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Powerpoint Template Velan Annual General Meeting July 13th, 2017 CEO update Agenda 1. Year in review: financial results and achievements 2. Velocity 2020: the need for a corporate transformation 3. 3-year priorities: swiftly adapt to a changing business environment and drive growth in key target markets 4. Conclusion The financial year at a glance Slumping market conditions affected sales & earnings for a fourth consecutive year ▪ Continued recession in oil & gas sector, mostly affecting our results in North America and our Italian operations ▪ Aggressive pricing from competitors fighting for share in contracting market Key positive factors have partially offset the impact of the market downturn, for example: ▪ Performance from our French operations, increasing both sales and gross profit percentage ▪ Record spare parts sales in relation to sales ▪ Series of cost control and margin improvement measures Total backlog increased by 32.3%, while balance sheet remains as strong Unfortunately, results of FY18 Q1 are also affected, and expected to continue until the latter of part of the year Despite turbulent environment, Velan kept the pace of its transformation agenda launched under strategic plan Velocity 2020…more on this later. Yves Leduc became CEO of Velan on March 1, 2017 Thanks for the trust! Consolidated sales were $331.8M in FY2017, declining 22.3% from $426.9M in FY2016* 700 650 600 Consolidated backlog 550 500 Consolidated order booking $448M 450 Consolidated sales $438M 400 350 $332M 300 250 200 150 100 50 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Sales for fiscal years prior to 2011 are translated to USD at the current rate applicable for each year FY2017 Consolidated Sales Split by Currency FY2017 consolidated sales split by currency was as follows: US$ : 57% € : 34% C$: 3% Other: 6% 5-year Sales in USD/ 5-year Growth = -33.7% 5-year Sales in CAD/ 5-year Growth = -13.0% Consolidated Sales 600 550 $501m 500 $500m 450 $435M 400 350 $332M 300 2013 2014 2015 2016 2017 USD CAD (1) CAD Sales translated at current rates for each applicable year - Unaudited Quarterly Bookings Q1 bookings were $72M and the decrease was mainly due to the cancellation of part of a large order for Velan ABV (Italy) 250,000 QTR - Consolidated QTR - North America QTR - Consolidated - avg f/x 200,000 150,000 100,000 50,000 - Fiscal 2009 Fiscal 2010 Fiscal 2011 Fiscal 2012 Fiscal 2013 Fiscal 2014 Fiscal 2015 Fiscal 2016 Fiscal 2017 FY18 FY2017 Sales and Net Earnings FY2017 FY2016 Difference Sales $331.8M $426.9M -22.3% Net Earnings $7.7M $3.6M 113.9% % of Sales 2.3% 4.1% -1.8 pts FY17 Net Earnings and Adjusted Net Earnings NET EARNINGS AND ADJUSTED NET EARNINGS (in millions of U.S. dollars) 35 30 Net earnings for FY2017 25 were $7.7M compared to 20 adjusted net earnings of 15 $17.3M last year* 10 5 0 2012 2013 2014 2015 2016 2017 Net Earnings Adjusted Net Earnings * where a non-recurring restructuring charge and a non-cash goodwill impairment writedown was taken related to our acquisition of ABV Energy in 2011 The industry as a whole is affected Difference Difference Sales revenues 2016 2015 2014 ($Millions) 2016 vs. 2014 2016 vs. 2015 Pentair (Valves &Controls) ** N/A $1,840 $2,377 N/A N/A Crane (Fluid Handling) $999 $1,091 $1,264 -21.0% -8.4% Circor (Energy) $322 $502 $653 -50.7% -35.9% Flowserve $1,234 $1,416 $1,616 -23.6% -12.9% Neway (China) RMB 2,050 RMB 2,150 RMB 2,734 -25.0% -4.7% Velan* $332 $427 $456 -27.2% -22.2% * Velan figures for closest fiscal year as year end is February instead of December. Competitors’ sales based upon publicly available financial information. ** Pentair's valves and controls segment was acquired by Emerson on August 18th, 2016. Q1- FY2018 Consolidated results are reflection of persisting market downturn conditions Net loss due to lower sales volume (affecting gross margin) and increased asbestos-related costs Sales down 8.1% due to: Lack of shippable backlog in North America Q1- Q1- Delays in shipments of certain large project orders FY2018 FY2017 Lower shipments of non-project commodity valves Sales $71.1M $77.4M Gross margin % down essentially due to volume loss Net Earnings $(4.3M) $528k (while material % in North America has improved as a result of improved mix and cost reduction efforts) % of Sales -6.1% 0.7% Bookings down 34.4% due to lower project orders booked by French and Italian operations (both had significant large project orders in the Q4 FY17) Backlog (+ 4.2%, $456M) and balance sheet (net cash $61.5M) remain strong Strong Balance Sheet as at May 31, 2017 (Unaudited) Total Equity US$ 331.9 million (C$ 20.69/share) Total Assets US$ 540.5 million Net Cash US$ 61.5 million Total long-term debt US$ 22.5 million A Global Manufacturing Company (1) FY2017, unaudited, based on the value of valve sales produced locally 14 valve production Total employment of plants in 9 countries 1831 as of May 31st 2017 Valve Sales by Country Velan valves were sold in more than 60 countries in FY2017: China was the largest overseas market with sales of $49.4M United States 33% Canada 6% South & Central America 1% Europe 22% Pacific Rim/Asia 32% Africa/Middle East 6% Customer- Top-line driven accelerated operational growth excellence Foundation for a high-performing organization Achievements and progress under Velocity 2020 Two year backlog at our French operations Business Record bookings and sales in spare parts performance Recent licensor approval for hydro-cracking process in petrochemical industry Breakthrough: recent supply agreement with GE India, now GE’s global procurement center for power projects worldwide (Velan India was key consideration) Two new product launches: New cable drive actuator and new cast R-series metal- Bringing seated ball valve innovation to Over $4M of yearly business, projected this year, for a product line that did not exist market two years ago: European design pressure seal valves (for now produced in China) Successful pilot of new Valve Project Management process ("VPM"), aimed at improving Operational delivery and lead times excellence Launch of a cost savings drive in materials management: "Every supplier needs to re- apply for the business!" Successful production transfers following two plant closures (Ville St-Laurent and UK, our Foundation two oldest plants) for future Establishment of first corporate materials management department (ambitious mandate) Successful upgrade of our enterprise resource planning ("ERP") – now in refinement phase Velan ABV Cable Drive Actuator Launch In-booth event In-booth product demo In media New disciplined commercialization process ABV’s Cable drive actuator launched as true disruptive innovation Excellent press coverage Leads generated as Italian team prepares production ramp-up and drives approval process Velan introduced the new R-series cast valve at UOP and Valve World Americas to over 3,000 attendees New R-series cast valves 6” 2500 class for In-booth launch event Hydrodrill applications Sample cut- away valve Digital campaign Initial reactions to the launch are generating momentum with our customers – Goal is two such launches per year Over 1,200 emails sent with tailored content Social media content 372 leads from events 4 technical meetings and digital campaign booked Velan.com content Press releases through various channels Major oil companies and EPCs June 21st launch July 11th A complete product line that did not exist two years ago: EN design pressure seal valves (lighter and less costly) One-piece forged, unique to Velan 14” PN250 wedge gate 26” PN250 wedge gate For use in high pressure feedwater lines in chinese 1000mw supercritical power plants. Visit to the St- Alban nuclear power plant near Lyon, France Visit to the St- Alban nuclear power plant near Lyon, France Visit to the largest refinery complex in the world: Reliance Industries’ Jamnagar, India refinery Velan supplied $37.6M of valves to the J3 Petcoke Jamnagar Refinery Expansion project Visit to the largest refinery complex in the world: Reliance Industries’ Jamnagar, India refinery Understanding the business environment and its implications Market dynamics Key customer trends to watch Stagnant oil price still dampening Commodity valves from low-cost countries investments increasingly accepted as Tier 1 suppliers Extremely agressive pricing behaviour in Purchasing decisions more focussed on sharply contracting market initial product costs: shift from engineers / Low-cost country intense price operators to professional purchasers competition, a factor in most segments Growing importance of technology (IIoT) Nuclear, India, South-East Asia and Increasing concern: asset lifecycle costs Middle-East projecting long-term growth Project manufacturing becoming more Outlook for slow recovery in O&G (2018) demanding: design agility, lead times (mainly in severe service applications) These trends carry implications for Velan: what changes are needed? Market forces and the disappointing sales point towards the need to accelerate the transformation initiated under Velocity 2020 strategic plan. Next three years priorities: Accelerate transformation of business model by addressing our cost structure and drive growth Unique strengths = Strong market position Invest to Streamline grow and reduce Improve Focus on processes growth cost and systems Premium Brand markets structure + Premium Performance (The World’s Leading Valve Brand”) Get close to end-user Faster, more (business efficient global development supply
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