Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2012)
23 slides from Mirrabooka Investments's shareholder meeting presentation, Oct 8, 2012
Slide 1: 2012 Annual General Meeting Chairman's Presentation
For personal use only 8 October 2012 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited 2012 Annual General Meeting Chairman’s Presentation Dear Sir / Madam Mirrabooka Invest
Slide 2: Annual General Meeting 8 October 2012
For personal use only Annual General Meeting 8 October 2012
Slide 3: Disclaimer
Disclaimer For personal use only Mirrabooka Investments Limited, its 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 t
Slide 4: Businesses with quality assets have performed well
Businesses with quality assets have performed well For personal use only Annual General Meeting October 2012
Slide 5: Changing industry structures have produced business models attracting strong price premiums
Changing industry structures has produced business models that are attracting strong price premiums For personal use only Annual General Meeting October 2012
Slide 6: Structural change has made it difficult for many sectors and companies
On the other hand structural change has made it difficult for many sectors and companies For personal use only Annual General Meeting October 2012
Slide 7: Market conditions over the financial year remained difficult
Market conditions over the financial year remained difficult For personal use only Annual General Meeting October 2012
Slide 8: Investment approach has delivered outperformance over short and long term
Mirrabooka’s investment approach has delivered outperformance over the short and long term For personal use only Annual General Meeting October 2012
Slide 9: Franking credits also add significantly to returns
Franking credits also add significantly to returns For personal use only * Assumes an investor can take full advantage of the franking credits Annual General Meeting October 2012
Slide 10: Year in Summary
Year in Summary For personal use only June 2012 Reported Profit ($m) 12.8 +17.8% Net Operating Result ($m) 8.4 -8.6% Dividend Per Share (cents) 10.0 unchanged Total Portfolio ($m) 254.8 last year 258.3 MER (%) 0.79 unchanged Number of Holdings 62 down 10 Annual General Meeting October 2012
Slide 11: Mirrabooka funds its dividend from fully franked dividends and realised gains
Mirrabooka funds its dividend from fully franked dividends received and realised gains For personal use only Annual General Meeting October 2012
Slide 12: Share price is trading in line with net asset backing
Share price is currently trading in line with the net asset backing For personal use only Annual General Meeting October 2012
Slide 13: Top holdings at August 2012 represent 70.2% of the portfolio
Top 20 holdings at 31 August 2012 represent 70.2% of the portfolio For personal use only Rank Company $ million % of portfolio 1 Hastings Diversified Utilities Fund 20.9 8.3% 2 Australian Infrastructure Fund 16.1 6.4% 3 Tox Free Solutions 12.4 4.9% 4 Oil Search 11.3 4.5% 5 ALS ( formerly Campbell Br
Slide 14: Top holdings at August 2012 – con't
Top 20 holdings at 31 August 2012 represent 70.2% of the portfolio – con’t For personal use only Rank Company $ million % of portfolio 11 Fleetwood Corporation 8.1 3.2% 12 Coca-Cola Amatil 8.1 3.2% 13 Ramsay Health Care 6.7 2.7% 14 REA Group 6.2 2.4% 15 Senex Energy 6.0 2.4% 16 Bradken 5.8 2.3% 17 W
Slide 15: Hastings Diversified Utilities Fund
Hastings Diversified Utilities Fund For personal use only • 100% ownership of EPIC Energy • Attractive long term pipeline assets exposed to growth in gas – in particular South West Queensland Pipeline • Currently under a takeover offer from APA Group • Move to internalised management model has not b
Slide 16: Australian Infrastructure Fund
Australian Infrastructure Fund For personal use only • Investor in Australian airports • Exposure to the strongly performing ‘resource’ states of WA and QLD • Announced a proposal to move to an internalised management model – positive impact on share price • More recently received a proposal from th
Slide 17: Companies that typify Mirrabooka's investment approach
Companies in the portfolio that typify Mirrabooka’s investment approach For personal use only ARB Corporation • Australia’s largest manufacturer and distributor of 4 wheel drive accessories • Export to over 100 countries and employs about 950 people • Excellent management, running a conservative bal
Slide 18: iProperty Group
iProperty Group For personal use only • Asia’s leading online property group – focused on Malaysia, Hong Kong, Singapore and Indonesia • Provides online advertising and other products to real estate agents and property developers • Early stage company looking to establish a dominant position as the
Slide 19: New companies added to the portfolio over the year
A number of new companies were added to the portfolio over the year – the largest of these were For personal use only BigAir Group Cromwell Property Cooper Energy ERM Power Qube Logistics Resmed Annual General Meeting October 2012
Slide 20: Mirrabooka has a relatively strong cash position
Mirrabooka has a relatively strong cash position For personal use only Annual General Meeting October 2012
Slide 21: Recent reporting season feedback
Recent reporting season feedback For personal use only • Domestic economy is patchy • Earnings outlook is cautious • Companies have taken action to reduce costs • Balance sheets generally still in good shape Annual General Meeting October 2012
Slide 22: Recent reporting season feedback con't
Recent reporting season feedback con’t For personal use only • Australia has become an expensive place to do business • Industrial relations environment is poor • Investment being scaled back • Many companies are re-adjusting strategies given the environment • Technology is becoming an enabler for b
Slide 23: Outlook
Outlook For personal use only • Growth outlook remains subdued for developed economies • Many sectors that traditionally generated good dividends facing difficult conditions • Good quality companies are looking expensive • Mirrabooka’s portfolio remains well positioned Annual General Meeting October
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