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Strength Through Diversity

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Strength Through Diversity 2002 Annual Report strength through diversity Operating profit after tax before goodwill amortisation 2002 2001 % Change 493.3 ($ millions) Financial overview Operating revenue $m 7,386 4,389 68.3 k 261.3 Operating profit before interest and tax $m 684 424 61.3 k 214.3 Operating profit after tax before goodwill amortisation $m 493 261 88.9 k 173.4 186.7 Operating profit after tax $m 414 251 64.9 k Dividends $m 413 245 68.6 k 98 99 00 01 02 Total assets $m 6,613 4,004 65.2 k Net borrowings $m 1,324 1,026 29.0 k Shareholders’ equity $m 3,410 1,618 110.8 k per share Earnings Capital expenditure on property, plant and equipment $m 230 243 5.3 g before goodwill amortisation Depreciation and amortisation $m 292 164 78.0 k (cents) 138.2 Earnings per share before goodwill amortisation cents 138.2 96.2 43.7 k Dividends per share cents 111 87 27.6 k 96.2 80.4 Net tangible assets per share $ 4.83 4.61 4.8 k 70.6 72.6 Cash flow per share $ 1.98 1.53 29.4 k Return on average shareholders’ equity % 16.6 17.8 6.7 g Gearing (net debt to equity) % 38.8 63.4 38.8 g 98 99 00 01 02 Net interest cover (cash basis) times 12.7 10.9 16.5 k strength Dividends per share 2002 2001 $m $m (cents) 111 Creating wealth and adding value Wealth creation 87 73 Total operating revenue 7,386 4,389 66 67 Total cost of materials, goods and services and other external costs 5,463 3,156 Total value-added, representing the wealth created by Wesfarmers 1,923 1,233 This created wealth was shared as follows: - to employees as salaries, wages and other benefits 834 515 98 99 00 01 02 - to governments as income tax, royalties and other taxes 336 233 - to lenders on borrowed funds 94 69 - to shareholders as dividends on their investment 413 246 - reinvested in the business as depreciation, amortisation Cash flow per share and retained earnings 246 170 ($) 1.98 1.53 1.24 1.12 1.16 98 99 00 01 02 1 Wesfarmers Wesfarmers LimitedLimited AnnualAnnual ReportReport 20022002 PAGE Contents About Wesfarmers 4 Highlights 5 Chairman’s letter to shareholders 6 Managing Director’s review of operations 7 A portfolio of diversified businesses 10 Wesfarmers’ businesses Hardware 12 Energy - Coal 14 Energy - Gas and power 16 Rural services and insurance 18 Fertilisers and chemicals 20 Industrial and safety 22 Rail transport 24 Forest products 24 Board of directors 26 Corporate governance 28 Environmental, safety and community 30 Investor information 32 Financial statements 33 Directory Wesfarmers Limited A.B.N. 28 008 984 049 Executive directors M A Chaney, Managing Director and Chief Executive Officer R J B Goyder, Finance Director G T Tilbrook, Executive Director, Business Development Non-executive directors C H Perkins, AO, Chairman D J Asimus, AO T R Eastwood, AM T J Flügge, AO L A Giglia J P Graham R D Lester C Macek D C White Company Secretary L J Kenyon Audit and compliance committee D C White, Chairman of the committee T J Flügge R D Lester C Macek Registered office 11th Floor, Wesfarmers House 40 The Esplanade Perth, Western Australia 6000 Telephone: (618) 9327 4211 Facsimile: (618) 9327 4216 www.wesfarmers.com.au Wesfarmers Limited Annual Report 2002 2 Annual general meeting The 21st annual general meeting of Wesfarmers Limited will be held at the Hyatt Regency Perth, 99 Adelaide Terrace, Perth on Monday 4 November 2002 at 2.00 pm. Financial calendar Final dividend payment, 77 cents per share 26 September 2002 Annual general meeting and quarterly announcement of results 4 November 2002 Half-year results and interim dividend announcement February 2003 Half-year results summary mailed to shareholders February 2003 Interim dividend payment March 2003 Quarterly announcement of results May 2003 Full-year results and final dividend announcement August 2003 Final dividend payment September 2003 Annual report mailed to shareholders October 2003 Annual general meeting and quarterly announcement of results November 2003 3 Wesfarmers Limited Annual Report 2002 About Wesfarmers Company profile Objective Wesfarmers is ranked as one of Australia’s The primary objective of Wesfarmers largest public companies with operating Limited is to provide a satisfactory return revenue of $7.4 billion in 2001/02 and to shareholders. The company aims to profits after tax of $414 million. achieve this by: Headquartered in Perth, Western Australia, - satisfying the needs of customers through the company measures its success in terms the provision of goods and services of shareholder returns and strives to be on a competitive and professional basis; ranked with the leading performers among - providing a fulfilling and safe working Australia’s listed companies. environment for employees, rewarding The company is proud of its origin in 1914 as good performance and providing a Western Australian farmers’ co-operative opportunities for advancement; - a history