Heartland ASX CEO Connect presentation

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info

NZX/ASX release
20 June 2023

Heartland ASX CEO Connect presentation

Heartland Group Holdings Limited’s (Heartland) (NZX/ASX: HGH) Chief Executive Officer, Jeff
Greenslade, will give the attached presentation to the ASX CEO Connect event today, Tuesday 20
June 2023.

Heartland’s presentation is scheduled to commence at 1.20pm NZST (11.20am AEST).

Shareholders can join the virtual event from this link: https://events.blackthorn.io/en/90h3Je6/asx-
ceo-connect-june-2023-4a4b2eZEjy/overview

– ENDS –

The person(s) who authorised this announcement:

Jeff Greenslade
Chief Executive Officer

For further information, please contact:

Nicola Foley
Group Head of Communications
+64 27 345 6809
nicola.foley@heartland.co.nz
Level 3, Heartland House, 35 Teed Street, Newmarket, Auckland, New Zealand

---

Page 1
Heartland Group Holdings Limited
(ASX: HGH)
CEO Connect
20 June 2023

Page 2
Information
The presentation (the Presentation) contains only summary information about the
Company, its subsidiaries (together, the Group) and their activities that is current as
of the date of this presentation. No person is under any obligation to update this
presentation at any time after its release.
The information in this presentation is of a general nature and does not purport to be
complete nor does it contain all the information which a prospective investor may
require in evaluating a possible investment in the Company or that would be required
in a product disclosure statement for the purposes of the Financial Markets Conduct
Act 2013 (FMCA). The Company is subject to disclosure obligations that require it to
notify certain material information to NZX Limited (NZX) and ASX Limited (ASX). This
presentation should be read in conjunction with the Company's financial statements
for the half year ended 31 December 2022 and other periodic and continuous
disclosure announcements released to NZX and ASX (which are available at
www.nzx.comand www.asx.com.auunder the ticker code "HGH"). No information
set out in this presentation will form the basis of any contract.
The information in the Presentation has been prepared with due care and attention,
but its accuracy, correctness and completeness cannot be guaranteed. To the
maximum extent permitted by law, no person (including any member of the Group
and their respective directors, shareholders and employees) will be liable to any other
person for any loss arising in connection with the Presentation.
Not financial product advice
The information in this presentation is of a general nature and does not constitute
legal, financial, tax, accounting, financial product or investment advice or any
recommendation to acquire the Company’s securities.
Non-GAAP measures
This presentation contains references to non-GAAP measures including underlying
profit or loss, underlying ROE, underlying CTI ratios and underlying EPS. A
reconciliation between reported and the non-GAAP measure of underlying financial
information is included in Heartland’s 1H2023 results announcement at
www.heartlandgroup.info.
Because Heartland complies with accounting standards, investors know that
comparisons can be made with confidence between reported profits and those of
other companies, and there is integrity in Heartland’s reporting approach. These non-
GAAP figures are provided as a supplementary measure for readers to assess
Heartland’s performance alongside NZ GAAP reported measures, where one-offs,
both positive and negative, can make it difficult to compare profits between years.
However, these non-GAAP measures do not have standardisedmeanings prescribed
by GAAP and should not be viewed in isolation nor considered a substitute for
measures reported in accordance with NZ GAAP.
Non-GAAP financial information has not been subject to review by
PricewaterhouseCoopers, Heartland’s external auditor.
All amounts are in New Zealand dollars unless otherwise indicated. Financial data in
this presentation is as at 31 December 2022 unless otherwise indicated. Any other
financial information provided as at a date after 31 December 2022 has not been
audited or reviewed.
Forward-looking statements
This presentation contains certain forward-looking statements with respect to the
financial condition, results of operations and business of the Group. Forward-looking
statements can generally be identified by the use of words such as 'project', 'foresee',
'plan', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will' or
similar expressions. Forward-looking statements in this presentation include
statements regarding Heartland’s strategies and future plans and Heartland’s future
financial performance. Any indications of future earnings or financial position or
performance and future distributions are also forward-looking statements.
Those plans and projections reflect current expectations, but are inherently subject to
risk and uncertainty, and may change at any time. All such forward-looking
statements involve known and unknown risks, significant uncertainties, assumptions,
contingencies, and other factors, many of which are outside the control of the Group,
which may cause the actual results or performance of the Group to be materially
different from any future results or performance expressed or implied by such
forward-looking statements. Such forward-looking statements speak only as of the
date of this presentation. Except as required by law or regulation (including the NZX
Listing Rules and the ASX Listing Rules), the Group undertakes no obligation to
update these forward-looking statements for events or circumstances that occur
subsequent to the date of this presentation or to update or keep current any of the
information contained herein. Any estimates or projections as to events that may
occur in the future (including projections of revenue, expense, net income and
performance) are based upon the best judgement of the Company from the
information available as of the date of this presentation. A number of factors could
cause actual results or performance to vary materially from the projections. There is
no assurance that those plans will be implemented or that projections will be realised.
You are strongly cautioned not to place undue reliance on any forward-looking
statements, particularly in light of the current economic climate.
Past performance
Past performance information provided in this presentation is given for illustrative
purposes only and should not be relied upon as (and is not) a promise, representation,
warranty or guarantee as to the past, present or future performance of the Group.
The Company does not guarantee the performance of the Group or any return on any
securities of the Company.
General
For the purposes of this Disclaimer "presentation" means the slides, any oral
presentation of the slides by the Company, any question-and-answer session that
follows that oral presentation, hard copies of this presentation and any materials
distributed at, or in connection with, that presentation.
The information and opinions contained in this presentation are provided as at the
date of this presentation and are subject to change without notice.
Disclaimer
This presentation has been prepared by Heartland Group Holdings Limited (NZX/ASX: HGH)
(the Companyor Heartland) for the purpose of a management presentation.

