Incorporating Appendix 4D
for the six months ended
31 December 2023
It is recommended that the 2024 Half-year
Report is read in conjunction with the annual
financial report of Wesfarmers Limited as at
30 June 2023, together with any public
announcements made by Wesfarmers Limited
and its controlled entities during the half-year
ended 31 December 2023 in accordance with
the continuous disclosure obligations arising
under the Corporations Act 2001.
Wesfarmers Limited ABN 28 008 984 049
2024
HALF-YEAR
REPORT


Wesfarmers Way
Wesfarmers’ primary objective is to deliver a satisfactory return to shareholders.
We believe it is only possible to achieve this over the long term by:


Anticipating the needs of our
customers and delivering
competitive goods and
services


Looking after our team
members and providing a
safe, fulfilling work
environment



Engaging fairly with our
suppliers, and sourcing
ethically and sustainably


Supporting
the communities
in which we operate



Taking care of
the environment
Acting with integrity
and honesty in all of
our dealings



About Wesfarmers
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 today span: home improvement, outdoor
living products and supply of building materials; general merchandise and apparel; office and technology products; health,
beauty and wellbeing products and services; management of a retail subscription program and shared data asset; wholesale
distribution of pharmaceutical goods; manufacturing and distribution of chemicals and fertilisers; development of an
integrated lithium project, including mine, concentrator and refinery; industrial and safety product distribution; gas processing
and distribution; and management of the Group’s investments. Wesfarmers is one of Australia’s largest private sector
employers with approximately 120,000 team members and is owned by approximately 505,000 shareholders.

About this report
This Half-year Report is a summary of Wesfarmers’ and its subsidiary companies’ operations and financial positions as at
31 December 2023 and performance for the half-year ended on that date.
In this report, references to ‘Wesfarmers’, ‘the company’, ‘the Group’, ‘we’, ‘us’ and ‘our’ refer to Wesfarmers Limited
(ABN 28 008 984 049) unless otherwise stated.
References in this report to ‘the period’, ‘the half’ or ‘half-year’ are to the financial period 1 July 2023 to 31 December 2023
(HY2024) unless otherwise stated. The prior corresponding period (pcp) is the half-year ended 31 December 2022
(HY2023).
All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated.
References to AASB refer to the Australian Accounting Standards Board and IFRS refers to the International Financial
Reporting Standards. There are references to IFRS and non-IFRS financial information in this report. Non-IFRS financial
measures are financial measures other than those defined or specified under any relevant accounting standard and may not
be directly comparable with other companies’ information. Non-IFRS financial measures are used to enhance the
comparability of information between reporting periods. Non-IFRS financial information should be considered in addition to,
and is not intended to be a substitute for, IFRS financial information and measures. Non-IFRS financial measures are not
subject to audit or review.
Wesfarmers Limited 2024 Half-year Report Page 2


Table of contents
4 Appendix 4D
5 Directors’ report Acknowledgement of
Country
Wesfarmers proudly acknowledges
the Traditional Owners of Country
throughout Australia and their
continuing connection to lands and
waterways upon which we depend
and where our businesses operate.
We pay our respects to their Elders,
past and present, and actively
support progress towards Aboriginal
and Torres Strait Islander cultural,
social and economic equity.
6 – Review of results and operations
9 – Divisional performance overview
23 – Auditor’s independence declaration and directors’
declaration

24 Financial statements
39 Directors’ declaration
40 Independent auditor’s review report to the members of
Wesfarmers Limited

42 Additional disclosures
42 – 2024 Half-year retail sales results
44 – Store network
46 – Five-year history - financial performance and key metrics
50 – Glossary of terms
51 Corporate directory


Wesfarmers Limited 2024 Half-year Report Page 3


Appendix 4D
For the half-year ended 31 December 2023
Results for announcement to the market1
Revenue from ordinary activities up 0.5% to $22,673 million
Profit from ordinary activities after tax attributable to members up 3.0% to $1,425 million
Net profit for the period attributable to members up 3.0% to $1,425 million
Interim dividend (fully-franked) per share 91 cents (HY2023: 88 cents)
Record date for determining entitlements to the interim dividend 5:00pm (AWST) 21 February 2024
Payment date for interim dividend 27 March 2024
Net tangible assets per ordinary share2 $2.98 (HY2023: $3.01)
Operating cash flow per share3 $2.56 (HY2023: $1.74)
1 Commentary on the results for the period is included in this report and on the Wesfarmers website.
2 Net tangible assets per ordinary share calculation includes right-of-use assets and lease liabilities. HY2023 has been restated to reflect the
adjustments to the provisional acquisition accounting for Australian Pharmaceuticals Industries Pty Ltd.
3 Operating cash flow per share has been calculated by dividing the net cash flows from operating activities by the weighted average
number of ordinary shares on issue during the period.
Dividend Investment Plan
The Company operates a Dividend Investment Plan (the Plan) which allows eligible shareholders to elect to invest dividends
in ordinary shares which rank equally with Wesfarmers ordinary shares. The allocation price for shares under the Plan will
be calculated as the average of the daily volume weighted average price of Wesfarmers ordinary shares on each of the
15 consecutive trading days from and including the third trading day after the record date of 21 February 2024 for
participation in the Plan, being 26 February 2024 to 15 March 2024.
The latest time date for receipt of applications to participate in or to cease or vary participation in the Plan is by
5:00pm (AWST) on 22 February 2024. The Board has determined that no discount will apply to the allocation price and
the Plan will not be underwritten. It is the Company’s expectation that shares to be allocated under the Plan will be
acquired on-market and transferred to participants on 27 March 2024.
Changes to subsidiaries, associates and joint arrangements
Entities where control was gained
Acquisition of InstantScripts Pty Ltd
On 3 July 2023, Wesfarmers, through its wholly-owned subsidiary Australian Pharmaceuticals Industries Pty Ltd (API),
completed the acquisition of 100 per cent of the shares in InstantScripts Pty Ltd. Refer to note 14 on page 36 of the financial
statements for further details.
Acquisition of SILK Laser Australia Limited
On 29 November 2023, Wesfarmers, through its wholly-owned subsidiary API, completed the acquisition of 100 per cent of
the shares in SILK Laser Australia Limited (SILK). Refer to note 14 on page 36 of the financial statements for further details.
Refer to the 2023 SILK Annual Report for further information on SILK, including a list of subsidiaries, associates and joint
arrangements.
Refer to note 18 on page 38 for other changes to controlled entities during the period.
Changes to associates and joint arrangements
There have been no changes to the details of associates and joint arrangements since 30 June 2023, with the exception of
those associates and joint arrangements acquired as part of the acquisition of SILK.
Refer to the 2023 SILK Annual Report for the most recently published list of SILK’s associates and joint arrangements.
Previous corresponding period
The previous corresponding period is the half-year ended 31 December 2022 (HY2023).
Wesfarmers Limited 2024 Half-year Report Page 4
Directors’ report
Half-year Report for the six months ended 31 December 2023
The directors of Wesfarmers Limited submit their report for the half-year ended 31 December 2023.

Directors
The names of the directors in office during the half-year reporting period 1 July 2023 to 31 December 2023 and as at the
date of this Half-year Report are shown below.
Michael Chaney AO (Non-Executive Chairman)
Rob Scott (Managing Director)
Vanessa Wallace (Non-Executive Director)
Jennifer Westacott AO (Non-Executive Director)
The Right Honourable Sir Bill English KNZM (Non-Executive Director)
Mike Roche (Non-Executive Director)
Sharon Warburton (Non-Executive Director)
Anil Sabharwal (Non-Executive Director)
Alison Watkins AM (Non-Executive Director)
Alan Cransberg (Non-Executive Director)




Wesfarmers Limited 2024 Half-year Report Page 5
Directors’ report
Review of results and operations
Highlights
a 2022 excludes Wesfarmers Health.
Wesfarmers Limited has reported a statutory net profit after tax of $1,425 million for the half-year ended 31 December 2023,
an increase of 3.0 per cent.
The pleasing profit growth and strong cash flows for the half demonstrate the strength of Wesfarmers’ operating model and
quality of the Group’s portfolio of businesses.
Wesfarmers’ retail divisions executed strongly during the half, responding effectively to changing customer needs as
households increasingly sought out value. In this environment, the retail divisions’ core offer of everyday products with
market-leading value credentials supported growth in sales and customer transaction numbers.
The retail divisions have benefitted from a proactive focus on productivity and efficiency initiatives in recent years, which
together with their unique sourcing capabilities and strong supplier partnerships enabled them to mitigate ongoing cost
pressures and provide compelling value for customers during the half.
In Bunnings, solid sales and earnings growth continued during the half, with growth in both consumer and commercial sales.
Kmart Group delivered record earnings for the half, reflecting the market-leading value credentials of its Anko products as
well as actions to drive cost efficiencies, and a moderation in some key input costs. Officeworks’ results were supported by
continued growth in stationery, art, education, Print & Create and technology categories.
OnePass launched significant enhancements to its offer during the period, with new retail partnerships and unique online
and in-store benefits providing additional value for customers. These enhancements supported new customer acquisition,
improved customer retention and incremental sales for Wesfarmers’ businesses during the half.
Strong operating performance continued in WesCEF, with good plant availability and production rates during the period. As
previously indicated, earnings for the half were impacted by lower global commodity prices relative to the elevated pricing
environment over recent years. The Mt Holland concentrator was successfully commissioned during the half, and operations
recently entered the ramp-up phase. Good progress continued on the construction of the Kwinana lithium hydroxide refinery.
Wesfarmers Industrial and Safety recorded solid revenue and earnings growth for the half despite the impact of ongoing
domestic cost pressures, foreign exchange movements and continued investments to support long-term growth.
Wesfarmers Health’s results for the half reflected ongoing investments to position the division for long-term growth and value
creation, including through progress on the ‘Accelerate’ transformation plan and the acquisitions of SILK Laser Australia
(SILK) and InstantScripts.
Catch recorded a reduction in operating losses during the half, simplifying its in-stock offer to enable improved unit
economics and further reducing its cost base.
The Group delivered strong growth in operating cash flows of 47.0 per cent, supported by 27.1 per cent growth in divisional
operating cash flows as a result of favourable working capital movements and strong earnings growth in Kmart Group.
As a result of profit growth and strong cash flows for the half, the Wesfarmers Board has determined to pay a fully-franked
interim dividend of $0.91 per share, an increase of 3.4 per cent on the prior corresponding period.
Half-year ended 31 December ($m) 2023 2022 Variance %
Revenue 22,673 22,558 0.5
Earnings before interest and tax 2,195 2,160 1.6
Net profit after tax 1,425 1,384 3.0
Basic earnings per share (cps) 125.8 122.3 2.9
Operating cash flows 2,898 1,971 47.0
Interim ordinary dividend (fully-franked, cps) 91 88 3.4
Sustainability highlights
Total recordable injury frequency rate (R12, TRIFR) 10.9 11.4
Aboriginal and Torres Strait Islander team members (#) 4,277 4,020
Scope 1 and 2 emissions, market-based (ktCO2e) 568 616
Operational waste diverted from landfilla (% total waste) 72.3 71.2
Gender balance, Board and Leadership Team (women % total) 43 48
Wesfarmers Limited 2024 Half-year Report Page 6
Directors’ report
Review of results and operations
Wesfarmers maintains significant balance sheet flexibility, supporting investment activity across the Group and providing
capacity to manage potential risks and opportunities under a range of economic scenarios.
The Group recognises the alignment between long-term shareholder value and sustainability performance.
Wesfarmers maintains its commitment to providing a safe and fulfilling work environment for team members, and
improvements in safety results were recorded across most divisions, with Wesfarmers’ TRIFR improving to 10.9.
At the end of the period, the Wesfarmers Board and Leadership Team remained in gender balance. The Group also
remained above Indigenous employment parity, with 4,277 Aboriginal and Torres Strait Islander team members,
representing 3.7 per cent of the Group’s Australian workforce. During the half, 37 team members completed the Wesfarmers
Indigenous Leadership Program to receive a Certificate II or IV in Indigenous Leadership.
At a Group level, Scope 1 and 2 market-based emissions reduced 7.8 per cent, with the divisions making continued
progress towards their intermediate and long-term targets. WesCEF achieved a 3.8 per cent reduction in Scope 1 emissions
for the half, while a continued focus on operational efficiency and renewable electricity use supported reductions in Scope 2
market-based emissions across the retail divisions.
Operational waste recovery, including for recycling, is supported by a diverse range of strategies across the Group. During
the half, operational waste diverted from landfill increased to 72.3 per cent of total operational waste.
Outlook
Wesfarmers remains focused on long-term value creation and continues to invest to strengthen its existing businesses and
develop platforms for growth.
Low unemployment and strong population growth provide support to overall economic conditions in Australia, driving
demand and contributing to the need for additional housing stock. While Australian inflation has moderated over the last
12 months, current inflation and interest rates remain elevated, and consumers continue to focus on value and manage
spending carefully.
The strong value credentials and expanding offer of everyday products across the Group’s retail businesses make them well
positioned in the current environment and for any improvements in consumer sentiment.
For the first five weeks of the second half of the 2024 financial year, Kmart Group has continued to deliver strong sales
growth. Sales growth in Bunnings remained broadly in line with results for the first half. Officeworks’ sales for the first five
weeks were in line with the prior corresponding period.
Domestic cost pressures in Australia and New Zealand are expected to remain elevated, driven by inflation, labour market
constraints and wage cost increases, and energy and supply chain costs. The Group is monitoring ongoing pressures in
international supply chains and key shipping routes, and has implemented additional contingencies where possible to
mitigate the risk of interruptions.
Wesfarmers’ larger businesses are benefitting from investments made to digitise their operations and develop their sourcing
capabilities. Together with benefits from proactive investments in productivity and efficiency over recent years, the Group
remains focused on disciplined cost management.
The high quality of the Mt Holland deposit is expected to enable the integrated Covalent lithium hydroxide project to operate
with an attractive relative cost structure and support satisfactory long-term shareholder returns.
Following the successful commissioning of the concentrator at Mt Holland, operations are now in ramp up and WesCEF’s
share of spodumene concentrate production in the 2024 financial year is expected to be approximately 50,000 tonnes.
Spodumene concentrate sales volume for 2024 will be dependent on commercial factors including the prevailing spot price,
but at current spodumene prices sales will not contribute positive earnings during the 2024 financial year due to the higher
cost of production while volumes ramp up towards full capacity.
The performance of the Group’s industrial businesses remains subject to international commodity prices, foreign exchange
rates, competitive factors and seasonal outcomes.
Wesfarmers will continue to invest in its existing operations and in the development of platforms for long-term growth and
shareholder value creation. The Group expects net capital expenditure of between $1,000 million and $1,200 million for the
2024 financial year, subject to net property investment and the timing of project expenditures.

