Thorney Opportunities Ltd. · ASX:TOP
Thorney Opportunities — Shareholder Meeting (November 2016)
59 slides from Thorney Opportunities's shareholder meeting presentation, Nov 25, 2016
Slide 1: Thorney Opportunities Ltd 2016 Annual General Meeting
For personal use only THORNEY OPPORTUNITIES LTD 2016 Annual General Meeting Friday 25 November 2016, Arnold Bloch Leibler Level 21, 333 Collins Street, Melbourne
Slide 2: Chairman's address
THORNEY OPPORTUNITIES LTD 2016 Annual General Meeting For personal use only Chairman’s address Thorney Opportunities Ltd 2016 Annual General Meeting Presentation 25 November 2016
Slide 3: 3 Year Performance: TOP NTA vs All Ords and Small Ords
Chairman’s address For personal use only 3 YEAR PERFORMANCE TOP NTA (after fees and costs) v All Ords and Small Ords Accumulation Indices All 70% Ords 60% Accum. Index 50% 40% Small 30% Ords 20% Accum. 10% Index 0% ‐10% NTA ‐20% (after Jan‐14 Apr‐14 Jan‐15 Apr‐15 Jan‐16 Apr‐16 Oct‐13 Jul‐14 Oct‐14 J
Slide 4: TOP NTA v Share Price
Chairman’s address For personal use only TOP NTA v Share Price 75 70 65 TOP NTA 60 55 TOP 50 Closing 45 Share Price 40 Jun‐14 Oct‐14 Dec‐14 Feb‐15 Apr‐15 Jun‐15 Oct‐15 Dec‐15 Feb‐16 Apr‐16 Jun‐16 Oct‐16 Aug‐14 Aug‐15 Aug‐16 Thorney Opportunities Ltd 2016 Annual General Meeting Presentation 25 Novemb
Slide 5: TOP Assets Under Management
Chairman’s address For personal use only TOP Assets Under Management Money3 Corporation Ltd 31 October 2016 (Bonds, loans, equities) Service Stream Ltd 5% 3% AMA Group Ltd 7% 24% 7% Fairfax Media Ltd 7% OneVue Holdings Ltd 9% 21% TPI Enterprises Ltd 17% Austin Engineering Ltd Other investments Cash
Slide 6: OneVue Holdings Limited
For personal use only OneVue Holdings Limited Thorney Opportunities Ltd Annual General Meeting 25 November 2016
Slide 7: Our Vision
Our Vision For personal use only OneVue is a fintech company that partners to disrupt the superannuation value chain Page 1
Slide 8: Superannuation sector growth
Superannuation sector growth For personal use only The Australian superannuation sector has a strong underlying growth trajectory 3,453 2,808 $ Billions 2,427 1,823 1,619 1,658 1,337 1,399 1,173 1,130 1,190 1,036 904 751 635 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY
Slide 9: OneVue revenue growth outstrips super sector
OneVue revenue growth outstrips super sector For personal use only Revenue growth has been 77% CAGR from FY13 to FY16 and 19% over the last 12 months 30.0 19% underlying 25.0 20.0 $ Millions 15.0 10.0 5.0 0.0 FY 13 FY 14 FY 15 FY 16 Underlying Revenue (ex Performance Fee) Performance Fee Revenue Pag
Slide 10: The OneVue business
The OneVue business For personal use only OneVue is a fintech company that partners to disrupt the superannuation value chain Products and Services Administration □ Superannuation □ Fund Services: Trustee Services Unit registry services Superannuation member □ Portfolio administration Constructi
Slide 11: Administration - Fund Services
Administration - Fund Services Dashboard Administration For personal use only A profitable business line with strong contracted growth Market leader in unit registry (#1) Scale delivers increasing margin NAB win to double number of fund managers OneVue Super Services delivering above expectation Pag
Slide 12: Administration – Fund Services Unit Registry
Administration – Fund Services Unit Registry Administration For personal use only 80% of transactions are currently automated.. #1 and poised to leverage our scale, fee for service pricing model and the quality and diversity of our client base to create a Fund Marketplace Page 6
Slide 13: Administration - Platform Services
Administration - Platform Services Dashboard Administration For personal use only Platform Services continues to deliver profits and increasing underlying EBITDA margin Awarded for digital innovation New contracts under negotiation Leveraging proprietary technology to create innovative client soluti
Slide 14: Superannuation - Trustee Services
Superannuation - Trustee Services Dashboard Products and Services For personal use only Diversa trustee delivers strong financial result #1 superannuation trustee Leveraging OneVue’s digital capabilities to drive margins in Trustee Services Trustee of choice for managed accounts providers “when they
Slide 15: FY17 Focus
For personal use only FY17 Focus
Slide 16: Distribution is a logical extension
OneVue business - Distribution is a logical extension For personal use only OneVue is a fintech company that partners to disrupt the superannuation value chain Products and Services Administration Distribution □ Superannuation □ Intermediated (b2b) □ Fund Services: Trustee Services channels: □ Unit
Slide 17: What is the FUND.eXchange?
