Whitefield : Half Year Report and Accounts - 30 September 2021

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Appendix 4D Statement

For the Half Year Ended

30 September 2021

Contents

• Results for Announcement to the Market
• Appendix 4D Accounts
• Independent Auditor's Review Report

This report is based on results that have been reviewed by the Company's auditors.

The documents contained within this report comprise the information required by listing rule 4.2A and should be read in conjunction with the Company's 2021 Annual Report.

Whitefield Limited

ABN 50 000 012 895

For personal use only

RESULTS FOR ANNOUNCEMENT TO THE MARKET

FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2021 (Previous corresponding period being the half-year ended 30 September 2020).

A. Revenue and Net Profit

	HY Sep 2021	Change
	$'000	on prior year
Investment revenue from ordinary activities	9,984	Up 86.4%
Net Profit after tax attributable to members	8,005	Up 106.5%

Explanation of Results

Ordinary shareholder entitlement to profit should also be considered after the impact of preference share dividends. Accordingly, greater clarity on the company's operations can be gained from the further dissection of Net Profit as follows:

	HY Sep 2021	Change
	$'000	On prior year
Net Profit after tax attributable to all members	8,005	Up 106.5%
Less Preference Share Dividends	(648)
Net Profit after tax attributable to Ordinary Shares	7,358	Up 127.8%

B. Dividends

Since the end of the half-year, the directors of Whitefield have declared the following dividends:

Final Dividends	Cents per security
Interim Dividend Per Ordinary Share	10.25
Interim Dividend Per 8% Preference Share	4.00
Interim Dividend Per Convertible Resettable Preference Share	201.25
Record date for determining entitlement to the final dividend:	25th November 2021
Payment date:	10th December 2021
Franking:	Each dividend is fully franked at the 30% rate
	Each dividend will have 10% of its value attributed to
	LIC Discount Capital Gains

Dividend Reinvestment Plan [DRP] and Bonus Share Plan [BSP]

The DRP and BSP will continue to be available for use with these dividends, no additional discount will be applied to shares issued under these plans for the upcoming dividend.

Whitefield Limited has a dividend reinvestment plan and a bonus share plan in operation that apply to Ordinary Shares only. Shareholder participation in either plan begins with the first dividend payment after receipt of the Application / Nomination form. The form must be received by 5pm on the business day following the record date to be effective for that dividend. Whitefield Limited will confirm the allotment price calculated in accordance with rules of both plans in a separate release to market following the calculation period.

C. Net Asset Backing per Ordinary Share

		30 Sep 2021			30 Sep 2020		Change
					%
Net Tangible Assets per share (post-deferred capital gains tax)	$5.21		$4.31		Up 20.9%
Net Tangible Assets per share (pre-deferred capital gains tax)	$5.80		$4.59		Up 26.4%

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Operating Results

Whitefield is pleased to report a net profit after tax for the half-year to September 2021 of $8,005,269. After allowing for changes in capital over this time, the result equates to Earnings Per Ordinary Share of 7.61 cents, an increase of 122% from the prior equivalent period.

This strong growth in earnings reflects a partial reversal of the dividend cuts experienced by the majority of businesses in the first six months of the pandemic during 2020.

The most material contributors to earnings growth came from companies who had heavily cut or chosen not to pay dividends in the prior year such as Fletcher Building, Seek, Ramsay, Scentre Group, CBA, Suncorp and Super Retail Group.

Dividend decreases were only experienced by a small number of entities and reflected a more generalised ebb and flow of industry specific conditions. Examples included Amcor, ASX, AGL and Spark Infrastructure.

Dividend

Whitefield has declared interim dividends on Ordinary, WHFPA and WHFPB shares, payable on 10th December 2021. The Ordinary dividend will amount to

10.25 cents per Ordinary share. These dividends will be fully franked, with 10% attributable to LIC discount capital gains.

The company also expects to be able to maintain its Ordinary dividend at this level for its full year dividend following its financial year ending March 2022.

Whitefield has maintained or increased its Ordinary share dividend for over 30 consecutive years, following the introduction of the dividend imputation system in the late 1980s.

WHITEFIELD LIMITED

Suite 16.01

Level 16, 68 Pitt Street Sydney NSW 2000 Phone [phone] Fax [phone] whitefield.com.au

Whitefield Limited ABN 50 000 012 895

Further Queries:

Should you require any further general information about Whitefield Ltd, please visit the company website www.whitefield.com.au

Should you have any specific queries about the company please contact CEO Angus Gluskie on

[phone].

For queries relating to your shareholding, please contact the share registry, Computershare Investor Services Pty Ltd on 1300 850 505 (inside Australia) or [phone] (outside Australia).

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