Mirrabooka Investments Ltd · ASX:MIR

Mirrabooka Investments — Shareholder Meeting (October 2005)

33 slides from Mirrabooka Investments's shareholder meeting presentation, Oct 20, 2005

  1. Slide 1: Mirrabooka Investments Limited 2005 Annual General Meeting Chairman's Presentation

    20 October 2005 Australian Stock Exchange Limited Company Announcements Office Exchange Centre 20 Bridge Street Sydney NSW 2000 Mirrabooka Investments Limited 2005 Annual General Meeting Chairman’s Presentation Mirrabooka Investments Limited Chairman, Mr Terry Campbell, will deliver the following pr

  2. Slide 2: Annual General Meeting 20 October 2005

    Annual General Meeting 20 October 2005

  3. Slide 3: Strong dividend increases and higher trading contribution led to improved profit

    Strong dividend increases and higher trading contribution led to improved profit $6.56m Major Contributors to 7 Increased Profit 6 + $2.71m in dividends 5 + $0.49m in trading & $ million $4.19m options income 4 3 2 1 2004 Full 2005 Full Year Profit Year Profit

  4. Slide 4: Earnings Per Share v Dividends Per Share

    Earnings Per Share v Dividends Per Share 16 14 12 Cents per share 10 8 6 4 2 2001 2002 2003 2004 2005 Financial year Earnings per share Realised investments per share Dividends per share

  5. Slide 5: Small and mid caps perform strongly again despite some correction in April/May 2005

    Small and mid caps perform strongly again despite some correction in April/May 2005 160 +53% +53% +53% 150 +44% +44% 140 +39% +39% +39% 130 120 110 100 90 Jul04 Sep04 Nov04 Jan05 Mar05 May05 Jul05 Sep05 ASX Small Ordinaries Acc Index ASX Mid 50's Acc. Index ASX200 Acc Index

  6. Slide 6: Portfolio Management Performance - % Per Year

    Portfolio Management Performance - % Per Year 35% 31.8% 31.2% 30% 25.4% 26.2% 25% 20% 15.3% 15% 9.8% 10% 5.7% 6.0% 5.9% 3.6% 5% 2.0% 0% -0.5% -5% 2000 2001 2002 2003 2004 2005 Net Asset Backing - before CGT on unrealised parcels S&P/ASX Mid Cap 50 and Small Ordinaries Accumulation Indices

  7. Slide 7: Performance since inception

    Performance since inception 2,500 $ Base of $1,000 in April 1999 2,250 2,000 Mirrabooka: Mirrabooka: $2,504 $2,504 Market: Market: $2,105 $2,105 1,750 1,500 1,250 1,000 750 9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 r-9 l-9 t-9 n-0 r-0 l-0 t-0 n-0 r-0 l-0 t-0 n-0 r-0 l-0 t-0 n-0 r-0 l-0 t-0

  8. Slide 8: Mirrabooka's Share Price Return up 32% over the year

    Mirrabooka’s Share Price Return up 32% over the year 35% 30% 25% 20% 15% 10% 5% 0% 1 year return 2 year return 3 year return Share Price Acc Series Combination S&P/ASX Mid Cap 50 and Small Ordinaries Accumulation Indices

  9. Slide 9: Still trading at a discount to Net Asset Backing

    Still trading at a discount to Net Asset Backing 8% 4% 0% -4% -8% -12% -16% 2 3 4 5 -0 2 -0 3 -0 4 -0 5 1 2 3 4 -0 4 -0 1 -0 2 -0 2 -0 3 -0 3 -0 4 -0 5 -0 5 2 3 4 5 y -0 y -0 y -0 y -0 v -0 v -0 v -0 v -0 r-0 r-0 r-0 r-0 Jul Jul Jul Jul Jan Jan Jan Jan Sep Sep Sep Sep Sep Ma Ma Ma Ma Ma Ma Ma Ma No

  10. Slide 10: Largest Acquisitions - (1/7/04-30/6/05)

    Largest 5 Acquisitions - (1/7/04-30/6/05) $m Transurban (Hills Motorway takeover) 8.9 Healthscope 5.1 Diversified Utility & Energy Trusts 2.6 National Foods 2.6 Peet & Company 2.2

