IMF#194293
RELEASE TO AUSTRALIAN SECURITIES EXCHANGE ("ASX")
FRIDAY, 6 NOVEMBER 2009
2009 ANNUAL GENERAL MEETING
POWERPOINT PRESENTATION
1.
Please see attached the slides that accompanied the presentation given by
Mr Rob Ferguson, Chairman, at the IMF 2009 Annual General Meeting today.
Diane Jones
Chief Operating Officer
Annual General Meeting
Sheraton Perth Hotel
6 November 2009
Annual General Meeting
Welcome to IMF's Ann al General Meeting
Welcome to IMF's Annual General Meeting
Rob Ferguson - Non-Executive Chairman
g
Hugh McLernon - Managing Director
2
Agenda
Introduction
Overview of FY2009 Hugh McLernon
Managing Director
Managing Director
Highlights
Income
B l
Sh t
Balance Sheet
Investment Portfolio
New Agreements in FY2009
g
Share Price
FY2010 Forecast
Capital Management
Capital Management
IMF's Short Term Future Operational
Resolutions
Q
ti
Questions
3
Overview of FY2009 Highlights
FY2009
FY2008
%
Gross Income
(from cases)
$63 2M
$55 2M
15%
IMF's performance continues to improve:
Gross Income
(from cases)
$63.2M
$55.2M
15%
Net Income
(from cases)
$35.1M
$33.8M
4%
NPBT
$30.4M
$24.8M
22%
NPAT
$20 8M
$17 1M
21%
NPAT
$20.8M
$17.1M
21%
Dividend
(cents per share)
15.0
Franked
5.0
Franked
10.0 ¢
200%
EPS
17.35
15.04
15%
Net Asset Backing
(cents per
share)
1
53.91
56.42
4%¹
Net Tangible Asset Backing
(cents per share)
2
27.10
32.82
17%²
¹
The 2008 dividend was not accrued in FY2008. If the final FY2009 10.0 cent dividend was treated the
th N t A
t B ki
ld b 64 09
t
h
i
t
l t
f 14%
same, the Net Asset Backing would be 64.09 cents per share, an improvement over last year of 14%.
²
The 2008 dividend was not accrued in FY2008. If the final FY2009 10.0 cent dividend was treated the
same, the Net Tangible Asset Backing would be 37.28 cents per share, an improvement over last year
of 13%.
4
Overview of FY2009 - Income
Matter
Gross
Income
Gross Profit
(before tax)
1
Aristocrat
$35.3M
$21.7M
Aristocrat
$35.3M
$21.7M
Downer EDI
$6.3M
$5.4M
Centaur Mining
$6.8M
$5.1M
Sh t
P k
$3 4M
$2 3M
Shenton Park
$3.4M
$2.3M
Meadow Springs
2
$2.7M
$2.2M
Confidential
$2.6M
$1.2M
Others
³
$6.2M
($2.6M)
Total
$63.3M
$35.3M
¹ Includes external costs and capitalised overheads relating to the litigation.
² Meadow Springs was written-off as a bad debt in FY2008. The Company's client
made a subsequent appeal and during that appeal the matter was part settled,
resulting in a write-back during HY2009.
g
g
³ Includes Reynolds, Concept Equity and discontinued matters.
5
Overview of FY2009 - Balance Sheet
Cash
Investments¹
Net Assets
A strong balance sheet
$32.87
$30.32
$28 12
$32.28
$67 23
Cash Investments
Net Assets
$61.24
$28.12
$40.12
$46.81
$67.23
$64.78
$51.64
$20.82
$23.91
FY06
FY07
FY08
FY09
FY06
FY07
FY08
FY09
¹ Investments includes capitalised overheads relating to the litigation.
FY06
FY07
FY08
FY09
2
Net Assets include the accrued final dividend for 2009 of $12.5M.
6
Overview of FY2009 - Investment Portfolio
Number
of Matters
Estimated
Completion Period
1
Maximum
Recoverable Claim
2
of Matters
Completion Period
1
Recoverable Claim
2
11
December 2009
$135M
3
June 2010
$117M
7
June 2011
$595M
8
June 2012
$210M
Total 35
$1,057M
¹ The latest completion date is IMF's current best estimate of when the case will be
finalised. The case may finalise earlier or later than this date.
