Wesfarmers Limited · ASX:WES
Wesfarmers — Investor Presentation (May 2004)
138 slides from Wesfarmers's investor presentation, May 7, 2004
Slide 1: lit tii ttht Tie if
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Slide 3: Wesfarmers Energy
Wesfarmers Energy AIR LIQUIDE WORRY 8 108 BAIETODUIS, WESFARMERS LPG “a STATEWEST POWER EAU TUCO
Slide 4: Wesfarmers Energy: Profitable Growth Over Time
Wesfarmers Energy : PGT Profitable Growth Over Time May 2004 eG
Slide 5: Production
Production WLPG Kt 400 300 200 100 4 a o/ 1999 2000 2001 2002 2003 9 1999 2000 2001 2002 2003 Mths Mths 2004 , y see _ 2004 May 2004
Slide 6: Saleable Coal Production
Saleable Coal Production > LL 7 DD ) We a. yy J TTT TE Ty, Ty, is TT is ee a Ly, iy We Wag Ly . 7 | Ll a Lo Po of a : : — yy Ly ] =.{j ye oo yy ao D7 . va | : Le ) L LL LAL ULE ILE ) We Vy ey y . Ea : “a FF ey | oe Premier 100 Steam 2,540 2,478 Curragh 100 Coking 2,949 3,412 Bengalla 40 Steam 1,332
Slide 7: Sales Volumes
Sales Volumes” | 9 Months 2004 versus 9 Mon Kleenheat Gas +4% Wesfarmers LPG -1% Air Liquide* -2% Premier -~2% Curragh +16% Bengalla +5% ie Pipeline Sales May 2004
Slide 8: EBITA Financial Performance
% EBITA* 35 Financial Performance 30 250 25 200 : 20 150 : 15 100 7 / | | | |10 50 nh 1 1 r = : o+ : : r 1 r 2002 2003 9 Mths 1999 2000 2001 2002 2003 R12 Mar 1999 2000 2001 2004 * Excludes Girrah $80.5m in 2003 wi
Slide 9: WEE
WEE . yy 7 LL _ Wee a iy . rrrrlrrts*ti‘ctw””:”™”CO”;C*;*:té‘(‘(<ySCO#Cié‘i‘(<‘é;‘i ee Gladstone Newcastle (40% ef iy — — 1.46 1.56 _ Ves > oy Uf 7 We ) Ye oT = y yy y | 2.40 - | i 7 a YY a y uy y Le Ue Li Ey _ 7 ) Le ) _ . y yy, Lo 7 ) TT a wey Vy _
Slide 10: Energy 2003/04 Outlook
Energy 2003/04 Outloo! : Gas > International prices lower than pcp.....maybe Coal » Demand strong, logistics bottlenecks continue » Contract and spot prices up significantly » Minimal unallocated tonnage 10
Slide 11: Energy 2003/04: Saudi Contract Price
Energy 2003/04 0 Saudi Contract Price. US$/t 400 350 300 250 200 1 50 Jul Sep Dec Mar —ePropane 2002/2003 —<—Propane 2003/2004 ) Jun 11
Slide 12: Hard Coking Coal Prices
Energy 2003/04 C Hard Coking Coal Prices JIRP US$/Tonne FOB nominal 60 55 5 50 | 45 - 40. 35 30 1 1 1 1 1 1 83 85 87 89 91 93 95 97 99 o1 03 04 Japanese Financial Year EAU TUCO 12
Slide 13: Thermal Coal Prices
a Thermal Coal Prices US$/Tonne FOB nominal 60 50 7 40 + 30 | 20 4 Apr- 96 Apr-97 Apr-98 Apr-99 Apr-00 Apr-O1 Apr-02 Apr-03 — Apr-04 Source: Barlow Jonker May 2004. / 13 ie
Slide 14: Energy 2003/04 Outlook: Exchange Rates
Energy 2003/04 Outlook —_ : : f ay I Le Exchange Rates yy i i Wn $A/SUS 0.9 0.8 5 0.7 5 0.6 0.5 5 0.4 Jul Dec jun ~~ AUD/USD 2002/2003 — AUD/USD 2003/2004 LmininnNiNRNRCNNN Cy Hig .. — i hh NNN 7 Lig 14 Hc j
Slide 15: Energy 2003/04 Coal Sales
Energy 2003/04 Coal Sales Curragh, QLD 2.4 4.7 7.1 Total 6.4 1.6 4.7 12.7 *Wesfarmers 40% share EAU TUCO 15
Slide 16: Energy Issues Last Quarter
Energy Issues Last Qu » LPG prices and demand e Atypical price trend « Autogas weakness ® Supermarket success » Coal volumes, prices, costs « Production performance (dragline shutdown) ® Inventory effects e Logistics performance EAU AT 1 6
Slide 17: PGT Challenges - Asset & People Productivity
PGT Challenges - Asset & People Productivity » Aligning Stakeholders Acquiring New Competencies Changing the Business Model A Sense of Urgency May 2004 wl 47
Slide 18: Performance Drivers
in 7 NZ, io) Performance Drivers ) porns : 2 Ly Ly Ly PERFORMANCE TIME oe ue GG Ig Hc ~ 18
