Whitefield Industrials Limited · ASX:WHF
Whitefield Industrials — Whitefield — Shareholder Meeting (July 2014)
17 slides from Whitefield Industrials's shareholder meeting presentation, Jul 22, 2014
Slide 1: AGM Whitefield Limited 22nd July 2014
For personal use only AGM WHITEFIELD LIMITED 22nd JULY 2014 0
Slide 2: Important Information
IMPORTANT INFORMATION For personal use only The commentary within this presentation is general investment information only and is limited in scope. It should not be considered to provide a full outline of all information an investor should consider prior to making an investment. The presentation doe
Slide 3: Whitefield: An Investment Provides
WHITEFIELD AN INVESTMENT PROVIDES: For personal use only Exposure to a diversified Whitefield holds a diversified portfolio of listed Australian shares and equities. The portfolio portfolio of listed contains around 60 holdings, predominantly top 100 stocks. Whitefield's investment universe Australi
Slide 4: Investing for the Long Term Has Created Value
WHITEFIELD INVESTING FOR THE LONG TERM HAS For personal use only CREATED VALUE $10,000 INVESTED IN WHITEFIELD LTD IN 1970 IS NOW $1,410,900 91 YEARS OF INVESTMENT (Based on Net Asset Backing & Dividends, and after applicable company tax) $1,600,000 Whitefield has produced $1,400,000 returns for shar
Slide 5: Core Values and Strategy
WHITEFIELD CORE VALUES AND STRATEGY For personal use only A portfolio emphasising Within Whitefield's portfolio we give emphasis to businesses with a propensity businesses carrying a high or or strengthening ability to generate shareholder value. We seek to achieve this improving ability to deliver
Slide 6: Investment Process
WHITEFIELD INVESTMENT PROCESS For personal use only MONITOR, INVESTIGATE STRUCTURED ANALYTICAL AND DECISION & RESEARCH MAKING PROCESSES Whitefield constantly accesses and monitors A disciplined analytical process is applied utilising a large range of economic, industry, and proprietary data capabili
Slide 7: An Efficient Structure
WHITEFIELD AN EFFICIENT STRUCTURE For personal use only INVESTMENT RETURNS AND COSTS: WHAT MAKES A DIFFERENCE Small differences in investment return or cost have a limited impact on outcomes even over many consecutive years. Consistently large differences in cost or return do have a material impact
Slide 8: Recent Outcomes: 2014 Investment Return
RECENT OUTCOMES 2014 INVESTMENT RETURN For personal use only Whitefield’s portfolio return (excluding cash) of 17.7% for 2014 was a significant margin higher than the return of the ASX200 Industrials Accumulation at 15.5% and materially ahead of the ASX200 Accumulation at 13.5%. Best performing hold
Slide 9: Recent Outcomes: Earnings & Earnings Growth
RECENT OUTCOMES EARNINGS & EARNINGS GROWTH For personal use only 2014 Underlying Operating Profit after Tax per Ordinary Share (after deducting CRPS dividends) was 15.75 cents, 16.8 percent higher than the prior year, while Total Comprehensive Income after Tax per Ordinary Share was 51.82 cents high
Slide 10: Recent Outcomes: Dividends
RECENT OUTCOMES DIVIDENDS For personal use only Dividends per ordinary share remained at 17 cps (8.5 cps per half year). Whitefield has maintained its dividend at pre-crisis levels to provide consistency of income to shareholders. Whitefield expects to maintain the ordinary share dividend at this ra
Slide 11: Consumer Conditions: Pre-Conditions for Growth Exist
CONSUMER CONDITIONS: PRE-CONDITIONS FOR GROWTH EXIST For personal use only EMPLOYMENT: Has been rising but appears to be stabilising HOUSE PRICE IMPACT: A positive influence on confidence • The pre-conditions for consumer spending growth exist. AUS UNEMPLOYMENT RATE (%) AUST HOUSE PRICE INDEX 7.5 22
Slide 12: Business Conditions: Improving – But Slowly
BUSINESS CONDITIONS: IMPROVING – BUT SLOWLY For personal use only • Supportive consumer conditions are reflected in rising retail sales • A lower Australian dollar has provided some benefit to export industries. We expect this trend to continue. • The PMI Manufacturing Index reflects the initial ben
Slide 13: International Conditions: Global Growth Continued to Improve
INTERNATIONAL CONDITIONS: GLOBAL GROWTH CONTINUED TO IMPROVE, LED BY THE USA For personal use only • The US recovery is US PMI Continued strength US UNEMPLOYMENT A steadily improving trend well entrenched with employment US PMI (MANUFACTURING) US UNEMPLOYMENT (%) 62 11 and manufacturing Expanding gr
Slide 14: Risks and Opportunities
RISKS AND OPPORTUNITIES For personal use only Economic risks are likely to develop favourably over the next year. Geopolitical risk however is a wildcard. • Improving US, European and Chinese conditions appear most likely to develop favourably. • The two primary emerging risks are the geopolitical r
Slide 15: Portfolio Holding: Top Investments as at June 2014
PORTFOLIO For personal use only HOLDING TOP 20 INVESTMENTS AS AT 30 JUNE 2014 % $’000 1 CBA Commonwealth Bank Of Australia 41,766 11.34% 2 WBC Westpac Banking Corporation 33,685 9.14% 3 ANZ ANZ Banking Group Limited 29,293 7.95% 4 NAB National Australia Bank Limited 24,667 6.70% 5 TLS Telstra Corpor
Slide 16: Price and NTA
PRICE AND NTA For personal use only Whitefield NTA (JUN) Net Assets Invested [Pre- deferred tax asset backing] $4.35 Net Assets after all deferred tax liabilities and assets $4.12 15
Slide 17: Conclusion
CONCLUSION For personal use only • 2014 was a successful year for Whitefield in terms of both outright outcomes and relativities to the market. • Global economic conditions appear likely to continue to develop favourably into 2015. • Most drivers of the Australian economy are moving positively, howe