Whitefield Industrials Limited · ASX:WHF
Whitefield Industrials — Shareholder Meeting (August 2024)
20 slides from Whitefield Industrials's shareholder meeting presentation, Aug 13, 2024
Slide 1: 2024 Annual General Meeting
For personal use only 2024 ANNUAL GENERAL MEETING 101st Year
Slide 2: Introduction
Introduction For personal use only Angus Gluskie Lance Jenkins Mark Beardow Chairman Director Director Jenelle Webster Will Seddon Stuart Madeley Director Director Co. Secretary 2
Slide 3: 101 years of Whitefield
Experience For 101 years Whitefield has provided For personal use only Australian investors with an avenue for efficient wealth creation. Efficiency Founded in 1923, Whitefield Industrials is Australia’s longest operating ASX listed investment company Innovation Our longevity is testament to our suc
Slide 4: Financial Year Results
_2024 For personal use only Financial Year Results 4
Slide 5: Results: Earnings
_2024 Results: Earnings For personal use only Angus Gluskie Chairman _Strong EPS growth to 17cps Earnings Per Share [cents] • 10% increase in underlying EPS • Reflecting resilience within AU 10 economy to Mar 24 7.9 8.7 7 8 • Stronger growth from: Major banks, insurers 5.5 9.2 9.8 AGL, Origin En
Slide 6: Results: Earnings growth contributions
_2024 Results: Earnings For personal use only Angus Gluskie Chairman _ Earnings growth contributions Primarily: • Growth in underlying income • Cost control relative to income growth 6
Slide 7: Results: Dividends
_2024 Results: Dividends For personal use only Angus Gluskie Chairman Total Dividends Per ORD Share (cents) _Year-End Dividend 20.50 20.50 20.50 20.50 20.50 • WHF Ordinary : 10.25 cents 19.75 • WHFPB: 131.25 cents • All fully franked at 30% 17.75 FY18 FY19 FY20 FY21 FY22 FY23 FY24 7
Slide 8: Results: Dividend consistency
_2024 Results: Dividend consistency For personal use only Angus Gluskie Chairman _Whitefield is increasingly close Earnings [Excluding Realised Gains] to the point where it will consider & Dividends Per Share increases to its ordinary dividend* EPS Gain on Pref Reset EPS Underlying • Increases will
Slide 9: Year End: Price and Asset Backing
_2024 Year End: Price and Asset Backing For personal use only Angus Gluskie Chairman _The share price at year end had not caught up with the large rally in net asset backing • This has created an opportunity for interested buyers of WHF shares • A share acquired 10% below asset backing provides an i
Slide 10: Results: Investment Performance
_2024 Results: Investment Performance For personal use only Will Seddon Director 20% 18% _Strong 2nd half rally 16% 14% • The Whitefield portfolio generated a 20% return for the full year, reflecting the sharp market rally from 12% November to March 10% 8% • Strength in return from a range of contri
Slide 11: Results: Investment Performance
_2024 Results: Investment Performance For personal use only Will Seddon Director _Notes Past performance reflects economic conditions and management over the years shown and should not be considered a forecast of future outcomes. Performance for periods greater than 1 year shown as an annualised equ
Slide 12: Underlying inflation will be higher in coming decades
Underlying inflation will be higher in coming decades as key sources of disinflation have been For personal use only Will Seddon Director exhausted... Globalisation has peaked. Globally tariffs are bottoming. Unionisation is bottoming. 12
Slide 13: Manageable inflation can drive economic and equity performance
...and this can be a positive driver of economic and equity market performance if kept under For personal use only Will Seddon Director control. Economies benefit from more …and a return to relatively more Elevated inflation is associated constructive costs of capital… sustainable debt levels. with
Slide 14: Governments increasingly active in industries and markets
Governments have been increasingly active in industries and markets, in response to the For personal use only Will Seddon Director challenges we are facing... Government spending rising Tighter financial regulations Demographic challenges since late 1990’s. since the GFC. continue to intensify. 14
Slide 15: New challenges likely to draw further government involvement
...and there are new challenges ahead of us which are likely to draw further government For personal use only Will Seddon Director involvement… Climate initiatives will need to Actions must be taken to Geopolitical tensions mean increase significantly. secure supply chains. military spend will rise.
Slide 16: High government involvement associated with strong growth and returns
Periods of high government involvement historically have been associated with strong For personal use only Will Seddon Director economic growth, and equity market returns. Constructive involvement by Stronger economic growth Equity market performance governments in market-based economies can be a po
Slide 17: Elevated inflation and government involvement may favour WHF's portfolio
An emerging period of elevated inflation and government involvement may be favourable for For personal use only Will Seddon Director WHF’s portfolio over upcoming periods. Strong nominal economic growth Government involvement can WHF’s systematic approach to supports company profit growth. create ne
Slide 18: Portfolio emphasising quality businesses
WHF’s portfolio is emphasising quality businesses whose earnings are unlikely to be as adversely For personal use only Will Seddon Director affected by current conditions as many fear. Greater emphasis to oversold Lesser emphasis to expensive WHF Exposure v Benchmark interest rate sensitives. or thr
Slide 19: FY 2024: A final thought
_FY 2024: A final thought Australian shares in a higher inflation environment For personal use only Angus Gluskie Chairman In a higher inflation environment, exposure to growth assets is essential: • Shares can provide an investor with exposure to businesses whose revenue, profits and asset values a
Slide 20: Important Information
_Important Information For personal use only General, Limited Commentary: This document contains information about Whitefield and the markets in which it operates. The document is limited in scope and accordingly may not contain all the information necessary for an investor to make an investment dec
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