Mystate Limited · ASX:MYS
Mystate — Shareholder Meeting (March 2010)
31 slides from Mystate's shareholder meeting presentation, Mar 23, 2010
Slide 1: MyState Limited Annual General Meeting
MyState Limited (ASX Code: MYS) For personal use only Annual General Meeting 23 March 2010
Slide 2: MyState Limited Annual General Meeting
For personal use only MyState Limited Annual General Meeting 23 March 2010
Slide 3: Proxies lodged - Resolution 1(a)
Proxies lodged ‐ Resolution 1(a) Re‐elect Mr N L d’Antoine For personal use only • For 9,083,297 • Against 106,443 • Abstain 110,606
Slide 4: Proxies lodged - Resolution 1(b)
Proxies lodged ‐ Resolution 1(b) Re‐elect Mr I G Mansbridge For personal use only • For 9,094,561 • Against 90,155 • Abstain 108,671
Slide 5: Proxies lodged - Long Term Incentive Plan
Proxies lodged ‐ Resolution 2 Long Term Incentive Plan For personal use only • For 8,075,784 • Against 893,899 • Abstain 335,250
Slide 6: Proxies lodged - Appointment of Auditor
Proxies lodged ‐ Resolution 3 Appointment of Auditor For personal use only • For 9,127,804 • Against 32,334 • Abstain 134,850
Slide 7: MyState Limited Annual General Meeting
MyState Limited (ASX Code: MYS) For personal use only Annual General Meeting 23 March 2010
Slide 8: Managing Director presentation
MyState Limited Annual General Meeting For personal use only 23 March 2010 John Gilbert Managing Director
Slide 9: Disclaimer
Disclaimer This presentation contains certain forward‐looking statements with respect to the financial condition, results of operations, business plans and objectives of management. All such forward‐looking statements involve known and unknown risks, significant uncertainties, assumptions, contingen
Slide 10: Programme
Programme For personal use only • Merger Update • Business Update • First Half Year Performance Highlights (1H10) • Strategic Priorities • Full Year Forecast
Slide 11: Merger Update
Merger Update The Board believes that the recent merger of MSF and TPT has created a For personal use only fully integrated financial services group with increased scale which allows us to: ‐ deliver a greater range of products and services to existing and new customers ‐ enhance our future growth o
Slide 12: Our Group Structure
For personal use only Our Group Structure MyState Limited Non-Operating Holding Company d 10 ne 0% ow ow 0% ne 10 d Subsidiary Subsidiary
Slide 13: The Merger Proposal: Revisited
The Merger Proposal: Revisited • A Non‐operating holding company MyState Limited has been established For personal use only • MyState Financial and Tasmanian Perpetual Trustees are now subsidiaries • For All Shareholders: ¾ Earnings per share (EPS) accretive in Year 1 and strongly EPS accretive ther
Slide 14: MyState Limited: Market Position
MyState Limited: Market Position For personal use only Market capitalisation (2) $ 229M NPAT(1) (1H10) $8.2M Net Assets (1) $196.3M Funds Under Management (1) $1.0B Loans Under Management (2) $2.08B Funds Under Advice or Administration (2) $780M Deposits (2) $1.7B (1) based on December 31, 2009 resu
Slide 15: MyState Limited: Merger Outcomes
MyState Limited: Merger Outcomes For personal use only • Revenue synergies ‐ Increased product and service offering delivering opportunities to create revenue growth • Cost synergies ‐ Operating cost synergies are now being realised ‐ A substantial number of redundancies have occurred, primarily wit
Slide 16: MyState Limited: Merger Outcomes
MyState Limited: Merger Outcomes For personal use only Operating model ‐ MyState Limited registered office in Launceston ‐ Head offices maintained in existing Hobart and Launceston locations to support subsidiaries ‐ Service continuity in existing areas with some fine tuning being undertaken Custome
Slide 17: Business Update
Business Update Mr John Gilbert was appointed Managing Director on 10 December 2009 For personal use only The Executive Team was announced on 11 January 2010, as follows: • Mr David Benbow – General Manager Wealth Management & Trustee Services • Mr Colin Kent – General Manager Brands, Communications