Slide 19: Safety LTIFR
Safety LTIFR — Kleenheat Gas — 10 /\ 5 s \/ \ oO T T T T T T T T 0 Vv 1995 1996 1997 1998 1999 2000 2001 2002 2003 1995 1996 1997 1998 1999 2000 2001 2002 2003 Premier Curragh 45 18 as | oN 3G ‘\ 12 \ . X 10 XS —*\ 8 — 15 6 ic \ 4 5 \ 2 r r r r r T T 0 1 1 1 : : : : 1996 1997 1998 1999 2000 2001 200
Slide 20: Strategy Summary
Strategy Summary Ye > Y > Ye > Premier Curragh Bengalla KHG WLPG ALWA contracts, new markets, u Curragh North delivery and optimisation JV Alignment, mine plan, sales mix “focus on fundamentals” ITI flexible operation delivering new projects EAU AT 2 0
Slide 21: PGT Activities: Gas & Power
PGT Activities Gas & Power » LPG market development post excise dec WLPG post 2005 » LNG for road transport > HIsmelt >» MidWest » WA base load power ie 21 May 2004
Slide 22: NA AN | po
NA AN | po 22 TUCO
Slide 23: Update on HIsmelt Project
Update on HIsmelt Proj e No lost time injuries e Project on schedule and within bud e All major equipment now on site ® Fourteen days lost (RIO IR) e October completion date unchanged ie 23
Slide 24: StateWest Power
StateWest Power Mid West project = Cue, Meekathara, Sandstone, Wiluna‘and Yalgoo 1 gas power station: Mt Magnet NA AN | 24
Slide 25: PGT Activities
ae \ PGT Activities” jj==— §@ » Premier Market Development e Mineral sands e Hismelt e Char > Curragh North oe ue GG Ig Hc \S 25
Slide 26: Coal Market Development
Coal Market Developme 1998/1999 9 Months 2003/2004 @ Premier Curragh Export @ Curragh Domestic Bengalla Export @ Bengalla Domestic 98/99 9M 03/04 96% 51% 4% 14% o% 35% Steaming Domestic Steaming Export Coking Export 26
Slide 27: ao A
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Slide 28: The Key Focus
The Key Focus — @ G Award of Mining Lease Marketing program underway Project management — scope, timetable, procurement Selection of infrastructure delivery mechanisms Logistics Integration with Curragh operations Recruitment 28
Slide 29: Overview of Curragh North
Overview of Curragh Nort River ra A: McKenzi urragh i og Weenfareveurd General Arrangement Cimicr Gu mad ts 29
Slide 30: Reserves History
LAAN 4 Reserves History MT ROM 250 200 150 100 50 5 Acquisition Post Girrah Sale With CN (2000) (2003) (2004) LIL a 3 0
Slide 31: Curragh Production
iin Curragh Production — — ROM tonn 12 10 2019 5 2020 5 2021 5 2022 5 2023 5 2024 5 2025 5 2026 — iG 7 : l ~ 3 i
Slide 32: Curragh Production
970% Szoz 32 pwozw E707 cZ0z Tz0z 0z0z 6107 ST0z L£t0z 9T0Z sToz vtoz et0c ZT0z TTOz oto0z 6007 8007 ROM tonnes Curragh plus Curragh North © Curragh stand-alone £007 9007 s00c pooct €00zc 12 10 8 6 4 2 0 Curragh Production
Slide 33: Mining Lease
Mining Lease » Completed: * Environmental Impact Statement e Qld EPA Environmental Authority e Cultural Heritage Management Plan e Confirmation — native title extinguished « 6 Compensation agreements » Outstanding e 1 landowner objector to Mining Lease e Resolved through negotiation or LRT 33
Slide 34: Coal Processing
Coal Processing oe Yield upgrade in 2002 mT Raw Coal Distributio 2 Modules Screens 4 Loops Capacity (1600tph) and yield upgrade now for CN 34
Slide 35: Export Sales
Export Sales » Curragh brand name and reputation » Positioned as “independent” supplier » World leading steel makers as key customers Contracts secured to underpin CN expansion » New PCI product 35
Slide 36: Export Customer Mix
Export Customer Mix = = Aen 50% | ae iui NA AN | BG TUCO
Slide 37: Export Customer Contract Duration
Export Customer Duration 40% 13% NA AN | BT TUCO
