Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2002)
35 slides from Mirrabooka Investments's shareholder meeting presentation, Nov 1, 2002
Slide 1: Chairman's Presentation - AGM 2002 cover letter
Ki ie % MIRRABOOKA Investments Limited Mirrabooka Investments Limited ABN 3 085 290 928 Level 20 101 Collins Street Melbourne Victoria 3000 GPO Box 21148 Telephone. 03 9650 9911 Facsimile 03 9650 9100 Email invest @mirra.com.au Internet http://www.mirra.com.au Dear Shareholder CHAIRMAN’S PRESENTATIO
Slide 2: Annual General Meeting 2002 - Welcome
Slide 3: Mirrabooka Investments
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Slide 4: Welcome to the fourth Annual General Meeting
SLIDE 1 Welcome to this the fourth Annual General Meeting of Mirrabooka Investments Limited. Mirrabooka is an investor in small and medium size Companies in Australia and New Zealand. In recent years there has been an increasing focus on larger Companies. Small and medium size Companies are not as w
Slide 5: Performance since inception
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Slide 6: Average annual return since inception
SLIDE 2 Since inception in April 1999 until August 2002 the average annual return generated for shareholders has been 8.2% p.a. compared with 6.0% p.a. for the Mid-50 Accumulation Index and minus 1.9% p.a. for the Small Ordinaries Accumulation Index. Over the same time period the All Ordinaries Accu
Slide 7: Share price v NTA since listing
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Slide 8: Share price relative to net asset backing
SLIDE 3 This slide shows how the company’s share price has traded relatively to its net asset backing since listing in June 2001. For most of the period it shows that the stock has traded at a discount of 5 to 10 % of its net asset backing. Size and liquidity is a major factor in the pricing of List
Slide 9: Mirrabooka's Performance
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Slide 10: Financial Result and Dividends
SLIDE 4 Financial Result For the twelve months to 30 June 2002, net profit fell by 10.6% to $2.701m, mostly as the result of a reduction in dividend income and interest on investments. During the year we sold a number of positions from the portfolio which produced a gain of $812,00, after tax, for t
Slide 11: Net Asset Backing
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Slide 12: Net Asset Backing
SLIDE 5 Net Asset Backing At 30 June 2002 the net asset backing per share was $1.16 before allowing for payment of the final dividend of 3c per share. This compares with the year earlier figure of $1.18. At 30 September 2002 the net asset backing per share was $1.09.
Slide 13: Performance
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Slide 14: Performance
SLIDE 6 Performance For the year to June the Total Return generated from the portfolio, in terms of increment of net asset backing and dividends, was 2.0%. This compares with a 13.2% increase for the Mid-50 Accumulation Index and a fall of 1.7% by the Small Ordinaries Accumulation Index over the sam
Slide 15: Major Investments 30 September 2002
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Slide 16: Investments
SLIDE 7 Investments At 30 June 2002 the market value of investments was $95.4m with cash and cash securities (net of borrowings) of $4.0m. At 30 September these figures were $92.1m and $1.2m respectively. The latter figure is after the payment of $2.6m of dividends to shareholders during the quarter
Slide 17: Major Investments 30 September 2002
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Slide 18: Major investments 6-10
SLIDE 8 6 Macquarie Infrastructure Group Toll road operator 7 Hills Industries Diversified manufacturing 8 Nufarm Agricultural, industrial and pharmaceutical chemicals 9 APN News & Media Convertible Notes Publishing 10 Pacifica Group Diversified manufacturing
Slide 19: Major Investments 30 September 2002
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Slide 20: Major investments 11-15
11 12 13 14 15 SLIDE 9 Housewares International Spotless Group G.U.D Holdings Gunns Programmed Maintenance Distributor of consumer products Catering, other services and plastic product manufacturer Auto parts and equipment Forestry products Maintenance, painting and other services
Slide 21: Major Investments 30 September 2002
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Slide 22: Major investments 16-20
16 17 18 19 20 SLIDE 10 lluka Resources Computershare GWA International Origin Energy Goodman Fielder Mining of titanium and other minerals Data processing services Manufacturing and marketing of household products Oil and gas producer and supplier Packaged food and meats These investments accounted
Slide 23: Spread of Investments
Wes uso Casas Uy pread of Investments Health/Bio 6.0% Telco/Tech/Office Manufacturing 2.8% 30.4% Media 6.6% Retail/Wholesale IFood 15.0% uA Wipe May Cash 1.3% Services * * 18.7% Infrastructure A MIRRABOOKA Investments Limited 19.2% ;
Slide 24: Sector breakdown of investments
SLIDE 11 You may be interested in the sector breakdown of the various investments held as at 30 September: «Infrastructure 19.2% *Services 18.7% «Manufacturing and Distribution 30.4% «Healthcare and Biotechnology 6.0% *Telecommunications, Technology & Office Services 2.8% «Media 6.6% «Retail, Wholes
Slide 25: Schaffer Corporation
Schaffer Corporation e Interests in automotive leather (64% of EBIT), building products (22% of EBIT) and property (reducing). e The world’s 6th largest automotive leather supplier to customers including Ford, GM, Honda and BMW. e Building products include premium paving products and pre-cast and pr
Slide 26: Schaffer Corporation synopsis
SLIDE 12 You may be interested in a short synopsis on some recent additions to the Mirrabooka portfolio. Schaffer Corporation * Diversified industrial with interests in automotive leather (64% of earnings before interest and tax - i.e. EBIT), building products (22% of EBIT) and property developments
Slide 27: Stericorp
Vo Wy ay) yy Stericorp e Manages and treats regulated medical | waste e.g. syringes, dressings,gloves. e Associated with Stericycle Inc - largest medical waste treatment company in US. e Commissioning a Stericycle patented ETD plant in the ACT to replace traditional furnace or autoclave disposal. e
Slide 28: Stericorp synopsis
SLIDE 13 Stericorp * Manages and treats regulated medical waste such as needles, syringes, gloves and dressings that have been in contact with blood and infections. * Stericorp is associated with Stericycle which is the largest medical waste company in the US. Via convertible notes Stericycle has an
Slide 29: Select Harvests
Select Harvests e Owns 1900 acres of almond orchards which contribute 39% Of EBIT compared with 88% in 1998. e Manages 5300 acres of almond orchards for external parties (24% of EBIT) e Processes, packages and markets nuts, seeds and dried fruit for supermarkets and food manufacturers (30% of EBIT).
Slide 30: Select Harvests synopsis
SLIDE 14 Select Harvests * Owns 1900 acres of its own almond orchards. In 1998 this was the company’s major business contributing 88% of Earnings Before Interest and Tax but due to diversification this has led to that figure falling to 39% in 2001/02 * Part of this diversification has been to manage
Slide 31: DCA Group Limited
Vo Gy ay) yy DCA Group Limited e A diagnostic imaging group with a | rapidly growing aged healthcare and retirement living business. e |-Med is Australia’s third largest operator in diagnostic imaging with operations in Perth plus regional NSW, Victoria, Queensland and SA. e Second largest private n
Slide 32: DCA Group Limited synopsis
SLIDE 15 DCA Group Limited * In the coming year 70% of profit is expected to be derived from diagnostic imaging but within three years this is expected to matched by aged healthcare operations. * The I-Med diagnostic imaging operation is the third largest operator in Australia. Its operations are lo
Slide 33: Comparison of Ordinaries
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Slide 34: Small Ordinaries vs Mid-50 vs All Ordinaries Indices
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Slide 35: Small Ordinaries vs Mid-50 vs All Ordinaries Indices
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