CFO (continued)
Non-
financial
Opportunity:
$180,000 cash
Strategy hurdle
- Individual contribution to group
strategic performance.
- Lead relevant Next100 Strategy
projects including key acquisitions
and divestments, balancing with
appropriate commerciality.
- Manage cash, debt and overall
liquidity to satisfy organisational
requirements while positioning the
Company for Next100 strategy
execution.
Achievement through contributions towards group
strategic initiatives as described above, including key
M&A projects and organic growth initiatives, together
with management of financial measures for anticipated
requirements while positioning the Company for Next100
Strategy execution and balancing the desired outcomes
with appropriate commerciality.
Outcome: achieved, above target
Above Target
Below Target
Target
Sustainability hurdle
- Individual contribution to group
sustainability performance.
- Ensure organisational compliance
with relevant statutory and
regulatory obligations in areas of
responsibility.
Achievement through contributions towards group sustainability
initiatives as described above, including focus on culture and
values, contributions towards nominated projects, enhancement of
payroll system, risk management governance, the cost out
programme, stakeholder engagement, organisational compliance
with accounting and taxation obligations, and adherence to
relevant regulatory and contractual requirements, while balancing
desired outcomes with appropriate commerciality.
Outcome: achieved, above target
Above Target
Below Target
Target
CS
Financial
Opportunity:
$20,000 cash
$50,000 rights +
$30,000 cash
(stretch)
EPS growth
See prior group EPS growth hurdle.
Outcome: hurdle achieved, at 15.6%
Below Target
Above Target
7%
7.5%
8%
Interest cover ratio
See prior group interest cover
ratio hurdle.
Outcome: achieved, at 3.9x
Below Target
2.5x
Stretch hurdle
Stretch target based on underlying
PBT performance for FY24.
Outcome: not achieved
Below Stretch
Above Stretch
4. Executive remuneration – performance and outcomes (continued)
4.3 FY24 performance and remuneration outcomes (continued)
2024 ANNUAL REPORT | 57
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
STI Plan – performance outcomes for FY24
CS
Non-
financial
Opportunity:
$80,000 cash
Strategy hurdle
- Individual contribution to group
strategic performance.
- Company secretarial framework to
support the group appropriately given
strategic ambitions.
Achievement through contributions towards group strategic
initiatives as described above, including key acquisitions, organic
growth initiatives, independent used automotive, risk management,
balancing desired outcomes with appropriate commerciality, and
establishing and maintaining governance framework for growth
ambitions and Next100 Strategy.
Outcome: achieved, above target
Above Target
Below Target
Target
Sustainability hurdle
- Individual contribution to group
sustainability performance.
- Advisory and support having regard
to Eagers values in environment of
high ethics and transparency.
- Corporate governance and
compliance in areas of responsibility.
- Sustainability reporting.
Achievement through contributions towards group sustainability
initiatives as described above, including focus on enhanced risk
management governance, workforce culture, values and safety
leadership, together with advisory to Board and management in
respect of sustainability initiatives and governance, adherence to
relevant regulatory requirements, in an environment of high
transparency, ethics and integrity, while balancing desired
outcomes with appropriate commerciality.
Outcome: achieved, above target
Above Target
Below Target
Target
Summary of STI outcomes (FY24)
Having regard to the group and individual achievements outlined above, the STI plan awards as set out in the following
table were paid for FY24 after assessment by the Board, Remuneration & Nomination Committee and CEO. It was
considered that no reduction to these payments was warranted based on review of the individual performances during
the year against these measures.
In these circumstances, payment of the STI awards as shown in the following table, was determined to be appropriate,
particularly in light of the Company’s strong FY24 operational and financial performance.
Executive KMP
% of max STI
awarded
% of max STI
forfeited
STI Paid
($)
No. of Rights
vested
CEO
100%
-
$800,000
56,022
COO
100%
-
$600,000
N/A
CFO
92%
8%
$300,000
18,674
CS
83%
17%
$100,000
4,669
4. Executive remuneration – performance and outcomes (continued)
4.3 FY24 performance and remuneration outcomes (continued)
58 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
4. Executive remuneration – performance and outcomes (continued)
4.3 FY24 performance and remuneration outcomes (continued)
LTI Options - performance outcomes for FY21 - FY24
Financial
EPS growth
Compound annual growth in underlying EPS above
the Baseline referred to previously:
- 50% of options vest at 9.0% EPS growth over the
four-year period.
- 100% of options vest at 10.0% EPS growth over the
four-year period.
Outcome: hurdle achieved, at 15.6%
Below Target
Above Target
9%
10%
Interest cover ratio
- Interest cover ratio of at least 2.5 times.
Outcome: hurdle achieved, at 3.9x
Below Target
2.5x
Summary of LTI outcomes (FY21 - FY24)
The CEO and senior management team have performed strongly throughout the four-year period FY21-FY24 and the
Board is highly satisfied with their performance and the results achieved for shareholders over this period.
Executive KMP
% of LTI
awarded
% of max LTI
forfeited
No. of Options
vested
CEO
100%
-
869,564
COO
100%
-
144,927
CFO
100%
-
144,927
CS
100%
-
36,232
5. Non-executive Director remuneration
There have not been any changes to Non-executive Director (NED) remuneration arrangements since our previous
remuneration report which was approved by shareholders in May 2024.
The objectives of the Company’s NED remuneration arrangements are as follows:
-
To be market competitive, taking into account time commitments and responsibilities. NED fees are reviewed
annually.
-
To preserve NED independence by not providing any performance-related remuneration. NEDs do not participate in
schemes designed for the remuneration of executives, equity schemes, incentive programs or retirement allowance
programs, nor do they receive performance-based bonuses.
Fee pool
The maximum aggregate amount of annual fees payable to NEDs is approved by shareholders in accordance with the
requirements of the Corporations Act 2001. The current fee pool is $1 million, which was approved by shareholders at the
2020 Annual General Meeting.
2024 ANNUAL REPORT | 59
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
5. Non-executive Director remuneration (continued)
Committee fees
Each NED receives a single fee based on his or her role as set out in the following table. Additional fees are not payable
for being a Committee member.
Role
Fee for FY24 (exclusive of superannuation)
Chair of the Board
$125,000 per annum
Chair of the Audit & Risk Committee
$115,000 per annum
Chair of the Remuneration & Nomination Committee
$115,000 per annum
Other NEDs
$100,000 per annum
5.1 Statutory non-executive Directors’ remuneration outcomes
The table below has been prepared in accordance with the requirements of the Corporations Act and relevant Australian
Accounting Standards.
NED
KMP
Year
Short-term benefits
Post employment benefits
Salary & fees
($)
Non-monetary
& other
benefits1
($)
Superannuation
($)
Other post-
employment
benefits
($)
Total
($)
Performance-
related
percentage
(%)
Tim Crommelin
2024
125,000
857
14,062
-
139,919
-
2023
125,000
960
13,438
-
139,398
-
Nick Politis
2024
100,000
857
11,250
-
112,107
-
2023
100,000
960
10,750
-
111,710
-
Dan Ryan
2024
100,000
857
11,250
-
112,107
-
2023
100,000
960
10,750
-
111,710
-
Marcus Birrell
2024
100,000
857
11,250
-
112,107
-
2023
100,000
960
10,750
-
111,710
-
David Blackhall
2024
115,000
857
12,937
-
128,794
-
2023
115,000
960
12,362
-
128,322
-
Greg Duncan
2024
115,000
857
12,937
-
128,794
-
2023
115,000
960
12,362
-
128,322
-
Michelle Prater
2024
100,000
857
11,250
-
112,107
-
2023
100,000
960
10,750
-
111,710
-
Katie McNamara
2024
75,769
714
8,713
-
85,196
-
2023
-
-
-
-
-
-
Total
2024
830,769
6,713
93,649
-
931,131
-
2023
755,000
6,720
81,162
-
842,882
-
1.
Includes insurance policy costs.
60 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
6. Remuneration Governance
6.1 Roles in determining remuneration
The Company’s remuneration governance structure provides oversight of the Company’s remuneration practices and policies.
The following diagram illustrates the remuneration governance framework.
Board
The Board is responsible for approving and reviewing the
remuneration arrangements for NEDs and the CEO, based on
recommendations of the Remuneration & Nomination Committee.
The Board also reviews the CEO’s performance on a continual basis.
Remuneration advisors
External advisors may be engaged
directly by the Board or through
the Remuneration & Nomination
Committee to provide advice
or information relating to KMP
that is free from the influence of
management.
No such external advisors were
engaged by the Board or Committee
during FY24.
Remuneration & Nomination Committee
The Remuneration & Nomination Committee reviews and
makes recommendations to the Board regarding NED and CEO
remuneration arrangements and KMP equity plans. These reviews
take place at least annually, taking into account relevant factors
including market conditions.
Management
The CEO, in consultation with the Remuneration & Nomination
Committee, sets and reviews the remuneration arrangements of
other executive KMP ensuring the appropriateness of their reward
framework and reviews their performance at least annually.
6.2 Executive contractual arrangements
Executive KMP are employed under common employment agreements. Any termination benefits would be subject to
compliance with the limits set by the Corporations Act 2001.
The following table details key contractual terms.
Executive KMP
Duration of service
agreement
Notice period by
executive
Notice period by
Company
Payments upon
termination
CEO
Ongoing
12 months
12 months
Board discretion
Other executive KMP
Ongoing
6 months
6 months
Board discretion
2024 ANNUAL REPORT | 61
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
7. Equity instrument and other disclosures relating to KMP
The following are details of all current performance rights and options which were granted to KMP over unissued ordinary
shares in the Company in, before or since the year under review. A performance right is a right to acquire a share at a nil
exercise price upon the achievement of performance hurdles. An option is a right to acquire a share upon payment of an
exercise price and achievement of performance hurdles.
No rights or options were granted to, lapsed or were exercised by KMP during or after the year under review, except as
detailed below.
(a)
Movement in Performance Rights of Executive KMP
Name
Balance as at
1 January 2024
Rights
granted
Rights
lapsed
Rights vested
& exercised
in FY241
Rights vested
& exercised
in FY252
Balance as at
27 February 2025
CEO
56,022
nil
nil
54,103
56,022
nil
CFO
18,674
nil
nil
18,034
18,674
nil
COO
nil
nil
nil
nil
nil
nil
CS
4,669
nil
nil
4,509
4,669
nil
1.
These performance rights were granted for 2023. They vested, were automatically exercised and converted to ordinary shares on 22 February
2024, valued at the closing price of the underlying shares on that day, and subject to a trading restriction until 28 February 2025.
2.
These performance rights were granted for 2024. They vested, were automatically exercised and converted to ordinary shares on 27 February
2025, valued at the closing price of the underlying shares on that day, and subject to a trading restriction until 28 February 2025.
(b)
Movement in Options of Executive KMP
Name
Balance as at
1 January 2024
Options
granted
Options
lapsed
Options
exercised
in FY24
Options
vested
in FY251
Balance as at
27 February 2025
CEO
869,564
nil
nil
nil
869,564
869,564
CFO
144,927
nil
nil
nil
144,927
144,927
COO
144,927
nil
nil
nil
144,927
144,927
CS
36,232
nil
nil
nil
36,232
36,232
1.
These options were granted for 2021-24 with an exercise price of $12.32 per option. They vested on 27 February 2025 and remain unexercised.
(c)
Performance Rights and Options granted to Executive KMP
CEO
Grant Date
Performance Rights
Options
End of
performance
period
Status
No.
granted
No.
lapsed
No.
exercised
Fair
value
No.
granted
No.
lapsed
No.
exercised
Fair
value
24 February
2021
50,463
nil
50,463 1
$11.89
31 December
2021
Vested 24
February 2022
52,265
nil
52,265 2
$11.48
31 December
2022
Vested 23
February 2023
54,103
nil
54,103 3
$11.09
31 December
2023
Vested 22
February 2024
56,022
nil
56,022 4
$10.71
31 December
2024
Vested 27
February 2025
869,564
nil
nil
$2.76
31 December
2024
Vested 27
February 2025
1.
These performance rights were granted for 2021. They vested, were automatically exercised and converted to ordinary shares on 24 February
2022, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
2.
These performance rights were granted for 2022. They vested, were automatically exercised and converted to ordinary shares on 23 February
2023, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
3.
These performance rights were granted for 2023. They vested, were automatically exercised and converted to ordinary shares on 22 February
2024, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
4.
These performance rights were granted for 2024. They vested, were automatically exercised and converted to ordinary shares on 27 February
2025, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
62 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
7. Equity instrument and other disclosures relating to KMP (continued)
(c)
Performance Rights and Options granted to Executive KMP (continued)
CFO
Grant Date
Performance Rights
Options
End of
performance
period
Status
No.
granted
No.
lapsed
No.
exercised
Fair
value
No.
granted
No.
lapsed
No.
exercised
Fair
value
24 February
2021
17,422
nil
17,422 1
$11.48
31 December
2022
Vested 23
February 2023
18,034
nil
18,034 2
$11.09
31 December
2023
Vested 22
February 2024
18,674
nil
18,674 3
$10.71
31 December
2024
Vested 27
February 2025
144,927
nil
nil
$2.76
31 December
2024
Vested 27
February 2025
1.
These performance rights were granted for 2022. They vested, were automatically exercised and converted to ordinary shares on 23 February
2023, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
2.
These performance rights were granted for 2023. They vested, were automatically exercised and converted to ordinary shares on 22 February
2024, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
3.
These performance rights were granted for 2024. They vested, were automatically exercised and converted to ordinary shares on 27 February
2025, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
COO
Grant Date
Performance Rights
Options
End of
performance
period
Status
No.
granted
No.
lapsed
No.
exercised
Fair
value
No.
granted
No.
lapsed
No.
exercised
Fair
value
24 February
2021
144,927
nil
nil
$2.76
31 December
2024
Vested 27
February 2025
CS
Grant Date
Performance Rights
Options
End of
performance
period
Status
No.
granted
No.
lapsed
No.
exercised
Fair
value
No.
granted
No.
lapsed
No.
exercised
Fair
value
24 February
2021
4,205
nil
4,205 1
$11.89
31 December
2021
Vested 24
February 2022
4,355
nil
4,355 2
$11.48
31 December
2022
Vested 23
February 2023
4,509
nil
4,509 3
$11.09
31 December
2023
Vested 22
February 2024
4,669
nil
4,669 4
$10.71
31 December
2024
Vested 27
February 2025
36,232
nil
nil
$2.76
31 December
2024
Vested 27
February 2025
1.
These performance rights were granted for 2021. They vested, were automatically exercised and converted to ordinary shares on 24 February
2022, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
2.
These performance rights were granted for 2022. They vested, were automatically exercised and converted to ordinary shares on 23 February
2023, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
3.
These performance rights were granted for 2023. They vested, were automatically exercised and converted to ordinary shares on 22 February
2024, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
4.
These performance rights were granted for 2024. They vested, were automatically exercised and converted to ordinary shares on 27 February
2025, valued at the closing price of the underlying shares on that day, subject to a trading restriction until 28 February 2025.
Further details of the performance rights and options granted to KMP are specified in note 28 to the consolidated
financial report.
2024 ANNUAL REPORT | 63
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
7. Equity instrument and other disclosures relating to KMP (continued)
(d)
Relevant Interest in the Company’s Shares Held by KMP
Name
Year
Opening balance
as at 1 January
Received from
Employee Share Plan
Purchases
Sales
Closing balance as
at 31 December
NED
Tim
Crommelin
2024
448,286
nil
6,000
nil
454,286
2023
448,286
nil
nil
nil
448,286
Nick Politis
2024
70,685,321
nil
2,303,727
nil
72,989,048
2023
70,585,321
nil
100,000
nil
70,685,321
Daniel Ryan
2024
5,200
nil
nil
nil
5,200
2023
1,200
nil
4,000
nil
5,200
Marcus
Birrell
2024
2,000,000
nil
200,000
nil
2,200,000
2023
2,000,000
nil
nil
nil
2,000,000
Greg
Duncan
2024
350,000
nil
nil
nil
350,000
2023
350,000
nil
nil
nil
350,000
David
Blackhall
2024
40,000
nil
10,000
nil
50,000
2023
40,000
nil
nil
nil
40,000
Michelle
Prater
2024
2,540,096
nil
12,396,588 2
123,194 3
14,813,490
2023
2,540,096
nil
nil
nil
2,540,096
Katie
McNamara 1
2024
nil
nil
nil
nil
nil
2023
-
-
-
-
-
Executive KMP
CEO
2024
422,134
1,054,103 4
nil
nil
1,476,237
2023
369,869
52,265
nil
nil
422,134
CFO
2024
199,427
18,034
nil
nil
217,461
2023
182,005
17,422
nil
nil
199,427
COO
2024
15,000
800,000 5
nil
nil
815,000
2023
15,000
nil
nil
nil
15,000
CS
2024
124,899
4,509
nil
nil
129,408
2023
157,922
4,355
nil
37,378
124,899
1.
Appointed as a Director on 21 March 2024.
2.
Acquired relevant interest by virtue of being appointed as the executrix of the estate of Vernon Charles Wheatley by grant of probate on 30
October 2024.
3.
Disposed of relevant interest by virtue of an off-market transfer from the trustees of an estate under a trust to a beneficiary under the trust who
became of age, for nil consideration, pursuant to the Trustees Act 1962 (WA).
4.
1,000,000 LTI Loan Shares having a performance period exceeding five years, as described in section 3.6, and 54,103 shares which resulted from
the vesting and conversion of performance rights to ordinary shares on 22 February 2024.
5.
800,000 LTI Loan Shares having a four year performance period, as described in section 3.6.
64 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
7. Equity instrument and other disclosures relating to KMP (continued)
(e)
Hedging of shares of unvested equity awards
The Board has adopted a policy which prohibits any Director or employee who participates in an equity plan from
using derivatives, hedging or similar arrangements to reduce or eliminate the risk associated with the plan in relation to
unvested equity award or shares that are subject to trading restrictions, without the Chair’s approval. Any breach will
result in the forfeiture or lapsing of the unvested equity awards or additional performance hurdles or trading restrictions
being imposed, at the Board’s discretion.
(f)
KMP transactions
Mr Politis has a controlling interest in, and Mr Ryan is a Director of, WFM Motors Pty Ltd (WFM Motors), which has a relevant
interest in approximately 28% of the share capital of Eagers Automotive. WFM Motors divested of a portfolio of dealerships
and properties within the Victorian region to the Company during FY24. An independent expert opined on the transaction
which was completed at fair value. The transaction was approved on 30 January 2024 by shareholders who were not
associated with WFM Motors. Further detail is included in Note 29 of the consolidated financial report. There were no other
related party transactions with KMP during the reporting period requiring disclosure in this Remuneration Report.
(g)
Loans 1
CEO
COO
Total
2024
$’000
2023
$’000
2024
$’000
2023
$’000
Loans outstanding at the beginning of the year
(as at 1 January)
nil
nil
nil
nil
nil
Loans outstanding at the end of the year
(as at 31 December)
10,046
nil
8,037
nil
18,083
Interest paid or payable
nil
nil
nil
nil
nil
Interest not charged
nil
nil
nil
nil
nil
1.
For details related to loans held by Executive KMP, refer to section 2 and 3 of this report
2024 ANNUAL REPORT | 65
Directors’ Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
Directors’ Interests
The relevant interest of each Director in shares, rights
and options issued by the Company as at the date of this
report are as follows:
Ordinary
Shares
Share
Options
Performance
Rights
Tim Crommelin
454,286
-
-
Nick Politis
72,989,048
-
-
Dan Ryan
5,200
-
-
Marcus Birrell
2,200,000
-
-
Sophie Moore
236,135 1
144,927
-
Greg Duncan
350,000
-
-
David Blackhall
50,000
-
-
Michelle Prater
14,813,490
-
-
Katie McNamara
-
-
-
1.
Includes 18,674 shares which were converted from vested
performance rights on 27 February 2025.
Shares Under Option
No options or performance rights were granted by the
Company over unissued fully paid ordinary shares during
the year under review. No options or rights have been
granted since the end of the year under review.
Except as described above, no shares were issued as a
result of the exercise of options or performance rights
during or since the year under review.
At the date of this report, there are 1,992,751 unissued
shares under option and no unvested performance rights.
Indemnification and Insurance
The Company’s constitution provides that, to the extent
permitted by law, the Company must indemnify each
person who is or has been a Director or Secretary against
liability incurred in or arising out of the discharge of duties
as an officer of the Company or out of the conduct of the
business of the Company and specified legal costs. The
indemnity is enforceable without the person having to
incur any expense or make any payment, is a continuing
obligation and is enforceable even though the person may
have ceased to be an officer of the Company.
At the start of the financial year under review and at the
start of the following financial year, the Company paid
insurance premiums in respect of Directors and Officers
liability insurance contracts. The contracts insure each
person who is or has been a Director or executive officer of
the Company against certain liabilities arising in the course
of their duties to the Company and its controlled entities.
The Directors have not disclosed details of the nature of
the liabilities covered or the amount of the premiums paid
in respect of the insurance contracts as such disclosure is
prohibited under the terms of the contracts.
Auditor
Deloitte Touche Tohmatsu continues in office as
auditor of the Group in accordance with section 327 of
the Corporations Act 2001.
Non-Audit Services
A copy of the auditor’s Independence Declaration as
required under section 307C of the Corporations Act 2001
is attached and forms part of this report.
The Company may decide to employ its auditor on
assignments additional to their statutory audit duties
where the auditor’s expertise or experience with the Group
is important.
Details of the amounts paid or payable to the auditor
for audit and non-audit services provided to the Group
during the year are set out in Note 26 to the consolidated
financial report.
In accordance with advice received from the Audit &
Risk Committee, the Directors are satisfied that the
provision of the non-audit services was compatible
with the general standard of independence for auditors
imposed by the Corporations Act 2001 and did not
compromise the auditor independence requirements of
the Act because all non-audit services were reviewed
by the Committee to ensure they did not impact the
partiality and objectivity of the auditor.
Rounding of Amounts to Nearest
Thousand Dollars
The Company is of a kind referred to in Class Order
98/100 issued by the Australian Securities & Investments
Commission, relating to the “rounding off” of amounts in
the Directors’ report and financial report. Amounts in the
Directors’ report and financial report have been rounded
off to the nearest thousand dollars in accordance with
that Class Order.
This report is made in accordance with a resolution of the
Directors.
Tim Crommelin
Director
Brisbane, 27 February 2025
66 | EAGERS AUTOMOTIVE LIMITED
Directors’ Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
2024 ANNUAL REPORT | 67
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REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
68 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
FINANCIAL
STATEMENTS
Financial Statements
69
Consolidated Statement of Profit or Loss
70
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
71
Consolidated Statement of Financial Position
72
Consolidated Statement of Changes in Equity
73
Consolidated Statement of Cash Flows
75
Notes to and Forming Part of the Consolidated
Financial Statements
76
Independent Auditor’s Report
135
Directors’ Declaration
139
Contents
2024 ANNUAL REPORT | 69
REMUNERATION REPORT
FINANCIAL STATEMENTS
SHAREHOLDER INFORMATION
SIGNED REPORTS
Notes
Consolidated
2024
$’000
2023
$’000
Revenue
1
11,193,742
9,851,681
Finance income
3,485
8,376
Other gains
2
4,874
7,584
Share of net profits of associates
1,123
1,277
Cost of sales
(9,189,564)
(8,008,334)
Employee benefits expense
3(a)
(802,158)
(728,339)
Finance costs
3(a)
(184,475)
(130,751)
Depreciation and amortisation expense
3(a)
(143,871)
(121,296)
Impairment of non-current assets
3(b)
(24,275)
(17,451)
Other expenses
(523,303)
(435,412)
Profit before tax
335,578
427,335
Income tax expense
4
(112,664)
(128,267)
Profit for the year
222,914
299,068
Attributable to:
Owners of Eagers Automotive Limited
205,095
281,100
Non-controlling interests
17,819
17,968
222,914
299,068
Cents
Cents
EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE ORDINARY EQUITY HOLDERS OF
THE COMPANY
Basic earnings per share
30(a)
80.2
110.7
Diluted earnings per share
30(b)
80.1
110.5
The above Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying notes.
70 | EAGERS AUTOMOTIVE LIMITED
Consolidated Statement
of Profit or Loss
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Notes
Consolidated
2024
$’000
2023
$’000
Profit for the year
222,914
299,068
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations
19(a)
(902)
101
(902)
101
Items that will not be reclassified subsequently to profit or loss
Revaluation increment - property
12, 19(a)
27,564
7,199
Deferred tax expense on revaluation increment - property
4, 19(a)
(8,269)
(2,160)
Revaluation (decrement) / increment - Financial assets at fair value through other
comprehensive income (FVOCI)
9, 19(a)
(2,681)
8,737
Deferred tax benefit / (expense) on revaluation (decrement) / increment - Financial assets at
fair value through other comprehensive income (FVOCI)
4, 19(a)
547
(544)
17,161
13,232
Total other comprehensive income for the year
16,259
13,333
Total comprehensive profit for the year
239,173
312,401
TOTAL COMPREHENSIVE PROFIT ATTRIBUTABLE TO:
Owners of Eagers Automotive Limited
221,354
294,433
Non-controlling interests
17,819
17,968
239,173
312,401
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction
with the accompanying notes.