Wesfarmers Limited 2024 Half-year Report Page 7
Directors’ report
Review of results and operations
Group results summary
Half-year ended 31 Decembera ($m) 2023 2022 Variance %
Key financials
Revenue 22,673 22,558 0.5
EBIT 2,195 2,160 1.6
EBIT (after interest on lease liabilities) 2,081 2,053 1.4
NPAT 1,425 1,384 3.0
Basic earnings per share (cps) 125.8 122.3 2.9
Return on equity (R12, %) 31.4 32.8 (1.4 ppt)

Cash flows
Operating cash flows 2,898 1,971 47.0
Net capital expenditure 570 578 (1.4)
Free cash flows 2,012 1,365 47.4
Cash realisation ratio (%) 126 89 37 ppt

Dividends and distributions
Interim ordinary dividend (fully-franked, cps) 91 88 3.4

Balance sheet and credit metrics
Net financial debt 3,866 4,716 (18.0)
Debt to EBITDA (x) 1.8 2.1 (0.3 x)

Sustainability highlights
Total recordable injury frequency rate (R12, TRIFR) 10.9 11.4
Aboriginal and Torres Strait Islander team members (#) 4,277 4,020
Scope 1 and 2 emissions, market-based (ktCO2e) 568 616
Operational waste diverted from landfillb (% total waste) 72.3 71.2
Gender balance, Board and Leadership Team (women % total) 43 48
a See Additional Disclosures on page 50 for relevant definitions.
b 2022 excludes Wesfarmers Health.
Divisional earnings summary
Revenue Earnings
Half-year ended 31 Decembera ($m) 2023 2022 Variance % 2023 2022 Variance %
Bunnings Group 9,963 9,792 1.7 1,282 1,278 0.3
Kmart Group 5,986 5,714 4.8 601 475 26.5
WesCEF 1,105 1,402 (21.2) 172 324 (46.9)
Officeworks 1,681 1,651 1.8 86 85 1.2
Industrial and Safety 1,009 978 3.2 49 47 4.3
Wesfarmers Health 2,774 2,778 (0.1) 27 27 -
Catch 136 219 (37.9) (41) (108) n.m.
Total divisional 22,654 22,534 0.5 2,176 2,128 2.3
Other 19 24 (20.8) (95) (75) (26.7)
Total 22,673 22,558 0.5 2,081 2,053 1.4
a See divisional sections from page 9 for more information.
Wesfarmers Limited 2024 Half-year Report Page 8
Directors’ report
Divisional performance overview
Bunnings Group
Half-year ended 31 Decembera ($m) 2023 2022 Variance %
Revenue 9,963 9,792 1.7
EBITDA 1,748 1,721 1.6
Depreciation and amortisation (408) (387) (5.4)
EBIT 1,340 1,334 0.4
Interest on lease liabilities (58) (56) (3.6)
EBT 1,282 1,278 0.3
Net property contribution - 35 n.m.
EBT (excluding net property contribution) 1,282 1,243 3.1
EBT margin excluding property (%) 12.9 12.7
ROC (R12, %) 65.8 70.7
Total store sales growth (%) 1.9 5.1
Store-on-store sales growthb (%) 1.2 2.8
Digital salesc (%) 5.1 4.4
Safety (R12, TRIFR) 15.9 16.9
Scope 1 and 2 emissions, market-based (ktCO2e) 27 31
a See Additional Disclosures on pages 43 and 50 for relevant retail calendars and definitions.
b Store-on-store sales growth in 2022 excludes stores in months that were impacted by extended periods of temporary closure in New
South Wales, Australian Capital Territory, Victoria and New Zealand.
C Digital sales includes online sales, app sales and marketplace sales expressed as a share of total sales including marketplace.
Performance review
Revenue for Bunnings increased 1.7 per cent to $9,963 million for the half, with earnings increasing 0.3 per cent to
$1,282 million. Excluding net property contributions, earnings increased 3.1 per cent and represent a four-year compound
annual growth rate of 8.8 per cent per annum.
Total store and store-on-store sales increased 1.9 per cent and 1.2 per cent respectively, and sales growth was recorded in
both consumer and commercial customer segments.
Consumer sales growth was supported by ongoing demand for home repair and necessity products across a range of
categories during the half. With continued pressure on many household budgets, Bunnings’ ‘lowest prices’ value proposition
continued to resonate strongly, with growth in consumer transaction numbers, units sold and store visitations. Bunnings
maintained its focus on providing compelling own brand and entry-level ranges, with these products appealing to more
value-focused customers and performing well during the period.
Bunnings’ new and expanded product ranges across pets, cleaning and outdoor recreation all performed strongly during the
half, and are promoting higher frequency visits and attracting new customers to stores.
Commercial sales growth during the half reflected continued demand from trades and builders as they work through the
pipeline of outstanding work, albeit with activity moderating through the half as new building starts normalised relative to
peak commencements in recent years.
Ongoing cost discipline, moderating global supply chain costs post COVID-19 and business improvement initiatives have
supported ongoing investment in prices and experience for customers and improved business productivity. A new Enterprise
Agreement was implemented for Australian store team members during the half, providing more flexibility to reward team
members with industry-leading benefits, improving rostering flexibility, optimising labour productivity and supporting
Bunnings’ strong retention rates.
Bunnings continued to invest in supply chain, data and technology projects to strengthen the customer experience across
channels. This included the expansion of the last mile delivery offer for customers and the introduction of a two-hour
Click & Collect option for OnePass members.
Bunnings increased personalisation in its customer communications across multiple digital channels to improve relevance
and drive incremental sales, leveraging recent investments in data and analytics through Flybuys and OnePass.
Digital sales increased during the half as Bunnings experienced strong growth in online and app sales supported by the
expansion of online product ranges, Bunnings Marketplace, the PowerPass app and the OnePass program.
Wesfarmers Limited 2024 Half-year Report Page 9
Directors’ report
Divisional performance overview
Bunnings continues to strengthen its ‘Whole of Build’ commercial strategy and develop deeper connections with customers
across trades, builders and organisations. During the half, a new state-of-the-art automated Frame & Truss plant was
opened in Minto, NSW, enabling Bunnings to supply prefabricated frames and trusses with greater efficiency and at a
lower cost.
Beaumont Tiles traded strongly during the half and expanded into Western Australia with three new stores. Tool Kit Depot
expanded its customer reach through further integrations with the PowerPass membership base.
Return on capital of 65.8 per cent reflected disciplined capital management, with favourable working capital movements and
strong cash realisation while ensuring good stock availability.
Bunnings’ TRIFR improved for the period, attributable to an ongoing, business-wide focus on critical risks and moving
product safely through each step in the supply chain to the end customer.
During the half, Bunnings opened one new warehouse, four new Beaumont Tiles stores and one replacement Tool Kit Depot
store. At the end of the period there were 286 warehouses, 65 smaller format stores and 31 trade centres in the Bunnings
network, as well as 14 Tool Kit Depot stores and 117 Beaumont Tiles stores.
Outlook
Bunnings’ resilient operating model, diversified customer base across consumer and commercial segments, and leading
customer value proposition position the business to continue to support profitable growth through the economic cycle.
As many households continue to manage cost of living and budget pressures, Bunnings remains well positioned to provide
leading customer value, supported by ongoing productivity and efficiency initiatives across supply chain, technology and
space optimisation.
While there has been near-term moderation in dwelling commencements, long-term housing undersupply and net inbound
migration continues to underpin a robust demand pipeline for builders and trades.
Bunnings will continue to pursue opportunities to grow its addressable market and customer participation through new
ranges, network optimisation, commercial strategies and digital channel growth.

Wesfarmers Limited 2024 Half-year Report Page 10
Directors’ report
Divisional performance overview
Kmart Group
Half-year ended 31 Decembera ($m) 2023 2022 Variance %
Revenue 5,986 5,714 4.8
EBITDA 895 765 17.0
Depreciation and amortisation (252) (250) (0.8)
EBIT 643 515 24.9
Interest on lease liabilities (42) (40) (5.0)
EBT 601 475 26.5
EBT margin (%) 10.0 8.3
ROC (R12, %) 58.8 43.3
Safety (R12, TRIFR) 7.3 7.0
Scope 1 and 2 emissions, market-based (ktCO2e) 91 115
Kmart
Total sales growth (%) 7.8 29.9
Comparable sales growthb (%) 7.5 17.1
Online penetration (%) 7.9 7.3
Target
Total sales growth (%) (5.1) 8.2
Comparable sales growthb (%) (2.9) 2.8
Online penetration (%) 16.3 17.0
a See Additional Disclosures on pages 43 and 50 for relevant retail calendars and definitions.
b Comparable growth in 2022 excludes stores that were temporarily closed as a result of COVID-19 restrictions for the duration of the
closure period, where the closure period was longer than two weeks.
Performance review
Kmart Group delivered revenue of $5,986 million, up 4.8 per cent for the half. Earnings of $601 million were 26.5 per cent or
$126 million higher than the prior corresponding period and represents a record for the business.
Kmart’s total sales increased 7.8 per cent for the half, with comparable sales increasing 7.5 per cent. Kmart extended its
lowest price leadership during the half, resulting in strong trading performance in an environment where customers
increased their focus on value. Availability continued to improve through further digitisation of the business and sales
increased across all categories, with units sold, transaction volumes and customer numbers all growing on the prior
corresponding period.
Target’s total sales declined 5.1 per cent for the half, with comparable sales declining by 2.9 per cent. Performance was
variable across categories, with relatively stronger performance in apparel but challenging trading conditions across toys,
home and general merchandise categories, which have since been largely replaced with Anko products.
Earnings growth for the half reflected Kmart’s strong trading performance, including strong growth in apparel sales as a
result of improvements in the product offer. Well-executed pricing strategies enabled the business to deliver profitable
growth in share of wallet while extending Kmart’s lowest price positioning, with the strength of the Anko product offer
resonating strongly with customers. Continued focus on productivity along with moderation in key input costs, including
international freight, mitigated the impact of ongoing cost of doing business pressures and higher shrinkage. Target
delivered positive earnings for the half.
Kmart Group continued to invest in strategic initiatives to digitise its operations across stores, sourcing and supply chain,
and to develop its data and digital assets. RFID capability in Kmart stores was extended during the half, resulting in more
accurate inventory information. Continued investment in the omnichannel customer experience enhanced Kmart and
Target’s online platforms with improved delivery efficiency, and new OnePass member benefits were launched during
the period.
The integration of the Kmart and Target processes, systems and organisational structures to achieve one operating model
across the two brands progressed in line with expectations.
Return on capital increased to 58.8 per cent, reflecting higher earnings and strong capital discipline, with the continued
stabilisation in global supply chain conditions enabling strong cash generation.
There were 449 stores across Kmart and Target as at 31 December 2023.
Wesfarmers Limited 2024 Half-year Report Page 11
Directors’ report
Divisional performance overview
Outlook
Kmart is well positioned to continue to grow share of customer wallet in an environment where customers remain focused on
value. Maintaining strong price leadership remains a key strategic focus.
Growth in share of wallet will also be supported by the delivery of strategic initiatives, including leveraging the leading Anko
product development capabilities to expand and enhance existing categories and ranges, better engaging with customers
through loyalty and personalisation and seeking to expand distribution of Anko products into new markets globally.
The introduction of select Anko ranges across hard home and general merchandise into Target was completed in
February 2024, and will enable Target to leverage the strength of the Anko merchandise offer and provide greater value to
customers. Delivering further improvements in the quality and value of the Target apparel and soft home offers also remains
a key strategic priority.
Productivity and cost control remain areas of focus, with cost pressures expected to persist across operating expenses while
deflation in input costs has moderated. The integration of systems, processes and organisational structures between Kmart
and Target will accelerate in the second half of the 2024 financial year, providing the opportunity to drive greater efficiencies
and to further fractionalise costs.


