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THORNEY OPPORTUNITIES LTD — AGM Information 2016
Nov 24, 2016
65940_rns_2016-11-24_0e5cf4cc-133f-4586-825d-4751348cb3d8.pdf
AGM Information
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THORNEY OPPORTUNITIES LTD 2016 Annual General Meeting
Friday 25 November 2016, Arnold Bloch Leibler Level 21, 333 Collins Street, Melbourne
THORNEY OPPORTUNITIES LTD 2016 Annual General Meeting
Chairman’s address
Thorney Opportunities Ltd 2016 Annual General Meeting Presentation 25 November 2016
Chairman’s address
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3 YEAR PERFORMANCE
TOP NTA (after fees and costs) v
All Ords and Small Ords Accumulation Indices All
Ords
70%
Accum.
60%
Index
50%
40%
Small
30%
Ords
20%
Accum.
10%
Index
0%
‐10% NTA
‐20% (after
fees &
Oct‐13 Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16 Apr‐16 Jul‐16 Oct‐16 costs)
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Thorney Opportunities Ltd 2016 Annual General Meeting Presentation 25 November 2016
Chairman’s address
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TOP NTA v Share Price
75
70
65 TOP
NTA
60
55
TOP
50
Closing
Share
45
Price
40
Jun‐14 Aug‐14 Oct‐14 Dec‐14 Feb‐15 Apr‐15 Jun‐15 Aug‐15 Oct‐15 Dec‐15 Feb‐16 Apr‐16 Jun‐16 Aug‐16 Oct‐16
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Thorney Opportunities Ltd 2016 Annual General Meeting Presentation 25 November 2016
Chairman’s address
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Money3 Corporation Ltd
TOP Assets Under Management
(Bonds, loans, equities)
31 October 2016
Service Stream Ltd
5% 3%
AMA Group Ltd
7% 24%
Fairfax Media Ltd
7%
7%
OneVue Holdings Ltd
9%
21%
TPI Enterprises Ltd
17%
Austin Engineering Ltd
Other investments
Cash + other assets
Thorney Opportunities Ltd 2016 Annual General Meeting Presentation 25 November 2016
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OneVue Holdings Limited Thorney Opportunities Ltd Annual General Meeting 25 November 2016
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Our Vision
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OneVue is a fintech company that partners to disrupt the superannuation value chain
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Superannuation sector growth
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The Australian superannuation sector has a strong underlying growth trajectory
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3,453
2,808
2,427
1,823
1,619 1,658
1,399
1,337
1,173 1,190
1,130
1,036
904
751
635
FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18
$ Billions
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OneVue revenue growth outstrips super sector
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Revenue growth has been 77% CAGR from FY13 to FY16 and 19% over the last 12 months
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30.0
19% underlying
25.0
20.0
15.0
10.0
5.0
0.0
FY 13 FY 14 FY 15 FY 16
Underlying Revenue (ex Performance Fee) Performance Fee Revenue
$ Millions
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The OneVue business
OneVue is a fintech company that partners to disrupt the superannuation value chain
Products and Services Administration □ Superannuation □ Fund Services: Trustee Services Unit registry services Superannuation member □ Portfolio administration Construction Services □ Platform Services including managed accounts OneVue’s scale and technology enables OneVue and its partners to disrupt the market
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Administration - Fund Services Dashboard
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Administration
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A profitable business line with strong contracted growth
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Market leader in unit registry (#1)
Scale delivers increasing margin
NAB win to double number of fund managers OneVue Super Services delivering above expectation
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Administration – Fund Services Unit Registry
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Administration
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80% of transactions are currently automated.. #1 and poised to leverage our scale, fee for service pricing model and the
quality and diversity of our client base to create a Fund Marketplace
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Administration - Platform Services Dashboard
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Administration
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Platform Services continues to deliver profits and increasing underlying EBITDA margin
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Awarded for digital innovation
New contracts under negotiation
Leveraging proprietary technology to create innovative client solutions
In addition to dealer groups client pipeline now includes fund managers, institutions and retail brands
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Superannuation - Trustee Services Dashboard
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Products and
Services
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Diversa trustee delivers strong financial result
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#1 superannuation trustee
Leveraging OneVue’s digital capabilities to drive margins in Trustee Services
Trustee of choice for managed accounts providers “when they grow we grow”
Managed account sector forecast to grow at 35% CAGR to 2020* could deliver ~75% of industry net flows.”