2024 ANNUAL REPORT | 71
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
Notes
Consolidated
2024
$’000
2023
$’000
CURRENT ASSETS
Cash and cash equivalents
6
183,683
222,214
Trade and other receivables
7
350,354
347,487
Inventories
8
1,877,959
1,620,009
Current tax receivables
2,495
-
Other current assets
37,081
32,871
Finance lease receivables
11
8,715
13,506
Assets classified as held for sale
-
6,546
Total current assets
2,460,287
2,242,633
NON-CURRENT ASSETS
Non-current receivables
7(c)
70,836
57,073
Financial assets at fair value through other comprehensive income
9
66,158
64,072
Investments in associates
2,440
2,422
Property, plant and equipment
12
1,029,031
691,192
Intangible assets
13
1,042,099
859,573
Deferred tax assets
4(c)
113,776
137,688
Other non-current assets
6,016
9,494
Right-of-use assets
10(a)(i)
601,368
565,805
Finance lease receivables
11
62,100
90,763
Total non-current assets
2,993,824
2,478,082
Total assets
5,454,111
4,720,715
CURRENT LIABILITIES
Trade and other payables
14
564,780
578,507
Borrowings - bailment and other current loans
16(a)
1,567,273
1,329,622
Current tax liabilities
-
13,938
Provisions
15
124,332
106,784
Deferred revenue
9,350
11,379
Lease liabilities
10(a)(i)
154,208
150,668
Total current liabilities
2,419,943
2,190,898
NON-CURRENT LIABILITIES
Borrowings
16(b)
948,025
466,505
Deferred revenue
10,082
14,810
Provisions
15
14,690
15,633
Contingent consideration
22
10,000
-
Lease liabilities
10(a)(i)
701,086
727,483
Total non-current liabilities
1,683,883
1,224,431
Total liabilities
4,103,826
3,415,329
Net assets
1,350,285
1,305,386
EQUITY
Contributed equity
18
1,192,319
1,173,659
Reserves
19(a)
(642,171)
(653,652)
Retained earnings
19(b)
764,318
750,095
1,314,466
1,270,102
Non-controlling interests
35,819
35,284
Total equity
1,350,285
1,305,386
Consolidated Statement
of Financial Position
31 December 2024
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
72 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
CONSOLIDATED
ENTITY
Notes
Issued
capital
$’000
Asset
revaluation
reserve
$’000
Share-
based
payments
reserve
$’000
Foreign
currency
translation
reserve
$’000
Business
combination
reserve
$’000
Investment
revaluation
reserve
$’000
Retained
earnings
$’000
Attributable
to owners of
the parent
$’000
Non-
controlling
interests
$’000
Total
equity
$’000
Balance at 1
January 2024
1,173,659
41,541
(84,195)
(1,813)
(544,881)
(64,304)
750,095
1,270,102
35,284
1,305,386
Profit for the
year
-
-
-
-
-
- 205,095
205,095
17,819
222,914
Other
comprehensive
income
-
19,295
-
(902)
-
(2,134)
-
16,259
-
16,259
Total comprehensive
income for the year
-
19,295
-
(902)
-
(2,134) 205,095
221,354
17,819
239,173
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS:
Share-based
payments
expense
19(a)
-
-
2,180
-
-
-
-
2,180
-
2,180
Shares acquired
by Employee
Share Trust
19(a)
-
-
(2,501)
-
-
-
-
(2,501)
-
(2,501)
Share buy-back
18(b)
(6,340)
-
-
-
-
-
-
(6,340)
-
(6,340)
Purchase of
shares from
non-controlling
interests
-
-
-
-
-
-
-
-
(20,275)
(20,275)
Recognition of
non-controlling
interests on
acquisition
-
-
-
-
-
-
-
-
18,775
18,775
Issue of ordinary
shares as
purchase
consideration on
acquisition
25,000
-
-
-
-
-
-
25,000
-
25,000
Income tax on
items taken to or
transferred
directly from
equity
4(c)
-
-
(4,457)
-
-
-
-
(4,457)
-
(4,457)
Payment of
dividend
19(b)
-
-
-
-
-
- (190,872)
(190,872)
(15,784)
(206,656)
18,660
-
(4,778)
-
-
- (190,872)
(176,990)
(17,284)
(194,274)
Balance at 31
December 2024
1,192,319
60,836
(88,973)
(2,715)
(544,881)
(66,438)
764,318
1,314,466
35,819
1,350,285
Consolidated Statement
of Changes in Equity
31 December 2024
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
2024 ANNUAL REPORT | 73
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
CONSOLIDATED
ENTITY
Notes
Issued
capital
$’000
Asset
revaluation
reserve
$’000
Share-
based
payments
reserve
$’000
Foreign
currency
translation
reserve
$’000
Business
combination
reserve
$’000
Investment
revaluation
reserve
$’000
Retained
earnings
$’000
Attributable
to owners of
the parent
$’000
Non-
controlling
interests
$’000
Total
equity
$’000
Balance at 1
January 2023
1,154,572
36,502
(89,171)
(1,914)
(479,042)
(72,497)
655,796
1,204,246
37,384
1,241,630
Profit for the year
-
-
-
-
-
-
281,100
281,100
17,968
299,068
Other comprehensive
income
-
5,039
-
101
-
8,193
-
13,333
-
13,333
Total comprehensive
income for the year
-
5,039
-
101
-
8,193
281,100
294,433
17,968
312,401
TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS:
Share-based
payments
expense
19(a)
-
-
1,821
-
-
-
-
1,821
-
1,821
Dividends
provided for or
paid
19(b)
-
-
-
-
-
-
(186,801)
(186,801)
(14,827)
(201,628)
Shares issued
pursuant to staff
share plan
19(a)
-
-
1,891
-
-
-
-
1,891
-
1,891
Income tax on
items taken to or
transferred
directly from
equity
4(c)
-
-
1,264
-
-
-
-
1,264
-
1,264
Share buy-back
18(b)
(913)
-
-
-
-
-
-
(913)
-
(913)
Purchase of
shares from
non-controlling
interests
-
-
-
-
(65,839)
-
-
(65,839)
(7,721)
(73,560)
Issue of shares to
non-controlling
interests
-
-
-
-
-
-
-
-
2,480
2,480
Shares issued as
purchase
consideration on
acquisition
20,000
-
-
-
-
-
-
20,000
-
20,000
19,087
-
4,976
-
(65,839)
-
(186,801)
(228,577)
(20,068) (248,645)
Balance at 31
December 2023
1,173,659
41,541
(84,195)
(1,813)
(544,881)
(64,304)
750,095
1,270,102
35,284 1,305,386
Consolidated Statement
of Changes in Equity (continued)
31 December 2024
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
74 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Consolidated Statement
of Cash Flows
31 December 2024
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Notes
Consolidated
2024
$’000
2023
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers - inclusive of GST
12,279,089
10,757,368
Payments to suppliers and employees - inclusive of GST
(11,669,642)
(10,099,691)
Receipts from insurance claims
674
2,537
Interest and other costs of finance paid
(184,475)
(130,751)
Income taxes paid
(103,457)
(126,176)
Dividends received
6,239
4,275
Interest received
10,499
8,701
Net cash provided by operating activities
31
338,927
416,263
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for acquisition of businesses - net of cash acquired
22(a)
(197,758)
(6,646)
Payments for property, plant and equipment
(111,649)
(70,296)
Payments for intangible assets
(6,000)
(4,000)
Payments for shares in other corporations
9(a)
(4,934)
(61,833)
Proceeds from sale of businesses
23
922
9,261
Proceeds from sale of property, plant and equipment
16,077
83,498
Proceeds from sale of shares in other corporations
-
18,616
Receipts from subleases
10,134
5,351
Net cash used in investing activities
(293,208)
(26,049)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
295,075
27,000
Repayment of borrowings
(24,228)
(17,575)
Proceeds from issues of shares and other equity securities
19(a)
-
1,891
Purchase of shares under share buy-back arrangement
18(b)
(6,340)
(913)
Payments for shares acquired by the Employee Share Trust
19(a)
(2,501)
-
Transactions with non-controlling interests
(11,030)
(53,560)
Dividends paid to members of Eagers Automotive Limited
5
(190,872)
(186,801)
Dividends paid to minority shareholders of a subsidiary
(8,887)
(9,968)
Repayment of lease liabilities
(134,920)
(118,526)
Net cash used in financing activities
(83,703)
(358,452)
Net (decrease)/increase in cash and cash equivalents
(37,984)
31,762
Cash and cash equivalents at the beginning of the financial year
222,214
190,434
Effects of exchange rate changes on cash and cash equivalents
(547)
18
Cash and cash equivalents at the end of the financial year
6
183,683
222,214
2024 ANNUAL REPORT | 75
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
About this Report
The financial report covers the Group (consolidated
entity) of Eagers Automotive Limited (“the Company” and
“the Group”) and its subsidiaries (consolidated financial
statements). Eagers Automotive Limited is a publicly listed
company incorporated and domiciled in Australia.
The financial report has been prepared on a going
concern basis, in line with AASB 101 Presentation of
Financial Statements.
The consolidated financial statements were authorised for
issue by the Directors on the 27th of February 2025.
Compliance with International Financial
Reporting Standards
These financial statements are general purpose financial
statements which have been prepared in accordance with
the Corporations Act 2001, Accounting Standards and
Interpretations, and comply with other requirements of the law.
The Annual Financial Report comprise the consolidated
financial statements of the Group. For the purposes of
preparing the consolidated financial statements, the
Company is a for-profit entity. Accounting Standards
include Australian Accounting Standards. Compliance
with Australian Accounting Standards ensures that the
financial statements and notes of the Company and
the Group comply with International Financial Reporting
Standards (IFRS).
Basis of preparation
These consolidated financial statements have been
prepared under the historical cost convention, as modified
by the revaluation of financial assets, and certain classes
of property, plant and equipment to fair value.
Going concern
The consolidated financial statements have been
prepared on the basis that the Group is a going concern,
able to realise assets in the ordinary course of business
and settle liabilities as and when they fall due.
The Group has net current assets of $40.3 million as at 31
December 2024.
The Group has maintained a robust balance sheet with
total available liquidity of $773.9 million (cash in bank of
$183.7 million, undrawn facilities of $454.2 million as well
as a further $136.0 million in credit approved borrowings)
at 31 December 2024 and a substantial asset base and
property portfolio valued at $885.4 million (including
construction in progress).
The Group has generated positive net cash flows from
operating activities of $338.9 million and profit after tax
from operations of $222.9 million for the year ended
31 December 2024.
Based on the strength of the Group’s balance sheet and
its cash flow modelling, the Directors are of the view that
the Group will be able to settle all obligations as they fall
due for a period of 12 months following this report. The
Directors are therefore of the opinion that the preparation
of the consolidated financial statements on a going
concern basis is appropriate.
Basis of consolidation
The consolidated financial statements incorporate the
financial statements of Eagers Automotive Limited and
entities (including structured entities) controlled by the
Company and its subsidiaries. Control is achieved when
the Company:
-
has power over the investee;
-
is exposed, or has rights, to variable returns from its
involvement with the investee; and
-
has the ability to use its power to affect its returns.
Functional and presentation currency
The functional and presentation currency of the Group is
the Australian Dollar.
Rounding of amounts
The Company is of a kind referred to in the ASIC
Corporations (Rounding in Financial/Directors’ Reports)
Instrument 2016/191, issued by the Australian Securities
and Investments Commission (ASIC), relating to the
“rounding off” of amounts in the financial report.
Amounts in the financial report have been rounded off in
accordance with that instrument to the nearest thousand
dollars, or in certain cases, to the nearest dollar.
Goods and Services Tax
Revenues, expenses, assets and liabilities are recognised
net of the amount of goods and services tax (GST) except:
-
where the GST incurred on a purchase of goods
and services is not recoverable from the taxation
authority, the GST is recognised as part of the cost of
acquisition of the asset or is part of the expense item
as applicable; and
-
receivables and payables are stated with the amount
of GST included.
The net amount of GST recoverable from, or payable
to, the taxation authority is included as part of
receivables or payables in the Consolidated Statement
of Financial Position.
Cash flows are included in the Consolidated Statement of
Cash Flows on a gross basis and the GST component of
cash flows arising from investing and financing activities,
which is recoverable from or payable to the taxation
authority, are classified as operating cash flows.
76 | EAGERS AUTOMOTIVE LIMITED
76
Notes to and Forming Part of the
Consolidated Financial Statements
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
About this Report (continued)
Significant accounting estimates and
judgements
Estimates, assumptions and judgements are continually
evaluated and are based on historical experience and
other factors, including expectations of future events that
may have a financial impact on the Group and that are
believed to be reasonable under the circumstances.
The Group makes estimates, assumptions and judgements
concerning the future. The resulting accounting estimates
will, by definition, seldom equal the related actual results.
The estimates, assumptions and judgements that have
a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities are included in
the following notes:
Note
Key judgements and estimates
Note 8
Estimation of net realisable value of
vehicle inventory.
Note 10
Judgement in determining the lease
term of contracts with renewal options.
Note 12
Fair value estimation of land
and buildings.
Note 13
Recoverability of goodwill and other
intangibles with indefinite useful lives.
Note 22
The fair value of assets and liabilities
acquired in business combinations.
Other material accounting policies
Other material accounting policies that summarise
the measurement basis used and are relevant to an
understanding of the financial statements, are provided
throughout the notes to the financial statements.
The notes to the financial statements
The following notes include information which is material
and relevant to the operations, financial position and
performance of the Group. Information is considered
material and relevant due to its size and nature or if the
information:
-
is important for understanding the Group’s current
period results;
-
provides an explanation of significant changes in
the Group’s business for example acquisitions or
divestments; or
-
relates to an aspect of the Group’s operations that is
important to its future performance.
2024 ANNUAL REPORT | 77
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
1.
Revenue
Set out below is the disaggregation of the Group’s revenue from contracts with customers:
Consolidated revenue for the year ended 31 December 2024
Retailing
$’000
Property
$’000
Total
$’000
TYPE OF GOODS OR SERVICE
New vehicles
7,603,706
-
7,603,706
Used vehicles
1,728,353
-
1,728,353
Parts
1,175,164
-
1,175,164
Service
619,348
-
619,348
Other
67,057
114
67,171
Total revenue from external customers
11,193,628
114
11,193,742
TIMING OF REVENUE RECOGNITION
At a point in time
10,568,779
114
10,568,893
Over time
624,849
-
624,849
Total revenue from external customers
11,193,628
114
11,193,742
GEOGRAPHICAL MARKETS
Australia
10,762,812
114
10,762,926
New Zealand
430,816
-
430,816
Total revenue from external customers
11,193,628
114
11,193,742
Consolidated revenue for the year ended 31 December 2023
Retailing
$’000
Property
$’000
Total
$’000
TYPE OF GOODS OR SERVICE
New vehicles
6,568,840
-
6,568,840
Used vehicles
1,658,034
-
1,658,034
Parts
1,039,265
-
1,039,265
Service
533,708
-
533,708
Other
51,498
336
51,834
Total revenue from external customers
9,851,345
336
9,851,681
TIMING OF REVENUE RECOGNITION
At a point in time
9,313,713
336
9,314,049
Over time
537,632
-
537,632
Total revenue from external customers
9,851,345
336
9,851,681
GEOGRAPHICAL MARKETS
Australia
9,368,606
336
9,368,942
New Zealand
482,739
-
482,739
Total revenue from external customers
9,851,345
336
9,851,681
78 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
1. Revenue (continued)
(a)
Recognition and measurement
Revenue
Sales revenue
Revenue from the sale of motor vehicles and parts is
recognised when the performance obligation has been
satisfied. The performance obligation is considered to be
satisfied at a point in time when the vehicles or parts are
invoiced and physically dispatched or collected which is
when control of the underlying vehicles or parts transfers
to the customer. Revenue is measured at the fair value of
consideration receivable, net of any discounts, rebates
and incentives.
Agency commission
Agency commission represent fees from third parties
where the Group acts as an agent by arranging a third
party to provide goods and services to a customer. In
such cases, the Group is not primarily responsible for
providing the underlying good or service to the customer.
Agency commission is recognised when the performance
obligation is satisfied, which per the contractual
arrangement is upon the completion of the referral.
Agency commissions are reported as sales revenue.
Finance and insurance commissions
The Group acts as an agent in the sale of vehicle finance
and insurance products. The revenue (commission from
the sale of these products) is recognised at a point in time
when the performance obligation is satisfied, which is
upon delivery of the vehicle and the transfer of control to
the customer.
Service revenue
Service work on customers’ vehicles is carried out
under instruction from the customer. Service revenue is
recognised over time based on when the performance
obligations are satisfied, which is when services are
rendered. Revenue arising from the sale of parts fitted to
customers’ vehicles during service is recognised at a point
in time upon satisfaction of the performance obligation,
which is considered by the Group to be upon delivery of the
fitted parts to the customer at completion of the service.
Other Revenue items
Warranties revenue
The Group sells extended warranties beyond those
provided by the manufacturer, which further protects the
customer for repairs and defects in the vehicle over a
specified period. Under AASB 15 Revenue from Contracts
with Customers, warranties are considered to be a distinct
performance obligation as they are both regularly supplied
by the Group to customers on a stand-alone basis and are
available to customers from other providers in the market.
As a result, where vehicles are being sold with an extended
warranty included, a portion of the vehicle sale price is
required to be allocated to the warranty based on the
stand-alone selling price of those services.
Revenue relating to the warranties is recognised over time,
while the transaction price allocated to these services is
recognised as a contract liability (referred to as deferred
revenue) at the time of the initial sales transaction and is
released on a straight-line basis over the warranty period.
Dividend revenue
Dividend revenue is recognised when the right to receive a
dividend has been established.
Rental income
Rental income from operating leases is recognised on a
straight-line basis over the lease term.
2024 ANNUAL REPORT | 79
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
2. Other gains
Notes
Consolidated
2024
$’000
2023
$’000
Gain on disposal of non-financial assets
1,046
3,551
Gain/(loss) on disposal of property
3,357
(3,652)
Gain on disposal of businesses
23
471
7,685
4,874
7,584
3. Expenses
(a)
Profit before income tax includes the following specific expenses:
Notes
Consolidated
2024
$’000
2023
$’000
DEPRECIATION
Buildings
12
12,849
7,352
Plant and equipment
12
20,028
15,396
Leasehold improvements
12
8,838
7,081
Right-of-use asset depreciation
10(a)(ii)
98,963
88,669
Total depreciation
140,678
118,498
AMORTISATION
Customer relationships
13
973
1,462
Other intangible assets
13
2,220
1,336
Total amortisation
3,193
2,798
Total depreciation and amortisation
143,871
121,296
FINANCE COSTS
Vehicle bailment finance
98,575
64,763
Interest on lease liabilities
10(a)(ii)
42,596
43,207
Term facility and capital loan interest and related costs
43,304
22,781
Total finance costs
184,475
130,751
Share-based payments
2,180
1,821
Business acquisition and integration costs
7,827
2,254
Business restructuring costs
1,554
-
EMPLOYEE BENEFITS EXPENSE EXCLUDING AMOUNTS RECOGNISED IN COST OF SALES
Employee benefits - excluding superannuation
724,263
662,251
Superannuation
77,895
66,088
Total employee benefits excluding amounts recognised in cost of sales
802,158
728,339
Employee benefits expense recognised in cost of sales
132,431
111,619
Total employee benefits expense
934,589
839,958
(b)
Impairment expense
Notes
Consolidated
2024
$’000
2023
$’000
Expected credit loss provision movement - finance lease receivables
11
-
17,451
Impairment of right-of-use assets
10(a)
3,880
-
Impairment of goodwill
13
17,276
-
Revaluation decrement of land and buildings
12
3,119
-
24,275
17,451
80 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
4. Income Tax
Income tax comprises current and deferred tax recognised in profit or loss or directly in equity or other comprehensive income.
(a)
Income tax expense
Consolidated
2024
$’000
2023
$’000
Current tax
99,551
125,626
Deferred tax
7,364
(861)
Current tax relating to prior periods
(4,542)
-
Deferred tax relating to prior periods
10,291
3,502
Income tax expense
112,664
128,267
DEFERRED INCOME TAX EXPENSE INCLUDED IN INCOME TAX EXPENSE COMPRISES:
Increase/(decrease) in deferred tax assets
(20,233)
(44,429)
(Increase)/decrease in deferred tax liabilities
2,578
41,788
Deferred income tax expense
(17,655)
(2,641)
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
(b)
Numerical reconciliation of income tax expense to prima facie tax payable
Profit before income tax expense
335,578
427,335
Tax at the Australian tax rate of 30% (2023: 30%)
100,674
128,201
TAX EFFECT OF AMOUNTS WHICH ARE NOT DEDUCTIBLE / (TAXABLE) IN CALCULATING TAXABLE INCOME:
Non-taxable dividends
(1,773)
(993)
Non recognition of capital loss on disposal
-
1,967
Non-deductible accounting loss
-
941
Non assessable income / accounting gains
(1,286)
(2,306)
Non-deductible capital expenditure
1,437
498
Impairment of goodwill
5,230
-
Revaluation decrement of land and buildings
936
-
Non-allowable expenses
2,530
975
Sundry items
4,916
(1,016)
Income tax expense
112,664
128,267
Tax expense relating to items of other comprehensive income
Aggregate deferred tax arising in the reporting period and recognised in other comprehensive income
(7,722)
(2,704)
The tax rate used in the above reconciliation is the corporate tax rate of 30% payable by Australian corporate entities
on taxable profits under Australian tax law. There has been no change in the corporate tax rate when compared with the
previous reporting period.
2024 ANNUAL REPORT | 81
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
4. Income tax (continued)
(c)
Deferred tax balances
The table below outlines the items which comprise the deferred tax balances:
2024
Opening
balance
$’000
Prior period
under/(over)
$’000
Charged to
income
$’000
Charged to
equity
$’000
Acquisition
of subsidiary
$’000
Closing
balance
$’000
Deferred tax assets
Provisions and accruals
75,937
(12,626)
(2,527)
-
6,039
66,823
Inventories
5,103
(2,826)
(693)
-
(38)
1,546
Plant and equipment
16,788
2,032
50
-
-
18,870
Contract liabilities
-
-
-
-
-
-
Lease liabilities
263,445
-
(6,871)
-
-
256,574
Other items
2,602
(934)
4,162
-
-
5,830
Total deferred tax assets
363,875
(14,354)
(5,879)
-
6,001
349,643
Deferred tax liabilities
Intangible assets
-
(6)
6
-
-
-
Land and buildings
(16,703)
(3,094)
1,210
(8,269)
(3)
(26,859)
Financial instruments
(544)
(3)
-
547
-
-
Right-of-use asset
(169,742)
-
(10,621)
-
-
(180,363)
Finance lease receivable
(37,630)
6,350
10,036
-
-
(21,244)
Other items
(1,568)
816
(2,116)
(4,457)
(76)
(7,401)
Total deferred tax liabilities
(226,187)
4,063
(1,485)
(12,179)
(79)
(235,867)
Net deferred tax assets/(liabilities)
137,688
(10,291)
(7,364)
(12,179)
5,922
113,776
2023
Deferred tax assets
Provisions and accruals
65,313
1,163
9,808
-
(347)
75,937
Inventories
4,059
316
728
-
-
5,103
Plant and equipment
27,857
(10,758)
(311)
-
-
16,788
Contract liabilities
-
-
-
-
-
-
Lease liabilities
306,830
-
(43,385)
-
-
263,445
Other items
3,328
(334)
(1,656)
1,264
-
2,602
Total deferred tax assets
407,387
(9,613)
(34,816)
1,264
(347)
363,875
Deferred tax liabilities
Intangible assets
-
-
-
-
-
-
Land and buildings
(18,020)
4,595
(1,118)
(2,160)
-
(16,703)
Financial instruments
(57)
57
-
(544)
-
(544)
Right-of-use asset
(169,233)
-
(509)
-
-
(169,742)
Finance lease receivable
(75,703)
-
38,073
-
-
(37,630)
Other items
(2,258)
1,459
(769)
-
-
(1,568)
Total deferred tax liabilities
(265,271)
6,111
35,677
(2,704)
-
(226,187)
Net deferred tax assets/(liabilities)
142,116
(3,502)
861
(1,440)
(347)
137,688
82 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
4. Income tax (continued)
(d)
Recognition and measurement
i.
Tax consolidation
Eagers Automotive Limited and its wholly-owned Australian entities are part of a tax consolidated group in accordance
with Part 3-90 of the Income Tax Assessment Act 1997. The existence of a tax consolidated group allows for wholly-owned
corporate groups to operate as a single entity for income tax purposes.
The head entity, Eagers Automotive Limited, and the wholly-owned entities in the tax consolidated group continue to account
for their own income tax expense, current and deferred tax amounts in accordance with the Eagers Automotive Tax Funding
Agreement. These tax amounts are measured by adopting a notional tax approach which requires each member to calculate
their separate tax amounts as if each entity in the tax consolidated group continues to be a standalone taxpayer. Assets or
liabilities arising for wholly-owned subsidiaries under the Tax Funding Arrangement are recognised as accounts receivable
from or payable to other entities in the Group. In addition to its own income tax expense, current and deferred tax amounts,
the head entity also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses
and tax credits assumed from controlled entities in the tax consolidated group. The tax treatment of New Zealand operations
is not material to the financial report and therefore has not been presented separately.
ii.
Income tax
The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on
the notional income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements, and to unused tax losses. Current and deferred tax balances attributable to amounts recognised
directly in equity are also recognised directly in equity.
At the reporting date, the Group has no unused revenue tax losses (2023: nil) available for offset against future profits.
