Ann: SSG - Chairman and MD & CEO Speeches, page-2

Some interesting comments there :
- since IPO in 2016, the company has returned 46 c via dividends and increased the payout each year,
- since IPO, the company has also doubled sales and NPAT (while the share price is hardly at the IPO price),
- in FY 23, SSG fulfilled more than 2.5 million customer orders, which means that their average order was around 90 $,
- "of the customers that entered our stores across the year almost 44 % purchased something during that visit".
I don't know what's the average for retailers, but it seems to me a really high figure.

I still do not understand why SSG is not doing any share buyback.
Read their explanations and don't find them very convincing.
They have clearly too much cash (cash pile increasing regularly, despite a high payout) and we know that share buybacks had a major impact on a lot of small caps.
Share buyback seems the most logical outcome as Capex remain limited (not opening many stores) and still not in a hurry to do acquisitions.

I was also looking at the remuneration structure for the key personnel :
- short term incentive is based on a targeted NPAT (in FY 23, 50 % was paid),
-long term incentives received in FY 23 depends on FY 25 EPS (0 vesting if EPS under 0.14 $, pro-rata vesting is FY 25 EPS is between $ 0.14 and $ 0.16).
Reminder FY 23 EPS : 13.1 c vs 13.2 c.