Thorney Opportunities Ltd. · ASX:TOP
Thorney Opportunities — Shareholder Meeting (November 2015)
52 slides from Thorney Opportunities's shareholder meeting presentation, Nov 24, 2015
Slide 1: Thorney Opportunities Ltd 2015 Annual General Meeting
For personal use only THORNEY OPPORTUNITIES LTD 2015 Annual General Meeting 11am Tuesday 24 November 2015, Arnold Bloch Leibler Level 21, 333 Collins Street, Melbourne
Slide 2: Chairman's address, Mr Alex Waislitz
THORNEY OPPORTUNITIES LTD 2015 Annual General Meeting For personal use only Chairman’s address, Mr Alex Waislitz Thorney Opportunities Ltd 2015 Annual General Meeting Presentation 24 November 2015
Slide 3: TOP NTA v Small Ords Index (XSO)
Chairman’s address, Mr Alex Waislitz For personal use only TOP NTA v Small Ords Index (XSO) 25% 20% 15% NTA 10% 5% Small 0% Ords -5% Index -10% Thorney Opportunities Ltd 2015 Annual General Meeting Presentation 24 November 2015
Slide 4: TOP NTA v Share Price
Chairman’s address, Mr Alex Waislitz For personal use only TOP NTA v Share Price 60 58 56 54 TOP 52 NTA 50 48 46 TOP 44 Closing 42 Share Price 40 Thorney Opportunities Ltd 2015 Annual General Meeting Presentation 24 November 2015
Slide 5: TOP AUM / Deployment of Cash
Chairman’s address, Mr Alex Waislitz For personal use only TOP AUM / Deployment of Cash $120 M $100 M Financial $80 M Assets $60 M Cash and cash equiv. $40 M $20 M Assets Under $- Mgmt Thorney Opportunities Ltd 2015 Annual General Meeting Presentation 24 November 2015
Slide 6: TOP Assets Under Management November 2015
Chairman’s address, Mr Alex Waislitz For personal use only AMA Group Ltd TOP Assets Under Management November 2015 Money3 Corporation Ltd (Shares, options, bonds) Service Stream Ltd 27% 23% TPI Enterprises Ltd Fairfax Media Ltd 17% Diversa Ltd 4% 1% Austin Engineering Ltd 7% 12% 3% Australian Renewa
Slide 7: For personal use only
For personal use only
Slide 8: Australian Renewable Fuels Limited
Australian Renewable Fuels Limited For personal use only • Background • Business Model • Operating Performance • Outlook
Slide 9: Australian Renewable Fuels Limited
Australian Renewable Fuels Limited For personal use only • ARfuels is Australia’s largest biodiesel producer • Biodiesel is an advanced biofuel • Is a substitute, extender, improver to mineral diesel • Used as a 5% blend or 20% blend (B5 or B20) • Reduces greenhouse gas emissions and other harmful h
Slide 10: World biofuels incorporation map
52013 WORLD § BIOFUELS’ INCORPORATIO N ® A ira xn H KOREA “Sanwa ETHAN PHILIPPINES Yee. TRALAND: pour tinnase AFRICA PHILIPPINES ovate EUROPE BELGIUM AUSTRALIA | KEW SOUTH WALES
Slide 11: Why is the World Mandating Biofuels
Why is the World Mandating Biofuels For personal use only • There are a range of reasons why countries choose to move down the biofuel path. • Many of these are very relevant to Australia. • Jobs/Economic Development • Fuel security / Independence • Reduce Fossil Fuel Reliance • Balance of Payments
Slide 12: Government Excise
Government Excise For personal use only • Has the support of all sides of the Parliament and the industry. • Phase in of excise payable on biodiesel in equal increments over the next 16 years, from a zero rate in 2015-16 to a final rate of 50% of the full diesel excise rate in 2030-31. • This time f
Slide 13: Australian Renewable Fuels Limited
Australian Renewable Fuels Limited For personal use only • ARfuels has three biodiesel plants • Barnawartha (Vic) 60 mlpa • Largs Bay (SA) 20+ mlpa • Picton (WA) 20+ mlpa • We do not compete with food, land or water for our feedstocks – we use waste products that are sustainable • We use animal fats
Slide 14: Australian Renewable Fuels Limited
Australian Renewable Fuels Limited For personal use only
Slide 15: ARfuels Sales
For personal use only ARfuels Sales
Slide 16: 2015 Business Review
2015 Business Review For personal use only • Difficult year: • Subsidised imports affecting domestic sales • Australian Government Policy – June 2015 • Huge effort and resources applied • Holding losses at Largs Bay and Picton • Operating costs reduced • Board restructure • Head office restructure a
Slide 17: 2015 Highlights
2015 Highlights • Government Excise Policy Resolved For personal use only • Net Profit $467,203 • Barnawartha trading profit of $7,564,087 • Net Cash generation of $780,546 for the year • Year end cash balance of $1,736,289 • Major Sales Contract extended 2015 Lowlights • Picton and Largs Bay losses
Slide 18: Financials
Financials For personal use only Adjustments: Exclude insurance recoveries (2013) and impairment charges (2014)
Slide 19: Barnawartha Plant Performance
Barnawartha Plant Performance For personal use only 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 $ 30,000,000 20,000,000 10,000,000 0 2012 2013 2014 2015 Sales 28,089,019 53,184,293 62,065,906 50,164,944 Profit 1,151,373 7,816,228 8,124,919 7,564,087
Slide 20: 2016 Outlook