No deferred tax asset has been recognised in respect of capital losses of $58.4 million (2023: $68.9 million) as it is not
considered probable that there will be future capital gains available to utilise the capital losses. The capital losses may
be carried forward indefinitely.
iii.
Offsetting deferred tax balances
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset and when the deferred tax
balances relate to taxes levied by the same tax authority.
iv.
Pillar Two income taxes
The Group has applied the temporary exemption issued by the IASB in May 2023 from the accounting requirements for
deferred taxes in IAS 12 Income Taxes. Accordingly, the Group neither recognises nor discloses information about deferred tax
assets and liabilities related to Pillar Two income taxes.
On 23 December 2024, the Government of Australia, where the parent company is incorporated, enacted the Pillar Two income
taxes legislation effective from 1 January 2024. Under the legislation, the parent company is required to pay, in Australia,
top-up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. The main jurisdictions in which
exposures to this tax may exist include New Zealand.
The Group’s current tax expense/(income) related to Pillar Two income taxes is nil.
5. Dividends
(a)
Ordinary dividends fully franked based on tax paid @ 30%
Consolidated
2024
$’000
2023
$’000
Final dividend for the year ended 31 December 2023 of 50.0 cents per share (2022: 49.0 cents) paid on 28
March 2024.
129,342
125,145
Interim dividend for the year ended 31 December 2024 of 24.0 cents (2023: 24.0 cents) paid on 20
September 2024.
61,530
61,656
Total dividends paid
190,872
186,801
DIVIDENDS PAID IN CASH DURING THE YEARS ENDED 31 DECEMBER 2024 AND 2023 WERE AS FOLLOWS:
Paid in cash
190,872
186,801
2024 ANNUAL REPORT | 83
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
5. Dividends (continued)
(b)
Dividends not recognised at year end
Consolidated
2024
$’000
2023
$’000
In addition to the above dividends, since year end the Directors have recommended the payment of a final
dividend of 50 cents per share (2023: 50 cents per share), fully franked based on tax paid at 30%. The
aggregate amount of the proposed dividend expected to be paid on 11 April 2025 (2023: 28 March 2024) out
of the retained profits at 31 December 2024 but not recognised as a liability at year end is:
129,037
128,450
(c)
Franked dividends
The final dividend recommended after 31 December 2024 will be franked out of existing franking credits or out of franking
credits arising from the payment of income tax in the year ending 31 December 2024.
Consolidated
2024
$’000
2023
$’000
Franking credits available for subsequent reporting periods based on a tax rate of 30% (2023: 30%)
565,604
546,250
Franking credits available for New Zealand subsequent reporting periods based on a tax rate of 28.0%
(2023: 28.0%)
8,662
8,919
574,266
555,169
The above amounts represent the balances of the franking account as at the end of the financial year, adjusted for:
i.
franking credits that will arise from the payment of the current tax liability;
ii.
franking debits that will arise from the payment of dividends recognised as a liability at the reporting date; and
iii. franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date.
Impact on franking credits of dividends not recognised
55,302
55,050
6. Current assets – Cash and cash equivalents
Consolidated
2024
$’000
2023
$’000
Current assets
Cash at bank and on hand
183,683
222,214
The above figures are reconciled to cash at the end of the financial year as shown in the Consolidated Statement of
Cash Flows.
(a)
Recognition and measurement
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short term, highly
liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value.
84 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
7. Assets - Trade and other receivables
(a)
Current receivables
Consolidated
2024
$’000
2023
$’000
Trade and other receivables
357,097
352,901
Allowance for expected credit losses
(6,743)
(5,414)
350,354
347,487
Ageing of trade receivables
The ageing of trade receivables at 31 December 2024 is detailed below:
Consolidated
2024
2023
Gross
$’000
Provision
$’000
Gross
$’000
Provision
$’000
Not past due
327,308
4,675
330,987
4,175
Past due 0-30 days
12,144
304
12,701
318
Past due 31 days plus
17,645
1,764
9,213
921
Total
357,097
6,743
352,901
5,414
Included in the Group’s trade receivables balance are debtors with a net carrying amount of $29.8 million (2023: $21.9
million) which are past due at the reporting date. The average age of these receivables is 63 days (2023: 62 days).
(b)
Movement in expected credit losses
Consolidated
2024
$’000
2023
$’000
Opening balance
5,414
4,661
Additional loss allowance
1,435
1,278
Amounts utilised
(106)
(525)
Closing balance
6,743
5,414
The Group applies the simplified approach permitted by AASB 9 Financial Instruments (AASB 9), which requires expected
lifetime losses to be recognised from initial recognition of the receivable. The expected credit losses (ECL) on these
financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience and
expected future losses. In line with this, the Group has provided 10% for all receivables over 60 days and 2.5% for all
receivables over 30 days but less than 60 days.
(c)
Non-current receivables
Consolidated
2024
$’000
2023
$’000
Loans receivable
70,836
57,073
The Company has determined there to be an immaterial risk of default based on the nature of these financial assets and
therefore, no ECL has been recognised at 31 December 2024.
(d)
Recognition and measurement
Receivables
Trade receivables are recognised at the transaction price, less the expected lifetime credit losses to be recognised from
initial recognition of the receivables.
2024 ANNUAL REPORT | 85
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
8. Current assets – Inventories
Consolidated
2024
$’000
2023
$’000
New and demonstrator motor vehicles and trucks
1,393,690
1,230,149
Used vehicles and trucks
249,977
216,953
Parts and other consumables
234,292
172,907
Total inventories
1,877,959
1,620,009
(a)
Recognition and measurement
Inventories
The inventory balances above are reported on a net basis after applying a write-down from cost to net realisable value.
The write-down recorded in the current year was $4.3 million (2023: $3.0 million). The critical estimates and judgements
made in determining the write-down are outlined below.
(b)
Critical accounting estimates and judgements
The accounting for inventory requires judgement in determining the net realisable value of inventory on hand and if any
write-down to net realisable value is required.
Judgements made by management in determining the estimated write-down from cost include:
-
Historic experience and current knowledge of the market for the products held as inventory
-
Consideration of published used vehicle valuations
-
Consideration of the ageing of inventory on hand or any other risk factors identified
-
Actual recent losses
9. Non-current assets – Financial assets at fair value through other
comprehensive income
Consolidated
2024
$’000
2023
$’000
Financial assets at fair value through other comprehensive income
Shares in listed companies1
66,158
63,897
Shares in unlisted companies
-
175
66,158
64,072
1.
The Directors have assessed the fair value of the investment as at 31 December 2024 based on the market price of the shares on the last trading day
of the reporting period. This is a level 1 fair value measurement asset being derived from inputs based on quoted prices that are observable.
(a)
Valuation of financial assets at fair value through other comprehensive income
Details of the Group’s assets held at fair value through other comprehensive income (OCI) and information about the fair
value hierarchy as at 31 December 2024 are as follows:
Movements in Non-Current Assets measured at fair value through OCI
Level 1
McMillan
Shakespeare Ltd
$’000
Level 1
Other listed
entities
$’000
Level 3
Unlisted
entities
$’000
Total
$’000
Opening balance - 1 January 2024
63,461
436
175
64,072
Purchases
-
4,934
-
4,934
Disposals/Settlements
-
-
(167)
(167)
Revaluations
(3,818)
1,145
(8)
(2,681)
Closing balance - 31 December 2024
59,643
6,515
-
66,158
There were no transfers between levels in the year.
86 | EAGERS AUTOMOTIVE LIMITED
86
Notes to and Forming Part of the
Consolidated Financial Statements
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
9. Non-current assets – Financial assets at fair value through other
comprehensive income (continued)
(b)
Recognition and measurement
Investments and other financial assets
Investments and other financial assets are recognised and derecognised on settlement date where the purchase or sale
of an investment is under a contract whose terms require delivery of the investment within the timeframe established
by the market concerned. Investments and other financial assets are initially recognised at fair value, net of transaction
costs. Subsequent measurement is dependent on the classification of each investment and other financial asset as
outlined below.
The Group classifies its investments and other financial assets in the following measurement categories:
-
those to be measured subsequently at fair value (either through OCI or through profit or loss (PL)); and
-
those to be measured at amortised cost.
The classification is made on an investment by investment basis and is dependent on the contractual cash flow
characteristics and the business model to manage financial assets of the investment. Such matters considered in
determining the classification include whether the investment is held for trading. For some of its investments, the Group
has made irrevocable election at the time of initial recognition to account for the investment at fair value through OCI.
10. Right-of-use assets and lease liabilities
(a)
Leases
i.
Amounts recognised in the Consolidated Statement of Financial Position
The Consolidated Statement of Financial Position shows the following amounts relating to leases:
Consolidated
2024
$’000
2023
$’000
RIGHT-OF-USE ASSETS
Property
601,368
565,805
Opening net book amount
565,805
564,109
Exchange differences
(1,469)
(5,047)
Additions
82,746
33,041
Disposals
(3,344)
(10,989)
Depreciation charge
(98,963)
(88,669)
Impairment loss
(3,880)
-
Rent reviews
15,228
20,883
Adjustments to lease terms
45,245
52,477
Closing net book amount
601,368
565,805
LEASE LIABILITIES
Current
154,208
150,668
Non-current
701,086
727,483
855,294
878,151
2024 ANNUAL REPORT | 87
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
10.
Right-of-use assets and lease liabilities (continued)
ii.
Amounts recognised in the Consolidated Statement of Profit or Loss
The Consolidated Statement of Profit or Loss shows the following amounts relating to leases:
Notes
Consolidated
2024
$’000
2023
$’000
Depreciation charge of right-of-use assets
98,963
88,669
Interest expense
3(a)
42,596
43,207
Expense relating to short-term leases
3,340
3,053
iii.
Maturity Analysis of contracted undiscounted cash flows
Consolidated
2024
$’000
2023
$’000
MATURITY ANALYSIS
Not later than 1 year
154,208
150,668
Later than 1 year and not later than 5 years
529,616
514,721
Later than 5 years
348,318
421,209
Total undiscounted lease payments
1,032,142
1,086,598
Less: Present value adjustment
(176,848)
(208,447)
Present value of lease payments
855,294
878,151
88 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
10. Right-of-use assets and lease liabilities (continued)
(b)
Recognition and measurement
Leases
The Group as a lessee
The Group assesses whether a contract is or contains a
lease, at inception of the contract. The Group recognises
a right-of-use asset and a corresponding lease liability
with respect to all lease arrangements in which it is the
lessee, except for short-term leases (defined as leases
with a lease term of 12 months or less) and leases of low
value assets. For these leases, the Group recognises the
lease payments as an operating expense on a straight-line
basis over the term of the lease, unless another systematic
basis is more representative of the time pattern in which
economic benefits from the leased assets are consumed.
The Group leases land and buildings for its corporate
offices, warehouses and service workshops, automotive
dealerships, showrooms and retail outlets under
agreements of between 1 to 15 years with, in some cases,
options to extend. The leases have various escalation
clauses. On renewal, the terms of the leases are
renegotiated. The financial liability is measured at the
net present value of future payments under the lease,
including optional renewal periods, where the Group has
assessed that the probability of exercising the renewal is
reasonably certain.
The weighted average remaining term on the Group’s
leases at 31 December 2024, where the Group has
assessed that the probability of exercising the renewal is
reasonably certain, is 7.8 years.
Right-of-use assets
The Group recognises right-of-use assets at cost at the
commencement date of the lease (the date the underlying
asset is available for use).
Right-of-use assets are subsequently measured at cost,
less any accumulated depreciation and impairment losses,
and are adjusted for any remeasurement of lease liabilities.
Unless the Group is reasonably certain to obtain ownership
of the leased asset at the end of the lease term, the
recognised right-of-use assets are depreciated on a
straight-line basis over the shorter of its estimated useful
life and the lease term.
(c)
Critical accounting estimates and judgements
Judgement in determining the lease term of contracts
with renewal options
At initial inception of a lease, the Group determines the
lease term as the non-cancellable term of the lease,
together with periods covered by an option to extend the
lease if it is reasonably certain to be exercised, or any
periods covered by an option to terminate the lease, if it is
reasonably certain not to be exercised. For each reporting
period after initial inception, the Group revisits each lease
individually to re-assess the lease term.
The Group has the option, under some of its property
leases, to lease the asset for additional terms. The Group
applies judgement in evaluating whether it is reasonably
certain to exercise the option to renew. That is, it considers
all relevant factors that create an economic incentive
for it to exercise the renewal. After the commencement
date, the Group reassesses the lease term if there is
a significant event or change in circumstances that is
within its control and affects its ability to exercise (or not
to exercise) the option to renew (for example, a change in
business strategy).
2024 ANNUAL REPORT | 89
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
11. Finance lease receivables
(a)
Amounts receivable under finance leases
Consolidated
2024
$’000
2023
$’000
Current
8,715
13,506
Non-current
62,100
90,763
Total finance lease receivables
70,815
104,269
Year 1
8,715
13,506
Year 2
8,250
13,306
Year 3
8,405
12,805
Year 4
8,624
12,900
Year 5
8,825
12,900
Onwards
48,474
92,197
Total undiscounted lease payments
91,293
157,614
Less: unearned finance income
(20,478)
(32,179)
Allowance for expected credit losses
-
(21,166)
Present value of lease payments receivable
70,815
104,269
(b)
Movement in expected credit losses
Consolidated
2024
$’000
2023
$’000
Opening balance
21,166
15,000
Additional loss allowance
-
17,451
Amounts utilised during the period
(21,166)
(11,285)
Closing balance
-
21,166
(c)
Recognition and measurement
Sublease arrangements
When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The
sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. As
a result of the subleasing arrangements entered into following previous business divestments, the Group has recognised a
current finance lease receivable of $8.7 million, and a non-current finance lease receivable of $62.1 million.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group’s net
investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic
rate of return of the Group’s net investment outstanding in respect of the leases.
The back-to-back subleases have terms between 1 and 12 years. The leases include various escalation clauses.
There has been significant movement in the Group’s finance lease receivables associated with the termination of a
sublease held with Scott’s Refrigerated Logistics, following the appointment of receivers in 2023.
90 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
12. Non-current assets – Property, plant and equipment
Consolidated
2024
$’000
2023
$’000
FREEHOLD LAND AND BUILDINGS - AT FAIR VALUE
Directors' valuation1
Land
408,844
253,196
Buildings
418,522
295,495
Total land and buildings
827,366
548,691
CONSTRUCTION IN PROGRESS - AT COST
Construction in progress
58,017
42,696
LEASEHOLD IMPROVEMENTS
At cost
70,334
43,440
Accumulated depreciation
(15,854)
(7,016)
Total leasehold improvements
54,480
36,424
PLANT AND EQUIPMENT
At cost
135,037
89,222
Accumulated depreciation
(45,869)
(25,841)
Total plant and equipment
89,168
63,381
Total property, plant and equipment
1,029,031
691,192
1.
Valuation of land and buildings
Details of the Group’s freehold land and buildings and information about the fair value hierarchy as at 31 December 2024
are as follows:
Unobservable inputs used in determination of fair values
Carrying value
Range of unobservable inputs
Class of
assets and
liabilities
2024
$’000
2023
$’000
Inputs used to
measure fair value
2024
2023
Valuation technique
Key input
Level 3
Car – HBU
Alternate
Use
43,201
39,960
Adopted capitalisation rate
6.0%
6.0% - 8.0%
Direct comparison,
capitalisation of net
income and discounted
cash flow (DCF)
External
valuations
Net market rental (per sqm)
$213 - $352
$187 - $328
Price per sqm land
$1,100 - $5,274
$2,681 - $5,156
Level 3
Franchised
Automotive
Dealership
784,165
508,731
Adopted capitalisation rate
4.5% - 8.3%
4.5% - 8.3%
Capitalisation of net
income, direct
comparison and
discounted cash flow
(DCF)
External
valuations,
industry
benchmarks
Net market rental (per sqm)
$30 - $312
$4 - $312
Net rent per sqm GBA
$45 - $1,361
$54 - $982
Total
827,366
548,691
Explanation of asset classes: Car - Higher and Best Use (HBU) alternate use refers to properties which have a HBU
greater than that of a car dealership; Franchised Automotive Dealership refers to properties operating as car dealerships
with a HBU consistent with that use.
CARRYING AMOUNTS THAT WOULD HAVE BEEN RECOGNISED IF LAND AND BUILDINGS WERE STATED AT COST
If freehold land was carried at historical cost, its current carrying value would be $338.1 million (2023: $259.5 million). If
freehold buildings were carried at historical cost, its current carrying value (after depreciation) would be $418.5 million
(2023: $295.5 million).
Non-current assets pledged as security
Refer to Note 16(c) for information on non-current assets pledged as security by the Group.
2024 ANNUAL REPORT | 91
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
12. Non-current assets – Property, plant and equipment (continued)
Reconciliations
Reconciliation of the carrying amounts of each class of property, plant and equipment at the beginning and end of the
year is set out below:
Consolidated 2024
Freehold
land
$’000
Buildings
$’000
Construction
in progress
$’000
Leasehold
improvements
$’000
Plant and
equipment
$’000
Total
$'000
Opening net book amount
253,196
295,495
42,696
36,424
63,381
691,192
Exchange differences
-
-
-
261
1,962
2,223
Transfers
-
28,834
(45,647)
11,991
4,822
-
Additions
45,507
13,326
60,987
10,623
36,268
166,711
Additions through business combinations
85,696
93,716
-
9,623
12,694
201,729
Revaluation gain recognised in asset revaluation reserve
27,564
-
-
-
-
27,564
Revaluation loss recognised through profit or loss
(3,119)
-
-
-
-
(3,119)
Disposals
-
-
(19)
(5,604)
(9,931)
(15,554)
Depreciation charge
-
(12,849)
-
(8,838)
(20,028)
(41,715)
Carrying amount at end of year
408,844
418,522
58,017
54,480
89,168
1,029,031
During the period, the Group acquired land and buildings of which $241.0 million was directly funded through capital loan
facilities obtained by the Group.
Consolidated 2023
Freehold
land
$’000
Buildings
$’000
Construction
in progress
$’000
Leasehold
improvements
$’000
Plant and
equipment
$’000
Total
$'000
Opening net book amount
285,292
291,763
30,510
36,687
54,141
698,393
Exchange differences
-
-
-
394
(1,421)
(1,027)
Transfers
(7,435)
25,593
(26,436)
3,300
4,978
-
Additions
5,239
10,132
38,622
3,524
28,369
85,886
Additions through business combinations
8,519
7,967
-
-
776
17,262
Revaluation gain recognised in asset revaluation reserve
7,199
-
-
-
-
7,199
Disposals
(45,618)
(32,608)
-
(400)
(8,066)
(86,692)
Depreciation charge
-
(7,352)
-
(7,081)
(15,396)
(29,829)
Carrying amount at end of year
253,196
295,495
42,696
36,424
63,381
691,192
92 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
12. Non-current assets – Property, plant and equipment (continued)
(a)
Recognition and measurement
Property, plant and equipment
Land and buildings are measured at fair value. All other
property, plant and equipment is stated at historical
cost less accumulated depreciation and impairment
losses. Historical cost includes expenditure that is directly
attributable to the acquisition of the items.
The Group considers the valuation of land and buildings
every reporting date and the Group’s policy requires land
and buildings to be externally valued every three years. At
reporting dates where an asset is not externally valued,
the Group considers whether market conditions or asset
specific factors support the position that the carrying
value of the asset is materially in line with fair value. This
includes consideration of changes in market variables
such as capitalisation rates and terminal growth rates
observable through comparable independent valuations
obtained and also considers comparable market
transactions. The Group also considers whether the usage
of a property has changed that may alter the valuation of
the property. In the current year, the Group commissioned
additional valuations of additional properties above
the usual cyclical valuations to reflect an appropriate
geographical coverage of properties.
Gains and losses on disposals are determined by
comparing proceeds with carrying amounts. These are
included in profit or loss. When revalued assets are sold,
it is Group policy to transfer the amounts included in the
asset revaluation reserve in respect of those assets to
retained earnings.
Land is not depreciated. Depreciation on other assets is
calculated using the straight line method to allocate their
cost or revalued amounts, net of their residual values, over
their estimated useful lives, as follows:
-
Buildings
30 - 40 years
-
Plant & equipment
3 - 10 years
-
Leasehold improvements
The shorter of the
lease term and the useful life of the asset (5-30 years).
Impairment of non-current assets
Non-current assets that are subject to depreciation and
amortisation are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset’s carrying
amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset’s fair value less costs
of disposal and its value-in-use. An impairment loss is
recognised in profit or loss immediately, unless the relevant
asset is carried at fair value, in which case the impairment
loss is treated as a revaluation decrease (refer Note 19(a)).
Where an impairment loss subsequently reverses, the
carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but only to the extent
that the increased carrying amount does not exceed the
carrying amount that would have been determined had
no impairment losses been recognised for the asset in
prior years. A reversal of an impairment loss is recognised
in profit or loss immediately, unless the relevant asset
is carried at fair value, in which case, the reversal of the
impairment loss is treated as a revaluation increase (refer
Note 19(a)).
(b)
Critical accounting estimates and judgements
Fair value estimation of land and buildings
Land and buildings with a carrying value of $827.4 million
(2023: $548.7 million) are carried at fair value. Fair value
inherently involves estimates and judgements to be
made. The Directors determine the fair value of land and
buildings at least annually and if required in contemplation
of sale. The Directors’ assessment is supported by formal
independent valuations conducted periodically but at
least every three years. Each year, for those properties not
captured by a formal independent valuation, the Group
performs a review of available market inputs to identify
any properties that materially differ to current market
conditions.
2024 ANNUAL REPORT | 93
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
13. Non-current assets – Intangibles
Notes
Consolidated
2024
$’000
2023
$’000
Goodwill
1,017,687
837,968
Trade marks/brand names
5,915
5,915
Customer relationships
1,495
2,468
Other intangible assets
17,002
13,222
1,042,099
859,573
MOVEMENT - GOODWILL
Balance at the beginning of the financial year
837,968
834,619
Additional amounts recognised:
Acquired through business combinations during the year
22
196,995
3,349
Less: Impairment during the year
3
(17,276)
-
Balance at the end of the financial year
1,017,687
837,968
MOVEMENT - TRADE MARKS/BRAND NAMES
Balance at the beginning of the financial year
5,915
5,915
Balance at the end of the financial year
5,915
5,915
MOVEMENT - CUSTOMER RELATIONSHIPS
Balance at the beginning of the financial year
2,468
3,930
Amortisation charge
(973)
(1,462)
Balance at the end of the financial year
1,495
2,468
MOVEMENT - OTHER INTANGIBLE ASSETS
Balance at the beginning of the financial year
13,222
10,558
Recognition of franchise rights
6,000
4,000
Amortisation charge
(2,220)
(1,336)
Balance at the end of the financial year
17,002
13,222
(a)
Impairment tests for goodwill
For the purpose of impairment testing, goodwill is allocated to each of the consolidated entity’s cash generating units
(CGU), or groups of CGUs, that are expected to benefit from the synergies of the combinations. Each CGU or groups of
CGUs to which goodwill is allocated represents the lowest level at which assets are monitored for internal management
purposes.
The Group has eight groups of CGUs in the Car Retailing segment, grouped by the operating region, state or product
types, and a National Used CGU, with the lowest level for which there are independent cash flows determined to be on
an operating region or State basis. During the period the Group amended its CGUs as the Northern Territory area was
operationally aligned with the SA region having previously been aligned to the QLD region to create the SA & NT region.
The Group’s nine Car Retailing segment CGUs are now QLD, NSW, VIC & TAS, SA & NT, WA, ACT, NZ, BYD and National Used.
The recoverable amount of a CGU or group of CGUs to which goodwill and other indefinite life intangible assets is allocated
is determined based on the greater of its value in use and its fair value less costs of disposal. Fair value is determined as
being the amount obtainable from the sale of a CGU in an arms length transaction between knowledgeable and willing
parties at balance date. If relevant, this fair value assessment less costs of disposal is conducted by the Directors based
on their extensive knowledge of the car and truck retailing industry including the current market conditions prevailing in
the industry. The value-in-use assessment is conducted using a discounted cash flow (DCF) methodology requiring the
Directors to estimate the future cash flows expected to arise from the CGUs and then applying a discount rate to calculate
the present value. The DCF models adopted by the Directors consider the CGUs performance for the period as well as
utilising cash flow forecasts derived from the 2025 financial budgets approved by the Board to help determine year one
cash flows. The budgets consider all available sources of information (both external and internal).
Impairment testing identified that the carrying value of the QLD, NSW, VIC & TAS, SA & NT, WA, ACT and BYD CGUs
exceeded their recoverable amount. A $17.3 million impairment expense was recognised in the current period against
goodwill allocated to the New Zealand CGU. The impairment expense in the New Zealand CGU reflects challenging
trading conditions in the New Zealand market.
94 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
13.
Non-current assets – Intangibles (continued)
(a)
Impairment tests for goodwill (continued)
The key assumptions determined by the Directors as being
the assumptions to which the CGUs recoverable amount is
most sensitive are:
Cash flow growth rates
The DCF value-in-use models include a range of cash
flow growth rates applied in the second forecast year to
year five that does not exceed 2.3% (2023: 2.3%) in the
Australian operations. The New Zealand model applies a
3.7% growth rate to Gross margin and 2.2% to operating
expenses in the second forecast year to year five.
