Wesfarmers Limited · ASX:WES
Wesfarmers — Investor Presentation (November 2005)
157 slides from Wesfarmers's investor presentation, Nov 15, 2005
Slide 1: Wesfarmers Limited ASX cover letter
0s Wesfarmers Limited ABN 28 008 984 049 14 November 2005 The Manager Company Announcements Office Australian Stock Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam PRESENTATION AT INVESTOR BRIEFING, SYDNEY - 15 NOVEMBER 2005 Following is a presentation that is to be given at
Slide 2: dar v4
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Slide 4: Presenters
Wesfarmers Industrial and Safety Terry Bowen Chemicals and Fertilisers Keith Gordon 6 Insurance Bob Buckley = . . 46 Other Businesses Gene Tilbrook Wed Energy David Robb 12:35, Corporate Sustainability Keith Kessell | ees Hardware John Gillam David Moroney Richard Goyder Gene Tilbrook
Slide 5: SYP SAAC CeO ha er RoE SMU Relates Ca naren der
SYP SAAC CeO ha er RoE SMU Relates Ca naren der oo i LEE pie ae WSO ae er ee NU, ee GIL EAL . Foe BME IIA Or GE OI. ae Va ee | CCL WI I Ly CEI Op Oy ey ee ae EME EL EE oe Lo 7 DLE: GM: OTR NOM SS Tae 7 0 .. Lo f ae aa os SG Cc =r Wy _. a a _ _ _ _ _ _ _ _ _ _ ~ - — i a i. i: _ _ _ _ _ _ _ _ _ _ _ _
Slide 6: Re eee
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Slide 7: Industrial and Safety brands
Blackwoods = “ullings Fasteners . BA K ERS Protector. | Alsafe COLTRI T ENE -- DUET REL. Te ee ccc nil sui nin mh MISE Blackweoods 2 Paykels Packaging House Safety Supply lnvestoniBri
Slide 8: Quick facts
s) Ill WU il ii il Hl cE MT QUICK FACTS 100,000 customers : y 400,000 product lines Hi . ™, i 2 12,000 vendors : 3 ue uy 3 3) 00 employee 255 locatic BUSINESSES ( Industrial Products 116 — Protector Alsafe 55 IZ Protector & NZ Safety 46 7 Blackwoods Paykels (NZ) 27 Packaging House il i)
Slide 9: Quick fact: broadest MRO range
QUICK FACT Broadest MRO range 400,000+ product lines
Slide 10: ee a TRIS CaN PALMS el Co Ui cnt las Saray
ee a TRIS CaN PALMS el Co Ui cnt las Saray Lo LI ee eo ae LI a ey Ly Ce ee RO EE —rt—s—“E LIM Ln ee 0 ae Cl _ : ee i Le DOM MRR ay os e Cl Dy oo We Le 7) WO ue Lo LOC ee Li EH TOON OE EU er eg Co a Ee ey MO Cr Lr I Se: FG a) TM A ap ge WER URE OO EM I EE CEE. Va Lo Baie 5 ae BE ee LEE EEA ELE. RM EL
Slide 11: Highly fragmented market
Highly fragmented market Intense competition from category specialists Specialists broadening their MRO product range Some contraction in key markets (most particularly manufacturing) Growth in mining, infrastructure & transport Slowing conditions in New Zealand Increased competition in NZ safety pr
Slide 12: Contribution to Group EBITA
CONTRIBUTION _ TO GROUP EBITA Revenue 1,055.4 1,112.0 1,150.6 1,171.5 Revenue Growth 5.4% 3.5% 1.8% EBITA 84.8 117.2 112.0 110.0 * Represents 11 months contribution only
Slide 13: EBITA down slightly on last year
e EBITA (YTD) down slightly on last year - Sales ahead, however gross margin slightly down - Expenses higher e Australia - ahead of same time last year - Continued MRO business growth - Improved performance in Protector Alsafe, but more to do e New Zealand - down on last year - Blackwood Paykels und