Wesfarmers Limited 2024 Half-year Report Page 12
Directors’ report
Divisional performance overview
Chemicals, Energy and Fertilisers
Half-year ended 31 Decembera ($m) 2023 2022 Variance %
Revenueb
Chemicals 628 860 (27.0)
Energy 262 265 (1.1)
Fertilisers 215 277 (22.4)
Total 1,105 1,402 (21.2)
EBITDA 229 372 (38.4)
Depreciation and amortisation (56) (48) (16.7)
EBIT 173 324 (46.6)
Interest on lease liabilities (1) - n.m.
EBT 172 324 (46.9)
External sales volumesb (‘000 tonnes)
Chemicals 584 562 3.9
LPG & LNG 104 108 (3.7)
Fertilisers 302 248 21.8
ROC (R12, %) 16.2 23.0
ROC (R12, %) (excluding ALM) 32.9 40.3
Safety (R12, TRIFR) 3.7 3.0
Scope 1 and 2 emissions, market-based (ktCO2e) 419 433
a See Additional Disclosures on page 50 for relevant definitions.
b Revenue and external sales volumes exclude intra-division sales.
Performance review
Revenue for WesCEF decreased 21.2 per cent to $1,105 million for the half, and earnings decreased 46.9 per cent to
$172 million. The decline in revenue and earnings for the half was largely driven by lower global commodity prices,
particularly for ammonia and fertiliser products.
WesCEF’s TRIFR increased to 3.7, and there remains a strong focus on hazard identification and in-field verification
activities that ensure that hazard controls are in place and effective.
Scope 1 and 2 emissions decreased for the half, but WesCEF’s focus remains on its longer-term emissions reduction
targets, as periodic movements are impacted by a range of factors including variations in plant performance and operating
efficiency. During the half, a decision was taken to install a tertiary catalyst in one of the three nitric acid plants during its
planned shutdown in financial year 2025. This is a significant milestone in the delivery of WesCEF’s 2030 interim target of a
30 per cent reduction in Scope 1 and 2 emissions relative to its 2020 baseline.
Chemicals
Chemicals’ earnings decreased significantly for the half. Ammonia earnings were adversely impacted by lower average
global ammonia pricing compared to the prior corresponding period, together with an unfavourable impact from the pricing
lag mechanism embedded in some customer contracts as the ammonia price rose during the period due to global supply
constraints. Ammonium Nitrate (AN) earnings were also affected by higher ammonia feedstock costs coupled with weaker
demand from WA mining customers, partially offset by sales into other markets. Earnings from the Sodium Cyanide
business remained in line with the prior corresponding period.
Energy
Kleenheat’s earnings declined for the half, driven by a lower Saudi Contract Price, the international benchmark indicator for
LPG, and higher WA natural gas costs. The natural gas retailing business remained focused on its market leading customer
service, which supported continued growth in the residential customer base in WA.