Slide 18: MYS Group Half Year Results (1H10)
MYS Group Half Year Results (1H10) • Comprised of 6 months trading for MyState Financial (MSF) For personal use only and 4 months for Tasmanian Perpetual Trustees (TPT) • Group Revenue of $71.72M • Group Profit After Tax (PAT) of $8.19M (Includes some “one‐ off” costs and gains) • Earnings Per Share
Slide 19: MYS Group Half-Year Results - Revenues
MYS Group Half‐Year Results ‐ Revenues • MSF Net Interest Margin (NIM) has stabilised after some For personal use only volatility in 2009 • TPT Managed Investment Scheme (MIS) management fees have stabilised after the Global Financial Crisis (GFC), but below 2008 levels • TPT capital and income comm
Slide 20: MYS Group Half-Year Results - Expenses
MYS Group Half‐Year Results ‐ Expenses For personal use only • MSF salaries down on last year, despite “one‐offs” demonstrating good progress with cost savings • MSF bad debts stable • All other MSF costs stable • TPT wages up due to “one‐off” redundancy costs • All other TPT costs stable
Slide 21: MYS Group Significant Items (pre-tax) for 1H10
For personal use only MYS Group Significant Items (pre‐tax) for (1H10) Six months ended 31 December 2009 ($M) 1H10 Profit on disposal of Tasmanian Banking Services Limited 0.7 Share sale facility costs (1.2) Redundancy costs (1.2) Stamp duty costs on Connect/Island State merger (0.3) Executive recru
Slide 22: MSF $1.97 billion in Deposits & FUA
MSF $1.97 billion in Deposits & FUA MSF Deposits& FUA For personal use only 2,500 $265 million FUA* 2,000 through Financial ( $ M illio n s ) Planning Services. 1,500 * FUA – funds under 1,000 advice 500 0 2009 1H10 Deposits FUA
Slide 23: TPT $1.01 billion Funds Under Management
TPT $1.01 billion Funds Under Management For personal use only TPT Funds Under Management Fund levels being impacted 1,600 by GFC, unfavourable 1,379 interest rate environment, 1,400 1,247 1,305 1,307 intense competition for 1,170 1,211 1,200 retail funds and adverse 1,045 1,006 1,015 1,000 ($ M ill
Slide 24: TPT $0.53 billion Funds Under Advice
TPT $0.53 billion Funds Under Advice TPT Funds Under Advice For personal use only 700 576 $533 million FUA* 600 547 567 533 through Financial 500 501 Planning Services. ($ Millions) 400 300 *FUA – funds under advice 200 100 0 2006 2007 2008 2009 1H10
Slide 25: Returns to Shareholders
Returns to Shareholders For personal use only The Board of MyState Limited has established a policy of generally paying ordinary dividends each year within the range of 70% to 90% of net profit after tax. This reflects; ¾ confidence in the prospects of the business ¾ strong cash flow generation ¾ hi
Slide 26: MyState Share Price Movements
For personal use only 10 /0 9/ 20 85 90 95 100 105 110 115 120 24 09 /0 9/ 20 09 8/ 10 /2 00 22 9 /1 0/ 20 09 5/ 11 /2 00 19 9 /1 1/ 20 09 3/ 12 /2 00 MYS 17 9 /1 2/ 20 31 09 /1 2/ 20 14 09 /0 1/ 20 28 10 /0 1/ 20 S&P/ASX 200 11 10 /0 2/ 20 25 10 /0 MyState Ltd vs S&P/ASX 200 since listing indexed t
Slide 27: Strategic Priorities
For personal use only Strategic Priorities
Slide 28: Strategic Priorities
Strategic Priorities For personal use only • Rolling 3 year Strategic Plan being developed by Board and Executive and will be reviewed each year. • Yearly targets/milestones with quarterly progress reporting to the Board.
Slide 29: Full Year Forecast Y/E June 2010
Full Year Forecast Y/E 30 June 2010 • Second half performance includes continuation of the For personal use only solid revenue position, maintenance of the improved net interest margin and further one‐off restructuring costs. • Based on current projections for the full financial year, the Board expe
Slide 30: Questions?
For personal use only Questions ?
Slide 31: MyState Limited Annual General Meeting
MyState Limited For personal use only Annual General Meeting 23 March 2010