Wesfarmers Limited · ASX:WES
Wesfarmers — Investor Presentation (May 2007)
161 slides from Wesfarmers's investor presentation, May 15, 2007
Slide 1: Presentation at Investor Briefing, Sydney
0 Wesfarmers Limited ABN 28 008 984 O49 LIK/pe 15 May 2007 The Manager Company Announcements Office Australian Securities Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam PRESENTATION AT INVESTOR BRIEFING, SYDNEY — 15 MAY 2007 Following is a presentation that is to be given a
Slide 2: ers
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Slide 4: Richard Goyder, Managing Director
ge ) Oe a Ly ee Richard Goyder Managing Director, Wesfarmers Limited a 7 Westarmers
Slide 5: Industrial & Safety
Industrial & Safety aa HG) Chemicals & Fertilisers ey, One Ls
Slide 6: LL Ly
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Slide 7: The Wesfarmers Business Model
The Wesfarmers Business Model * Divisional decision-making — “Business as usual” — Continued focus on profitable growth * Established skills in acquisition evaluation, execution and integration + Efficient capital management — Ability to raise capital without the need to divest « Integrated group ma
Slide 8: Management Team
Management Team Managing Director & CEO Richard Goyder Finance Director Gene Tilbrook John Gillam Stewart Butel Bob Buckley / Rob Scott Terry Bowen Keith Gordon Tim Bult
Slide 9: Industrial & Safety
Industrial & Safety Terry Bowen Ly, — Le y Wy yp . . ys Ly Ly ie y 7 ay yy yy ay es yy a Wes 7 — _ | _ Q 7 . | 7 y, _ a 7 . . 4 Wesfarmers
Slide 10: Our business portfolio (1)
Our business portfolio (1) a | Industrial and safety product supply and services omni Core business, MRO “All your workplace needs” (#1) Protector ? Safety Specialist (#1) © Bullivants Materials Handling, Lifting, Rigging Specialist (#1) HANDLING SAFETY , mullings Fasteners Specialist (#2) ERE 2 Pow
Slide 11: Our business portfolio (2)
Our business portfolio (2) ee L Industrial and safety product supply and services Blackwoods Paykels General MRO, Hose & Conveyor Specialist (#1) Safety Specialist (#1) a protectorsafety Safety Specialist (#2) Packaging House Packaging & Hygiene Specialist (#1) Building partnershine, delivering solu
Slide 12: Branch locations in Australia and New Zealand
A total of 242 branch locations me 166 in Australia, 76 in New Zealand 6 AUSTRALIAN BUSINESSES | No. Hi eo yo Blackwoods 86 @ Protector Alsafe 45 6 | V, Motion 8 4 | @ Mullings 9 Bullivants a {included from 2007) 18 As at 1 May 2007 7 NEW ZEALAND BUSINESSES | No. 7 NZ Safety 24 Protector Safety 22 B
Slide 13: Focus over last months
Focus over last 12 months Performance + Further expansion Customer experience Growth Share of spend : Accountability + Culture Cost / capital control . Metropolitan Mid-market . ‘Simplicity - Higher growth sectors . ig improvement Programmes | mpetitiveness Opportunities| _ Stronger foundations _ —_
Slide 14: Re-base the business
Re-base the business: Restructuring largely complete Accountability for results _ National business units _ Specialists reorganised, expertise enhanced _ Leadership team strengthened Reposition Group Support Services reinforced and relocated businesses _ New Business Development team — Bullivants ac
Slide 15: Bullivants added to the portfolio
Bullivants added to the sorttolio Ht @ Bullivants HAN DLENG SAFETY Acquisition Integration Synergies #1 Materials Handling, Lifting & Rigging Specialist in Australia 18 branches, 300 staff Acquired mid December 2006 from RMB Private Equity and Management Smooth integration into WIS portfolio Integra
