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2017 Annual Report 2017 Annual Wesfarmers Wesfarmers Annual 2017 Report 2017 Annual Report Delivering value today and tomorrow Overview The primary objective of Contents financial review Operating and Wesfarmers is to provide It was pleasing to report a record level of earnings and operating cash fl ows and a strong increase in return on equity, demonstrating a satisfactory return to its the strength of the Group's conglomerate structure and focus on shareholders. cash generation and capital effi ciency. Sustainability Divisional performance COLES 2017 2016 Revenue $m 39,217 39,242 About Wesfarmers About this report EarningsOverview before interest and tax Governance $m 1,609 1,860 From its origins in 1914 as a Western This annual report is a summary Wesfarmers is committed to reducing Segment assets $m 21,140 22,122 Australian farmers’ cooperative, of Wesfarmers and its subsidiary the environmental footprint associated Segment2 The liabilities year in review 62 Board of directors$m 4,245 4,273 Governance Wesfarmers has grown into one of companies’ operations, activities and with the production of the annual Capital4 employedChairman’s (R12) message 64 Corporate Governance$m Overview 16,586 16,541 Australia’s largest listed companies. fi nancial position as at 30 June 2017. In report and printed copies are only Return6 onManaging capital employed Director’s (R12) report % 9.7 11.2 With headquarters in Western Australia, this report references to ‘Wesfarmers’, posted to shareholders who have its diverse business operations ‘the company’, ‘the Group’, ‘we’, ‘us’ and elected to receive a printed copy. This 8 Performance overview HOME IMPROVEMENT 2017 2016 cover: supermarkets, liquor, hotels ‘our’ refer to Wesfarmers Limited (ABN report is printed on environmentally 10 Executive Leadership Team Revenue Directors’ report$m 13,586 11,571 and convenience stores; home 28 008 984 049) unless otherwise stated. responsible paper manufactured under improvement; department stores; ISO 14001 environmental standards. Earnings before interest and tax 68 Directors’ report$m 1,245 1,214 References in this report to a ‘year’ offi ce supplies; and an Industrials Segment assets $m 6,612 6,620 are to the fi nancial year ended 73 – Remuneration report division with businesses in chemicals, Segment liabilities $m 2,227 2,186 30 June 2017 unless otherwise stated. Operating and report Directors’ energy and fertilisers, industrial and Capital employed (R12) $m 4,110 3,599 All dollar fi gures are expressed in safety products and coal. Wesfarmers fi nancial review Australian dollars (AUD) unless Return on capital employed (R12) % 30.3 33.7 is Australia’s largest private sector otherwise stated. employer with around 223,000 12 Operating and financial review Financial statements DEPARTMENT STORES 2017 20161 employees (including more than 4,200 All references to ‘Indigenous’ people Revenue22 Retail businesses 93 Financial statements$m 8,528 8,646 Indigenous team members) and has are intended to include Aboriginal Earnings22 Coles before interest and tax 99 Notes to the financial$m statements 543 275 a shareholder base of approximately and/or Torres Strait Islander people. 515,000. Segment28 Home assets Improvement $m 3,928 3,970 Segment34 Department liabilities Stores $m 1,423 1,336 Capital employed (R12) $m 2,253 3,629 36 – Kmart statements Financial Return37 on– capitalTarget employed (R12) Signed reports% 24.1 7.6 40 Officeworks 139 Directors’ declaration OFFICEWORKS 2017 2016 Revenue44 Industrials 140 Independent auditor’s$m report 1,964 1,851 Earnings46 – before Chemicals, interest and Energy tax and Fertilisers $m 144 134 Segment48 – assetsIndustrial and Safety $m 1,401 1,379 Segment50 – liabilitiesResources Shareholder and$m 488 416 Capital52 employedOther activities (R12) $m 980 994 Return on capital employed (R12) ASX information% 14.7 13.5 reports Signed 145 Annual statement of coal resources and reserves INDUSTRIALS 2017 20162 148 Shareholder information Revenue $m 5,161 4,672 Sustainability 149 Five-year financial history Earnings before interest and tax $m 915 47 Segment53 Sustainability assets 150 Investor information$m 4,229 4,220 Segment liabilities 151 Corporate directory$m 1,125 1,221 Capital employed (R12) 152 Wesfarmers brands$m 3,393 4,244 Return on capital employed (R12) % 27.0 1.1 ASX informationASX Shareholder and 1 The 2016 earnings before interest and tax for Department Stores includes $145 million of restructuring costs and provisions to reset the Target business, but excludes the non-cash impairment of $1,266 million. 2 The 2016 earnings before interest and tax for Industrials excludes the $850 million non-cash impairment of Curragh. Wesfarmers 2017 Annual Report 9 Overview Overview BACK financial review Operating and It was pleasing to report a record level of earnings and operating cash fl ows and a strong increase in return on equity, demonstrating the strength of the Group's conglomerate structure and focus on The year in review cash generation and capital effi ciency. Delivering value today and tomorrow Sustainability Divisional performance COLES 2017 2016 Revenue $m 39,217 39,242 ColesEarnings continued before interest to and invest tax in $m 1,609 1,860 Segmentvalue, quality assets and service. p22 Our suppliers Industrials$m had 21,140 a strong 22,122 p44 Governance Segment liabilities received $46.4b. recovery$m in earnings. 