Thorney Technologies Limited · ASX:TEK
Thorney Technologies — H1 2023 Earnings Presentation
14 slides from Thorney Technologies's earnings presentation, Feb 28, 2023
Slide 1: Thorney Technologies Ltd 1H FY23 Results
For personal use only THORNEY TECHNOLOGIES LTD 1H FY23 Results February 2023
Slide 2: About TEK
For personal use only ABOUT TEK Thorney Technologies Ltd (TEK) has a broad mandate to invest in technology- related investments at all phases of the investment lifecycle. TEK seeks to identify listed and unlisted companies with new and disruptive technology and business models and invests in a broad
Slide 3: Investment Objectives
For personal use only INVESTMENT OBJECTIVES 01 02 Deploy investment Producing capital into listed and absolute returns unlisted technology for shareholders companies over the medium- to long-term Thorney Technologies Ltd 1H FY23 Results | February 2023 3
Slide 4: 1H FY23 Financial Results
For personal use only 1H FY23 FINANCIAL RESULTS Net loss after tax for the year $(6.7)m NTA per share (before tax) 29.8 cents Down 41% on 1H FY22 NTA per share (after tax) 34.8 cents Down 31% on 1H FY22 Thorney Technologies Ltd 1H FY23 Results | February 2023 4
Slide 5: Portfolio Investments as at December 2022
PORTFOLIO INVESTMENTS AS AT 31 DECEMBER 2022 LISTED: TOP 5 INVESTMENTS30 JUNE 2022 For personal use only RANK COMPANY % OF PORTFOLIO 1 Calix Ltd 10.9 2 Nitro Software Ltd 5.0 3 Credit Clear Ltd 3.1 4 Imugene Limited 2.8 5 Avita Medical Inc 2.3 UNLISTED: TOP 5 INVESTMENTS30 JUNE 2022 RANK COMPANY % O
Slide 6: Market Performance
For personal use only MARKET PERFORMANCE TEK NTA VS. S&P SMALL ORDINARIES ACCUM. INDEX 6 MONTHS TO 31 DECEMBER 2022 60.0 10,000 55.0 9,500 50.0 9,000 45.0 8,500 40.0 8,000 35.0 7,500 30.0 7,000 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 TEK NTA (after tax + divs) XSOAI Thorney Technologies Ltd 1H FY2
Slide 7: Portfolio Performance
For personal use only PORTFOLIO PERFORMANCE Despite a fall over 1H FY23, as at 31 December 2022, the TEK investment portfolio has gained 11.20% since inception, outperforming the S&P Small Ordinaries Accumulation Index by 4.44%. The decline in the NTA over the period was largely due to continued mar
Slide 8: Portfolio Snapshot – Listed Companies (1/3)
For personal use only PORTFOLIO SNAPSHOT – LISTED COMPANIES (1/3) Calix Ltd (CXL.ASX) • Experienced a 27% decrease in its share price in 1H FY23 • Calix continues to accelerate the commercialisation of its environmental technologies • TEK is optimistic about CXL’s position to deliver superior return
Slide 9: Portfolio Snapshot – Listed Companies (2/3)
PORTFOLIO SNAPSHOT – LISTED COMPANIES (2/3) Credit Clear Ltd (CCR.ASX) For personal use only • CCR expanded significantly in the insurance sector during 1H FY23 and continues to deliver significant increases in its revenue and digital payments • TEK is attracted to the ability of CCR to disrupt the
Slide 10: Portfolio Snapshot – Listed Companies (3/3)
For personal use only PORTFOLIO SNAPSHOT – LISTED COMPANIES (3/3) Avita Medical Inc • Avita Medical Inc (AVH.ASX; NASDAQ:RCEL) continues to advance the clinical evaluation of its RECELL® System – an innovative treatment of acute thermal burn wounds • During the half, AVH announced submission of a Pr
Slide 11: Portfolio Snapshot – Unlisted Companies
For personal use only PORTFOLIO SNAPSHOT – UNLISTED COMPANIES Updater Inc. • Largest unlisted investment which continues to experience healthy revenue growth • UPD is gearing up for its US military contract – which will provide total outsourcing of all household goods moves for US military families
Slide 12: Outlook
OUTLOOK For personal use only • We expect the tech sector to be volatile over the months ahead as interest rate and valuation concerns weigh on performance. • Despite this, our view remains that with an eye to the medium to longer term, the value contained within the portfolio will manifest. • Many
Slide 13: Disclaimer
For personal use only DISCLAIMER This presentation has been prepared by Thorney Technologies Ltd “TEK” and does not constitute or their respective directors, officers and employees, to the maximum extent permitted by law, form part of, and should not be construed as, an offer, solicitation or invita
Slide 14: Contact
For personal use only CONTACT Corporate Investors Craig Smith, Company Secretary Gabriella Hold, Automic Group E: craig.smith@thorney.com.au E: T: + 61 3 9921 7116 gabriella.hold@automicgroup.com.a u T: + 61 411 364 382 Thorney Technologies Ltd 1H FY23 Results | February 2023 14