Slide 38: all
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Slide 40: CSBP Chemicals and Fertilisers
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Slide 41: CSBP's Objective
CSBP's Objective umn yy (f wh y we are | yy yy Al
Slide 42: CSBP Background
CSBP Background > ye Established 1910 Member of Wesfarmers Group since 1980 Only major fertiliser supplier in WA until ~ 1990 Diversification into chemicals from 1987 Major chemicals investments post 1996 Post 1999, around 60% of EBITA generated from chemicals activities WA’s leading fertiliser supp
Slide 43: CSBP Background
CSBP Background » Manufacturer of mining & processing ® ammonia, ammonium nitrate, sodium cyani chlorine » Manufacturer and importer of fertilisers e phosphate, nitrogen, potassium and compounds Manufacturing operations at: * Kwinana, Albany and Esperance - WA e Moura, QLD (joint venture) » 540 empl
Slide 44: EBITA and EBITA/Capital Five Year Trend
EBITA and EBITA/Ca . 5 Year Trend o 1999 2000 2001 2002 2003 —@ EBITA/ Capital eee - 7 a4
Slide 45: CSBP July 2003 - March 2004 Result
CSBP July 2003 — March 2004 Resu » Chemicals ® volumes up 7% on last year ® margin pressure on sodium cyanide continuing ® steady production performance » Fertilisers e volumes up 10% on last year e strong market focus, liquid fertiliser growth » Revenue and earnings (9 months to March 2004) ® reven
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Slide 47: Ammonia/Ammonium Nitrate
Ammonia/Ammonium Nitrate > to nickel industry and export AN Solution sales to Dyno for explosives AN Prill sales to Dyno for explosives die gy
Slide 48: Ammonia Background
Ammonia Background » Sole WA manufacturer and supplier » Replacement plant commissioned in 2000 e original plant capacity 650 tpd / 225,000 tpa > ® debottlenecked to 240,000 tpa ® further expansion now underway » 40,000 tonnes import / export storage terminal » External customers ® primarily nickel
Slide 49: Ammonium Nitrate Background
Ammonium Nitr ite Background » Sole WA manufacturer » 160,000 tpa nitric acid plant / 200,000 tpa AN commissioned 1997 » AN plant debottlenecked to 230,000 tpa e distribution for mining explosives via Dyno Nobel e Flexi-N liquid fertiliser consumes balance of production » Queensland Nitrates plant a
Slide 50: Sodium Cyanide
Sodium Cyanide | Solution sales to WA gold mines Solid sales to Australian and overseas gold mines
Slide 51: Sodium Cyanide Background
Sodium Cyanid Background » Australian Gold Reagents - sole WA manuf » 75: 25 joint venture with Coogee Chemicals * plant operation and marketing by CSBP » First solution plant commissioned in 1988 ® progressively expanded to ~ 48,000 tpa solution » further expansion possible with limited expenditure
Slide 52: Industrial Chemicals Background
Industrial Chemica Background » 5,000 tpa chlorine plant commissioned 198 C ci) baseload production co-production of caustic soda, hydrochloric acid, « sodium hypochlorite, » Traded products wy Sulphuric acid Industrial urea Fluorosilicic acid Sulphur Ammonium sulphate for WA Water Corporatio hydrog
Slide 53: Chemicals: Current Influences
Chemicals | Current Influences » Strong resource sector conditions e short term softness in local ammonia offtake ® export excess ammonia production » Good ammonia / AN plant performances e continued lift in Queensland Nitrate operations * Sodium cyanide solids plant at design expectations 53
Slide 54: Chemicals Strategies
