No Slide Title · ROC* % ROC^ % 22.8 64.2 33.6 13.2 Chemicals & Fertilisers 26.7 17.7 19.8 Hardware...
Transcript of No Slide Title · ROC* % ROC^ % 22.8 64.2 33.6 13.2 Chemicals & Fertilisers 26.7 17.7 19.8 Hardware...
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Investment ConferenceGoldman Sachs JB Were – New York
Citigroup - London
Richard GoyderManaging Director
Gene TilbrookFinance Director
March 2006
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Corporate Objective
To provide a satisfactory
return to shareholders
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Group Performance Summary
Half Year ended 31 December (A$m) 2005 2004 %
Operating Cash Flow 435.3 319.9 36.1
Dividends Per Share (cents) 65.0 53.0 22.6
Revenue 4,447.1 4,048.7 9.8
EBITDA 829.6 601.5 37.9
EBIT 707.1 511.5 38.2
Net Profit after tax 447.5 327.9 36.5
Earnings Per Share – basic (cents) 121.4 90.1 34.7
Operating Cash Flow Per Share (cents) 115.2 85.0 35.5
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Energy, A$831m
Chemicals & Fertilisers,
A$493m
Insurance, A$414mIndustrial &
Safety, A$786m
Other Businesses,
A$479m
Hardware, A$1,807m
Rolling 12 months to 31 Dec 2005
Capital Employed
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Earnings, cashflow and dividends
0
50
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2001 2002 2003 2004 2005 1H06
cents per share
EPS (A-IFRS) EPS (AGAAP) Operating cashflow per share Dividend per share
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Corporate Strategies
Enhance the performance of existing businesses
Expand existing businesses
Manage the portfolio
Pursue sustainability
1
2
3
4
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Corporate Strategies
Enhance the performance of existing businesses
Expand existing businesses
Manage the portfolio
Pursue sustainability
1
2
3
4
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Integrated Shareholder-Focused Systems
Integrated Shareholder-
FocusedSystems
People Alignment
Risk Management
Capital Approvals Performance
Objectives & Measurement
Management Accounting
Cash Management
Project Evaluation
Corporate Planning
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Performance Targets 2005/06
Group Performance
ROEA
EBITA/Capital
(ROCA)Divisional
Performance
IRRProject Evaluation
Perf
orm
ance
Tar
gets
Top quintile of ASX 100
=22%2006
20%
10% after tax
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Divisional Performance
2005 2004
Half Year ended 31 DecemberEBIT A$m
ROC*%
ROC^ %
22.8
64.2
33.6
13.2
17.7Chemicals & Fertilisers 26.7 19.8
Hardware 220.9 22.5
Energy 343.2 33.4
Insurance 63.5 30.0
Industrial & Safety 46.0 13.7
* Rolling 12 months to 31 December as reported under A-IFRS
^ Rolling 12 months to 31 December reflecting adoption of A-IFRS from 1 July 2004
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Return on Shareholders’ Funds
* Excludes sale of Girrah # Excludes sale of Landmark ^ Rolling 12 months to 31 December 2005
18.515.7 15.8
18.522.1
28.7
25.0
0
4
8
12
16
20
24
28
32
2001 2002 2003* 2004# 2005 1H 2006^
ROE %
AGAAP A-IFRS Target
exceeding group performance targets
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Corporate Strategies
Enhance the performance of existing businesses
Expand existing businesses
Manage the portfolio
Pursue sustainability
1
2
3
4
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Hardware
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HardwareStore Network
Warehouse stores 138Small format stores 74WA Salvage stores 17HouseWorks store 1
194
26
43
34
2
10
7
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3
6
23
5
1
27
18
1
As at end Feb 2006, excludes distribution centres and trade operational sites
31%
CONTRIBUTIONTO GROUP EBIT
QUICK FACTS
138 warehouse stores
74 traditional stores
45,000 product lines
22,000 employees
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HardwareFinancial Performance
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450
2001 2002 2003 2004 2005 1H 2006
EBIT A$m
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10
15
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25
30
EBIT/Capital %
First HY EBIT Full Year EBIT EBIT/Capital (R12)
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HardwareGrowth Strategies
• Continued cash sales growth in tighter retail environment
- Store-on-store cash sales growth 2.7% in 1H2006 (1.1% in first
quarter rising to 4.0% in second quarter)
• Improving trade sales growth - housing market stabilisation
• Continued expansion of store network
- 4 opened in first half, 7-9 forecast in second half
• Accelerated store upgrades
- 12 upgraded first half, 14-18 forecast in second half
• New trade distribution model and new store concepts
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Wesfarmers Energy
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Wesfarmers EnergyFinancial Performance
* Excludes Girrah A$80.5m in 2003
CONTRIBUTIONTO GROUP EBIT
41%
QUICK FACTS
1,431 employees
3 coal mines
20 coal customers
750 gas locations
264,000 gas customers
14 remote power stations
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2001 2002 2003* 2004 2005 1H 2006
EBIT A$m
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EBIT/Capital %
First HY EBIT Full Year EBIT EBIT/Capital (R12)
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Wesfarmers EnergyGrowth Strategies
