Bravura Solutions Limited · ASX:BVS
Bravura Solutions — Shareholder Meeting (November 2023)
29 slides from Bravura Solutions's shareholder meeting presentation, Nov 2, 2023
Slide 1: ASX Release: AGM speeches and presentation
ASX Release 2 November 2023 Bravura Solutions Limited Annual General Meeting speeches and presentation Bravura Solutions Limited (ASX: BVS) (Bravura) is holding its annual general meeting (AGM) today. Attached are copies of the addresses to shareholders to be delivered by the Chairman and the Group
Slide 2: Annual General Meeting
Annual General Meeting 2nd November 2023 1
Slide 3: Agenda
Agenda 01 Chairman’s Address 02 CEO Update 03 Formal Business 04 Q&A 2023 AGM (ASX: BVS) Bravura Solutions 2023 AGM 2
Slide 4: Chairman's Address
Chairman’s Address Matthew Quinn, Chairman, Bravura Solutions Ltd Bravura Solutions 2023 AGM 3
Slide 5: Voting online
Voting online Lodging your votes: Click “Get a Voting Card” (top and bottom of platform) Enter your SRN/HIN or Proxy Number and Postcode Click “Submit Details and Vote” Fill out your voting card for each item of business Click “Submit Vote” Bravura Solutions 2023 AGM 4
Slide 6: Asking questions online
Asking questions online Asking questions: Only Shareholders and Proxyholders are able to ask questions Click on “Ask a Question” Select “General Business” or a specific resolution Type in your question and click “Submit” Comments on resolutions can also be submitted through “Ask a Question” Bravura
Slide 7: Agenda
Agenda 01 Chairman’s Address 02 CEO Update 03 Formal Business 04 Q&A 2023 AGM (ASX: BVS) Bravura Solutions 2023 AGM 6
Slide 8: CEO Update
CEO Update Andrew Russell, Group CEO and Managing Director, Bravura Solutions Ltd Bravura Solutions 2023 AGM 7
Slide 9: Headlines
Headlines 01 Bravura’s underperformance has driven the requirement and urgency for change. This has resulted in a new CEO, Chair and refreshed board joining Bravura in 2023 02 Bravura remains a strong business with great technology, clients and people. Our focus is to rebuild trust with all stakehol
Slide 10: Working across four strategic pillars that will drive shareholder value
Working across four strategic pillars that will drive shareholder value Strategic Realigning Market-leading Growing with Building a Pillar around core technology existing clients quality business ▪ Re-align the business around ▪ Consistent and ongoing ▪ Build out existing ▪ Create a product and FY24
Slide 11: Strategy on a page
Strategy on a page Together we create technology that reshapes how organisations and people prosper Our market leading platforms power the core for wealth providers and fund managers and enables them to secure their customers’ financial future RESET AND ENERGISE ACCELERATE FINANCIAL PERFORMANCE Real
Slide 12: Organisational change programme delivering gross annualised savings
Organisational change programme delivering gross annualised savings of $25m in FY23, with a further $22m in FY24 Organisational Optimising Operating External Cost Reductions Right-sizing Re-alignment Model UPDATED BENEFIT Expected $25m $4m annualised gross $9m $9m savings $47m ▪ Closing and resizing
Slide 13: FY24 Guidance Update
FY24 Guidance Update FY23 Results FY24 Updated Guidance Group Revenue Group Revenue $249.6m Around the same as FY23 EBITDA1 EBITDA1 ($0.3M) $10m – $15m Capex2 and Lease costs Capex2 and Lease costs $28m $16m Gross Cost Out Gross Cost Out $25m $22m 1. EBITDA = Operating Revenue minus Operating Costs
Slide 14: Takeaways
Takeaways 01 Bravura remains a strong business with great technology, clients and people. Our focus will be to rebuild trust and value to shareholders 02 Bravura is well capitalised and has the leadership capability with a clear focus to drive the accelerated change required 03 The business transfor
Slide 15: Agenda
Agenda 01 Chairman’s Address 02 CEO Update 03 Formal Business 04 Q&A 2023 AGM (ASX: BVS) Bravura Solutions 2023 AGM 14
Slide 16: Proxy Results Resolutions