  11. Slide 11: Largest Disposals - (1/7/04 to 30/6/05)

    Largest 5 Disposals - (1/7/04 to 30/6/05) $m Hills Motorway (takeover by Transurban) 9.1 Macquarie Infrastructure Group 3.8 Pacifica Group 2.9 Foodland Associated 2.6 Spotless Group 2.6

  12. Slide 12: Strong cash position

    Strong cash position $m 25 1 for 4 rights 20 issue 15 10 5 0 Jun03 Sep03 Dec03 Mar04 Jun04 Sep04 Dec04 Mar05 Jun05 Sep05 Cash Position

  13. Slide 13: Top Investments - September 2005

    Top 40 Investments - 30 September 2005 Total Value $m % 1 HSP Healthscope 18.9 9.2% 2 TCL Transurban Group 12.3 6.0% 3 NUF Nufarm 9.5 4.6% 4 BOL BOOM Logistics 6.3 3.1% 5 APNG APN 7.25% convertible note 6.2 3.1% 6 BAX Baxter Group 6.1 3.0% 7 CEY Centennial Coal Company 5.6 2.8% 8 PRK Patrick Corpora

  14. Slide 14: Top Investments - September 2005

    Top 40 Investments - 30 September 2005 11 ORG Origin Energy 4.7 2.3% 12 DVC DCA Group 4.7 2.3% 13 CPU Computershare 4.6 2.3% 14 ILU Iluka Resources 4.4 2.1% 15 GNS Gunns 4.0 1.9% 16 SHV Select Harvests 3.9 1.9% 17 PPC Peet & Company 3.7 1.8% 18 PRG Programmed Maintenance 3.7 1.8% 19 CEUCA ConnectEas

  15. Slide 15: Top Investments - September 2005

    Top 40 Investments - 30 September 2005 21 OSH Oil Search 3.3 1.6% 22 SSX Smorgon Steel Group 3.1 1.5% 23 JHX James Hardie Industries 3.1 1.5% 24 CAB Cabcharge Australia 3.0 1.5% 25 DUE Diversified Utility & Energy 2.9 1.4% 26 MMS McMillan Shakespeare 2.9 1.4% 27 PXS Pharmaxis 2.6 1.3% 28 VSL Vision

  16. Slide 16: Top Investments - September 2005

    Top 40 Investments - 30 September 2005 31 FUN Funtastic 2.4 1.2% 32 CKL Colorpak 2.4 1.2% 33 BKN Bradken 2.3 1.1% 34 SHL Sonic Healthcare 2.3 1.1% 35 SBC Southern Cross Broadcasting 2.2 1.1% 36 ASZ ASG Group 2.2 1.1% 37 SYM Symex Holdings 2.1 1.0% 38 OKN Oakton 2.1 1.0% 39 IRE Iress Market Technolog

  17. Slide 17: ConnectEast Group

    ConnectEast Group ƒ Single purpose toll road vehicle to operate in a major growth corridor ƒ 39 km multi-lane road connecting Eastern Freeway in the eastern suburbs of Melbourne to Frankston Freeway in Melbourne’s south-east (Mitcham-Frankston project) ƒ The $2.5 billion fixed price project is due f

  18. Slide 18: Peet & Company

    Peet & Company ƒ Established 110 years ago, Peet is one of Australia’s largest property businesses dedicated to broadacre residential development ƒ Acquires, manages, develops, markets and sells land estates across WA, Victoria, Southeast Queensland and NSW Central Coast ƒ Involved in 38 projects on

  19. Slide 19: BOOM Logistics

    BOOM Logistics ƒ Floated in 2004 following the amalgamation of seven private crane hire businesses ƒ Since listing a further nine acquisitions (a number from Brambles) have been completed giving BOOM a current market share of 16% Revenue Segmentation by State Revenue Segmentation by Market Sector Ot

  20. Slide 20: Purchases Since June 2005 (Over $500,000)

    Purchases Since 30 June 2005 (Over $500,000) New Stocks: ƒ ConnectEast Group – Developing the EastLink toll road project ƒ Equity Trustees – Wealth management and estate services ƒ FKP Property Group – Developer and retirement village operator ƒ Primelife Corporation – Senior living and aged care fa