Slide 14: SURIA IR ICN Ae TORO Bi ih RUSHES Diseies BPS SON INR Roa AIR
SURIA IR ICN Ae TORO Bi ih RUSHES Diseies BPS SON INR Roa AIR aa a ee We —hCO Ae yy Gee, Wee = HID ey Ie Ge ie a he age a ~~~ fie ER RCE EAE gs GM I ee Be ee OSCE LD OI I Sa a HD pee GO oa LOE ER 7 We 0 LR Le ae p ey LEO oe SO EL AEE EEL OOO Le Tee ne Ce SR Be LEM CI ie SA UT A AEG RMR Cpa NaH HG LE
Slide 15: Grow market share in selected product categories
Grow market share in selected product categories Reduce expense to sales ratio - business improvement program Reduce working capital - inventory Improve safety performance (LTIFR) Improve employee retention
Slide 16: Distribution centre projects
e Complete - Regency Park SA (IP), Wiri NZ (IP) In progress - Wiri NZ (Packaging House), Virginia Qld (PA) e In planning - Synergy Park Qld (IP), Smithfield NSW(IP)}, Blacktown NSW (IP), Christchurch NZ (IP)
Slide 17: Upgrade programme continuing
Upgrade programme continuing « More than 30 upgrades currently planned for 2005/06
Slide 18: New catalogues
e New PA Catalogue due Feb 2006 - improved format e Commenced work on new Blackwoods Catalogue due Sept 2006 tel lnvestoniBriefing - Novernben 2:
Slide 19: eBusiness leadership
MRO market leaders in eBusiness Growing go proportion of eBusiness sales New website being developed feston B jefing - No smnben 20 ’ : Bersssen” oN rraliore BRINN LOCATIONS i sha Se ga Et HOD Ke and mmeale a Auatraiam 2 Sindenonds wees ote poe Hille pteiad Pade etait Coe Fai Mentaal Oe wR wacoin Rh
Slide 20: Strategic planning process
Strategic Planning process to commence early December - Building on Port Jackson Partners recommendations e Early focus has been on getting to know the business - Reviewing business operations, meeting staff and customers e Scoping study already underway involving all senior managers looking to capt
Slide 21: Key focus areas
Market share in a number of key MRO categories Performance of Protector Alsafe (Aus) Performance of Blackwoods-Paykel (NZ) Cost of doing business Fulfillment, logistics and administration efficiency Leveraging technology (eBusiness) Capital management, particularly inventory Staff / organisational d
Slide 22: NERC NCAN SULLA IRI SIA DEIN Sa Rei IN PaO RD NTR ONITLASIOD III
NERC NCAN SULLA IRI SIA DEIN Sa Rei IN PaO RD NTR ONITLASIOD III CL NAAR NO AINA LS SUL RIN DV AU WIS IGA LION CALAIS Diy OOD BUG ADSL MOAI MSDN IE eI LO ANALOG A pescly Ll Cr rt—“=#ECOCW Le EMO EE LE EOE LE EO: eee Re c-..—rti—“—™—O—OCCCCC—C—C——C—C—C—C—C—C—C—C—CF PFC / 7 oe 7 LEC EO EEE EEE EI EE E
Slide 23: Outlook
Continued strong conditions in mining (Qld & WA) Manufacturing activity expected to remain under pressure (NSW, Vic & SA) Slowing economic conditions in NZ Growth over time in core MRO business Continuing improvement in Protector Alsafe Blackwoods Paykels (NZ) performance will remain a focus and exp
Slide 24: SYR IMOS SS LBS PATER AON SEN LSU LNA CU MASAI WiC OM EGO
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Slide 25: Leite ESE ia SOX S A
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Slide 26: SUNS MENU SIS GIA SNL ea Guise ione
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Slide 27: Chemicals and fertilisers overview