Proxy Results Resolutions Item Resolution For Open Against Abstain1 (million) (%) (million) (%) (million) (%) (million) 1 Adoption of the remuneration report 202.9 89.3 2.1 0.9 22.3 9.8 0.2 2 Ratification of appointment of Russell Baskerville 220.9 96.8 2.8 1.2 4.5 2.0 0.1 as a Director 3 Ratificati
Slide 17: Agenda
Agenda 01 Chairman’s Address 02 CEO Update 03 Formal Business 04 Q&A 2023 AGM (ASX: BVS) Bravura Solutions 2023 AGM 16
Slide 18: Questions
Questions Bravura Solutions 2023 AGM 17
Slide 19: Important Notice and Disclaimer
Important Notice and Disclaimer The information contained in this document (including this notice) and discussed at this presentation (collectively, the Presentation) has been prepared by Bravura Solutions Limited (Bravura). The Presentation is subject to the conditions outlined below. Your receipt,
Slide 20: Important Notice and Disclaimer
Important Notice and Disclaimer PAST PERFORMANCE Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon (and is not) an indication of future performance. DISCLAIMER The information is supplied in summary form and is therefore not
Slide 21: For more information, visit bravurasolutions.com/investors
For more information, visit: www.bravurasolutions.com/investors investors@bravurasolutions.com
Slide 22: Bravura 2023 Annual General Meeting Chairman and CEO Address
2 November 2023 BRAVURA 2023 ANNUAL GENERAL MEETING CHAIRMAN AND CEO ADDRESS Good afternoon and, on behalf of the Board, I would like to welcome you to the 2023 Annual General Meeting of shareholders of Bravura Solutions Limited. This year’s meeting is also being held online through a virtual meetin
Slide 23: Managing Director and CEO's Address
MANAGING DIRECTOR AND CEO’S ADDRESS Good afternoon and thank you for joining for the 2023 AGM. My name is Andrew Russell and I am the Group CEO of Bravura Solutions. Today I will present to the following agenda: 1. Presentation headlines; 2. FY24 Key priorities and strategy update; 3. FY24 guidance;
Slide 24: CEO address: Sonata Alta migration and enablement products
• Our recent success of migrating Aware's 1.1m members onto our Sonata Alta platform; and • Our recent in parallel success in migrating over 500,000 members onto our existing Sonata platforms. Additionally, our FY24 priority is to increase the share of revenue from our enablement product capabilitie
Slide 25: CEO address: cost out savings and guidance
Consequently, in FY25 there will be a full year realization of $47m gross cost out savings, with total cost to achieve them at $22.6m over FY23 and 24. Slide 12 - Guidance Cash Our cash balance as at 31 October was $81.3m, of which $15m will be then utilised to fund the remainder of the cost out pro
Slide 26: Formal Business of the AGM
FORMAL BUSINESS OF THE AGM Before we start our formal proceedings, I would like to summarise the proxy and voting procedures for this meeting. If you are attending in person, you will have been given an attendance card when you registered on arrival. • If you have a yellow voting card, you are a vot
Slide 27: General Business, Financial Report, Resolution 1
Any comments made or questions raised for discussion must be relevant to the business of the Meeting. GENERAL BUSINESS We will now move onto the items of business for this meeting as set out in the Notice of Meeting Proxy results for all items of business are now displayed on the screen. BRAVURA SOL
Slide 28: Resolutions 6 to 10
Are there any questions on this item? [QUESTIONS] 6 RESOLUTION 6 – RATIFICATION OF DAMIEN LEONARD Resolution 6 is the ratification of appointment of Mr Damien Leonard as a director. Are there any questions on this item? [QUESTIONS] 7 RESOLUTION 7 – RATIFICATION OF CHARLES CROUCHMAN Resolution 7 is t
Slide 29: Close of meeting
[QUESTIONS] Thank you, as there are no further questions, the poll will now be closed and I now declare this Annual General Meeting of Bravura Solutions closed. Thank you for your attendance and support. Bravura Solutions Limited 8
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