Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2003)
29 slides from Mirrabooka Investments's shareholder meeting presentation, Oct 9, 2003
Slide 1: Mirrabooka Investments 2003 AGM Chairman's Address
* % MIRRABOOKA toot Mirrabooka Investments Limited Invesiments Limited ACN QBS 290 928 Level 20 tO Collins Street Melbourne Victoria 3000 GPO Box 21148 Telephone 03 9650 9944 Facsimile 03 9650 9400 Email [email protected] Internet hteps// www. mirea. com. al 9 October 2003 The General Manager Aust
Slide 2: Investing in small and medium size companies
AM oe! ee Hn) Henini PMN) 9)! MIB BAT Investing in smalland medium se companies
Slide 3: Small Ordinaries and MidCap 50 Accumulation Index Performance
Small Ordinaries and MidCap 50 Accumulation Index Performance - 2003 Financial Year 1150 - 1100 | MidCap 50 Acc. Index Ne 1050 -— 1000 - 950 -— 900 4 Small Ord’s Acc. Index . 850 ; Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun . ee d medium size. companies 4 MIRRABOOKA lavesements Limited,
Slide 4: Profit after tax
mi Profit after tax Financial year nd medium size. companies : MIRRABOOKA * lavestments Limited.
Slide 5: Earnings Per Share v Dividends Per Share
Earnings Per Share v Dividends Per Share @ = Eamings Per Share m Dividends Per Share Asset Realisation Per Share Cents per share Financial year . ee d medium size. companies MIRRABOOKA *~ Inpestments Limited
Slide 6: Net Asset Backing growth plus dividends
id medium size. companies Mirrabooka Net Asset oer snare growt’ clus dividends CPI S&P/ASX MidCap 0 and Smal. Ordinaries Accumulation indices MIRRABOOKA *~ Inpestments Limited
Slide 7: Capital Changes
Capital Changes = Share Acquisition Plan : Invited shareholders to subscribe to up to $5,000 each in additional shares at $1.00 per share in April 2003. Issued 2.56 million new shares and increased the capital base by $2.53 million. « Rights Issue : Invited shareholders to participate ina 1 for 4 re
Slide 8: Net Asset Backing (pre CGT)
30 June 2001 30 June 2002 30 June 2003 30 Sept 2003 id medium size. companies Net Asset Backing (pre CGT) $1.18 CD $1.16 CD $1.17 CD $1.24 (ex rights and div) * Investments Limite
Slide 9: Performance since inception
Performance since inception Base of 100 in April 1999 160 - 150 | Mirrabooka NTA Accum 140 = 130 - 120 - 110 - 100 7 90 + Small Ords 80 Accum April-99 April-00 April-01 April-02 April-03 . ee nd medium size. companies U -MIRRABOOKA lavesements Limited,
Slide 10: Share price v NTA since listing
Share price v NTA since listing an Net Asset Backing Share Price Ne 120 5. STA 110 Nan ~ 100 | 90 | Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- 01 01 01 02 02 02 02 03 03 03 . ee d medium size. companies 4 MIRRABOOKA lavesements Limited,
Slide 11: Spread of Investments at September 2003
Spread of Investments at 30 September 2003 Energy Cash 2%, 11% Materials 18% Utilities 0, Info 2% Technology 3% / Health Care 7% Consumer Staples 5% Industrials 29% Consumer Discretionery Other 18% Real Estate —Financials 2% 3% . ee nd medium size. companies 4, MIRRABOOKA lavesements Limited,
Slide 12: Top Investments - September 2003
ts - 30 September 2003 Rank $m Healthscope 1 6.8 APNG News & Media - 2 5.8 7.25% Conv. Notes Nufarm 3 4.9 Patrick Corporation (a) 4 4.8 Hills Motorway Group 5 4.4 (a) Includes $3.5 million of PRK 6% converting preference shares & id medium size. companies * Investments Limite
Slide 13: Top Investments - September 2003
ts - 30 September 2003 Rank $m Foodland Associated 6 4.1 Pacifica Group 7 4.1 James Hardie 8 4.0 Baxter Group 9 3.8 Macquarie Infra. Group 10 3.4 . & id medium size. companies * Investments Limite
Slide 14: Top Investments - September 2003
Top 20 Investments - 30 September 2003 Rank $m Hills Industries 11 3.3 Gunns 12 3.2 Programmed Maintenance 13 2.8 Alinta 14 2.8 Funtastic 15 2.8 nd medium size. companies Ps eisooxs lavesements Limited,
Slide 15: Top Investments - September 2003
ts - 30 September 2003 Rank $m G.U.D Holdings 16 2.7 Computershare (b) 17 2.6 Spotless Group 18 2.6 Housewares International 19 2.6 DCA Group 20 2.6 74.3 (Top 20 investments represents 60.9% of total portfolio of $122.0) (b) Includes $1.3 million of CPU 5.5% reset convertible preference shares . & i
