BKI Investment Co. Ltd. · ASX:BKI
BKI Investment — Investor Presentation (October 2012)
20 slides from BKI Investment's investor presentation, Oct 25, 2012
Slide 1: Presentation to Shareholders October 2012
For personal use only Presentation to Shareholders October 2012 1
Slide 2: Disclaimer
For personal use only Disclaimer This material has been prepared by BKI Investment Company Limited. The information within this document is not intended to provide advice to investors or take into account an individual’s financial circumstances or investment objectives. This is general investment ad
Slide 3: BKI Result Highlights
BKI Result Highlights For personal use only FY 2012 FY2011 Growth Ordinary Dividend Income $29.8m $27.6m 8.0% Net Operating Result* $27.7m $25.3m 9.4% Earnings Per Share* 6.51cps 6.02cps 8.2% Ordinary Dividend Per Share 6.40cps 6.00cps 6.7% Management Expense Ratio (MER) maintained at 0.18% 12 m
Slide 4: Net Operating Result
Net Operating Result $ Millions use only 30 25 For personal 20 15 10 5 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 4
Slide 5: Dividends Paid
Dividends Paid use only 7.0 1 6.0 1 1 5.0 For personal Cents per Share 4.0 6.4 3.0 6 6 6 5 5.3 5.25 2.0 4.3 1.0 2 0.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Ordinary Dividends Special Dividends 5
Slide 6: Grossed Up Dividend Yield
Grossed Up Dividend Yield For personal use only 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% BKI Grossed Up Dividend Yield 90 Day Bank Bill 6
Slide 7: Management Expense Ratio
Management Expense Ratio For personal use only 0.80% 0.70% 0.69% 0.71% 0.56% 0.60% 0.46% 0.46% 0.50% 0.40% BKI Internally Managed 0.31% 0.30% 0.19% 0.18% 0.18% 0.20% 0.10% 2004 2005 2006 2007 2008 2009 2010 2011 2012 7
Slide 8: Top Investments
Top 25 Investments As at 30 June 2012 For personal use only 1 New Hope Corporation 14 QBE Insurance Group 2 Commonwealth Bank 15 Metcash Limited 3 National Australia Bank 16 TPG Telecom Limited 4 BHP Billiton Limited 17 ARB Corporation Limited 5 Westpac Banking Corp 18 InvoCare Limited 6 Telstra Cor
Slide 9: Sector Performance Months to June 2012
9 Sector Performance 12 Months to 30 June 2012 For personal use only (BKI Top 20 V’s S&P/ASX300 Accumulation Indexes) 40% 30% 20% BKI Investment 10% Company (BKI.ASX) 0% -10% S&P/ASX 300 Acc Index -20% -30% Telco Financials Consumer Industrials Consumer XKOAI Energy Materials Services Staples Disc.
Slide 10: Sector Performance Months to June 2012
10 Sector Performance 12 Months to 30 June 2012 For personal use only (BKI Top 20 V’s S&P/ASX300 Accumulation Indexes) 40% TLS 30% CCL ALS ARP 20% BKI Investment Company 10% CBA ANZ (BKI.ASX) TPM IVC AGK ASX MLT WOW 0% WBC WES NAB -10% S&P/ASX MTS QBE 300 Acc Index NHC -20% WPL BHP -30% Telco Financ
Slide 11: Sector Weightings
11 Sector Weightings For personal use only Sector Portfolio Weight Portfolio Weight Change FY2012 FY2011 Financials 35.7% 34.4% 1.3% Energy 13.3% 15.9% -2.6% Consumer Staples 11.6% 10.4% 1.2% Materials 9.2% 11.9% -2.7% Industrials 7.9% 7.3% 0.6% Telecommunications 6.2% 4.6% 1.6% Cash 5.5% 6.4% -0.9%
Slide 12: 1st Quarter FY2013 Review
For personal use only September 2012 1st Quarter FY2013 Review* * For the period July 2012 – September 2102. Figures referred to in the “FY2013 Review” are unaudited. 12
Slide 13: Market Commentary
Market Commentary For personal use only Negatives Investor confidence remains low Cost of living pressures Weak global economies High Australian Dollar Softer demand for commodities Unfavorable federal government policies (Carbon Tax, MRRT) Positives Local interest rates reducing Red
Slide 14: Portfolio Valuation
Portfolio Valuation use only 600 500 For personal 400 $ Millions 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Sep-12 Investment Portfolio Cash 14
Slide 15: Discount to NTA
Discount to NTA as at 30 September 2012 For personal use only $1.70 $1.60 30.0% $1.50 $1.40 20.0% $1.30 $1.20 10.0% $1.10 $1.00 0.0% $0.90 $0.80 $0.70 -10.0% $0.60 $0.50 -20.0% Prem/Disc % Pre Tax NTA BKI Share Price 15
Slide 16: BKI Performance
BKI Performance as at 30 September 2012 For personal use only BKI Performance 1 Year 3 Years 5 Years 7 Years as at 30 September 2012 (pa) (pa) (pa) BKI Portfolio S&P/ASX 300 ACC INDEX (XKOAI) 14.5% 1.7% -3.6% 3.6% Returns are BKI Total Shareholder Returns 22.0% 5.9% 1.8% 5.6% measured after all oper
Slide 17: Total Shareholder Returns
Total Shareholder Returns as at 30 September 2012 For personal use only 25.0% 22.0% 20.0% 14.5% 15.0% 10.0% 5.9% 5.6% 5.0% 3.6% 1.7% 1.8% 0.0% -5.0% -3.6% -10.0% 1 Year (pa) 3 Year (pa) 5 Year (pa) 7 Year (pa) BKI Total Shareholder Returns S&P/ASX 300 ACC INDEX (XKOAI) Source: BKI Investment Company
Slide 18: BKI Update 1st Quarter FY2013
BKI Update 1st Quarter FY2013 For personal use only Investment Portfolio Revenue* is up approx 5% on 1st Quarter FY2012. Net Operating Result* is up approx 5% on 1st Quarter FY2012. BKI is expected to receive $3.0m in Special Dividend Income in 1H FY2013 from New Hope Corporation, Suncorp Grou
Slide 19: Dividends Paid
Dividends Paid use only 7.0 1 6.0 1 1 5.0 For personal Cents per Share 4.0 6.4 0.5 3.0 6 6 5.25 6 5 5.3 2.0 4.3 3.2 1.0 2 0.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H 2013* Ordinary Dividends Special Dividends * Pre-announced Interim FY2013 Ordinary Dividend of at least 3.2cps and Interim FY2
Slide 20: Contact details
For personal use only Low Cost Office Level 2, 160 Pitt Street Sydney NSW 2000 Telephone +61 2 9210 7000 Low Risk Fax +61 2 9210 7099 Web www.bkilimited.com.au ABN 23 106 719 868 High Yield… …all through BKI.ASX www.bkilimited.com.au 20
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