Slide 16: Better capital management
Better capital management me Capital excluding Goodwill and Bullivants 500 - 400 | Capital ($m) Oct-05 Net reduction net reduction of 23% 7 15
Slide 17: Re-base the business: improvement initiatives
Re-base the business: ae Improvement initiatives well underway (ongoing _ Simplification (category management) _ 50% range depth rationalisation, focus on preferred suppliers Supply Chain efficiency New state-of-the-art Distribution Centres New facilities:17 branches new or relocated, remainder bein
Slide 18: Simplification
Simplification Range depth rationalisation 500 - 13 net reduction of 51% “_ 50,000 parts +” identified for removal Added pt Deleted - Apr-07 ative sa xtension | 7 7
Slide 19: New state-of-the art facilities
New state-of-the art facilities Blackwoods Queensland Distribution Centre From... 18
Slide 20: ail
ail nh All Distribution Centres being progressively relocated or upgraded Protector Alsafe - Queensland we 7 Blackwoods - Victoria 9
Slide 21: Facility upgrades to better serve customers
Facility upgrades to better serve’ Blackwoods Dandenong branch, Victoria AM 13 73 23 5 Deeg nee Ts Blackwoods Dp 2 @ oe id
Slide 22: Facility upgrades to better serve customers
Facility upgrades to better serve Blackwoods Townsville branch, Queensland 7 2
Slide 23: Improved delivery performance
Improved delivery performance as Focus on a better customer experience DIFOT % Apr- 06 May- 06 Jun- 06 Jul- 06 Aug- 06 DIFOT: Delivered in Full and On Time Sep- 06 Oct- 06 Nov- 06 Dec- 06 Jan- 07 Feb- 07 Mar- 07 7
Slide 24: New catalogues
New catalogues Bullivants — April 2007 © Bullivants HANDLING SAFET ¥ 2nd EDITION HANDBOOK NANA Blackwoods — June 2007 Blackwoods ALL Your WORKPLACE NEEDS Gall 1373 23 or visit blackvoods.com.au
Slide 25: Targeted merchandising
Targeted merchandising Industry (e.g. Transport) Blackwoods i | Blackwoods Me >>> Industrial Hose, Mose Fittings, Hose Assemblies 43 7323 blackwoods.com.au ail al 24
Slide 26: New services
New services ae Protector Alsafe Web Services National Accredited Training 7 2B
Slide 27: Stronger platform for growth
Stronger platform for growth Performance Opportunities - —- | __ «+ Further expansion oo - Customer experience _ + Accountabili : " ility - Growth + Culture _ * Cost / capital control . Metropolitan Mid-market : _ + Simplicity . _ Higher growth sectors _ * Improvement programmes * - Competitiveness
Slide 28: Growth strategies underway (1)
Growth strategies underway (1) _ Customer experience and Share of spend Provide the best service * attract, train and retain the best: technical and industry expertise * facility upgrades Further improve delivery performance * supply chain efficiency - simplicity, availability, timeliness Enhance va
Slide 29: Growth strategies underway (2)
Metropolitan Mid-market penetration Improve small customer targeting while lowering cost to serve « sales force growth and effectiveness * competitive pricing « website upgrades « greater brand visibility Target higher growth sectors Expand networks Introduce new product ranges & services Review acq
Slide 30: Outlook
Outlook Despite mixed market conditions... + New Zealand and manufacturing conditions remain difficult + QLD/WA continued demand from resources and infrastructure and a competitive environment... * commoditisation in safety * ongoing margin pressure * scarcity of skilled labour .. leverage simpler,
Slide 31: 2007/08 Priorities