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FY17 Focus
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OneVue business - Distribution is a logical extension
OneVue is a fintech company that partners to disrupt the superannuation value chain Products and Services Administration Distribution Superannuation □ Intermediated (b2b) □ Fund Services: Trustee Services channels: □ Unit registry services □ 3[rd] party licensed □ Superannuation Portfolio □ OneVue licensed member administration Construction Services □ Direct channels (b2c) □ Platform Services including including investment managed accounts managers and other retail brands OneVue’s scale and technology enables OneVue and its partners to disrupt the market
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What is the FUND.eXchange?
….. is a digital gateway that connects distributors to a more efficient fund marketplace
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How the FUND.eXchange works
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Distributors Platforms
Fund Marketplace
Intermediated (b2b)
channels: Consolidated
3 [rd] party licensed Reporting
OneVue licensed
Direct channels (b2c)
including investment
IDPS Gateway
managers and other
Structure
retail brands
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- OneVue’s Platform will be the first to offer the benefits of the FUND.eXchange
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The FUND.eXchange on OneVue’s Platform
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The OneVue Platform offering is enhanced and becomes more competitive by including the Fund Exchange Funds
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OneVue Platform
Managed Funds SMA’s
Non-
Other Directly
FUND.eXchang ASX Listed International ASX Listed Term Deposit Cash Hub Held Assets and
e Managed Listed Hub Liabilities
Funds
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OneVue business – FY17 and beyond
OneVue is a fintech company that partners to disrupt the superannuation value chain
Products and Services Administration
- Fund Exchange
Distribution Intermediated (b2b) channels: □ 3[rd] party licensed □ OneVue licensed Direct channels (b2c) including investment managers and other retail brands
OneVue’s scale and technology enables OneVue and its partners to disrupt the market
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Summary
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A fintech company that partners to disrupt the superannuation value chain
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-
The superannuation industry continues to grow strongly. OneVue is growing well above industry average
-
OneVue’s two businesses: Fund Services and Platform Services performed well in FY16. Both are EBIDTA positive on a standalone basis (before corporate costs) and have strong growth prospects in FY17
-
OneVue will be EBITDA positive in FY17 at the Group level with a strong well funded balance sheet
-
The acquisitions of Super Managers and Diversa have already made positive contributions
-
New contracts will deliver significant organic revenue growth
-
Fund.eXchange is an exciting initiative leveraging the Group’s market leading unit registry business to create a more efficient Managed Fund marketplace
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Page 16 of 30 Page 14
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Thank you
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TPI Enterprises Ltd Thorney Opportunities Ltd Presentation 25[th] November 2016
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Important Notice and Disclaimer (Important Notice)
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Summary information
The following disclaimer applies to this document and any information provided regarding the information contained in this document (the “ Information ”). The Information has been prepared by TPI Enterprises Ltd and relates to the TPI group (including, without limitation, Purplebay Pty Ltd and TPI’s Portuguese subsidiaries or any new entity subsequently incorporated following the date on which this Information is provided) (collectively “ TPI ”). The Information in this presentation is of general background and does not purport to be complete. You are advised to read this disclaimer carefully before reading or making any other use of this document or any information contained in this document. In accepting this document, you agree to be bound by the following terms and conditions including any modifications to them.
Not financial or product advice
This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire securities in TPI without taking into account the objectives, financial situation or needs of individuals. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the Information. TPI is not licensed to provide financial product advice.
Financial data
All dollar values are in Australian dollars (A$) unless stated otherwise.
Past performance
Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.
Future performance
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The presentation includes forward-looking statements regarding future events and the future financial performance of TPI. Forward looking words such as “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” or other similar expressions are intended to identify forward-looking statements. Any forward looking statements included in this document involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, TPI and its officers, employees, agents or associates. In particular, factors such as variable climatic conditions and regulatory decisions and processes may affect the future operating and financial performance of TPI. This may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. The Information also assumes the success of TPI’s business strategies. The success of the strategies is subject to uncertainties and contingencies beyond control, and no assurance can be given that the anticipated benefits from the strategies will be realised in the periods for which forecasts have been prepared or otherwise. Given these uncertainties, you are cautioned to not place undue reliance on any such forward looking statements. TPI is providing this information as of the date of this presentation and does not assume any obligation to update any forward-looking statements contained in this document as a result of new information, future events or developments or otherwise.