Terminal growth rates
A terminal growth rate of 2.5% is applied from year five
and into the terminal period (2023: 2.5%). The terminal
growth rate is not deemed to exceed the long-term
average growth rate for the industry and generally
accepted future consumer price index (CPI) rate.
Discount rate
A post-tax discount rate of 8.25% (2023: 8.5%) was applied
to the cash flows for Australian operations and a post-
tax discount rate of 9.25% (2023: 9.25%) for New Zealand,
incorporating the impact of AASB 16 (IFRS 16 Leases, in
New Zealand) on the Group’s cost of debt. Management
engaged a third party specialist to provide the discount
rate utilised in the DCF value-in-use models.
The Group’s fundamentals reflect the strength of our
ongoing business, with continued growth of our new
car order write and realised benefits from our ongoing
productivity and cost-out programs. The forecast growth
rates and terminal growth rate have been based on
consideration of historical performance and the expected
future operating conditions.
Consideration of climate change
In estimating the recoverable amount, the Group has
considered the potential impacts of climate change both
on the Group’s business model and corporate strategy.
The most significant change for vehicle retailers will be
the increasing rate of demand for hybrid and electric
vehicles (including hydrogen fuel cell electric vehicles) in
preference to internal combustion engine vehicles. This
change, in isolation, is not expected to significantly impact
the Group’s business model as the Group is pivoting to
supplying a greater percentage of electric vehicles to
meet consumer demand. Impacts such as any desire to
meet an emissions target over time are being considered
and will be reflected in the recoverable amount as the
strategy progresses.
Sensitivity analysis performed
The Group has performed sensitivity analysis of the
reasonably possible changes in the key assumptions
used in the model, relating to the Australian operations,
including reducing cash flow growth rates from a
maximum of 2.3% to a fixed growth rate of 0% applied
from the second forecast year through to year five, whilst
holding terminal growth rate at 2.5%. Further, the Group
has sensitised the discount rate from 8.5% to 9.0%.
Under each of these independent scenarios, no
impairment was identified.
Sensitivity analysis performed (continued)
For the New Zealand CGU management recognises that
a reasonably possible change in one or a combination
of the key assumptions applied to the post-tax discount
rate, growth rates or gross margin could result in further
impairment of the New Zealand CGU.
(b)
Recognition and measurement
i.
Other intangible assets
Other intangible assets include costs associated with
franchise licences, which provide a benefit for more than
one reporting period, are amortised over the remaining
term of the franchise licence. Capitalised costs associated
with renewal options for franchise licences are deferred
and amortised over the renewal option period. The
unamortised balance is reviewed each balance date and
charged to the Consolidated Statement of Profit or Loss
to the extent that future benefits are no longer probable.
ii.
Goodwill
Goodwill represents the excess of the cost of an
acquisition over the fair value of the Group’s share of the
net identifiable assets acquired and liabilities assumed
of the acquired subsidiary, associate or business at the
date of acquisition. Goodwill on acquisition of subsidiaries
and businesses is included in intangible assets. Goodwill
on acquisition of associates is included in investment in
associates. Goodwill acquired in business combinations is
not amortised. Instead, goodwill is tested for impairment
annually, or more frequently if events or changes in
circumstances indicate that it might be impaired, and is
carried at cost less accumulated impairment losses. An
impairment loss for goodwill is recognised immediately in
Gains and losses on the disposal of an entity representing
the amount of goodwill relating to the entity sold. Goodwill
is allocated to cash-generating units for the purpose of
impairment testing.
(c)
Critical accounting estimates and judgements
Recoverability of goodwill and other intangibles with
indefinite useful lives
Goodwill and other intangibles with indefinite useful
lives of $1,023.6 million (2023: $843.9 million) are tested
annually for impairment, based on estimates made by
Directors. The recoverable amount of the intangibles
is based on the greater of ‘Value-in-use’ or ‘Fair value
less costs to dispose’. Value-in-use is assessed by the
Directors through a discounted cash flow analysis which
includes significant estimates and assumptions related to
growth rates, margins, working capital requirements and
discount rates based on the current cost of capital. Fair
value less costs of disposal is assessed by the Directors
based on their knowledge of the industry and any recent
market transactions. The above figures therefore reflect
the estimates of the recoverable amounts post any
impairment recognised during the year.
2024 ANNUAL REPORT | 95
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
14. Current liabilities – Trade and other payables
Consolidated
2024
$’000
2023
$’000
TRADE AND OTHER PAYABLES
Trade payables1
308,250
339,864
Other payables
256,530
238,643
564,780
578,507
Other payables comprises of customer deposits held of $83.2 million (2023: $89.6 million), other taxes payable of
$22.0 million (2023: $15.9 million), accruals of $104.1 million (2023: $112.3 million), with the remaining balance relating
to miscellaneous payables.
1.
The average credit period on purchases of goods is 30 days. No interest is charged on trade payables from the date of invoice.
The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.
(a)
Recognition and measurement
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year
which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. They are recognised
initially at the fair value of what is expected to be paid, and subsequently at amortised cost, using the effective interest
rate method.
15. Liabilities - Provisions
Consolidated
2024
$’000
2023
$’000
CURRENT PROVISIONS
Annual leave
66,380
56,040
Long service leave
57,952
50,744
124,332
106,784
NON - CURRENT PROVISIONS
Long service leave
8,114
8,989
Other provisions
6,576
6,644
14,690
15,633
Other provisions balance held at reporting date relates to provisions held for make good of leased property. This is for
the expected cost of restoring the premises to its original condition at the end of the lease.
96 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
15. Liabilities - Provisions (continued)
(a)
Movements in provisions
Movements in each class of employee benefits provisions during the financial year and prior year are set out below:
Consolidated
2024
$’000
2023
$’000
MOVEMENTS IN ANNUAL LEAVE PROVISION
Opening balance
56,040
55,534
Leave accrued
40,619
38,402
Leave paid
(37,891)
(37,787)
Provisions acquired through business acquisitions
7,612
-
Transfers
-
(109)
Closing balance
66,380
56,040
MOVEMENTS IN CURRENT LONG SERVICE LEAVE PROVISION
Opening balance
50,744
48,993
Leave paid
(7,309)
(6,994)
Provisions acquired through business acquisitions
8,010
-
Transfers
-
(464)
Amounts vested
6,507
9,209
Closing balance
57,952
50,744
MOVEMENTS IN NON-CURRENT LONG SERVICE LEAVE PROVISION
Opening balance
8,989
8,537
Leave accrued
5,632
9,661
Amounts vested
(6,507)
(9,209)
Closing balance
8,114
8,989
16. Liabilities - Borrowings
(a)
Bailment finance and other current loans
Consolidated
2024
$’000
2023
$’000
Bailment finance
1,518,506
1,311,207
Capital loan
48,767
18,415
1,567,273
1,329,622
i.
Bailment finance
Bailment finance is provided on a vehicle-by-vehicle basis by various finance providers at an average interest rate of
6.63% p.a. applicable at 31 December 2024 (2023: 6.22%). Bailment finance is repayable within a short period after the
vehicle is sold to a third party, generally within 48 hours.
ii.
Interest rate risk exposures
Details of the Group’s exposure to interest rate changes on interest bearing liabilities is set out in Note 20.
iii.
Fair value disclosures
Details of the Group’s fair value of interest bearing liabilities is set out in Note 20.
iv.
Security
Details of the security relating to each of the secured liabilities and further information on bank loans is set out in the
non-current section below.
2024 ANNUAL REPORT | 97
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
16. Liabilities - Borrowings (continued)
(b)
Non-current loans
Consolidated
2024
$’000
2023
$’000
Term facility
396,260
124,560
Capital loan
551,765
341,945
948,025
466,505
(c)
Secured liabilities
Total secured liabilities (current and non-current) are:
Consolidated
2024
$’000
2023
$’000
Term facility1
396,260
124,560
Capital loan2
600,532
360,360
Bailment finance3
1,518,506
1,311,207
2,515,298
1,796,127
1.
The term facility is secured by a general security agreement which includes registered first mortgages held by a security trustee over specific
freehold land and buildings and a general charge over assets. This excludes new and used inventory and related receivables, and a Corporate
Guarantee and Indemnity unlimited as to amount given by the parent entity and its subsidiaries.
2.
The capital loan is secured by registered first mortgages given by subsidiaries over specific freehold land and buildings, and a Corporate
Guarantee and Indemnity unlimited as to amount given by the parent entity and its subsidiaries.
3.
Vehicle bailment finance reflects a liability payable to the consolidated entity’s bailment financiers. This liability is represented by and secured
over debtors included in current assets receivables in respect of recent vehicle deliveries to customers, and by new vehicles, demonstrator vehicles
and some used vehicles all included in inventories (bailment stock). Refer to Note 8.
Refer to Note 20(b)(iii) for maturities.
Assets pledged as security
The carrying amounts of assets pledged as security are:
Consolidated
2024
$’000
2023
$’000
NON-CURRENT ASSETS PLEDGED AS SECURITY
Freehold land and buildings - first mortgage
827,366
548,691
Other non-current assets
1,389,214
1,135,135
CURRENT ASSETS PLEDGED AS SECURITY
Inventories
1,518,506
1,311,207
Other current assets
405,897
416,139
Total assets pledged as security
4,140,983
3,411,172
98 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
16. Liabilities - Borrowings (continued)
(c)
Secured liabilities (continued)
Financing arrangements
The Group has access to the following lines of credit at the balance date:
Consolidated
2024
$’000
2023
$’000
Total facilities
Term facility1
753,100
382,000
Working capital facility (includes bank overdraft)1
50,000
30,000
Capital loan2
647,901
471,030
Bailment finance3
2,240,786
1,700,657
Bank guarantees
54,000
66,100
3,745,787
2,649,787
Drawn at balance date
Term facility
396,260
124,560
Capital loan
600,532
360,360
Bailment finance
1,518,506
1,311,207
Bank guarantees
48,681
37,837
2,563,979
1,833,964
Undrawn at balance date
Term facility
356,840
257,440
Working capital facility (includes bank overdraft)
50,000
30,000
Capital loan
47,369
110,670
Bailment finance
722,280
389,450
Bank guarantees
5,319
28,263
1,181,808
815,823
1.
The term and working capital facilities at balance date were provided on a non-amortisable (interest only) basis subject to compliance
with specific covenants for a fixed term. Under the terms of the facilities the Group is required to comply with three financial covenants; a
Capitalisation Ratio; Gearing Ratio and a Fixed charge cover ratio.
These covenants, agreed with lenders, consider the size, operations and strategy of the Group, and management considers them in line with
market terms. The Group has complied with these covenants throughout the reporting period, and there are no indications that Group would have
difficulties complying with the covenants when they will be next tested as at 30 June 2025 interim reporting date.
2.
Capital loan facility at balance date was provided on a non-amortisable (interest only) basis for a fixed term.
3.
Dealerships utilise bailment finance to fund both new and used vehicle inventory. New vehicles are purchased from the original equipment
manufacturer (OEM) using financing provided by a bailment finance provider, who retains title in the vehicle until it is subsequently sold by the
dealership to the customer. Vehicle financed under bailment plans are recognised as inventory with the corresponding bailment liability owing to
the finance providers.
These facilities include a combination of fixed term and open-ended arrangements and are subject to review periods ranging from quarterly
to annual. The facilities are available for drawdown by specified dealerships on a vehicle-by-vehicle basis, with repayment as it relates to an
individual vehicle required immediately after the vehicle is sold.
The Group also utilises the bailment finance facility to finance some of its used vehicle inventory.
2024 ANNUAL REPORT | 99
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
17. Segment information
Segments are identified on the basis of internal reports about components of the consolidated entity that are regularly
reviewed by the chief operating decision maker, being the Board of Directors, in order to allocate resources to the
segment and to assess its performance.
The Group has historically operated in two operating and reporting segments being (i) Car Retailing, and (ii) Property.
These are identified on the basis of being the components of the Group that are regularly reviewed by the chief
operating decision maker for the purpose of resource allocation and assessment of segment performance. Information
regarding the Group’s reporting segments is presented below.
The accounting policies of the reportable segments are the same as the Group’s accounting policies as outlined within
the notes to the financial report. Segment profit represents the profit earned by each segment without allocation of
unrecovered corporate costs and income tax. External bailment is allocated to the Car Retailing segment. Funding costs in
relation to the term facility and capital loans drawn are allocated to the Car Retailing and Property segments based on the
total amount drawn.
This is the measure reported to the chief operating decision maker for the purposes of resource allocation and
assessment of segment performance. For the purpose of monitoring segment performance and allocating resources
between segments, the chief operating decision maker monitors the tangible, intangible, and financial assets
attributable to each segment. All assets are allocated to reportable segments.
i.
Car Retailing
Within the Car Retailing segment, the Group offers a diversified range of automotive products and services, including
new vehicles, used vehicles, vehicle maintenance and repair services, vehicle parts, service contracts, vehicle brokerage,
vehicle protection products and other aftermarket products. They also facilitate financing for vehicle purchases through
third-party sources. New vehicles, vehicle parts and maintenance services are predominantly supplied in accordance with
franchise agreements with manufacturers. This segment includes a motor auction business and forklift rental business.
ii.
Property
Within the Property segment, the Group acquires commercial properties principally for use as facility premises for its
motor dealership operations. The Property segment charges the Car Retailing segment commercial rent for owned
properties occupied by that segment. The Property segment reports property assets at fair value, based on annual
assessments by the Directors supported by periodic, but at least triennial, valuations by external independent valuers.
There is no one customer that is responsible for 10% or more of sales.
(a)
Geographic information
The Group operates in two principal geographic locations, being Australia and New Zealand.
(b)
Segment results
SEGMENT REPORTING 2024
Car Retailing
$’000
Property
$’000
Eliminations
$’000
Consolidated
$’000
Sales to external customers
11,193,628
114
-
11,193,742
Inter-segment sales
-
47,200
(47,200)
-
Total sales revenue
11,193,628
47,314
(47,200)
11,193,742
SEGMENT RESULTS
Operating profit before interest
524,542
32,326
-
556,868
External interest expense allocation
(160,461)
(24,014)
-
(184,475)
Interest income
3,485
-
-
3,485
Operating contribution
367,566
8,312
-
375,878
Business acquisition, divestment, restructure and integration costs
(9,381)
-
-
(9,381)
Other expenses
(4,941)
-
-
(4,941)
Profit on termination of leases
990
-
-
990
Profit on sales of businesses
471
-
-
471
Profit on sale of property
-
3,357
-
3,357
Impairment of non-current assets
(21,156)
(3,119)
-
(24,275)
Segment profit
333,549
8,550
-
342,099
Unallocated corporate expenses
(6,521)
Profit before tax
335,578
Income tax expense
(112,664)
Net profit
222,914
Depreciation and amortisation
(131,022)
(12,849)
-
(143,871)
Assets
Segment assets
4,568,729
885,382
-
5,454,111
Liabilities
Segment liabilities
3,473,353
630,473
-
4,103,826
Net assets
1,095,376
254,909
-
1,350,285
100 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
17. Segment information (continued)
(b)
Segment results (continued)
SEGMENT REPORTING 2023
Car Retailing
$’000
Property
$’000
Eliminations
$’000
Consolidated
$’000
Sales to external customers
9,851,345
336
-
9,851,681
Inter-segment sales
-
39,348
(39,348)
-
Total sales revenue
9,851,345
39,684
(39,348)
9,851,681
SEGMENT RESULTS
Operating profit before interest
534,915
30,852
-
565,767
External interest expense allocation
(116,321)
(14,430)
-
(130,751)
Interest income
8,376
-
-
8,376
Operating contribution
426,970
16,422
-
443,392
Business acquisition, divestment, restructure and integration costs
(2,254)
-
-
(2,254)
Other expenses
(1,225)
-
-
(1,225)
Profit on termination of leases
3,050
-
-
3,050
Profit on sales of businesses
7,685
-
-
7,685
Loss on sale of property
-
(3,652)
-
(3,652)
Segment profit
434,226
12,770
-
446,996
Unallocated corporate expenses
(19,661)
Profit before tax
427,335
Income tax expense
(128,267)
Net profit
299,068
Depreciation and amortisation
(113,944)
(7,352)
-
(121,296)
Assets
Segment assets
4,122,782
597,933
-
4,720,715
Liabilities
Segment liabilities
3,025,409
389,920
-
3,415,329
Net assets
1,097,373
208,013
-
1,305,386
(c)
Recognition and measurement
Operating segments
Operating segments are identified based on internal reports that are regularly reviewed by the entity’s chief operating
decision maker in order to allocate resources to the segment and assess its performance.
2024 ANNUAL REPORT | 101
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
18. Contributed equity
(a)
Paid up capital
2024
Shares
2023
Shares
Consolidated
2024
$’000
2023
$’000
Ordinary shares - Fully paid
258,074,137
256,900,410
1,192,319
1,173,659
Ordinary shares confer on their holders the right to participate in dividends declared by the Board and to vote at general
meetings of the Company.
At the reporting date, the Employee Share Trust held 916,248 outstanding shares, which are reported in share capital
(2023: 2,252,658)
(b)
Movements in ordinary share capital
During the period $25.0 million of ordinary shares were issued as purchase consideration on acquisition of a business and
$6.3 million of ordinary shares were purchased under a share buy-back arrangement. The movements in ordinary share
capital are presented below.
Date
Details
Number of
shares
Share
price
$’000
Opening balance at 1 January 2024
256,900,410
-
1,173,659
29-Feb-2024
Shares issued as purchase consideration on acquisition
1,783,727
$14.02
25,000
24-May-2024
Share buy-back
(210,000)
$10.47
(2,198)
27-May-2024
Share buy-back
(200,000)
$10.46
(2,093)
28-May-2024
Share buy-back
(100,000)
$10.50
(1,054)
13-Sep-2024
Share buy-back
(100,000)
$9.95
(995)
Closing balance at 31 December 2024
258,074,137
-
1,192,319
Opening balance at 1 January 2023
255,398,099
-
1,154,572
25-May-2023
Share buy-back
(39,000)
$12.86
(502)
26-May-2023
Share buy-back
(32,816)
$12.52
(411)
03-Jul-2023
Shares issued as purchase consideration on acquisition
1,574,127
$12.71
20,000
Closing balance at 31 December 2023
256,900,410
-
1,173,659
102 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
19. Reserves and retained earnings
(a)
Reserves
Notes
Consolidated
2024
$’000
2023
$’000
Asset revaluation reserve
60,836
41,541
Share-based payments reserve
(88,973)
(84,195)
Foreign currency translation reserve
(2,715)
(1,813)
Business combination reserve
(544,881)
(544,881)
Investment revaluation reserve
(66,438)
(64,304)
(642,171)
(653,652)
MOVEMENTS
ASSET REVALUATION RESERVE:
Balance at beginning of the financial year
41,541
36,502
Revaluation increment - property
12
27,564
7,199
Deferred tax on revaluation - property
4(c)
(8,269)
(2,160)
Balance at the end of the financial year
60,836
41,541
SHARE-BASED PAYMENTS RESERVE:
Balance at beginning of the financial year
(84,195)
(89,171)
Shares acquired by Employee Share Trust
(2,501)
-
Employee share schemes - value of employee services
2,180
1,821
Shares issued pursuant to staff share plan
-
1,891
Deferred tax
4(c)
(4,457)
1,264
Balance at the end of the financial year
(88,973)
(84,195)
FOREIGN CURRENCY TRANSLATION RESERVE:
Balance at beginning of the financial year
(1,813)
(1,914)
Other comprehensive income
(902)
101
Balance at the end of the financial year
(2,715)
(1,813)
BUSINESS COMBINATION RESERVE:
Balance at beginning of the financial year
(544,881)
(479,042)
Movement during the period
-
(65,839)
Balance at the end of the financial year
(544,881)
(544,881)
INVESTMENT REVALUATION RESERVE:
Balance at beginning of the financial year
(64,304)
(72,497)
Revaluation (decrement) / increment - Financial assets at fair value through other
comprehensive income (FVOCI)
9
(2,681)
8,737
Deferred tax on revaluation (decrement) / increment - Financial assets at fair value through
other comprehensive income (FVOCI)
4(c)
547
(544)
Balance at the end of the financial year
(66,438)
(64,304)
(b)
Retained earnings
Consolidated
2024
$’000
2023
$’000
Retained profits at the beginning of the financial year
750,095
655,796
Net profit for the year
222,914
299,068
Less: NCI share
(17,819)
(17,968)
Dividends paid
(190,872)
(186,801)
Retained profits at the end of the financial year
764,318
750,095
2024 ANNUAL REPORT | 103
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
19. Reserves and retained earnings
(continued)
(c)
Nature and purpose of other reserves
i.
Asset revaluation reserve
The asset revaluation reserve is used to record increments
and decrements on the revaluation of property, plant and
equipment as described in Note 12(a).
ii.
Share-based payments reserve
The share-based payment reserve is used to recognise the
fair value of performance rights expected to vest and the
fair value of equity expected to be issued under various
share incentive schemes referred to in Note 28(f).
iii.
Foreign currency translation reserve
The foreign currency translation reserve is used to
recognise the cumulative net movement in foreign assets,
liabilities and profit and loss held by foreign subsidiaries
since acquisition.
iv.
Business combination reserve
The business combination reserve is used to recognise
the difference between the value of consideration paid to
acquire the non-controlling interest, the carrying value of the
non-controlling interest and the value of shares acquired.
v.
Investment revaluation reserve
The investment revaluation reserve represents the
cumulative gains and losses arising on assets held at fair
value through OCI that have been recognised in other
comprehensive income as described in Note 9.
20. Financial instruments
(a)
Overview
The Group has exposure to the following key risks from its
use of financial instruments:
-
Credit risk
-
Liquidity risk
-
Market risk (interest rate risk)
This note presents information about the Group’s exposure
to each of the above risks, the Group’s objectives, policies
and processes for measuring and managing risk, and
the Group’s management of capital. Further quantitative
disclosures are included throughout the financial report.
The Directors have overall responsibility for the
establishment and oversight of the Group’s risk
management framework.
The Directors have established an Audit and Risk
Committee (the Committee) which is responsible for
monitoring, assessing and reporting on the Group’s risk
management system. The Committee provides regular
reports to the Board of Directors on its activities.
The Group’s risk management policies are established
to identify and analyse the risks faced by the Group, to
set appropriate risk limits and controls, and to monitor
risks and adherence to limits. Risk management policies
and systems are reviewed regularly to reflect changes in
market conditions and the Group’s activities.
The Committee oversees how management monitors
compliance with the risk management policies and
procedures, and reviews the adequacy of the risk
management framework in relation to the risks. The
Committee is assisted in its oversight by Internal Audit.
Internal Audit undertakes both regular and ad hoc reviews
of risk management controls and procedures, the results
of which are reported to the Committee.
The Group’s principal financial instruments comprise bank
loans, bailment finance, cash and short-term deposits.
The main purpose of these financial instruments is to
raise finance for and fund the Group’s operations. The
Group has various other financial instruments such as
trade debtors and trade creditors which arise directly
from its operations. It is, and has been throughout the
period under review, the Group’s policy that no speculative
trading in financial instruments shall be undertaken.
The main risks arising from the Group’s financial
instruments are interest rate risk, credit risk and liquidity
risk. The Board reviews and agrees policies for managing
each of these risks and they are summarised as follows.
104 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
20. Financial instruments (continued)
Credit risk
Credit risk refers to the risk that a counterparty will default
on its contractual obligations resulting in a financial loss to
the Group. The Group has adopted a policy of only dealing
with creditworthy counterparties and obtaining sufficient
collateral where appropriate, as a means of mitigating the
risk of financial loss from defaults. Further, it is the Group’s
policy that all customers who wish to trade on credit terms
are subject to credit verification procedures.
Trade receivables consist of a large number of customers,
spread across geographical areas. The Group applies the
simplified approach permitted by AASB 9, which requires
expected lifetime credit losses to be recognised from
initial recognition of the receivable. The expected credit
losses on these financial assets are estimated using a
provision matrix based on the Group’s historical credit loss
experience and forward-looking information.
With respect to credit risk arising from financial assets
of the Group (comprised of cash, cash equivalents,
receivables, finance lease receivables and other loans
receivable), the Group’s maximum exposure to credit risk
at the balance date, excluding the value of any collateral
or other security, is the carrying amount as disclosed in the
Consolidated Statement of Financial Position and notes to
the financial report.
The Group’s credit risk on liquid funds is limited as
the counter parties are major Australian banks with
favourable credit ratings assigned by international
credit rating agencies.
Definition of default
The Group considers the following as constituting an event
of default for internal credit risk management purposes
as historical experience indicates that financial assets
that meet either of the following criteria are generally not
recoverable:
-
when there is a breach of financial covenants by the
debtor; or
-
information developed internally or obtained from
external sources indicates that the debtor is unlikely
to pay its creditors, including the Group, in full (without
taking into account any collateral held by the Group).
Liquidity risk
Liquidity risk is the risk that the Group will not be able to
meet its financial obligations as they fall due. The Group’s
approach to managing liquidity is to ensure, as far as
possible, that it will always have sufficient liquidity to
meet its liabilities when due, under both normal and
stressed conditions.
The Group’s overall objective is to maintain a balance
between continuity of funding and flexibility through the
use of bank overdrafts and bank loans.
The Group also manages liquidity risk by maintaining
adequate reserves, banking facilities and reserve
borrowing facilities, by continuously monitoring forecast
and actual cash flows and matching the maturity profiles
of financial assets and liabilities.
