Slide 1: FY24 Results Presentation
FY24 RESULTS PRESENTATION 22 AUGUST 2024 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. FY24 Highlights 2. Executive Summary 3. Financial Results 4. Operational Performance 5. Outlook 6. Q&A Deputy Prime Minister and Defence Minister, the Hon Richard Marles MP (second from right), and Sam Lim, MP for Tangney (left), inspect a SHARROW by VEEM propeller with VEEM MD, Mark Mioce
Slide 4: FY24 Highlights
FY24 Highlights Revenue Total Activity1 EBITDA2 $80.6m Revenue,+35% EBITDA and NPAT $81.6m +29% down on the prior year due to $14.8m +48% raw materials and freight cost increases, general staff shortages and COVID impact on customers, suppliers and staff. EBITDA Margin2 EBIT2 NPAT2 18.3% +160bp $9.4
Slide 5: Executive Summary
Executive Summary • VEEM’s revenue for the year was $80.6m (up 35% on FY23) with total activity (Sales + change in WIP) for FY24 of $81.6m (up 29% on FY23). • EBITDA and NPAT were $14.8m and $7.0m, up 48% and 70% respectively on FY23. These amounts include non-recurring costs: a) amortisation of Liv
Slide 6: Financial Results
FINANCIAL RESULTS VEEM LTD INVESTOR PRESENTATION MARCH 2020 PRINCESS YACHTS
Slide 7: FY24 Result
FY24 Result Profitability increase driven by significant increases in propeller sales, defence revenue and accelerated gyro revenue. • Customer Work in Progress increased by $1.0m which, when added to revenue, demonstrates $81.6m of FY24 FY23 % Change activity over FY24. A$mil. A$mil. • Propulsion s
Slide 8: Balance Sheet
Balance Sheet Capital investment to drive future profitability FY24 FY23 % Change • The Company held cash on hand of $0.2m at 30 A$mil. A$mil. June 2024 (net of $0.4m overdraft)(30 June 2023: $2.4m) and had an undrawn overdraft facility of Current Assets 39.2 35.0 +12% $3m. Non-Current Assets 54.7 5
Slide 9: Cash Flow
Cash Flow Solid cash flow from operations and investments in assets • Cashflow from operations was $8.4m (2023: $4.7m) reflecting the higher EBITDA result for FY24 FY23 % Change FY24. A$mil. A$mil. • The investment cash outflow of $3.2m is the portion of the $4.6m of capital and development Cash flo
Slide 10: Working capital
Working capital Cash Flow • Primarily increases in debtors ($3.1m) and work in progress ($1.0m) offset Statutory EBITDA $14.8m by other working capital balances. Less AASB 16 leases -$2,1m Net repayment of borrowings Adjusted EBITDA $12,7m • Net bank borrowing repayments - $2.1m (includes trade and
Slide 11: Operational Performance
OPERATIONAL PERFORMANCE VEEM LTD INVESTOR PRESENTATION MARCH 2020 PRINCESS YACHTS
Slide 12: Gyrostabilisers
Gyrostabilisers • In FY24 VEEM sold 18 gyros (FY23: 7) generating revenue of $12.3m (30 June 2023: $5.0m). • The growth was primarily driven by the acceleration of the Strategic Marine order for 12 Gyros over 3 years announced in FY23. The decision to make gyros standard on their new fourth generati
Slide 13: Propulsion
Propulsion • Propulsion revenue $32m, up 30% on FY23. • New machines in FY22 and FY23 meant a capacity increase of over 80% since December 2021, available for all of FY24. • During the year VEEM acquired further robotics and tooling as it continues to optimise and automate the propeller process. • I
Slide 14: Propulsion – SHARROW by VEEM
Propulsion – SHARROW by VEEM • October 2023 VEEM signed agreements for VEEM and Sharrow to partner together to design and then VEEM to exclusively manufacture and sell Sharrow propellers worldwide up to 5 metres in diameter for inboard motor vessels. • The award-winning Sharrow propeller design has
Slide 15: Defence
Defence • Overall defence revenue was $20.9 million, up 23% on FY23. • VEEM is developing demonstrator blades for BAE Systems Australia's Hunter Class Frigate Program under a $1.7m contract. Successful completion in H1 FY25 will confirm VEEM as a qualified supplier, making it one of only two global
Slide 16: Engineering Products and Services
Engineering Products and Services • VEEM’s hollow bar product revenue for FY23 was $7.1m which is a 13% increase over FY23 due to strong demand and increased capacity. • The balance of revenue from engineering products and services was $8.7 million, up 20% from FY23 due primarily to improved recruit
Slide 17: Corporate
Corporate • Mr Tony Elms appointed as Chief Technical Officer for marine products. Mr Elms is world renowned for his gyrostabiliser knowledge and experience and has also been working on the Sharrow development since commencing in October 2023. • Board succession with Angus Murnaghan joining the Boar
Slide 18: Outlook
OUTLOOK VEEM LTD INVESTOR PRESENTATION MARCH 2020 PRINCESS YACHTS
Slide 19: Outlook
Outlook Gyrostabilisers: • VEEM is the only real supplier to the large gyro market (US$1.1bn in new builds alone) with significant barriers to entry. • Increased investment into marketing and improved product (new “Mark II” with 5 year warranty) expected to generate continued sales growth • Commerci
Slide 20: Q&A
Q&A 20
Slide 21: Appendices
VEEM LTD INVESTOR PRESENTATION MARCH 2020 APPENDICES PRINCESS YACHTS
Slide 22: Corporate Overview
Corporate Overview Corporate Snapshot ASX Code VEE VEE Share Price History $2.50 10 Share Price Vol. - Million Share Price (21 August 2024) $1.79 9 $2.00 8 Market Capitalisation (21 August 2024) $243m 7 $1.50 6 Shares on Issue 135.8m 5 $1.00 4 3 Substantial Shareholders % $0.50 2 Miocevich Family 50
Slide 23: VEEM Ltd Contact
This ASX announcement was authorised for release by the Board of VEEM Ltd. Contact VEEM LTD INVESTOR PRESENTATION Mark Miocevich David Rich Jonas Fitzgerald Managing Director Head of Corporate Development MARCH 2020 Investor Relations +61 8 9455 9355 +61 8 9455 9355 jonas.fitzgerald@lgcapital.com.au