Ann: FY2020 Results Presentation, page-2

As foreshadowed, a stellar result with NPAT from continuing operations more than doubling to $209.4 million and what I believe is APE's highest ever dividend of 25 cents per share. Great!

What stood out was how its inventory (of motor vehicles) has decreased 29.7 per cent to $1.026 billion as at 31 December 2020. I know little about cars, but I assume this is an indicator of strong demand and/or what the media has said is difficulty in obtaining sufficient stock. APE briefly refers to this on one page as 'long lead time in (consumers obtaining) new vehicles (from APE yards).

APE has excellent market share of new car sales in WA (23.1 per cent) where the economy despite draconian and stupid border closures is doing well thanks to 'Mr Iron Ore' in the Pilbara, and Queensland at 12.9 per cent. However in NSW and Victoria (9.9 and 5.2 per cent respectively), there's room for growth as APE acknowledges, and also in NZ where the market share is about six per cent.

In calendar (and FY) 2020, APE's decrease in overall new car sales was 10.5 per cent against the overall market decline of 13.7 per cent. Again, very positive but from November 2020, new car sales have again begun to rise (after a long drought) so the relative 'decline' figures are old news.

There was an impairment recognised of $90.7 million re Holden exiting the Australian market. This won't recur but needs more explanation. Does it affect leased properties or company-owned ones? APE says separately that it exited or vacated 36 leases in FY 2020.

Without JobKeeper, there would have been a lot of employees on lower JobSeeker if I'm not being simplistic.

There is a great distribution chart on page 12 showing how APE paid $927 million to staff.

Overall, shareholders ought be very happy. There's even a seamless transition from Mr Ward to Mr Thornton, an experienced company insider who becomes the new CEO.

No wonder Mr Robert Millner's SOL likes to keep its large holding!