Wesfarmers Limited 2024 Half-year Report Page 13
Directors’ report
Divisional performance overview
Fertilisers
Fertilisers’ earnings were down for the half, noting most earnings historically fall into the second half of the financial year due
to seasonality. Declining global commodity prices in a competitive market environment resulted in compressed margins,
which were partially offset by stronger sales volumes due to a later 2023 seeding season. Ongoing investment in data and
digital capabilities, agronomic advice and service offerings, and dependability of supply from strong plant performance
provided further improvements to the reliability, experience and advice provided to growers.
Lithium
The WesCEF result includes costs associated with the development and management of its 50 per cent interest in the
Covalent lithium project. The Mt Holland concentrator was successfully commissioned during the half, and operations
recently entered the ramp-up phase, with first quality spodumene concentrate product available for sale in the first half of the
2024 calendar year. Offtake arrangements with tier-one Auto and Battery customers have been agreed for the sale of interim
spodumene concentrate. Good progress continued on construction of the Kwinana refinery, which was approximately
65 per cent complete as at the end of the period.
WesCEF’s share of capital expenditure, excluding capitalised interest, for the development of the project was $164 million
for the half, taking total development expenditure since the final investment decision to $892 million.
Separately from the Covalent lithium project, during the half WesCEF executed a farm-in agreement with Ora Banda Mining
Limited for 65 per cent of the mineral rights (excluding gold and by-products) on the Davyhurst tenement package, whereby
WesCEF will target lithium and critical mineral exploration, with the option to increase ownership to 80 per cent by
undertaking a set amount of exploration over the next three years.
Outlook
Chemicals’ earnings are expected to continue to be impacted by lower global ammonia pricing compared to the previous two
financial years. Demand for AN from domestic mining customers is anticipated to improve in the second half of the financial
year and remain strong in the long term. The positive outlook for the gold mining sector is expected to underpin long-term
sodium cyanide demand.
Both Chemicals and Kleenheat earnings will continue to be impacted by higher WA natural gas costs as more gas supply
contracts are renewed.
In the Fertilisers business, earnings will remain dependent on seasonal and market conditions in a competitive pricing
environment. The business continues to investigate and implement initiatives focused on providing the best reliability,
experience and advice to growers.
The high quality of the Mt Holland deposit is expected to enable the integrated Covalent lithium hydroxide project to operate
with an attractive relative cost structure and support satisfactory long-term shareholder returns.
Following the successful commissioning of the concentrator at Mt Holland, operations are now in ramp up and WesCEF’s
share of spodumene concentrate production in the 2024 financial year is expected to be approximately 50,000 tonnes.
Spodumene concentrate sales volume for 2024 will be dependent on commercial factors including the prevailing spot price,
but at current spodumene prices sales will not contribute positive earnings during the 2024 financial year due to the higher
cost of production while volumes ramp up towards full capacity.
Construction of the Kwinana refinery continues to progress, with first production timing and capital expenditure expectations
remaining in line with guidance provided at the 2023 half-year results.
WesCEF continues to evaluate and implement opportunities within its strategic focus areas. Expansion studies for major
growth projects across the portfolio continue to progress, with regulatory approvals to expand the production capacity of the
Mt Holland mine and concentrator submitted during the period. The division’s decarbonisation strategy continues to advance
through investment in abatement initiatives and investigation into Carbon Capture and Storage (CCS) solutions.
Ongoing investment in divisional systems and enablers, including the new Enterprise Resource Planning (ERP) system, will
drive future operating efficiencies and effectiveness, and will support WesCEF’s long-term growth.
Overall, earnings for WesCEF remain subject to international commodity prices, exchange rates, competitive factors and
seasonal outcomes.
Wesfarmers Limited 2024 Half-year Report Page 14
Directors’ report
Divisional performance overview
Officeworks
Half-year ended 31 Decembera ($m) 2023 2022 Variance %
Revenue 1,681 1,651 1.8
EBITDA 161 152 5.9
Depreciation and amortisation (67) (62) (8.1)
EBIT 94 90 4.4
Interest on lease liabilities (8) (5) (60.0)
EBT 86 85 1.2
EBT margin (%) 5.1 5.1
ROC (R12, %) 18.3 17.3
Total sales growth (%) 1.8 4.6
Online penetration (%) 34.7 34.5
Safety (R12, TRIFR) 4.6 6.1
Scope 1 and 2 emissions, market-based (ktCO2e) 12 14
a See Additional Disclosures on pages 43 and 50 for relevant retail calendars and definitions.
Performance review
Officeworks’ revenue increased 1.8 per cent to $1,681 million and earnings increased 1.2 per cent to $86 million for the half.
Sales growth of 1.8 per cent was supported by growth across key categories including stationery, art, education, and Print &
Create, together with continued market share growth in technology, partially offset by lower furniture sales. Officeworks
continued to invest in everyday low prices and promotional initiatives to deliver value for customers and increased the range
of own brand and differentiated products during the half.
Officeworks’ leading online offer, which includes next-day delivery to more postcodes than major marketplace providers,
two-hour Click & Collect and same day delivery options, continued to support strong online sales. Officeworks’ participation in
the Flybuys and OnePass programs supported more personalised customer communications and an improved experience.
Earnings growth of 1.2 per cent was supported by sales growth as well as productivity initiatives and disciplined cost
management, which mitigated the impacts of ongoing cost of doing business pressures. Officeworks continued to invest to
modernise its operations, including increased use of technology in the support centre, stores and supply chain. The new
automated CFC in WA was opened during the half, and the business delivered continued productivity improvements at the
IDC and the automated CFC in Victoria.
The safety, health and wellbeing of team members and customers remains a priority for Officeworks, and continued investment
in team member safety supported an improvement in TRIFR to 4.6.
Officeworks continued to focus on reducing its impact on the environment. Through continued investment in energy efficiency
and renewable energy, Officeworks reduced its Scope 1 and 2 emissions by 14.3 per cent.
During the half, Officeworks opened two new stores and re-opened the Underwood, Queensland store, which had been closed
due to fire. As at 31 December 2023, there were 169 Officeworks stores operating across Australia.
Outlook
Officeworks’ commitment to everyday low prices, widest range and great service across all channels make it well positioned
to meet the changing needs of its customers.
Officeworks’ performance during the 2024 Back to School period has been solid, particularly given the non-recurrence of the
NSW back-to-school voucher program, which supported sales in the prior corresponding period. Trading results through this
period were supported by growth in Technology sales, reflecting the trend of increased digitisation in education.
As customers increasingly seek out value, Officeworks remains focused on maintaining its everyday low prices proposition
and identifying new opportunities to expand its own-brand product ranges, which offer customers differentiated products at
competitive prices. These initiatives will be supported by a continued focus on productivity, including increased use of
technology in the support centre, stores and supply chain, and ongoing investments to leverage data insight capabilities.
Officeworks maintains its focus on driving profitable growth in key markets by solving customer missions to work, learn,
create, and connect. This will be supported by the continued evolution of its core offer, expansion of market share with B2B
and education customers, and investment in the every-channel offer and personalisation to deliver an even easier and more
engaging customer experience.
Wesfarmers Limited 2024 Half-year Report Page 15
Directors’ report
Divisional performance overview
Industrial and Safety
Half-year ended 31 Decembera ($m) 2023 2022 Variance %
Revenue 1,009 978 3.2
EBITDA 92 89 3.4
Depreciation and amortisation (41) (40) (2.5)
EBIT 51 49 4.1
Interest on lease liabilities (2) (2) -
EBT 49 47 4.3
EBT margin (%) 4.9 4.8
ROC (R12, %) 7.9 8.1
Safety (R12, TRIFR) 3.2 4.0
Scope 1 and 2 emissions, market-based (ktCO2e) 13 14
a See Additional Disclosures on page 50 for relevant definitions.
Performance review
Industrial and Safety revenue of $1,009 million was 3.2 per cent above the prior corresponding period. Earnings of
$49 million were 4.3 per cent above the prior corresponding period.
Blackwoods’ revenue increased for the half, with growth underpinned by demand from strategic customers in Australia,
particularly in the mining, utilities, manufacturing and government sectors. Growth was recorded across major trading
regions in Australia, while revenues in New Zealand moderated due to local market conditions. Blackwoods’ earnings
increased for the half, driven by higher sales. The business continued to invest in customer service and digital capabilities,
providing benefits to customers and improving productivity within the business.
Workwear Group’s revenue increased for the half, driven by higher customer demand for the industrial workwear brands
including KingGee and Hard Yakka. Earnings were below the prior corresponding period due to higher domestic supply
chain costs in Australia and New Zealand and the impact of a weaker Australian dollar.
Coregas’ revenue and earnings increased for the half due to higher demand from industrial and healthcare customers.
Safety and injury management remains a core focus, and TRIFR improved to 3.2 during the period.
Outlook
The Industrial and Safety businesses will continue to actively manage supply chain volatility, cost inflation and labour
availability constraints, and each business remains focused on delivering continued improvements in financial performance
in this environment.
Blackwoods will continue to strengthen its customer value proposition and enhance its core operational capabilities,
including through further investment in data and digital.
Workwear Group remains focused on driving growth in its industrial brands and uniforms business, delivering operational
excellence and strengthening its digital offer.
Coregas is expected to benefit from continued strong demand in the healthcare and industrial segments.
Wesfarmers Limited 2024 Half-year Report Page 16
Directors’ report
Divisional performance overview
Wesfarmers Health
Half-year ended 31 Decembera ($m) 2023 2022 Variance %
Revenue 2,774 2,778 (0.1)
EBITDA 66 66 -
Depreciation and amortisationb (37) (36) (2.8)
EBITb 29 30 (3.3)
Interest on lease liabilities (2) (3) 33.3
EBTb 27 27 -
EBT (excluding purchase price allocation adjustments) 36 34 5.9
EBT margin (%) (including purchase price allocation adjustmentsb) 1.0 1.0
ROC (R12,%) 3.5 n.r.
Safety (R12, TRIFR) 5.9 n.r.
Scope 1 and 2 emissions, market-based (ktCO2e) 5 7
a See Additional Disclosures on page 50 for relevant definitions.
b 2023 includes $9 million of amortisation expenses relating to assets recognised as part of the acquisitions of API, InstantScripts, SILK and
SiSU. 2022 includes $7 million of amortisation expenses relating to assets recognised as part of the acquisition of API.
Performance review
Wesfarmers Health revenue of $2,774 million and earnings of $27 million were in line with the prior corresponding period.
Excluding non-cash expenses relating to assets recognised as part of business acquisitions, earnings increased 5.9 per cent
to $36 million.
Sales in the Pharmacy Distribution business declined for the half, with continued growth in customer acquisition and demand
from existing trading partners offset by a significant reduction in COVID-19 anti-viral sales.
Priceline delivered pleasing sales growth, supported by continued growth in health and beauty categories, successful
delivery of promotional initiatives and increased online sales following the launch of the new Priceline website. Priceline’s
Sister Club remains Australia’s largest health and beauty loyalty program, with more than 8.6 million members.
Clear Skincare sales declined compared to the prior corresponding period, as clients opted for lower-priced treatments and
the business closed nine unprofitable clinics over the 12 months to 31 December 2023.
Earnings for the division reflected continued investment to support long-term profitability and growth, together with
short-term impacts from the introduction of 60-day dispensing, recent PBS price changes and higher costs in Clear Skincare.
During the half, the division continued to progress its ‘Accelerate’ transformation plan, with ongoing investment to build the
capabilities necessary to support sustainable long-term returns.
The automated Sydney Fulfillment Centre delivered incremental efficiency and customer service benefits during the half, and
good progress was made on the construction of the fully-automated fulfilment centre in Brisbane.
The Health division continues to pursue logical, adjacent acquisitions where they support long-term value creation, with the
acquisitions of SILK Laser Clinics and InstantScripts completed during the half. SILK and Clear Skincare together will form
the new MediAesthetics business while the acquisition of InstantScripts, Australia’s leading telehealth provider, forms part of
a new Digital Health business unit, driving an integrated experience for consumers across Wesfarmers Health.
As at 31 December 2023, the Health division had 73 Priceline company-owned stores, 400 Priceline pharmacy franchise
stores, 88 Clear Skincare clinics and 146 SILK clinics.
Outlook
Wesfarmers Health is well placed to deliver improvements in financial performance over time, supported by clear
transformation plans and long-term sector tailwinds.
The division continues to actively manage the impacts of cost inflation, including rising labour costs, labour availability
constraints, and regulatory changes to the PBS and telehealth. Integration of the MediAesthetics business is underway, with
a focus on optimising the combined businesses.
The division remains focused on transformation of the core businesses to strengthen their competitive position, and will
continue to strengthen the Priceline offer, expand the franchise store network, improve the e-commerce offer, reset the
wholesale proposition, and optimise the supply chain.
Wesfarmers Limited 2024 Half-year Report Page 17
Directors’ report
Divisional performance overview
Catch
Half-year ended 31 Decembera,b ($m) 2023 2022 Variance %
Gross transaction value (GTV) 317 451 (29.7)
Revenue 136 219 (37.9)
EBITDAc (27) (93) n.m.
EBTc,d (41) (108) n.m.
Restructuring costsc (4) (33) n.m.
EBTd (excluding restructuring costs) (37) (75) n.m.
Safety (R12, TRIFR) 4.3 2.4
Scope 1 and 2 market-based emissions (ktCO2e) 1 2
a See Additional Disclosures on pages 43 and 50 for relevant retail calendars and definitions.
b Includes intercompany transactions with OnePass.
c Restructuring costs of $33 million in 2022 relate to inventory provisions, team member redundancies and asset write-offs, with additional
costs of $4 million in 2023 as the program is completed.
d 2023 includes $2 million and 2022 includes $3 million of amortisation expenses relating to assets recognised as part of Wesfarmers’
acquisition of Catch.
Performance review
Catch’s GTV declined 29.7 per cent to $317 million for the half, driven by significant reductions to its in-stock range to exit
unprofitable lines, curate the range to focus on in-demand categories and support a more profitable proposition.
Catch’s reported loss for the period was $41 million, or $37 million excluding restructuring costs. Performance during the half
represents continued improvement relative to the $48 million loss in the second half of the 2023 financial year and
$75 million loss in the prior corresponding period.
As at the end of the half, Catch’s in-stock range had been successfully reduced to approximately 28,000 items, reflecting the
substantial completion of the range rationalisation program initiated during the second half of the 2023 financial year. The
reduced in-stock range continues to complement Catch’s broader marketplace offer, which provides customers with access
to approximately 11 million additional products from third-party sellers.
Increased fulfilment efficiency during the period supported a significant reduction in labour costs per unit and improvements
to customer service levels, with faster average time to delivery.
Range and fulfilment improvements together enabled a significant increase in average contribution per order, which more
than doubled relative to the prior corresponding period.
Indirect costs continued to reduce during the half, with lower employee and marketing costs as a result of restructuring
activities, as well as cost benefits from the exit of surplus warehouse capacity during the period.
Catch continued to leverage the benefits of OnePass and Flybuys, which drove traffic to Catch and contributed to reduced
customer acquisition and retention costs. The Catch retail and marketplace offer has resonated with OnePass members,
who value the broader range and e-commerce options. Customers that join OnePass increase their spend on Catch
materially, and the average OnePass member spends three times that of other customers.
As performance in the in-stock offer improved, Catch has increasingly turned its focus to developing an enhanced
marketplace platform, including further trials of ‘Fulfilled by Catch’ and investing in the development of a media advertising
platform.
Outlook
Catch continues to focus on executing strategies for a more profitable proposition. Catch is expected to remain loss-making
in the 2024 financial year but with losses in the second half continuing to reduce relative to the first half.
The business will continue to curate the in-stock range to focus on in-demand categories, further optimise fulfilment and
transport efficiencies and leverage the OnePass program to improve customer experience. Strong cost controls will be
maintained, and the business has continued to lower discretionary costs as well as reduce and rephase spending.
Catch will continue to progress the development of new revenue streams through its investment in ‘Fulfilled by Catch’ and
the launch of a media advertising platform, with trials with marketplace sellers planned for the second half of the
2024 financial year.
Wesfarmers Limited 2024 Half-year Report Page 18
Directors’ report
Divisional performance overview
Group data and digital initiatives
Progress review
The development of the Group’s data and digital capabilities continued during the half, with ongoing initiatives and
investment across the divisions and through OneDigital to further strengthen connections with customers and drive
incremental operating efficiencies.
Wesfarmers benefits from a significant digital reach through its portfolio of retail brands, diverse range of digital assets and
complementary membership programs, which together provide a unique foundation from which to create long-term value for
shareholders.
Investment in divisions’ digital channels continued during the half, driving deeper customer connections, improved
personalisation, and more targeted offers. The use of data analytics and further digitisation of operations and supply chains
supported further improvements in productivity and efficiency. The continued application of increasingly sophisticated AI and
predictive analytics models during the period delivered improved outcomes in areas such as demand forecasting, product
design, customer service and marketing effectiveness.
Pleasing progress continued in the development of the OnePass membership program during the half, with the release of
the most significant enhancements to its customer value proposition since its initial launch.
The OnePass program now delivers a consistent experience across an expanded set of retail partners, including new
partnerships with Officeworks and InstantScripts during the half. In addition to free delivery and exclusive promotions,
members now have access to new benefits including 5x Flybuys points on in-store spend, express Click & Collect, and
365-day change-of-mind returns.
The provision of both online and in-store benefits across a uniquely broad range of partners provides a key point of
differentiation for the OnePass program, and the in-store response and degree of cross-shop by members has
been positive.
The expanded OnePass offer provides significant value to customers. In an environment where customers are increasingly
seeking value, the expanded offer supported continued growth in the paid membership base along with improved retention
rates during the half. Importantly, members that join OnePass are demonstrating meaningfully higher spending across
Wesfarmers retailers, both in store and online, relative to an appropriate control group.
An operating loss associated with investments in the OnePass membership program and the Group’s customer and data
insight capabilities of $39 million was recorded for the half. Financial results for OnePass and supporting capabilities are
reported in Other, with the benefits from these initiatives embedded in divisional results.
Outlook
The Group will continue to invest in data and digital through the expansion of divisional capabilities and ongoing
development of the OnePass membership program and shared data asset.
The divisions will continue to focus on customer experience across all channels, including through enhancing digital assets
and membership programs and leveraging insights and personalisation to create a more relevant and rewarding experience.
Investment will continue in digitising operations to support improvements in productivity and efficiency as well as a better
customer experience.
Development of the OnePass membership program will continue, building on its unique breadth of retail and loyalty partners
and omnichannel offer, with a strong focus on leveraging customer insights to shape and improve the value proposition and
drive membership growth. Priceline is expected to join the OnePass program as a partner in the second half of the
2024 financial year.
In line with previous guidance, the operating loss for OneDigital (excluding Catch) is expected to be approximately
$70 million for the 2024 financial year, with lower operating losses in the second half reflecting continued growth in
subscription revenue and the non-repeat of launch costs associated with the features introduced in the first half.

Wesfarmers Limited 2024 Half-year Report Page 19
Directors’ report
Divisional performance overview
Other
Half-year ended 31 Decembera ($m) Holding % 2023 2022 Variance %
Share of profit of associates and joint ventures
BWP Trust 24.8 13 28 (53.6)
Other associates and joint venturesb Various 2 16 (87.5)
Sub-total share of net profit of associates and joint ventures 15 44 (65.9)
OneDigitalc (39) (41) 4.9
Group overheads (79) (78) (1.3)
Otherd 8 - n.m.
Total Other EBIT (95) (75) (26.7)
Interest on lease liabilities - - n.m.
Total Other EBT (95) (75) (26.7)
a See Additional Disclosures on page 50 for relevant definitions.
b Includes investments in Gresham, Flybuys, Wespine and BPI.
c Excludes Catch.
d 2022 includes $11 million of dividends received from the Group’s 2.8 per cent interest in Coles, which was sold in April 2023.
Performance review
Other businesses and corporate overheads recorded a loss of $95 million for the half, compared to a loss of $75 million in
the prior corresponding period.
The Group’s share of profit from associates and joint ventures decreased by $29 million to $15 million, primarily due to lower
property revaluations in BWP Trust.
Other EBIT includes costs associated with investments in the OnePass membership program and the Group’s data and
digital capabilities through OneDigital, with an operating loss associated with these initiatives of $39 million for the period,
broadly in line with a loss of $41 million in the prior corresponding period. The benefits from these investments, including
incremental sales, new customer acquisition and improved customer retention, are embedded in divisional results.
Other corporate earnings were $8 million higher than the prior corresponding period, driven by a higher Group insurance
result. This was partially offset by lower dividend income following the sale of Wesfarmers’ final 2.8 per cent interest in Coles
in April 2023.
Group overheads were $79 million for the half, broadly in line with the prior corresponding period.