4,245 4,273 Capital employed (R12) p8 $m 16,586 16,541 Return on capital employed (R12) % 9.7 11.2 HOME IMPROVEMENT 2017 2016 Revenue $m 13,586 11,571 Earnings before interest and tax $m 1,245 1,214 Bunnings United Kingdom Segment assets $m 6,612 6,620 and Ireland opened four Segment liabilities $m 2,227 2,186 pilot stores during the year. report Directors’ Capital employed (R12) $m 4,110 3,599 p28 Return on capital employed (R12) $2.1b % 30.3 33.7 DEPARTMENTTerry Bowen STORES leaves GOVERNMENT TAXES 2017 20161 Richard Goyder RevenueWesfarmers in great AND ROYALTIES $m 8,528 8,646 Earningsfi nancial before shape, interest andwith tax a $m 543 275 reflects on his Segmentstrong assets balance sheet and p8 $m 3,928 3,970 time as Managing Segmentrecord liabilities cash fl ows. p12 $m 1,423 1,336 Capital employed (R12) $m 2,253 3,629 Director. p6 2.23 statements Financial $ % In 2017 Rob Scott will Return on capital employed (R12) 24.1 7.6 DIVIDENDS become Wesfarmers' eighth Wesfarmers is a special Managing Director. p5 PER SHARE OFFICEWORKS 2017 2016 company. I often Revenue $m 1,964 1,851 describe it as fi nancially p8 Earnings before interest and tax $m 144 134 Segment assets $m 1,401 1,379 focused with a heart. Segment liabilities $m 488 416 We are clear on our Capital employed (R12) $m 980 994 objectives of providing Return on capital employed (R12) % 14.7 13.5 reports Signed our shareholders with a satisfactory return, INDUSTRIALS Sustainability2017 20162 knowing we can Revenue matters$m 5,161 4,672 only do that through Earnings before interest and tax $m 915 47 Segment assets Understanding$m 4,229 and 4,220 creating value for all our Segment liabilities We employ around 223,000 managing$m the 1,125 ways we 1,221 stakeholders. CapitalO ffi employedc e w o (R12) r k s people and paid $8.7b in impact$m our community 3,393 4,244 continuesReturn on capital employed to (R12) salaries, wages and other and% the environment 27.0 is 1.1 Our community Kmart growth drive growth and benefi ts. p8 important to us. p53 informationASX Shareholder and contributions exceeded 1 The 2016 earnings before interest and tax for Department Stores includes $145 million of restructuring costs and provisions to reset the Target business, but $130m. p60 Kmart delivered another year of productivity.excludes the non-cash impairment p40 of $1,266 million. strong earnings growth. p36 2 The 2016 earnings before interest and tax for Industrials excludes the $850 million non-cash impairment of Curragh. 2 Wesfarmers 2017 Annual Report Wesfarmers 2017 Annual Report 39 Overview Overview BACK Chairman’s financial review Operating and It was pleasing to report a record level of earnings and operating message cash fl ows and a strong increase in return on equity, demonstrating theCompetition strength is strong of across the allGroup's of our conglomerateThe current system structure is instead serving and as focusIn November, on Rob Scott will succeed markets, with new players entering the a deterrent to the enterprise bargaining Richard Goyder as Group Managing cashfi eld and generation new products and and processes capital process,effi ciency. working against the interests Director and Chief Executive Offi cer; challenging the status quo; but that has of employers, employees and unions and Anthony Gianotti will succeed always been the case. The pace of change in seeking to provide fl exible and Terry Bowen as Group Chief Financial Sustainability may be faster today but that simply appropriate terms of employment. The Offi cer. The directors are pleased that, I am pleased to report on highlights the need to keep innovating. uncertainty created by decisions of as has been the case historically, these This, I think, has been a strength of the Fair Work Commission in the retail critical appointments have been able another successful year for WesfarmersDivisional since performance it listed in 1984. sector operates as a disincentive to to be made internally, with people your company. bargaining and a barrier to building the who understand the company’s values In that context it is instructive to COLES fl exibility that would allow businesses and culture. 2017 2016 consider the growth of the company Revenue to meet the needs of consumers. $m 39,217 39,242 over those 33 years, when its market Richard Goyder has been an Earnings before interest and tax $m 1,609 1,860 value has increased 600-fold, from A fourth issue is the increasingly outstanding chief executive over his $80 millionSegment assets on listing to $48 billion uncompetitive corporate tax rate 12-year$m term in that 21,140 role.
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