Board Change • May 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Aaron Soo was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. お知らせ • Apr 02
Image Resources NL, Annual General Meeting, May 28, 2026 Image Resources NL, Annual General Meeting, May 28, 2026. お知らせ • Apr 01
Image Resources NL, Annual General Meeting, May 30, 2025 Image Resources NL, Annual General Meeting, May 30, 2025. Recent Insider Transactions • Nov 04
MD, CEO & Director recently bought €122k worth of stock On the 31st of October, Patrick Mutz bought around 2m shares on-market at roughly €0.06 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Patrick has been a buyer over the last 12 months, purchasing a net total of €159k worth in shares. New Risk • Apr 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 10% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Market cap is less than US$100m (€54.2m market cap, or US$58.0m). お知らせ • Mar 29
Image Resources NL, Annual General Meeting, May 28, 2024 Image Resources NL, Annual General Meeting, May 28, 2024. Agenda: To consider re-election of directors. New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings have declined by 10% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 10% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (€47.1m market cap, or US$51.1m). Reported Earnings • Mar 25
Full year 2023 earnings released: AU$0.004 loss per share (vs AU$0.014 profit in FY 2022) Full year 2023 results: AU$0.004 loss per share (down from AU$0.014 profit in FY 2022). Revenue: AU$119.1m (down 31% from FY 2022). Net loss: AU$4.71m (down 131% from profit in FY 2022). New Risk • Mar 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by cash flows (127% cash payout ratio). Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (€43.9m market cap, or US$47.4m). Buy Or Sell Opportunity • Mar 15
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €0.043. The fair value is estimated to be €0.034, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Buy Or Sell Opportunity • Jan 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 7.6% to €0.034. The fair value is estimated to be €0.028, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Reported Earnings • Sep 07
First half 2023 earnings released: EPS: AU$0.004 (vs AU$0.017 in 1H 2022) First half 2023 results: EPS: AU$0.004 (down from AU$0.017 in 1H 2022). Revenue: AU$81.1m (down 12% from 1H 2022). Net income: AU$4.62m (down 74% from 1H 2022). Profit margin: 5.7% (down from 20% in 1H 2022). The decrease in margin was primarily driven by lower revenue. お知らせ • Jun 02
Image Resources NL Announces Retirement of Chaodian Chen as Non-Executive Director The Board of Image Resources NL announced the retirement of Mr. Chaodian Chen as Non-executive Director. As shareholders may recognise, Mr. Chen has been a director since June 2016 and recently decided not to stand for re-election as a Director at the May 2023 AGM, and to retire from the Board due to other business commitments. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: AU$0.014 (vs AU$0.019 in FY 2021) Full year 2022 results: EPS: AU$0.014 (down from AU$0.019 in FY 2021). Revenue: AU$171.5m (down 4.1% from FY 2021). Net income: AU$15.2m (down 22% from FY 2021). Profit margin: 8.8% (down from 11% in FY 2021). The decrease in margin was driven by lower revenue. Board Change • Feb 23
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Chairman Bob Besley was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.