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Heartland New Zealand Limited Company Fact Sheet ABOUT HEARTLAND Heartland New Zealand Limited (Heartland) products across the household, business and services group. Heartland’s focus is now on is a holding company for a specialist financial rural sectors, establishing a leading position continuing to grow quality sustainable earnings services group operating in New Zealand and in its target markets. It has a diversified asset and improving return on equity, which will be Australia. Its strategy is to seek opportunities base, balanced geographic footprint and a achieved through a combination of: where it can provide innovative, market-leading widespread depositor base. • Leveraging its position and extending its products in niche areas within the household, • Heartland Seniors Finance, the largest non- reach in existing core markets, including business and rural sectors. Execution of this bank provider of reverse mortgages in the through investment in technology to enhance strategy is achieved through development Australian market, which Heartland acquired distribution to specific market segments; of specialist products targeting customers in April 2014. • Continuing the development of specialist whose requirements are not being met by the • MARAC Insurance Limited which offers a products; and mainstream banks. range of insurance products. • Pursuing acquisition opportunities that offer Heartland’s principal businesses are: Since its listing on the NZX Main Board in a good strategic fit, competitive advantage, • Heartland Bank Limited (Heartland Bank) February 2011, Heartland has successfully potential for growth and are value accretive. which was registered as a bank in December progressed through several strategic phases, 2012. Heartland Bank offers specialist establishing itself as a specialist financial KEY FINANCIALS 12 months 12 months 12 months 12 months to June 2012 (NZ$m) to June 2013 (NZ$m) to June 2014 (NZ$m) to June 2015 (NZ$m) Net interest income 83.6 95.5 109.1 134.4 Net other income 11.8 11.8 13.5 10.5 Net operating income1 95.4 107.3 122.6 144.9 Expenses 65.6 70.3 64.7 68.4 Profit before impairments and tax 29.8 37.0 57.9 76.5 Impaired asset expense 5.6 22.5 5.9 12.1 Decrease in fair value of investment properties 3.9 5.1 1.2 - Net profit before tax 20.3 9.4 50.8 64.4 Tax (3.3) 2.5 14.8 16.2 Net profit after tax (reported) 23.6 6.9 36.0 48.2 Net profit after tax (adjusted2) 14.0 24.4 36.0 48.2 Total Net Receivables3 2,133.8 2,068.7 2,632.3 2,886.6 Cost to Income 69% 66% 53% 47% Return on Equity (adjusted2) 4.2% 6.5% 9.0% 10.4% Earnings per Share (adjusted2) 4c 6c 9c 10c 1 Net operating income includes share of MARAC Insurance profit 2 2012 adjusted for $9.6m one-off tax benefits; 2013 added back change in strategy provisions ($18.0m), management fee ($6.1m), management expenses ($0.2m) 3 Total net receivables include consumer, residential mortgages, property (including investment property), plant & equipment, business, invoice finance, livestock, other rural and reverse mortgages. Other asset categories (e.g. cash, investments etc.) are not included Heartland New Zealand Limited I Company Fact Sheet I September 2015 1 HEARTLAND’S STRATEGIC TRANSITION Strategic changes to Heartland’s balance sheet composition have repositioned the asset mix to successfully align with the strategy of occupying leading positions in niche markets, resulting in increased earnings per share and return on equity. Execution of this strategy has also resulted in Heartland Bank achieving a stronger net interest margin than the Australian and New Zealand-owned banks operating in New Zealand. 30 June 2011 30 June 2015 Interest Margins as at September 2014 6.0% Non-core Non-core property2 property2 NZ$187.1m NZ$27.0m 5.0% Bank overlap1 Bank overlap1 NZ$524.7m NZ$513.0m 4.0% 3.0% 2.0% 1.0% Specialised & low Specialised & low contestability contestability NZ$1,030.0m NZ$2,346.5m 0% |||||||||| BNZ Total Net Total Net Bank 3 3 TSB Bank Kiwibank SBS Bank ASB Bank Receivables Receivables ANZ Bank Westpac NZ Westpac NZ$1.7b NZ$2.9b Co-Operative Heartland Bank 1 Bank overlap assumed to be residential mortgages and 50% of business and rural 2 Includes investments properties 3 Total net receivables includes consumer, residential mortgages, property (including investment property), Source: KPMG Financial Institutions Performance Summary - Review of 2014 plant & equipment, business, invoice finance, other rural and reverse mortgages. Other asset categories (e.g. cash, investments etc.) are not included. DIVISIONAL OVERVIEW Heartland’s business focuses on three key sectors: household, business and rural. Within these sectors, Heartland’s strategy is to focus on niche market segments where it can be the leading provider of specialist products. HOUSEHOLD BUSINESS RURAL Residential Consumer Seniors Finance Mortgages Strategy Continued growth Grow existing book Continued reduction Expand