2007/08 Priorities * Simplicity « Profitable growth « Customer experience * Preferred suppliers *« Cost and capital discipline * Positive culture — safety, performance, service and growth 7
Slide 32: Questions
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Slide 33: Chemicals & Fertilisers
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Slide 34: Chemicals & Fertilisers - Locations
Chemicals & Fertilisers - Locatio (CSBP fertilisers Manufacturing plant import and distribution centres Depots Regional Sales Representatives Sales agents @ CSBP chemicals Manufacturing plants ZB NP (50%) Manufacturing plants 7 LSE SS
Slide 35: Major supplier of ammonia and ammonium nitrate
Major supplier of ammonia and afin nitrate to resources Sector Cg 7 | y . 7 La Lo Lee Le ee yy a i LL Lhe jee ) a) One aNc oe y, ICAKaC Ve ] a L LD oF i ve ay Se Vy yy a y a ie U7 yy) a 7 7 We Gy y _ _ U2 WAU oe 2) _) He i a LL GEE LE yy Lo ay i - ) L ay _ oy Lo _ oe 7 eH, Me “i Capact ye ee Gs ay y
Slide 36: Major supplier of sodium cyanide
Major supplier of sodium cyanide ‘te og in Australia and overseas C7 KEY M LT yy So Gi —- 1, y Le a 7 Te Le oe u “es 7 Ly CC : 7 7 ae : o: a6 % Lo os Co i yy ee, _. se A | by, / A 0 yy G77. y 0 ali rove: hy oie yy i) Wye a ea nsolidate improvec Ca py Ne a J ce i en > fe AL oe I, a Se ce | > ic ; mM
Slide 37: Key supplier of fertilisers to rural sector
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Slide 38: Chemicals
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Slide 39: Expansion of Kwinana ammonium nitrate capacity
Expansion of Kwinana ammoniu nitrate capacity driving future growth . Growing demand from iron ore industry for AN explosives Liquid fertiliser market continues to grow Kwinana AN expansion to increase capacity by 235,000 tpa — Duplicate NA/AN; replacement prill tower Construction issues — Labour co
Slide 40: Ammonia performance affected
Ammonia performance affected b QNP performing well Ammonia . Planned maintenance shutdown of ammonia plant completed in August 2006 Unplanned shutdown of ammonia plant in April 2007 QNP ° . Strong plant performance Limited imports to “top-up” production oe
Slide 41: Sodium cyanide - improved performance and growth prospects
Sodium cyanide - Improved fina performance and further growth prospects * Demand strong due to gold activity driven by commodity prices * Tight global market for sodium cyanide * Increasing customer focus on safety and compliance — AGR transport system accredited under ICMI * Opportunity to increase
Slide 42: Fertilisers
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Slide 43: Fertiliser business tied to seasonal conditions
Fertiliser business tied to seasona conditions and rural outlook Difficult seasonal conditions give further impetus to improve business quality: — Market share maintained throughout seasonal fluctuations — Pursuing liquids growth strategy — Business efficiency a key priority — Fixed v variable expen
Slide 44: WA Rainfall April - May
WA Rainfall 1 April - 9 May oe *@Comonseath of Auuiaiia 2007, Aumtrater Burvmu of Mewordogy eum OOESSOUT 3
Slide 45: Liquid fertilisers increasingly important
Liquid fertilisers increasingly impo « Sales in 2005/06 were slightly higher than in 2004/05 + Percentage of total sales continued to increase * Sales in 2006/07 depend on seasonal conditions « Investment in infrastructure in regional areas * Amanufacturing position following the AN expansion will p
Slide 46: Fertiliser focus
Fertiliser focus Intent is to structure business to enable satisfactory earnings throughout the cycle by: « Maintaining our market-focused customer offer * Ensuring we are competitive to maintain share * Focussing on our expenses and stock management ¢« Move further towards a variable cost structure