Wesfarmers Limited 2024 Half-year Report Page 20
Directors’ report
Divisional performance overview
Cash flows, portfolio actions, financing and dividends
Half-year ended 31 Decembera ($m) 2023 2022 Variance %
Cash flows
Operating cash flows 2,898 1,971 47.0
Gross capital expenditure 577 676 (14.6)
Net capital expenditure 570 578 (1.4)
Free cash flows 2,012 1,365 47.4
Cash realisation ratio (%) 126 89 37 ppt

Balance sheet
Net financial debt 3,866 4,716 (18.0)
Other finance costs 81 62 30.6
Weighted average cost of debt (%) 3.83 3.06 0.77 ppt
Debt to EBITDA (x) 1.8 2.1 (0.3x)

Dividends per share
Interim ordinary dividend (fully-franked, cps) 91 88 3.4
a See Additional Disclosures on page 50 for relevant definitions.
Cash flows
Divisional operational cash flows before interest, tax, and the repayment of lease liabilities increased 27.1 per cent from the
prior corresponding period, with divisional cash generation of 120 per cent for the half.
The growth in divisional cash flows reflected a favourable net working capital result, predominantly due to disciplined
inventory management in line with market demand in Bunnings, a normalisation in WesCEF’s net working capital movement
following the impact of elevated commodity prices and the timing of fertiliser seasonal breaks in the prior corresponding
period and strong earnings growth in Kmart Group. These factors were partially offset by working capital investment in the
Health division, including as a result of changes to supplier and customer payment arrangements.
Reported operating cash flows increased 47.0 per cent to $2,898 million, with cash realisation of 126 per cent supported by
the strong divisional cash flow result and lower tax paid due to the timing of tax payments.
Gross capex of $577 million was 14.6 per cent lower than the prior corresponding period, mainly due to fewer new store
openings in Bunnings and the completion of construction at the Mt Holland concentrator during the second half of the
2023 financial year. Proceeds from the sale of property, plant and equipment of $7 million were $91 million lower than the
prior corresponding period due to reduced property activity at Bunnings. The resulting net capex of $570 million was
1.4 per cent lower than the prior corresponding period.
Free cash flows increased 47.4 per cent to $2,012 million for the half, reflecting higher operating cash flows partially offset
by the impact of cash consideration relating to the Group’s acquisition of SILK Laser Australia and InstantScripts during the
half.
Portfolio actions
The Group maintained strong financial discipline in evaluating opportunities and allocating capital during the half, with
continued focus on investments that will generate attractive shareholder returns over time.
During the half, Wesfarmers Health completed investments in logical expansion opportunities in digital health and medical
aesthetics.
On 3 July 2023, the acquisition of InstantScripts, Australia’s leading telehealth provider, was completed for a consideration
of $142 million. InstantScripts, together with the Health division’s interest in SiSU, forms a new Digital Health business unit,
driving an integrated healthcare experience for consumers.
On 29 November 2023, the acquisition of SILK was completed for a consideration of $175 million. SILK and the Health
division’s existing Clear Skincare business will form the new MediAesthetics business, providing scale and efficiency
benefits through an expanded presence in the attractive and growing market for aesthetics products and services.
Wesfarmers Limited 2024 Half-year Report Page 21
Directors’ report
Divisional performance overview
The Group’s ongoing investment in lithium reflects Wesfarmers’ focus on long-term shareholder value creation and pursuit of
opportunities that will contribute to, and benefit from, global efforts to reduce emissions.
Good progress continued on project development and construction activities for the integrated Covalent lithium project. The
Mt Holland mine and concentrator are now operational and production is ramping up, while the construction of the Kwinana
refinery was approximately 65 per cent complete as at the end of the half. Regulatory approvals to expand production
capacity at the Mt Holland mine and concentrator were submitted during the period.
On 30 October 2023, WesCEF executed a farm-in agreement with Ora Banda Mining Limited for 65 per cent of the mineral
rights excluding gold and by-products on the Davyhurst tenement package. WesCEF will target lithium and critical mineral
exploration, with the option to increase ownership to 80 per cent through exploration activity over the next three years.
Financing
The Group recorded a net financial debt position of $3,866 million as at 31 December 2023, comprising interest-bearing
liabilities excluding lease liabilities, net of cross-currency swap assets and cash at bank and on deposit. This compares to a
net financial debt position of $3,984 million as at 30 June 2023 and $4,716 million as at 31 December 2022. The reduction in
net financial debt was largely driven by strong operating cash flows, which offset the distribution of $1.2 billion in
fully-franked dividends during the half.
As at 31 December 2023, Wesfarmers had available unused bank financing facilities of $2,408 million.
The Group retains significant headroom against key credit metrics and maintained its strong credit ratings during the half,
with a rating from Moody’s Investors Services of A3 (stable) and a rating from S&P Global Ratings of A- (stable).
Other finance costs increased 30.6 per cent to $81 million, reflecting higher average interest rates during the half and lower
capitalised interest following the Mt Holland mine commencing production in the 2023 financial year. On a combined basis,
other finance costs including the component of interest that was capitalised increased 13.3 per cent to $94 million.
Dividends
The Wesfarmers Board has determined to pay a fully-franked ordinary interim dividend of $0.91 per share, reflecting
Wesfarmers’ dividend policy, which takes into account available franking credits, balance sheet position, credit metrics and
cash flow generation and requirements.
The interim dividend will be paid on 27 March 2024 to shareholders on the company’s register on 21 February 2024, the
record date for the interim dividend. For unquoted shares issued under the Key Executive Equity Performance Plan
(KEEPP) the dividend payment date will be deferred until quotation of the shares.
Given the preference of many shareholders to receive dividends in the form of equity, the Board has decided to continue the
operation of the Dividend Investment Plan (the ‘Plan’). The allocation price for shares issued under the Plan will be
calculated as the average of the daily volume weighted average price of Wesfarmers ordinary shares on each of the
15 consecutive trading days from and including the third trading day after the record date, being 26 February 2024 to
15 March 2024.
The latest time for receipt of applications to participate in or to cease or vary participation in the Plan is by 5.00pm (AWST)
on 22 February 2024. No discount will apply to the allocation price and the Plan will not be underwritten. It is the Company’s
expectation that shares to be allocated under the Plan will be acquired on-market and transferred to participants on
27 March 2024.

Wesfarmers Limited 2024 Half-year Report Page 22
Directors’ report
Auditor’s independence declaration
The auditor’s independence declaration, as required under section 307C of the Corporations Act 2001, is provided below
and forms part of this report.










Auditor’s independence declaration to the directors of Wesfarmers Limited
As lead auditor for the review of the half-year financial report of Wesfarmers Limited for the half-year ended 31 December
2023, I declare to the best of my knowledge and belief, there have been:
a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review;
b. No contraventions of any applicable code of professional conduct in relation to the review; and
c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the review.
This declaration is in respect of Wesfarmers Limited and the entities it controlled during the financial period.

Ernst & Young


T S Hammond
Partner
14 February 2024


Rounding
The amounts contained in this report and in the financial statements have been rounded to the nearest million dollars unless
otherwise stated (where rounding is applicable) under the option available to the company under ASIC Corporations
(Rounding in Financial/Directors’ Reports) Instrument 2016/191. The company is an entity to which the instrument applies.
Signed in accordance with a resolution of the directors.




M A Chaney AO
Chairman
Perth, 14 February 2024
Ernst & Young
11 Mounts Bay Road
Perth WA 6000 Australia
GPO Box M939 Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au

