Business Analysis and Interpretation. Accounting

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Wesfarmers Limited
WES
Trading Status: Trading
Listing Date: 15/11/1984
Market Cap  $49,617m
GICS Sector Consumer Staples
Total Shares Quoted  1,133.8m
GICS Industry Group Food & Staples Retailing
Last Close  $43.76
GICS Industry Food & Staples Retailing
 Print/Download  Company Summary  Full Report
Share market data: as at 05/12/2017
Financial Data
 
Profit & Loss
($millions)  12/15  12/16
Operating Revenue 33,229.00 34,660.00
Other Revenue 276.00 373.00
Total Revenue Excluding Interest 33,505.00 35,033.00
Operating Expenses -30,809.00 -32,026.00
EBITDA 2,696.00 3,007.00
Depreciation -483.00 -481.00
Amortisation -156.00 -154.00
Depreciation and Amortisation -639.00 -635.00
EBIT 2,057.00 2,372.00
Interest Revenue 65.00 67.00
Interest Expense -152.00 -149.00
Net Interest Expense -87.00 -82.00
PreTax Profit 1,970.00 2,290.00
Tax Expense -565.00 -703.00
Net Profit after Tax Before Abnormals 1,405.00 1,587.00
Abnormals -12.00 -10.00
Abnormals Tax 0.00 0.00
Net Abnormals -12.00 -10.00
Reported NPAT After Abnormals 1,393.00 1,577.00
Outside Equity Interests 0.00 0.00
Shares Outstanding at Period End 1,126.13 1,130.94
Weighted Average Number Of Shares 1,122.00 1,126.00
EPS Adjusted (cents/share) 124.97 140.79
EPS After Abnormals (cents/share) 124.97 140.79
 
Balance Sheet
($millions)  12/15  12/16
Current Assets
Cash 694.00 738.00
Receivables 2,330.00 2,643.00
Inventories 6,580.00 6,852.00
Investments 427.00 72.00
NCA Held Sale 0.00 0.00
Other 255.00 295.00
Total Current Assets 10,286.00 10,600.00
Non-Current Assets
Receivables 0.00 0.00
Inventories 0.00 0.00
Investments 1,168.00 1,204.00
PP&E 10,207.00 9,436.00
Intangibles(ExGW) 19,298.00 18,999.00
Goodwill 0.00 0.00
Future Tax Benefit 593.00 944.00
Other 238.00 216.00
Total NCA 31,504.00 30,799.00
Total Assets 41,790.00 41,399.00
Current Liabilities
Account Payable 7,062.00 7,623.00
Short-Term Debt 2,056.00 444.00
Provisions 1,822.00 1,906.00
NCL Held Sale 0.00 0.00
Other 341.00 377.00
Total Curr. Liabilities 11,281.00 10,350.00
Non-Current Liabilities
Account Payable 0.00 0.00
Long-Term Debt 4,226.00 5,630.00
Provisions 1,212.00 1,552.00
Other 109.00 100.00
Total NCL 5,547.00 7,282.00
Total Liabilities 16,828.00 17,632.00
Shareholders Equity
Share Capital 21,937.00 22,140.00
Reserves 138.00 243.00
Retained Earnings 2,887.00 1,384.00
Other Equity 0.00 0.00
Convertible Equity 0.00 0.00
SE Held Sale 0.00 0.00
Outside Equity -- --
Total Equity 24,962.00 23,767.00
 
Cash Flow
($millions)  12/15  12/16
Operating Cash Flow
Receipts from customers 36,082.00 37,694.00
Payments to Suppliers and Employees -33,075.00 -34,408.00
Dividends Received 44.00 23.00
Interest Received 66.00 67.00
Interest Paid -143.00 -129.00
Tax Paid -547.00 -537.00
Other Operating Cash Flow -23.00 -62.00
Net Operating Cash Flow 2,404.00 2,648.00
Investing Cash Flow
Payment for Purchase of PPE -1,059.00 -924.00
Proceeds from Sale of PPE 384.00 524.00
Investments Purchased -59.00 -2.00
Proceeds from Sale of Investments 0.00 9.00
Payments for Purchase of Subsidiaries -5.00 -24.00
Proceeds from Sale of Subsidiaries 0.00 0.00
Loans Granted 0.00 0.00
Loans Repaid 0.00 0.00
Other Investing Cash Flow 0.00 0.00
Net Investing Cash Flow -739.00 -417.00
Financing Cash Flow
Proceeds from Issues 1.00 0.00
Proceeds from Borrowings 360.00 253.00
Repayment of Borrowings -797.00 -1,398.00
Dividends Paid -1,246.00 -959.00
Other Financing Cash Flow 0.00 0.00
Net Financing Cash Flow -1,682.00 -2,104.00
Net Increase in Cash -17.00 127.00
Cash at Beginning of Period 711.00 611.00
Exchange Rate Adj 0.00 0.00
Cash at End of Period 694.00 738.00
 