Slide 47: Strategies
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Slide 48: Chemicals strategies
“i nenmaemmnarmee en A Commenced AN expansion at Kwinana, increasing capacity to 470 ktpa Completed ammonia plant shutdown Renegotiated gas transmission arrangements Evaluation of Queensland options 2007/2008 Commission AN2 . Improved contribution and ROC 2005/2006 _ increased sales volumes Maintain
Slide 49: Fertilisers strategies
i yy ey ee Le ay, oC y 7 7 yy 7 | La) oo | a : : + Completed st storage upgrade at Kwinana 2005/2006 Continued product development programme . : Freight capacity increased Sales volume maintained Continue to develop liquid . Increased regional storage fertilisers 2006/2007 — Expanded regional formul
Slide 50: Identify and evaluate growth opportunities
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Slide 51: Outlook
Outlook * Chemicals — Continued strong demand from resource sector — AN expansion project progressing well — Growth prospects in sodium cyanide business * Fertilisers — Seasonal factors in next two months critical to 2006/07 result — Drive further development of liquid fertiliser market * CSBP — Ide
Slide 52: Questions
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Slide 53: Insurance
Insurance Bob Buckley Rob Scott Ly, — Le y Wy yp . . ys Ly Ly ie y 7 ay yy yy ay es yy a Wes 7 — _ | _ Q 7 . | 7 y, _ a 7 . . 4 Wesfarmers
Slide 54: WID overview
WID overview ee : - BROKING ‘seer == SOFTWARE = UNDERWRITING : OAM PS »-CROMBIE Si LOCKWOOD KOUKIA Rem 2oatead'e teeaamena Brobars Lum ley ‘WESFARMERS FEDERATION DISLIRANCE LAMiTnTs * Three underwriting businesses — GWP of $1.3 billion * Three insurance broking businesses — GWP of $0.9 billion * 200
Slide 55: WID engagement in the Financial Services sector
WID engagement in the Financia Mle / Services sector —Lumley® ap General Insurance WESFARMERS FEDERATION TNT TEAC ELT SY # " OAMPS Pilg General Insurance Broking CROMBIE & LOCK WOOD ‘he Bence eres Beery — Lumley® - Premium Funding - Life Assurance ee - Premium Funding ~~ OARAPS - Superannuation CROM
Slide 56: WID participation across the general insurance value chain
WID participation across the general insurance value chain Advice & Placement Policy & Claims Administration Assessing & Accepting Risk Carrying Risk Lumley ® WESFARMERS FEDERATION | WAPI Abia LRAT CEES CROMBIE. @ LOCKWOOD im iain mere es % eS oe
Slide 57: WID growth opportunities
WID growth opportunities we * Organic growth through business initiatives * Extend into related growth areas — Maintain focus on specialty skills and capabilities * Continued participation in the consolidation of the insurance broking market (Australia, New Zealand and UK) WESFARMERS FEDERATION SUR
Slide 58: Soft cycle continues
Soft cycle continues we Business Environment Details Strong reported profits from insurers assisted Competitive conditions in Australia partly by significant reserve releases Commercial lines margins under pressure New entrants Soft pricing continuing in New Zealand . . ; Competitors aggressively ta
Slide 59: Business performance... the year so far
Business performance... a the year so far Business Unit Details Higher incidence of claims and several weather related events Lumley Australia have increased loss ratios Lower reinsurance levels resulting in higher net retentions Modest GWP growth in a highly competitive market Lumley New Zealand .
