Vulcan Steel (VSL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and hybrid format, welcoming both in-person and online shareholders.

• Housekeeping details covered, including safety, facilities, and Q&A process for both physical and virtual attendees.

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

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

Board and executive committee updates

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

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

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

• Board composition and director backgrounds summarized in the annual report.

Financial performance review

• FY24 revenue was NZ$1,064m, down 15% from FY23; adjusted EBITDA was NZ$148m, down 33%.

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

• Net debt reduced by NZ$64m to NZ$276m at June 2024; cash and unutilised facilities totaled NZ$124m.

• Return on capital employed (ROCE) at 13.4% (19.6% excluding IFRS 16), with net debt to EBITDA at 2.6x.

• 1QFY25 revenue declined 13% YoY, EBITDA down 30%, and sales volume down 10%.