Thorney Opportunities Ltd. · ASX:TOP
Thorney Opportunities — FY2023 Earnings Presentation
18 slides from Thorney Opportunities's earnings presentation, Aug 21, 2023
Slide 1: Thorney Opportunities Ltd FY2023 Results
For personal use only THO RN EY O PPO RTUN ITIES LTD FY2023 Results August 2023
Slide 2: About TOP
For personal use only ABO UT TO P Thorney Opportunities Ltd (TOP) is an ASX-listed investment company that invests in listed and unlisted equities and other financial assets, in a variety of sectors, including media, automotive, energy, engineering and mining services and financial services. Our pri
Slide 3: Investment Objectives
For personal use only IN VESTMEN T O BJECTIVES 01 02 Producing absolute Delivering a strong returns for shareholders fully franked over the medium- to dividend stream to long-term shareholders Thorney Opportunities Ltd: FY2023 Results | August 2023 3
Slide 4: Key FY2023 Highlights
KEY FY20 23 HIGHLIGHTS Net gain after tax for the full year $10.9m Fully franked final dividend per share 1.45 cents Up 3.6% on FY2022 For personal use only NTA per share (before tax) 70.8 cents Up 4.9% on FY2022 NTA per share (after tax) 70.0 cents Up 5.4% on FY2022 The FY2023 total dividend TOP Fu
Slide 5: Top Investments as at June
For personal use only TO P 10 IN VESTMEN TS AS AT 30 JUN E 20 23 % of Rank Company Portfolio 1 20 Cashews Pty Ltd (ACM)* 27.4 2 MMA Offshore 20.6 3 Austin Engineering 9.5 4 Solvar Ltd (formerly Money3 Corporation) 9.0 5 Southern Cross Electrical Engineering 7.2 6 Service Stream 5.4 7 Decmil Group 4.
Slide 6: Market Performance
MARKET PERFO RMAN CE TOP NTA V S&P SMALL ORDINARIES ACCUM. INDEX For personal use only 12 MONTHS TO 30 JUNE 2023 80.0 12000 11500 75.0 11000 70.0 10500 65.0 10000 9500 60.0 9000 55.0 8500 50.0 8000 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 TOP NTA (af
Slide 7: Portfolio Performance
For personal use only PO RTFO LIO PERFO RMAN CE The TOP investment portfolio finished the year ended 30 June 2023 up 8.81%, outperforming the S&P Small Ordinaries Index which increased 8.45%, an outperformance of 0.36%. The increase in the NTA over the period was largely due to positive share price
Slide 8: Resignation of Director
For personal use only RESIGN ATIO N O F DIRECTO R TOP director Mr. Ashok Jacob resigned with effect from 17 April 2023. Mr. Jacob was a founding director of TOP, having been appointed on 21 November 2013. The TOP Board thanks him for his near decade-long valued contribution and service to the Compan
Slide 9: Portfolio commentary (1/7): Cashews Pty Ltd
For personal use only PO RTFO LIO CO MMEN TARY (1/ 7) 20 Cashews Pty Ltd (20C) owns 100% of Australian Community Media (ACM) and has an approximately 30% interest in View Media Group Pty Ltd. During the period, a new digital media and real estate business, View Media Group (VMG) was launched, follow
Slide 10: Portfolio commentary (2/7)
PO RTFO LIO CO MMEN TARY (2/ 7) We remain optimistic about VMG’s ability to realise its ambitions. As a For personal use only significant shareholder in VMG, 20C is working closely with management on the execution of its strategic plan. We are similarly positive on ACM’s continued business transform
Slide 11: Portfolio commentary (3/7): engineering and mining services
For personal use only PO RTFO LIO CO MMEN TARY (3/ 7) TOP’s largest engineering and mining services holdings, MMA Offshore Ltd (MRM.ASX), Austin Engineering Ltd (ANG.ASX) and Southern Cross Electrical Engineering Ltd (SXE.ASX) are enjoying strong order books with ANG increasing production capacity d
Slide 12: Portfolio commentary (4/7): Service Stream
For personal use only PO RTFO LIO CO MMEN TARY (4/ 7) Service Stream Ltd (SSM.ASX) strategically repositioned its business during FY2023, with the integration of Lendlease Services completed with key acquisition objectives achieved. The acquisition has delivered $17 million of targeted synergies ahe
Slide 13: Portfolio commentary (5/7): Decmil Group
PO RTFO LIO CO MMEN TARY (5/ 7) During FY2023, the Board and management of Decmil Group Ltd For personal use only (DCG.ASX) undertook a comprehensive review of the Company’s projects, contracting terms, and legacy balance sheet valuations which resulted in the resetting of key items. In June 2023, D
Slide 14: Portfolio commentary (6/7): COG and Retail Food Group
For personal use only PO RTFO LIO CO MMEN TARY (6/ 7) COG Financial Services Ltd (ASX.COG) continued to expand during FY2023 via acquisitions and reported strong results on continued business momentum and resilience in the SME sector. We continue to anticipate further momentum from COG in FY2024 due
Slide 15: Portfolio commentary (7/7): Cooper Energy
For personal use only PO RTFO LIO CO MMEN TARY (7/ 7) Cooper Energy Ltd (ASX.COE) acquired the Orbost gas processing plant from APA Group (ASX.APA) and appointed a new CEO and MD in FY2023. Following these changes, we see the upcoming six months as a period of de- risking for COE with the transfer o
Slide 16: Outlook
O UTLO O K For personal use only TOP believes the outlook remains volatile for equity markets given ongoing concerns about the macro environment. Despite this, we believe that our engineering and mining services holdings should perform well due to strong order books and higher earnings. Longer term,
Slide 17: Disclaimer
DISCLAIMER This presentation has been prepared by Thorney Opportunities Ltd “TOP” and does not constitute or form Neither TOP nor any other person accepts any liability and TOP, its related bodies corporate and their For personal use only part of, and should not be construed as, an offer, solicitati
Slide 18: Contact
For personal use only CO N TACT Corporate Investors Craig Smith, Company Secretary Gabriella Hold, Automic Group E: craig.smith@thorney.com.au E: gabriella.hold@automicgroup.com.au T: + 61 3 9921 7116 T: + 61 411 364 382 Thorney Opportunities Ltd: FY2023 Results | August 2023 18