Chemicals Strategies > Profitably build on existing businesses e examining AN & sodium cyanide production expansion opportunities « debottlenecking of ammonia plant underway » Evaluating growth opportunities e exploit core competencies ® expand product range in existing markets e assess opportunitie
Slide 55: iMG
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Slide 56: Fertilisers Background
Fertilisers Background » Only major fertiliser supplier in WA until ® manufacturing focus at that time » Market share and profit erosion in last decade ® emergence of import-based competitors » Post 2000, market share and profit stabilisation ® strong market and distribution focus ® working capital,
Slide 57: Fertilisers Background
Fertilisers Background » Unmatched infrastructure in WA market ® volume growth readily handled » Extensive distribution network ® commission based reward structure » AWB Landmark, Elders & independents ® all collections ex-CSBP facilities » CSBP market support » field staff supporting distribution n
Slide 58: Fertilisers WA Infrastructure
Fertilisers WA Infrastructure Geraldton May 2004 Kwinana nland Depot : Regional Sales Reps - > Soiland PlantLab _ (Not Including Bales Agents) Esperance 00000000
Slide 59: Fertilisers Sales Volumes
Fertilisers 3 Year Sales Volumes million tonnes 1.2 1.0 0.8 5 0.6 | 0.4 5 0.2 5 2001 2002 2003 Western Australia Other a / : 59
Slide 60: Fertilisers: Current Influences
Fertilisers Current Influences » Anticipate good 2004 conditions » record 2003 harvest >» offset by strong $A » Solid sales programme » good distributor support » competitive pricing » enhanced range of products and services » Continued growth in liquid fertiliser » Cost base and supply chain improv
Slide 61: Fertilisers Strategies
Fertilisers Strategies » Profitably build core WA business Strong market focus » widest range of quality fertilisers » best services and technical support » competitive prices Develop markets beyond WA for proprietary products EAU AT 6 1
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Slide 64: Agenda
TZ oo : : | : C8 ZY ye Agenda . = Third quarter F2004 results WIS strategy Current business outlook oe ue GG Ig ~ 64
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Slide 66: Provider of innovative solutions
Provider of innovati solutions » Two markets « Maintenance Repair & Operating (MRO) Blackwoods » Safety M tier Mullings Fasteners | 5 > Market leader Aust & NZ EES » 500,000 SKU’s $200m inventory rs | Packaging House && » 17 Product trading departments Cc PAYKELS for your enginaoring stappitos » 10
Slide 67: 250+ Location Distribution Network
i) a 250+ Location Dist CARRS FOWNSVILLE ® Mullings ® Protector Alsafe @ NZ Safety BOCKHAMTON savsTONE Protector (NZ) expavene Pkg House ARVEOROUCH a ® Paykels RESBANE, souTHoRT TWEED HEADS COFFS HARHOER TOTAL @ BRANCHES @ NSW vic oad OWA OSA TAS NT @NZ Ra coonLE ou @ vw occenes ‘ ‘NEWCASTLE GOSFORD
Slide 68: Business Environment
Business Environmen » P » P » MRO market highly fragmented No direct national competitor WIS is market leader but not a market name Strong price competition from specialists Pressure on trading margins forces continuing focus on cost base Working capital control essential IT capability is a competit
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Slide 70: Financial Highlights
Financial Highlights | » Operating Revenue up 1.5% to $851m Operating Revenue (excluding Metals) up 3.3%. » EBITA down 2.6% to $79.8m, normalised EBITA (excluding Metals) down 1.5%. » EBITA/Op. Rev. Margin improved from 9.2% (half year) to 9.4% » EBITA/Capital up from 13.9% to 14.2% 70
