Veem Ltd. · ASX:VEE
Veem — H1 FY2025 Earnings Presentation
23 slides from Veem's earnings presentation, Feb 20, 2025
Slide 1: 1HFY25 Half-Year Results Presentation
For personal use only 1HFY25 HALF-YEAR RESULTS PRESENTATION 20 FEBRUARY 2025 VEEM LTD INVESTOR PRESENTATION MARCH 2020 PRINCESS YACHTS
Slide 2: Disclaimer
DISCLAIMER THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR ADVERTISEMENT PAST PERFORMANCE This document, including the information contained in this disclaimer, is not a prospectus, product disclosure statement or other Past performance information in this document is given for illustration purposes o
Slide 3: Agenda
Agenda 1. 1HFY25 Highlights For personal use only 2. Executive Summary 3. Financial Results 4. Operational Performance 5. Outlook 6. Q&A 3
Slide 4: 1HFY25 Highlights
1HFY25 Highlights For personal use only Revenue Total Activity1 EBITDA $33.6m Revenue,-10% $34.5m EBITDA and NPAT down $3.9m on the prior year due to raw -43% materials and (Guidance $3.4m-$4m) freight cost increases, general staff shortages and COVID impact (Guidance $33m-$35m) on customers, suppli
Slide 5: Executive Summary
Executive Summary • VEEM 1HFY25 result came within guidance released to the market in December, with revenue of $33.6m (guidance $33m-$35m), EBITDA of $3.9m (guidance $3.4m-$4m) and NPAT $1.0m (guidance $0.4m-$1.2m). • VEEM’s revenue for the half-year was $33.6m (down 10% on 1HFY24) with total activ
Slide 6: Financial Results
For personal use only FINANCIAL RESULTS VEEM LTD INVESTOR PRESENTATION MARCH 2020 PRINCESS YACHTS
Slide 7: 1HFY25 Profit
1HFY25 Profit Temporarily challenging half – gearing up for a busy second half For personal use only • Work in Progress increased by $0.9m which, when added to revenue, demonstrates $34.5m of activity for 1HFY25. 1HFY25 1HFY24 • ASC revenue was down 24% due to low orders which are A$mil. % Change A$
Slide 8: Balance Sheet
Balance Sheet Continued investment in product and process development For personal use only • The Company held cash on hand of $0.3m at 31 31 Dec 2024 30 June 2024 % Change Dec 2024 (30 June 2024: $0.2m) with a drawn A$mil. A$mil. overdraft facility of $1.9m (30 June 2024: $0.4m) and undrawn amount
Slide 9: Cash Flow
Cash Flow Solid cash flow in 1HFY25 expected to improve in H2FY25 For personal use only • Cashflow from operations was $1.8m (1HFY24: 1HFY25 1HFY24 $3.6m) as a result of lower revenue and margins % Change A$mil. A$mil. in 1HFY25. • Cashflow expected to improve in 2HFY5 due to improved EBITDA generat
Slide 10: Statutory to Adjusted EBITDA and cash flow bridge
Statutory EBITDA $3,932k Cash Flows Investing • Property plant & equip. $621k Less AASB 16 leases $1,019k • Development costs $483k Adjusted EBITDA $2,913k 214 400 (620) Net Borrowings For personal use only (1,045) • Net drawdown bank borrowings +$477k • Repayment of HPs -$1,031k • Repayment of leas
Slide 11: Operational Performance
For personal use only OPERATIONAL PERFORMANCE VEEM LTD INVESTOR PRESENTATION MARCH 2020 PRINCESS YACHTS
Slide 12: Gyrostabilisers
Gyrostabilisers • Revenue from gyros was $3.3m for the half-year down 35% on 1HFY24 as the accelerated Strategic Marine order was completed. For personal use only • Orders on hand at 31 December 2024 were $2.4m and new orders received since 31 December 2024 are $1.5m. • VEEM has maintained its highe
Slide 13: Propulsion
Propulsion • Propeller sales have maintained the momentum from FY24 with sales of $14m being down 10% on 1HFY24 as 1HFY24 included clearing an order backlog. Sales of $14m are 28% up over 1HFY23 demonstrating the step For personal use only change in the business. • In addition, 1HFY25 was hampered b
Slide 14: Propulsion – SHARROW by VEEM Acceleration
Propulsion – SHARROW by VEEM Acceleration • The engineering development work required to adapt and refine Sharrow’s proprietary design code, originally developed for its award-winning Sharrow Propeller in the outboard market, has progressed significantly over the past 15 months through rigorous test
Slide 15: Defence
Defence • VEEM continues to be a reliable, local source of highly sophisticated critical components for the Collins Class submarines. Revenue from the submarine program was $4.7m for the half-year (down 24% on 1HFY24) with overall defence revenue of $7.3m (down 15% on 1HFY24). For personal use only
Slide 16: Engineering Products and Services
Engineering Products and Services • Engineering products and services revenue excluding defence and hollow bar was up 22% as this took up some of the capacity provided by the reduction in defence. For personal use only • This increased revenue did not yield the margins anticipated and hence the lowe
Slide 17: Outlook
For personal use only OUTLOOK VEEM LTD INVESTOR PRESENTATION MARCH 2020 PRINCESS YACHTS
Slide 18: Outlook – Marine Products
Outlook – Marine Products Gyrostabilisers: • Attendance during Europe and US boat show season has resulted in increased enquiries particularly as positive feedback was received at various shows. For personal use only • Leads received highlight the increased understanding of the benefits a VEEM gyro
Slide 19: Outlook – Non-Marine
Outlook – Non-Marine Defence: • Defence revenue expected to be boosted in 2HFY25 from new orders anticipated from Austal and ASC. VEEM Managing Director Mark Miocevich commented For personal use only • Other defence work for a number of different prime contractors, including Austal, is also expected
Slide 20: Q&A
For personal use only Q&A 20
Slide 21: Appendices
For personal use only VEEM LTD INVESTOR PRESENTATION MARCH 2020 APPENDICES PRINCESS YACHTS
Slide 22: Corporate Overview
Corporate Overview Corporate Snapshot For personal use only VEE Share Price History 2.5 5.00 ASX Code VEE Vol. - Million Share Price (19 February 2025) $0.85 2 4.00 Market Capitalisation (19 February 2025) $115m 1.5 3.00 Shares on Issue 136m 1 2.00 Substantial Shareholders % 0.5 1.00 Miocevich Famil
Slide 23: Contact VEEM Ltd
This ASX announcement was authorised for release by the Board of VEEM Limited. For personal use only Contact VEEM LTD INVESTOR PRESENTATION Mark Miocevich David Rich Jonas Fitzgerald Managing Director MARCH Head of Corporate Development 2020 Investor Relations +61 8 9455 9355 +61 8 9455 9355 jonas.f