Veem Ltd. · ASX:VEE
Veem — Shareholder Meeting (November 2024)
18 slides from Veem's shareholder meeting presentation, Nov 14, 2024
Slide 1: Managing Director & CEO Presentation
AGM Presentation 26 November 2019 Managing Director & CEO Presentation Annual General Meeting 14 November 2024
Slide 2: Disclaimer
Disclaimer THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR ADVERTISEMENT This document, including the information contained in this disclaimer, is not a prospectus, product disclosure statement or other disclosure document and does not constitute, or form any part of, an offer to sell, or a solicitati
Slide 3: Agenda
1. FY24 Review 2. Gyrostabilisers 3. Propulsion 4. Defence 5. Engineering Products and Services 6. Corporate 7. Trading Update 8. Summary 9. Q & A 10. Appendices 2
Slide 4: FY24 Summary – An Exceptional Year
FY24 Summary – An Exceptional Year • VEEM’s revenue for the year was $80.6m (up 35% on FY23) with total activity (Sales + change in WIP) for FY24 of $81.6m. • EBITDA* and NPAT* were $14.8m and $7.0m, up 48% and 70% respectively on FY23. • Cashflow from operations was $8.4m, up 77% on FY23. • Gyro sa
Slide 5: Gyrostabilisers - FY24 Overview & Outlook
Gyrostabilisers - FY24 Overview & Outlook • In FY24 VEEM sold 18 gyros (FY23: 7) generating revenue of $12.3m (30 June 2023: $5.0m). The growth was primarily driven by the acceleration of the Strategic Marine order announced in FY23. • VEEM holds the dominant position as the only major supplier in t
Slide 6: Propulsion – FY24 Review
Propulsion – FY24 Review • Three new propeller machining centres and associated equipment and tooling installed late FY23 and available all of FY24 led to increased revenue and reduced backlog. • Propulsion revenue overall for the year was $32m, an increase of 30% over FY23, with VEEM’s propellers a
Slide 7: Propulsion – SHARROW by VEEM
Propulsion – SHARROW by VEEM • October 2023 VEEM signed agreements for VEEM and Sharrow to partner together to design and then VEEM exclusively manufacture and sell Sharrow propellers worldwide up to 5 metres in diameter for inboard vessels. • The award-winning Sharrow propeller design has made a si
Slide 8: Propulsion – Outlook
Propulsion – Outlook • Overall global demand for inboard powered marine vessels is expected to remain steady. • The outlook for VEEM’s propulsion business involves three growth areas: 1. VEEM’s traditional propeller business – growth in revenue from increased sales team and product innovation while
Slide 9: Defence - FY24 Review & Outlook
Defence - FY24 Review & Outlook • Overall defence revenue was $21 million, up 23% on FY23. • VEEM is developing demonstrator blades for BAE Systems Australia's Hunter Class Frigate Program under a $1.7m contract. Successful completion will confirm VEEM as a qualified supplier, making it one of only
Slide 10: Engineering Products and Services FY24 & Outlook
Engineering Products and Services FY24 & Outlook • VEEM’s hollow bar product revenue for FY24 was $7.1m which is a 13% increase over FY23 due to strong demand and increased capacity. • The balance of revenue from engineering products and services was $8.7 million, up 20% from FY23 due primarily to i
Slide 11: Corporate
Corporate • VEEM has accepted the landlord’s offer to expand the facility at Baile Rd by ~1,000m2. This allows room for expansion of propeller and other manufacturing (eg defence) capacity as required. • Management succession implemented with Trevor Raman being promoted from Chief Operating Officer
Slide 12: Trading Update
Trading Update • FY24 was an exceptional year for VEEM. Revenues, EBITDA and NPAT grew 35%, 48% and 70% respectively. • While 1HFY25 is not expected to reach the same profit levels as 1HFY24, 1HFY25 is still significantly higher than 1HFY23 thus continuing the overall upward trend in performance. •
Slide 13: Trading Update - Products
Trading Update - Products • Propulsion revenues continuing in line with FY24 average of around $2.5m/mth ($30m. p.a.). Increased sales and marketing effort in the period should drive further growth. • As forecast, Defence and ASC revenue and WIP are significantly lower due to no near term deliveries
Slide 14: Summary
Summary • Global leader in marine propulsion and stabilization. • Strong record of profitability and cash flow generation. FY24 was an exceptional result (up 70%) with FY25 expected to generate a strong result, albeit potentially not as high as FY24 yet significantly stronger than FY23. • Long term
Slide 15: A hy
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Slide 16: Contacts
ASX : VEE Contacts Mark Miocevich David Rich Jonas Fitzgerald Managing Director Company Secretary IR Consultant, Lancaster Grove Capital +61 8 9455 9355 +61 8 9455 9355 +61 427 104 488 Jonas.fitzgerald@lgcapital.com.au @VEEM_Ltd VEEM_Ltd
Slide 17: Appendices
Appendices
Slide 18: Corporate Summary
Corporate Summary Corporate Snapshot VEE Share Price History $2.50 10 Vol. - Million ASX Code VEE 9 $2.00 8 Share Price (13 Nov 2024) $1.43 7 Market Capitalisation (14 Nov 2024) $194m $1.50 6 5 Shares on Issue 135.8m $1.00 4 3 $0.50 2 Substantial Shareholders 1 Miocevich Family 50.20% $- 0 Perennial