Market risk
Market risk is the risk that changes in market prices, such
as interest rates, will affect the Group’s income or the
value of its holdings of financial instruments. The objective
of market risk management is to manage and monitor
market risk exposures within acceptable parameters,
whilst optimising the return on risk.
i.
Interest rate risk
The Group’s policy is to keep between 0% and 50% of its
borrowings at fixed rates of interest. As at 31 December 2024,
9% (2023: 17%) of the Group’s borrowings were at a fixed rate
of interest.
ii.
Interest rate sensitivity
The sensitivity analysis below has been determined based
on the exposure to interest rates for both derivative and
non-derivative instruments at the reporting date and the
stipulated change taking place at the beginning of the
financial year and held constant throughout the reporting
period. A 50 basis point increase or decrease is used when
reporting interest rate risk internally to key management
and represents management’s assessment of the possible
change in interest rates.
At the reporting date, if interest rates had been 50 basis
points higher or lower and all other variable were held
constant, the Group’s net profit after tax would increase/
decrease by $12.8 million (2023: $9.4 million) per annum.
This is mainly due to the Group’s exposures to interest
rates on its variable rate borrowings.
Capital management
The Board’s policy is to maintain a strong capital base so
as to maintain investor, creditor and market confidence
and to sustain future development of the business.
The Board seeks to maintain a balance between the
higher returns that might be possible with higher levels of
borrowings and the advantages and security afforded by
a sound capital position.
There were no changes in the Group’s approach to capital
management during the period.
2024 ANNUAL REPORT | 105
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
20. Financial instruments (continued)
(b)
Credit risk
i.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk
at the reporting date was:
Notes
Consolidated
2024
$’000
2023
$’000
Trade and other receivables
357,097
352,901
Less: Allowance for expected credit losses
(6,743)
(5,414)
7
350,354
347,487
Other non-current receivables
70,836
57,073
Finance lease receivables
11
70,815
125,435
Less: Allowance for expected credit losses
-
(21,166)
492,005
508,829
ii.
Impairment losses
The ageing of trade receivables at reporting date is detailed in Note 7.
iii.
Fair values and exposures to credit and liquidity risk
Detailed in the following table, the Directors consider that the carrying amounts of financial assets and financial liabilities
recorded in the financial report approximate their fair value.
Consolidated
2024
$’000
2023
$’000
FINANCIAL ASSETS
Trade and other receivables net of expected credit losses
350,354
347,487
Cash and cash equivalents
183,683
222,214
Other non-current receivables
70,836
57,073
Finance lease receivables
70,815
104,269
675,688
731,043
FINANCIAL LIABILITIES
Term facility
396,260
124,560
Capital loan
600,532
360,360
Vehicle bailment finance
1,518,506
1,311,207
Trade and other payables
564,780
578,507
Lease liabilities
855,294
878,151
3,935,372
3,252,785
106 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
20. Financial instruments (continued)
(b)
Credit risk (continued)
iii.
Fair values and exposures to credit and liquidity risk (continued)
Maturity profile
The below table provides a maturity profile for the Group’s financial liabilities that are exposed to interest rate risk at the
balance date. The amounts disclosed in the table are gross contractual undiscounted cash flows (principal and interest)
required to settle the respective liabilities. The interest rate is based on the rate applicable as at the end of the financial
period.
CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES
AT 31 DECEMBER 2024
Less than
1 year
$’000
1 - 2
years
$’000
2 - 3
years
$’000
3 - 4
years
$’000
4 -5
years
$’000
5+
years
$’000
Total
$’000
INTEREST BEARING
FLOATING RATE
Vehicle bailment finance (current)
1,640,489
-
-
-
-
-
1,640,489
Term facility
27,415
27,415
27,415
530,960
350,809
-
964,014
Capital loan
37,346
37,346
37,346
100,484
118,772
267,144
598,438
1,705,250
64,761
64,761
631,444
469,581
267,144
3,202,941
Average interest rate
5.49%
4.09%
4.06%
4.03%
3.91%
6.58%
FIXED RATE
Capital loan
42,522
59,809
25,964
18,442
18,442
110,087
275,266
Average interest rate
3.16%
3.15%
3.16%
3.15%
3.14%
3.13%
NON-INTEREST BEARING
Trade and other payables
564,780
-
-
-
-
-
564,780
Contingent consideration
10,000
-
-
-
-
-
10,000
574,780
-
-
-
-
-
574,780
Please refer to Notes 10 for ageing of lease liabilities. The Group uses a combination of cash inflows from financial
assets and available bank facilities to manage its liquidity. The Group has access to undrawn financing facilities of
$1,181.8 million (2023: $815.8 million) and expects to meet its other obligations from operating cash flows and proceeds of
maturing financial assets.
2024 ANNUAL REPORT | 107
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
20. Financial instruments (continued)
(b)
Credit risk (continued)
iii.
Fair values and exposures to credit and liquidity risk (continued)
CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES
AT 31 DECEMBER 2023
Less than
1 year
$’000
1 - 2
years
$’000
2 - 3
years
$’000
3 - 4
years
$’000
4 -5
years
$’000
5+
years
$’000
Total
$’000
INTEREST BEARING
FLOATING RATE
Vehicle bailment finance (current)
1,311,576
-
-
-
-
-
1,311,576
Term facility
9,826
272,929
213,106
-
-
-
495,861
Capital loan
9,771
9,771
9,771
9,771
76,579
31,545
147,208
1,331,173
282,700
222,877
9,771
76,579
31,545
1,954,645
Average interest rate
4.11%
2.79%
2.54%
6.42%
6.42%
6.39%
FIXED RATE
Capital loan
23,819
43,025
60,274
26,399
18,866
129,412
301,795
Average interest rate
3.17%
3.16%
3.15%
3.16%
3.15%
3.14%
NON-INTEREST BEARING
Trade and other payables
578,507
-
-
-
-
-
578,507
iv.
Estimation of fair value
The following summarises the major methods and assumptions used in estimating the fair value of financial instruments:
Loans and borrowings
Fair value is calculated based on discounted expected future principal and interest cash flows.
Trade and other payables
For payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. All other
payables are discounted to determine the fair value.
108 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
21. Investments in subsidiaries
(a)
Deed of Cross Guarantee
Equity Holding
Member of
DOCG
Membership
Group
2016/785
Opt In/Out
23-0919
Opt In/Out
NAME OF ENTITY
2024 % 2023 %
2024
2023
2024
2023
2024
2023
2024
2023
Eagers Automotive Limited
100
100
Y
Y
C
C
A.P. Ford Pty Ltd
*
100
100
Y
Y
C
C
Opt In Opt Out
A.P. Group Pty Ltd
*
100
100
Y
Y
C
C
Opt In
A.P. Motors (No.3) Pty Ltd
85
100
Y
Y
EC
C
Opt Out
Opt In
A.P. Motors Pty Ltd
100
100
Y
Y
C
C
ACM Autos Holdings Pty Ltd
80
80
Y
Y
EC
EC
ACM Autos Pty Ltd
80
80
Y
Y
EC
EC
ACM Liverpool Pty Ltd
*
100
100
Y
Y
C
C
ACN 132 712 111 Pty Ltd
100
100
Y
Y
C
C
Adtrans Australia Pty Ltd
100
100
Y
Y
C
C
Adtrans Automotive Group Pty Ltd
*
100
100
Y
Y
C
C
Adtrans Corporate Pty Ltd
100
100
Y
Y
C
C
Adtrans Group Pty Ltd
*
100
100
Y
Y
C
C
Opt In
Adtrans Sydney Pty Ltd
*
100
100
Y
Y
C
C
Opt In
Adtrans Truck Centre Pty Ltd
*
100
100
Y
Y
C
C
Opt In
Adtrans Used Pty Ltd
100
100
Y
Y
C
C
AHG 1 Pty Ltd
*
100
100
Y
Y
C
C
AHG Automotive Mining and Industrial Solutions
Pty Ltd
100
100
Y
Y
C
C
AHG Coatings Pty Ltd
100
100
Y
Y
C
C
AHG Finance 2005 Pty Ltd
100
100
Y
Y
C
C
AHG Finance Pty Ltd
100
100
Y
Y
C
C
AHG Franchised Automotive Pty Ltd
100
100
Y
Y
C
C
AHG International Pty Ltd
100
100
Y
Y
C
C
AHG Newcastle Pty Ltd
*
100
100
Y
Y
C
C
AHG Services (NSW) Pty Ltd
100
100
Y
Y
C
C
AHG Services (QLD) Pty Ltd
100
100
Y
Y
C
C
AHG Services (VIC) Pty Ltd
100
100
Y
Y
C
C
AHG Services (WA) Pty Ltd
100
100
Y
Y
C
C
AHG Trade Parts Pty Ltd
100
100
Y
Y
C
C
AHG WA (2015) Pty Ltd
*
100
100
Y
Y
C
C
AHGCL 2016 Pty Ltd
*
100
100
Y
Y
C
C
Opt In
AP Townsville Pty Ltd
78
78
Y
Y
EC
EC
Opt In
APE Cars Mgmt Pty Ltd
100
100
Y
Y
C
C
Associated Finance Pty Ltd
100
100
Y
Y
C
C
Auckland Auto Collection Limited
100
100
Y
Y
C
C
Austral Pty Ltd
*
100
100
Y
Y
C
C
AUT 6. Pty Ltd
100
100
Y
Y
C
C
Opt Out
Auto Ad Pty Ltd
100
100
Y
Y
C
C
Automotive Holdings Group (Queensland) Pty
Ltd
100
100
Y
Y
C
C
Automotive Holdings Group (Victoria) Pty Ltd
100
100
Y
Y
C
C
Automotive Holdings Group Pty Ltd
*
100
100
Y
Y
C
C
Opt In
BASW Pty Ltd
90
80
Y
Y
EC
EC
Opt In
Big Rock 2005 Pty Ltd
80
80
Y
Y
EC
EC
Big Rock Pty Ltd
100
100
Y
Y
C
C
2024 ANNUAL REPORT | 109
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
Equity Holding
Member of
DOCG
Membership
Group
2016/785
Opt In/Out
23-0919
Opt In/Out
NAME OF ENTITY
2024 % 2023 %
2024
2023
2024
2023
2024
2023
2024
2023
Bill Buckle Holdings Pty Ltd
100
100
Y
Y
C
C
Black Auto CQ Pty Ltd
90
100
Y
Y
EC
C
Boonarga Welding Pty Ltd
90
80
Y
Y
EC
EC
Bradstreet Motors Holdings Pty Ltd
80
80
Y
Y
EC
EC
Bradstreet Motors Pty Limited
80
80
Y
Y
EC
EC
Bridge NT Pty Ltd
85
100
Y
Y
EC
C
Opt In
Cardiff Car City Holdings Pty Ltd
80
80
Y
Y
EC
EC
Cardiff Car City Pty Limited
80
80
Y
Y
EC
EC
Carlin Auction Services (NSW) Pty Ltd
53.87
53
N
N
N/A
N/A
Carlins Automotive Auctioneers (QLD) Pty Ltd
53.87
53
N
N
N/A
N/A
Carlins Automotive Auctioneers (S.A) Pty Ltd
53.87
53
N
N
N/A
N/A
Carlins Automotive Auctioneers (WA) Pty Ltd
53.87
53
N
N
N/A
N/A
Carlins Automotive Auctioneers Pty Ltd
53.87
53
N
N
N/A
N/A
Carlins Group Holdings Pty Ltd
53.87
53
N
N
N/A
N/A
Carsplus Australia Pty Ltd
100
100
Y
Y
C
C
Castlegate Enterprises Pty Ltd
100
100
Y
Y
C
C
CFD (2012) Pty Ltd
*
100
100
Y
Y
C
C
Opt In
CH Auto Holdings Pty Ltd
90
-
Y
N/A
EC
N/A
CH Auto Pty Ltd
90
100
Y
Y
EC
C
Opt Out
Opt In
Chellingworth Pty Ltd
100
100
Y
Y
C
C
City Auto (2016) Holdings Pty Ltd
80
80
Y
Y
EC
EC
Opt In
City Auto (2016) Pty Ltd
80
80
Y
Y
EC
EC
Opt In
City Automotive Group Pty Ltd
100
100
Y
Y
C
C
City Motors (1981) Pty Ltd
100
100
Y
Y
C
C
Crampton Automotive Pty Ltd
100
100
Y
Y
C
C
Dual Autos Pty Ltd
100
100
Y
Y
C
C
E.G. Eager & Son Pty Ltd
100
100
Y
Y
C
C
EACAB Pty Ltd
78
78
Y
Y
EC
EC
Opt In
Eagers ACT Cars MGMT Pty Ltd
100
100
Y
Y
C
C
Eagers ACT Pty Ltd
*
100
100
Y
Y
C
C
Eagers ACT Rentals Pty Ltd
100
100
Y
Y
C
C
Eagers Finance Pty Ltd
100
100
Y
Y
C
C
Eagers MD Pty Ltd
80
80
Y
Y
EC
EC
Eagers Nominees Pty Ltd
100
100
Y
Y
C
C
Eagers NT Holdings Pty Ltd
100
-
Y
N/A
C
N/A
Eagers NT Pty Ltd
100
-
Y
N/A
C
N/A
Eagers Retail Pty Ltd
100
100
Y
Y
C
C
Eagers TACT Pty Ltd
80
80
Y
Y
EC
EC
Opt In
Eagers VIC Pty Ltd
*
100
100
Y
Y
C
C
Eagers WA Pty Ltd (Formerly known as Perth
Auto Alliance Pty Ltd)
*
100
100
Y
Y
C
C
EASST Pty Ltd
85
85
Y
Y
EC
EC
Opt In
Easy Auto 123 Pty Ltd
*
100
100
Y
Y
C
C
Eurocars (SA) Pty Ltd
100
100
Y
Y
C
C
EVDealer Group Pty Ltd
80
80
N
N
N/A
N/A
F.R. Ireland Pty Ltd
78
78
Y
Y
EC
EC
21. Investments in subsidiaries (continued)
(a)
Deed of Cross Guarantee (continued)
110 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
21. Investments in subsidiaries (continued)
(a)
Deed of Cross Guarantee (continued)
Equity Holding
Member of
DOCG
Membership
Group
2016/785
Opt In/Out
23-0919
Opt In/Out
NAME OF ENTITY
2024 % 2023 %
2024
2023
2024
2023
2024
2023
2024
2023
Falconet Pty Ltd
*
100
100
Y
Y
C
C
Ferntree Gully Autos Holdings Pty Ltd
100
100
N
N
N/A
N/A
Ferntree Gully Autos Pty Ltd
100
100
N
N
N/A
N/A
Finmo Pty Ltd
100
100
Y
Y
C
C
Giant Autos (1997) Pty Ltd
100
100
Y
Y
C
C
Giant Autos Pty Ltd
100
100
Y
Y
C
C
Graham Cornes Motors Pty Ltd
90
90
Y
Y
EC
EC
Grand Autos 2005 Pty Ltd
80
80
Y
Y
EC
EC
Highland Autos Pty Ltd
80
80
Y
Y
EC
EC
Opt In
Highland Kackell Pty Ltd
100
100
Y
Y
C
C
HM (2015) Holdings Pty Ltd
100
100
N
N
N/A
N/A
HM (2015) Pty Ltd
100
100
N
N
N/A
N/A
IB MD Pty Ltd
80
80
Y
Y
EC
EC
IB Motors Pty Ltd
*
100
100
Y
Y
C
C
Janetto Holdings Pty Ltd
100
100
Y
Y
C
C
Kingspoint Pty Ltd
100
100
Y
Y
C
C
L.C.N. Enterprises Pty Ltd
100
-
Y
N/A
C
N/A
Leaseline & General Finance Pty Ltd
100
100
Y
Y
C
C
Lionteam Pty Ltd
100
100
Y
Y
C
C
LWC International Limited
100
100
Y
Y
C
C
LWC Limited
100
100
Y
Y
C
C
Maitland City Motor Group Holdings Pty Ltd
80
80
Y
Y
EC
EC
Maitland City Motor Group Pty Ltd
80
80
Y
Y
EC
EC
MB VIC Pty Ltd
*
100
100
Y
Y
C
C
MBSA Motors Pty Ltd
100
100
Y
Y
C
C
MCM Autos Pty Ltd
80
80
Y
Y
EC
EC
MCM Sutherland Pty Ltd
100
100
Y
Y
C
C
Opt Out Opt In
Melbourne City Autos (2012) Pty Ltd
100
100
Y
Y
C
C
Melville Autos 2005 Pty Ltd
100
100
Y
Y
C
C
Melville Autos Pty Ltd
100
100
Y
Y
C
C
Mornington Auto Group (2012) Pty Ltd
100
100
Y
Y
C
C
Motors Group (Glen Waverley) Pty Ltd
87.5
87.5
Y
Y
EC
EC
Opt In
Motors TAS Pty Ltd
*
100
100
Y
Y
C
C
Newcastle Commercial Vehicles Pty Ltd
100
100
Y
Y
C
C
Norris Enterprises Pty Ltd
100
-
Y
N/A
C
N/A
North City (1981) Pty Ltd
100
100
Y
Y
C
C
North City 2005 Pty Ltd
100
100
Y
Y
C
C
Northside Autos 2005 Pty Ltd
100
100
Y
Y
C
C
Northside Nissan (1986) Pty Ltd
100
100
Y
Y
C
C
Northwest (WA) Pty Ltd
100
100
Y
Y
C
C
NSW Vehicle Wholesale Pty Ltd
100
100
Y
Y
C
C
Nuford Ford Pty Ltd
*
100
100
Y
Y
C
C
Opt In Opt Out
OPM (2012) Holdings Pty Ltd
*
100
100
Y
Y
C
C
Opt In
OPM (2012) Pty Ltd
100
100
Y
Y
C
C
Osborne Park Autos Pty Ltd
*
100
100
Y
Y
C
C
Opt In Opt Out
2024 ANNUAL REPORT | 111
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
Equity Holding
Member of
DOCG
Membership
Group
2016/785
Opt In/Out
23-0919
Opt In/Out
NAME OF ENTITY
2024 % 2023 %
2024
2023
2024
2023
2024
2023
2024
2023
Penrith Auto (2016) Pty Ltd
100
100
Y
Y
C
C
PMLC Enterprises Pty Ltd
100
-
Y
N/A
C
N/A
Precision Automotive Technology Pty Ltd
100
100
Y
Y
C
C
PT (2013) Pty Ltd
92.5
92.5
Y
Y
EC
EC
Opt In
Rent Two Buy Pty Ltd
100
100
Y
Y
C
C
RL Sublessor Pty Ltd
100
100
Y
Y
C
C
Sabalan Holdings Pty Ltd
80
80
Y
Y
EC
EC
Sabalan Pty Ltd
80
80
Y
Y
EC
EC
Shemapel 2005 Pty Ltd
*
100
100
Y
Y
C
C
South West Queensland Motors Pty Ltd
90
80
Y
Y
EC
EC
Southeast Automotive Group Pty Ltd
*
100
100
Y
Y
C
C
Southern Automotive Group Pty Ltd
100
100
Y
Y
C
C
Southside Autos (1981) Pty Ltd
100
100
Y
Y
C
C
Southside Autos 2005 Pty Ltd
100
100
Y
Y
C
C
Southwest Automotive Group Pty Ltd
100
100
Y
Y
C
C
Submo Pty Ltd
100
100
Y
Y
C
C
SWGT Pty Ltd
100
100
Y
Y
C
C
Total Autos (1990) Pty Ltd
100
100
Y
Y
C
C
Total Autos 2005 Pty Ltd
100
100
Y
Y
C
C
Vehicle Storage & Engineering Pty Ltd
-
100
N/A
N
N/A
N/A
WA Trucks Pty Ltd
100
100
Y
Y
C
C
Webster Trucks Mgmt Pty Ltd
100
100
Y
Y
C
C
Widevalley Pty Ltd
100
100
Y
Y
C
C
WS Motors Pty Ltd
78
78
Y
Y
EC
EC
Opt In
WS Vehicle Sales Pty Ltd
78
78
Y
Y
EC
EC
Zupp Holdings Pty Ltd
100
100
Y
Y
C
C
Zupps Aspley Pty Ltd
100
100
Y
Y
C
C
Opt Out
Zupps Mt Gravatt Pty Ltd
100
100
Y
Y
C
C
Zupps Parts Pty Ltd
100
100
Y
Y
C
C
C - Member of the Closed Group
EC - Member of the Extended Closed Group
All entities noted as members of the Deed of Cross Guarantee (DOCG) above, were parties to a Deed of Cross Guarantee
with Eagers Automotive Limited pursuant to ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 which
has been lodged with and approved by Australian Securities and Investments Commission as at 31 December 2024.
Under the DOCG each of these companies guarantee the debts of the other named companies. Entities which have
opted in or out of the relief for the current or prior year are noted in the 2016/785 columns in the table above.
All subsidiaries that are either directly controlled by Eagers Automotive Limited, or are wholly-owned within the Group,
have ordinary class of shares and are incorporated in Australia or New Zealand.
As a party to the deed of cross guarantee, each of the wholly-owned subsidiaries (marked *) are relieved from the
requirement to prepare and lodge an audited financial report.
21. Investments in subsidiaries (continued)
(a)
Deed of Cross Guarantee (continued)
112 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
21.
Investments in subsidiaries (continued)
(a)
Deed of Cross Guarantee (continued)
The following entities obtained relief under ASIC
Corporations (Wholly-owned Companies) Instrument
2016/785 in 2023, but were ineligible for relief in 2024:
Entity name
Ineligibility date
A.P. Motors (No.3) Pty Ltd
31 December 2024
AUT 6. Pty Ltd
31 December 2024
CH Auto Pty Ltd
31 December 2024
MCM Sutherland Pty Ltd
31 December 2024
Zupps Aspley Pty Ltd
31 December 2024
The following entities joined the DOCG in 2024 by
assumption deed:
Entity name
Assumption date
CH Auto Holdings Pty Ltd
07 August 2024
Eagers NT Holdings Pty Ltd
06 March 2024
L.C.N. Enterprises Pty Ltd
31 October 2024
Norris Enterprises Pty Ltd
31 October 2024
PMLC Enterprises Pty Ltd
31 October 2024
On 21 December 2023 the Company announced that
it has obtained relief from the Australian Securities
and Investments Commission from the requirement for
certain of its non-wholly owned subsidiaries to have their
individual financial reports audited each year.
To be eligible for the relief, the subsidiaries must be party
to the Eagers Group Deed of Cross Guarantee.
The relief applies only to the individual subsidiaries and
does not affect the financial reporting or audit obligations
of the parent company, Eagers Automotive Limited.
Entities which have opted in to the relief for the current
year are noted in the 23-0919 columns in the above table.
The table below provides details of the Eligible
Subsidiaries which may be eligible to rely on the relief, and
whether or not that Eligible Subsidiary relied on the relief
for the financial year ended 31 December 2024:
Entity name
Reliance on relief
A.P. Motors (No.3) Pty Ltd
Yes
ACM Autos Holdings Pty Ltd
No
ACM Autos Pty Ltd
No
AP Townsville Pty Ltd
Yes
BASW Pty Ltd
Yes
Big Rock 2005 Pty Ltd
No
Black Auto CQ Pty Ltd
No
Boonarga Welding Pty Ltd
No
Bradstreet Motors Holdings Pty Ltd
No
Bradstreet Motors Pty Ltd
No
Bridge NT Pty Ltd
Yes
Cardiff Car City Holdings Pty Ltd
No
Cardiff Car City Pty Ltd
No
Entity name
Reliance on relief
CH Auto Holdings Pty Ltd
No
CH Auto Pty Ltd
Yes
City Auto (2016) Holdings Pty Ltd
Yes
City Auto (2016) Pty Ltd
Yes
EACAB Pty Ltd
Yes
Eagers MD Pty Ltd
No
Eagers NT Holdings Pty Ltd
No
Eagers NT Pty Ltd
No
Eagers TACT Pty Ltd
Yes
EASST Pty Ltd
Yes
F.R. Ireland Pty Ltd
No
Graham Cornes Motors Pty Ltd
No
Grand Autos 2005 Pty Ltd
No
Highland Autos Pty Ltd
Yes
IB MD Pty Ltd
No
Maitland City Motor Group Holdings Pty Ltd
No
Maitland City Motor Group Pty Ltd
No
MCM Autos Pty Ltd
No
Motors Group (Glen Waverley) Pty Ltd
Yes
OPM (2012) Holdings Pty Ltd
No
OPM (2012) Pty Ltd
No
PT (2013) Pty Ltd
Yes
Sabalan Holdings Pty Ltd
No
Sabalan Pty Ltd
No
South West Queensland Motors Pty Ltd
No
WS Motors Pty Ltd
Yes
WS Vehicle Sales Pty Ltd
No
No entities were removed from the DOCG in 2024 via
revocation deed.
No entities were subject to a notice of disposal in 2024.
The following entities were deregistered in 2024:
Entity name
Notice of
deregistration
date
Vehicle Storage & Engineering Pty Ltd
28 January 2024
2024 ANNUAL REPORT | 113
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
21. Investments in subsidiaries (continued)
(a)
Deed of Cross Guarantee (continued)
i.