What is the FUND.eXchange? For personal use only ….. is a digital gateway that connects distributors to a more efficient fund marketplace Page 10
Slide 18: How the FUND.eXchange works
How the FUND.eXchange works For personal use only Distributors Platforms Fund Marketplace Intermediated (b2b) channels: Consolidated 3rd party licensed Reporting OneVue licensed Direct channels (b2c) including investment Gateway managers and other IDPS retail brands Structure OneVue’s Plat
Slide 19: The FUND.eXchange on OneVue's Platform
The FUND.eXchange on OneVue’s Platform For personal use only The OneVue Platform offering is enhanced and becomes more competitive by including the Fund Exchange Funds OneVue Platform Managed Funds SMA’s Non- Other Directly FUND.eXchang International Term Deposit ASX Listed ASX Listed Cash Hub Held
Slide 20: OneVue business – FY17 and beyond
OneVue business – FY17 and beyond For personal use only OneVue is a fintech company that partners to disrupt the superannuation value chain Products and Services Administration Distribution □ Superannuation □ Fund Services: □ Intermediated (b2b) Trustee Services □ Unit registry services channels: □
Slide 21: Summary
Summary For personal use only A fintech company that partners to disrupt the superannuation value chain The superannuation industry continues to grow strongly. OneVue is growing well above industry average OneVue’s two businesses: Fund Services and Platform Services performed well in FY16. Both
Slide 22: Thank you
For personal use only Thank you
Slide 23: TPI Enterprises Ltd
For personal use only TPI Enterprises Ltd Thorney Opportunities Ltd Presentation 25th November 2016
Slide 24: 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 25: Investment proposition
Investment proposition 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. Di
Slide 26: 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 Agricultural Production Narcotic Raw Material (NRM) Active Pharmaceutical Ingredient (API) Final Dosage F
Slide 27: 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 a All regions: Average consumption of narcotic analgesics (87-89, 97-99, 07-09) critical shortage of essential narcotic drugs - Six count
Slide 28: 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 [6]
Slide 29: 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 2004 Merck & Co.’s arthritis drug Vioxx may • Long-term use
Slide 30: Experienced Board and Senior Management Team
Experienced Board and Senior Management Team Over 100 years of cumulative narcotic industry experience For personal use only Experienced Board and Senior Management Team TPI Board Stuart Black Peter Robinson Jarrod Ritchie Todd Barlow Simon Moore (Non-Exec (Non-Exec Founder/CEO/ (Non-Exec (Non-Exec
Slide 31: Our Business model
Our Business model $10 million Capex will double earning capacity For personal use only $90 Millions $80 Future Capacity $70 $60 Current Capacity $50 EBITDA AUD $40 $30 $20 $10 $- 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 -$10 TPI NRM EBITDA TPI NRM & API EBITD
Slide 32: 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 • $20 million Capital Investment (100 tonne facility) • 1/3 of the FTE of competitors with similar capacity • 8 Ha site • Modular expansion capability • No toxic solvents • No wast
Slide 33: Forced to grow in Class Marginal Land
Forced to grow in Class 4 “Marginal Land” On track to obtain greatest Harvested area this year For personal use only 30000 > 50,245Ha Class 4 “Land marginally suitable for cropping. Frequently has severe limitations of both physical and structural nature.” 25000 7,592Ha Class 3 20000 1,932Ha Class 2
Slide 34: Raw Material Supply
Raw Material Supply Tasmanian monopoly has held industry and TPI back For personal use only [ 12 ]
Slide 35: Raw Material Supply - The Game Changer
Raw Material Supply-The Game Changer Victoria, Northern Territory, New South Wales, South Australia and Portugal For personal use only [ 13 ]
Slide 36: Importation of Straw from Turkey, Hungary & Portugal
Importation of Straw from Turkey, Hungary & Portugal BICON listing For personal use only Key Facts 1. TPI has applied to import poppy straw from Turkey, Hungary & Portugal 2. TPI received its licence to import the straw from the federal government on 22nd October 2016 3. TPI is awaiting the issuance
Slide 37: Supply agreements
Supply agreements Two primary supply contracts secured For personal use only [ 15 ]
Slide 38: Access to the UK CPO market
Access to the UK CPO market TPI and Sterling Pharma Solutions announce an exclusive toll processing agreement For personal use only Suggested Earning impact NRM Codeine Revenue per kilo of product US$ 380 450 Revenue in AUD $ 520 615 Explant cost of NRM A$ 325 260 Codeine toll processing cost/kg A$
Slide 39: Investing in Technology – Harvesting Technology
Investing in Technology – Harvesting Technology Higher assay = Increased return to farmers and manufacturing capacity For personal use only Key benefits 1. Increased factory capacity. 2. Reduced freight cost. 3. Less crop remaining in paddock 1. Higher returns to farmers. 4. Earlier harvesting poten
