From its origins in 1914 as a Western Australian farmers’ cooperative, Wesfarmers has grown into one of Australia’s largest listed companies. With headquarters in Perth, Wesfarmers’ diverse businesses in this year’s review cover: home improvement; apparel, general merchandise and office supplies; an Industrials division with businesses in chemicals, energy and fertilisers and industrial safety products. Prior to demerger and divestment, the Group’s businesses also included supermarkets, liquor, hotels and convenience retail, and coal. Wesfarmers is one of Australia’s largest private sector employers with approximately 105,000 team members and is owned by approximately 484,000 shareholders.
Our revenue this year was $27.9 billion from continuing operations and as at 30 June 2019, we had net financial debt of $2,116 million and 1,134 million in shares on issue.
Wesfarmers is a company limited by shares that is incorporated and domiciled in Australia. The company’s registered office and principal place of business is Level 14, Brookfield Place Tower 2, 123 St Georges Terrace, Perth, Western Australia. It is listed on the Australian Securities Exchange (ASX), with the listing code ‘WES’. For more information about our businesses including products and services provided, please see here.
There were some changes to the company's structure during the year:
Completion of Coles demerger
On 16 March 2018, Wesfarmers announced its intention to demerge Coles and its subsidiaries. The demerger was completed on 28 November 2018. Wesfarmers retained a 15 per cent minority ownership in Coles.
Sale of Bengalla
On 7 August 2018, Wesfarmers announced that it had entered into an agreement with New Hope Corporation to sell its 40 per cent interest in Bengalla for $860 million subject to certain conditions, including regulatory approval. The transaction was completed on 3 December 2018.
Sale of KTAS
On 13 August 2018, Wesfarmers announced that it had entered into an agreement with Continental A.G. to sell its KTAS business for $350 million. The transaction was completed on 1 November 2018.
Sale of indirect interest in Quadrant Energy
On 22 August 2018, Wesfarmers announced that it had agreed to sell its interest in Australian Energy Consortium Pty Ltd (AEC), which holds a 13.2 per cent interest in Quadrant Energy, to Santos Limited for US$170 million (A$232 million). The transaction was completed on 27 November 2018.
Acquisition of Kidman Resources Limited
On 23 May 2019, Wesfarmers announced that it had entered into a Scheme Implementation Deed with Kidman Resources Limited (Kidman) under which it is proposed that Wesfarmers will acquire 100 per cent of the outstanding shares in Kidman for $1.90 per share by way of Scheme of Arrangement. The transaction was completed on 23 September 2019.
Acquisition of Catch Group Holdings Limited
On 12 June 2019, Wesfarmers announced that it had entered into an agreement to acquire Catch Group Holdings Limited for cash consideration of $230 million. This transaction was completed on 12 August 2019.