e Manufacturer of mining & processing chemicals - ammonia, ammonium nitrate, sodium cyanide, chlorine e Manufacturer and importer of fertilisers - phosphate, nitrogen, potassium and compounds e Manufacturing operations at: - Kwinana, Albany and Esperance (WA), Moura (Qld) e 570 employees e« Post 199
Slide 28: EBITA and EBITA/Capital
EI EBITA EBITA/ $m Capital (%) 100 20 18 16 14 2001 2002 2003 2004 2005 we First HY EBITA (gm Full Year EBITA -@--EBITA/Capital (R12)
Slide 29: Injuries and LTIFR
Injuries R12 LTIFR 100 5 80 - 60 - 40 - 20 - 2002 2003 2004 2005 @@ Lost Time Injuries Mi Workplace Injuries ~-®-R12LTIFR
Slide 30: SURIA IR ICN Ae LSM UGK OD SpA OO LLL ED
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Slide 31: Operations update
e Ammonium Nitrate - Production at Kwinana plant sold out - Kwinana expansion approved - QNP planned shutdown in October 2005 e Sodium Cyanide - Capacity expansion complete - Review of sales contracts - Working capital e Ammonia - Possible shutdown in early 2006
Slide 32: Continued liquid fertiliser growth
© Continued liquid fertiliser growth Sales and marketing alignment Historically high prices Market consolidation
Slide 33: Legacy waste management
Legacy waste management @ Depreciation - Manufacturing assets - Fertiliser storage shed re-cladding Kwinana infrastructure review - Water infrastructure Industrial relations
Slide 34: Reo ab Mai bs We ays Gs
Be Reo ab Mai bs We ays 33 Gs LO y ee BG BI ey Ue Ge a o Lo, 2 URE ETL ie RUTGERS EAU IGE PERC Ce LL LO ee LIE ee ae Le AAG EE ~~. GUE EN EEE J I a G oy RON LOO Re MOPS MON LO HORMEL A MTN EE: Z EE OIE LO ae EU LSU OO EE TEE EEE EE EES II a ee SE I A OO EIR OSA MO HET. ULNA ## # & & #7©&«=©7§ChChCDl
Slide 35: Increased demand for AN
« Increased demand for AN - WA iron ore industry - QLD/NSW coal industries - Liquid fertilisers e Duplication of AN capacity at Kwinana to 470,000 tpa - Commissioning anticipated mid 2007 e Duplication of QNP being investigated - Two phase feasibility study - Customer offtake contracts and capital c
Slide 36: Liquid Ammonium Nitrate
Liquid Ammonium Nitrate
Slide 37: Kwinana expansion approvals
Board approval Capex around $200 million Environmental approval Other approval processes underway Long lead items ordered Negotiation with key contractors underway Construction anticipated to commence early 2006 Commissioning mid 2007 36] | |
Slide 38: Liquid fertilisers
‘Liquid Fertilisers > emanate e Continue with strategy - Increase penetration of existing products - Develop of new products - Infrastructure and logistics - Storage capacity at Kwinana and “on-farm” ' Transport capacity - Benefits of locally manufactured product
Slide 39: CSBP liquid fertilisers
u F ill t t CSBP Liquid Fertilisers = an oO j 1 000's Tonnes % of Total Sales Tonnes 2000 2001 2002 2003 2004 2005 (lim Liquid Fertiliser tonnes (LHS) nme % Of Total Fertiliser tonnes (RHS) 38] | |
Slide 40: Growth opportunities and capabilities
Identify and evaluate growth opportunities Develop improved capabilities Optimal cost and capital structure Maintain “Licence to Operate”
Slide 41: BONER INS CANCER DUA LIN a RoI ame RES
