Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (September 2011)
24 slides from Mirrabooka Investments's shareholder meeting presentation, Sep 22, 2011
Slide 1: 2011 Annual General Meeting Chairman's Presentation
For personal use only 22 September 2011 The Manager Company Announcements Office Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited 2011 Annual General Meeting Chairman’s Presentation Dear Sir / Madam Mirrabooka
Slide 2: Mirrabooka Investments Limited Annual General Meeting
For personal use only Mirrabooka Investments Limited Annual General Meeting 22 September 2011
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: Profit up as a result of increased dividends and gains in trading portfolio
Profit up as a result of increased dividends and gains in the trading portfolio For personal use only FY11 FY10 Key factors: $m $m • Funds from SPP invested Dividends and distributions 9.4 7.4 into the market Trading & Options income 1.5 1.3 • Dividends/distributions up Other Income 1.0 0.4 • Tradin
Slide 5: EPS up - dividends sourced partially from reserves
EPS up - dividends sourced partially from reserves, including previous realised gains For personal use only
Slide 6: Mirrabooka's portfolio has performed very well
Whilst market conditions are very testing Mirrabooka’s portfolio has performed very well … For personal use only Combined small and mid cap sector accumulation indices
Slide 7: Mirrabooka's current portfolio performance
Mirrabooka’s current portfolio performance^ Annualised to 31 August 2011 - % per year For personal use only ^After tax and expenses. Ignores benefits of franking and LIC tax credits
Slide 8: Franking credits add significantly to these returns
Franking credits add significantly to these returns* Annualised portfolio performance to 31 August 2011 - % per year For personal use only •* After tax and expenses. Franking gross up assumes an investor can fully utilise them.
Slide 9: Reporting Season – Key Themes
Reporting Season – Key Themes For personal use only Current domestic conditions are very patchy with the outlook uncertain Cost pressures emerging on capital items and wages Skilled labour shortages remain Industrial relations environment adverse Political environment creating uncertainty
Slide 10: Reporting Season – Key Themes con't.
Reporting Season – Key Themes con’t. For personal use only Demand for resources remains very strong Company balance sheets in good shape Dividends have been better than expected
Slide 11: Largest Acquisitions - Last Financial Year
Largest 5 Acquisitions - (Last Financial Year) For personal use only COMPANY $m Ansell* 4.3 iSelect* 3.0 G8 Education* 2.1 Trust Company 1.8 James Hardie Industries 1.7 * New companies to the portfolio
Slide 12: Largest Disposals - Last Financial Year
Largest 5 Disposals - (Last Financial Year) For personal use only COMPANY $m Healthscope (takeover offer)* 11.2 Iluka Resources 6.6 Aevum (takeover offer)* 3.5 Seek* 2.9 Crane Group (takeover offer)* 2.7 * Complete disposal
Slide 13: We lightened our exposure to Iluka Resources
We lightened our exposure to Iluka Resources but the company remains our second largest holding* For personal use only Iluka Resources share price *at 31 August 2011
Slide 14: Cash position remains healthy following portfolio activity
Cash position remains healthy following portfolio activity and dividend payment For personal use only
Slide 15: Share price trades at a small discount to Net Asset Backing
Share Price currently trades at a small discount to Net Asset Backing (pre CGT) - August 2011 For personal use only NTA estimate on 21 September 2011 was $1.72
Slide 16: Top Investments - August 2011
Top 20 Investments - 31 August 2011 For personal use only % of $ 000 portfolio 1 Campbell Brothers 12,979 5.6% 2 Iluka Resources 12,695 5.4% 3 Hastings Diversified Utilities Fund 12,643 5.4% 4 Australian Infrastructure Fund 9,642 4.1% 5 * Oil Search 9,474 4.1% 6 Tox Free Solutions 8,376 3.6% 7 Bradk
Slide 17: Top Investments - August 2011 con't
Top 20 Investments - 31 August 2011 con’t % of For personal use only $ 000 portfolio 11 * Coca-Cola Amatil 6,938 3.0% 12 James Hardie Industries 6,010 2.6% 13 Austbrokers Holdings 5,665 2.4% 14 Ansell 5,564 2.4% 15 ASG Group 5,471 2.3% 16 InvoCare 5,295 2.3% 17 REA Group 5,082 2.2% 18 Mermaid Marine
Slide 18: Ansell
Ansell For personal use only Global market leading positions in medical and industrial gloves and consumer healthcare products Currently net debt free and produces 20% return on equity Focus on innovation, and exposure to developing world markets, provides above average growth potential Impr
Slide 19: Wellcom Group
Wellcom Group For personal use only Technology based marketing business that manages content for retailers, corporates and advertising agencies Embed their people and systems in clients operations to ensure quality service and a more resilient business Steadily building offshore presence (UK a
Slide 20: InvoCare
InvoCare For personal use only Australia’s largest operator of funeral homes and services (Simplicity, White Lady, Guardian and Le Pine brands) Very consistent business with strong positions and family loyalty in local markets Generate high profit margins and return on capital Recent Bledisl
Slide 21: Long Term Price Chart - All Ordinaries Index
Long Term Price Chart - All Ordinaries Index* Index For personal use only intra day low * Semi Log Scale has been used
Slide 22: How have we been reacting to the recent volatility in markets?
How have we been reacting to the recent volatility in markets? For personal use only added to a number of selected holdings in the portfolio during days of extreme weakness added good companies to the portfolio that were previously in our view on high valuations lightened and or exited holding
Slide 23: Outlook
Outlook For personal use only Restrictive financial conditions in Australia creating pressures across a patchy domestic economy. High debt levels in developed economies causing significant uncertainty in markets. However, the Australian economy remains relatively well positioned given exposure
Slide 24: Mirrabooka Investments Limited Annual General Meeting
For personal use only Mirrabooka Investments Limited Annual General Meeting 22 September 2011
Mirrabooka Investments — Shareholder Meeting (September 2011) on 6ix