² The maximum recoverable claim is IMF's current best estimate of the claims
² The maximum recoverable claim is IMF s current best estimate of the claims
recoverable amount (or remaining recoverable amount if there has been a partial
recovery). It considers, where appropriate, the perceived capacity of the defendant to
pay the amount claimed. It is not necessarily the same amount being claimed by
IMF's client/s in the matter. It is also not the estimated return to IMF from the matter if
successful. No estimated claim value has been included for any contingently funded
matters until all conditions are fulfilled.
7
IMF Share Price
8
Source:
FY2010 Forecast
Expected FY2010 Results:
-
NPBT $29M - $35M
NPAT $20M $24M
-
NPAT $20M - $24M
-
First half FY2010 result will be better than second half
Healthy cash balance (30 Sept 2009 $49.5M) and no debt
y
(
p
$
)
Matters expected to be finalised in FY2010:
-
Sons of Gwalia;
-
Opes;
Ki
t
NEIB
-
Kingstream;
-
NEIB;
-
AWB;
-
National Potato;
-
Westpoint;
-
Others
Future fully franked dividends
9
Capital Management
No Debt Early Convertible Note Redemption
4 2M notes converted
-
4.2M notes converted
-
$12.4M repaid on 3 July 2008
FY2008 dividend totalled 5.0 cents per share
FY2008 dividend totalled 5.0 cents per share
FY2009 dividend totalled 15.0 cents per share
FY2010 fully franked dividends where cash
FY2010 fully franked dividends where cash
balance above $50M
Share buy back of up to 12,249,681 shares
y
p
,
,
-
To date 222,059 shares purchased.
1
0
IMF's Short Term Future - Operational
Current economic climate is positive for improving the
size of the investment portfolio
size of the investment portfolio
-
Target $2B by 30 June 2011
Build portfolio
-
additional products
-
new client base
overseas jurisdictions
-
overseas jurisdictions
Adverse Costs Insurance
Increasing competition
Managed Investment Scheme issue
11
Resolution 1
"That, Mr Alden Halse, being a director of the
Company, retires by rotation in accordance
with Clause 13 2 of the Constitution and being
with Clause 13.2 of the Constitution and, being
eligible, is hereby re-elected as a director of
the Company."
the Company.
12
Resolution 2
"That, Mr Michael Bowen, being a director of
the Company, retires by rotation in accordance
with Clause 13 2 of the Constitution and being
with Clause 13.2 of the Constitution and, being
eligible, is hereby re-elected as a director of
the Company."
the Company.
13
Resolution 3
"That, for the purposes of Section 250R(2) of
the Corporations Act 2001 (Cth), the
remuneration report be adopted "
remuneration report be adopted.
14
Resolution 4
" That, for the purposes of Section 13.8 of the
Constitution Listing Rule 10 17 of the Listing
Constitution, Listing Rule 10.17 of the Listing
Rules of the Australian Securities Exchange
and for all other purposes, the Company
p p
,
p y
approves the maximum aggregate amount
that may be paid to Non-Executive Directors of
the Company as remuneration for their
services in each financial year be set at
$300 000 which may be divided among those
$300,000 which may be divided among those
Directors in the manner determined by the
Board of the Company from time to time "
15
Board of the Company from time to time.
IMF (Australia) Ltd
Questions and Answers
16
New Agreements in FY2009
Matter
Estimated
Completion Period
p
Air Cargo
June 2011
Beconwood
1
December 2009
Commonwealth of Australia
(Pan Pharmaceuticals)
June 2011
Commonwealth of Australia
(Pan Pharmaceuticals)
June 2011
Kingstream Steel Creditors Trust
December 2009
Oz Minerals
June 2011
Great Southern
June 2012
Firepower
June 2012
Ceramic Fuel Cells
June 2012
Ceramic Fuel Cells
June 2012
Lehman Bros
June 2012
PIF v MFS and KPMG
June 2012
1
7
¹
Settled as part of the Opes matter.
Document Outline
- 194293_1.pdf
- AGM 2009 Presentation.pdf
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