Page 3Page 3
01
About HeartlandPage 4
02
Investment propositionPage 10
03
OutlookPage 15
04
AppendixPage 18
Contents

Page 4
About Heartland
Page 4

Page 5
•Heartland is an Australasian financial services
group, listed on the NZX Main Board and the ASX
under a Foreign Exempt Listing (NZX/ASX: HGH).
•Market cap in excess of NZ$1bn.
•“Best or only” product strategy with a commitment
to digitalisationand a reduction in cost to income
(CTI) ratio.
•Significant opportunity for growth in New Zealand
and Australia.
A specialist financial services
group with “best or only”
products.
Page 5

Page 6
More than 145 years of doing things differently
Heartland’s origins date back to 1875 where it started as a small building society in New Zealand. In 2011,
following the wake of the Global Financial Crisis, that building society merged with several other Kiwi financial
institutions to become Heartland. Growth through acquisition has remained a core part of Heartland’s strategy.
Ashburton Permanent
Building & Investment Society
established, later merged
with SMC Building Society
and Loan & Building Society
to become CBS Canterbury.
FY2013FY2016FY2022
MARAC Finance
established to
support the growth
of small to medium
sized businesses.
Southern Cross, CBS Canterbury and MARAC merged to
create Heartland Building Society, later acquiring PGG
Wrightson Finance. Heartland listed on the NZX.
Australian Seniors Finance
acquired.
Corporate restructure
completed. Heartland Bank
became a wholly-owned
subsidiary of new parent
company, Heartland Group
Holdings Limited, which
listed on the NZX and ASX.
Announced intention to
acquire Challenger Bank
Limited (Challenger Bank).
Southern Cross opened in
Auckland offering North Island
customers investments, savings,
loans and day to day accounts.
Australian Seniors Finance
is established to support
Australians in retirement.
Heartland Building Society converted
from a building society to a company
and became Heartland Bank.
Heartland granted its bank registration
by the Reserve Bank of New Zealand.
Heartland Bank amalgamated
with its parent company,
Heartland New Zealand.
StockCo Australia acquired.
Total assets A$435m
Total assets A$1.3bnTotal assets A$375m
Total assets A$555m
ReportedNPAT(NZ$m)
6.936.054.273.695.1109-114
2
Totalassets(NZ$bn)
2.53.03.54.97.17.4
3
Total assets A$714m
Total assets A$341m
1
Total assets ~A$301m
4
Note:Years prior to 2013 represent calendar years and years from 2013 onwards represent financial years.
1
As at 28 February 2022.
2
Underlying NPAT guidance range for FY2023.
3
As at 31 December 2022.
4
Estimated total asset position upon completion.
187519572011FY2014FY2019FY2023
1923
2004