Slide 71: Financial Highlights: Operating Revenue
Financial Highlights: 1000 Operating Revenue 800 600 = a 400 200 - yy Le Hie iy Ly ee L 71 i Ly
Slide 72: Financial Highlights: EBITA
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Slide 73: Business Activity Highlights
Business Activity Highlig » Blackwoods e Northern & Western regions strong growt « Central & Southern regions flat sales » Protector Alsafe « Business improvement plan beginning to demonstrate improvement » New Zealand e Significant sales & EBITA increase e Paykels integration largely complete Se rr
Slide 74: Highlights for Year to Date
Highlights for Year to » Rationalisation of distribution centres » Integration of Blackwoods & Paykels » Implementation of ERP system e Acc Payable & Gen Ledger live 1/10/03 # Payroll live 15/10/03 e Acc Receivable live 1/12/03 » Blackwoods Trade Fair aie 74
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Slide 76: WIS Strategies
WIS Strategies e Improved brand positioning « Expand network & Shopfronts e« Alignment of sales force « New catalogues e Leverage e-business e Customer service improvements « Extend import programme EAU AT 7 6
Slide 77: WIS Strategies
WIS Strategies » Reduce expense to sales ratio ® Extend operation deliver e Rationalise distribution infrastructure e Upgrade information systems » Reduce working capital e Enhance category management e Refine vendor management EAU AT 77
Slide 78: WIS Strategies: Improve safety performance
) Anni WIS Strategies Improve safety performance « Improved OHS&E management « Implementation of OHS&E systems « Development of effective performance management systems a NNN A: 78
Slide 79: WIS Values
WIS Values a) oi a Focusing on results Passion for service Empowering our people Fostering creativity Working safely ~ zy 79
Slide 80: Wesfarmers Industrial and Safety
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Slide 81: Outlook for Balance of 2004
Slide 82: www.wesfarmers.com.au
Slide 83: Gene Tibrook, Executive Director, Business Development
Slide 84: Outline
Slide 85: ARG: 50% Interest with Genesee & Wyoming - Revenue
Slide 86: ARG: 50% Interest with Genesee & Wyoming
Slide 87: ARG: 50% Interest with Genesee & Wyoming - Outlook
Slide 88: ARG: 50% Interest with Genesee & Wyoming
Slide 89: Gresham Private Equity
Slide 90: Gresham Private Equity Fund 1: 50% interest
Slide 91: Gresham Private Equity Fund 1: Remaining Investments
Slide 92: Gresham Private Equity Fund 2
Slide 93: www.wesfarmers.com.au
Slide 94: Wesfarmers Insurance Division
Slide 95: WFI and Lumley
Slide 96: Agenda
Slide 97: Wesfarmers Insurance Division
Slide 98: Industry comparisons - Australia
Slide 99: Industry comparisons - New Zealand
Slide 100: Market conditions
Slide 101: LGA - Key issues
Slide 102: LGA - Key Segments
Slide 103: LGA - KPIs
Slide 104: LGNZ - Key issues
Slide 105: LGNZ - Key Segments
Slide 106: LGNZ - KPIs
Slide 107: WFI - Key issues
Slide 108: WFI - Key Segments
Slide 109: WFI - KPIs
Slide 110: Divisional - KPIs
Slide 111: Divisional - Financial Summary
Slide 112: Outlook
Slide 113: www.wesfarmers.com.au
Slide 114: Peter Davis, Managing Director, Bunnings
Slide 115: Bunnings Warehouse: Lowest Prices, Widest Range, Best Service
Slide 116: Agenda
Slide 117: Year to Date Results - Segment Result
Slide 118: Year to Date Results - Trading Result
Slide 119: Year to Date Results
Slide 120: Industry Performance
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