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Investment proposition
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TPI offers one of the few opportunities globally to invest directly in the licit narcotics sector
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1. Growing industry
2. Manufacturing advantage
3. Highly regulated / significant barriers to entry
4. Established business, experienced Management team
5. Diversity of supply
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Industry overview
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Unique pharmaceutical industry with agricultural product being the key input
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Narcotics
Synthetic and semi-synthetic
Natural narcotics
narcotic derivatives
Agricultural Production Narcotic Raw Material (NRM) Active Pharmaceutical Ingredient (API) Final Dosage Formulations (FDF
MS Contin
Morphine Morphine Sulphate
Panadeine
Codeine Codeine Phosphate
Panadeine Forte
Oxycodone HCI
Oxycontin Endone
Thebaine Hydrocodone
Vicadin Tylenol
Buprenorphine
Naloxone Suboxone Revia
Oripavine Naltrexone Subutex Contrave
Buprenorphine HCI Narcan
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Regional Consumption is Doubling Every Decade
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Upside demand in developing countries – 100-1,000x
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All regions: Average consumption of narcotic analgesics (87-89, 97-99, 07-09)
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-
Both WHO and INCB have drawn attention to a critical shortage of essential narcotic drugs
-
Six countries account for c.79% of global morphine consumption
-
Developing countries, which represent c.80% of the global population, account for only 6% of morphine consumption
-
WHO estimates 10 million cancer cases per year will occur in developing countries by 2015
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Source: INCB Report on the Availability of Internationally Controlled Drugs 2010
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Discrepancy in Global Availability
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5.5 Billion people (75%) have no or little access to pain relief
There are more people living inside this circle than out of it
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Source: INCB Report on the Availability of Internationally Controlled Drugs 2014
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Retreat from Non-Narcotic Pain Management Alternatives
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- A number of non-narcotic pain management drugs have been banned by the US Food and Drug Administration (FDA)
Report: Vioxx linked to thousands of deaths December 2004
-
Long-term use of Non-Steroidal Anti-Inflammatory Drugs (NSAIDs) has been associated with gastric erosion
-
Common NSAIDs include ibuprofen and naproxen
-
Rofecoxib, an arthritis NSAID was withdrawn from market in 2004
-
Increased risk of heart attack and stroke
-
Dextropropoxyphene, a consumer drug used to treat mild pain was removed from European and US markets in 2009
-
Affected 10 million users globally when withdrawn
-
Codeine most obvious replacement
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Source: National Broadcasting Commission, 2004 Source: ABC News, 2015
Merck & Co.’s arthritis drug Vioxx may have led to more than 27,000 heart attacks and sudden cardiac deaths before it was pulled from the market last week, the Wall Street Journal reported Wednesday, citing an unreleased study by government regulators.
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Experienced Board and Senior Management Team
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Over 100 years of cumulative narcotic industry experience Experienced Board and Senior Management Team
TPI Board
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Stuart Black Peter Robinson Jarrod Ritchie Todd Barlow Simon Moore
(Non-Exec (Non-Exec Founder/CEO/ (Non-Exec (Non-Exec
Director) Chairman) MD Director) Director)
Chairman of 2 Listed
AACo NED Companies, CEO of WHSP Managing Director of
30 years corp exp. Ex CEO of PCP Carlyle Group (AUS)
TPI Executive team
Kim Bessell David
Richard Scullion Chris Murray Craig Sweenie Nick Taylor Government Chamberlin Lucy Waddell Artur Abreu
Sales/Comm API Tech Transfer Site Manager Site Manager Relations Agricultural Quality/Reg Head of R&D
Director Manager Portugal Victoria Manager Director Manager
Sales and Commercial 20 years narcotic exp R&D API15 years narcotic exp ´s and NRM´s exp manufacturing 20 years narcotic API´s 5 years exp narcotic manufacturing Pharmaceuticals 17 years exp 30 years exp in Agriculture 5 years API experience
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Our Business model
$10 million Capex will double earning capacity
$90
$80
Future Capacity
$70
$60
Current Capacity
$50
$40
$30
$20
$10
$-
0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220
-$10
TPI NRM EBITDA TPI NRM & API EBITDA
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Millions
EBITDA AUD
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TPI’s Key IP Industrial Advantage
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c.33% FTE, c.20% capital cost, no toxic solvents
TPI Technology
-
$20 million Capital Investment (100 tonne facility)
-
1/3 of the FTE of competitors with similar capacity
-
8 Ha site
-
Modular expansion capability
-
No toxic solvents
-
No wastewater treatment
Competitors Technology
-
$100-150 million Capital Investment (100 tonne facility)
-
10 Ha site
-
Toxic solvents
-
Wastewater treatment required
-
Old technology
-
3 year construction and approval timeline
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25000
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Forced to grow in Class 4 “Marginal Land”
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On track to obtain greatest Harvested area this year
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30000
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> 50,245Ha Class 4 “Land marginally suitable for cropping. Frequently has severe limitations of both physical and structural nature.”
