Annual General Meeting 2005

1
Annual General Meeting 2005
2
1. Corporate Strategy

• Growing the profitability from our current
  import and distribution business which may
  include small bolt on strategic acquisitions
• Acquiring import and distribution businesses in
  line with our well documented acquisition
  criteria as set out on page 12 of the annual
  report
• Supporting MMC Asset Management Limited with its
  development and with the management of MMC
  Contrarian Limited and
• Investing in publicly listed companies where
  appropriate.

3
2. Results for the year

• Profit after tax and minorities of 10.5 million
  (2003 9.9 million)
• Recurring profits of 5.6 million (20032.4
  million).
• After tax revaluation and capital gains 4.9
  million (2003 7.5 million)
• Eps of 21.4 cents (200321.2 cents)
• Recurring profits eps 11.3 cents (2003 5.1
  cents)

4
3. Import and Distribution

• Sales 109 million
• Ebit 12.1 million
• Capital employed 42 million

5
4. Funds Management

• 38 ownership of MMC Asset Management
• 40 of the management and performance fees from
  MMC Contrarian

6
5. Listed Investments

• 21 million after tax value
• Hunter Hall
• Reinsurance
• Credit Corp
• MMC Small Companies Fund

7
6. Other Items

• Goodwill
• Dividends
• Management remuneration
• Outlook for 2005