Wesfarmers Limited 2024 Half-year Report Page 23
Financial statements
For the half-year ended 31 December 2023
Financial statements
Income statement 25
Statement of comprehensive income 26
Balance sheet 27
Cash flow statement 28
Statement of changes in equity 29
Notes to the financial statements
About this report
1. Corporate information 30
2. Basis of preparation and accounting policies 30
3. Significant items impacting the current and prior
reporting period
30
Group performance and balance sheet
4. Segment information 31
5. Revenue and other income 32
6. Expenses 32
7. Tax expense 33
8. Cash and cash equivalents 33
Capital
9. Interest-bearing loans and borrowings 34
10. Equity 34
11. Earnings per share 35
12. Dividends and distributions 35
13. Cash flow hedge reserve 35
Group information
14. Business combinations 36
Risk
15. Financial instruments 37
16. Impairment of non-financial assets 37
Other
17. Contingent liabilities 38
18. Changes to subsidiaries during the period 38
19. Events after the reporting period 38
Wesfarmers Limited 2024 Half-year Report Page 24
Income statement
For the half-year ended 31 December 2023
Consolidated
December December
2023 2022
Note $m $m
Revenue 5 22,673 22,558
Expenses
Raw materials and inventory (14,773) (15,032)
Employee benefits expense 6 (3,363) (3,208)
Freight and other related expenses (346) (361)
Occupancy-related expenses 6 (262) (253)
Depreciation and amortisation 6 (880) (844)
Impairment expenses 6 (13) (14)
Other expenses 6 (915) (824)
Total expenses (20,552) (20,536)
Other income 5 52 92
Share of net profits of associates and joint ventures 22 46
74 138
Earnings before finance costs and income tax expense 2,195 2,160
Interest on lease liabilities (114) (107)
Other finance costs 6 (81) (62)
Profit before income tax expense 2,000 1,991
Income tax expense 7 (575) (607)
Profit for the period attributable to equity holders of the parent 1,425 1,384
Earnings per share attributable to equity holders of the parent 11 cents cents
Basic earnings per share 125.8 122.3
Diluted earnings per share 125.8 122.2
Wesfarmers Limited 2024 Half-year Report Page 25
Statement of comprehensive income
For the half-year ended 31 December 2023
Consolidated
December December
2023 2022
Note $m $m
Profit for the period 1,425 1,384
Other comprehensive income
Items that may be reclassified to profit or loss:
Foreign currency translation reserve
Exchange differences on translation of foreign operations (1) 15
Cash flow hedge reserve 13
Unrealised (losses)/gains on cash flow hedges (53) 65
Realised gains transferred on cash flow hedges (116) (261)
Share of associates and joint ventures reserves (1) 1
Tax effect 51 58
Items that will not be reclassified to profit or loss:
Financial assets reserve
Changes in the fair value of financial assets designated at
fair value through other comprehensive income - (41)
Share of associates and joint ventures reserves (5) 4
Tax effect - 12
Other comprehensive loss for the period, net of tax (125) (147)
Total comprehensive income for the period, net of tax, attributable to equity holders of the parent 1,300 1,237
Wesfarmers Limited 2024 Half-year Report Page 26
Balance sheet
As at 31 December 2023
Consolidated
December June December
2023 2023 2022
Note $m $m $m
ASSETS
Current assets
Cash and cash equivalents 8 804 673 632
Trade and other receivables 1,955 2,046 2,043
Inventories 6,176 6,039 6,634
Income tax receivable 52 43 158
Derivatives 19 116 92
Other 220 237 224
Total current assets 9,226 9,154 9,783
Non-current assets
Investments in associates and joint ventures 957 943 1,006
Other financial assets 17 15 639
Deferred tax assets 634 624 558
Property, plant and equipment 5,578 5,365 5,034
Goodwill and intangible assets 5,048 4,692 4,686
Right-of-use assets 5,746 5,676 5,854
Derivatives 22 27 3
Other 63 50 45
Total non-current assets 18,065 17,392 17,825
Total assets 27,291 26,546 27,608
LIABILITIES
Current liabilities
Trade and other payables 5,805 5,268 5,689
Interest-bearing loans and borrowings 9 17 - 200
Lease liabilities 1,143 1,135 1,105
Provisions 1,055 1,117 1,019
Derivatives 133 10 61
Other 385 327 353
Total current liabilities 8,538 7,857 8,427
Non-current liabilities
Interest-bearing loans and borrowings 9 4,306 4,430 4,843
Lease liabilities 5,648 5,604 5,836
Provisions 365 374 366
Derivatives 15 - 42
Total non-current liabilities 10,334 10,408 11,087
Total liabilities 18,872 18,265 19,514
Net assets 8,419 8,281 8,094
EQUITY
Equity attributable to equity holders of the parent
Issued capital 10 13,574 13,574 13,574
Reserved shares 10 (102) (102) (102)
Retained earnings 1,074 818 735
Reserves (6,127) (6,009) (6,113)
Total equity 8,419 8,281 8,094
Wesfarmers Limited 2024 Half-year Report Page 27
Cash flow statement
For the half-year ended 31 December 2023
Consolidated
December December
2023 2022
Note $m $m
Cash flows from operating activities
Receipts from customers 25,245 24,934
Payments to suppliers and employees (21,668) (22,139)
Dividends and distributions received from associates 30 18
Dividends received from other investments - 11
Interest received 13 6
Interest component of lease payments (114) (107)
Borrowing costs (73) (71)
Income tax paid (535) (681)
Net cash flows from operating activities 8 2,898 1,971
Cash flows from investing activities
Payments for property, plant and equipment and intangibles 8 (565) (675)
Payments for mineral exploration 8 (12) (1)
Proceeds from sale of property, plant and equipment and intangibles 8 7 98
Net proceeds from sale of businesses - 13
Net investments in associates and joint ventures (22) (39)
Acquisition of subsidiaries, net of cash acquired 14 (293) -
Purchase of other financial assets (1) (2)
Net cash flows used in investing activities (886) (606)
Cash flows from financing activities
Repayment of borrowings (30) (764)
Net (repayment of)/proceeds from revolving facilities (97) 1,035
Principal component of lease payments (586) (575)
Equity dividends paid (1,168) (1,134)
Net cash flows used in financing activities (1,881) (1,438)
Net increase/(decrease) in cash and cash equivalents 131 (73)
Cash and cash equivalents at beginning of period 673 705
Cash and cash equivalents at end of period 8 804 632
Wesfarmers Limited 2024 Half-year Report Page 28
Statement of changes in equity
For the half-year ended 31 December 2023
ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
Issued
capital
Reserved
shares
Retained
earnings
Reserves Total
equity
Consolidated Note $m $m $m $m $m
Balance at 1 July 2023 13,574 (102) 818 (6,009) 8,281
Profit for the period - - 1,425 - 1,425
Other comprehensive income
Exchange differences on translation of foreign operations - - - (1) (1)
Changes in the fair value of cash flow hedges, net of tax 13 - - - (119) (119)
Changes in the fair value of financial assets designated at
fair value through other comprehensive income, net of tax - - - (5) (5)
Total other comprehensive loss for the period, net of tax - - - (125) (125)
Total comprehensive income for the period, net of tax - - 1,425 (125) 1,300
Share-based payment transactions - - - 7 7
Dividends 12 - - (1,169) - (1,169)
- - (1,169) 7 (1,162)
Balance at 31 December 2023 13,574 (102) 1,074 (6,127) 8,419
Balance at 1 July 2022 13,574 (102) 485 (5,976) 7,981
Profit for the period - - 1,384 - 1,384
Other comprehensive income
Exchange differences on translation of foreign operations - - - 15 15
Changes in the fair value of cash flow hedges, net of tax 13 - - - (137) (137)
Changes in the fair value of financial assets designated at
fair value through other comprehensive income, net of tax - - - (25) (25)
Total other comprehensive loss for the period, net of tax - - - (147) (147)
Total comprehensive income for the period, net of tax - - 1,384 (147) 1,237
Share-based payment transactions - - - 10 10
Dividends 12 - - (1,134) - (1,134)
- - (1,134) 10 (1,124)
Balance at 31 December 2022 13,574 (102) 735 (6,113) 8,094
Wesfarmers Limited 2024 Half-year Report Page 29
Notes to the financial statements: About this report
For the half-year ended 31 December 2023
1. Corporate information
The financial report of Wesfarmers Limited (referred to as 'Wesfarmers' or 'the
Company') and its subsidiaries (referred to as 'the Group') for the half-year ended
31 December 2023 (HY2024) was authorised for issue in accordance with a
resolution of the directors on 14 February 2024. Wesfarmers is a company
limited by shares incorporated and domiciled in Australia whose shares are
publicly traded on the Australian Securities Exchange (ASX).
2. Basis of preparation and accounting policies
a) Basis of preparation
This general purpose condensed financial report for the half-year ended
31 December 2023 has been prepared in accordance with AASB 134 Interim
Financial Reporting and the Corporations Act 2001.
The half-year financial report does not include all notes of the type normally
included within the annual financial report and therefore cannot be expected to
provide as full an understanding of the financial performance, financial position
and financing and investing activities of the Group as the annual financial report.
It is recommended that the half-year financial report be read in conjunction with
the annual financial report for the year ended 30 June 2023 and considered with
any public announcements made by the Company during the half-year ended
31 December 2023 in accordance with the continuous disclosure obligations of
the ASX Listing Rules.
The half-year financial report is presented in Australian dollars and all values are
rounded to the nearest million dollars unless otherwise stated, in accordance
with ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument
2016/191. The Company is an entity to which the class order applies.
Key judgements, estimates and assumptions
The preparation of the financial report requires judgement and the use of
estimates and assumptions in applying the Group's accounting policies, which
affect amounts reported for assets, liabilities, income and expenses. Actual
results may differ from the judgements, estimates and assumptions.
The judgements, estimates and assumptions applied in the half-year
financial report, including the key sources of estimation uncertainty are the same
as those applied in the most recent annual financial report.
b) Significant accounting policies
The same accounting policies and methods of computation have been applied
by each entity in the consolidated Group and are consistent with those adopted
and disclosed in the most recent annual financial report.
New and revised Accounting Standards and Interpretations adopted
as at 1 July 2023
A number of new and amended accounting standards and interpretations apply
for the first time in this half-year reporting period, but do not have a material
impact on the financial statements of the Group. The Group has not early
adopted any standards, interpretations or amendments that have been issued
but are not yet effective.
3. Significant items impacting the current and
prior reporting period
Acquisition of Australian Pharmaceutical Industries Ltd in the
prior reporting period
On 31 March 2023, the provisional acquisition accounting period ended for
the acquisition of Australian Pharmaceutical Industries Ltd (API). Adjustments
were made in finalising the acquisition accounting, resulting in the fair value of
identifiable assets recognised on acquisition decreasing by $46 million compared
to the provisional fair value amounts previously reported at 31 December 2022.
This decrease was due to a reduction in the fair value of property, plant and
equipment ($21 million), an increase in provisions recognised ($9 million) and
as a result of finalising tax effect accounting (net tax adjustments of $3 million).
A reclassification between the indefinite life intangible assets of brand and
goodwill ($13 million) also occurred. The decrease in the fair value of identifiable
assets resulted in a corresponding increase of $46 million to the goodwill
recognised on acquisition.
The 31 December 2022 balance sheet has been restated to reflect the
adjustments to the provisional acquisition accounting for API. The 30 June 2023
annual financial report comparative was also restated.
Acquisition of InstantScripts Pty Ltd
On 3 July 2023, Wesfarmers, through its wholly-owned subsidiary API,
completed the acquisition of 100 per cent of the shares in InstantScripts Pty
Ltd (InstantScripts). Total consideration was $142 million, or $133 million net of
cash acquired. At 31 December 2023, the acquisition accounting balances are
provisional due to the ongoing work finalising valuations and tax matters that
may impact acquisition accounting entries. Refer to note 14 for further details.
Acquisition of SILK Laser Australia Limited
On 29 November 2023, Wesfarmers, through its wholly-owned subsidiary API,
completed the acquisition of 100 per cent of the shares in SILK Laser Australia
Limited (SILK) by way of a Scheme of Arrangement. Total consideration was
$175 million, or $160 million net of cash acquired. At 31 December 2023,
the acquisition accounting balances are provisional due to the ongoing work
finalising valuations and tax matters that may impact acquisition accounting
entries. Refer to note 14 for further details.

