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Wesfarmers lost $1,407m on Homebase and Curragh divestments

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Wesfarmers Limited has reported a net profit after tax (NPAT) of $1,197 million for the full-year ended 30 June 2018. The reported profit includes a loss from discontinued operations of $1,407 million, which reflects the trading results and significant items for Bunnings United Kingdom and Ireland (BUKI) and Curragh, which were divested during the financial year. NPAT from continuing operations, excluding a $300 million non-cash impairment in Target, increased 5.2 per cent to $2,904 million.

Managing Director Rob Scott said the 2018 financial year was one of significant change for Wesfarmers, with decisive actions taken to reposition the Group’s portfolio to deliver sustainable growth in earnings and improved shareholder returns.

“The three key priorities for the year were to address areas of underperformance, reposition the portfolio and drive opportunities for growth, with good progress made against each of these,” Mr Scott said. “The proposed demerger of Coles, and the divestments of Curragh and BUKI during the year, demonstrate a disciplined approach to capital allocation and portfolio management, and will reposition Wesfarmers for the next decade.

“Retail earnings (from continuing operations and excluding significant items) increased 5.2 per cent during the year, with Bunnings Australia and New Zealand (BANZ), Department Stores and Officeworks achieving very strong results. Industrial earnings from continuing operations were also higher, supported by strong contributions from Chemicals, Energy and Fertilisers (WesCEF) and Bengalla.

“Cash generation remained strong and strict capital disciplines were maintained, further strengthening the Group’s balance sheet, with net financial debt reducing to $3,580 million from $4,321 million in the prior year.

“The directors today declared a fully-franked final ordinary dividend of $1.20 per share, bringing the full-year ordinary dividend to $2.23 per share, in line with the prior year and consistent with Wesfarmers’ policy of distributing franking credits to shareholders.”

Source : Wesfarmers

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15 August 2018

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