BONER INS CANCER DUA LIN a RoI ame RES S73 ois NESS OLI NEO ey iif oo hrr”hrrrrO— Cll””COC—“=#CO*#CO 7 A A MOOT GE LE SEES IM HEA ME EF Me OTERO EU GE EO ES We I MM ORT EU EO ene Le a. eee Lo Ge . LL a — —Crr—“—™—™OCSCsC“‘“NCOC#COété#( Oy ee I VT fae 2 Ld . I oe LLM, OSE UE ACY En oI # ~=- Lo ee Lo
Slide 42: Outlook
e Resource sector demand continues to underpin demand for key chemicals: - Ammonium Nitrate - WA and Queensland - Ammonia - Plants sold out e Opportunities to improve performance and grow sodium cyanide business e Continue to evaluate business growth opportunities
Slide 43: Agricultural factors
2005 harvest Fertiliser prices Prices of other inputs Commodity prices
Slide 44: DOS SSG Ie SEROTEC SHEDS SALLE AMEE. LAWL OM DES ob Lame lao re
DOS SSG Ie SEROTEC SHEDS SALLE AMEE. LAWL OM DES ob Lame lao re PN Red UCM ean GSP OL ACD UN DAD ATS SAN CA SOO EE EN ELE RADE: Ce ee 0 LI ee Le OT ERER Te MESO Mie ACO UICC EGIL EL EL EE EOE ye oe »=—rt—“_Os<s—sS<“<—i VE MRL CESS ELLE: i I OE EE EE a oo -rrr—“ rLmrmrrrC—™—”—C—C”C*E"EE a Wy PO ee RO
Slide 45: LO TE Ne ioe
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Slide 46: DMC MECN SAS Ry apes
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Slide 47: Insurance geographies
Australia New Zealand Australia Australia New Zealand Hong Kong
Slide 48: EBITA and ROCA
2002 2003 2004 2005 BITA ~®-ROCA *Lumley included since date of acquisition of 14 October 2003 eT NH NNN QUICK FACTS 1,463 employees 105 branches
Slide 49: Insurance financial results
(Sm) 2004" > | Gross Written Premium 787.3 1,019.9 29.5 Net Earned Premium 508.1 700.4 37.8 Net Claims (295.8) (412.1) (39.3) Net Commission and Expenses (142.5) (189.6) (33.1) Underwriting Result 69.8 98.7 41.4 Investment Income on TR 15.4 23.1 50.0 Insurance Margin 85.2 121.8 43.0 Investment Incom
Slide 50: Insurance ratios
(%) Gross Earned Loss Ratio 53.2 Net Earned Loss Ratio 58.1 Reinsurance Expense (%GEP) 37.5 Exchange Commission (%R! Cost) 21.1 Commission Expense (%GWP) 13.2 Total Expenses (%GWP) 25.1 Combined Operating Ratio 86.3 Insurance Margin 16.8 56.5 58.8 32.4 24.1 13.9 26.5 85.9 17.4 *Lumley included since
Slide 51: SURIA IR ICN Ae Ceneyorees RIA POSURE Ande SUS ERUE asgu SURAT ENS
SURIA IR ICN Ae Ceneyorees RIA POSURE Ande SUS ERUE asgu SURAT ENS an ae Ae oe hh lLrDhrrrhrrC—Cti—“=‘“‘CRNCONCOCO”C*#C#C#C;”;C*;”;COiéié“C(C étCOUé#C#(( Wee oe, MO oe Re EE Fea y MGT EGIL EEE LG a ee gs , Oe ON EMMETT ELIE: — —rt—“—“_OC—*“B oe Se hdl Te I RG? MAG COU AE Re I OL NR PR IG RON ESO OO.
Slide 52: 3,000
3,000
Slide 53: Claims experience and competition
ie Sep 2005 YTD claims experience comparable to last year Competition is affecting GWP growth All business units experiencing increased competition NEP positively impacted by reduced RI expense RI market tightening due to US hurricane season
Slide 54: SURIA IR ICN Ae Bs
SURIA IR ICN Ae Bs a a ee Wee —r—e— 7 gs He _ ROA Lo OSCE Cl J OEP EIN A LEIS baa )~=~=—rt—“—‘—=i=‘ié~—~—~SO I aI ee GREE EEG Lo ae i I a ae GOR LOM MONEE EN ee CC Loe Eo oe =—smEW LE ee = =~—hmD LORE SS i ES OUI. Oe LE LEME 2 7 Lo Le a Le i VO ee ae Lh, hUCOCO™*F - ~)—rt—“—™OC—C—O—C— Yi .. _— .. i?