that forged strong links with the - contributing to the growth and prosperity rural community. While building on these of Australia by conducting existing links, Wesfarmers has diversified over the operations in an efficient manner and by past two decades, greatly broadening its searching out opportunities for expansion; business and geographical base. - responding to the attitudes and Today, Wesfarmers has interests in coal expectations of the communities in mining; gas processing and distribution; which the company operates and placing retailing of home and garden improvement strong emphasis on achieving sustainable products and building materials; provision of development and protection of the rural merchandise, services and insurance; environment; and fertilisers and chemicals manufacture; industrial and safety product distribution; - acting with integrity and honesty in dealings rail transport; and forest products. both inside and outside the company. Wesfarmers operates mainly in Australia and New Zealand and has significant export markets. Since its public listing in 1984, Wesfarmers has recorded strong growth in assets and profits. At June 2002,the group employed about 18,000 people full-time and a further 11,000 on a casual basis. Wesfarmers has about 90,000 shareholders on its register including about 14,000 employees. With a clear focus on shareholder value, Wesfarmers is actively expanding its existing businesses and assessing new opportunities throughout Australia and overseas. Wesfarmers Limited Annual Report 2002 4 highlights - Operating profit after tax up 65 per cent to $414 million. - Earnings per share before goodwill amortisation up 44 per cent to $1.38. - Reduction in the group’s ratio of net debt to equity from 63.4 per cent to 38.8 per cent. - Successful acquisition of Howard Smith Limited. - Integration of Bunnings/BBC hardware businesses well progressed. - Strong growth in the energy businesses with an excellent performance from the Curragh coal mine. - Good profit performance from rural services/ insurance businesses and integration of IAMA rural operations into Wesfarmers Landmark almost complete. - Strong improvement in fertilisers and chemicals. - Industrial and safety businesses adopting Wesfarmers’ management systems and performing well. 5 Wesfarmers Limited Annual Report 2002 Dividend Richard Goyder joined the board as Finance In line with the company’s current policy Director in July 2002 following the retirement of maintaining a dividend payout of 100 of Erich Fraunschiel. Richard joined per cent of after tax profit, a fully-franked Wesfarmers in 1993 working in business final dividend of 77 cents per share has development for three years including two been declared (last year 60 cents). This will years as General Manager. Prior to his be paid on 26 September, approximately appointment, Richard was the Managing one month earlier than in previous years. Director of Wesfarmers Landmark, the group’s It lifted the full-year dividend to $1.11 per rural services and insurance business unit. share compared to last year’s 87 cents. Employees In declaring the final dividend the directors I would like to conclude this brief introduction decided to continue the dividend investment by saying that this year’s outstanding result plan. Shareholders are able to invest all or would not have been possible without the part of the dividend at the prevailing market ongoing commitment of our employees. price calculated in accordance with the plan. They have responded to the task of improving Previously a discount of 2.5 per cent applied. work practices and efficiencies at all levels in the group with a best practice approach. Board retirements On behalf of the board I would like to thank In September last year the board announced all employees for their loyalty, dedication Chairman’s letter the retirement of three long standing and tremendous efforts over the last year. to shareholders directors, Kevin Hogan, David Nuttall and John Paterson. The board records its sincere Yours sincerely appreciation of the wonderful contribution Dear Shareholder made by these three directors. On behalf of the board, I am delighted to Kevin Hogan and John Paterson joined the present the Wesfarmers 2002 annual report. board in 1984 – the year the company was listed on the Australian Stock Exchange – HARRY PERKINS AO Record levels of revenue and profit were having previously served for a considerable Chairman achieved again this year. The result is time as directors of Wesfarmers’ founding particularly pleasing given that it occurred entity, Westralian Farmers Co-operative in a climate of economic uncertainty and Limited. They made important contributions to volatility in world financial markets and the development of Wesfarmers from a rural is a strong endorsement of the policy of co-operative to one of Australia’s leading diversification that has been pursued by public companies.
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