Page 7
NEW ZEALAND
•New Zealand’s leading provider of reverse mortgages.
AUSTRALIA
•Leading active provider of reverse mortgages, holding to
~37% market share in December 2022.
2
•Leading provider of specialist livestock finance for
Australian food producers.
Best or only finance
BUSINESS AS USUAL GROWTH
Continuing to maximisecurrent positioning while expanding
product variations.
FRICTIONLESS SERVICE AT THE LOWEST COST
Investing in technology and improving customer experience while
lowering costs through removing ‘friction’ (processes and tasks
that can be automated or accessed through self-service platforms).
EXPANSION IN AUSTRALIA
Growing Reverse Mortgages while broadening our offering both to
the senior demographic and in areas where we have expertise, and
where it meets our “best or only” model, e.g. livestock and,
following completion of the Challenger Bank acquisition (subject to
APRA and RBNZ approval), small business and consumer lending.
ACQUISITIONS
Exploring the addition of businesses or products which fit
strategically, add value or technology. Taking advantage of
ongoing dislocation in the non-bank lending space.
Rather than do what's been done, Heartland focuses on providing products that are the best or only of
their kind, through scalable digital platforms. This is underpinned by the following four strategic pillars.
RECOGNISED AND MARKET LEADING PRODUCTS
1
1
Select awards presented only.
2
Based on APRA authoriseddeposit-taking institution (ADI) Property Exposure and
Heartland Finance data. Market size based on Australian reverse mortgages issued by ADIs only.

Page 8
22%
15%
14%
11%
11%
10%
9%
4%
2%
1%
76%
24%
NZ$150m
NOI by geography (1H23)
5
Heartland’s current businesses
1
Refers to Heartland Bank.
2
Online Home Loans includes a small portfolio of residential mortgages.
3
O4B includes a small portfolio in Australia.
4
Personal lending includes a small Australian
personal lending portfolio which is currently in run-off and Well-Life Loans AU.
5
Net operating income (NOI) calculated as sum of net interest income and other operating income.
Australia
New Zealand
72%
28%
NZ$6.5bn
Loan book by geography (Dec-22)
Loan book by segment (Dec-22)
NOI by segment (1H23)
5
22%
22%
12%
10%
10%
9%
6%
5%
2%
1%
Business
NZ Reverse Mortgages
Asset Finance
Rural NZ
O4B
3
Motor Finance
AU Reverse Mortgages
Personal Lending
4
Livestock AU
Online Home Loans
2
NEW ZEALAND
1
CORE
Motor Finance
Loans to assist customers to purchase a motor vehicle or boat, secured
over the relevant asset.
Reverse Mortgages
(New Zealand)
Enable older home-owners to release some of the equity in their home to
help them live a more comfortable retirement.
Asset Finance
Business loans to small-to-medium businesses for a variety of purposes,
including plant/equipment and working capital.
Rural (New Zealand)
Rural loans including financing for 100% of stock purchases, refinancing/
purchasing of a sheep or beef farm or dairy farm.
DEVELOPING/LEGACY
Online Home Loans
2
Residential mortgages for purchasing residential property or refinancing an
existing residential mortgage, available through an online platform.
Business
Includes floorplan lending to vehicle retailers and wholesale facilities to
other lenders.
Open for Business
(O4B)
3
Term loans to small-to-medium businesses for multiple purposes, available
through an online platform.
Personal Loans
4
Unsecured loans to individuals.
AUSTRALIA
CORE
Heartland Finance,
Reverse Mortgages
(Australia)
Enable older home-owners to release some of the equity in their home to
help them live a more comfortable retirement.
StockCo Australia,
Livestock Finance
Finance to cover up to 100% of the livestock purchase. StockCo Australia
pays the purchase invoice directly with no repayments required from the
customer until the livestock are sold.
NZ$6.5bn
NZ$150m

Page 9
Note:All figures in NZD.
1
Refer to Heartland’s 1H2023 results announcement at www.heartlandgroup.infofor a reconciliation between reported and underlying net profit after tax (NPAT) result.
2
Impairment expense as a percentage of average Receivables.
3
Gross Finance Receivables (Receivables) also includes ReverseMortgages and StockCo Australia.
4
Annualised 1H2023 growth
excluding the impact of changes in foreign currency exchange (FX) rates.
5
Excluding any impacts of fair value changes on equity investments held and the impact of the de-designation of derivatives.
REPORTEDUNDERLYING
Financial
performance
Net interest income$138.9m12.1% vs 1H2022$140.8m13.6% vs 1H2022
Operating expenses$63.4m10.8% vs 1H2022$63.9m13.3% vs 1H2022
NPAT
1
$48.7m2.4% vs 1H2022$54.7m16.2% vs 1H2022
Net interest margin3.97%34 bps vs 1H20224.02%