2016 Outlook For personal use only OPERATIONS • Barnawartha: • Drive sales and productivity • Removal of imports from 1 July 2015 should provide sales stimulus • Picton: • Continue to work on gaining access to WA market • Bioworks Agreement for cooperation completed • Execute new sales contracts • P
Slide 21: 2016 Outlook
2016 Outlook For personal use only OTHER ACTIVITIES • Review Capital Structure – Refinance of Convertible Notes • Investor relations activity to increase • Provide support for State biofuels mandates • Cost structure has been reduced • Economics of sales price and feedstock costs are consistent with
Slide 22: For personal use only
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Slide 23: Disclaimer
Disclaimer For personal use only Disclaimer: This document was prepared by Australian Renewable Fuels Limited. This document contain statements that involve risks and uncertainties. These statements are not guarantees of Australian Renewable Fuels Limited future performance and involve a number of r
Slide 24: Diversa Group
For personal use only Diversa Group November 2015
Slide 25: Disclaimer
Disclaimer For personal use only This presentation has been prepared by Diversa Limited ACN 079 201 835 (Company) and contains summary information about the Company and its activities current at 16 November 2015. The information in this presentation is of a general nature and does not purport to be
Slide 26: Diversa Summary
Diversa Summary • Diversa is a superannuation company. The Group provides specialist services to For personal use only superannuation funds. Specifically: ° Trustee ° Fund Administration ° Fund Promotion and Product Management (including Life & Salary Continuance insurance products) ° Investment Ser
Slide 27: The Superannuation Sector
The Superannuation Sector For personal use only • Australia has the third largest retirement savings pool in the world (behind USA and UK) (1). • Superannuation FUM has experienced a CAGR of over 11% since 2004 (2). • As at June 2015 total superannuation FUM is over $2 trillion, and expected to grow
Slide 28: Diversa Strategy
Diversa Strategy • For personal use only Specialist capability available to clients separately or in combination. • Potential for multiple revenue streams from a single client/fund. • Trustee service is typically the gateway to providing other client services. • Trustee service is now the pre-eminen
Slide 29: Financial performance
Financial performance For personal use only Historical Group results & guidance 2011 2012 2013 2014 2015(2) 2016 $m $m $m $m $m Guidance Revenue 2.5 4.0 4.6 4.4 9.5 12.5 – 13.5 Operating Costs(1) (3.9) (6.3) (6.0) (5.5) (8.9) (10.0) – (11.0) Results from underlying (1.4) (2.3) (1.4) (1.1) 0.6 2.0 –
Slide 30: FY15 Achievements
FY15 Achievements • For personal use only Transformational period for the Diversa Group. • Increase in FUTMA serviced from $1.5bn in July 2014 to $7.3bn in September 2015. • July/August 2014 - Raised approximately $7.4m in equity capital to complete the acquisitions below. • September 2014 - Acquire
Slide 31: Financial Results Summary
Financial Results Summary 2014 2015 Dec 14 June 15 audited(1) audited(1) For personal use only Profit & Loss 6 mths(3)(4) 6 mths(4) 12 mths 12 mths $m $m $m $m Revenue 4.4 9.5 3.4 6.1 Results from operating activities (3.9) (1.0) (0.6) (0.4) Results from underlying operations(5) (1.1) 0.6 (0.5) 1.1
Slide 32: Current Services & Products
Current Services & Products For personal use only Trustee Services Superannuation Services Act as a third party commercial Provide administration services for super trustee for a wide range of super funds, including insurance administration, Services funds, including investment and promotion and pro
Slide 33: Growth Prospects & Outlook
Growth Prospects & Outlook • For personal use only Trustee Services ° Current clients have demonstrated strong FUM growth(1) with collective increase of 43% in 2013, 34% 2014 and 33% in 2015. ° Has significant market position as largest (by number of clients), and most comprehensively resourced prov
Slide 34: Investment Highlights
Investment Highlights For personal use only Diversa has built a strong service platform and capabilities via acquisition, subsequent Track Record enhancement and integration Large Attractive and Growing Diversa is well placed to capitalise on the continued growth of the superannuation sector Market
Slide 35: Corporate Information
Corporate Information Directors Executives For personal use only Stephen Bizzell – Non-executive Chairman Vincent Parrot - CEO Matthew Morgan – Non-executive Director Rob Chmielewski – Head of Trustee Services Andrew de Vries – Head of Superannuation Garry Crole – Non-executive Director Services Ang
Slide 36: Appendix 1: Financial Results
Appendix 1: Financial Results 2014 2015 2015 audited(1) audited(1) For personal use only Dec 14 June 15 Financial Period 12 mths 12 mths 6 mths(3)(4) 6 mths(4) $m $m $m $m Revenue 4.4 9.5 3.4 6.1 Administrative expenses (1.4) (2.6) (1.0) (1.6) Amortisation and depreciation (0.4) (0.8) nm(2) (0.8) Oc