product range Target sub sectors of existing motor through increased of portfolio to align for small-to-medium within the agri- vehicle finance market awareness, with strategy to focus sized businesses business financing book through direct advertising and on niche product to further support market that are and intermediated strengthening of categories business growth and under-banked by the channels distribution network short term working mainstream banks Development of Pursuing new capital needs, specialist products, product development including through including through opportunities for development of new development of new aged care sector in technology technology Australia Market leading Specialist provider of Leading provider of Specialist products Specialist products positions and intermediated motor reverse mortgages in include invoice include livestock specialist products vehicle finance New Zealand finance, asset finance, finance, farm Specialist provider online business call transition loan of reverse mortgages account in Australia Gross receivables as NZ$749m NZ$340m/AU$424m NZ$79m NZ$806m NZ$489m at 30 June 2015 Average loan size as NZ$15k NZ$92k/AU$111k NZ$51k NZ$112k NZ$200k at 30 June 2015 Heartland New Zealand Limited I Company Fact Sheet I September 2015 2 SHARE PRICE CHART AND RELATIVE PERFORMANCE TO NZ50G In the three years to 30 June 2015, Heartland’s share price has appreciated 121%. Total shareholder COMPANY return (TSR) (share price appreciation and dividends received) has been 168% over the same period. INFORMATION [Note: The NZ50G calculates TSR on the basis that dividends are reinvested.] Heartland New Zealand Limited Three Year Relative Performance 35 Teed Street 300 Newmarket HNZ NZ50G 275 Auckland 1023 New Zealand 250 225 PO Box 9919 Newmarket 200 Auckland 1149 175 New Zealand Index Value Index 150 Telephone: +64 9 927 9025 125 Email: [email protected] 100 75 Website: www.heartland.co.nz Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 DIVIDENDS 5 4.5 REGISTRY 4 INFORMATION 3.5 3 Link Market Services 2.5 Level 7, Zurich House Cents 2 21 Queen Street 1.5 Auckland 1010 1 New Zealand 0.5 0 Telephone: +64 9 375 5998 2013 2014 2015 Special Interim Final Email: [email protected] Heartland will determine dividends (both interim and final) based on its net profit after tax, subject Website: www.linkmarketservices.com to maintaining a prudent level of capital for its needs. Heartland’s capital needs will vary from time to time, depending on a range of factors (including regulatory and credit rating requirements, general economic conditions, current and expected growth and the mix of business). A key objective is to ensure an appropriate balance between maximising shareholder returns, and protecting the interests of depositors through prudent capital management. RESEARCH COVERAGE Company Analyst Email Deutsche Craigs Dennis Lee [email protected] GOVERNANCE First NZ Capital Greg Main [email protected] BOARD OF DIRECTORS Forsyth Barr James Bascand [email protected] Geoffrey Ricketts Independent Chairman, Chair Governance, SHARE INFORMATION Remuneration & Capital Committee NZX code HNZ Jeffrey Greenslade First listed on NZX 1 February 2011 Managing Director Share price at 30/06/15 $1.17 Graham Kennedy Shares on issue at 30/06/15 469,890,280 Independent Director, Chair Audit Market capitalisation at 30/06/15 $549,771,628 & Risk Committee Average monthly trading for 12 months to 30/06/15 17.7 million shares Christopher Mace Share price high/low for 12 months to 30/06/15 $0.94/$1.41 Independent Director FY15 gross dividend yield* 8.9% Jane Taylor Financial year end 30 June Independent Director NZX industry sector Services / Finance & Other Services Indices NZX 50, NZX 50 Portfolio, NZX MidCap, NZX All Gregory Tomlinson Non-Independent Director * Includes full imputation credits at 30 June share price of $1.17 on dividends relating to FY15 year All currency is NZ$ unless otherwise indicated Heartland New Zealand Limited I Company Fact Sheet I September 2015 3 HISTORY January 2011: Heartland draws together a LEADERSHIP series of savings and loan businesses with roots EXECUTIVE TEAM that date back to 1875: CBS Canterbury, Southern Cross and MARAC to form Heartland Building Jeff Greenslade Society. Managing Director • CBS Canterbury - delivering banking services Jeff has over 20 years’ to the Household, Business and Rural sectors experience as a senior within the Canturbury region. banking executive • Southern Cross – providing financial services and is responsible for customers throughout the North Island. for the strategy and operational delivery • MARAC – supporting the growth of small-to- of Heartland. Jeff medium sized New Zealand businesses with joined the Heartland a range of finance, investment and insurance group in 2009 as solutions. Chief Executive Officer of MARAC Finance Limited (MARAC), one of Heartland Bank’s predecessor entities.
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