Slide 55: Growth opportunities
Growth opportunities Developing new strategic alliances Acquisition of small portfolios Continued focus on profitable niche business Optimise broker relationships
Slide 56: Increase risk retention
Increase risk retention Year Ended 3 June (%) Including AMO Reinsurance Expense (% GEP) 37.5 32.4 Excluding AMO Reinsurance Expense (% GEP) 32.1 28.2 e Further reductions in 2005/06
Slide 57: Implement enhanced IT systems
implement enhanced IT systems e Gennetica rollout completed at LGA - Improvements in data collection and rating information e WFI and LGNZ to implement Koukia in late 2006 - Cost reductions from maintaining legacy systems - Improved flexibility - Provision of timely information to agents and custome
Slide 58: NERC NCAN SULLA IRI SIA DEIN Sa Rei IN PaO RD NTR ONITLASIOD III
NERC NCAN SULLA IRI SIA DEIN Sa Rei IN PaO RD NTR ONITLASIOD III CL NAAR NO AINA LS SUL RIN DV AU WIS AMIN TAU au A WES RATA RN NR RPE ISN RRP OL UIE ONC RICLN SIU Ie Ll LO ee Le IE RE NEEL LE EES. 7 eee Re cL rti“‘<“i‘_iOCOCC—C—C—CC—C—C—C—C—C—C—C—C—C—C—C—O—OCOCOCO*N*N* Nr:C:iC':C:C‘ C ‘CR 7 oe 7 LE
Slide 59: Challenging outlook
Challenging outlook NEP growth to continue - reduced reinsurance Margins to decline Continuation of compliance burden Koukia enquiries growing
Slide 60: DOS SSG Ie SEROTEC SHEDS SALLE AMEE. LAWL OM ES oh Leelee PN Red
DOS SSG Ie SEROTEC SHEDS SALLE AMEE. LAWL OM ES oh Leelee PN Red DCM eae GSP OL ACPO DRDO HASAN Co SOO EE ENE SED NOSE. ee ee 0 LI Le OT ERER Te MESO Mie LE ye oe »=—rt—“_Os<s—sS<“<—i VEEL UME LT CEE LE EE I IE EE oo -rrr—“ rLmrmrrrC—™—”—C—C”C*E"EE a Wy I oe oe BOI I ) —,r—“i—™—O—OCOCOCOC™C*C*i*#s O
Slide 61: NEU AON Ap sR pede eS Caeoet One ey Meee ee,
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Slide 62: SUNS MANE ye
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Slide 63: Railway update
Previously delayed tonnage growth now occurring Continuing cost pressures - fuel and labour Major track upgrade complete Regulatory milestones reached Safety outcomes near target
Slide 64: Outlook
Buoyant minerals industry Shortages of labour and services Indications of lower fuel prices Mature regulatory environment
Slide 65: Fuel cost chart
je cpl Cost/bbI $1.15 4 | $120 $0.80 1 1 $0 S S 2 S & Ry ~ > os 9 & a ae C2 SS ES Rg Se Be gh gh oF ph woh a oF gy Week Ending AUDS Cost/bbl
Slide 66: Continuing minerals growth
e Continuing minerals growth e 2005/06 grain
Slide 67: Grain harvest
Grain Harvest 20 = a Tonnes (milions) ray | 94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 66 | | | wm Western Australia w@ South Australia
Slide 68: Measures to overcome cost pressures
Measures to overcome cost pressures Continuing safety and incident focus Management changes
Slide 69: Adie
Adie SUSE IRIS CANAL LENNIE 3 Sik st ARON aR DMM Dip i oe Va Lh : Ae iy Te Le DR OL , eee ee Ly Lo = —rt—eS HO Go ey Se gs Ay és i =. Te Le Ee EEE OM ae: LT eI ay i Ce ey . WE SME OEE EE ee es ONO UTTITT He ise Ue on en =~ A ae We RH oF Cee ae Z ae ey 0 Ve i ae LE i MM He LC i FG ay ee He Re ~~ —hCC
Slide 70: Gresham Private Equity Fund
Gresham Private Equi Fund oem %0 ye Me _ . oe . 6 oe a. . . - | . a ; =. se Z COC rr eae / 2 ee. Investor Briefing - November 2005 peers esse
Slide 71: Private equity fund structure
ivate_ ” ity Fu nd (Me EE Mii: iis (Investor Pool for GPEF2) Tec (Manager) (Investment Vehicles) i Hae Cy ce _ . lnvestoni Briefing — Noverhber| “