Slide 37: www.diversa.com.au
For personal use only www.diversa.com.au
Slide 38: TPI Enterprises Ltd
For personal use only TPI Enterprises Ltd Thorney Opportunities Presentation 24th November 2015
Slide 39: Important Notice and Disclaimer
Important Notice and Disclaimer (Important Notice) For personal use only Summary information The following disclaimer applies to this document and any information provided regarding the information contained in this document (the “Information”). The Information has been prepared by TPI Enterprises L
Slide 40: Investment Case
Investment Case TPI offers one of the few opportunities globally to invest directly in the licit narcotics sector For personal use only 1. Growing industry 2. Manufacturing advantage 3. Highly regulated / significant barriers to entry 4. Established business, experienced Management team 5. Diversity
Slide 41: Industry overview
Industry overview Unique pharmaceutical industry with agricultural product being the key input For personal use only Narcotics Synthetic and semi-synthetic Natural narcotics narcotic derivatives Active Pharmaceutical Ingredient Final Dosage Formulations Agricultural Production Narcotic Raw Material
Slide 42: Regional Consumption is Doubling Every Decade
Regional Consumption is Doubling Every Decade Upside demand in developing countries – 100-1,000x For personal use only • Both WHO and INCB have drawn attention to All regions: Average consumption of narcotic analgesics (87-89, 97-99, 07-09) a critical shortage of essential narcotic drugs - Six count
Slide 43: Discrepancy in Global Availability
Discrepancy in Global Availability 5.5 Billion people (75%) have no or little access to pain relief For personal use only There are more people living inside this circle than out of it Source: INCB Report on the Availability of Internationally Controlled Drugs 2014 [ 43 ]
Slide 44: Retreat from Non-Narcotic Pain Management Alternatives
Retreat from Non-Narcotic Pain Management Alternatives For personal use only • A number of non-narcotic pain management drugs have been banned by the US Food and Drug Administration (FDA) Report: Vioxx linked to thousands of deaths December Merck & 2004 Co.’s arthritis drug Vioxx may • Long-term use
Slide 45: TPI's Key IP Industrial Advantage
TPI’s Key IP Industrial Advantage c.33% FTE, c.20% capital cost, no toxic solvents For personal use only TPI Technology • $20 million Capital Investment (100 tonne facility) • 1/3 of the FTE of competitors with similar capacity • 8 Ha site • Modular expansion capability • No toxic solvents • No wast
Slide 46: Victorian Processing Facility
Victorian Processing Facility Significant area to expand For personal use only Site Description • 100t capacity with modular expansion capability of up to three times existing size • Headquarters for Victorian manufacturing with facilities in Tasmania and Europe • Cost of facility approximately $20
Slide 47: Raw Material Supply - The Game Changer
Raw Material Supply-The Game Changer Victoria, Northern Territory and Portugal For personal use only [ 47 ]
Slide 48: Summary
Summary TPI offers one of the few opportunities globally to invest directly in the licit narcotics sector For personal use only 1. Growing industry 2. Manufacturing advantage 3. Highly regulated / significant barriers to entry 4. Established business, experienced Management team 5. Diversity of supp
Slide 49: Item 1 Financial Report, Directors' Report and Auditor's Report
THORNEY OPPORTUNITIES LTD 2015 Annual General Meeting For personal use only ITEM 1 To receive and consider the Financial Report, the Directors’ Report and the Auditor’s Report for the year ended 30 June 2015 We are not required by the Corporations Act to approve or adopt the financial statements or
Slide 50: Item 2 Adoption of 2015 Remuneration Report
THORNEY OPPORTUNITIES LTD 2015 Annual General Meeting For personal use only ITEM 2 Adoption of 2015 Remuneration Report PROXIES VOTES PERCENTAGE FOR: 31,057,092 97.94% AGAINST: 434,183 1.37% OPEN: 217,712 0.69% TOTALS: 31,708,987 100.00% ABSTAIN: 146,797 Of the Open Proxy votes 0 is the total number
Slide 51: Item 3 Re-election of Director - Henry Lanzer
THORNEY OPPORTUNITIES LTD 2015 Annual General Meeting For personal use only ITEM 3 Re-election of Director - Henry Lanzer PROXIES VOTES PERCENTAGE FOR: 83,432,635 98.73% AGAINST: 4,277 0.01% OPEN: 1,061,911 1.26% TOTALS: 84,498,823 100.00% ABSTAIN: 30,000 Of the Open Proxy votes 0 is the total numbe
Slide 52: Meeting Closure
THORNEY OPPORTUNITIES LTD 2015 Annual General Meeting For personal use only Meeting Closure Thank you for your attendance and continuing support of Thorney Opportunities Ltd. Thorney Opportunities Ltd 2015 Annual General Meeting Presentation 24 November 2015
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