Whitefield Industrials Limited · ASX:WHF
Whitefield Industrials — Whitefield — Shareholder Meeting (July 2008)
14 slides from Whitefield Industrials's shareholder meeting presentation, Jul 24, 2008
Slide 1: Whitefield Ltd 85th Annual General Meeting
For personal use only Listed Investment Company WHITEFIELD LTD PRESENTATION TO: 85th ANNUAL GENERAL MEETING THURSDAY, 24TH JULY 2008 WHITEFIELD 1 ▼▼
Slide 2: Our Objectives
For personal use only OUR OBJECTIVES • TWO FUNDAMENTAL OBJECTIVES A. To produce a sound long term rate of return from investment in a carefully WHITEFIELD managed portfolio of listed Australian Diversified (industrial) shares B. To provide investors with IN DICATIVE MANAGEMENT FEE R ANGES a structur
Slide 3: Investment Strategy
For personal use only INVESTMENT STRATEGY Strategy: A style neutral strategy based on the fundamental analysis of earnings and valuation Core of Research & Analysis We utilise a defined analytical methodology which seeks to obtain a qualitative and quantitative portrait of the short, medium and long
Slide 4: Outcomes 2008
For personal use only OUTCOMES 2008 • Net Profit up 40% to $11,981,188 (ex realised gains) • Strong growth in EPS of 14.8% WHITEFIELD: NET PROFIT AFTER TAX (EXCLUDING REALISED WHITEFIELD NET PROFIT AFTER TAX PER SHARE CAPITAL GAINS) (EXCLUDING REALISED CAPITAL GAINS) $14,000,000 20.00 18.00 $12,000,
Slide 5: Outcomes 2008
For personal use only OUTCOMES 2008 • Dividends per share paid/provided +2.5% to 16.1cps • Portfolio return -18.13% WHITEFIELD WHITEFIELD: DIVIDENDS PER ORDINARY SHARE PORTFOLIO INVESTMENT RETURN (YE MAR) 18.00 All Industrials Whitefield Accumulation 16.00 1 Year (18.13%) (15.35%) 14.00 3 Year 8.94%
Slide 6: Economic Outlook
For personal use only ECONOMIC OUTLOOK • Rapid inflation is now a focus of central bank attention in the Eurozone, North America, Australia, New Zealand, China, India, South East Asia, and many other economies •The primary drivers of inflation continue to escalate (Hard and soft commodity prices, ti
Slide 7: Economic Outlook
For personal use only ECONOMIC OUTLOOK …and now for falling economic growth. • Global economic growth in 2008 and 2009 is likely to continue to struggle under the weight of several negative influences • Rising prices are eroding consumer and corporate buying power • Both the risk premium priced into
Slide 8: Economic Outlook: China & Asian Economies
For personal use only ECONOMIC OUTLOOK CHINA & ASIAN ECONOMIES: MONITORING THE RISKS • The trade balance can provide an early indication of the impact of slowing global It is difficult for us to see demand and rising input prices. Chinese export growth rates have fallen at a reasonable how stable ec
Slide 9: Economic Outlook
For personal use only ECONOMIC OUTLOOK Slowing global growth in the face of inflation is likely to become the dominant theme over 2008/9. • The slowing of global growth is likely to become more profound as 2008/9 progresses, under the combined weight of inflating input prices, high finance costs, de
Slide 10: Implications for Stocks and Sectors
For personal use only IMPLICATIONS FOR STOCKS AND SECTORS A. Banks Margins less of an issue going forward, but declining loan growth rates and bad debts to continue to impact into 09. Good valuation upside, and easing growth ultimately supportive of a sectoral recovery in medium term B. Non-Bank
Slide 11: Implications for Stocks and Sectors
For personal use only IMPLICATIONS FOR STOCKS AND SECTORS F. Staples Staple retailing an important beneficiary of rising inflation, with sales revenues and the dollar value of margins being pushed upwards, yet volumes likely to be subject to only a limited growth pull-back. WOW clearly positione
Slide 12: Strategic Positions
For personal use only STRATEGIC POSITIONS WHITEFIELD PORTFOLIO : TOP ~20 HOLDINGS WHF Commonwealth Bank of Aust Ltd 6.97% Woolworths Limited 6.58% Macquarie Bank Limited 6.35% National Australia Bank Limited 6.12% Westpac Banking Corp Ltd 5.40% Brambles Industries Limited 5.35% Aust & New Zealand Ba
Slide 13: Pricing & NTA
For personal use only PRICING & NTA WHITEFIELD LTD: PRICE AND NTA Whitefield NTA (June – Post Dividend) NTA Before Tax $3.47 $5.70 $5.20 NTA After Tax $3.53 $4.70 $4.20 $3.70 $3.20 $2.70 $2.20 $1.70 $1.20 1998 2000 2002 2004 2006 2008 NTAAT DT Price WHITEFIELD 13 ▼▼
Slide 14: Conclusion
For personal use only CONCLUSION INVESTMENT • The 2008 / 2009 period is likely to be one of the more challenging climates for investment. Notwithstanding this, we recognise that it is at times such as these that some of the most important and rewarding investment decisions may be made. CORPORATE • T