Members of the closed group
A Consolidated Statement of Profit or Loss and Consolidated Statement of Financial Position, comprising the Company
and entities which are members of the Closed Group, after eliminating all transactions between parties to the Deed of
Cross Guarantee, at 31 December 2024 is set out below:
DEED OF CROSS GUARANTEE
2024
$’000
2023
$’000
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Profit before tax from continuing operations
149,043
257,840
Income tax expense from continuing operations
(59,808)
(86,499)
Profit for the year
89,235
171,341
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Current assets
Cash and cash equivalents
107,432
158,467
Trade and other receivables
260,481
266,509
Inventories
1,452,584
1,079,449
Current tax receivables
3,333
-
Prepayments and deposits
26,863
21,154
Finance lease receivable
8,715
13,506
1,859,408
1,539,085
Assets classified as held for sale
-
6,546
Total current assets
1,859,408
1,545,631
Non-current assets
Other loans receivable
69,621
37,397
Financial assets at fair value through other comprehensive income
66,158
64,072
Investments in associates
2,440
2,422
Other non-current receivables
-
23,954
Property, plant and equipment
997,287
667,847
Intangible assets
847,012
680,553
Deferred tax assets
102,970
125,579
Other non-current assets
6,016
9,494
Right-of-use assets
536,792
489,022
Finance lease receivable
62,100
90,763
Total non-current assets
2,690,396
2,191,103
Total assets
4,549,804
3,736,734
114 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
21. Investments in subsidiaries (continued)
(a)
Deed of Cross Guarantee (continued)
i.
Members of the closed group (continued)
DEED OF CROSS GUARANTEE
2024
$’000
2023
$’000
Current liabilities
Trade and other payables
321,317
197,345
Borrowings - bailment and other current loans
1,192,747
884,949
Current tax liabilities
-
12,224
Provisions
95,300
87,185
Deferred revenue
4,277
5,182
Lease liabilities
137,160
135,984
Total current liabilities
1,750,801
1,322,869
Non-current liabilities
Borrowings
948,025
466,505
Deferred revenue
10,082
14,810
Provisions
12,666
13,602
Contingent consideration
10,000
-
Lease liabilities
640,903
651,498
Total non-current liabilities
1,621,676
1,146,415
Total liabilities
3,372,477
2,469,284
Net assets
1,177,327
1,267,450
Equity
Contributed equity
1,192,318
1,173,659
Reserves
(663,405)
(674,888)
Retained earnings
648,414
768,679
1,177,327
1,267,450
Non-controlling interests
-
-
Total equity
1,177,327
1,267,450
2024 ANNUAL REPORT | 115
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
21. Investments in subsidiaries (continued)
(a)
Deed of Cross Guarantee (continued)
ii.
Members of the extended closed group
Entities that are parties to the Deed of Cross Guarantee and controlled by Eagers Automotive Limited.
A Consolidated Statement of Profit or Loss and Consolidated Statement of Financial Position, comprising the entities
that are parties to the Deed of Cross Guarantee, after eliminating all transactions between parties to the Deed of Cross
Guarantee, at 31 December 2024 is set out below:
DEED OF CROSS GUARANTEE
2024
$’000
2023
$’000
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Profit before tax from continuing operations
303,204
394,839
Income tax expense from continuing operations
(94,145)
(118,234)
Profit for the year
209,059
276,605
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Current assets
Cash and cash equivalents
105,740
160,059
Trade and other receivables
331,305
331,071
Inventories
1,775,259
1,365,700
Other current assets
32,400
27,166
Finance lease receivable
8,715
13,506
Assets classified as held for sale
-
6,546
Total current assets
2,253,419
1,904,048
Non-current assets
Other loans receivable
70,836
38,156
Financial assets at fair value through other comprehensive income
66,158
64,072
Investments in associates
2,440
2,422
Other non-current receivables
-
23,954
Property, plant and equipment
1,019,358
685,490
Intangible assets
1,018,281
839,536
Deferred tax assets
115,902
136,368
Other non-current assets
6,016
9,494
Right-of-use assets
600,203
562,824
Finance lease receivable
62,100
90,763
Total non-current assets
2,961,294
2,453,079
Total assets
5,214,713
4,357,127
116 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
21. Investments in subsidiaries (continued)
(a)
Deed of Cross Guarantee (continued)
ii.
Members of the extended closed group (continued)
DEED OF CROSS GUARANTEE
2024
$’000
2023
$’000
Current liabilities
Trade and other payables
364,657
325,435
Borrowings - bailment and other current loans
1,500,513
1,174,125
Current tax liabilities
4,082
14,304
Provisions
122,757
107,371
Deferred revenue
8,718
9,772
Lease liabilities
153,730
146,204
Total current liabilities
2,154,457
1,777,211
Non-current liabilities
Borrowings
948,025
466,505
Deferred revenue
10,082
14,810
Provisions
13,398
14,369
Contingent consideration
10,000
-
Lease liabilities
700,312
728,813
Total non-current liabilities
1,681,817
1,224,497
Total liabilities
3,836,274
3,001,708
Net assets
1,378,439
1,355,419
Equity
Contributed equity
1,192,318
1,173,659
Reserves
(644,174)
(655,657)
Retained earnings
800,946
807,779
1,349,090
1,325,781
Non-controlling interests
29,349
29,638
Total equity
1,378,439
1,355,419
2024 ANNUAL REPORT | 117
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
21. Investments in subsidiaries (continued)
(b)
Information relating to Eagers Automotive Limited (‘the parent entity’)
2024
$’000
2023
$’000
Financial performance
Profit for the year
265,579
248,194
Financial position
ASSETS
Current assets
210,057
125,422
Non-current assets
660,611
664,712
Total assets
870,668
790,134
LIABILITIES
Current liabilities
-
16,372
Non-current liabilities
-
-
Total liabilities
-
16,372
Net assets
870,688
773,762
EQUITY
Issued capital
1,192,319
1,173,659
Retained earnings
286,591
201,432
RESERVES
Asset revaluation reserve
1,683
1,683
Business combination reserve
(479,042)
(479,042)
Investment revaluation reserve
(41,485)
(39,351)
Share-based payments reserve
(89,398)
(84,620)
Total equity
870,668
773,762
Refer Notes 24(a) and 24(b) in respect of guarantees entered into by the parent entity in relation to debts of its subsidiaries.
118 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
22. Business acquisitions
(a)
Acquisition of other businesses
The Group acquired the following businesses during the 2024 year as detailed below:
Year
Name of business
Date of acquisition
Principal activity
Proportion acquired
2024
NGP Victoria Dealership Group
29 February 2024
Motor Vehicle Dealer
100%
2024
Alice Springs Toyota
29 February 2024
Motor Vehicle Dealer
100%
2024
Norris Motor Group
31 October 2024
Motor Vehicle Dealer
100%
Allocation of purchase consideration
The purchase price of the businesses acquired has been allocated as follows:
NGP Victoria
Dealership Group
$’000
Alice Springs
Toyota
$’000
Norris Motor
Group
$’000
2024
Total
$’000
Cash consideration net of cash acquired
110,229
22,655
64,874
197,758
Non-cash issue of shares
25,000
-
-
25,000
Acquisition of property through external financing 1
105,907
8,950
63,985
178,842
Contingent consideration for earn-out
arrangement 2
-
-
10,000
10,000
Total purchase consideration
241,136
31,605
138,859
411,600
Consolidated fair value at acquisition date
NGP Victoria
Dealership Group
$’000
Alice Springs
Toyota
$’000
Norris Motor
Group
$’000
2024
Total
$’000
Net assets acquired
Receivables, prepayments
2,035
13
20,841
22,889
Inventory
146,670
5,875
88,982
241,527
Property 1
105,907
9,490
64,015
179,412
Right-of-use assets
50,406
-
17,049
67,455
Lease liabilities
(50,406)
-
(17,049)
(67,455)
Plant and equipment
15,624
1,114
5,579
22,317
Deferred tax assets
3,374
151
2,397
5,922
Creditors, borrowings and provisions
(149,820)
(4,687)
(102,955)
(257,462)
Net assets acquired
123,790
11,956
78,859
214,605
Consideration
241,136
31,605
138,859
411,600
Goodwill on acquisition 3
117,346
19,649
60,000
196,995
The initial accounting for the Norris Motor Group acquisition has been provisionally determined as at 31 December
2024. At the date of finalisation of this report, the necessary valuations and other calculations had not been finalised
and the fair value of the net assets acquired and resulting goodwill noted above have therefore only been provisionally
determined.
1.
The acquisition includes property which was directly funded through capital loan facilities obtained by the Group.
2.
The purchase price consideration for Norris Motor Group includes a contingent component related to specified hurdles being met. The Group has
determined that it is probable that these hurdles will be met for the Norris Motor Group acquisition and $10.0 million has been included in the fair
value of the consideration. The contingent consideration is a financial liability.
3.
Goodwill arose on the business combinations at the date of acquisition as the consideration paid for the combination included amounts in
relation to the benefit of expected synergies and further revenue and profit growth.
2024 ANNUAL REPORT | 119
Notes to and Forming Part of the
Consolidated Financial Statements
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
22. Business acquisitions (continued)
(a)
Acquisition of other businesses (continued)
Revenue and profit contribution
The acquired businesses contribution to revenue and
net profit before tax for the period from their date of
acquisition to 31 December 2024 is included in the Car
Retailing Segment (refer to Note 17) and their assets have
been allocated to VIC & TAS, SA & NT and QLD CGUs for the
purpose of impairment testing.
Other new businesses
During the period the Group registered the following
entities with the Australian Securities and Investments
Commission:
-
Eagers NT Holdings Pty Ltd
-
CH Auto Holdings Pty Ltd
(b)
Recognition and measurement
Business combinations
Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date,
irrespective of the extent of any non-controlling interest.
The excess of the cost of acquisition over the fair value of
the Group’s share of the identifiable net assets acquired
is recorded as goodwill (refer to Note 13). If the cost of
acquisition is less than the fair value of the net assets
of the subsidiary acquired, the difference is recognised
directly in profit or loss but only after assessment of the
identification and measurement of the net assets acquired.
Where settlement of any part of cash consideration is
deferred, the amounts payable in the future are discounted
to their present values as at the date of acquisition. The
discount rate used is the Australian Government bond rate
that matches the future maturity period.
If the initial accounting for a business acquisition is
incomplete by the end of the reporting period in which
the acquisition occurs, the Group reports provisional
amounts for the items for which accounting is incomplete.
The provisional amounts are adjusted during the
measurement period (no longer than 12 months from the
initial acquisition) on a retrospective basis by restating the
comparative information presented in the financial report.
(c)
Critical accounting estimates and judgements
The fair value of assets and liabilities acquired in
business combinations
Acquisitions made by the Group have required some
judgements and estimates to be made. The Directors
have judged that no identifiable intangible assets have
been acquired in the business combinations other
than Goodwill. Experts were engaged to determine the
fair value of assets acquired at the acquisition date.
Additionally as part of the acquisition and negotiation
process, judgements have been made as to the fair value
of vehicle and parts inventory, warranties and other assets
and liabilities acquired.
120 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
23. Business divestments
(a)
Business disposal and discontinued operations
The Group sold the following businesses during the 2024 year as detailed below:
Year
Name of business
Date of sale
Principal activity
Proportion disposed
2024
Newspot Ssangyong
11 July 2024
Automotive Business
100%
2024
Motors Tasmania Burnie
29 July 2024
Automotive Business
100%
2024
Crash Supplies
30 September 2024
Automotive Business
100%
Consolidated
2024
$’000
Net assets disposed of
Receivables, prepayments and cash
54
Inventory
2,354
Plant and equipment
223
Creditors, borrowings and provisions
(1,527)
Net assets disposed
1,104
Total consideration received (100% cash)
922
Non-cash consideration
653
Total sale consideration
1,575
Total gain on sale
471
The Directors have considered these disposals during the twelve month period to 31 December 2024 in the context of
AASB 5 Non-current Assets Held for Sale, and they have determined that the disclosure requirements of discontinued
operations do not apply. This judgement has been made based on all of the available facts and circumstances
surrounding the sale and the impact of the related segments and remaining businesses, noting this is not a separate
major line of business.
Other divestments
During the year the Group deregistered the following entity with the Australian Securities and Investments Commission:
-
Vehicle Storage & Engineering Pty Ltd
24. Contingent liabilities
(a)
Parent entity
Unsecured guarantees, indemnities and undertakings have been given by the parent entity in the normal course of
business in respect of financial and trade arrangements entered into by its subsidiaries. It is not anticipated that the
parent entity will become liable for any amount in respect thereof. At 31 December 2024, no subsidiary was in default in
respect of any arrangement guaranteed by the parent entity, and all amounts owed have been brought to account as
liabilities in the financial report.
(b)
Deed of cross guarantee
Eagers Automotive Limited and its subsidiaries (as set out in Note 21) were parties to a deed of cross guarantee lodged
with the Australian Securities and Investments Commission as at 31 December 2024. Under the deed of cross guarantee
each company within the Closed Group guarantees the debts of the other companies. The maximum exposure of the
parent entity in relation to the cross guarantees is $3.84 billion (2023: $3.00 billion). Refer to Note 21(a) for a listing of
subsidiaries party to the deed.
2024 ANNUAL REPORT | 121
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
25. Commitments for expenditure
(a)
Capital commitments
Capital expenditure for land, buildings, plant and equipment contracted for at the end of the reporting period but not
recognised as liabilities is as follows:
Consolidated
2024
$’000
2023
$’000
Within one year
2,913
31,740
26. Remuneration of auditor
Consolidated
2024
$’000
2023
$’000
Deloitte and related network firms1
Audit or review of financial reports:
Group
1,159
1,182
Subsidiaries and joint operations including non-recurring audits
603
702
1,762
1,884
Other assurance and agreed-upon procedures under other legislation or contractual arrangements
34
32
Other services:
Tax compliance services
657
335
Other
75
116
Total remuneration for other services
732
451
Other auditors and their related network firms
Audit of subsidiary financial reports
-
50
2,528
2,417
1.
The auditor of Eagers Automotive Limited is Deloitte Touche Tohmatsu.
27. Subsequent events
No matter or circumstance has occurred subsequent to the year end that has significantly affected, or may significantly
affect, the operations of the Group, the results of those operations or the state of affairs of the Group or economic entity
in subsequent financial years.
122 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
28. Key management personnel
The remuneration report included in the Directors’ Report sets out the remuneration policies of the Group and the
relationship between these policies and the Group’s performance.
The following have been identified as key management personnel (KMP) with authority and responsibility for planning,
directing and controlling the activities of the Group, directly or indirectly during the financial year.
The specified Directors and Executives of Eagers Automotive Limited during the financial year were:
(a)
Details of key management personnel
i.
Directors
T B Crommelin
Chairman (non-executive)
S A Moore
Director and Chief Financial Officer
N G Politis
Director (non-executive)
D T Ryan
Director (non-executive)
M J Birrell
Director (non-executive)
G J Duncan
Director (non-executive)
D S Blackhall
Director (non-executive)
M V Prater
Director (non-executive)
K S McNamara
Director (non-executive) appointed 21st March 2024
ii.
Executives
D G Stark
Company Secretary
K T Thornton
Chief Executive Officer
E Geschke
Chief Operating Officer - Automotive
(b)
Compensation of key management personnel
The aggregate compensation made to key management personnel of the Company and the Group is set out below.
Consolidated
2024
$’000
2023
$’000
Short term
7,129
5,998
Post employment benefits
210
189
Share based payments
1,605
1,321
8,944
7,508
(c)
Option holdings of key management personnel
Details of options held by key management personnel can be found in Note 28(f).
(d)
Loans to key management personnel
Refer to the Remuneration report for further details regarding the Plan N Share Based Payment awards granted in the
current period.
(e)
Other transactions with key management personnel
Other transactions with key management personnel are detailed in Note 29.
2024 ANNUAL REPORT | 123
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
28. Key management personnel (continued)
(f)
Share-based payments
Plan M: EPS Performance Rights and Options – Key Executives
The Group has an Earnings Per Share (EPS) based performance rights and option compensation scheme for specific
executive officers which commenced in 2021. The fair value of these performance rights and options is calculated on
grant date and recognised over the period to vesting. The vesting of the performance rights and options granted is
based on the achievement of specified earnings per share growth targets and interest cover thresholds. The fair value
has been calculated using a binomial option pricing model based on numerous variables including the following:
PERFORMANCE RIGHTS
Award date 24 February 2021
Vesting date
24-Feb-22
23-Feb-23
22-Feb-24
27-Feb-25
Expiry date
28-Feb-22
28-Feb-23
28-Feb-24
28-Feb-25
Share price at grant date
$ 12.32
$ 12.32
$ 12.32
$ 12.32
Expected life
1.0 years
2.0 years
3.0 years
4.0 years
Volatility
38%
38%
38%
38%
Risk free interest rate
0.06%
0.08%
0.21%
0.42%
Dividend yield
3.5%
3.5%
3.5%
3.5%
PERFORMANCE OPTIONS
Award date 24 February 2021
Vesting date
27-Feb-25
Expiry date
30-Apr-25
Share price at grant date
$ 12.32
Exercise price
$ 12.32
Expected life
4.1 years
Volatility
38%
Risk free interest rate
0.44%
Dividend yield
3.5%
PERFORMANCE RIGHTS
Grant date
End performance period
Expiry date
Fair value at grant date
Number
54,668
24-Feb-21
31-Dec-21
28-Feb-22
$ 11.89
74,042
24-Feb-21
31-Dec-22
28-Feb-23
$ 11.48
76,646
24-Feb-21
31-Dec-23
28-Feb-24
$ 11.09
79,365
24-Feb-21
31-Dec-24
28-Feb-25
$ 10.71
PERFORMANCE OPTIONS
Grant date
End performance period
Expiry date
Fair value at grant date
Number
2,173,910
24-Feb-21
31-Dec-24
30-Apr-25
$ 2.76
No performance rights were forfeited or expired during the year. 76,646 Plan M rights were issued during the year. No
options were granted during the year.
The value of the performance rights expensed during the year was $212,500, with a cumulative expense being recognised
at 31 December 2024 of $3,200,009 (2023: $2,987,509). The value of the performance options expensed during the year
was $1,374,998, with a cumulative expense being recognised at 31 December 2024 of $5,674,982 (2023: $4,299,984).
124 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
28. Key management personnel (continued)
(f)
Share-based payments (continued)
Plan N: Loan funded shares based on service – Key Executives
The Group commenced a new service based performance awards for specific executive officers in 2024. The fair value of
these awards is calculated on grant date and recognised over the period to vesting. The vesting of the awards is based
on service requirements. The fair value has been calculated using a binomial option pricing model based on numerous
variables including the following:
SERVICE SHARES
Award date 29 August 2024
Vesting date
29-Feb-28
28-Feb-30
Expiry date
31-Mar-29
31-Mar-31
Share price at grant date
$ 10.16
$ 10.16
Loan per share
$ 10.23
$ 10.23
Expected life
4.05 years
6.05 years
Volatility
34%
34%
Risk free interest rate
3.54%
3.68%
Dividend yield
-
-
SERVICE SHARES
Grant date
End performance period
Expiry date
Fair value at grant date
Number
800,000
29-Aug-2024
29-Feb-2028
31-Mar-2029
$ 3.24
1,000,000
29-Aug-2024
28-Feb-2030
31-Mar-2031
$ 4.05
1,800,000 shares were granted during the year, which are restricted until service requirements are met at the end of the
vesting period.
The value of the shares expensed during the year was $567,312, with a cumulative expense being recognised at
31 December 2024 of $567,312 (2023: nil).
2024 ANNUAL REPORT | 125
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
29. Related parties
Key management personnel
Other information on key management personnel has been disclosed in the Directors’ Report.
Remuneration and retirement benefits
Information on the remuneration of key individual management personnel has been disclosed in the Remuneration
Report included in the Directors’ Report.
Other transactions of Directors and Director-related entities
The aggregate amount of “Other transactions” with key management personnel are as follows:
Sales to
related parties
Purchases from
related parties
Rental payments to
related parties
2024
$
2023
$
2024
$
2023
$
2024
$
2023
$
Mr N G Politis 1
2,772,577
859,686
1,238,249
1,872,323
4,873,770
-
Mr M Birrell 2
13,200
13,200
8,965
59,967
969,283
882,121
Ms M Prater 3
-
-
-
-
12,041,821
13,256,552
1.
Mr N G Politis is a Director and shareholder of a number of companies involved in the motor industry with whom the consolidated entity transacts
business with. These transactions, relate to the sale and purchase of spare parts and accessories, demonstrator vehicle purchases and new
energy vehicle agency sale commissions. Mr N G Politis is also an owner of a number of properties leased by subsidiaries of Eagers Automotive
Limited. Transactions with Mr N G Politis are carried out under terms and conditions no more favourable than those which it is reasonable to
expect would have applied if the transactions were at arm’s length.
During the period Eagers Automotive purchased a portfolio of dealerships and related properties (NGP Victoria Dealership Group) from Mr N G
Politis for $241,136,000. Refer to Note 22.
2.
Mr M Birrell is a Director and owner of a company involved in the provision of finance to the motor vehicle industry with whom the consolidated
entity transacts business. These transactions are commissions paid to the consolidated entity and are carried out under terms and conditions no
more favourable than those which it is reasonable to expect would have applied if the transactions were at arm’s length.
Mr M Birrell is a Director and owner of a number of properties leased by subsidiaries of Eagers Automotive Limited. The lease transactions
have been carried out under terms and conditions no more favourable than those which it is reasonable to expect would have applied if the
transactions were at arm’s length.
During the period an amount was also received from Mr M Birrell in relation to short term sublease arrangements.
3.
Ms M Prater is a Director and owner of a number of properties leased by subsidiaries of Eagers Automotive Limited. The lease transactions
have been carried out under terms and conditions no more favourable than those which it is reasonable to expect would have applied if the
transactions were at arm’s length.
Controlled entities may, from time to time, sell motor vehicles, parts and servicing of motor vehicles for domestic use
to Directors of entities in the consolidated entity or their Director-related entities within a normal employee relationship
on terms and conditions no more favourable than those which it is reasonable to expect would have been adopted if
dealing with the Directors or their Director-related entities at arm’s length in the same circumstances.
Wholly-owned Group
The parent entity of the wholly-owned Group is Eagers Automotive Limited. Information relating to the wholly-owned
Group is set out in Note 21.
126 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
30. Earnings per share
(a)
Basic earnings per share
Consolidated
2024
Cents
2023
Cents
From operations attributable to the ordinary equity holders of the Company
80.2
110.7
(b)
Diluted earnings per share
Consolidated
2024
Cents
2023
Cents
From operations attributable to the ordinary equity holders of the Company
80.1
110.5
(c)
Reconciliation of earnings used in calculating earnings per share
Consolidated
2024
$’000
2023
$’000
BASIC EARNINGS PER SHARE
Profit attributable to the ordinary equity holders of the Company used in calculating basic
and diluted earnings per share:
Profit for the year
222,914
299,068
Less: attributable to non-controlling interest
(17,819)
(17,968)
Profit attributable to the ordinary equity holders of the Company used in calculating basic earnings per share
205,095
281,100
DILUTED EARNINGS PER SHARE
Profit for the year attributable to share holders of the parent
205,095
281,100
Profit attributable to the ordinary equity holders of the Company used in calculating
diluted earnings per share
205,095
281,100
2024
Number
2023
Number
Weighted average number of ordinary shares outstanding during the year
255,644,708
253,847,590
Shares deemed to be issued for no consideration in respect of employee options
265,065
622,803
Weighted average number of ordinary shares outstanding during the year used in the calculation of diluted
earnings per share
255,909,773
254,470,393
2024 ANNUAL REPORT | 127
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
31. Reconciliation of net profit after tax to the net cash inflows
from operations
Notes
Consolidated
2024
$’000
2023
$’000
Net profit after tax
222,914
299,068
Depreciation and amortisation
3(a)
143,871
121,296
Impairment expense
3(b)
24,275
17,451
Share of net profits of associates
(1,123)
(1,277)
Gain on disposal of non-financial assets
2
(1,046)
(3,551)
(Gain)/loss on sale of property, plant & equipment
(3,357)
3,652
Employee share scheme expense
2,180
1,821
Gain on sale of business
2
(471)
(7,685)
(INCREASE)/DECREASE IN ASSETS
Receivables
(4,195)
(72,187)
Inventories
(150,382)
(560,708)
Prepayments
15,004
(11,188)
Non-current receivables
290
(3,825)
Deferred tax assets
36,560
4,428
INCREASE/(DECREASE) IN LIABILITIES
Creditors (including bailment finance)
60,990
630,357
Provisions
16,606
3,662
Deferred revenue
(6,756)
(2,658)
Taxes payable
(16,433)
(2,393)
Net cash inflow from operating activities
338,927
416,263
128 | EAGERS AUTOMOTIVE LIMITED
Notes to and Forming Part of the
Consolidated Financial Statements (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
32. Changes in liabilities arising from financing activities
The below table represents the cash and non-cash movements in financing activities for 2024:
1 January
2024
$’000
Financing
cash
inflows
$’000
Financing
cash
outflows
$’000
Termination
of leases
$’000
Fair value
adjustments/
rent reviews
$’000
Property
acquisitions
$’000
New leases
$’000
31 December
2024
$’000
Term facility
124,560
271,700
-
-
-
-
-
396,260
Capital loan
360,360
23,375
(24,228)
-
-
241,025
-
600,532
Lease liabilities
878,151
-
(115,170)
(50,097)
59,664
-
82,746
855,294
Total
1,363,071
295,075
(139,398)
(50,097)
59,664
241,025
82,746
1,852,086
The below table represents the cash and non-cash movements in financing activities for 2023:
1 January
2023
$’000
Financing
cash
inflows
$’000
Financing
cash
outflows
$’000
Termination
of leases
$’000
Fair value
adjustments/
rent reviews
$’000
Property
acquisitions
$’000
New leases
$’000
31 December
2023
$’000
Term facility
104,560
20,000
-
-
-
-
-
124,560
Capital loan
339,326
7,000
(17,575)
-
-
31,609
-
360,360
Lease liabilities
1,022,770
-
(118,526)
(136,500)
74,543
-
35,864
878,151
Total
1,466,656
27,000
(136,101)
(136,500)
74,543
31,609
35,864
1,363,071
33. New and amended standards
i.