Slide 60: Underwriting... targeting profitable growth
Underwriting... targeting profitable oe growth and improving efficiencies Opportunities / Initiatives Details Maintain technical rates Creation of tailored products and services Target profitable growth Sales force efforts focussed on growth sectors Maintain key alliances and client relationships Bu
Slide 61: Insurance Broking... integration and business improvement
Insurance Broking... integration ae and business improvement Opportunities / Initiatives _ Details Integration of OAMPS underwriting and agency operations Integration of AIIL underwriting with Lumley proceeding to plan Operational cost savings to be realised from 1 July 2007 Portfolio transfer expec
Slide 62: Insurance Broking... new growth platforms
Insurance Broking... new growth ge platforms Opportunities Details Crombie Lockwood (NZ), February 2007 Law Mooney Williamson (NZ), March 2007 Whicher Boylan & James (UK), March 2007 Widelands Insurance Brokers (Qld), April 2007 Recent acquisitions Expansion of business development capabilities oo,
Slide 63: Outlook
Outlook ee * Competitive market conditions continue Business units experiencing high levels of competition and pressure on premium rates Maintain disciplined underwriting Investment in sales capability and new product offerings COR heading toward long term average of low 90s (%) * Increased claims e
Slide 64: Questions
Questions Ly, — Le y Wy yp . . ys Ly Ly ie y 7 ay yy yy ay es yy a Wes 7 — _ | _ Q 7 . | 7 y, _ a 7 . . 4 Wesfarmers
Slide 65: Coal
Coal Stewart Butel _ yy y, iy Ly i o yy - Lo Wy Ly | _ . Ge aC ee, Ve i ay | yy ey 7 ce 7 / iy _ yy) _ . LD , Ge Le iy Bs 7 ) Ge Wesfarmers
Slide 66: Wesfarmers Coal
Wesfarmers Coal ( UR AGH —
Slide 67: Wesfarmers Coal - locations
Wesfarmers Coal - locations Coal Premier Coal Curragh Bengalla (40%) 0s
Slide 68: Coal production
Coal production Mine Premier, WA 100% Thermal 2,399 2,842 cn —_—e on, Curragh, QLD 100% Metallurgical 4,843 ___4809> Thermal 1,620 2,052 Bengaila*, NSW 40% Thermal 1,746 1,813 * Wesfarmers attributable production
Slide 69: Curragh metallurgical sales growth
Curragh metallurgical sales growth tonnes (m) 7 6 Wesfarmers ownership 5 > 1998 1999 2000 2001 2002 2003 2004 2005 2006
Slide 70: Business environment
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Slide 71: Industry facing challenges...
Industry facing challenges... « Constrained export coal chain * Cost increases (opex and capex) * Appreciating Australian dollar « Industry consolidation « Climate change But.... * Strong market fundamentals and customer demand « Continued Curragh export growth * Positioned to capitalise when infras
Slide 72: Metallurgical coal prices
Metallurgical coal prices Australian hard coking coal to Japan US$/Tonne (Nominal) FOB Australia 140 120 - 100 - 80 - 60 - 0000 ee 20 - 0 T T T T T T T T T 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Japanese Fiscal Year Source: Barlow Jonker 7
Slide 73: Thermal coal prices
Thermal coal prices Australian thermal coal to Japan US$/Tonne (Nominal) FOB Australia 70 60 - 50 + 40 - BN ONS 10 + 0 T T T T 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ~- Spot Price JPU Reference Price Source: Barlow Jonker 72
Slide 74: Strategies
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Slide 75: Coal strategies
Coal strategies Strong export customer demand Maximise export sales Long-term export contracts in place Optimise sales mix Export price relativity Cost pressures Cost reduction programmes Infrastructure constraints Closely monitor and capture opportunities to export as soon as capacity becomes avail
Slide 76: Coal strategies
Coal strategies Maximise export sales Long-term export contracts in place Optimise sales mix Export price relativity Strong export customer demand ia)
Slide 77: Curragh metallurgical sales growth
Curragh metallurgical sales grow tonnes (m) Wesfarmers ownership ——— CAGR = 16% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007F 2008F 76
Slide 78: Curragh metallurgical sales
Curragh metallurgical sales Contract duration 2007/08 « Contract negotiations for FY 2008 have concluded *« 92% of contracts are 3 to 5 year terms « Total export volume weighted average price decline of 13.6% « PCli price increase «+ Price movements in line with publicly-reported settlements * Hard
Slide 79: Metallurgical coal prices
Metallurgical coal prices USS / Tonne FOB 125 115 105 100 + 98 Hard Coking 83 85 ° a Semi-Hard emi-Har 67 67 60 64 PC 50 2006 2007 Source: Tex Report ) %
Slide 80: Curragh metallurgical sales mix
Curragh metallurgical sales mix 2007/08 estimate 6.5 to 6.9 million tonnes Hard or PCI
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