Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (September 2010)
27 slides from Mirrabooka Investments's shareholder meeting presentation, Sep 23, 2010
Slide 1: Chairman's Presentation - 2010 Annual General Meeting
For personal use only 23 September 2010 The Manager Company Announcements Office Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited 2010 Annual General Meeting Chairman’s Presentation Dear Sir or Madam Mirrabook
Slide 2: Mirrabooka Investments Limited Annual General Meeting
For personal use only Mirrabooka Investments Limited Annual General Meeting 23 September 2010
Slide 3: Disclaimer
Disclaimer For personal use only Mirrabooka Investments Limited, their related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (express or implied) is made as
Slide 4: Summary of Results
Summary of Results FY10 FY09 FY10 v Key factors: For personal use only $m $m FY09 Income 9.1 10.9 (16.4%) • Dividends/distributions marginally down Operating Expenses (2.0) (1.6) (26.5%) • Reduced contribution Income Tax (0.5) (0.9) 45.8% from deposit income & Net Operating Profit 6.6 8.4 (21.7%) op
Slide 5: Final dividend sourced partially from reserves, including previous realised gains
Final dividend sourced partially from reserves, including previous realised gains For personal use only 30 25 20 Cents per share 15 12.5 17.7 11.3 10 0.2 5 7.0 8.5 10.0 6.9 10.0 10.0 10.0 6.3 6.8 5.2 0 -0.1 2006 2007 2008 2009 2010 -5 Financial year Net operating profit per share Realised gains per
Slide 6: Our approach to dividends
Our approach to dividends For personal use only ¾ Dividends traditionally augmented by realised gains and retained earnings ¾ Directors well aware franking credits and LIC gains are more valuable to our shareholders ¾ As previously stated the level of dividends paid will be assessed at the time of e
Slide 7: Combined small and mid cap sector accumulation index returns
The combined small and mid cap sector accumulation index returns for the year were sound For personal use only following initial rebounds 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% 2009/10 financial year 0 0 9 10 9 9 10 10 0 09 09 09 0 10 09 r -1 r- 1 t -0 0 l-0 l-1 y-1
Slide 8: Industrial stock returns generally in line with market conditions
Industrial stock returns generally in line with market conditions For personal use only 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% 2009/10 financial year -15% 9 0 9 9 0 9 0 9 0 0 0 0 9 9 0 t-0 r-1 p-0 c-0 g-1 g-0 v-0 l-1 l-0 n-1 b-1 r-1 n-1 n-0 y-1 Ju Ju Oc Ap Ma De Au Au No Se Ma Ja Ju Ju Fe Mid Ca
Slide 9: Resource sector returns more volatile but rebounded strongly
Whilst the resource sector experienced more volatile returns - it has rebounded strongly since year end For personal use only 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% 2009/10 financial year 9 0 9 9 9 0 9 0 0 9 0 0 0 9 0 t-0 r-1 p-0 c-0 g-0 v-0 g-1 l-0 l-1 n-1 n-0 b-1 r-1 n-1 y-1 Ju Ju Oc Ap M
Slide 10: Recent Reporting Season
Recent Reporting Season For personal use only Investment team attended presentations by 155 companies, including 83 in our offices Of these, 121 were outside the 50 Leaders and therefore directly relevant to Mirrabooka - 56 were in our offices
Slide 11: Reporting Season – Key Themes
Reporting Season – Key Themes For personal use only ¾ Current domestic conditions remain patchy with little in the way of outlook comments from companies ¾ Activity levels in Europe and the US remain subdued ¾ Small cap resources stocks have been stunning performers and the level of activity in this
Slide 12: Reporting Season – Key Themes con't.
