EXCELSIOR CAPITAL LTD — AGM Information 2021

Nov 29, 2021

ANNUAL GENERAL MEETING 2021

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Excelsior Capital Limited

Tuesday, 30 November

Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Agenda

1 Chairman’s Comments 2 Introductions and Formalities 3 Presentation 4 Items of Business

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Chairman – Danny Herceg

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Danny re-joined the Board in April 2021 having previously served on the board as a Director of the company from 2007 to 2014 and 2019 to March 2021.

Danny is a senior corporate and commercial lawyer. Danny’s practice is focused on initial public offerings, secondary market capital raisings, capital market divestments, public and private M&A, strategic divestments and restructures, demergers / spin-offs, takeover defences and commercial negotiations. He has been advising Australian and international enterprises for almost 30 years.

Danny has been a partner in several major Australian law firms, as well as working as a foreign lawyer in the head office of an international law firm in Chicago, gaining experience in US capital markets. He now leads his own boutique firm. Danny has been on the board of several ASX listed companies.

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SHAREHOLDER PRESENTATION

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ANNUAL GENERAL MEETING 2021

TUESDAY, 30 NOVEMBER 2021 (VIRTUAL MEETING)

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Company Profile

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Company profile

Excelsior Capital Limited (ASX:ECL) is a Listed Investment Company.

The Listed Investment Fund at 30 June 2021 had its main investment with the Electrical business along with a balance held in a managed investment trust, a small holding of unlisted equities and cash. During the financial year the fund had invested cash proceeds back into the Electrical business to fund sales growth of close to 29% throughout FY21.Total non-Electrical business funds under management (FUM) (following returns of incremental invested capital from the Electrical business) totalled $18.6m at year end.

The Company will continue to use external managers and advisors in relation to its investments and will update the market of any material changes.

Excelsior Capital Limited Group Summary

At 30 June 2021

At 30 June 2021
Employees	67
Cash	$15.4m
Net Assets	$53.3m

At 29 November 2021

Market Capitalisation $50.01m Number of Issued Shares 28.994m

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CMI Electrical Operations specialises in the design and manufacture of specialty plugs and couplers, electrical cables, sourcing and supply of niche electrical cable applications, high voltage cables, flexible cables and flameproof junction boxes.

Major Product Brands

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MINTO COUPLE AFLEX CABLE

XLPE CABLE

HARTLAND CABLE

Servicing Industries

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CONSTRUCTION INFRASTRUCTURE INDUSTRIAL

MINING

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DISTRIBUTION

CUSTOMERS 478+

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Direct to wholesales – 80% Direct to customers – 20%

Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Strategic Review Update

The strategic review is now largely complete.

The key takeaways to date have been:

CMI Electrical Operations – We have changed our focus in relation to this business from being a separate operating entity held by the Group to being an individual investment within the wider ECL investment portfolio. This has a number of important impacts, including:

• a. a greater focus on increasing and decreasing investment into the business in a strategic ‘longer-term’ or tactical ‘shorter-term’ way beyond the resources available to the business on a standalone basis. This was exemplified by the approximate $8m tactical investment made into the business by the Group throughout FY 21 at very attractive returns on incremental capital; and

• b. more flexibility around re-assessing this investment on a short-, mid- and long-term basis compared to other investment alternatives.

Sale of Investments – We considered and will continue to consider the sale of any investment held in the investment portfolio (including the electrical business) so long as it is believed to be at an attractive time and in a value-maximising way.

Investment Managers – ECL has and will continue to liaise with appropriately skilled advisors to try and maximise value in the operating businesses as well as capital markets. ECL will make announcements if and when any material appointments or decisions are made around an investment manager or adviser and/or any material investment or divestment.

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FY 21 Financial Performance

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Financial Performance (Group)

PERIOD ENDED 30 JUNE

		FY21	FY20	CHANGE
Revenue*	$m	75.3	60.0	26%
EBITDA	$m	9.6	6.7	43%
EBITDA Margin	%	13.0	11.0	2pp
NPAT	$m	5.4	3.6	50%
NPAT Margin	%	7.2	6.1	1.1pp
EPS	cps	18.0	13.0	5cps
ROE	%	10.1	7.4	2.7pp
Cost to Income Ratio	%	15.9	20.9	(4.9pp)

• Revenue net of rebates and includes other income

Financial results for FY21 and the prior comparable period include the adoption of AASB 16 Leases.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

CMI Electrical Operations results

FY21 results were extremely strong despite Covid-19 impacts throughout the domestic and overseas markets.

COMPARISION OF RESULTS TO 30 JUNE 2021 VS 30 JUNE 2020

• Cables sales of $70.5m (FY20, $52m) up 35%,as a result of new customers and industry expansion due to infrastructure and construction spending.