7,592Ha Class 3
20000 15000 490Ha Class 1 10000 5000 0
1,932Ha Class 2
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TPI receives commercial licence
Source: INCB Report’s 2001-2015 Source: http://www.abc.net.au/site-archive/rural/tas/content/2006/s1618302.htm
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Raw Material Supply
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Tasmanian monopoly has held industry and TPI back
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Raw Material Supply-The Game Changer
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Victoria, Northern Territory, New South Wales, South Australia and Portugal
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Importation of Straw from Turkey, Hungary & Portugal
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BICON listing
Key Facts
-
TPI has applied to import poppy straw from Turkey, Hungary & Portugal
-
TPI received its licence to import the straw from the federal government on 22[nd] October 2016
-
TPI is awaiting the issuance of Final Biosecurity Import Conditions, from Biosecurity in Canberra
-
Public consultation closed on 30[th] of April 2016
-
Once approved, TPI will then only need to reapply for import permits from the Dept. Health for future shipments of poppy straw
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Supply agreements
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Two primary supply contracts secured
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Access to the UK CPO market
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TPI and Sterling Pharma Solutions announce an exclusive toll processing agreement
| Suggested Earning impact | NRM Codeine |
|---|---|
| Revenue per kilo of product | US$ 380 450 |
| Revenue in AUD | $ 520 615 |
| Explant cost of NRM | A$ 325 260 |
| Codeine toll processing cost/kg | A$ - 65 |
| COG’s | A$ 325 325 |
| Gross profit contribution per kilo | A$ 195 290 |
| Gross Margin | 38% 47% |
| Gross Profit from 6000kg of NRM | 1,170,000 1,740,000 |
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Investing in Technology – Harvesting Technology
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Higher assay = Increased return to farmers and manufacturing capacity
Key benefits
-
Increased factory capacity.
-
Reduced freight cost.
-
Less crop remaining in paddock
-
Higher returns to farmers.
-
Earlier harvesting potential.
-
De-weeding of harvested crop.
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Investing in Technology - Drones
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Greater farmer information and better communication
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Very Healthy Healthy Plants
Poor Health Under Stress
Severely Stressed
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| TPI 2016 Half Year Results Total revenue of $1.9 million for first half of 2016 • Seed and NRM sales of $1.4 million • Grant monies of $0.25 million. Total loss of $7.2 million • Underlying operational loss of $6 million. • Legal and listing expenses were $494k lower than the first half of 2015 • Travel expenses were 50% lower than the first half of 2015 • Finance expenses have increased due to WHSP debt facility for working capital requirements Key Points |
Consolidated Consolidated 2016 2015 $m $m 1.48 1.07 0.42 0.24 1.91 1.31 (0.20) (0.49) (0.89) 0.11 0 (0.69) 0 (0.27) 0 - (3.05) (3.29) (1.45) (1.65) (0.14) (0.63) (0.34) (0.66) 0 (0.19) (0.64) (0.62) (1.23) (0.93) (7.93) (9.30) (6.03) (7.99) 0.02 0.11 (1.26) (716) (1.25) (607) (7.27) (8.60) |
|
|---|---|---|
Revenue Sale of goods Other income Expenses Production expenses Changes in inventory of finished goods Impairment of inventory to net realisable value Impairment of other assets Agricultural area trialling costs Employee benefits expenses Depreciation and amortisation expense Legal and listing expenses Travel expenses Relocation expenses Occupancy expenses Other expenses Loss from operating activities Finance income Finance expenses Net finance expenses Loss before tax |
Consolidated Consolidated 2016 2015 $m $m 1.48 1.07 0.42 0.24 |
|
| 1.91 1.31 |
||
| (0.20) (0.49) (0.89) 0.11 0 (0.69) 0 (0.27) 0 - (3.05) (3.29) (1.45) (1.65) (0.14) (0.63) (0.34) (0.66) 0 (0.19) (0.64) (0.62) (1.23) (0.93) |
||
| (7.93) (9.30) |
||
| (6.03) (7.99) 0.02 0.11 (1.26) (716) |
||
| (1.25) (607) |
||
| (7.27) (8.60) |
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Investment Case
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TPI offers one of the few opportunities globally to invest directly in the licit narcotics sector
| 1. | TPI has achieved a great deal. Developing new tech and introducing legislation | |
|---|---|---|
