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Rob Scott - Wesfarmers Rob Scott - Wesfarmers Mr Scott: Hi everyone, thanks for the opportunity to present to you today. So I'm Rob Scott, Managing Director of Wesfarmers. For those of you that aren't familiar with our company, we were founded in 1914 as a farmers' cooperative and then over the years have diversified into being one of the largest listed groups in Australia with a market capitalisation of about $50 billion. We're headquartered in Perth, but our operations do cover all communities of Australia, a number of businesses in New Zealand and a growing presence in the Asian region. I wanted to talk today a bit about the Wesfarmers business model, but I'll also cover our recently announced half year results. Before I get into the detail, I wanted to reinforce Wesfarmers' core objective and this has been a consistent core objective since we were listed in 1984. Our objective is to deliver a satisfactory return to our shareholders and whilst this corporate objective might be viewed as a bit boring compared to certain corporate objective of companies today, we think it is an incredibly powerful objective. It means we are a very shareholder friendly company and it certainly guides our focus on looking to deliver superior returns over the long term. If I'd say what defines Wesfarmers, it is not only having a strong shareholder return focus, but very much focusing on long-term value creation. We believe that by taking a long-term focus, we can deliver superior returns. We also believe that you can only achieve superior returns over the long term if you do a number of things and that is set out on this chart. We need to anticipate the needs of our customers, we need to look after our team members, create a safe and fulfilling working environment, we need to treat our suppliers fairly, we need to contribute to the communities in which we operate, we need to take care of the environment and act within integrity and honesty in everything that we do. Now some people might argue that these areas can be in conflict with shareholder returns, but we see them as being absolutely aligned if your objective is delivering value over the long term. There are obviously compromises that some companies make around short term, but if you are truly trying to create value on a sustainable long-term basis, then all of these attributes go hand in hand with delivering superior shareholder returns. I think there could be no better example of that than the way that the Wesfarmers businesses responded to the recent bushfire crisis in Australia. Now many companies showed a lot of generosity around the bushfires and Wesfarmers and our businesses contributed over $4 million to relief and recovery efforts, but what I would like to think differentiated our response was the way that our businesses, Bunnings, Officeworks, Target, Kmart, Blackwoods, responded on the ground in regions that were affected. We had 20 locations that were affected by the fires, we had many team members that were personally affected. We had 10 of our team that lost their homes and our teams, in Bunnings and in our other businesses, really worked hand in hand with communities to help with the relief and recovery efforts and I'm very proud of what they contributed. Now as I said, shareholder return is a big focus for us. This chart shows that if you invested $1000 in the IPO of Wesfarmers and reinvested dividends, that $1000 would now be worth $500,000, a compound annual return of 19.5%. If you invested in the All Ordinaries, then that return would have been about $38,000. So our shareholder friendly approach, being disciplined around capital allocation, paying any free cash flow back to shareholders through dividends and capital returns and the like have obviously helped over the years. Now what is most important for all of you and indeed myself and the leadership team, is not so much what's happened in the past, it is what happens in the future. So we're very focused on instilling those same disciplines around capital allocation, paying out free cash flow, surplus capital back to our shareholders, to retain the focus on returns. Clearly the demerger of Coles was a very significant change in the Wesfarmers portfolio about 15 months ago. For those shareholders that participated in the Coles demerger, the returns of Wesfarmers since demerger, the total shareholder returns have been in excess of 50%. For those shareholders who retained their Coles shares, they would have also achieved a good return in excess of 20%. So this is one of those examples of constantly renewing the portfolio that we believe is quite important to keep our portfolio of assets relevant in order to help deliver a superior return over the long term. So a number of our businesses, our divisions in Wesfarmers, are names that are very familiar with a lot of you. So the Bunnings group, Kmart and Target, Officeworks. Some of our industrial businesses may not be as well known to you, businesses like Kleenheat Gas, our CSBP business, our sodium cyanide, ammonium nitrate businesses, mostly on the west coast, but these businesses on the industrial side have served us well over the years. Then we have our industrial safety business, Blackwoods, the workwear group and core gas businesses. Then we have a number of associate interests. So we still own a 10.1% interest in Coles. As you would have probably heard, we sold down a 4.9% stake last week. We also have an interest in Fly Buys and continue to have a stake in the Bunnings Warehouse Property Trust. I wanted to touch on the issues of capital allocation because I think it's really important in order to understand our philosophy at Wesfarmers. This slide really shows the three areas that are relevant when we think about allocating our capital. The first area where we focus on allocating our capital, which is a really important area, is continuing to invest in a disciplined and effective way in our core businesses. We have some fantastic businesses in the portfolio that we feel have good, long-term runway and growth prospects, businesses such as Bunnings, Kmart, our industrial businesses, Officeworks, so investing in a disciplined way to create long-term growth potential in those businesses is the first area of focus as it relates to capital allocation. We also focus on opportunities to invest in adjacencies and by this, I mean adjacent business opportunities that can create new business opportunities, new growth opportunities or help strengthen our existing businesses. So a good example of that would be Officeworks, acquisition of Geeks2U, to provide a value-added technical support service. Another example would be Coregas' move into the health care specialty gas area or Bunnings looking to expand their trade offer with more specialist products that we aren't able to sell in our warehouse format. The final area is really the more value- added transactions both investments and disposals, that really go to the issue that I touched on earlier about maintaining relevance in the portfolio. This chart shows, I guess, helps bring to life this philosophy of active portfolio management. Now in Wesfarmers, we recognise that industries change, markets change, the dynamics change. So in order for us to deliver a superior return to the market, we need to make sure that we are allocating our capital in those areas that have good prospects and because we are so shareholder focused, if someone comes along and offers us a price for one of our businesses that we think is greater than the value that we see in that business, then it's our duty to shareholders to take the money and realise value for our shareholders. So this shows that over the years there's been a number of acquisitions, a number of divestments, which really go to maintaining a relative portfolio. From my perspective, in a world where we're seeing major changes brought about through digital disruption and technology, I think this is a really powerful element of the Wesfarmers business model. We are somewhat agnostic about the businesses and the industries we invest in, so long as we don’t feel that there is an ethical or reputational issue with that, so that is another strength, I think, of our portfolio. Just wanted to touch on our first half results released last week, so importantly we declared a $0.75 per share dividend. As we advised, this is the first interim dividend that excludes the earnings from Coles, so for those shareholders that retained their Coles and Wesfarmers shares post demerger, you would have also received a $0.30 per share dividend from Coles, which collectively that represents a $0.05 increase on the prior interim dividend. We reported a 6% growth in revenue to over $15 billion. Our earnings before interest and tax was largely flat at $1.6 billion but we achieved growth in our net profit after tax of 5.7%. A highlight of our result, in my view, was very strong cash flow realisation, which really goes to the discipline around managing our capital, our cash flows, which also supported the strong dividend. Our return on equity remains strong at 21% and our earnings per share increased in line with our net profit after tax at 5.7%. Something we were very proud about with our half year result with the growth that we achieved particularly across our retail businesses in the area of sales.
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