29 bps vs 1H2022
8 bps vs 2H2022
CTI ratio44.8%94 bps vs 1H202242.7%40 bps vs 1H2022
Impairment expense ratio
2
0.29%4 bps vs 1H2022
Financial
return
Return on equity10.6%166 bps vs 1H202212.1%7 bps vs 1H2022
Earnings per share7.3 cps0.8 cps vs 1H20228.2 cps0.2 cps vs 1H2022
Financial
position
Receivables
3
$6,460m10.1%
4
vs June 2022
Equity$1,016m25.6% vs June 2022
Equity/total assets13.7%2.3 ppsvs June 2022
Guidance
FY2023 NPAT guidance$109m-$114m
5
1H2023 financial highlights

Page 10
Investment proposition
Page 10

Page 11
Positioned to benefit from structural tailwinds
REVERSE MORTGAGES
Addressable market estimated to be AU$10-15bn.
2
LIVESTOCK FINANCE
Addressable market estimated to be AU$7bn.
4
MOTOR FINANCE
Addressable market estimated to be $35bn.
8
Strong structural tailwinds are supporting Heartland’s target growth sectors in Australia.
1
1
Heartland does not currently have a motor finance business in Australia. Heartland intends to consider offering motor financein the Australian market following completion of the Challenger Bank acquisition, which is subject to APRA and RBNZ approval.
2
Heartland internal analysis based on information from the ABS, Census and Deloitte. Market size based on reverse mortgage lending from banks and non-banks.
3
Sourced from ARC Centre of Excellence in Population Ageing Research as at August 2022.
4
Based on ABS total rural debt and StockCo Australia data.
5
Sourced from OECD-FAO Agricultural Outlook 2022-2031 as at 2022. MT CWE denotes megaton carcass weight equivalent.
6
Sourced from IBISWorld Beef Cattle Farming in Australia report dated
August 2022.
7
Sourced from OECD-FAO Agricultural Outlook 2021-2030.
8
Annual lending includes consumer and commercial lending segments (see ABS 5601.0 Table 7 LTM to June 2020, and ABS 5671.0 Table9 LTM
to November 2018 (ABS discontinued ABS 5671.0 in November 2018)).
9
Based on IBISWorld New Passenger Motor Vehicle Sales report dated April 2023. Forecasted data from 2023 onwards New passengermotor
vehicles are constructed primarily for the carriage of persons and containing up to nine seats (including the driver's seat).Included are cars, station wagons, four-wheel drive passenger vehicles, campervans and passenger
vans or mini buses with fewer than 10 seats.
10
Sourced from Carsales “Acquisition of further 40% of webmotorsand Equity Raising” presentation dated 8 March 2023.
11
Australia Freight and Logistics Market to 2027.
MARKET DYNAMICS
•Proportion of Australian population aged 65+ is expected to
reach 21% by 2041 (up from ~17% in 2021).
3
•Limited competition due to exit of many industry players,
including major banks.
•Increased awareness due to introduction of Government
backed Home Equity Access Scheme (HEAS) in 2019.
MARKET DYNAMICS
•Global consumption and production of beef and veal, and sheep
meat projected to increase 0.62% and 1.22% annually between
2022-2031 respectively due to a combination of income and
population growth.
5
•Rising disposable income in Asia is expected to bolster demand
for Australia’s high-quality beef.
6
•Value of sheep meat exports expected to remain high in 2023-
2024 due to record production volumes and strong demand.
7
MARKET DYNAMICS
•Australian logistics and freight market projected to grow by
5.85% from 2021-2027 (US$81bn to US$114bn).
11
•If Heartland were to provide auto lending with bank/deposit
funding, there is an opportunity to win market share against
non-banks that lack capital to grow in the current
environment.
1
4.3m
6.7m
16.8%
20.8%
'21F'22F'23F'24F'25F'26F'27F'28F'29F'30F'31F'32F'33F'34F'35F'36F'37F'38F'39F'40F'41F
Australia’s projected population aged 65+
3
Population aged 65+65+ % of Australian population
15
16
17
18
19
70
71
72
73
74
75
76
77
'22F'23F'24F'25F'26F'27F'28F'29F'30F'31F
Global projected beef, veal & sheep meat
production & consumptions (MT CWE)
5
Beef & Veal Production (LHS)Beef & Veal Consumption (LHS)
Sheep Meat Production (RHS)Sheep Meat Consumption (RHS)
707k
858k
'20A'21A'22A'23F'24F'25F'26F'27F'28F'29F'30F
New Australian passenger motor vehicle sales
9
For every new car sold, an
estimated ~3 used cars are sold
10

