Excelsior Capital Ltd · ASX:ECL
Excelsior Capital — CMI — Shareholder Meeting (November 2015)
20 slides from Excelsior Capital's shareholder meeting presentation, Nov 25, 2015
Slide 1: Annual General Meeting Presentation
Annual General Meeting Presentation 25 November 2015 SYDNEY
Slide 2: Disclaimer
Disclaimer This document, and any constituent or associated presentation, information or material (collectively, the Material), is not (and does not form part of) an offer, solicitation, invitation or recommendation in respect of any securities and neither the Material nor any part of it will form t
Slide 3: CMI Limited Overview
CMI Limited Overview CMI TJM Electrical Products CMI Electrical specialises in the design and manufacture of This division specialises in specialty plugs and couplers, designing, manufacturing, electrical cables, sourcing and wholesaling and retailing of supply of niche electrical cables, vehicle ac
Slide 4: FY15 Earnings Summary
FY15 Earnings Summary • Electrical ‐ performance was down largely $m FY15 FY14 Change due to poor market conditions in the coal mining sector and reduced infrastructure Revenue 66.9 92.4 (28%) and construction activity resulting in 12% EBITDA 8.5 6.8 26% decrease in revenues EBITDA Margin 13% 7% • T
Slide 5: FY15 Divisional & Half on Half Summary
FY15 Divisional & Half on Half Summary Electrical TJM Corp FY15 $m $m $m $m Revenue 44.6 21.9 0.4 66.9 EBITDA 8.3 0.7 (0.5) 8.5 EBITDA margin % 19% 3% 13% EBIT 8.1 (0.4) (0.5) 7.2 Operating PBT 8.1 (0.4) (0.6) 7.1 Tax (1.7) Reported NPAT 5.4 Revenue EBIT* Page 5 * Before Net Interest, Impairment & D
Slide 6: Balance Sheet & Dividend Policy
Balance Sheet & Dividend Policy • Strong balance sheet and capacity to generate cash – Net cash $34.2m – Net Tangible Assets $1.49 per share • Dividends – Payout ratio policy allows up to 60% of profits to be paid out – 3 cent fully franked dividend paid March 2015 and 6 cent fully franked dividend
Slide 7: Quarterly Update & Outlook
Quarterly Update & Outlook Page 7
Slide 8: September 2015 Quarter
September 2015 Quarter • Group revenue is down on the September quarter of the prior year largely due to the sale of the TJM division. • Group margin overall has improved compared to Q1FY14 generally due to the removal of the TJM losses. • Continued difficult trading conditions for the electrical di
Slide 9: Market Analysis - Electrical
Market Analysis ‐ Electrical • Mining and Resources sector – Challenges expected to continue in the medium term – CMI mining product is a market leader and a safety related product that has an overhaul life cycle of 4 years which often leads to new sales – Continued product development of flameproof
Slide 10: TJM Sale
TJM Sale • TJM sale achieved in difficult circumstances with a great overall result for CMI shareholders • Final price achieved was $22.2m plus cash of around $1.5m • Good terms achieved with normal sale warranties and minimal risk for CMI Page 10
Slide 11: Capital Return
Capital Return • Shareholder approval is being sought at today’s AGM for a Capital Return of $0.30 per share, approximately $10.5m in total. • Draft ruling has been received from the ATO indicating that they will treat the payment as a capital return rather than a dividend. • However shareholders ar
Slide 12: Group Outlook for 2016FY and Beyond
Group Outlook for 2016FY and Beyond • Mining and resources conditions remain very tough with no improvement expected this financial year. • Infrastructure markets in East coast Australia may improve slightly later this financial year. • CMI’s balance sheet remains strong with cash of approximately $
Slide 13: AGM Formal Business
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Slide 14: Financial Report
Formal Business Financial Report To receive and consider the financial report of the Company and the reports of the Directors and Auditors for the year ended 30 June 2015. Page 14
Slide 15: Remuneration Report
Formal Business Remuneration Report Resolution 1. To consider and, if thought fit, pass the following as a non-binding ordinary resolution: ‘That the Company’s Remuneration Report for the financial year ended 30 June 2015 is approved.’ Proxies Received Voted % For 9,177,283 97.59 Against 112,689 1.2
Slide 16: Re-Election of Director
Formal Business Re‐Election of Director Resolution 2. To consider and, if thought fit, pass the following as an ordinary resolution: ‘That Ms Leanne Catelan, a non-executive Director retiring by rotation in accordance with the Constitution and ASX Listing Rules, and being eligible for re- election,
Slide 17: Capital Return
Formal Business Capital Return Resolution 3. To consider and, if thought fit, pass the following as an ordinary resolution: ‘That, for the purposes of Part 2J.1 of the Corporations Act 2001 (Cth) and for all other purposes, approval is given for the Company to reduce its share capital by $0.30 per s
Slide 18: Renewal of Performance Rights Plan
Formal Business Renewal of Performance Rights Plan Resolution 4. To consider and, if thought fit, pass the following as an ordinary resolution: ‘That for the purposes of Listing Rule 7.2, Exception 9, and for all other purposes, Shareholders approve the Performance Rights Plan and the grant of Perfo
Slide 19: Adjustment to Performance Rights
Formal Business Adjustment to Performance Rights Resolution 5. To consider and, if thought fit, pass the following as an ordinary resolution: ‘That, for the purposes of ASX Listing Rule 6.23.3 and for all other purposes, approval is given for the Company to adjust the terms of all performance rights
Slide 20: Thank you for your attendance.
Thank you for your attendance. Page 20