  21. Slide 21: Sales Since June 2005 (Over $500,000)

    Sales Since 30 June 2005 (Over $500,000) Disposed of: ƒ Foodland ƒ National Foods

  22. Slide 22: Sales Since June 2005 (Over $500,000)

    Sales Since 30 June 2005 (Over $500,000) Reduced holding in: ƒ Healthscope ƒ Macquarie Airports ƒ Centennial Coal Company

  23. Slide 23: Outlook

    Outlook ƒ Positives ¾ Housing and retail sales weak but employment, non-residential construction, resources strong ¾ Corporate balance sheets generally in good shape ¾ Outlook for increased shareholder rewards (dividends & buy backs) is good ¾ Longer term Australia stands to gain from the emerging d

  24. Slide 24: The Small Industrials Sector has moved to point where valuations look high

    The Small Industrials Sector has moved to point where valuations look high 2600 Valuation Range (1 sd range) 2600 Spot 2400 Actual 2400 2200 2200 2000 2000 1800 1800 1600 1600 1400 1400 1200 1200 1000 1000 Jun-92 Jun-94 Jun-96 Jun-98 Jun-00 Jun-02 Jun-04 Source: Citigroup

  25. Slide 25: Dynamic Valuation Range: S&P/ASX 200

    Dynamic Valuation Range: S&P/ASX 200 4500 4500 4000 Valuation Range (around L/R FV) 4000 0.5 st.dev. range 3500 Actual 3500 Fair Value 3000 3000 2500 2500 2000 2000 1500 1500 1000 1000 500 500 Jan-85 Jan-89 Jan-93 Jan-97 Jan-01 Jan-05 Source: Citigroup

  26. Slide 26: Outlook (contd.) Negatives

    Outlook (contd.) ƒ Negatives ¾ Small Ordinaries Index trading outside fair valuation range – S&P/ASX 200 Index is not ¾ Analysts forecasts look high for small caps ¾19% EPS growth ¾Margin expansion despite cost pressures ¾ Capacity to pass costs on via prices more difficult in small/mid-cap sectors

  27. Slide 27: Outlook (contd.) Strategy

    Outlook (contd.) ƒ Strategy ¾ Generally cautious. ¾ Cash at end of September was 8%. ¾ Have reserves to use on any market correction or stock specific opportunity.

  28. Slide 28: Annual General Meeting 20 October 2005

    Annual General Meeting 20 October 2005

  29. Slide 29: Mirrabooka uses a wide range of brokers

    Mirrabooka uses a wide range of brokers Brokerage split for 2005 Goldman Sachs JBWere $49,000* Other brokers included: $188,000 Austock Brokers Intersuisse ABN AMRO Morgans JP Morgan Securities Australia ANZ Investment Bank Linwar Securities Bell Potter Securities Lodge Partners Burdett Buckeridge Y

  30. Slide 30: Annual General Meeting 20 October 2005

    Annual General Meeting 20 October 2005

  31. Slide 31: Resolution 2 Election of Mr Geoff Tomlinson

    Resolution 2 Election of Mr Geoff Tomlinson Number of shares % FOR 18,984,839 79.8 AGAINST 742,708 3.1 DISCRETIONARY* 4,079,578 17.1 100% The number of the Chairman’s discretionary proxy votes are 3,443,035 (14.5%). Note: These figures relate to the proxies lodged 48 hours prior to the meeting.

  32. Slide 32: Resolution 3 Adopt the Remuneration Report

    Resolution 3 Adopt the Remuneration Report Number of shares % FOR 18,583,528 79.7 AGAINST 547,897 2.3 DISCRETIONARY* 4,193,877 18.0 100% The number of the Chairman’s discretionary proxy votes are 3,557,334 (15.3%). Note: These figures relate to the proxies lodged 48 hours prior to the meeting.

  33. Slide 33: Resolution 4 Insertion of Partial Takeover Rule

    Resolution 4 Insertion of Partial Takeover Rule Number of shares % FOR 19,284,890 81.0 AGAINST 158,855 0.7 DISCRETIONARY* 4,364,388 18.3 100% The number of the Chairman’s discretionary proxy votes are 3,727,845 (15.7%). Note: These figures relate to the proxies lodged 48 hours prior to the meeting.

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