Earnings growth driven by dividend restarts and increases across the majority of the portfolio
Fletcher Bldg, Seek, Ramsay, Scentre, CBA, Suncorp, Super Retail were examples
Costs and tax increased at a slower rate than revenue growth
2
only
_HY Sep 21: Dividends
Angus Gluskie
Long Term Earnings & Dividends Per Share
Chairman
use
Dividends Per ORD Share
19.75
20.50
20.50
Full Yr
17.75
Half Yr
10.25
FY18
FY19
FY20
FY21
HY22
EPS DPS
Half Yr Only
For personal
_Interim Dividends
WHF Ordinary : 10.25 cents Dec 21
WHFPB: 201.25 cents Dec 21
All fully franked at 30%
10% attributable to LIC Disc Gains
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
1H22
_Whitefield expects to maintain its WHF ordinary dividend at the 10.25 cent level for the subsequent Jun 22 dividend payment
Regular dividends have been maintained or increased in every year since the introduction of the franking system in the 1980s
WHF has been able to maintain its own dividend across the three prior market earnings downturns in 1992, 2001 and 2009.
3
For personal use only
Angus Gluskie
Chairman
_WHFPB: Reset Nov 2021
_Outcome of latest Reset
WHFPB holders were provided with options to retain security for a new term, redeem or convert
$1.7m will convert
$5.8m will redeem
$25.3m ongoing at 3.75% gross yield from 1 Dec 2021 to next reset 30 Nov 2024
4
For personal use only
_2022 Outlook
Angus Gluskie
Chairman
Recovery driven earnings encouraging
Large majority of sectors will receive an underlying activity and earnings benefit from a widespread reopening and government fast tracking of development activity, subject to some earnings reversal for COVID stay-at-home beneficiaries.
An abnormal number of moving parts are likely to produce a higher disparity of opinion across the market
Supply disruption, carbon reduction and sustainability costs and the adoption of price strategies to improve margins are creating inflationary expectations. The extent and persistence are uncertain.
After a multi-decadeone-directional decline in interest rates, the profile of a now rising interest rate curve can not easily be predicted by central banks or investors.
Asset class valuation responses by investors and corporate decision making responses to those higher rates are the subject of much debate.
COVID uncertainty remains, with the focus now moving to the pandemic's persistence and its economically disruptive influence.
continued recovery in business earnings as economies reopen more fully across latter 21 and into 22 is welcome, however a large number of external influences will continue to create uncertainty
5
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Whitefield Limited published this content on 17 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2021 21:40:39 UTC.
Whitefield Industrials Limited is an Australia-based investment company holding a diversified portfolio of Australian Securities Exchange (ASX) listed Industrial (non-resource) shares. The Company's principal activity is to invests in companies and trusts listed on the ASX. The Company's return objective includes a reliable stream of franked income; risk adjusted return higher than average of peer group, and portfolio return 0-100 basis points above the benchmark (S&P/ASX200 Industrials Accumulation) over rolling five-year periods. Its risk objective is to have a lower degree of variation against benchmark (target 0.7% - 1.0% tracking error). It invests in various sectors, such as banks, health care, consumer discretionary, non-bank financials, industrials, real estate, consumer staples, communication services, information technology, materials and utilities. The Company's investment manager is Whitefield Capital Management Pty Ltd.
WHITEFIELD INDUSTRIALS LIMITED 