Per Share Statistics
12/15 12/16
Shares Outstanding (millions) 1,126.13 1,130.94
Weighted Avg. Shares (millions) 1,122.00 1,126.00
EPS Bef. Abs 125.22 140.94
EPS Aft. Abs. 124.15 140.05
Reported EPS 123.90 139.90
Interim Div - Ordinary 91.00 103.00
Interim Franking - Ord (%) 100.00 100.00
Special Dividend - Int 0.00 0.00
Special Franking - Int (%) 0.00 0.00
Payout Ratio (%) 72.82 73.16
 
Revenue Expense
12/2016
Revenue ($thousands)
Gain/(Loss) on sales of PPE
Gains on disposal of property, plant and equipment 120,000,000
Operating Revenue (sales)
Sale of goods 34,654,000,000
Rendering of services 6,000,000
Gross Interest Income
Interest revenue 67,000,000
Other Non-Operating Revenue (ordinary activities)
Other income 63,000,000
Other - revenue 190,000,000
Expense ($thousands)
Expenses related to pension plan
Superannuation expense -324,000,000
Impairment of tangible assets
Impairmen of plant, equipment and other assets -10,000,000
Share based payment expenditure
Share based payments expense -68,000,000
Materials and other input costs
Raw materials and inventory -23,756,000,000
Distribution expenses
Freight and other related expenses -539,000,000
Staff and Employee Expenses
Remuneration, bonuses and on-costs -4,198,000,000
Occupancy Expenses
Occupancy-related - Contingent rental payments -38,000,000
Occupancy-related expenses - Other -307,000,000
Operating lease expense
Occupancy-related expenses - Minimum lease payments -1,251,000,000
Royalties Paid
Mining royalties(incl. Stanwell rebate) -90,000,000
Other Operating Expenses
Repairs and maintenance -214,000,000
Other expenses -660,000,000
Insurance expenses -57,000,000
Utilities and office expenses -568,000,000
Depreciation
Depreciation -481,000,000
Other Amortisation
Amortisation of intangibles -81,000,000
Amortisation other -73,000,000
Non-Recurring Items
Description Pretax ($thousands)   Tax ($thousands)   Notes
Impairmen of plant, equipment and other assets -10,000,000 0 --
 
12/2015
Revenue ($thousands)
Gain/(Loss) on sales of PPE
Gains on disposal of property, plant and equipment 37,000,000
Operating Revenue (sales)
Sale of goods 33,223,000,000
Rendering of services 6,000,000
Gross Interest Income
Interest revenue 65,000,000
Other Non-Operating Revenue (ordinary activities)
Other income 71,000,000
Other - revenue 168,000,000
Expense ($thousands)
Expenses related to pension plan
Superannuation expense -314,000,000
Impairment of tangible assets
Impairmen of plant, equipment and other assets -12,000,000
Share based payment expenditure
Share based payments expense -67,000,000
Materials and other input costs
Raw materials and inventory -23,178,000,000
Distribution expenses
Freight and other related expenses -520,000,000
Staff and Employee Expenses
Remuneration, bonuses and on-costs -3,953,000,000
Occupancy Expenses
Occupancy-related - Contingent rental payments -48,000,000
Occupancy-related expenses - Other -233,000,000
Operating lease expense
Occupancy-related expenses - Minimum lease payments -1,083,000,000
Royalties Paid
Mining royalties(incl. Stanwell rebate) -81,000,000
Other Operating Expenses
Repairs and maintenance -203,000,000
Insurance expenses -65,000,000
Other expenses -640,000,000
Utilities and office expenses -503,000,000
Depreciation
Depreciation -483,000,000
Other Amortisation
Amortisation of intangibles -69,000,000
Amortisation other -87,000,000
Non-Recurring Items
Description Pretax ($thousands)   Tax ($thousands)   Notes
Impairmen of plant, equipment and other assets -12,000,000 0 --
 