JUNE 2020
Revenue (Gross) Revenue (Net) EBITDA EBITDA Margin Profit Before Tax Gross Margin Ratio Cost to Income Ratio	FY21 FY20 CHANGE
	$m 83.5 65.1 28% $m 75.2 60.0 25% $m 8.7 24% % 14.4 12.2 2.2pp $m 8.8² 6.5 35% 10.8¹
	% 25.7 29.0 (3.3pp) % 14.0 18.1 (4.1pp)

• Coupler/glands sales of $13m (FY20, $13.1m) started lower in 1HFY21 however picked up in 2HFY21 as a result of mines coming back online and commodity prices increased globally.

CMI Electrical continues to be well placed to take advantage of significant government stimulus commitments across the country on infrastructure, construction, industry and state and federal public project spending.

Growth opportunities for FY22:

1. Included in EBITDA for FY21 is $1.45m, (FY20, $1.45m) of Depreciation as a result of AASB16 Accounting for Leases

• 2 The adoption of AASB16 Accounting for Leases resulted in an increase to Net Profit Before Tax of $0.136m in FY21

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Highest Revenue in 10 years
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Chart above shows gross revenue over last 10 years in line with mining industry cycle

• Two new hybrid couplers suited for open cut mining applications and infrastructure tunnelling.

• Domestic and export sales growth for Minto mining products as mines re-opened post COVID-19.

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Revenue
(net) $m
CAGR - 13%
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Compound Annual Growth Rate for Net Sales ($m) over 6 years of 13%
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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Investment Portfolio holdings

PERIOD ENDED 30 JUNE

Asset Classes

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Unlisted
Investments
$3.3m
17.5%
Cash &
Equiv.
$15.3m
82.5%
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• At 30 June 2021 the Investment Portfolio held:

• its Electrical business with net assets of $28m; - $280k in unlisted equities;

• $3m in unlisted investment trust (short-term fixed interest opportunities); and

• $15.3m in cash and equivalents.

• During FY21, the fund reinvested circa $8m or 43% of the investment portfolio ending balance cash proceeds back into CMI Electrical business which was used to fund the acquisition of additional inventory, receivables and working capital to fund a significantly increased order book and to progress new opportunities.

Investments Categories

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Cash &
Equiv.
$15.3m… Unlisted Trust
$3m
16%
Australian
Non listed
equities…
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• As a result of this investment, the Electrical business was able to increase gross sales from $65.1m in FY20 to $83.5m for FY21, an $18.4m increase in gross sales. The EBITDA margin return on this additional investment was 14.4% which is significant and implies a 33% return on investment.

• The Board continues to consider investment opportunities including either acquisitions or divestments and capital management if considered in the interest of shareholders.

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PRIORITIES

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DANNY HERCEG

Performance To Date and Outlook

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Performance Year to Date and Outlook

CMI Electrical Operations Results	CMI Electrical Operations Results	CMI Electrical Operations Results
(unaudited)		Oct’21² YTD	Oct’20 YTD	CHANGE
Revenue (Gross)	$m	30.6	24.4	25%
Revenue (Net)	$m	27.4	22.3	23%
EBITDA	$m	3.7¹	2.5	48%
EBITDA Margin	%	13.3	11.4	1.9pp
Profit Before Tax	$m	3.6	2.4	50%
Gross Margin Ratio	%	26.7	26.9	(0.2pp)
Cost to Income Ratio	%	13.7	16.0	(2.3pp)

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1. Financial results YTD (July’21 to Oct’21 vs July’20 to Oct’20) ignoring any impacts of AASB 16 Leases (normalised basis)

2. Results for FY22 to October 2021 are un-audited and are 10% greater than the prior comparative period to October 2020.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals shown.

• FY22, Oct’21 YTD results have continued in the same trajectory as FY21.

• Cable sales have continued to grow due to on-going infrastructure and construction projects and an expansion of CMI customer base.

• Minto plug sales have commenced FY22 strongly with new customers overseas and domestically in mines and infrastructure.

• New above ground coupler sales expected in FY22 from the 11KV and 22KV product range will diversify the already existing range of plugs and expand the business customer base.

Listed Investment Portfolio

• The investment fund has continued to re-invest funds back into the Electrical Business to fund sales growth which has demonstrated to have been a success and contributed to the EBITDA return before tax of circa 14.4%.

• The Fund will continue to diversify across sectors and investments types in selective listed and unlisted investments to deliver sustained growth for shareholders.

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Analysis of Performance of ECL – 2017 to 2021

Since ECL re-listed on 20 January 2017 the Company has provided significant growth and returns to investors.

These are summarised below:

1. On 20 January 2017, following relisting, ECL had a market capitalisation (MC) of $29m. Since that date, ECL has returned to shareholders:

2. $7.8m in fully-franked dividends (or 27% of starting MC) and

3. $3.4m in share buy-backs (or 12% of starting MC ); for a total cash return to shareholders of $11.2m (or 39% of starting MC).