Wesfarmers Limited 2024 Half-year Report Page 30
BUNNINGS
GROUP1
KMART GROUP WesCEF OFFICEWORKS INDUSTRIAL
AND SAFETY
HEALTH CATCH2 OTHER3 CONSOLIDATED
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Half-year ended 31 December $m $m $m $m $m $m $m $m $m $m $m $m $m $m $m $m $m $m
Revenue from contracts with customers 9,962 9,787 5,950 5,677 1,102 1,400 1,673 1,644 1,009 978 2,774 2,778 132 216 13 10 22,615 22,490
Other revenue 1 5 36 37 3 2 8 7 - - - - 4 3 6 14 58 68
Segment revenue 9,963 9,792 5,986 5,714 1,105 1,402 1,681 1,651 1,009 978 2,774 2,778 136 219 19 24 22,673 22,558
EBITDA 1,748 1,721 895 765 229 372 161 152 92 89 66 66 (27) (93) (89) (68) 3,075 3,004
Depreciation and amortisation (408) (387) (252) (250) (56) (48) (67) (62) (41) (40) (37) (36) (13) (14) (6) (7) (880) (844)
Interest on lease liabilities (58) (56) (42) (40) (1) - (8) (5) (2) (2) (2) (3) (1) (1) - - (114) (107)
Segment result 1,282 1,278 601 475 172 324 86 85 49 47 27 27 (41) (108) (95) (75) 2,081 2,053
Other finance costs (81) (62)
Profit before income tax expense 2,000 1,991
Income tax expense (575) (607)
Profit for the period 1,425 1,384
Capital expenditure4 135 226 75 58 255 272 28 26 42 31 20 19 3 7 10 18 568 657
Share of net profits of associates and joint ventures included in
segment result - - - - 7 2 - - - - - - - - 15 44 22 46
1 The HY2024 Bunnings segment result includes a nil net property contribution (HY2023: $35 million).
2 The HY2024 Catch segment result includes $4 million of restructuring costs (HY2023: $33 million).
3 The HY2024 Other result includes an operating loss of $39 million (HY2023: $41 million) in relation to OnePass and supporting capabilities. The HY2023 Other result includes dividends received of $11 million from Coles Group Limited.
4 Capital expenditure, inclusive of capitalised interest, includes accruals for costs incurred during the period. The amount excluding movement in accruals is $577 million (HY2023: $676 million).
4. Segment information
The Group's operating segments are organised and managed separately according to the nature of the products and services provided, with each segment representing a strategic business unit that offers different products and operates in different
industries and markets. The Board and executive management team (the chief operating decision-makers) monitor the operating results of business units separately for the purpose of making decisions about resource allocation and performance
assessment. The types of products and services from which each reportable segment derives its revenues are disclosed in the Wesfarmers 30 June 2023 financial report. Segment performance is evaluated based on operating profit or loss, which in
certain respects, as explained in the table below, is presented differently from operating profit or loss in the consolidated financial statements.
Revenue and earnings of the retail divisions, particularly Kmart Group, are typically greater in the December half of the financial year, due to the impact of the holiday trading period.
Interest income and other finance costs are not allocated to operating segments, as this type of activity is managed on a Group basis. Transfer prices between business segments are on an arm’s length basis in a manner similar to transactions with
third parties. Segment revenue, segment expense and segment result include transfers between business segments. Those transfers are eliminated on consolidation and are not considered material.
Notes to the financial statements: Group performance and balance sheet
For the half-year ended 31 December 2023
Wesfarmers Limited 2024 Half-year Report Page 31
Notes to the financial statements: Group performance and balance sheet
For the half-year ended 31 December 2023
Consolidated
December December
2023 2022
$m $m
Revenue from contracts with customers
Sale of retail goods in store 16,299 15,934
Sale of retail goods online 1,475 1,469
Sale of wholesale goods 2,569 2,584
Sale of fertilisers, chemicals, speciality
gases, LPG and LNG 1,099 1,398
Sale of industrial products 1,009 974
Services revenue 164 131
22,615 22,490
Other revenue
Interest revenue 13 6
Dividend revenue - 11
Other 45 51
58 68
Total revenue 22,673 22,558
Other income
Gains on disposal of property, plant and
equipment and other assets 2 38
Other 50 54
Total other income 52 92
Consolidated
December December
2023 2022
$m $m
Revenue from contracts with customers
by geography
Australia 21,098 21,030
New Zealand 1,504 1,438
Other 13 22
22,615 22,490
$m %
Bunnings Group 9,962 44.0
Kmart Group 5,950 26.3
WesCEF 1,102 4.9
Officeworks 1,673 7.4
Industrial and Safety 1,009 4.5
Health 2,774 12.3
Catch 132 0.5
Other 13 0.1
Total 22,615
Revenue from contracts with customers
by segment for HY2024
Consolidated
December December
2023 2022
$m $m
Remuneration, bonuses and on-costs 3,054 2,912
Superannuation expense 241 225
Share-based payments expense 68 71
Employee benefits expense 3,363 3,208
Short-term and low-value lease payments 19 24
Contingent rental payments 25 20
Outgoings and other 218 209
Occupancy-related expenses 262 253
Depreciation 221 209
Depreciation of right-of-use assets 555 539
Amortisation of intangibles 64 60
Amortisation of leasehold improvements 40 36
Depreciation and amortisation 880 844
Impairment of plant, equipment and other
assets 3 6
Impairment of right-of-use assets 3 3
Impairment of trade and other receivables 7 5
Impairment expenses 13 14
Repairs and maintenance 164 148
Utilities and office expenses 344 304
Insurance expenses 29 26
Merchant fees 75 77
Other 303 269
Other expenses 915 824
Interest on interest-bearing loans and
borrowings, net of borrowing costs
capitalised 69 53
Discount rate adjustment 4 3
Amortisation of debt establishment costs 2 2
Other finance-related costs 6 4
Other finance costs 81 62
Capitalisation of borrowing costs
To determine the amount of borrowing costs to be capitalised as part of the
costs of major construction projects, the Group uses the weighted average
interest rate applicable to its outstanding borrowings, including lease liabilities,
during the period. For HY2024, the weighted average interest rate applicable
was 3.47 per cent (HY2023: 3.00 per cent) and $13 million (HY2023: $21 million)
of interest was capitalised to property, plant and equipment for the Mt Holland
lithium project. Capitalised borrowing costs are included within WesCEF's
capital expenditure.
5. Revenue and other income 6. Expenses
Wesfarmers Limited 2024 Half-year Report Page 32
Notes to the financial statements: Group performance and balance sheet
For the half-year ended 31 December 2023
Consolidated
December December
2023 2022
$m $m
A reconciliation between tax expense and
the product of accounting profit before tax
multiplied by the Group's applicable income
tax rate is as follows:
Tax reconciliation
Profit before tax 2,000 1,991
Income tax rate at the statutory rate of 30% 600 597
Adjustments relating to prior years (26) 5
Non-deductible items 3 5
Share of results of associates and
joint ventures 3 4
Non-assessable dividends (5) (4)
Income tax on profit before tax 575 607
8. Cash and cash equivalents
Consolidated
December June
2023 2023
$m $m
For the purposes of the cash flow statement,
cash and cash equivalents comprise the
following:
Cash on hand and in transit 369 252
Cash at bank and on deposit 293 254
Cash held in joint operation 142 167
804 673
Cash on hand and in transit
Cash on hand and in transit includes receivables from electronic funds transfers,
credit card and debit card point of sale transactions.
Cash held in joint operation
Cash held in joint operation is only available for use within the joint operation.
$m %
Bunnings Group 135 23.4
Kmart Group 85 14.7
WesCEF 255 44.2
Officeworks 28 4.8
Industrial and Safety 42 7.3
Health 20 3.5
Catch 3 0.5
Other 9 1.6
Total 577
Cash capital expenditure by segment for HY2024
Consolidated
December December
2023 2022
$m $m
Reconciliation of net profit after tax to
net cash flows from operations
Net profit 1,425 1,384
Adjusted for
Depreciation and amortisation 880 844
Impairment of assets 13 14
Net loss/(gain) on disposal of non-current
assets including investments and
associates 4 (35)
Share of net profits of associates and joint
ventures (22) (46)
Dividends and distributions received from
associates 30 18
Discount adjustment in other finance costs 4 3
Amortisation of debt establishment costs 2 2
Other 1 12
(Increase)/decrease in assets
Trade and other receivables 101 28
Inventories (127) (531)
Income tax receivable (9) (166)
Prepayments 20 39
Deferred tax assets 49 92
Other assets 1 2
Increase/(decrease) in liabilities
Trade and other payables 574 393
Provisions (93) (154)
Other liabilities 45 72
Net cash flows from operating activities 2,898 1,971
Consolidated
December December
2023 2022
$m $m
Cash capital expenditure
Payments for property 12 62
Payments for plant and equipment 478 529
Payments for intangibles 75 84
Payments for mineral exploration 12 1
577 676
Proceeds from sale of property, plant and
equipment and intangibles (7) (98)
Net cash capital expenditure 570 578
7. Tax expense 8. Cash and cash equivalents (continued)
Wesfarmers Limited 2024 Half-year Report Page 33
Notes to the financial statements: Capital
For the half-year ended 31 December 2023
Consolidated
December June
2023 2023
$m $m
Current
Unsecured
Bank debt 17 -
17 -
Non-current
Unsecured
Bank debt 2,341 2,452
Capital markets debt 1,965 1,978
4,306 4,430
Total interest-bearing loans and borrowings 4,323 4,430
The illustration below provides details, including the principal repayment
obligations, of all loans and borrowings on issue at 31 December 2023:
Funding strategies
The Group’s funding strategy is to maintain diversity of funding sources and a
presence in key financing markets, maintain an appropriate average maturity, and
balance exposures to fixed and floating rates.
Throughout the period, a number of bilateral bank agreements have been
extended or entered into to maintain the Group’s debt capacity and average
maturity profile.
The Group had unused bank financing facilities available at 31 December 2023
of $2,408 million (30 June 2023: $2,625 million).
10. Equity
Movement in shares on issue
ORDINARY SHARES RESERVED SHARES
'000 $m '000 $m
At 1 July 2022 1,134,145 13,574 (2,349) (102)
Exercise of in-substance options - - 49 -
KEEPP1 vested during the period - - 339 -
Issue of unquoted fully-paid ordinary shares for the purposes of KEEPP 369 - (369) -
At 31 December 2022 1,134,514 13,574 (2,330) (102)
Exercise of in-substance options - - 890 -
At 30 June 2023 1,134,514 13,574 (1,440) (102)
KEEPP vested during the period - - 372 -
2020 Performance-tested shares vested during the period - - 60 -
Issue of unquoted fully-paid ordinary shares for the purposes of KEEPP 267 - (267) -
At 31 December 2023 1,134,781 13,574 (1,275) (102)
9. Interest-bearing loans and borrowings
Bank debt Capital markets debt
Outstanding loans and borrowings
A$m
0
1,000
2,000
3,000
4,000
CY2024 CY2025 CY2026+
Current
$17m
Non-current
$4,306m
1 Key Executive Equity Performance Plan
Wesfarmers Limited 2024 Half-year Report Page 34
Notes to the financial statements: Capital
For the half-year ended 31 December 2023
Consolidated
December December
2023 2022
Profit attributable to ordinary equity holders
of the parent ($m) 1,425 1,384
WANOS1 used in the calculation of
basic EPS (shares, million)2 1,133 1,132
WANOS1 used in the calculation of
diluted EPS (shares, million)2 1,133 1,133
- Basic EPS (cents per share) 125.8 122.3
- Diluted EPS (cents per share) 125.8 122.2
1 Weighted average number of ordinary shares.
2 The variance in the WANOS used in the calculation of basic EPS and the diluted EPS is
attributable to the dilutive effect of in-substance options and restricted shares.
There have been no transactions involving ordinary shares between the reporting
date and the date of completion of these financial statements, apart from
the normal conversion of employee reserved shares (treated as in-substance
options) to unrestricted ordinary shares.
Basic earnings per share
Basic EPS is calculated as net profit attributable to equity holders of the
parent, adjusted to exclude any costs of servicing equity (other than dividends),
divided by the weighted average number of ordinary shares, adjusted for any
bonus element.
Diluted earnings per share
Diluted EPS is calculated as basic earnings per share with an adjustment for the
weighted average number of ordinary shares that would be issued on conversion
of all dilutive potential ordinary shares. Dilution arises as a result of the employee
reserved shares issued under the employee share plan being accounted for as
in-substance options and unvested restricted shares.
Reported basic EPS Basic EPS adjusted for significant items
Reported
basic EPS
Adjusted
basic EPS
HY24 125.8 125.8
HY23 122.3 122.3
HY22 107.3 107.3
HY211 122.9 125.0
HY202 106.9 99.6
125.8 cents
Half-year basic earnings per share
0
30
60
90
120
150
cents/share
HY20 HY21 HY22 HY23 HY24
1 HY2021 EPS of 122.9 cents per share includes costs relating to the restructure of the
Kmart Group. Excluding these costs, basic EPS is 125.0 cents per share.
2 HY2020 EPS of 106.9 cents per share includes significant items relating to the finalisation
of tax positions on prior year disposals and the Coles demerger. Excluding these items,
basic EPS is 99.6 cents per share.
Consolidated
December December
2023 2022
$m $m
Determined during the period (dividends
fully-franked at 30 per cent)
Final dividend for 2023: $1.03
(2022: $1.00) per share 1,169 1,134
Proposed and unrecognised as a liability
(dividends fully-franked at 30 per cent)
Interim dividend for 2024: $0.91
(2023: $0.88) per share 1,033 998
0
25
50
75
100
cents
HY20 HY21 HY22 HY23 HY24
Cents
HY24 91
HY23 88
HY22 80
HY21 88
HY20 75
91 cents
Interim distributions
13. Cash flow hedge reserve
The change in cash flow hedge reserve for the half-year ended
31 December 2023 includes the after-tax net movement in the market
value of cash flow hedges from 30 June 2023 and comprised $(125) million
(HY2023: $(105) million) of foreign exchange rate contracts, $12 million
(HY2023: $(33) million) of cross-currency interest rate swaps, $(5) million
(HY2023: nil) of interest rate swaps and $(1) million (HY2023: $1 million) in
associates and joint ventures reserves.
11. Earnings per share 12. Dividends and distributions
Wesfarmers Limited 2024 Half-year Report Page 35
Notes to the financial statements: Group information
For the half-year ended 31 December 2023
Acquisition of InstantScripts Pty Ltd
On 3 July 2023, Wesfarmers, through its wholly-owned subsidiary API,
completed the acquisition of 100 per cent of the shares in InstantScripts.
Total consideration was $142 million, or $133 million net of cash acquired.
InstantScripts is included within the Wesfarmers Health segment.
InstantScripts is complementary to the existing Wesfarmers Health portfolio
and provides opportunities to leverage its existing pharmacy and medical
aesthetics networks.
From the date of acquisition, the contribution to the Group's revenue and profit
is immaterial. Had the acquisition of InstantScripts occurred at the beginning of
the financial year and had the same fair values detailed below applied, neither
the profit nor revenue of the Group would have been materially different from
that reported.
At 31 December 2023, the acquisition accounting balances are provisional
due to the ongoing work finalising valuations and tax matters that may impact
acquisition accounting entries.
Details of the provisional fair values of identifiable assets and liabilities as at the
date of acquisition are:
Acquisition of SILK Laser Australia Limited
On 29 November 2023, Wesfarmers, through its wholly-owned subsidiary API,
completed the acquisition of 100 per cent of the shares in SILK by way of a
Scheme of Arrangement. Total consideration was $175 million, or $160 million
net of cash acquired. SILK is included within the Wesfarmers Health segment.
SILK is complementary to Wesfarmers Health's existing Clear Skincare Clinics
and will provide scale and efficiency benefits through an expanded presence in
the growing market for medical aesthetics products and services.
From the date of acquisition, the contribution to the Group's revenue and profit is
immaterial. Had the acquisition of SILK occurred at the beginning of the financial
year and had the same fair values detailed below applied, neither the profit nor
revenue of the Group would have been materially different from that reported.
At 31 December 2023, the acquisition accounting balances are provisional
due to the ongoing work finalising valuations and tax matters that may impact
acquisition accounting entries.
Details of the provisional fair values of identifiable assets and liabilities as at the
date of acquisition are:
14. Business combinations
Provisional
fair value
recognised on
acquisition
$m
Assets
Cash and cash equivalents 9
Intangible assets 35
Other 1
Liabilities
Trade and other payables 4
Provisions 3
Fair value of identifiable net assets 38
Provisional goodwill arising on acquisition 104
Purchase consideration transferred 142
Cash outflow on acquisition
Cash paid 142
Net cash acquired (9)
Net cash outflow on acquisition 133
Provisional
fair value
recognised on
acquisition
$m
Assets
Cash and cash equivalents 15
Trade and other receivables 13
Inventories 5
Investment in associates and joint ventures 2
Deferred tax assets 7
Property, plant and equipment 19
Intangible assets 37
Right-of-use assets 16
Other 10
Liabilities
Trade and other payables 18
Interest-bearing loans and borrowings 30
Lease liabilities 25
Provisions 12
Other 14
Fair value of identifiable net assets 25
Provisional goodwill arising on acquisition 150
Purchase consideration transferred 175
Cash outflow on acquisition
Cash paid 175
Net cash acquired (15)
Net cash outflow on acquisition 160
Wesfarmers Limited 2024 Half-year Report Page 36
Notes to the financial statements: Risk
For the half-year ended 31 December 2023
Valuation of financial instruments
For all fair value measurements and disclosures, the Group uses the following
to categorise the method used:
• Level 1: fair value is calculated using quoted prices in active markets.
• Level 2: fair value is estimated using inputs other than quoted prices
included in Level 1 that are observable for the asset or liability, either
directly (as prices) or indirectly (derived from prices).
• Level 3: fair value is estimated using inputs for the asset or liability that are
not based on observable market data.
The Group's financial instruments were primarily valued using market observable
inputs (Level 2) with the exception of financial assets measured at fair value
through other comprehensive income (FVOCI) (Level 1) and shares in unlisted
companies at fair value (Level 3).
For financial instruments that are carried at fair value on a recurring basis,
the Group determines whether transfers have occurred between levels in the
hierarchy by re-assessing categorisation (based on the lowest level input that
is significant to the fair value measurement as a whole) at the end of each
reporting period.
There were no transfers between Level 1 and Level 2 during the period. There
were no material Level 3 fair value movements during the period.
Fair values
The carrying amounts and estimated fair values of all the Group's financial
instruments carried at amortised cost in the financial statements are materially
the same, with the exception of the following:
December June December
2023 2023 2022
Consolidated $m $m $m
Capital markets debt: carrying amount 1,965 1,978 1,937
Capital markets debt: fair value 1,659 1,563 1,494
The methods and assumptions used to estimate the fair value of financial
instruments are as follows:
Cash
The carrying amount is fair value due to the asset's liquid nature.
Receivables/payables
Due to the short-term nature of these financial rights and obligations, carrying
amounts are estimated to represent fair values.
Derivatives
The Group enters into derivative financial instruments with various counterparties,
principally banks and financial institutions with investment grade credit
ratings. Foreign exchange forward contracts, interest rate swap contracts,
cross-currency interest rate swaps and commodity futures contracts are
all valued using forward pricing techniques. This includes the use of market
observable inputs, such as foreign exchange spot and forward rates, yield curves
of the respective currencies, interest rate curves and forward rate curves of the
underlying commodity. Accordingly, these derivatives are classified as Level 2 in
the fair value measurement hierarchy.
Interest-bearing loans and borrowings
The fair value of capital markets debt as outlined above have been calculated
using quoted market prices or dealer quotes for similar instruments. The fair
value of bank debt is calculated by discounting the expected future cash flows
at prevailing interest rates using market observable inputs and is not materially
different to the carrying amount.
Financial risk factors
The Group's activities expose its financial instruments to a variety of financial
risks, including liquidity risk, market risk (foreign currency, interest rate and
commodity price) and credit risk. The half-year financial report does not include
all financial risk management information and disclosures required in the annual
financial report and as such, should be read in conjunction with the Group's
annual financial report as at 30 June 2023. There have been no significant
changes in financial risk management policies since 30 June 2023.
16. Impairment of non-financial assets
The Group is required to review, at the end of each reporting period, whether
there is any indication that an asset may be impaired, in accordance with
Australian Accounting Standards. The Group has reviewed each
cash generating unit (CGU) for indications of impairment using both external
and internal sources of information. This review included an assessment
of performance against expectations and changes in market values or
discount rates.
Detailed impairment testing is completed for non-current assets when
the existence of an indication of impairment is identified. No indications of
impairment were identified and no material impairment has been recognised
in HY2024.
Consistent with prior periods, the Group will perform detailed impairment
testing prior to the end of the financial year using cash flow projections based
on the Group's five-year corporate plans, long-term business forecasts and
market-based valuation assumptions. Where there are significant changes in
the corporate plan, long-term business forecasts or market-based valuation
assumptions from those used in impairment testing in previous periods,
this may cause the carrying values of non-current assets to exceed their
recoverable amounts.
Mt Holland lithium CGU
Mt Holland was closely monitored for any indications of impairment during the
period, given the current price volatility, immaturity of the lithium market and
status of the project.
External sources of information considered by the Group include long-term
lithium hydroxide (LiOH) price forecasts, AUD/USD exchange rates and post-tax
discount rates. Internal sources of information considered by the Group
include estimated operating costs, production volumes and remaining project
capital expenditure.
LiOH price assumptions are based on the latest internal forecasts and reflect
the Group’s long-term view of global supply and demand for battery grade LiOH.
The LiOH price assumptions considered a range of external sources including
broker consensus, Wood Mackenzie and Benchmark Minerals Intelligence.
At 31 December 2023, the Group concluded that there were no indications that
Mt Holland was impaired, but significant adverse movements in key assumptions
may lead to future impairment. In the event of an adverse movement in an
assumption, the Group would seek to take mitigating action.
15. Financial instruments 15. Financial instruments (continued)
Wesfarmers Limited 2024 Half-year Report Page 37
Notes to the financial statements: Other
For the half-year ended 31 December 2023
17. Contingent liabilities
Certain companies within the Group are party to various legal actions that have
arisen in the normal course of business. It is expected that any liabilities arising
from such legal action would not have a material effect on the Group's financial
performance.
18. Changes to subsidiaries during the period
The Group has had the following changes to its subsidiaries during the period:
• InstantScripts and InstantClinics Pty Ltd (refer to note 14 for further details)
• SILK (refer to note 14 for further details)
• ANKO Global (France) SAS (incorporated on 19 December 2023)
• WWG Middle East Apparel Trading LLC (deregistered on 31 October 2023)
• ANKO Retail Incorporated (deregistered on 13 December 2023)
19. Events after the reporting period
Dividends
A fully-franked interim dividend of 91 cents per share resulting in a
dividend payment of $1,033 million was determined for a payment
date of 27 March 2024. This dividend has not been provided for in the
31 December 2023 half-year financial report.
Wesfarmers Limited 2024 Half-year Report Page 38
Directors’ declaration
Wesfarmers Limited and its controlled entities
1. In accordance with a resolution of the directors of Wesfarmers Limited, I note that in the opinion of the directors:

