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Remuneration Executive remuneration at listed companies is a subject that continues to provoke considerable strength of feeling from shareholders who are rightly concerned that remuneration should be linked to performance that benefits all stakeholders. At last year’s Annual General Meeting, a number of our shareholders registered their concerns about remuneration at AHG by voting against the remuneration report. AHG acknowledged and respected this outcome and consulted with shareholders to understand their comments and concerns in respect of AHG’s remuneration structure and any other issues they may have which were not directly related to remuneration. The Remuneration and Nomination Committee also employed the services of PricewaterhouseCoopers to review AHG’s executive remuneration policies, and provide recommendations on the ongoing executive remuneration strategy and structure, with these changes to apply for the FY2013 year onwards. AHG has generally adopted the recommendations for our Key Management Personnel. We have endeavoured to explain these policies more clearly in the Remuneration Report section of this document. We hope that this year’s Remuneration Report makes our approach, and the facts behind it, more accessible to our shareholders. It is our objective that our approach be transparent, and that remuneration should be both fair and responsible, and used to attract, motivate and retain the highest quality people who can ensure that AHG continues to deliver shareholder value. Sincere thanks In closing, I want to thank my fellow directors for their support during the past year and to commend the performance and hard work of management and all of our almost 4,700 employees. Ultimately AHG’s success will be driven by the capacity of its people and their knowledge, experience and motivation to succeed. The strength of our team gives me the belief that AHG has an extremely bright future. I look forward to providing shareholders with an update on the current financial year at the Annual General Meeting. David Griffiths Chairman 6 Automotive Holdings Group
Managing Director’s Review The 2012 financial year was an exciting period for AHG with major acquisitions in our logistics and automotive divisions driving significant increases in revenue and profitability. AHG has benefited from the expansion of its diversified revenue streams with significant achievements in the integration of the Covs parts and Harris Refrigerated Transport business units and further expansion of our automotive dealer network. Financial highlights Operating revenue for the Group increased by 17.5% to $3.92 billion, the biggest contribution to that growth coming from acquisitions in Logistics, which experienced a 73% year on year increase. Group Earnings Before Interest and Tax increased 21.9% to $127 million, while Net Profit After Tax improved 22.4% to $64.1 million. Major contributors to the record performance were the acquisition of Covs and Harris supported by the strong automotive retail market and growth in KTM, AMCAP and the Rand Transport business. Automotive The past year has seen an increase in new motor vehicles sales across Australia and the company has benefited from its strong portfolio of leading car, truck and motorcycle brands. The underlying factors that underpin higher retail car sales remained strong during the reporting period, most notably the return to full supply in the second half of the financial year after the disruptions resulting from the Japan tsunami and Thailand flooding, relatively low unemployment, low interest rates, a rising population and car affordability at its best level in decades. It is also pleasing to report a record result for our New Zealand automotive operations. Revenue for the Automotive division increased by 9.7% over the financial year to $3.207 billion while EBITDA increased 13.9% to $106.3 million. During the year AHG continued to evaluate and execute opportunities to grow our Victorian retail presence with the purchase of the Wignall Group of dealerships and agreement to acquire Coffey Ford. These followed the 2010 acquisition of Ferntree Gully Toyota and the February 2012 announcement that we are working with manufacturers to establish a new Greenfields auto hub in South Melbourne. 7
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