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2010 PRESENTATION INTERIM RESULTS Agenda Operating environment Financial results Portfolio Outlook Further financial analysis OPERATING ENVIRONMENT Operating environment Global recovery underpinned by fiscal and monetary stimulus packages South Africa followed global markets recovery

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Presentation Transcript
agenda
Agenda
  • Operating environment
  • Financial results
  • Portfolio
  • Outlook
  • Further financial analysis

MAKALANIINTERIM RESULTS DECEMBER 2009

operating environment4
Operating environment
  • Global recovery underpinned by fiscal and monetary stimulus packages
  • South Africa followed global markets recovery
  • Short – term gains in local capital markets driven by global rather than local investor sentiment
  • Interest rates fairly static

Financial markets

Impact

  • Write downs not as severe as 2009 financial year
  • Floating interest yield on portfolio remained low

MAKALANIINTERIM RESULTS DECEMBER 2009

slide5

Makalani unit performance

Detailed Cautionary Announcement

General Cautionary Announcement

MAKALANIINTERIM RESULTS DECEMBER 2009

highlights
Highlights
  • Financial highlights:
    • Interest income decreased to R135m from R210m in December 2008 due to lower interest rate environment;
    • Invested assets decreased by R216m from R2 252 in June 2009 to R2 036 mainly due to redemption and sale of certain assets (Metropolitan and Midas)
    • Interest distributions increased by 7% from 180 cents in December 2008 to 192 cents per linked unit in December 2009;
    • Headline earnings per linked unit (“HEPLU”) increased by 44% compared to December 2008.
  • Operational highlights:
    • Wind-down process in progress;
    • R225m of assets redeemed;

MAKALANIINTERIM RESULTS DECEMBER 2009

income statement
Income statement

MAKALANIINTERIM RESULTS DECEMBER 2009

balance sheet
Balance sheet

MAKALANIINTERIM RESULTS DECEMBER 2009

balance sheet continued
Balance sheet (continued)

MAKALANIINTERIM RESULTS DECEMBER 2009

revenue
Revenue

Interest income down 58% to R135 million compared to June 2009

MAKALANIINTERIM RESULTS DECEMBER 2009

fair value movements
Fair value movements

MAKALANIINTERIM RESULTS DECEMBER 2009

heplu distributions
HEPLU & Distributions
  • Interim (interest) distribution of 192 cents compared to 180 cents in December 2008
  • HEPLU up 44% compared to December 2008
    • Mainly due to write-downs in the prior year

MAKALANIINTERIM RESULTS DECEMBER 2009

gross yield on portfolio
Gross yield on portfolio

MAKALANIINTERIM RESULTS DECEMBER 2009

yield and components
Yield and components

16

MAKALANIINTERIM RESULTS DECEMBER 2009

growth in portfolio and total assets
Growth in portfolio and total assets
  • Invested assets decreased from R2 427 million to R2 333 million
    • Some assets fully redeemed or sold;
    • Funds returned to unitholders; and
    • Fair value write downs (R24m)

MAKALANIINTERIM RESULTS DECEMBER 2009

investment portfolio
Investment portfolio

MAKALANIINTERIM RESULTS DECEMBER 2009

credit ratings of portfolio
Credit ratings of portfolio

By rating international scale

  • Ratings for exposures are determined by reference to FirstRand Bank’s rating methodologies.
  • There has been a shift in December 2009 to CCC bucket assets resulting from credit migrations

MAKALANIINTERIM RESULTS DECEMBER 2009

portfolio by industry
Portfolio by industry

MAKALANIINTERIM RESULTS DECEMBER 2009

portfolio maturity
Portfolio maturity

By maturity

MAKALANIINTERIM RESULTS DECEMBER 2009

strategic direction
Strategic direction

Strategy to return funds to unitholders

  • Buyout and delisting optimal solution
  • General Meeting 29 March 2010
  • Planned pay-away 26 April 2010

MAKALANIINTERIM RESULTS DECEMBER 2009

revenue25
Revenue
  • Above excludes other revenue items and fair value adjustments

MAKALANIINTERIM RESULTS DECEMBER 2009

distributions
Distributions

MAKALANIINTERIM DECEMBER 2009

headline earnings and distribution per linked unit
Headline earnings and distribution per linked unit
  • Headline earnings per linked unit increased to 386 cents compared to 268 cents in December 2008.
  • Distribution per linked unit increased by 7% during the same period.

MAKALANIINTERIM RESULTS DECEMBER 2009 2009

operating expenses
Operating expenses
  • Management fees are down 15% to R11m from R13m in December 2008
  • Management fee decreased due to lower value of invested assets

MAKALANIINTERIM RESULTS DECEMBER 2009

investment portfolio29
Investment portfolio

MAKALANIINTERIM RESULTS DECEMBER 2009

investment portfolio continued
Investment portfolio (continued)

MAKALANIINTERIM RESULTS DECEMBER 2009

investment portfolio continued31
Investment portfolio (continued)

MAKALANIINTERIM RESULTS DECEMBER2009