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2020 Annual Report

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2020 Annual Report Annual Report 2021 ABOUT WESFARMERS ABOUT THIS REPORT From its origins in 1914 as a Western This annual report is a summary accounting standard and may not Australian farmers’ cooperative, Wesfarmers of Wesfarmers and its subsidiary be directly comparable with other has grown into one of Australia’s largest companies’ operations, activities and companies’ information. Non-IFRS listed companies. With headquarters in financial performance and position as at financial measures are used to enhance Perth, Wesfarmers’ diverse businesses in 30 June 2021. In this report references to the comparability of information this year’s review cover: home improvement, ‘Wesfarmers’, ‘the company’, ‘the Group’, between reporting periods. Non-IFRS outdoor living and building materials; general ‘we’, ‘us’ and ‘our’ refer to Wesfarmers financial information should be merchandise and apparel; office and Limited (ABN 28 008 984 049), unless considered in addition to, and is not technology products; manufacturing and otherwise stated. intended to be a substitute for, IFRS distribution of chemicals and fertilisers; References in this report to a ‘year’ are financial information and measures. industrial and safety product distribution; to the financial year ended 30 June 2021 Non-IFRS financial measures are not and gas processing and distribution. (previous corresponding period subject to audit or review. Wesfarmers is one of Australia’s largest 30 June 2020) unless otherwise stated. All All references to ‘Indigenous’ people private sector employers with approximately dollar figures are expressed in Australian are intended to include Aboriginal and/or 114,000 team members and is owned by dollars (AUD) unless otherwise stated. Torres Strait Islander people. more than 483,000 shareholders. References to AASB refer to the Wesfarmers is committed to reducing Australian Accounting Standards Board the environmental footprint associated and IFRS refers to the International with the production of this annual report Financial Reporting Standards. There and printed copies are only posted to are references to IFRS and non-IFRS shareholders who have elected to receive financial information in this report. a printed copy. This report is printed on Non-IFRS financial measures are environmentally responsible paper financial measures other than those manufactured under ISO 14001 defined or specified under any relevant environmental standards. APPENDIX 4E For the year ended 30 June 2021 Results for announcement to the market 2021 2020 Revenue from continuing operations Up 10.0% to $33,941 million $30,846 million Profit after tax attributable to members from continuing operations Up 46.7% to $2,380 million $1,622 million Net profit for the full-year attributable to members Up 40.2% to $2,380 million $1,697 million Net tangible asset per ordinary share1 $5.14 $4.89 Operating cash flow per share $2.99 $4.02 Dividends Amount per security Franked amount per security Interim dividend 88 cents 88 cents Final dividend 90 cents 90 cents Total FY2021 dividend 178 cents 178 cents Previous corresponding period: Interim dividend 75 cents 75 cents Final dividend 77 cents 77 cents Special dividend2 18 cents 18 cents Total FY2020 dividend 170 cents 170 cents Record date for determining entitlements to the dividend 5:00pm (AWST) on 2 September 2021 Last date for receipt of election notice for Dividend Investment Plan 5:00pm (AWST) on 3 September 2021 Date the final dividend is payable 7 October 2021 Capital management Amount per security Return of capital to shareholders (proposed for payment on 2 December 2021)3 200 cents 1 The calculation of net tangible asset per ordinary share includes right-of-use assets and lease liabilities. 2 The fully-franked special dividend relates to the after-tax profit on the sale of the Group’s 10.1 per cent interest in Coles Group Limited (Coles) during FY2020. 3 The proposed return of capital is subject to shareholder approval at the Wesfarmers Annual General Meeting on 21 October 2021. Contents OVERVIEW Group structure 2 Our primary objective 3 Performance highlights 4 Our strategic priorities 5 Performance overview 6 Chairman’s message 8 Managing Director’s report 10 Leadership Team 12 OPERATING Operating and financial review 14 AND FINANCIAL Bunnings 26 REVIEW Kmart Group 32 Officeworks 40 Chemicals, Energy and Fertilisers 46 Industrial and Safety 52 Other activities 58 Group sustainability performance 59 Climate-related financial disclosures 68 Independent Limited Assurance Statement 81 GOVERNANCE Board of Directors 82 Corporate governance overview 84 DIRECTORS’ Directors’ report 89 REPORT Remuneration report 94 FINANCIAL Financial statements 123 STATEMENTS Notes to the financial statements 129 SIGNED Directors’ declaration 172 REPORTS Independent auditor’s report 173 SHAREHOLDER Five-year financial history 177 AND ASX Shareholder information 178 INFORMATION Investor information 179 Corporate directory 180 Wesfarmers 2021 