Slide 72: Gresham Private Equity investment
sresham Pr a i 2 v Equity: =f - unc ot { i cn ania Ly E — — : ee Sees 2 _ a. a. - a _ _C —oerrrrrr—r—S——C 2 i 7 r ee ne ys = | 2 tek Le - Australian anufacturer and distributor o 3 eh ie Eta il Si mais a os p : oS FS i Peel ol cat 7 Ta 7 ‘l a 4 | - i 2 . _ ee _ - _ . on . a _ — coe ee Investor Brief
Slide 73: Le SAN INOS CASALL UL A DIA UENO YEG SN TSS earn Dent AS
Le SAN INOS CASALL UL A DIA UENO YEG SN TSS earn Dent AS om DSO CSAIL HUD ESE. ee oe Oe ee hf Ls ue LE Le LE AE EO EEL _ L oe UES ET EOE EEE, 7 EE Le Ly ae oo Me oe LEO ae une Ly go. i Ma LE EES Fis 8 §.| A We TCI: -, #&#&#&»=§=—=—srrC crn. oo LO a ==. ea, oe Rn ae a ~—S—rr—“——C——C—C—C—C*'FEET BCR O
Slide 74: DOS SSG Ie SEROTEC SHEDS SALLE AMEE. BSS UVES COURS RA DM ONS SRI
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Slide 75: SUNS MANE
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Slide 76: Lies ACR NAL BONA
Lies ACR NAL BONA Re eee s oo DOORS SUE Co ay A UMTRS gs oy CT ar Wy Le ae KO ERNE a Ge MEE a eee ee ee PSG RUT IE LAE EL ee) ee ae LE I Le ee ee LE a ee WRG UE oe EL i 4€ =. Sy ae Bay c ®@8§=§=—hE™r—_—=—<—3>F«ri asrsrtri—‘—stsésé=—rms—m".HSFsFsFsFsFsé<sOsé‘<—Ms<“™sts‘i—“—“—M_FemrfeemeseseseseseseSe
Slide 77: Energy businesses
Wg eg i URRAGH enGen 0% Premier Coal
Slide 78: Energy businesses and contribution
wo) i) | | en li ii i oi) 0000 ne : mn a CONTRIBUTION BUSINESSES ‘ TO GROUP EBITA Gas and power Coal HI Kieenheat Gas “) Premier Coal @ Wesfarmers LPG | @ Curragh & Air Liquide @ Bengalla D StateWest Power Investor Briefing — No
Slide 79: Profitable growth over time
E erg) ecti' Soe rUrmrr— ProfitableGrowthover Time = WM 300 + 200 100 2000 2001 2002 2003* 2004 2005 ez EBITA ~o- ROCA * Excludes Girrah A$80.5m in 2003 Investor Briefing - Novem
Slide 80: Energy highlights
© Premier: Golden Gecko environmental award Curragh: Blackwater Community Health Centre KHG: LNG market development ALWA, WLPG and enGen all LTI free in 2004/05
Slide 81: Saudi Aramco Contract Price
Slide 82: WLPG Feed Gas LPG Content and Flow Rate
Slide 83: Thermal Coal Spot Prices
Slide 84: Curragh Cost Elements FY2005
Slide 85: Curragh Cash Production Costs
Slide 86: Exchange Rate AUD/USD
Slide 87: Wesfarmers Curragh hedging profile
Slide 88: Outlook
Slide 89: Energy 2005/06 Outlook
Slide 90: Saudi Contract Price
Slide 91: LPG Content
Slide 92: Coal Production
Slide 93: Coal Handling & Preparation Plant
Slide 94: Coal Handling & Preparation Plant Flow Chart
Slide 95: Vibrating Banana Screen
Slide 96: Banana Screen - Failed Cross Tube
Slide 97: Curragh North Oxidised Coal in 1st Panels of Central Pit
Slide 98: Curragh North Initial Road Transport
Slide 99: CHPP Processing Flow Chart (normal)
Slide 100: Strategies
Slide 101: Energy Strategy Summary
Slide 102: Premier Sales Development
Slide 103: Curragh North Progress
Slide 104: Curragh North Capex
Slide 105: Curragh Expansion Potential Preconditions
Slide 106: Curragh Export Volume Potential Growth
Slide 107: Bengalla
Slide 108: Kleenheat
Slide 109: enGen - Remote Power
Slide 110: Questions
Slide 111: Corporate Sustainability
Slide 112: Corporate Sustainability
Slide 113: Corporate Sustainability
Slide 114: Corporate Sustainability
Slide 115: Questions
Slide 116: Bunnings
Slide 117: Bunnings Warehouse logo
Slide 118: Agenda
Slide 119: Background
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