Vulcan Steel (VSL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of the rebranding of Link Market Services to MUFG Corporate Markets and confirmation of a quorum for the hybrid meeting format.

• Housekeeping instructions provided for both in-person and online attendees, including Q&A procedures and technical support.

• Emphasized teamwork, continuous improvement, and a collective ambition for growth as core cultural values.

• Agenda included a short video, Chair and CEO addresses, Q&A, five resolutions for approval, voting, and general business.

Board and executive committee updates

• Introduction of board members, including two directors (Carolyn Steele and Russell Chenu) seeking re-election.

• Board comprised of Chair Russell Chenu, CEO Rhys Jones, COO Adrian Casey, and several independent directors.

• Wayne Boyd, a founding shareholder and director since 1995, retired at the close of the meeting; plans to recruit a replacement were announced.

• Board highlighted progress in transitioning from private to listed company and focus on people development programs.

Financial performance review

• FY24 revenue was NZD 1,064 million, down 15% from FY23; adjusted EBITDA was NZD 148 million, down 33%.

• Adjusted NPAT was NZD 40 million, a 58% decrease from FY23; operating cashflow rose 16% to NZD 169 million.

• Net debt reduced by NZD 64 million to NZD 276 million at June 2024; cash and unutilised facilities totaled NZD 124 million.

• Over two years, net debt declined by almost NZD 160 million post-acquisition of Ullrich Aluminium, with NZD 137 million in dividends distributed.

• Share price underperformed ASX300 by 17.5% and NZX50 by 4.5% over the last 12 months.