Annual Report 1 Overview BACK Group structure Chemicals, Industrial Other Bunnings Kmart Group Officeworks Energy and Corporate and Safety activities Fertilisers (50%) (50%) (24.8%) (50%) (50%) (75%) (50%) (4.9%) 2 Wesfarmers 2021 Annual Report Our primary objective To deliver a satisfactory return to shareholders. We believe it is only possible to achieve this over the long term by: anticipating the needs of our looking after our team customers and delivering members and providing a safe, competitive goods and services fulfilling work environment engaging fairly with our supporting the communities suppliers, and sourcing in which we operate ethically and sustainably taking care of acting with integrity and the environment honesty in all of our dealings Wesfarmers 2021 Annual Report 3 Overview BACK Performance highlights REVENUE NET PROFIT AFTER TAX DIVIDENDS PER SHARE $33.9b $2.4b $1.78 10.0% 16.2% Fully franked From continuing operations PROPOSED CAPITAL and excluding significant RETURN PER SHARE items $2.00 SALARIES AND WAGES GOVERNMENT TAXES COMMUNITY AND OTHER CHARGES CONTRIBUTIONS $5.3b $1.3b $55m Direct and indirect community contributions SAFETY INDIGENOUS GREENHOUSE TEAM MEMBERS GAS EMISSIONS SCOPE 1 & 2 8% 2,994 1,476ktCO2e Reduction in total Increasing from 1.9% to 2.8% recordable injury of our Australian workforce 9% frequency rate to 9.6 4 Wesfarmers 2021 Annual Report 01 OVERVIEW Our strategic priorities 02 FINANCIAL REVIEW FINANCIAL OPERATING AND DEVELOP A MARKET- LEADING DATA AND DIGITAL ECOSYSTEM 03 Leverage scale and unique assets to develop a data and GOVERNANCE digital ecosystem that will provide customers with a more seamless and personalised digital experience across the Wesfarmers retail businesses INVEST IN PLATFORMS FOR 04 LONG-TERM GROWTH REPORT DIRECTORS’ Continue to invest in and develop opportunities that will enable the Group to build scale in areas where there are strong growth prospects 05 ACCELERATE THE STATEMENTS FINANCIAL PACE OF CONTINUOUS IMPROVEMENT Maintain an agile approach and momentum, reinforce price leadership, adjust to changes in customer demand and deliver process improvements 06 SIGNED REPORTS SIGNED PROGRESS TOWARDS FOCUS ON ETHICAL FOSTER DEVELOPMENT, NET ZERO SOURCING AND DIVERSITY AND INCLUSION Deliver progress towards our net HUMAN RIGHTS Provide safe, engaging and zero Scope 1 and 2 emissions Collaborate with global peers, inclusive environments for ambitions for our retailers by non-government organisations team members, and continue 2030 and industrials businesses and others to mitigate risks and progress towards employment by 2050 parity for Aboriginal and enhance human rights in our 07 supply chains Torres Strait Islanders in our Australian workforce INFORMATION ASX AND SHAREHOLDER Wesfarmers 2021 Annual Report 5 Overview BACK Performance overview Wealth creation and value distribution $20.9b Payments to suppliers $5.3b Employees (salaries, wages and other benefits) $1.3b Government (taxes and other charges) Wealth creation Value distribution $0.1b Lenders (finance costs) $34.1b $9.7b $2.1b Shareholders (dividends) $0.9b Reinvested in the business $3.5b Payments for rent, services and other external costs Group performance Key financial data 2021 2020 Results from continuing operations Revenue $m 33,941 30,846 Earnings before interest and tax $m 3,717 2,744 Earnings before interest and tax (after interest on lease liabilities) $m 3,491 2,507 Earnings before interest and tax (after interest on lease liabilities) (excluding signicant items)1 $m 3,550 2,942 Net prot after tax $m 2,380 1,622 Net prot after tax (excluding signicant items)1 $m 2,421 2,083 Basic earnings per share (excluding signicant items)1 cents 214.1 184.2 Results including discontinued operations2 Net prot after tax from discontinued operations $m - 75 Net prot after tax $m 2,380 1,697 Net prot after tax (excluding signicant items)1 $m 2,421 2,075 Return on average shareholders' equity (R12) (excluding signicant items)1 % 26.1 22.1 Cash flow and dividends including discontinued operations Operating cash ows $m 3,383 4,546 Net capital expenditure $m 632 568 Free cash ows $m 2,741 5,188 Equity dividends paid $m 2,074 1,734 Operating cash ow per share cents 299.1 401.9 Free cash ow per share cents 242.4 458.7 Dividends per share cents 178.0 170.0 Balance sheet and gearing Total assets $m 26,214 25,425 Net debt/(cash)3 $m 227 (85) Shareholders' equity $m 9,715 9,344 Gearing (net debt to equity) % 2.3 (0.9) 1 2021 excludes pre-tax (post-tax) 59 million (41 million) restructuring costs in Kmart Group. 2020 excludes the following significant items pre-tax (post tax) 525 million (437 million) non-cash impairment in Kmart Group, 110 million (83 million) restructuring costs and provisions in Kmart Group, 310 million (298 million) non-cash impairment in Industrial and Safety offset by a gain of 290 million (203 million) on the sale of 10.1 per cent of the interest in Coles and a gain of 220 million (154 million) on the revaluation of the retained 4.9 per cent interest in Coles.
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