 
Sundry Analysis
($millions) 12/15 12/16
Invested Capital
Operating Current Assets 9,592.00 9,862.00
Non Int Bearing CL -9,225.00 -9,906.00
Operating Wkg Capital 367.00 -44.00
Net PP&E 10,207.00 9,436.00
Intangibles Ex.Goodwill 19,298.00 18,999.00
Net Oth Operating Assets -490.00 -492.00
Operating Invested Capital Ex-Goodwill 29,382.00 27,899.00
Goodwill 0.00 0.00
Operating Invested Capital Incl. Goodwill 29,382.00 27,899.00
Cash 694.00 738.00
Non Current Investments 1,168.00 1,204.00
Total Investor Funds 31,244.00 29,841.00
Invested Funds
Total Equity 24,962.00 23,767.00
Gross Borrowings 6,282.00 6,074.00
Total Investor Funds 31,244.00 29,841.00
NOPLAT
EBIT 2,057.00 2,372.00
Corp Tax Rate (%) 30.00 30.00
Tax on EBIT -573.10 -561.60
Amortisation 156.00 154.00
NOPLAT 1,639.90 1,964.40
Tax on EBIT
Tax Expense -547.00 -537.00
Tax Shield 26.10 24.60
Tax on EBIT -573.10 -561.60
Free Cashflow
NOPLAT 1,639.90 1,964.40
Depreciation 483.00 481.00
Gross Cash Flow 2,078.90 2,295.40
Gross Investment -1,924.00 -513.00
Free Cash Flow 154.90 1,782.40
Working Capital
Total Current Debtors 2,330.00 2,643.00
Prepayments 0.00 0.00
Current Inventory 6,580.00 6,852.00
Current Investments 427.00 72.00
Oth Current Assets 255.00 295.00
Creditors CL 7,062.00 7,623.00
Provisions CL 1,822.00 1,906.00
Other Curr Liab 341.00 377.00
Working Capital 367.00 -44.00
Change in Working Capital
Increase Debtors 944.00 313.00
Increase Prepay 0.00 0.00
Increase Inventory CA 500.00 272.00
Increase Curr Invest 250.00 -355.00
Increase Oth CA -24.00 40.00
Increase Creditors CL 694.00 561.00
Increase Provisions CL 127.00 84.00
Increase Other CL -16.00 36.00
Increase Wkg Capital 865.00 -411.00
Capex -1,059.00 -924.00
Increase Capex 148.00 135.00
Gross Investment
Increase Wkg Capital 865.00 -411.00
Capex 1,059.00 924.00
Gross Investment 1,924.00 513.00
Investment Funding
Funds from Operations 3,007.00 3,286.00
Dividends Received 44.00 23.00
Interest Received 66.00 67.00
Interest Paid -143.00 -129.00
Other Operating Cash -23.00 -62.00
Purchase of PPE -1,059.00 -924.00
Surplus Funds - Post Capex 1,345.00 1,724.00
Proceeds from PPE 384.00 524.00
Surplus Funds - Post PPE 1,729.00 2,248.00
Dividends Paid -1,246.00 -959.00
Surplus Funds - Post Div. 483.00 1,289.00
Purchase of Investments -59.00 -2.00
Surplus Funds - Post Acquis. 424.00 1,287.00
Debt Structure
S/T Debt 2,056.00 444.00
L/T Debt 4,226.00 5,630.00
Total Gross Debt 6,282.00 6,074.00
Change in Gross Debt
Increase S/T Debt 796.00 -1,612.00
Increase L/T Debt -657.00 1,404.00
Change Gross Debt 139.00 -208.00
Cash 694.00 738.00
Increase Cash -811.00 44.00
Net Debt 5,588.00 5,336.00
Increase Net Debt 950.00 -252.00
Shareholders Equity
Capital 21,937.00 22,140.00
Reserves Ex-SPR 138.00 243.00
Share Prem Reserve 0.00 0.00
Retained Profits 2,887.00 1,384.00
Other Equity 0.00 0.00
Convertible Equity 0.00 0.00
Outside Equity 0.00 0.00
Total Equity 24,962.00 23,767.00
Change in Total Equity
Increase in Capital 90.00 203.00
Incr Reserves Ex-SPR -85.00 105.00
Incr. Share Prem Res 0.00 0.00
Increase Retain Profits 213.00 -1,503.00
Increase Other Equity 0.00 0.00
Increase Convert Equity 0.00 0.00
Increase Outside Equity 0.00 0.00
Increase Total Equity 218.00 -1,195.00
Capital Structure
Total Gross Debt 6,282.00 6,074.00
Total Equity 24,962.00 23,767.00
Total Capital Invested 31,244.00 29,841.00
 
