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Perpetual Limited AGM Information 2009
10538_rns_2009-10-21_ab999ed7-7a89-4ac0-98f3-dc9a62f06217.pdf
AGM Information
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2009 Annual General Meeting
The Westin Sydney 22 October 2009
Mr Robert Savage Chairman
Funds management industry in outflow for most of FY2009
Total market quarterly flows since March 2004
Source: Plan for Life, June 2009
$B
Securitisation market effectively closed
Australian RMBS issuance
Source: Perpetual and Standard & Poor's
Reasons for reduced revenues
Profit result
| FddJ30oryeareneune | 2009$M | 2008$M | Change% |
|---|---|---|---|
| Udlifibfttnerngproeoreayx | 982 | 1936 | ()49 |
| Udlififtttnerngproaerayx | 657 | 1335 | ()51 |
| Rittesrcrnguu | ()81 | - | ~ |
| G/()illfittanossonsaeonesmensv | ()61 | 211 | ~ |
| CEMFlosses | ()138 | ()285 | ~ |
| Nfiftttteproaerax | 377 | 1288 | ()71 |
| SUdliEPneryng | 165¢ | 321¢ | ()15 |
| Tldiiddhtoavenpersare | 100¢ | 330¢ | ()07 |
EMCF has turned around
| Fdd30Joryeareneune | 2008$M | 2009$M | 3httmonsoS*2009tep$M |
|---|---|---|---|
| Rlidleaseosses | ()90 | - | - |
| Mk-klttaro-mareosses | ()297 | ()247 | - |
| Hldiitttoomargansuy | - | 77 | 07 |
| f/()fPilbitttroosseoreaxmpac | ()369 | ()197 | 07 |
| f/()Tbitaxeneexpense | 111 | 95 | ()21 |
| Pfi/(l)fittttroossaerampacx | (5)28 | ()138 | 49 |
* Unaudited figures from management accounts as at 30 September 2009
Strong expense management
200220240260280300320FY2008 Depreciation andamortisationAcquisitions Reduction in cashexpenses Operational errorsFY20096 277 5 (40) 4302
Cash expenses Non-cash expenses
$M
Transitioning to dividend payout ratio of 80-100% of NPAT
FY2009 – 1st half vs 2nd half performance
| 6httmonso31D2008ec$M | 6httmonso30J2009un$M | FY2009$M | |
|---|---|---|---|
| UdliPfiAfT(UPAT)ttneryngroerax | 416 | 241 | 657 |
Outlook
| 6httmonsoD312009ec$M | |
|---|---|
| (1)()UdliPfiAfTUPATttneryngroerax | 3040- |
| (2)()NPfiAfTNPATttteroerax | 4005– |
- (1) Based on the equity markets averaging around their current levels.
- (2) Based on UPAT and EMCF gains in December 2009 quarter in line with September 2009 quarter. Assumes no other significant items.
Mr David Deverall Chief Executive Officer and Managing Director
Perpetual has three operating businesses
Our brand positions us well
Fund manager brand equity June 2009 (as judged by advisers)
Source: Wealth Insights Adviser Brand Tracking 2009
Perpetual has three operating businesses
Our vision
To be the leading provider of wealth management services to financially successful investors and their advisers and the leading corporate trustee
| Pdtrocufitmanacrnguulleceencex | Slifhiupperococefiilltonancayflsccessuuidhittnesorsanervdiasersv | Ldiditeangaserovhihhttgneorwitnesorsv | Lditeangcorporaettrusee |
|---|---|---|---|
| ---------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------- |
Ms Elizabeth Proust Chairman – People and Remuneration Committee
Short-term incentives and underlying profits (UPAT) are highly correlated
LTI formula – pay for performance
- EPS target requires 10% growth from grant date to vest date
- If target met at 3 year testing point, LTI vests 100%
- If target not met at 3 year testing point, they are retested at the 4 year testing point – against 4 year targets
- If target met at 4 year retesting point, LTI vests 100%
- If target not met at 4 year retesting point, LTI lapses and is forfeited