Slide 40: Investing in Technology - Drones
Investing in Technology - Drones Greater farmer information and better communication For personal use only Very Healthy Healthy Plants Poor Health Under Stress Severely Stressed [ 18 ]
Slide 41: TPI 2016 Half Year Results
TPI 2016 Half Year Results Consolidated Consolidated For personal use only 2016 2015 $m $m Key Points Revenue Sale of goods 1.48 1.07 Total revenue of $1.9 million for first half of 2016 Other income 0.42 0.24 • Seed and NRM sales of $1.4 million 1.91 1.31 Expenses • Grant monies of $0.25 million. P
Slide 42: 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. TPI has achieved a great deal. Developing new tech and introducing legislation 2. $120 million developing disruptive technology which is enormously competitive 3
Slide 43: Service Stream Limited Presentation to Thorney Opportunities AGM
Service Stream Limited Presentation to Thorney Opportunities Ltd For personal use only Annual General Meeting Leigh Mackender Managing Director 25 November 2016
Slide 44: Agenda
Agenda For personal use only 1 Company Overview 2 FY16 Group Performance Highlights 3 Group Strategy & Outlook 2
Slide 45: Company Overview
Business Units Update For personal use only Company Overview
Slide 46: Company Profile
Company Profile Service Stream Limited (ASX: SSM) is a S&P/ASX 300 company providing design, construction, For personal use only installation and maintenance services across essential infrastructure networks within the Telecommunication and Utility sectors People Revenue NPAT Earnings per Dividends
Slide 47: Reporting Segments
Reporting Segments For personal use only Through our three operating divisions; Fixed Communications, Energy & Water and Mobile Communications, we work with clients across the telecommunication and utility sectors to provide specialist services associated with the design, construction, installation
Slide 48: Fixed Communications
Fixed Communications Cable network specialists For personal use only Service Stream’s Fixed Communications division provides; design, construction, upgrade and maintenance services across Revenue ($m) $125 Australia’s fibre-optic, broadband, HFC and copper 96.4 95.0 97.7 communication networks. $100
Slide 49: Mobile Communications
Mobile Communications Wireless network specialists For personal use only Service Stream’s Mobile Communications team specialise in site acquisition, installation, construction, upgrade and maintenance of Revenue ($m) $125 wireless telecommunication infrastructure. 99.2 $100 85.0 81.5 81.7 67.7 72.5
Slide 50: Energy & Water
Energy & Water Utility network specialists For personal use only Service Stream’s Energy & Water team specialise in providing Revenue ($m) design, installation, maintenance and customer management $100 services to Australia’s electricity, gas and water network owners and 73.5 $75 retailer service pr
Slide 51: FY16 Group Performance
For personal use only FY16 Group Performance
Slide 52: FY16 Group Highlights
FY16 Group Highlights For personal use only EBITDA of $35.8 m (up 41% on FY15) Group NPAT of $20.0m Financial Strong balance sheet, increased cash on hand to $41.1m, maintained zero debt 5.0 cps capital return completed in June Increased interim and full-year dividends to total 2.50 cps per share (f
Slide 53: Financial Performance
Financial Performance For personal use only Key financial measures $ million FY16 FY15 Change Revenue 438.9 411.3 27.7 7% EBITDA 35.8 25.4 10.4 41% EBITDA % 8.2% 6.2% 2.0% n/a Net profit after tax 20.0 11.7 8.3 71% Earnings per share (cents) 5.20 3.03 2.16 71% Operating cashflow 62.3 32.3 30.0 93% N
Slide 54: Key Financial Measures
Key Financial Measures For personal use only Group Revenue ($m) $250 Group EBITDA ($m) Group EBITDA % 215.0 213.8 217.1 221.9 $25 10.0% 9.1% 197.4 $200 174.6 20.1 $20 8.0% 7.2% 6.9% 15.7 $150 14.7 $15 6.0% 5.2% 5.4% 10.7 $100 9.0 $10 7.5 3.5% 4.0% $50 $5 2.0% $0 1H14 2H14 1H15 2H15 1H16 2H16 $0 0.0%
Slide 55: Group Strategy & Outlook
Business Units Update For personal use only Group Strategy & Outlook
Slide 56: Group Strategy
Group Strategy Continue to deliver against our strategic plan during FY17 by focusing on the fundamentals of our business For personal use only • Continued focus on service delivery and execution • Ongoing management of Group’s works-to- SERVICE DELIVERY cash cycles • Maintain strong balance sheet a
Slide 57: Outlook
Outlook For personal use only The Group is focussed on delivering earnings growth in FY17, subject to anticipated customer demand and ongoing success in mobilising recently-secured contracts Q1 FY17 is ‘on track’ FY17 Group priorities: – Continue to mobilise resources to support our Operations & Mai
Slide 58: Thank you
For personal use only Thank you
Slide 59: Thorney Opportunities Ltd 2016 Annual General Meeting
For personal use only THORNEY OPPORTUNITIES LTD 2016 Annual General Meeting Friday 25 November 2016, Arnold Bloch Leibler Level 21, 333 Collins Street, Melbourne
Thorney Opportunities — Shareholder Meeting (November 2016) on 6ix