Growth Rates
12/15 12/16
Operating Rev.
1 Year (%) 4.52 4.31
3 Year (%) 2.85 3.09
Operating Exp.
1 Year (%) 4.59 3.95
3 Year (%) 3.03 2.95
EBITDA
1 Year (%) 1.05 11.54
3 Year (%) 2.48 4.32
EBIT
1 Year (%) -1.44 15.31
3 Year (%) 1.38 4.26
EBT After Abs.
1 Year (%) 2.09 16.45
3 Year (%) 2.58 4.90
EAT
1 Year EAT (%) 1.24 13.21
3 Year EAT (%) 2.73 3.34
EPS Reported
1 Year (%) 2.65 12.91
3 Year (%) 3.67 4.13
Total Div. Ex Special
1 Year (%) 2.25 13.19
3 Year (%) 5.73 6.61
Total Assets
1 Year (%) 3.08 -0.94
3 Year (%) -1.07 -1.92
Net PP&E
1 Year (%) 0.83 -7.55
3 Year (%) 0.50 -2.09
Total Equity
1 Year (%) 0.88 -4.79
3 Year (%) -1.19 -2.61
Retained Profits
1 Year (%) 7.97 -52.06
3 Year (%) 8.04 -19.10
Net Debt
1 Year (%) 20.48 -4.51
3 Year (%) 7.86 0.03
Invested Capital
1 Year (%) 4.27 -5.05
3 Year (%) -0.08 -2.25
NOPLAT
1 Year (%) 7.14 19.79
3 Year (%) 4.62 6.40
Free Cashflow
1 Year (%) -90.47 1,050.7
3 Year (%) -40.16 29.53
 
Ratio Analysis
12/15 12/16
Profitability ratios
Net Profit Margin (%) 4.23 4.58
EBIT Margin (%) 6.19 6.84
EBITDA Margin (%) 8.11 8.68
ROE (%) 5.63 6.68
ROA (%) 3.57 4.03
ROIC (%) 8.16 9.34
Asset Management Ratios
Invested Capital Turnover 0.99 1.06
Inventory Turnover 5.05 5.06
Asset Turnover 0.80 0.84
LT Asset Turnover 1.05 1.13
PPE Turnover 3.26 3.67
Depreciation/PP&E (%) 4.73 5.10
Depreciation/Revenue (%) 1.45 1.39
Wkg Capital/Revenue (%) 5.56 5.40
Working Cap Turnover 17.98 18.52
Debt and Safety Ratios
Financial Leverage 1.67 1.74
Gross Gearing (D/E) (%) 25.17 25.56
Net Gearing (%) 22.39 22.45
Net Interest Cover 23.64 28.93
Current Ratio 0.91 1.02
Quick Ratio 0.33 0.36
Gross Debt/CF 1.95 1.72
Net Debt/CF 1.73 1.52
NTA per Share ($) 5.03 4.22
BV per Share ($) 22.17 21.02
Cash per Share ($) 0.62 0.65
Cashflow Ratios
Receivables/Op. Rev. (%) 7.01 7.63
Inventory/Trading Rev. (%) 19.80 19.77
Creditors/Op. Rev. (%) 21.25 21.99
Funds from Ops./EBITDA (%) 111.54 109.28
Depreciation/Capex (%) 45.61 52.06
Capex/Operating Rev. (%) 3.19 2.67
Days Inventory 72.28 72.16
Days Receivables 25.59 27.83
Days Payables 77.57 80.28
Gross CF per Share ($) 2.87 3.13
Sales per Share ($) 29.62 30.78
Market Data
Interim Share Price ($) 41.61 42.14
Market Cap.($m) 46,858.31 47,657.77
Net Debt ($m) 5,588.00 5,336.00
Enterprise Value ($m) 52,446.31 52,993.77
Valuation Multiples
EV/EBITDA 9.73 8.81
EV/EBIT 12.75 11.17
Market Cap./Rep NPAT 16.82 15.11
Market Cap./Trading Rev. 0.71 0.69
Price/Book Value 1.88 2.01
Price/Gross Cash Flow 14.54 13.53
PER 16.79 15.06
 
Asset Base
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