Page 12
Subject to regulatory approval and completion, the
intention is to transfer Heartland’s existing Reverse
Mortgage and Livestock businesses in Australia to sit
in or under Challenger Bank.
ACQUISITION BENEFITS
•Access to a deep and efficient pool of funding to
support ongoing growth across Heartland’s
Australian businesses.
•Potential uplift in margin, to the extent that retail
funding rates are less than wholesale rates.
•A platform to extend Heartland’s “best or only”
product strategy in Australia.
Outsized organic growth opportunity once
banking licence acquired
1
The acquisition of Challenger Bank will provide Heartland a significant opportunity to leverage extensive
operational experience in New Zealand to drive expansion and sustainable growth in Australia.
1
Completion of the Challenger Bank acquisition is subject to APRA and RBNZ approval.
2
Based on APRA ADI Property
Exposure and Heartland Finance data. Market size based on Australian reverse mortgages issued by ADIs only.
GROWTH SEGMENT
EXISTING EXPERTISE
Reverse Mortgages
✓Leading active provider of reverse mortgages, helping 22k customers in New Zealand and 26k
customers in Australia.
✓Australian Reverse Mortgages book has more than quadrupled since acquisition in 2014, growing
market share from ~26% in March 2020 to ~37% in December 2022.
2
Livestock Finance
✓Strong expertise from the New Zealand rural portfolio, with specialist teams in both countries.
✓StockCo Australia has been operating in Australia since 2014 and is a leading specialist livestock
financier.
✓Established direct and distributor networks.
Motor Finance
✓Leading provider of vehicle finance in New Zealand, with 65+ years’ experience.
✓Annualised 12% motor book growth sustained over last 6 months.
✓Branded white label strategy for large dealer groups assisted growing market share at the quality
end of the market.
Asset Finance
✓Heartland Bank Asset Finance has grown 20% CAGR between CY18-CY22.
✓Broker and intermediary distribution strategy enables sustainable growth.
✓Targeting customers operating in productive segments of the market where sustained growth is
demonstrated.

Page 13
Through technology, Heartland has replicated the scale of big banks, as evidenced by the CTI ratio –
with a determination to reducing CTI ratio further through ongoing automation and digitalisation.
Efficiency through automation
AUTOMATION AND DIGITALISATION INITIATIVES
•Shift customer behaviouraway from traditional
channels that are labourintensive to more digital/self
service solutions to improve customer experience and
efficiency of customer facing business units.
•Offer flexibility for customers to self manage payments,
reducing costs from both customer facing and
operations business units.
•Reduce human intervention in loan servicing and
administration through automation.
•Increase uptake of non-registered mobile app/digital
customers and callers using self-service channels.
46.8%
43.8%
43.6%
44.8%
44.8%
43.1%
42.5%
42.7%
Jun-21Dec-21Jun-22Dec-22
CTI ratio
1
Reported CTIUnderlying CTI
1
Underlying CTI ratio refers to the CTI ratio calculated using underlying results. A reconciliation between reported and underlying CTI ratio is included in Heartland’s 1H2023 results announcement at
www.heartlandgroup.info.