Slide 16: Largest Acquisitions (1/7/02 to 30/9/03)
Largest 5 Acquisitions - (1/7/02 to 30/9/03) Baxter Group Macquarie Airports Smorgon Steel Group APN News & Media 7.25% Conv. Notes Centennial Coal d medium size. companies $m 2.3 2.1 2.1 2.0 1.7 Investments Limite
Slide 17: Largest Disposals (1/7/02-30/9/03)
Largest 5 Disposals - (1/7/02-30/9/03) Goodman Fielder - (takeover) Housewares International Patrick 6% Converting preference Hills Industries Gunns * . ee : d medium size. companies MIRRABOOKA Investments Limite
Slide 18: AVJennings Homes
AVJennings Homes « Australia’s largest homebuilder " Sells principally to second and subsequent home buyers « Has moved away from predominantly contract home building to more profitable land estate/urban infill developments « Historic P/E 6.1 and yield 6.2% & id medium size. companies *
Slide 19: Centennial Coal
Centennial Coal NSW located thermal (energy) coal miner Acquired NSW Governments coal assets in August 2002 Fuels nearly 40% of the State’s coal fired electricity Almost 80% of revenue is under A$, long term index contracts Growth potential via improved efficiencies and two large mine developments &
Slide 20: Fleetwood Corporation
Fleetwood Corporation Australia’s 2" largest caravan manufacturer (Coromal/Windsor) Sells and rents portable homes to resource and retirement markets plus caravan parks operator Major supplier of caravan component parts Positioned for growth in resource, retirement and tourism sectors & id medium si
Slide 21: Mining and exploration company
Mining and exploration company Acquired Broken Hill mining assets from Pasminco receiver Ramp up is as planned with mine in bottom quartile of cost curve Has a number of interesting exploration assets and 30% of Independence Gold, 35% of Strike Oil (unlisted) and $35m cash & id medium size. companie
Slide 22: Baxter Group
Baxter Group Waste management business located in Clayton, Victoria Has dominant position for landfill in S.E. Melbourne Recently formed recycling JV with Visy Paper Also has bin hire and sand quarrying operations . ee : id medium size. companies 4 MIRRABOOKA f apestments Limited. |
Slide 23: PaperlinX
PaperlinX « Formed from the demerger of Amcor’s paper manufacturing and merchanting operations « Acquiring the European paper merchanting division of Buhrmann for around $1.2bn nd medium size. companies J Investments Limite
Slide 24: Purchases Since June 2003
Purchases Since 30 June 2003 (Over $500,000) Added to: «= Baxter Group = Centennial Coal » lon » Perilya « Vision Systems . ee nd medium size. companies U -MIRRABOOKA lavesements Limited,
Slide 25: Purchases Since June 2003 - New Stocks
Purchases Since 30 June 2003 (Over $500,000) New Stocks: Boom Logistics - crane hire business Graincorp (6.5% conv. pref.) - grain handling, storage and marketing Incitec Pivot - fertilisers Macquarie Airports - airport investments Sonic Healthcare - pathology and radiology services Tassal - Tasmani
Slide 26: Share Price Performance - % Per Year
Share Price Performance - % Per Year @ Share Price Acc Series @ CPI Combination - S&P/ASX MidCap 50 and Small Ordinaries Accumulation Indices . ee d medium size. companies 4 MIRRABOOKA Investments Limited.
Slide 27: Share Price to Net Asset Backing Premium/Discount
Mirrabooka Share Price to Net Asset Backing Premium/Discount 10% 5% 0% > -5Y% 7 -10% > -15% -20% Jun- Aug- Oct- Dec- Feb- Apr- Jun- Aug- Oct- Dec- Feb- Apr- Jun- Aug- 01 o1 01 01 02 02 02 02 02 02 03 03 03 03 . ee d medium size. companies U -MIRRABOOKA lavesements Limited,
Slide 28: Investing in small and medium size companies
AM oe! Henini PMN) 9)! MIB BAT Investing in smalland medium se companies
Slide 29: Mirrabooka Investments
Mirrabooka Investments An investor in small and medium size companies in Australia & New Zealand Seeking to provide our shareholders with: Medium to long term investment gains eAttractive dividend returns *, . ee : medium size. companies 4, MIRRABOOKA lavesements Limited,
Mirrabooka Investments — Shareholder Meeting (October 2003) on 6ix