Slide 1: FY23 Results Presentation
FY23 RESULTS PRESENTATION 24 AUGUST 2023 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. FY23 Highlights 2. Executive Summary 3. Financial Results 4. Operational Performance 5. Outlook 6. Q&A 3
Slide 4: FY23 Highlights
FY23 Highlights Revenue Total Activity1 EBITDA2 $59.6m Revenue,+10% EBITDA and NPAT down $63.5m on the prior year due to raw materials and $10.0m +64% freight cost increases, general staff shortages and COVID impact on customers, suppliers and staff. EBITDA Margin2 EBIT2 NPAT2 16.8% +552bp $5.9m +18
Slide 5: Executive Summary
Executive Summary • VEEM’s revenue for the year was $59.6m (up 10% on FY22) with total activity (Sales + change in WIP) for FY23 of $63.5m. • EBITDA and NPAT were $10.0m and $4.1m, up 64% and 226% respectively on FY22. Cashflow from operations was $6.1m, up 143% on FY22. These amounts include a gove
Slide 6: Financial Results
FINANCIAL RESULTS VEEM LTD INVESTOR PRESENTATION MARCH 2020 PRINCESS YACHTS
Slide 7: FY23 Result
FY23 Result Profitability increase driven by propeller and defence businesses • Customer Work in Progress increased by $3.9m which, when added to revenue, demonstrates $63.4m of activity over FY23. FY23 FY22 % Change • Three new propeller machining centres, associated A$mil. A$mil. equipment and too
Slide 8: Balance Sheet
Balance Sheet Capital investment to drive future profitability FY23 FY22 % Change • The Company held cash on hand of $2.4m at 30 A$mil. A$mil. June 2023 (30 June 2022: $2.6m) and had an undrawn overdraft facility of $3.4m. Current Assets 35.0 31.7 11% • A $2m trade facility was set up to facilitate
Slide 9: Cash Flow
Cash Flow Solid cash flow from operations and investments in assets • Cashflow from operations was $6.1m (2022: FY23 FY22 $2.5m). The increase in WIP deferred some % Change A$mil. A$mil. receipts to the next period. • The investment of $5.2m is the portion of the $9.6m of capital and development exp
Slide 10: Cash Flow
Cash Flow Investing • Development costs: $3,413k • Property plant & equip. : $1,773k Statutory EBITDA $9,954k Less AASB 16 leases - $2,048k Adjusted EBITDA $7,906k Net Borrowings • Net bank borrowing proceeds $2,492k • Repayment of HPs $1,327k Working capital • Primarily increase in work in progress
Slide 11: Operational Results
OPERATIONAL RESULTS VEEM LTD INVESTOR PRESENTATION MARCH 2020 PRINCESS YACHTS
Slide 12: Gyrostabilisers
Gyrostabilisers • Revenue from gyros was $5m for the year with 2HFY23 being $3m, almost double 1HFY23. Orders on hand at 30 June were $11m including the Strategic Marine orders per below. • Exclusivity agreement signed with Strategic Marine for fast crew boats in SE Asia. Strategic have committed to
Slide 13: Propulsion
Propulsion • Three new propeller machining centres and associated equipment and tooling were installed and commissioned with May and June 2023 each recording a record for propeller sales. • With the increased production VEEM has put in place a specific $2m propeller trade facility to finance the tra
Slide 14: 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 $12.3m for the year. • VEEM is currently manufacturing blades and hubs for the Hunter Class Frigate Program (HCFP) demonstrator
Slide 15: Engineering Products and Services
Engineering Products and Services • VEEM’s hollow bar product revenue for FY23 was $6.2m which is an 11% increase over FY22 due to strong demand and increased capacity. • Delivery commenced for the Latrobe Magnesium’s Latrobe Valley Stage 1 Demonstration Plant which will continue over the next three
Slide 16: FY23 Capital & Development Investment
FY23 Capital & Development Investment • FY23 saw a total of $9.6m of investment in plant and equipment and engineering development including: • Three new propeller machining centres, associated equipment and tooling • Large 3D printer • Large laser Scanner • Product Development including gyro engine
Slide 17: Outlook
OUTLOOK VEEM LTD INVESTOR PRESENTATION MARCH 2020 PRINCESS YACHTS
Slide 18: Outlook
Outlook Gyrostabilisers: • Strategic Marine agreement, recent leads and enquiries highlight the commercial market for gyrostabilisers is becoming better educated at the operational, HSE and commercial benefits of gyros for crew transfers. • With continued investment into marketing, smaller models an
Slide 19: Q&A
Q&A 19
Slide 20: Appendices
VEEM LTD INVESTOR PRESENTATION MARCH 2020 APPENDICES PRINCESS YACHTS
Slide 21: Corporate Overview
Corporate Overview Corporate Snapshot VEE Share Price History 0.8 10 ASX Code VEE Vol. - Million 9 0.7 Share Price (23 August 2023) $0.64 8 0.6 7 Market Capitalisation (23 August 2023) $87m 0.5 6 Shares on Issue 136m 0.4 5 4 0.3 3 Substantial Shareholders % 0.2 2 0.1 1 Miocevich Family 50.20% 0 0 Pe
Slide 22: Contact VEEM Ltd
This ASX announcement was authorised for release by VEEM Managing Director, Mark Miocevich. Contact VEEM LTD INVESTOR PRESENTATION Mark Miocevich David Rich Jonas Fitzgerald Managing Director CFO MARCH Investor 2020 Relations +61 8 9455 9355 +61 8 9455 9355 jonas.fitzgerald@lgcapital.com.au +61 427