4. ECL has materially improved its operating performance¹ as measured by:

5. EBITDA at a compound annual growth rate of 10%; and

6. NPAT at a compound annual growth rate of 14%.

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1. The current MC of ECL is $50m², a 72% increase since the re-organisation of the group in 2017.

2. The Sum-Total of all the above is that ECL has generated an internal rate of return (IRR) of 19.7% factoring in:

3. the starting MC;

4. the money returned to shareholders via dividends and share buy-backs; and

5. the MC as at 29 November 2021.

ECL is continuing to improve the operating performance of its business increasing the likelihood of creating maintainable shareholder value.

1. The ASX All Ordinaries has grown from 5,709 on 20 January 2017 to 7,562 on 29 November 2021, a 32% increase. During this same period ECL’s MC has grown by 72%²‘³

1.Based on a comparison of FY17 and FY21 figures.

2.Based on a share price of $1.72 on 29 November 2021 and 28,994,469 shares on issue.

3.Based on a share price of 92 cents on 20 January 2017 and 31,367,371 shares on issue.

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Shareholder Questions

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Important Notice

DISCLAIMER

Information, including forecast financial information, in this presentation, should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities or other instruments in Excelsior Capital Limited (‘Excelsior’ or ‘the Company’) or any other company and is general background information about the activities of the Company and is current as at the date of the presentation, 30 November 2021. Due care and attention has been used in the preparation of forecast information, however, actual results may vary from forecast and any variation may be materially positive or negative.

Forecasts, by their very nature, are subject to uncertainty and contingencies may occur which are outside the control of Excelsior Capital Limited. Forward looking statements in this presentation are based on Excelsior Capital Limited’s current views and assumptions and involve known and unknown risks and uncertainties, many of which are beyond Excelsior’s control and could cause actual results or events to differ materially from those expressed or implied. Before making or varying any decision in relation to holding, purchasing or selling shares, securities or other instruments in Excelsior Capital Limited, investors should consider the appropriateness of that investment in light of their individual investment objectives and financial situation and should seek their own independent professional advice.

This presentation has not been subject to auditor review and all dollar values are in Australian dollars ($AUD).

This presentation should be read in conjunction with all information which Excelsior Capital Limited has lodged with the Australian Securities Exchange (ASX). Copies of those lodgements are available from either the ASX website, asx.com.au, or Excelsior’s website at cmilimited.com.au/investor-centre/.

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Annual General Meeting Items Of Business

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Financial Statements and Reports

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To receive and consider the Directors’ Report, Independent Auditor’s Report and Financial Statements for the Company for the year ended 30 June 2021.

Reports were audited by Hall Chadwick (NSW).

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Resolution 1: Election of Danny Herceg as a Director

The total of valid proxies received for Resolution 1 is 22,495,169 being:

16,371,316 FOR the resolution 6,084,393 AGAINST the resolution 39,460 OPEN to proxy 86,238 ABSTAIN

• Votes cast by a person who abstains or is excluded on an item are not counted in calculating total votes

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Excelsior Capital Limited

2021 ANNUAL GENERAL MEETING

Resolution 2: Re-Election of Leanne Catelan as a Director

The total of valid proxies received for Resolution 2 is 22,581,407 being:

16,621,066 FOR the resolution 5,920,881 AGAINST the resolution 39,460 OPEN to proxy - ABSTAIN

• Votes cast by a person who abstains or is excluded on an item are not counted in calculating total votes

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Excelsior Capital Limited

2020 ANNUAL GENERAL MEETING

Resolution 3: Election of Warwick Sauer as a Director

The total of valid proxies received for Resolution 3 is 22,581,407 being:

7,291,895 FOR the resolution 15,250,052 AGAINST the resolution 39,460 OPEN to proxy - ABSTAIN

• Votes cast by a person who abstains or is excluded on an item are not counted in calculating total votes

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Excelsior Capital Limited

2020 ANNUAL GENERAL MEETING

Resolution 4: Remuneration Report

The total of valid proxies received for Resolution 4 is 7,967,805 being:

2,402,841 FOR the resolution 5,525,504 AGAINST the resolution 39,460 OPEN to proxy 52,500 ABSTAIN

• Votes cast by a person who abstains or is excluded on an item are not counted in calculating total votes

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Excelsior Capital Limited

2020 ANNUAL GENERAL MEETING

Resolution 5: Conditional Spill

The total of valid proxies received for Resolution 5 is 7,985,177 being:

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6,982,936 FOR the resolution
962,781 AGAINST the resolution
39,460 OPEN to proxy
35,128 ABSTAIN
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• Votes cast by a person who abstains or is excluded on an item are not counted in calculating total votes

End

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