| 2. | $120 million developing disruptive technology which is enormously competitive | |
| 3. | Agriculture has been a major weakness but will be one of our major strengths | |
| 4. | Relatively low capex to fulfil rapid growth in earnings | |
| 5. | TPI´s projections focussing on established markets and products. Significant upside potential |
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Service Stream Limited
Presentation to Thorney Opportunities Ltd Annual General Meeting
Leigh Mackender Managing Director
25 November 2016
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Agenda
1 Company Overview 2 FY16 Group Performance Highlights
3
Group Strategy & Outlook
2
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Business Units Update Company Overview
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Company Profile
Service Stream Limited (ASX: SSM) is a S&P/ASX 300 company providing design, construction, installation and maintenance services across essential infrastructure networks within the Telecommunication and Utility sectors
| People | Revenue | NPAT | Earnings per share |
Dividends per share |
Market capitalisation |
|---|---|---|---|---|---|
| 1,800 Staff & 3,000 Contractors |
$438.9m | $20.0m | 5.20c | 2.5c | $440m * |
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Fixed-line Telecommunications
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Utility & Energy Services
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Mobile Telecommunications
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Reporting Segments
Through our three operating divisions; Fixed Communications , Energy & Water and Mobile Communications , we work with clients across the telecommunication and utility sectors to provide specialist services associated with the design , construction , installation and ongoing maintenance of their essential networks
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Fixed Communications
Cable network specialists
Service Stream’s Fixed Communications division provides; design, construction, upgrade and maintenance services across Australia’s fibre-optic, broadband, HFC and copper communication networks.
Our services include:
- Fibre-optic installation, splicing, termination, activation and commissioning
Revenue ($m)
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$125
96.4 95.0 97.7
$100
84.3
$75
55.7
$50 42.7
$25
$0
1H14 2H14 1H15 2H15 1H16 2H16
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Copper cable installation, termination, activation, commissioning and maintenance
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Coaxial / aerial cable installation, activation and commissioning
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Network design, construction, augmentation and remediation
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End-to-end fault diagnosis, operations and maintenance
-
Civil infrastructure construction and remediation works
Key Clients:
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EBITDA ($m)
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$15
10.4
9.7
$10
6.9 6.4
5.6
$5
$0
1H14 2H14 1H15 2H15 1H16 2H16
($5) -3.2
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Mobile Communications
Wireless network specialists
Service Stream’s Mobile Communications team specialise in site acquisition, installation, construction, upgrade and maintenance of wireless telecommunication infrastructure.
Our services include:
-
Lease management and co-location negotiations
-
LTE Mobile base stations construction, upgrade and maintainenance
-
Building systems (including tunnel and hotspots)
-
Tower construction, design and decommissioning
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Revenue ($m)
$125
99.2
$100 81.5 85.0 81.7
67.7 72.5
$75
$50
$25
$0
1H14 2H14 1H15 2H15 1H16 2H16
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Satellite earth stations
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Greenfield mobile base station, site aqusition, construction
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Wi-Fi design and installation
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Rooftop and other asset structural assessments
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Power and utilities networks - Design and Construction
Key Clients:
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EBITDA ($m)
$12
9.8
9.1
$9
6.5 6.3
$6
4.2
$3
1.2
$0
1H14 2H14 1H15 2H15 1H16 2H16
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Energy & Water
Utility network specialists
Service Stream’s Energy & Water team specialise in providing design, installation, maintenance and customer management services to Australia’s electricity, gas and water network owners and retailer service providers.