Reporting Season – Key Themes con’t. For personal use only ¾ Poor housing affordability has become a more prominent structural issue for many in the property market and building material industries ¾ Most companies now have balance sheets that are in good shape
Slide 13: Largest Acquisitions - Last Financial Year
Largest 5 Acquisitions - (Last Financial Year) For personal use only COMPANY $m Hastings Diversified Utilities Fund 5.4 Customers 2.7 Ardent Leisure Group 2.2 Trust Company 2.1 CFS Retail Property Trust 1.9
Slide 14: Largest Disposals - Last Financial Year
Largest 5 Disposals - (Last Financial Year) For personal use only COMPANY $m Arrow Energy 2.8 ABB Grain 2.7 Nufarm* 2.6 GrainCorp 2.6 Sonic Healthcare 2.2 * Sumitomo tender offer
Slide 15: Cash position healthy following strong response to share acquisition plan
Cash position healthy following strong response to $m recent share acquisition plan For personal use only 25 20 15 10 5 0 09 10 9 0 0 n1 l0 l1 pr ct Ju Ju Ja O A 1,615 shareholders (31.6%) participated in the SPP raising $15.7 million
Slide 16: Mirrabooka's current portfolio performance
Mirrabooka’s current portfolio performance^ Annualised to 31 August 2010 - % per year 15% For personal use only 9.6% 10% 8.3% 5.5% 4.1% 5% 1.3% 2.2% 0% -5% -5.6% -10% -10.7% -15% 1 year 3 years 5 years 10 years MIR net asset per share growth plus dividends S&P/ASX Mid Cap 50 and Small Ordinaries Acc
Slide 17: Mirrabooka's current portfolio performance (with franking credits)
Mirrabooka’s current portfolio performance* Annualised to 31 August 2010 - % per year For personal use only 15% 11.6% 9.4% 10% 8.0% 6.2% 5% 3.1% 2.1% 0% -5% -3.4% -10% -9.9% -15% 1 year 3 years 5 years 10 years MIR net asset per share growth plus dividends S&P/ASX Mid Cap 50 and Small Ordinaries Acc
Slide 18: Share Price has moved to a small discount to Net Asset Backing
For personal use only A ug -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% -0 O 6 ct -0 D 6 ec -0 Fe 6 b- 0 A 7 pr -0 Ju 7 n- 07 A ug -0 O 7 ct -0 D 7 ec -0 Fe 7 b- 0 A 8 pr -0 Ju 8 n- 08 A ug -0 O 8 ct -0 D 8 ec -0 Fe 8 b- 0 A 9 pr -0 Ju 9 n- A 09 ug -0 O 9 ct -0 D 9 ec -0 Fe 9 b- 1 A 0 pr -1 Ju 0 Asset Bac
Slide 19: Top Investments - August 2010
Top 20 Investments - 31 August 2010 For personal use only $m 1 Healthscope (takeover pending) 11.4 2 Hastings Diversified Utilities Fund 10.3 3 * Oil Search 9.3 4 Australian Infrastructure Fund 9.1 5 Campbell Brothers 8.8 6 Iluka Resources 8.3 7 Tox Free Solutions 7.7 8 ASG Group 7.7 9 Fleetwood Cor
Slide 20: Top Investments - August 2010 con't
Top 20 Investments - 31 August 2010 con’t $m For personal use only 11 IRESS Market Technology 7.0 12 * Coca-Cola Amatil 7.0 13 Bradken 6.7 14 OneSteel 5.5 15 REA Group 5.0 16 Perpetual 4.3 17 Equity Trustees 4.2 18 Austbrokers Holdings 4.0 19 West Australian Newspapers 3.9 20 Peet 3.9 138.5 Top 20 r
Slide 21: Campbell Brothers
Campbell Brothers For personal use only Key business unit is ALS – a global footprint of analytical laboratories with traditional strength in Minerals Testing Benefiting from the resources boom but have also built capability in Environmental, Food and Oil testing Low cost hub-and-spoke model e
Slide 22: Australian Infrastructure Fund
Australian Infrastructure Fund For personal use only Investor in transport infrastructure assets, with over 80 per cent of its portfolio in Australian airports. Trading at a significant discount to NTA and provides a solid distribution yield of ~5%. Has good exposure to the strongly performing
Slide 23: REA Group (realestate.com.au)
REA Group (realestate.com.au) For personal use only Realesate.com.au website has established Australian market leadership in audience size and listing numbers Site now has approximately 6 million unique browsers per month – strong opportunities to further monetise this audience through advertisi
Slide 24: Major Purchases Since July 2010
Major Purchases Since 1 July 2010 For personal use only Existing Stocks: Select Harvest (participation in placement) – almond producer, exporter and crop manager Eastern Star Gas (participation in placement) – coal seam gas explorer and developer in northern NSW Boral (participation in placeme
Slide 25: Outlook
Outlook For personal use only ¾ Australian economy delivering sound growth benefiting in particular from the strong resources sector. This should be reflected in our portfolio performance although we may underperform in relative terms due to the current market focus on junior miners ¾ Recent reporti
Slide 26: Long Term Price Chart - All Ordinaries Index
Long Term Price Chart - All Ordinaries Index* Index For personal use only * Semi Log Scale has been used
Slide 27: Mirrabooka Investments Limited Annual General Meeting
For personal use only Mirrabooka Investments Limited Annual General Meeting 23 September 2010
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