Page 14
STRONG TRACK RECORD OF M&A
Large inorganic growth opportunity
Heartland’s strong track record of successful M&A will be leveraged to actively
pursue further inorganic growth opportunities.
SIGNIFICANT INORGANIC GROWTH OPPORTUNITIES
Acquisitions will be explored where there is a fit with Heartland’s “best or only” product
strategy and an opportunity to add value as a means of adding scale or technology.
OPPORTUNITY
COMMENTARY
Reverse mortgages
•Acquire reverse mortgage books in Australia from major banks who
have exited the market.
Agricultural
•Consolidate agricultural finance companies in Australia to achieve
additional scale.
•Potentially acquire select portfolios from major banks who may look
to manage capital.
Non-bank lenders –
motor and asset finance
•Potential to acquire motor finance portfolios from non-bank lenders
where assets are under pressure given rising funding costs, rising
inflation and capital constraints.
Partnerships/white label
opportunities
•Opportunity to white label reverse mortgages with strategic
partners.
ACQUISITIONOVERVIEW
Challenger Bank
•Announced entry into a conditional agreement for the acquisition
of Challenger Bank, an established ADI in Australia, in October
2022.
•Completion is subject to regulatory approval.
•Several benefits, including the opportunity to add scale to
Heartland’s Australian business.
StockCo Australia
•Completed the acquisition of StockCo Australia, a specialist
livestock finance company for cattle and sheep producers in
Australia, in May 2022.
•Broadened Heartland’s Australian offering in an area where it
already has expertise in New Zealand.
Heartland Finance
•Acquired reverse mortgage provider Australian Seniors Finance in
April 2014 –the largest non-bank reverse mortgage lender in
Australia at the time.
•Benefits included expanding into Australia, leveraging Heartland’s
existing expertise and scale in New Zealand.

Page 15
Outlook
Page 15

Page 16
Outlook
Heartland has growth ambitions in New Zealand and Australia with a view to facilitating cost
efficiency and ROE expansion.
BUSINESS AS USUAL GROWTH
•Heartland Bank is focused on growing higher quality portfolio, in particular, Online Home Loans, Reverse Mortgages and Livestock.
•Increased demand expected for Reverse Mortgages in both countries where the product has proven to offer a good solution for many
seniors wanting to live a more comfortable retirement, especially as the cost of living rises.
AUTOMATION & DIGITISATION
•Ongoing commitment to reducing customer friction and increasing efficiency through digitalisationand automation, including the
upgrade of Heartland Bank’s core banking system.
•Continue to grow Heartland’s revenue line, contributing favourablyto the CTI ratio.
ACQUISITION AND EXPANSION IN AUSTRALIA
•Completion of the acquisition of Challenger Bank (subject to APRA and RBNZ approval) to enable growth of existing products, and
expansion into new markets.
•Leverage existing expertise to achieve market share growth in Reverse Mortgages and Livestock Finance in Australia.
FY2023 GUIDANCE
Heartland expects NPAT for FY2023 to be in the range of $109 million to $114 million, excluding any impacts of fair value changes on equity
investments held and the impact of the de-designation of derivatives.

Page 17
Thank you
heartlandgroup.info
Investor enquiries:
Nicola Foley
Group Head of Communications
nicola.foley@heartland.co.nz

Page 18
1
Underlying ROE refers to ROE calculated using underlying results. When calculated using reported results, ROE was 10.6%, down166 bps. A reconciliation between reported and underlying ROE is included in
Heartland’s 1H2023 results announcement at www.heartlandgroup.info.
2
Total fully imputed dividends for 1H2023 (interim) and 2H2022 (final) divided by the closing share price as at 24 February 2023 of
NZ$1.75.
3
Total fully imputed dividends for 1H2022 (interim) and 2H2021 (final) divided by the closing share price as at 14 February 2022 of NZ$2.35.
4
That is, the strike price under the DRP was 98.0% of the
volume weighted average sale price of Heartland shares over the five trading days following the Record Date. For the full details of the DRP and the Strike Price calculation, refer to the Heartland DRP offer
document dated 10 December 2018, available at www.heartlandgroup.info.
•Underlying return on equity (ROE) 12.1% (down 7 bps vs 1H2022).
1
•Earnings per share (EPS) of 7.3 cps, down 0.8 cps compared with 1H2022.
•Underlying EPS of 8.2 cps (up 0.2 cps vs 1H2022).
•Interim dividend of 5.5 cps, flat on 1H2022.
•Dividend yield of8.7%
2
(1H2022: 7.4%
3
).
•Heartland’s Dividend Reinvestment Plan (DRP) applied to the interim dividend with
a 2.0% discount.
4
6.9
7.6
8.1
7.3
5.6
7.3
8.0
FY20FY21FY22FY23
EPS (cps)
Interim EPSFinal EPS
12.0%
12.1%
12.6%
12.1%
Jun-21Dec-21Jun-22Dec-22
Underlying ROE
Appendix: Shareholder return