Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Investor Presentation (March 2011)
24 slides from Mirrabooka Investments's investor presentation, Mar 16, 2011
Slide 1: Shareholder Briefings – March 2011 cover letter
For personal use only 16 March 2011 The Manager Company Announcements Office Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited Shareholder Briefings – March 2011 Dear Sir / Madam Please find attached a presenta
Slide 2: Mirrabooka Investments Limited Shareholder Meetings March 2011
For personal use only Mirrabooka Investments Limited Shareholder Meetings March 2011
Slide 3: Disclaimer
Disclaimer Mirrabooka Investments Limited, their related entities and each of their For personal use only 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 – Six Months to December
Summary of Results – Six Months to 31 December HY10 HY09 Key factors: For personal use only $m $m • Dividends/distributions Income 6.8 5.3 received were up Operating Expenses (1.0) (1.1) • Marginal reduction in Income Tax (0.4) (0.3) contribution from the trading portfolio and Net Operating Profit 5
Slide 5: Earnings Per Share vs. Dividends Per Share
Earnings Per Share vs. Dividends Per Share - dividends can be sourced from realised gains For personal use only 30 25 20 Cents per share 15 12.5 17.4 11.3 10 0.2 5 3.5 7 8.5 10 6.9 10 6.8 10 10 6.3 5.2 4.1 3.5 0 -0.1 -5 2006 2007 2008 2009 2010 2011 Financial year half year Net operating profit per
Slide 6: All Ordinaries Price Index has shown solid gains over the year
All Ordinaries Price Index has shown solid gains over the year For personal use only 5200 5000 4800 Value 4600 4400 4200 4000 0 0 0 0 11 11 10 0 -1 -1 -1 -1 -1 n- b- p- ug ov ec ct l Ju Ja Fe Se O A N D Date
Slide 7: Resources market has substantially outperformed the industrial sector
However the resources market has substantially outperformed the industrial sector of the market For personal use only 55% 45% 35% 25% 15% 5% -5% 0 0 0 0 0 1 1 0 t -1 p- 1 c- 1 l-1 g-1 v- 1 n-1 b- 1 Ju Oc De Au No Se Ja Fe % Mid Cap Industrials % Mid Cap Reosurces % Small Cap Industrials %Small Cap R
Slide 8: Reporting Season – Key Themes
Reporting Season – Key Themes For personal use only Two speed economy is very evident from results: Strong demand for commodities Subdued consumer activity Australian manufacturing facing strong import competition Labour shortages emerging which is impacting costs Industrial relations becoming an is
Slide 9: Reporting Season – Key Themes con't.
Reporting Season – Key Themes con’t. For personal use only Government policy is creating some uncertainty – industrial relations, carbon pricing However, most companies now have balance sheets that are in good shape which has led to rising dividends
Slide 10: Largest Acquisitions (6 months to December 2010)
Largest 5 Acquisitions - (6 months to 31 December 2010) For personal use only COMPANY $m iSelect 3.0 Trust Company 1.8 G8 Education 1.6 K&S Corporation 1.6 Victoria Petroleum 1.3
Slide 11: Largest Disposals (6 months to December 2010)
Largest Disposals - (6 months to 31 December 2010) For personal use only COMPANY $m Healthscope 11.2 Aevum 3.5 Seek 2.9 Nufarm 1.2
Slide 12: Largest Acquisitions in the Investment Portfolio post December 2010
Largest Acquisitions in the Investment Portfolio post 31 December 2010 For personal use only Ansell – designs, develops and manufactures a wide range of hand and arm protection solutions, clothing and other latex products. Colorpak – specialises in high quality product packaging solutions for a numb
Slide 13: Cash position remains healthy
Cash position remains healthy, although reduced as the Company has been active in adding to the portfolio For personal use only $m 30 25 20 15 10 5 0 0 0 l10 t10 1 0 1 0 0 v1 g1 n1 n1 b1 p1 c1 Ju Oc No De Au Ja Ju Fe Se
Slide 14: Mirrabooka's current portfolio performance
Mirrabooka’s current portfolio performance^ Annualised to 28 February 2011 - % per year For personal use only 20% 17.24% 17.01% 15% 10.77% 10.19% 10% 5.92% 5% 3.38% 2.63% 0% -5% -3.71% 1 year 3 years 5 years 10 years MIR net asset per share growth plus dividends S&P/ASX Mid Cap 50 and Small Ordinari
Slide 15: Portfolio performance, including benefit of franking
Mirrabooka’s current portfolio performance, including benefit of franking* 25% For personal use only 19.68% Annualised to 28 February 2011 - % per year 20% 17.94% 15% 12.92% 11.31% 10% 8.20% 5.20% 4.44% 5% 0% -5% -2.62% 1 year 3 years 5 years 10 years MIR net asset per share growth plus dividends S&
Slide 16: Share Price to Net Asset Backing
For personal use only Fe -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 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- 09 A ug -0 O 9 ct -0 D 9 ec -0 Fe 9 b- 1 A 0 February 2011 (pre CGT) pr -1 Ju 0 n- 10 A ug Shar
Slide 17: Top Investments - February 2011
Top 20 Investments - 28 February 2011 For personal use only $m 1 Iluka Resources 15.9 2 Hastings Diversified Utilities Fund 12.0 3 Campbell Brothers 11.9 4 * Oil Search 10.4 5 Alumina 10.0 6 Australian Infrastructure Fund 9.7 7 Fleetwood Corporation 9.7 8 IRESS Market Technology 8.2 9 Tox Free Solut
Slide 18: Top Investments - February 2011 con't
Top 20 Investments - 28 February 2011 con’t $m For personal use only 11 Coca-Cola Amatil 7.0 12 ASG Group 6.4 13 REA Group 5.6 14 Austbrokers Holdings 5.3 15 OneSteel 5.1 16 Wellcom Group 5.0 17 Perpetual 4.9 18 Equity Trustees 4.7 19 Mermaid Marine Australia 4.5 20 James Hardie Industries 4.4 155.2
Slide 19: Iluka Resources
Iluka Resources For personal use only Mineral sands miner, world class operations in Eucla Basin (SA) and Murray Basin (Vic) Worlds largest producer of zircon (~ 30% share) and 2nd largest producer of titanium dioxide materials Products mainly used in ceramics and paints – growing demand from China
Slide 20: Iress
Iress For personal use only Supplier of share market and wealth management IT systems Dominant share market system supplier in Australia, strong position in financial planning software Growing profitable businesses in Canada and South Africa, with a low risk startup position in Asia Revenue model ba
Slide 21: Austbrokers
Austbrokers For personal use only Equity owner and service provider for commercial insurance broking practices, 4th largest network in Australia Allows member brokers to retain part ownership and local identity while benefitting from the scale of larger group Good opportunities to continue grow the
Slide 22: Outlook
Outlook For personal use only Australian economy benefiting from the strong resources sector Consumer sector remains more fragile although there is an expectation of improvement. Recent reporting season saw recovery in dividends but outlook comments were mixed Mergers and acquisitions continue to be
Slide 23: 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 24: Mirrabooka Investments Limited Shareholder Meeting
For personal use only Mirrabooka Investments Limited Shareholder Meeting
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