2024-02-15 17:47:04 ET
Wesfarmers Limited (WFAFF)
Q2 2024 Earnings Call Transcript
February 14, 2024 9:00 PM ET
Company Participants
Robert Scott - MD, CEO & Director
Anthony Gianotti - Chief Financial Officer
Ian Bailey - Managing Director of Kmart
Ian Hansen - Chief Executive Officer
Michael Schneider - MD of Bunnings Group and MD of Bunnings Australia & New Zealand
Sarah Hunter - Managing Director of Officeworks
Nicole Sheffield - Managing Director of Wesfarmers OneDigital
Emily Amos - Managing Director of Health
Conference Call Participants
Adrian Lemme - Citi
David Errington - Bank of America
Shaun Cousins - UBS
Michael Simotas - Jefferies
Lisa Deng - Goldman Sachs
Tom Kierath - Barrenjoey
Craig Woolford - MST Marquee
Bryan Raymond - JPMorgan
Ben Gilbert - Jarden
Richard Barwick - CLSA
Ross Curran - Macquarie
Phil Kimber - E&P Capital
Presentation
Operator
Ladies and gentlemen, thank you for holding, and welcome to the Wesfarmers 2024 Half Year Results Briefing. [Operator Instructions] This call is also being webcast live on the Wesfarmers website and can be accessed from the homepage of wesfarmers.com.au.
I would now like to hand the call over to the Managing Director of Wesfarmers Limited, Mr. Rob Scott.
Robert Scott
Hi, everyone, and welcome to our 2024 half year results briefing. Today, I'm joined in Perth with all of our divisional managing directors and our CFO, Anthony Gianotti.
To begin, I'll provide an overview of the group's performance, comments on the positioning of our portfolio and progress on strategies. And then Anthony will provide more detail on our financial performance and the balance sheet. And I'll then conclude with some comments on the group's outlook and then Anthony and our Divisional Managing Directors, and I would welcome any questions that you have.
So starting on Slide 4, a slide that will be familiar with all of you. So it sets out the Wesfarmers corporate objective, which is to deliver satisfactory return to shareholders. And we define satisfactory as top quartile shareholder returns over the long term. We know that we can only achieve this if we continue to anticipate the needs of our customers, look after our team, treat suppliers fairly and ethically, contribute positively to the communities where we operate, take care of the environment and act with integrity and honesty.
Turning to Slide 5. I wanted to start on financial performance, and we're pleased with the results for the half with net profit after tax increasing 3% to $1.4 billion, and operating cash flows up 47% to $2.9 billion. 3% profit growth was achieved against a backdrop of the expected decline in WesCEF earnings given ammonia prices and continued cost pressures facing households and businesses.
Kmart was a standout result, highlighting the financial benefits that come from delivering great value anchor products to customers through a scalable business model that drives productivity, operating efficiency and category expansion. As a result of the strong financial performance, the Board has determined to pay a dividend of $0.91, which is a 3.4% increase on the prior corresponding period....
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Wesfarmers Limited (WFAFF) Q2 2024 Earnings Call Transcript