Whitefield Industrials Limited · ASX:WHF
Whitefield Industrials — Whitefield — Shareholder Meeting (June 2007)
12 slides from Whitefield Industrials's shareholder meeting presentation, Jun 14, 2007
Slide 1: Whitefield Ltd 84th Annual General Meeting
WHITEFIELD LTD Listed Investment Company PRESENTATION TO: 84th ANNUAL GENERAL MEETING Thursday, 14 JUNE 2007 WHITEFIELD ve
Slide 2: Company Profile
COMPANY PROFILE . Whitefield Ltd was founded in 1923. Whitefield Ltd has two primary objectives: * To generate an investment return which is in excess of the market return over the longer term * To provide investors with a structurally efficient investment vehicle . Whitefield invests in shares list
Slide 3: Investment Methodology
INVESTMENT METHODOLOGY | TTTCTww_——Kiit iit ttiititititittititiiiiiitititittittinttttititiitiiiitttiiitihitthttiitititititiiiiiitittiiititittiiitiitiiiiiitininiiiiiiiitiitin + Portfolio Structuring & Riek Control Waist I WHITEFIELD ee
Slide 4: Investment Outcomes — Whitefield
INVESTMENT OUTCOMES — WHITEFIELD _ We rote a ye Co Merch 07 + 8:29% outperformance vs ASX200, PORTFOLIO of WHITEFIELD VS ASX200 ACCUMULATION {20 Years) _ Accurnulation | WHE ASX200 Abovei{Below} Last Quarter 7A2% 7.34% 0.07% Last Year 27 OTK 21.78% §.23% 3 Years 24.d2% 26.87% (1.46%) SPLEESSEILELI P
Slide 5: Economic Outlook
ECONOMIC OUTLOOK + At this time the drivers of inflation have not dissipated COMMODITY PRICES (CRE INDEX) 360 : - ; . 340 320 300 280, 260 240 220 200 180 LE PFLPPMPA LPS PHPP MOP PPL While we have seen some easing in a small number of commodities, the vast majority of remain at extremely high level
Slide 6: Economic Outlook
ECONOMIC OUTLOOK . We would contend that the global economy is in the midst of a longer term inflationary uplift, and that ultimately this will promote an increasingly stronger monetary policy response, until such time as globai growth weakens to a sufficient extent to materially soften labour and c
Slide 7: Implications for Stocks & Sectors
IMPLICATIONS FOR STOCKS & SECTORS « Market Outlook: The short term is buoyant. The medium term increasingly challenged. 4. Banks Short Term: Peaking personal, housing and business credit growth. Cost out strategies implemented Medium Term: Falling personal, housing and business credit growth. Fallin
Slide 8: Strategic Positions
STRATEGIC POSITIONS National Austratia Bank Limited 7.58% Commonwealth Bank of Aust Lid Regina ‘Telstra Corporation Limited ork L3G. WHITEFIELD
Slide 9: Pricing & Corporate Actions
PRICING & CORPORATE ACTIONS WHITERIELD LTD: PRICE AND NTA MNTAAT GE OT emerice Whitefield NTA — Year End 31* March 2007 NTA Before Tax $5.33 NTA After Tax $4.72 Whitefield NTA — 31st May 2007 NTA Before Tax $5.35 NTA After Tax $4.76 WHITEFIELD ee
Slide 10: Liquidity
LIQUIDITY \WHITEFIELD'S SHARE PRIGE AND LIQUIDITY Si —— sage 1000000 ame 5.808 go ; 90000 $ Mitton 1,863 Bo0000 4 Bjerriwarrh 960 = 700000 5 Aust United mH Bo0000 6 Cariton 552 s00000 7 Choiseut 529 400000 8 Diversified United 3901 By sno000 9 Magellan 363 f oes ee 2 [Whitefield 28a] #90000 12 Plati
Slide 11: Investment Outcomes — Efficiency
INVESTMENT OUTCOMES — EFFICIENCY +« WHF is a structurally efficient investment vehicle * An investment in Australian shares of $100,000 today will grow to $600,000 after tax in 25 years, assuming the long term market average return . A 2% per annum higher MER, however, will erode $170,000 of value o
Slide 12: Conclusion — Features of Whitefield
CONCLUSION — FEATURES OF WHTFIELD Corporate Governance . Majority of independent directors and an independent Chairman . Co-investment of senior investment management personnel in WHF provide a strong alignment of interest investment Process « WHF utilises a robust depth of investment, analytical an