New or revised standards and interpretations that are first effective in the current reporting period
New and revised Standards and amendments thereof and Interpretations effective for the current year that are relevant
to the Group, but have not had a material impact, are:
-
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback
-
Amendments to IAS 1 Classification of Liabilities as Current or Non-current
ii.
New or revised standards and interpretations that have been issued but not yet adopted
Certain new accounting standards and amendments to standards have been issued that are not mandatory for
reporting periods commencing 1 January 2024 and have not been early adopted by the Group. These standards are not
expected to have a material recognition and measurement impact on the Group in the current or future reporting periods
and on foreseeable future transactions.
AASB 18 Presentation and Disclosure in Financial Statements will be effective for the Group from 1 January 2027. The
standard will affect the presentation and disclosure in the financial statements, including introducing new categories and
subtotals in the statement of profit or loss, requiring the disclosure of management-defined performance measures, and
changing the grouping of information in the financial statements.
2024 ANNUAL REPORT | 129
Notes to and Forming Part of the
Consolidated Financial Statements
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
In accordance with the requirements of s.295(3A) of the Corporations Act 2001, set out below is the Consolidated Entity
Disclosure Statement disclosing information in respect of Eagers Automotive Limited and entities it controlled as at
31 December 2024.
Body corporate
Tax residency
Name of Entity
Body corporate,
partnership or
trust
Place
incorprated or
formed
Ownership
interest (%)
Australian or
foreign
Foreign
jurisdiction(s)
Eagers Automotive Limited
Body Corporate
Australia
N/A
Australian
N/A
A.C.N. 132 712 111 Pty Ltd1
Body Corporate
Australia
100.00%
Australian
N/A
A.P. Ford Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
A.P. Group Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
A.P. Motors (No.3) Pty. Ltd.
Body Corporate
Australia
85.00%
Australian
N/A
A.P. Motors Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
ACM Autos Holdings Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
ACM Autos Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
ACM Liverpool Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Adtrans Australia Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Adtrans Automotive Group Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Adtrans Corporate Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Adtrans Group Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Adtrans Sydney Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Adtrans Truck Centre Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Adtrans Used Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG 1 Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG Automotive Mining and Industrial
Solutions Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG Coatings Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG Finance 2005 Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG Finance Pty Ltd2
Body Corporate
Australia
100.00%
Australian
N/A
AHG Finance Unit Trust
Trust
N/A
N/A
Australian
N/A
AHG Franchised Automotive Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG International Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG Newcastle Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG Property Head Trust
Trust
N/A
N/A
Australian
N/A
AHG Property Sub Trust 1
Trust
N/A
N/A
Australian
N/A
AHG Property Sub Trust 2
Trust
N/A
N/A
Australian
N/A
AHG Services (NSW) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG Services (QLD) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG Services (VIC) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG Services (WA) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG Trade Parts Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHG WA (2015) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AHGCL 2016 Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AP Eagers Incentive Plan Trust
Trust
N/A
N/A
Australian
N/A
AP Townsville Pty Ltd
Body Corporate
Australia
78.00%
Australian
N/A
APE Cars Mgmt Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
130 | EAGERS AUTOMOTIVE LIMITED
Consolidated Entity
Disclosure Statement
As at 31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Body corporate
Tax residency
Name of Entity
Body corporate,
partnership or
trust
Place
incorprated or
formed
Ownership
interest (%)
Australian or
foreign
Foreign
jurisdiction(s)
Associated Finance Pty. Limited
Body Corporate
Australia
100.00%
Australian
N/A
Auckland Auto Collection Limited
Body Corporate
New Zealand
100.00%
Foreign
New Zealand
Auction Unit Trust
Trust
N/A
N/A
Australian
N/A
Austral Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AUT 6. Pty Ltd3
Body Corporate
Australia
100.00%
Australian
N/A
Auto Ad Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Automotive Holdings Group (Queensland)
Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Automotive Holdings Group (Victoria) Pty
Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Automotive Holdings Group Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Automotive Systems Unit Trust
Trust
N/A
N/A
Australian
N/A
BASW Pty Ltd
Body Corporate
Australia
90.00%
Australian
N/A
Big Rock 2005 Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
Big Rock Pty Ltd4
Body Corporate
Australia
100.00%
Australian
N/A
Big Rock Unit Trust
Trust
N/A
N/A
Australian
N/A
Bill Buckle Holdings Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Black Auto CQ Pty Ltd
Body Corporate
Australia
90.00%
Australian
N/A
Boonarga Welding Pty Ltd
Body Corporate
Australia
90.00%
Australian
N/A
Bradstreet Motors Holdings Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
Bradstreet Motors Pty Limited
Body Corporate
Australia
80.00%
Australian
N/A
Bridge NT Pty Ltd
Body Corporate
Australia
85.00%
Australian
N/A
Cardiff Car City Holdings Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
Cardiff Car City Pty Limited
Body Corporate
Australia
80.00%
Australian
N/A
Carlin Auction Services (NSW) Pty Ltd5
Body Corporate
Australia
53.87%
Australian
N/A
Carlin Motor Auctions (Queensland) Pty Ltd
Discretionary Unit Trust
Trust
N/A
N/A
Australian
N/A
Carlins Automotive Auctioneers (QLD)
Pty Ltd6
Body Corporate
Australia
53.87%
Australian
N/A
Carlins Automotive Auctioneers (S.A) Pty Ltd
Body Corporate
Australia
53.87%
Australian
N/A
Carlins Automotive Auctioneers (WA) Pty Ltd
Body Corporate
Australia
53.87%
Australian
N/A
Carlins Automotive Auctioneers Pty Ltd7
Body Corporate
Australia
53.87%
Australian
N/A
Carlins Group Holdings Pty Ltd
Body Corporate
Australia
53.87%
Australian
N/A
Carsplus Australia Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Castlegate Enterprises Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
CFD (2012) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
CH Auto Holdings Pty Ltd
Body Corporate
Australia
90.00%
Australian
N/A
CH Auto Pty Ltd
Body Corporate
Australia
90.00%
Australian
N/A
Chellingworth Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
City Auto (2016) Holdings Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
City Auto (2016) Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
City Automotive Group Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
City Motors (1981) Pty Ltd8
Body Corporate
Australia
100.00%
Australian
N/A
2024 ANNUAL REPORT | 131
Consolidated Entity
Disclosure Statement (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
Body corporate
Tax residency
Name of Entity
Body corporate,
partnership or
trust
Place
incorprated or
formed
Ownership
interest (%)
Australian or
foreign
Foreign
jurisdiction(s)
City Motors Unit Trust
Trust
N/A
N/A
Australian
N/A
Crampton Automotive Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Dual Autos Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
E. G. Eager & Son Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
EACAB Pty Ltd
Body Corporate
Australia
78.00%
Australian
N/A
Eagers ACT Cars MGMT Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Eagers ACT Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Eagers ACT Rentals Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Eagers Finance Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Eagers MD Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
Eagers Nominees Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Eagers NT Holdings Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Eagers NT Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Eagers Retail Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Eagers TACT Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
Eagers VIC Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Eagers WA Pty Ltd (formerly known as Perth
Auto Alliance Pty Ltd)
Body Corporate
Australia
100.00%
Australian
N/A
EASST Pty Ltd
Body Corporate
Australia
85.00%
Australian
N/A
Easy Auto 123 Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Eurocars (SA) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
EVDealer Group Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
F.R. Ireland Pty Ltd
Body Corporate
Australia
78.00%
Australian
N/A
Falconet Pty. Ltd.9
Body Corporate
Australia
100.00%
Australian
N/A
Ferntree Gully Autos Holdings Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Ferntree Gully Autos Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Finmo Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Giant Autos (1997) Pty Ltd10
Body Corporate
Australia
100.00%
Australian
N/A
Giant Autos Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Giant Autos Unit Trust
Trust
N/A
N/A
Australian
N/A
Graham Cornes Motors Pty. Ltd.
Body Corporate
Australia
90.00%
Australian
N/A
Grand Autos 2005 Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
Highland Autos Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
Highland Kackell Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
HM (2015) Holdings Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
HM (2015) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
IB MD Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
IB Motors Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Janetto Holdings Pty Ltd11
Body Corporate
Australia
100.00%
Australian
N/A
Kingspoint Pty Ltd12
Body Corporate
Australia
100.00%
Australian
N/A
LCN Enterprises Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Leaseline & General Finance Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
132 | EAGERS AUTOMOTIVE LIMITED
Consolidated Entity
Disclosure Statement (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Body corporate
Tax residency
Name of Entity
Body corporate,
partnership or
trust
Place
incorprated or
formed
Ownership
interest (%)
Australian or
foreign
Foreign
jurisdiction(s)
Lionteam Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
LWC International Limited
Body Corporate
New Zealand
100.00%
Foreign
New Zealand
LWC Limited
Body Corporate
New Zealand
100.00%
Foreign
New Zealand
Maitland City Motor Group Holdings Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
Maitland City Motor Group Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
MB VIC Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
MBSA MOTORS PTY LTD13
Body Corporate
Australia
100.00%
Australian
N/A
MCM Autos Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
MCM Sutherland Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Melbourne City Autos (2012) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Melville Autos 2005 Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Melville Autos Pty Ltd14
Body Corporate
Australia
100.00%
Australian
N/A
Melville Autos Unit Trust
Trust
N/A
N/A
Australian
N/A
Mornington Auto Group (2012) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Motors Group (Glen Waverley) Pty Ltd
Body Corporate
Australia
87.50%
Australian
N/A
Motors Tas Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Mounts Bay Unit Trust
Trust
N/A
N/A
Australian
N/A
New Dealership Unit Trust
Trust
N/A
N/A
Australian
N/A
Newcastle Commercial Vehicles Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Norris Enterprises Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
North City (1981) Pty Ltd15
Body Corporate
Australia
100.00%
Australian
N/A
North City 2005 Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
North City Unit Trust
Trust
N/A
N/A
Australian
N/A
Northside Autos 2005 Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Northside Nissan (1986) Pty Ltd16
Body Corporate
Australia
100.00%
Australian
N/A
Northside Nissan Unit Trust
Trust
N/A
N/A
Australian
N/A
Northwest (WA) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Nsw Vehicle Wholesale Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Nuford Ford Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
OPM (2012) Holdings Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
OPM (2012) Pty Ltd 17
Body Corporate
Australia
100.00%
Australian
N/A
Osborne Park Autos Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Osborne Park Unit Trust
Trust
N/A
N/A
Australian
N/A
Penrith Auto (2016) Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
PMLC Enterprises Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Precision Automotive Technology Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
PT (2013) Pty Ltd
Body Corporate
Australia
92.50%
Australian
N/A
Rent Two Buy Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
RL Sublessor Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Sabalan Holdings Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
Sabalan Pty Ltd
Body Corporate
Australia
80.00%
Australian
N/A
2024 ANNUAL REPORT | 133
Consolidated Entity
Disclosure Statement (continued)
31 December 2024
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
Body corporate
Tax residency
Name of Entity
Body corporate,
partnership or
trust
Place
incorprated or
formed
Ownership
interest (%)
Australian or
foreign
Foreign
jurisdiction(s)
Shemapel 2005 Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
South West Queensland Motors Pty Ltd
Body Corporate
Australia
90.00%
Australian
N/A
Southeast Automotive Group Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Southern Automotive Group Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Southside Autos (1981) Pty Ltd18
Body Corporate
Australia
100.00%
Australian
N/A
Southside Autos 2005 Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Southside Unit Trust
Trust
N/A
N/A
Australian
N/A
Southwest Automotive Group Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Submo Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
SWGT Pty Ltd19
Body Corporate
Australia
100.00%
Australian
N/A
SWGT Unit Trust
Trust
N/A
N/A
Australian
N/A
Total Autos (1990) Pty Ltd20
Body Corporate
Australia
100.00%
Australian
N/A
Total Autos 2005 Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Total Autos Unit Trust No. 2
Trust
N/A
N/A
Australian
N/A
Truck Unit Trust
Trust
N/A
N/A
Australian
N/A
WA Trucks Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Webster Trucks Mgmt Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Widevalley Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
WS Motors Pty Ltd
Body Corporate
Australia
78.00%
Australian
N/A
WS Vehicle Sales Pty Ltd
Body Corporate
Australia
78.00%
Australian
N/A
Zupp Holdings Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Zupps Aspley Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Zupps Mt Gravatt Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Zupps Parts Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
1.
Entity is a trustee for the AHG Property Sub Trust 1 and AHG Property Sub Trust 2.
2.
Entity is a trustee for the AHG Finance Unit Trust.
3.
Entity is a trustee for the Mounts Bay Unit Trust.
4.
Entity is a trustee for the Big Rock Unit Trust.
5.
Entity is a trustee for the Auction Unit Trust.
6.
Entity is a trustee for the Carlin Motor Auctions (Queensland) Pty Ltd Discretionary Unit Trust.
7.
Entity is a trustee for the Automotive Systems Unit Trust.
8.
Entity is a trustee for the City Motors Unit Trust.
9.
Entity is a trustee for the Truck Unit Trust.
10. Entity is a trustee for the Giant Autos Unit Trust.
11.
Entity is a trustee for the Osborne Park Unit Trust and a participant in the Vehicle Parts (WA) Pty Ltd joint venture as trustee for the Osborne Park
Unit Trust.
12. Entity is a trustee for the New Dealership Unit Trust.
13. Entity is a trustee for the AHG Property Head Trust.
14. Entity is a trustee for the Melville Autos Unit Trust.
15. Entity is a trustee for the North City Unit Trust.
16. Entity is a trustee for the Northside Nissan Unit Trust.
17.
Entity is a participant in the Mazda Parts WA joint venture.
18. Entity is a trustee for the Southside Unit Trust.
19.
Entity is a trustee for the SWGT Unit Trust.
20. Entity is a trustee for the Total Autos Unit Trust No. 2.
134 | EAGERS AUTOMOTIVE LIMITED
Consolidated Entity
Disclosure Statement (continued)
31 December 2024
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
SIGNED REPORTS LINK HERE
>ŝĂďŝůŝƚLJůŝŵŝƚĞĚďLJĂƐĐŚĞŵĞĂƉƉƌŽǀĞĚƵŶĚĞƌWƌŽĨĞƐƐŝŽŶĂů^ƚĂŶĚĂƌĚƐ>ĞŐŝƐůĂƚŝŽŶ͘
DĞŵďĞƌŽĨĞůŽŝƚƚĞƐŝĂWĂĐŝĨŝĐ>ŝŵŝƚĞĚĂŶĚƚŚĞĞůŽŝƚƚĞŽƌŐĂŶŝƐĂƚŝŽŶ͘
ĞůŽŝƚƚĞdŽƵĐŚĞdŽŚŵĂƚƐƵ
EϳϰϰϵϬϭϮϭϬϲϬ
>ĞǀĞůϮϯ͕ZŝǀĞƌƐŝĚĞĞŶƚƌĞ
ϭϮϯ ĂŐůĞ^ƚƌĞĞƚ
ƌŝƐďĂŶĞ͕Y>͕ϰϬϬϬ
ƵƐƚƌĂůŝĂ
WŚŽŶĞ͗нϲϭϳϯϯϬϴϳϬϬϬ
ǁǁǁ͘ĚĞůŽŝƚƚĞ͘ĐŽŵ͘ĂƵ
Independent Auditor’s Report to theDĞŵďĞƌƐŽĨ ĂŐĞƌƐ
ƵƚŽŵŽƚŝǀĞ>ŝŵŝƚĞĚ
ZĞƉŽƌƚŽŶƚŚĞƵĚŝƚŽĨƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚ
KƉŝŶŝŽŶ
tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨ ĂŐĞƌƐƵƚŽŵŽƚŝǀĞ>ŝŵŝƚĞĚ(the “Company”ͿĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ƚŚĞ
“Group”) ǁŚŝĐŚ ĐŽŵƉƌŝƐĞƐ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĂƐ Ăƚ ϯϭ ĞĐĞŵďĞƌ ϮϬϮϰ͕ ƚŚĞ
ĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨƉƌŽĨŝƚŽƌůŽƐƐ͕ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨƉƌŽĨŝƚŽƌůŽƐƐĂŶĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞ͕ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐĨŽƌƚŚĞ
LJĞĂƌƚŚĞŶĞŶĚĞĚ͕ĂŶĚŶŽƚĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐŵĂƚĞƌŝĂůĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJŝŶĨŽƌŵĂƚŝŽŶĂŶĚŽƚŚĞƌ
explanatory information, the directors’ declaration͕ĂŶĚƚŚĞŽŶƐŽůŝĚĂƚĞĚ ŶƚŝƚLJŝƐĐůŽƐƵƌĞ^ƚĂƚĞŵĞŶƚ͘
/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨƚŚĞ'ƌŽƵƉŝƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕
ŝŶĐůƵĚŝŶŐ͗
•
'ŝǀŝŶŐĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞ Group’s ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϮϰĂŶĚŽĨŝƚƐĨŝŶĂŶĐŝĂů
ƉĞƌĨŽƌŵĂŶĐĞĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͖ĂŶĚ
•
ŽŵƉůLJŝŶŐǁŝƚŚƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚƚŚĞŽƌƉŽƌĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐϮϬϬϭ͘
ĂƐŝƐĨŽƌKƉŝŶŝŽŶ
tĞ ĐŽŶĚƵĐƚĞĚ ŽƵƌ ĂƵĚŝƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƵƐƚƌĂůŝĂŶ ƵĚŝƚŝŶŐ ^ƚĂŶĚĂƌĚƐ͘ KƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƵŶĚĞƌ ƚŚŽƐĞ
ƐƚĂŶĚĂƌĚƐĂƌĞfurther described in the Auditor’s Responsibilities for the Audit of the Financial Report section of
ŽƵƌƌĞƉŽƌƚ͘tĞĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞ'ƌŽƵƉŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ
ŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭand the ethical requirements of the Accounting Professional & Ethical Standards Board’s
W ^ϭϭϬŽĚĞŽĨ ƚŚŝĐƐĨŽƌWƌŽĨĞƐƐŝŽŶĂůĐĐŽƵŶƚĂŶƚƐ;ŝŶĐůƵĚŝŶŐ/ŶĚĞƉĞŶĚĞŶĐĞ^ƚĂŶĚĂƌĚƐͿ;ƚŚĞ“ŽĚĞ”ͿƚŚĂƚĂƌĞ
ƌĞůĞǀĂŶƚƚŽŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶƵƐƚƌĂůŝĂ͘tĞŚĂǀĞĂůƐŽĨƵůĨŝůůĞĚŽƵƌŽƚŚĞƌĞƚŚŝĐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽĚĞ͘
tĞĐŽŶĨŝƌŵƚŚĂƚƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞĚĞĐůĂƌĂƚŝŽŶƌĞƋƵŝƌĞĚďLJƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ǁŚŝĐŚŚĂƐďĞĞŶŐŝǀĞŶƚŽ
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s
ƌĞƉŽƌƚ͘
tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌ
ŽƉŝŶŝŽŶ͘
<ĞLJƵĚŝƚDĂƚƚĞƌƐ
<ĞLJĂƵĚŝƚŵĂƚƚĞƌƐĂƌĞƚŚŽƐĞŵĂƚƚĞƌƐƚŚĂƚ͕ŝŶŽƵƌƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚ͕ǁĞƌĞŽĨŵŽƐƚƐŝŐŶŝĨŝĐĂŶĐĞŝŶŽƵƌĂƵĚŝƚŽĨ
ƚŚĞĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚĨŽƌ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͘ dŚĞƐĞ ŵĂƚƚĞƌƐǁĞƌĞĂĚĚƌĞƐƐĞĚ ŝŶ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨŽƵƌ ĂƵĚŝƚ ŽĨ ƚŚĞ
ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĂƐĂǁŚŽůĞ͕ĂŶĚŝŶĨŽƌŵŝŶŐŽƵƌŽƉŝŶŝŽŶƚŚĞƌĞŽŶ͕ĂŶĚǁĞĚŽŶŽƚƉƌŽǀŝĚĞĂƐĞƉĂƌĂƚĞŽƉŝŶŝŽŶŽŶ
ƚŚĞƐĞŵĂƚƚĞƌƐ͘
2024 ANNUAL REPORT | 135
Independent Auditor’s Report
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
KƚŚĞƌ/ŶĨŽƌŵĂƚŝŽŶ
The directors are responsible for the other information. The other information comprises the Directors’ Report͕
ǁŚŝĐŚǁĞŽďƚĂŝŶĞĚƉƌŝŽƌƚŽƚŚĞĚĂƚĞŽĨthis auditor’s report, and also includes the following information which will
be included in the Group’s annual report (but does not include the financial report and our auditor’s report
ƚŚĞƌĞŽŶͿ͗ϱzĞĂƌ&ŝŶĂŶĐŝĂů^ƵŵŵĂƌLJ͕Chairman’s>ĞƚƚĞƌ͕Chief Executive Officer’s >ĞƚƚĞƌ͕ŽŵƉĂŶLJWƌŽĨŝůĞ͕ϮϬϮϰ
,ŝŐŚůŝŐŚƚƐ͕^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚ͕ŽŶƚƌŽůůĞĚ ŶƚŝƚŝĞƐ͕ĂŶĚ^ŚĂƌĞŚŽůĚĞƌ/ŶĨŽƌŵĂƚŝŽŶ͕ǁŚŝĐŚŝƐĞdžƉĞĐƚĞĚƚŽďĞŵĂĚĞ
ĂǀĂŝůĂďůĞƚŽƵƐĂĨƚĞƌƚŚĂƚĚĂƚĞ͘
KƵƌŽƉŝŶŝŽŶŽŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĚŽĞƐŶŽƚĐŽǀĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚǁĞĚŽŶŽƚĂŶĚǁŝůůŶŽƚĞdžƉƌĞƐƐĂŶLJ
ĨŽƌŵŽĨĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶƚŚĞƌĞŽŶ͘
/ŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕ŽƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽƌĞĂĚƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝĚĞŶƚŝĨŝĞĚ
ĂďŽǀĞĂŶĚ͕ŝŶĚŽŝŶŐƐŽ͕ĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕
ŽƌŽƵƌŬŶŽǁůĞĚŐĞŽďƚĂŝŶĞĚŝŶƚŚĞĂƵĚŝƚ͕ŽƌŽƚŚĞƌǁŝƐĞĂƉƉĞĂƌƐƚŽďĞŵĂƚĞƌŝĂůůLJŵŝƐƐƚĂƚĞĚ͘/Ĩ͕ďĂƐĞĚŽŶƚŚĞǁŽƌŬǁĞ
have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude
ƚŚĂƚƚŚĞƌĞŝƐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚŝƐŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĂƚĨĂĐƚ͘tĞŚĂǀĞ
ŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶƚŚŝƐƌĞŐĂƌĚ͘
tŚĞŶǁĞƌĞĂĚƚŚĞGroup’s annual report͕ŝĨǁĞĐŽŶĐůƵĚĞƚŚĂƚƚŚĞƌĞŝƐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƚŚĞƌĞŝŶ͕ǁĞĂƌĞ
ƌĞƋƵŝƌĞĚ ƚŽ ĐŽŵŵƵŶŝĐĂƚĞ ƚŚĞ ŵĂƚƚĞƌƚŽ ƚŚĞĚŝƌĞĐƚŽƌƐĂŶĚ ƵƐĞ ŽƵƌ ƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚ ƚŽĚĞƚĞƌŵŝŶĞƚŚĞ
ĂƉƉƌŽƉƌŝĂƚĞĂĐƚŝŽŶ͘
<ĞLJƵĚŝƚDĂƚƚĞƌ
,ŽǁƚŚĞƐĐŽƉĞŽĨŽƵƌĂƵĚŝƚƌĞƐƉŽŶĚĞĚƚŽƚŚĞ<ĞLJƵĚŝƚDĂƚƚĞƌ
sĞŚŝĐůĞŝŶǀĞŶƚŽƌLJŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ
ĞƐƚŝŵĂƚŝŽŶ
^ϭϬϮ/ŶǀĞŶƚŽƌŝĞƐ͕ƌĞƋƵŝƌĞ
ŝŶǀĞŶƚŽƌŝĞƐƚŽďĞƌĞĐŽƌĚĞĚĂƚƚŚĞůŽǁĞƌ
ŽĨĐŽƐƚĂŶĚŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ͘Ɛ
ĚŝƐĐůŽƐĞĚŝŶEŽƚĞϴ͕ƚŚĞǀĞŚŝĐůĞŝŶǀĞŶƚŽƌLJ
ďĂůĂŶĐĞƐĂƌĞƌĞĐŽƌĚĞĚĂƚĂŶĞƚƌĞĂůŝƐĂďůĞ
ǀĂůƵĞŽĨΨϭ͕ϲϰϰŵŝůůŝŽŶ;ϮϬϮϯ͗Ψϭ͕ϰϰϳ
ŵŝůůŝŽŶͿ͘
DĂŶĂŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚƚŽĞdžĞƌĐŝƐĞ
ƐŝŐŶŝĨŝĐĂŶƚũƵĚŐĞŵĞŶƚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞ
ĞdžƉĞĐƚĞĚƐĞůůŝŶŐƉƌŝĐĞƐŽĨǀĞŚŝĐůĞƐŽŶ
ŚĂŶĚĂƚLJĞĂƌĞŶĚ͕ďĂƐĞĚƉƌŝŵĂƌŝůLJŽŶ
ŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐĂŶĚĐƵƐƚŽŵĞƌ
ĚĞŵĂŶĚ͘/ĨŵĂŶĂŐĞŵĞŶƚĚĞƚĞƌŵŝŶĞƚŚĂƚ
ƚŚŝƐĞdžƉĞĐƚĞĚƐĞůůŝŶŐƉƌŝĐĞŝƐůŽǁĞƌƚŚĂŶ
ƚŚĞĐŽƐƚŽĨƚŚĞǀĞŚŝĐůĞƐ͕ĂǁƌŝƚĞͲĚŽǁŶŝƐ
ƌĞƋƵŝƌĞĚ͘
/ŶĨŽƌŵŝŶŐƚŚĞŝƌũƵĚŐĞŵĞŶƚ͕
ŵĂŶĂŐĞŵĞŶƚĐŽŶƐŝĚĞƌ͕ĂŵŽŶŐŽƚŚĞƌ
ĨĂĐƚŽƌƐ͕ŚŝƐƚŽƌŝĐĂŶĚĐƵƌƌĞŶƚŵĂƌŬĞƚĚĂƚĂ͕
ƉƵďůŝƐŚĞĚƵƐĞĚǀĞŚŝĐůĞǀĂůƵĂƚŝŽŶƐĂŶĚ
ƚŚĞĂŐĞŝŶŐŽĨŝŶǀĞŶƚŽƌLJŽŶŚĂŶĚ͘
ĐĐŽƌĚŝŶŐůLJ͕ƚŚŝƐŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞĂ
ŬĞLJĂƵĚŝƚŵĂƚƚĞƌ͘
KƵƌĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚ͕ďƵƚǁĞƌĞŶŽƚůŝŵŝƚĞĚƚŽ͗
•
Obtaining an understanding of management’s process for
ƉƌĞƉĂƌŝŶŐĂŶĚĐĂůĐƵůĂƚŝŶŐƚŚĞŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞĂŶĚĂŶLJ
ǁƌŝƚĞͲĚŽǁŶƌĞƋƵŝƌĞĚ͘
•
KďƚĂŝŶŝŶŐĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĂŶĚĂƐƐĞƐƐŝŶŐƚŚĞũƵĚŐĞŵĞŶƚƐ
ŵĂĚĞŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞŽĨǀĞŚŝĐůĞ
ŝŶǀĞŶƚŽƌLJ͘
•
ǀĂůƵĂƚŝŶŐƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨƚŚĞŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞďLJ
ĐĂůĐƵůĂƚŝŶŐĂŶŝŶĚĞƉĞŶĚĞŶƚĂŵŽƵŶƚďĂƐĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐ
ŬĞLJĨĂĐƚŽƌƐ͗
o
ZĞĐĞŶƚƐĞůůŝŶŐƉƌŝĐĞƐĂŶĚŐƌŽƐƐƉƌŽĨŝƚƐͬůŽƐƐĞƐ
ĂĐŚŝĞǀĞĚďLJƚŚĞ'ƌŽƵƉ
o
KƵƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĐƵƌƌĞŶƚĂŶĚŚŝƐƚŽƌŝĐĂůŵĂƌŬĞƚ
ĐŽŶĚŝƚŝŽŶƐǁŝƚŚŝŶƚŚĞŶĞǁĂŶĚƵƐĞĚǀĞŚŝĐůĞŵĂƌŬĞƚƐ͖
ĂŶĚ
o
dĞƐƚŝŶŐƚŚĞĂĐĐƵƌĂĐLJĂŶĚĐŽŵƉůĞƚĞŶĞƐƐŽĨƚŚĞ
ŝŶĨŽƌŵĂƚŝŽŶƵƐĞĚŝŶĨŽƌŵƵůĂƚŝŶŐŽƵƌǀĂůƵĞ
•
ŽŵƉĂƌŝŶŐŽƵƌŝŶĚĞƉĞŶĚĞŶƚůLJĚĞƚĞƌŵŝŶĞĚŶĞƚƌĞĂůŝƐĂďůĞ
ǀĂůƵĞƚŽƚŚĂƚŽĨŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚĞǀĂůƵĂƚŝŶŐĂŶLJĚŝĨĨĞƌĞŶĐĞƐ
ĂŐĂŝŶƐƚŽƵƌŵĂƚĞƌŝĂůŝƚLJƚŚƌĞƐŚŽůĚ͘
•
ǀĂůƵĂƚŝŶŐƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐƌĞĨůĞĐƚĞĚ
ŝŶEŽƚĞϴƚŽƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
136 | EAGERS AUTOMOTIVE LIMITED
Independent Auditor’s Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞŝƌĞĐƚŽƌƐĨŽƌƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚ
dŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞƌĞƐƉŽŶƐŝďůĞ͗
•
&ŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ŝŶĐůƵĚŝŶŐŐŝǀŝŶŐĂ
ƚƌƵĞ ĂŶĚ ĨĂŝƌǀŝĞǁ ŽĨƚŚĞĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨƚŚĞ 'ƌŽƵƉ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƵƐƚƌĂůŝĂŶ
ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ͖ĂŶĚ
•
&ŽƌƐƵĐŚŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂƐƚŚĞĚŝƌĞĐƚŽƌƐĚĞƚĞƌŵŝŶĞŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂů
ƌĞƉŽƌƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ŝŶĐůƵĚŝŶŐŐŝǀŝŶŐĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞĨŝŶĂŶĐŝĂů
ƉŽƐŝƚŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉ͕ĂŶĚŝƐĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌ
ĞƌƌŽƌ͘
/ŶƉƌĞƉĂƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂƐƐĞƐƐŝŶŐƚŚĞĂďŝůŝƚLJŽĨƚŚĞ'ƌŽƵƉƚŽĐŽŶƚŝŶƵĞĂƐ
ĂŐŽŝŶŐĐŽŶĐĞƌŶ͕ĚŝƐĐůŽƐŝŶŐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ŵĂƚƚĞƌƐƌĞůĂƚĞĚƚŽŐŽŝŶŐĐŽŶĐĞƌŶĂŶĚƵƐŝŶŐƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨ
ĂĐĐŽƵŶƚŝŶŐƵŶůĞƐƐƚŚĞĚŝƌĞĐƚŽƌƐĞŝƚŚĞƌŝŶƚĞŶĚƚŽůŝƋƵŝĚĂƚĞƚŚĞ'ƌŽƵƉŽƌƚŽĐĞĂƐĞŽƉĞƌĂƚŝŽŶƐ͕ŽƌŚĂǀĞŶŽƌĞĂůŝƐƚŝĐ
ĂůƚĞƌŶĂƚŝǀĞďƵƚƚŽĚŽƐŽ͘
Auditor’s Responsibilities for the Audit of the Financial Report
KƵƌŽďũĞĐƚŝǀĞƐĂƌĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚǁŚĞƚŚĞƌƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĂƐĂǁŚŽůĞŝƐĨƌĞĞĨƌŽŵ
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
ZĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŝƐĂŚŝŐŚůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞ͕ďƵƚŝƐŶŽƚĂŐƵĂƌĂŶƚĞĞƚŚĂƚĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞ
ǁŝƚŚƚŚĞƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐǁŝůůĂůǁĂLJƐĚĞƚĞĐƚĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚǁŚĞŶŝƚĞdžŝƐƚƐ͘DŝƐƐƚĂƚĞŵĞŶƚƐ
ĐĂŶĂƌŝƐĞĨƌŽŵĨƌĂƵĚŽƌĞƌƌŽƌĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚŵĂƚĞƌŝĂůŝĨ͕ŝŶĚŝǀŝĚƵĂůůLJŽƌŝŶƚŚĞĂŐŐƌĞŐĂƚĞ͕ƚŚĞLJĐŽƵůĚƌĞĂƐŽŶĂďůLJ
ďĞĞdžƉĞĐƚĞĚƚŽŝŶĨůƵĞŶĐĞƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨƵƐĞƌƐƚĂŬĞŶŽŶƚŚĞďĂƐŝƐŽĨƚŚŝƐĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
ƐƉĂƌƚŽĨĂŶĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ͕ǁĞĞdžĞƌĐŝƐĞƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚĂŶĚ
ŵĂŝŶƚĂŝŶƉƌŽĨĞƐƐŝŽŶĂůƐĐĞƉƚŝĐŝƐŵƚŚƌŽƵŐŚŽƵƚƚŚĞĂƵĚŝƚ͘tĞĂůƐŽ͗
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/ĚĞŶƚŝĨLJĂŶĚĂƐƐĞƐƐƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕
ĚĞƐŝŐŶĂŶĚƉĞƌĨŽƌŵĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƌĞƐƉŽŶƐŝǀĞƚŽƚŚŽƐĞƌŝƐŬƐ͕ĂŶĚŽďƚĂŝŶĂƵĚŝƚĞǀŝĚĞŶĐĞƚŚĂƚŝƐƐƵĨĨŝĐŝĞŶƚ
ĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌŽƉŝŶŝŽŶ͘dŚĞƌŝƐŬŽĨŶŽƚĚĞƚĞĐƚŝŶŐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƌĞƐƵůƚŝŶŐ
ĨƌŽŵĨƌĂƵĚŝƐŚŝŐŚĞƌƚŚĂŶĨŽƌŽŶĞƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌ͕ĂƐĨƌĂƵĚŵĂLJŝŶǀŽůǀĞĐŽůůƵƐŝŽŶ͕ĨŽƌŐĞƌLJ͕ŝŶƚĞŶƚŝŽŶĂů
ŽŵŝƐƐŝŽŶƐ͕ŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌƚŚĞŽǀĞƌƌŝĚĞŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽů͘
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KďƚĂŝŶĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƌĞůĞǀĂŶƚƚŽƚŚĞĂƵĚŝƚŝŶŽƌĚĞƌƚŽĚĞƐŝŐŶĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƚŚĂƚĂƌĞ
ĂƉƉƌŽƉƌŝĂƚĞŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ďƵƚŶŽƚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĞdžƉƌĞƐƐŝŶŐĂŶŽƉŝŶŝŽŶŽŶƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨ
ƚŚĞGroup’sŝŶƚĞƌŶĂůĐŽŶƚƌŽů͘
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ǀĂůƵĂƚĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐƵƐĞĚĂŶĚƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐĂŶĚ
ƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐŵĂĚĞďLJƚŚĞĚŝƌĞĐƚŽƌƐ͘
•
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on
ƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚ͕ǁŚĞƚŚĞƌĂŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚLJĞdžŝƐƚƐƌĞůĂƚĞĚƚŽĞǀĞŶƚƐŽƌĐŽŶĚŝƚŝŽŶƐƚŚĂƚŵĂLJ
ĐĂƐƚƐŝŐŶŝĨŝĐĂŶƚĚŽƵďƚŽŶƚŚĞGroup’sĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘/ĨǁĞĐŽŶĐůƵĚĞƚŚĂƚĂŵĂƚĞƌŝĂů
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽƌ͕ŝĨƐƵĐŚĚŝƐĐůŽƐƵƌĞƐĂƌĞŝŶĂĚĞƋƵĂƚĞ͕ƚŽŵŽĚŝĨLJŽƵƌŽƉŝŶŝŽŶ͘KƵƌĐŽŶĐůƵƐŝŽŶƐĂƌĞďĂƐĞĚŽŶ
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
ĐĂƵƐĞƚŚĞ'ƌŽƵƉƚŽĐĞĂƐĞƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘
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ǀĂůƵĂƚĞƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƚŝŽŶ͕ƐƚƌƵĐƚƵƌĞĂŶĚĐŽŶƚĞŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚ
ǁŚĞƚŚĞƌƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƌĞƉƌĞƐĞŶƚƐƚŚĞƵŶĚĞƌůLJŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚĞǀĞŶƚƐŝŶĂŵĂŶŶĞƌƚŚĂƚĂĐŚŝĞǀĞƐĨĂŝƌ
ƉƌĞƐĞŶƚĂƚŝŽŶ͘
•
KďƚĂŝŶƐƵĨĨŝĐŝĞŶƚĂƉƉƌŽƉƌŝĂƚĞĂƵĚŝƚĞǀŝĚĞŶĐĞƌĞŐĂƌĚŝŶŐƚŚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞĞŶƚŝƚŝĞƐŽƌďƵƐŝŶĞƐƐ
ĂĐƚŝǀŝƚŝĞƐǁŝƚŚŝŶƚŚĞ'ƌŽƵƉƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘tĞĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĚŝƌĞĐƚŝŽŶ͕
ƐƵƉĞƌǀŝƐŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞGroup’s audit. We remain solely responsible for our audit opinion.
tĞĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚĞĚŝƌĞĐƚŽƌƐƌĞŐĂƌĚŝŶŐ͕ĂŵŽŶŐŽƚŚĞƌŵĂƚƚĞƌƐ͕ƚŚĞƉůĂŶŶĞĚƐĐŽƉĞĂŶĚƚŝŵŝŶŐŽĨƚŚĞĂƵĚŝƚ
ĂŶĚƐŝŐŶŝĨŝĐĂŶƚĂƵĚŝƚĨŝŶĚŝŶŐƐ͕ŝŶĐůƵĚŝŶŐĂŶLJƐŝŐŶŝĨŝĐĂŶƚĚĞĨŝĐŝĞŶĐŝĞƐŝŶŝŶƚĞƌŶĂůĐŽŶƚƌŽůƚŚĂƚǁĞŝĚĞŶƚŝĨLJĚƵƌŝŶŐŽƵƌ
ĂƵĚŝƚ͘
2024 ANNUAL REPORT | 137
Independent Auditor’s Report (continued)
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
tĞ ĂůƐŽ ƉƌŽǀŝĚĞ ƚŚĞ ĚŝƌĞĐƚŽƌƐ ǁŝƚŚ Ă ƐƚĂƚĞŵĞŶƚ ƚŚĂƚ ǁĞ ŚĂǀĞ ĐŽŵƉůŝĞĚ ǁŝƚŚ ƌĞůĞǀĂŶƚ ĞƚŚŝĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ
ƌĞŐĂƌĚŝŶŐŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚƚŽĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚĞŵĂůůƌĞůĂƚŝŽŶƐŚŝƉƐĂŶĚŽƚŚĞƌŵĂƚƚĞƌƐƚŚĂƚŵĂLJƌĞĂƐŽŶĂďůLJ
ďĞƚŚŽƵŐŚƚƚŽďĞĂƌŽŶŽƵƌŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĂĐƚŝŽŶƐƚĂŬĞŶƚŽĞůŝŵŝŶĂƚĞƚŚƌĞĂƚƐŽƌƐĂĨĞŐƵĂƌĚƐ
ĂƉƉůŝĞĚ͘
&ƌŽŵƚŚĞŵĂƚƚĞƌƐĐŽŵŵƵŶŝĐĂƚĞĚǁŝƚŚƚŚĞĚŝƌĞĐƚŽƌƐ͕ǁĞĚĞƚĞƌŵŝŶĞƚŚŽƐĞŵĂƚƚĞƌƐƚŚĂƚǁĞƌĞŽĨŵŽƐƚƐŝŐŶŝĨŝĐĂŶĐĞ
ŝŶƚŚĞĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚĂŶĚĂƌĞƚŚĞƌĞĨŽƌĞƚŚĞŬĞLJĂƵĚŝƚŵĂƚƚĞƌƐ͘tĞĚĞƐĐƌŝďĞ
these matters in our auditor’s reporƚƵŶůĞƐƐůĂǁŽƌƌĞŐƵůĂƚŝŽŶƉƌĞĐůƵĚĞƐƉƵďůŝĐĚŝƐĐůŽƐƵƌĞĂďŽƵƚƚŚĞŵĂƚƚĞƌŽƌ
ǁŚĞŶ͕ŝŶĞdžƚƌĞŵĞůLJƌĂƌĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ǁĞĚĞƚĞƌŵŝŶĞƚŚĂƚĂŵĂƚƚĞƌƐŚŽƵůĚŶŽƚďĞĐŽŵŵƵŶŝĐĂƚĞĚŝŶŽƵƌƌĞƉŽƌƚ
ďĞĐĂƵƐĞƚŚĞĂĚǀĞƌƐĞĐŽŶƐĞƋƵĞŶĐĞƐŽĨĚŽŝŶŐƐŽǁŽƵůĚƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚ ƚŽŽƵƚǁĞŝŐŚƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚ
ďĞŶĞĨŝƚƐŽĨƐƵĐŚĐŽŵŵƵŶŝĐĂƚŝŽŶ͘
ZĞƉŽƌƚŽŶƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ
KƉŝŶŝŽŶŽŶƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ
tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚŝŶĐůƵĚĞĚŝŶƉĂŐĞƐϭϯƚŽϯϵŽĨƚŚĞDirectors’ Report for the year ended
ϯϭĞĐĞŵďĞƌϮϬϮϰ͘
/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚŽĨ ĂŐĞƌƐƵƚŽŵŽƚŝǀĞ>ŝŵŝƚĞĚ͕ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮϰ͕
ĐŽŵƉůŝĞƐǁŝƚŚƐĞĐƚŝŽŶϯϬϬŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͘
ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
dŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ
ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƐĞĐƚŝŽŶϯϬϬŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞ
ZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ͕ďĂƐĞĚŽŶŽƵƌĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ͘
>K/dd dKh, dK,Dd^h
>K/dd dKh, dK,Dd^h
ĂǀŝĚZŽĚŐĞƌƐ
DĂƌŝŶƵƐ^ĐŚŽĞŵĂŶ
WĂƌƚŶĞƌ
WĂƌƚŶĞƌ
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ
ƌŝƐďĂŶĞ͕Ϯϳ&ĞďƌƵĂƌLJϮϬϮϱ
ƌŝƐďĂŶĞ͕Ϯϳ&ĞďƌƵĂƌLJϮϬϮϱ
138 | EAGERS AUTOMOTIVE LIMITED
Independent Auditor’s Report (continued)
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
2024 ANNUAL REPORT | 139
DIRECTORS DEC LINK HERE
Directors’ Declaration
The Directors declare that:
a. in the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as
and when they become due and payable;
b. in the Directors’ opinion, the consolidated financial statements and notes set out on pages 69 to 134 are in
accordance with the Corporations Act 2001, including:
i. complying with Accounting Standards and the Corporate Regulations 2001, and
ii.
giving a true and fair view of the financial position and performance of the Company and the consolidated
entity;
c. in the Directors’ opinion, the consolidated financial statements and notes are in accordance with International
Financial Reporting Standards, and a statement of compliance with these standards is included in Note 1(a);
d. the Directors have been given the declarations required by s.295A of the Corporations Act 2001;
e. in the Directors’ opinion the Consolidated Entity Disclosure Statement required by s.295(3A) of the Corporations Act
2001, as disclosed on pages 130-134 of the ‘Consolidated Entity Disclosure Statement’, is true and correct.
At the date of this declaration, the Company is within the class of companies affected by ASIC Corporations (Wholly
owned Companies) Instrument 2016/785. The nature of the deed of cross guarantee referred to in the ASIC Corporation
Instrument is such that each company which is party to the deed guarantees to each creditor payment in full of any debt
in accordance with the deed of cross guarantee.
In the Directors’ opinion, there are reasonable grounds to believe that the Company and the companies that are parties to the
ASIC Corporation Instrument, as detailed in Note 21 to the consolidated financial statements will, as a group, be able to meet
any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross guarantee.
Signed in accordance with a resolution of the Directors made pursuant to s.295(5) of the Corporations Act 2001.
Tim Crommelin
Director
Brisbane, 27 February 2025
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
Shareholder Information
as at 31 March 2025
Distribution of Equity Securities
Range
Total
Holders
Units
Percentage
of Units
1-1,000
8,313
3,497,376
1.36
1,001-5,000
5,519
13,461,896
5.22
5,001-10,000
1,132
8,466,152
3.28
10,001-100,000
951
23,572,397
9.13
100,001 and over
120
209,076,316
81.01
Total
16,035
258,074,137
100.00
The company’s quoted securities consist of 258,074,137 ordinary fully paid shares (ASX:APE). 455 shareholders hold less
than a marketplace parcel of 34 shares at $14.99 per share.
Equity Security Holders
Ordinary Shares
Twenty Largest Quoted Equity Security Holders
Number of
Shares Held
Percentage
of Shares
Issued
1
WFM MOTORS PTY LTD
70,553,037
27.34
2
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
27,905,259
10.81
3
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
18,238,877
7.07
4
CITICORP NOMINEES PTY LIMITED
17,198,698
6.66
5
JOVE PTY LTD
12,396,588
4.80
6
ARGO INVESTMENTS LIMITED
6,513,047
2.52
7
MUTUAL TRUST PTY LTD
6,248,217
2.42
8
ALAN PIPER INVESTMENTS (NO1) PTY LTD
4,936,250
1.91
9
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
2,548,837
0.99
10
BERNE NO 132 NOMINEES PTY LTD
2,444,101
0.95
11
N G P INVESTMENTS (NO2) P/L
2,430,097
0.94
12
BIRRELL INVESTMENTS PTY LTD
2,200,000
0.85
13
WASHINGTON H SOUL PATTINSON AND COMPANY LIMITED
1,943,834
0.75
14
BNP PARIBAS NOMS PTY LTD
1,607,855
0.62
15
KEITH THORNTON
1,385,031
0.54
16
HEGFORD PTY LTD <
1,382,652
0.54
17
BNP PARIBAS NOMINEES PTY LTD
1,285,414
0.50
18
LG MCGRATH INVESTMENTS PTY LTD
1,263,700
0.49
19
MR PETER GARY ROBINSON
1,116,455
0.43
20
MR DAMON STUART WHEATLEY
1,084,389
0.42
Total
184,682,338
71.56
Substantial Shareholders
Substantial holders1 in the Company are set out below:
Notice Date
No of Shares1
WFM MOTORS PTY LTD, its group companies and Nicholas George Politis
29 Feb 2024
72,469,048
MICHELLE VICTORIA PRATER
3 Dec 2024
14,813,490
1.
As disclosed in substantial holding notices received by the Company
140 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
Shareholder Information
as at 31 March 2025
Performance Rights and Options
695,887 unvested performance rights are on issue to
16 holders pursuant to the Company’s equity incentive
plan. Vesting is subject to achievement or waiver of pre-
determined performance hurdles. Performance rights do
not have any dividend or voting rights.
Employee Incentive Scheme
540,246 shares were purchased on-market at an average
price of $10.2511 during the reporting period for the
purposes of the Company’s employee incentive scheme.
On-market Buy-back
The Company does have a current on-market
share buy-back.
Voting Rights
The following voting rights attach to ordinary shares,
subject to the Company’s constitution:
-
A shareholder entitled to attend and vote at a meeting
may do so in person or by proxy, attorney or corporate
representative.
-
On a show of hands, each shareholder entitled to vote
has one vote.
-
On a poll, each shareholder entitled to vote has one
vote for each fully paid share and a fraction for each
partly paid share.
-
If a share is held jointly with two or more holders in
attendance, only the holder whose name appears first
in the register may vote.
Corporate Governance Statement
The Company’s Corporate Governance Statement is
located on the Company’s website at
https://www.eagersautomotive.com.au/shareholders/
corporate-governance/
2024 ANNUAL REPORT | 141
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION
Eagers Automotive Limited
ABN 87 009 680 013
Incorporation
Incorporated in Queensland
on 17 April 1957
Registered Office
5 Edmund Street
Newstead QLD 4006
Australia
Postal Address
PO Box 199
Fortitude Valley QLD 4006
Australia
Telephone
(07) 3608 7100
Facsimile
(07) 3608 7111
Website
www.eagersautomotive.com.au
Auditor
Deloitte Touché Tohmatsu
Riverside Centre
123 Eagle Street
Brisbane QLD 4001
Share Registry
Computershare
Investor Services Pty Limited
Level 1
200 Mary Street
Brisbane QLD 4000
Enquiries within Australia:
1300 552 270
Enquiries outside Australia:
+61 3 9415 4000
Board of Directors
Tim Crommelin, Chairman,
Independent Non-executive Director
Nick Politis,
Non-executive Director
Dan Ryan,
Non-executive Director
Marcus Birrell,
Independent Non-executive Director
Sophie Moore,
Executive Director and
Chief Financial Officer
Greg Duncan,
Independent Non-executive Director
David Blackhall,
Independent Non-executive Director
Michelle Prater,
Non-executive Director
Katie McNamara,
Independent Non-executive Director
Chief Executive Officer
Keith Thornton
Company Secretary
Denis Stark
Corporate Directory
142 | EAGERS AUTOMOTIVE LIMITED
INTRODUCTION
ABOUT EAGERS AUTOMOTIVE
SUSTAINABILITY REPORT
DIRECTORS’ REPORT
2024 ANNUAL REPORT | 143
REMUNERATION REPORT
FINANCIAL STATEMENTS
SIGNED REPORTS
SHAREHOLDER INFORMATION