Our services include:
- Meter and asset replacement
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Revenue ($m)
$100
73.5
$75
50.7
$50 40.9 36.3 38.2 43.8
$25
$0
1H14 2H14 1H15 2H15 1H16 2H16
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Smart-meter network deployments
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Asset inspection/replacement
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Disconnection/re-connection services
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Meter reading
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Commercial and residential solar PV
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Electric vehicle charge station
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Home energy efficiency audits
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Surveys and consultancy
Key Clients:
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EBITDA ($m)
$10
$8
6.6
$6
4.5
$4
2.7
2.1 2.3
$2 1.4
$0
1H14 2H14 1H15 2H15 1H16 2H16
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8
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FY16 Group Performance
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FY16 Group Highlights
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Financial
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EBITDA of $35.8 m (up 41% on FY15)
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Group NPAT of $20.0m
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Strong balance sheet, increased cash on hand to $41.1m, maintained zero debt
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5.0 cps capital return completed in June
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Increased interim and full-year dividends to total 2.50 cps per share (fully-franked)
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Continued solid performance across major HSE metrics
Operational
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Awarded several new contracts during the year, underpinning future growth
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Mobilised recently secured contracts: nbn proceeding ‘on schedule’
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Continued focus on business fundamentals: ‘execution and service delivery’
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Strategic
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Expanded annuity-style revenue base via four-year O&M contract with nbn
-
Expanded mobile telecommunications client-base
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Secured additional ‘value-added’ services across existing contract-base
-
Execution against Group’s Strategic Plan progressing ‘on schedule’
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Financial Performance
Key financial measures
| $ million Revenue EBITDA EBITDA % Net profit after tax Earnings per share (cents) Operating cashflow Net cash Total dividends declared (cents) |
FY16 438.9 35.8 8.2% 20.0 5.20 62.3 41.1 2.50 |
FY15 411.3 25.4 6.2% 11.7 3.03 32.3 14.8 1.50 |
Change |
|---|---|---|---|
| 27.7 7% 10.4 41% 2.0% n/a 8.3 71% 2.16 71% 30.0 93% 26.3 178% 1.0 67% |
All financial measures and year-on-year changes thereto, are rounded to the displayed number of decimal places
11
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Key Financial Measures
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Group Revenue ($m)
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Group EBITDA ($m)
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$250 215.0 197.4 213.8 217.1 221.9 $25
$200 174.6 20.1
$20
15.7
$150 14.7
$15
10.7
$100 9.0
$10 7.5
$50
$5
$0
1H14 2H14 1H15 2H15 1H16 2H16 $0
1H14 2H14 1H15 2H15 1H16 2H16
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Group EBITDA %
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10.0% 9.1%
8.0% 6.9% 7.2%
6.0% 5.2% 5.4%
3.5%
4.0%
2.0%
0.0%
1H14 2H14 1H15 2H15 1H16 2H16
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NPAT ($m)
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Operating Cashflow ($m) $14
$12 11.2
$35 31.8 30.8 31.5
$10 8.8
$28 7.7
$8
$21
14.8 $6
$14 10.1 4.0
$4
$7 1.8
0.5 $2 0.5
$0
1H14 2H14 1H15 2H15 1H16 2H16 $0
1H14 2H14 1H15 2H15 1H16 2H16
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Net Cash / (Net Debt) ($m)
$60
$45 37.7 41.1
$30
14.8
$15
$0
1H14 2H14 1H15 2H15 1H16 2H16
-$15
-10.4 -11.0
-$30
-$45 -38.1
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Business Units Update
Group Strategy & Outlook
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Group Strategy
Continue to deliver against our strategic plan during FY17 by focusing on the fundamentals of our business
- Continued focus on service delivery and execution
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SERVICE DELIVERY
CLIENT RELATIONSHIPS
OPTIMISE DELIVERY MODEL
OUR PEOPLE
FUTURE GROWTH
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Ongoing management of Group’s works-tocash cycles
-
Maintain strong balance sheet and reduced working capital requirements
-
Continue to maintain and develop our client relationships
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Implementation of mature and scalable business frameworks and processes
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Strategic investments in ‘enterprise level’ IT infrastructure to support growth and increase efficiency
-
Target additional ‘annuity style’ revenues to support ongoing future growth
-
Maximise organic growth opportunities across our existing markets and client base
-
Assess external growth opportunities across known / adjacent markets
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Outlook
-
The Group is focussed on delivering earnings growth in FY17, subject to anticipated customer demand and ongoing success in mobilising recently-secured contracts
-
Q1 FY17 is ‘on track’
� FY17 Group priorities:
-
Continue to mobilise resources to support our Operations & Maintenance contract with nbn, inline with the network deployment
-
Scale our delivery capability to support recently secured increases in FTTN construction volumes with nbn during H2 FY17
-
Continue working with key clients to improve continuity and timing of work package releases across major mobile wireless programs
-
Secure further trials and programs associated with disruptive technology across the utilities market
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Deliver initial phase of IT platform and application enhancements, to improve efficiency and effectiveness of operations
-
Successful mobilisation and delivery of recently secured contracts across Energy & Water division
15
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Thank you
THORNEY OPPORTUNITIES LTD 2016 Annual General Meeting
Friday 25 November 2016, Arnold Bloch Leibler Level 21, 333 Collins Street, Melbourne