Whitefield Industrials Limited · ASX:WHF
Whitefield Industrials — Whitefield — Shareholder Meeting (June 2005)
12 slides from Whitefield Industrials's shareholder meeting presentation, Jun 16, 2005
Slide 1: Whitefield Ltd AGM 2005
LISTED INVESTMENT COMPANY WHITEFIELD LTD AGM 2005 WHITEFIELD
Slide 2: Our Objective and Our Strategy
WHITEFIELD Our Objective Our Strategy + To generate an investment return which + Acquiring and holding stocks where the is in excess of the market return over the present value of realistically achievable longer term future earnings is greater than the current + From investment in a diversified port
Slide 3: Investment Outcomes: Outperformance versus ASX200 Accumulation
INVESTMENT OUTCOMES (Year End 31st March 2005) Whitefield’s investment portfolio has outperformed the ASX200 Accumulation index in 18 of the last 20 rolling five year periods. 40.00% 35.00% 30.00% 20.00% 25.00% +) 15.00% 4| mi WHE DASx200 H A & a es ia WHITEFIELD
Slide 4: Investment Outcomes: Earnings Growth
INVESTMENT OUTCOMES (Year End 31st March 2005) year. 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 . . . - . - a a a 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 While dividend earnings from the Australian sharemarket have both a structural a
Slide 5: Investment Outcomes: Low MER and LIC Discount CGT Status
INVESTMENT OUTCOMES (Year End 318t March2005) Range of LICs May 2004 Source: Annual Reports, Prospectuses, WEM Parf Estimates Whitefield’s low Management Expense Ratio (0.31%) and LIC Discount CGT status provide an extremely cost and tax efficient vehicle for investors. ‘BENEFIT OF A LOW MER AND LIC
Slide 6: Investment Outcomes: 2005 Financial Year
INVESTMENT OUTCOMES (ear Ended 31*' March 2005) 2005 Financial Year 22.0% return on investment portfolio 19.3% growth in earnings per share An exceptionally strong year in outright terms WHF’s return was stronger than All Industrials Accumulation but slightly below All Ordinaries Accumulation for sa
Slide 7: LIC Performance Measurement
LIC PERFORMANCE MEASUREMENT * When measuring against Indexes why do we use Portfolio Return not Asset Backing + Dividends? In order to measure like with like * Indexes and Portfolio Return are pre-tax measures + Net Asset Backing and Dividends is a post-accrued tax measure + Gross Asset Backing and
Slide 8: Whitefield: Investment Positioning - Economic Outlook
WHITEFIELD: INVESTMENT POSITIONING Economic Outlook Since February this year we have been highlighting the emerging economic imbalances which are likely to destabilise investment markets over upcoming periods. Extremely high commodity price inflation despite low global bond rates Significantly under
Slide 9: Whitefield: Investment Positioning
WHITEFIELD: INVESTMENT POSITIONING In this Environment Whitefield Portfolio is Tilted Towards: . Stable Earnings Streams & Stable or improving Cost Structures Banks, Infrastructure, Healthcare, Financials . Positive Stock Specific Earnings/Vaiuation Stories (eg Restructuring, Beneficial Industry Cha
Slide 10: Whitefield's Portfolio
WHITEFIELD’S PORTFOLIO CWLTH BANK 7.20% 5.69% 1.51% NAB NAT. BANK 715% 5.64% 1.51% WBC WESTPAC 6.08% 4.37% 1.71% . ANZ ANZ BANK 5.18% 4.80% 0.38% Major Media MBL MACQ BANK 5.10% 1.37% 3.72% 46.1% (NWS, PBL, NWSLV NEWS CORPORATION INCORPO! 444% 1.96% 2.48% SEV) TLS TELSTRA 4.24% 3.90% 0.31% PPT PERPE
Slide 11: Corporate Objectives & Outcomes
CORPORATE OBJECTIVES & OUTCOMES Key Corporate Objectives Sound level of liquidity so shareholders can buy and sell shares freely on market at any time at a fair price . Steadily increasing scale to maintain cost- efficient structure of the company WHF: NOV 04 RIGHTS ISSUE OUTCOMES {As at 31 Mar 05)
Slide 12: Conclusion & Outlook
CONCLUSION & OUTLOOK OUTLOOK While we do expect to see increased market volatility in 2005/6, we consider the defensive tilt within Whitefield’s portfolio to be prudent and appropriate in this environment In this regard we note that Whitefield’s portfolio and the Whitefield share price have both out