Veem Ltd. · ASX:VEE
Veem — Shareholder Meeting (November 2022)
16 slides from Veem's shareholder meeting presentation, Nov 24, 2022
Slide 1: Managing Director's Presentation
VEEM Ltd Annual General Meeting 23 November 2022 AGM Presentation 26 November 2019 Managing Director’s Presentation
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: FY22 Review
1. FY22 Review 2. Engineering Products and Services 3. Defence 4. Propellers 5. Gyrostabilizers 6. Trading update 7. Outlook 2
Slide 4: FY22 Summary
FY22 Summary • Cost increases, staff shortages and COVID impacted overall result. • Strong Propulsion and Engineering Products and Services results. • Defence revenue lower due to completed major contracts. • Gyro unit numbers steady, but revenue less. • Foundry issues experienced in Q2 addressed an
Slide 5: FY22 Financial Results
FY22 Financial Results FY21 FY22 (Excluding Jobkeeper*) % Change A$mil. A$mil. Revenue 54.2 59.5 -9% EBITDA 6.1 8.7 -30% Profit before Tax 1.4 4.4 -68% Net Profit after Tax (NPAT) 1.3 3.8 -67% Earnings Per Share (EPS)(cents) 0.93 2.95 -67% Cash Flow From Operations 2.5 4.1 -38% Net Assets 43.6 36.6
Slide 6: Engineering Products and Services
Engineering Products and Services FY22 Highlights • Revenue of $8.4 million, up 20% on FY21 (includes hollow bar, excludes defence). • Strong demand from mining sector. • Several large orders for foundry-led precision engineering work. • Hollow bar revenue (includes the Forever Pipe product) steady
Slide 7: Defence
Defence 2022 Overview • As expected, revenue fell following completion of major contracts. • Deliveries for the next Collins Class FCD order ($9m) commenced. • Ongoing Austal ride control and propulsion work being won. • Deliveries of the ECCPB and PPBR from Austal to the RAN. • Successful Phase 1 o
Slide 8: Propulsion
Propulsion 2022 Highlights • Propeller and shaft line sales up 26%. • New supplier contracts with key superyacht builders. • Several price rises implemented to account for cost increases. • Delivery and commissioning of two new propeller CNC machining centres. Outlook • Three smaller machines schedu
Slide 9: Gyrostabilizer FY22 Overview
Gyrostabilizer FY22 Overview • 12 gyros (in line with prior year) sold worth $5.5m. • Dominant position in the large marine gyrostabilizer market (est. US$1.1bn for new builds and US$13.5bn for retrofits*). • Increased the volume and quality of leads and enquiries from European customers and shipyar
Slide 10: Gyro Outlook
Gyro Outlook • Currently seeing strong renewed interest at key trade shows in the US and Europe (METS, FLIBS). First trade shows since COVID. • Confidence of increased orders and sales in the near to medium term is supported by a strong level of quality leads and enquiries partly generated by the in
Slide 11: Trading Update
Trading Update • Strong order book and work in progress for traditional engineering and defence work including ASC (full-cycle docking) and Austal. • Non conforming product now at historic low levels. • LTIFR at historic lows since accreditation to ISO 45001. • Propeller sales averaging over $1.8m p
Slide 12: Outlook
Outlook • Traditional engineering business to remain strong and highly profitable albeit with some constraints due to skilled labour availability. • Defence work to continue, including ASC, Austal and for BAE on the Hunter Class demonstrator project. • Propeller sales to increase significantly once
Slide 13: VEEM Board
VEEM Board Brad Miocevich Chairman Mark Miocevich Managing Director & CEO Ian Barsden Non-Executive Director Mike Bailey Independent Non-Executive Director Peter Torre Independent Non-Executive Director David Rich Chief Financial Officer & Company Secretary 12
Slide 14: Corporate Summary
Corporate Summary Corporate Snapshot 12-MONTH SHARE PRICE PERFORMANCE 1.20 6,000,000.0 ASX Code VEE 1.00 5,000,000.0 Share Price (22 Nov 2022) $0.54 0.80 4,000,000.0 Share Price ($) Volume Market Capitalisation (22 Nov 2022) $73m 0.60 3,000,000.0 0.40 2,000,000.0 Shares on Issue 135.7m 0.20 1,000,00
Slide 15: Contacts
ASX : VEE Contacts Mark Miocevich David Rich Ben Larsen Managing Director CFO Investor & Media Relations +61 8 9455 9355 +61 8 9455 9355 +61 439 789 842 benl@nwrcommunications.com.au @VEEM_Ltd VEEM_Ltd
Slide 16: Q&A
Q&A