• Coal
- Curragh North completion
- Premier sales development
- Bengalla production increase
- Increased coal volumes
• Gas and Power
- New gas products and markets
- Remote power opportunities
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Insurance
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InsuranceFinancial Performance
CONTRIBUTIONTO GROUP EBIT
QUICK FACTS
1,463 employees
105 branches
11%
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40
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100
120
140
160
2001 2002 2003 2004 2005 1H 2006
EBIT A$m
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EBIT/Capital %
First HY EBIT Full Year EBIT EBIT/Capital (R12)
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InsuranceGrowth Strategies
• Continue optimising reinsurance programme
• Bolt-on acquisition opportunities
• Target new segments for profitable growth
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Wesfarmers Industrial and Safety
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Wesfarmers Industrial and Safety Financial Performance
CONTRIBUTIONTO GROUP EBIT
QUICK FACTS
100,000 customers
12,000 vendors
3,300 employees
255 locations
8%
0
20
40
60
80
100
120
140
2002 2003 2004 2005 1H 2006
EBIT A$m
0
2
4
6
8
10
12
14
16
EBIT/Capital %
First HY EBIT Full Year EBIT EBIT/Capital (R12)
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Wesfarmers Industrial and SafetyGrowth Strategies
• Appointment of new CEO, Mr Terry Bowen (October 05)
• Restructure business model around trading streams
• Improve customer service in each business
• Review product range and network performance
• Improve internal efficiencies and processes
• Benefits from continued spending in mining and
infrastructure
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Chemicals and Fertilisers
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Chemicals and Fertilisers Financial Performance
CONTRIBUTIONTO GROUP EBIT
QUICK FACTS
570 employees
360 chemical customers
2 major fertiliserdistributors servicingover 5,000 farmers
16 operationalmanufacturing plants
7%
0
10
20
30
40
50
60
70
80
90
100
2001 2002 2003 2004 2005 1H 2006
EBIT A$m
0
2
4
6
8
10
12
14
16
18
20
EBIT/Capital %
First HY EBIT Full Year EBIT EBIT/Capital (R12)
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Chemicals and FertilisersGrowth Strategies
• Kwinana AN expansion
- duplication of capacity to 470,000 tpa
- construction commenced February 2006
- completion expected second half 2007
• Feasibility study on expansion at QNP (50% owned)
• Capacity expansion through debottlenecking
• Liquid fertilisers – development of new markets
• Development of export markets for sodium cyanide
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Other Businesses
Australian Railroad Group (50% interest)
Gresham Private Equity
Wespine (50% interest)
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Sale of ARG
• Wesfarmers and G&W agreed to sell 100% for A$1.3bn enterprise value
- Queensland Rail: above rail
- Babcock & Brown: below rail
- South Australia disaggregated (“ASR”)
• Wesfarmers to sell its 50% of ASR to G&W for A$20m
• Sales subject to approvals, licences etc.
• Profit before tax for Wesfarmers, approximately A$235m, subject to completion adjustments
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Gresham Private Equity
• Virgin Active sold November 2005
(gross IRR of 34.5%)
• EROC sold January 2006 (4 times
multiple)
• Further exits over next several years
Fund 1 Fund 2
• Current commitment A$323m
(Wesfarmers A$150m)
• Pacific Print Group (50%) acquired
November 2006, enterprise value
A$190m
CURRENT INVESTMENT PORTFOLIO
Norcros Riviera Raywood
CURRENT INVESTMENT PORTFOLIO
Noel Australian Pacific PrintLeeming Pacific Paper Group
Products
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Corporate Strategies
Enhance the performance of existing businesses
Expand existing businesses
Manage the portfolio
Pursue sustainability
1
2
3
4
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Capital Expenditure & Depreciation
0
150
300
450
600
750
900
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06F
A$m
Capital Expenditure Acquisitions Depreciation
A$2.0b
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Capital Expenditure Programme 2005/06 Estimate
A$775m
Industrial & SafetyA$23m
Chemicals & Fertilisers
A$99m
Hardware A$268m
InsuranceA$28m
EnergyA$357m
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Net Debt/Equity
72.6
43.8
28.2
45.555.8
74.1
62.6
0
10
20
30
40
50
60
70
80
2001 2002 2003 2004 2005 1H 2006
%
AGAAP A-IFRIS
Target
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Corporate Strategies
Enhance the performance of existing businesses
Expand existing businesses
Manage the portfolio
Pursue sustainability
1
2
3
4
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Company Sustainability
• Financial performance
• Safe and rewarding workplaces
• Good value products and services
• Respect for customers and suppliers
• Environmental responsibility
• Ethical dealings
• Community contribution
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Key Success Factors
Financial Focus
Strict Disciplines
Building Growth-Enabling Competencies
Culture
1
2
3
4
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For all the latest news visitwww.wesfarmers.com.au