WESFARMERS LIMITED 24 August 2016
The Manager
Company Announcements Office Australian Securities Exchange
Dear Sir,
APPENDIX 4E - PRELIMINARY FINAL REPORT AND 2016 FULL-YEAR RESULTSIn accordance with ASX Listing Rule 4.3A, the following documents are attached for release to the market:
Appendix 4E - Preliminary Final Report; and
2016 Full-year Results Announcement (including fourth quarter retail sales results).
An analyst briefing will be held at 10:00am (AWST) / 12:00pm (AEST) following the release of the announcements. The briefing will be webcast and accessible via our website at www.wesfarmers.com.au.
Yours sincerely,
L J KENYONCOMPANY SECRETARY
Enc.
APPENDIX 4EFOR THE YEAR ENDED 30 JUNE 2016
WESFARMERS LIMITED AND ITS CONTROLLED ENTITIES ABN 28 008 984 049
RESULTS FOR ANNOUNCEMENT TO THE MARKET | 2016 $m | 2015 $m | % |
Revenue from ordinary activities | 65,981 | 62,447 | 5.7% |
Profit after tax attributable to members: | 2,251 | 2,440 | (7.7%) |
Excluding Target and Curragh impairment | |||
Impairment of Target and Curragh net of tax1 | (1,844) | - | |
Profit after tax from ordinary activities attributable to members | 407 | 2,440 | (83.3%) |
Net profit for the full-year attributable to members | 407 | 2,440 | (83.3%) |
DIVIDENDS | Amount per security | Franked amount per security | |
Interim dividend | 91 cents | 91 cents | |
Final dividend | 95 cents | 95 cents | |
Total FY2016 dividend | 186 cents | 186 cents | |
Previous corresponding period: | |||
Interim dividend | 89 cents | 89 cents | |
Final dividend | 111 cents | 111 cents | |
Total FY2015 dividend | 200 cents | 200 cents | |
Record date for determining entitlements to the dividend | 5:00pm (WST) on 30 August 2016 | ||
Last date for receipt of election notice for Dividend Investment Plan | 5:00pm (WST) on 31 August 2016 | ||
Date the final dividend is payable | 5 October 2016 | ||
1. During the financial year an impairment was recognised against Target's goodwill and non-current assets of $1,266 million ($1,249 million after-tax) and Curragh's non-current assets of $850 million ($595 million after-tax).
DIVIDEND INVESTMENT PLANThe Company operates a Dividend Investment Plan (the Plan) which allows eligible shareholders to elect to invest dividends in ordinary shares which rank equally with Wesfarmers ordinary shares. The allocation price for shares under the Plan will be calculated as the average of the daily volume weighted average price of Wesfarmers ordinary shares on each of the 15 consecutive trading days from and including the third trading day after the record date of 30 August 2016 for participation in the Plan, being 2 September 2016 to 22 September 2016.
The last date for receipt of applications to participate in or to cease or vary participation in the Plan is by 5:00pm (WST) on 31 August 2016. The Directors have determined that no discount shall apply to the allocation price and the Plan will not be underwritten. Shares to be allocated under the Plan will be transferred to participants on 5 October 2016.
NET TANGIBLE ASSET BACKINGNet tangible asset backing per ordinary share (excluding reserved shares): $3.45 (2015: $4.85).
OPERATING CASH FLOW PER SHAREOperating cash flow per share: $2.99 (2015: $3.35). This has been calculated by dividing the net cash flow from operating activities by the weighted average number of ordinary shares (including reserved shares) on issue during the year.
AUDITThis report is based on accounts which are in the process of being audited.
PREVIOUS CORRESPONDING PERIODThe previous corresponding period is the year ended 30 June 2015.
COMMENTARY ON RESULTS FOR THE YEARCommentary on the results for the year is contained in the press release dated 24 August 2016 accompanying this statement.
PRELIMINARY FINANCIAL REPORT | |||
FOR THE YEAR ENDED 30 JUNE 2016 | |||
Contents | |||
Financial Statements | Income statement | Page 3 | |
Statement of comprehensive income | Page 4 | ||
Balance sheet | Page 5 | ||
Cash flow statement | Page 6 | ||
Statement of changes in equity | Page 7 | ||
Notes to the financial statements | Key numbers | ||
1. Segment information | Page 8 | ||
2. Revenue and expenses | Page 9 | ||
3. Tax expense | Page 9 | ||
4. Cash and cash equivalents | Page 10 | ||
Capital | |||
5. Borrowings | Page 11 | ||
6. Equity and reserves | Page 11 | ||
7. Earnings per share | Page 12 | ||
8. Dividends and distributions | Page 12 | ||
9. Cash flow hedge reserve | Page 12 | ||
Group structure | |||
10. Associates and joint arrangements | Page 13 | ||
11. Business combinations | Page 14 | ||
Other items | |||
12. Impairment | Page 15 | ||
13. Contingent liabilities | Page 15 | ||
14. Events after the reporting period | Page 15 | ||
INCOME STATEMENT | |||
FOR THE YEAR ENDED 30 JUNE 2016 | |||
CONSOLIDATED | |||
2016 | 2015 | ||
Note | $m | $m | |
Revenue | 2 | 65,981 | 62,447 |
Expenses | |||
Raw materials and inventory | (45,525) | (43,045) | |
Employee benefits expense | 2 | (8,847) | (8,198) |
Freight and other related expenses | (1,078) | (1,019) | |
Occupancy-related expenses | 2 | (2,959) | (2,637) |
Depreciation and amortisation | 2 | (1,296) | (1,219) |
Impairment expenses | 2 | (2,172) | (41) |
Other expenses | 2 | (3,107) | (2,941) |
Total expenses | (64,984) | (59,100) | |
Other income | 2 | 235 | 330 |
Share of net profits of associates and joint ventures | 10 | 114 | 82 |
349 | 412 | ||
Earnings before interest and income tax expense (EBIT) | 1,346 | 3,759 | |
Finance costs | 2 | (308) | (315) |
Profit before income tax | 1,038 | 3,444 | |
Income tax expense | 3 | (631) | (1,004) |
Profit attributable to members of the parent | 407 | 2,440 | |
Earnings per share attributable to ordinary equity holders of the parent | 7 | ||
Basic earnings per share | 36.2 | 216.1 | |
Diluted earnings per share | 36.2 | 215.7 | |
Wesfarmers Ltd. published this content on 24 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 August 2016 23:59:07 UTC.
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