(a) The financial statements and notes of Wesfarmers Limited for the half-year ended 31 December 2023 are in
accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2023 and of its
performance for the half-year ended on that date; and

(ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations
2001;

(b) There are reasonable grounds to believe that the company will be able to pay its debts as and when they become
due and payable.

2. This declaration has been made after receiving the declaration made to the directors for the half-year ended
31 December 2023 in accordance with the fourth edition of the ASX Corporate Governance Council’s Corporate
Governance Principles and Recommendations.

On behalf of the Board





M A Chaney AO
Chairman
Perth, 14 February 2024


Wesfarmers Limited 2024 Half-year Report Page 39
Independent auditor’s review report to
the members of Wesfarmers Limited






Independent auditor's review report to the members of Wesfarmers Limited
Conclusion
We have reviewed the accompanying half-year financial report of Wesfarmers Limited (the Company) and its subsidiaries
(collectively the Group), which comprises the balance sheet as at 31 December 2023, the income statement, statement of
comprehensive income, statement of changes in equity and cash flow statement for the half-year ended on that date, notes
comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-
year financial report of the Group does not comply with the Corporations Act 2001, including:
a. Giving a true and fair view of the consolidated financial position of the Group as at 31 December 2023 and of its
consolidated financial performance for the half-year ended on that date; and
b. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
Basis for conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent
Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the Auditor’s responsibilities for the review of
the half-year financial report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the
Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical
responsibilities in accordance with the Code.
Directors’ responsibilities for the half-year financial report
The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the
directors determine is necessary to enable the preparation of the half-year financial report that is free from material
misstatement, whether due to fraud or error.







A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
11 Mounts Bay Road
Perth WA 6000 Australia
GPO Box M939 Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au

Wesfarmers Limited 2024 Half-year Report Page 40
Independent auditor’s review report to
the members of Wesfarmers Limited







Auditor’s responsibilities for the review of the half-year financial report
Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to
conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in
accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31
December 2023 and its performance for the half-year ended on that date, and complying with Accounting Standard
AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an
audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.


Ernst & Young





T S Hammond M P Cunningham
Partner Partner
Perth
14 February 2024












A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Wesfarmers Limited 2024 Half-year Report Page 41
Additional disclosures
2024 Half-year retail sales results

Headline retail sales results
Half-year sales1 ($m) Half-year 2024
Half-year
2023
Variance
%
Bunnings 9,951 9,782 1.7

Kmart 4,884 4,531 7.8
Target 1,199 1,263 (5.1)
Total Kmart Group 6,083 5,794 5.0

Officeworks 1,673 1,644 1.8

Catch (Gross transaction value) 317 451 (29.7)
1 See Additional Disclosures on page 43 for relevant retail calendars.
Key metrics
Key metrics1 (%) Half-year 2024
Half-year
2023
Half-year
2022
Bunnings
Total store sales growth2 1.9 5.1 1.0
Store-on-store sales growth2 1.2 2.8 1.5
Digital sales3 5.1 4.4 6.6

Kmart Group
Kmart
Comparable sales growth4 7.5 17.1 (6.4)
Online penetration 7.9 7.3 14.3

Target
Comparable sales growth4 (2.9) 2.8 6.0
Online penetration 16.3 17.0 26.9

Officeworks
Total sales growth 1.8 4.6 3.7
Online penetration 34.7 34.5 46.0

Catch
Gross transaction value growth (29.7) (26.8) 1.0
1 See Additional Disclosures on page 43 for relevant retail calendars.
2 Includes cash, trade and online sales, excludes property income and sales related to Trade Centres, Frame & Truss, Tool Kit Depot and
Beaumont Tiles. Store-on-store sales growth excludes stores in months that were impacted by extended periods of temporary closure in
New South Wales, Australian Capital Territory, Victoria and New Zealand.
3 Digital sales includes online sales, app sales and marketplace sales expressed as a share of total sales including marketplace.
4 Comparable store sales recognise layby sales at point of deposit. Total sales recognise layby sales in accordance with the guidelines set
by the Australian Accounting Standards. Comparable growth calculation excludes stores that were temporarily closed as a result of
COVID-19 restrictions for the duration of the closure period, where the closure period was longer than two weeks.

Wesfarmers Limited 2024 Half-year Report Page 42
Additional disclosures
2024 Half-year retail sales results

Retail calendars
Business Retail sales period
Bunnings, Officeworks and Catch
Half-year 2024 1 Jul 2023 to 31 Dec 2023 (6 months)
Half-year 2023 1 Jul 2022 to 31 Dec 2022 (6 months)
Half-year 2022 1 Jul 2021 to 31 Dec 2021 (6 months)
Kmart
Half-year 2024 26 Jun 2023 to 31 Dec 2023 (27 weeks)
Half-year 2023 27 Jun 2022 to 1 Jan 2023 (27 weeks)
Half-year 2022 28 Jun 2021 to 2 Jan 2022 (27 weeks)
Target
Half-year 2024 25 Jun 2023 to 30 Dec 2023 (27 weeks)
Half-year 2023 26 Jun 2022 to 31 Dec 2022 (27 weeks)
Half-year 2022 27 Jun 2021 to 1 Jan 2022 (27 weeks)


Wesfarmers Limited 2024 Half-year Report Page 43
Additional disclosures
Store network

Retail and health operations - store network
Open at 1 Jul 2023
Opened/
Acquired Closed Open at 31 Dec 2023
BUNNINGS GROUP
Bunnings Warehouse 285 1 - 286
Bunnings smaller formats 67 - (2) 65
Bunnings Trade Centres 31 - - 31
Tool Kit Depot 14 1 (1) 14
Beaumont Tiles1 116 4 (3) 117
Total Bunnings Group 513 6 (6) 513

KMART GROUP
Kmart 270 - - 270
K hub 55 - - 55
Target 124 - - 124
Total Kmart Group 449 - - 449

OFFICEWORKS
Officeworks2 166 3 - 169

WESFARMERS HEALTH
Priceline3 76 - (3) 73
Priceline Pharmacy4 390 15 (5) 400
Soul Pattinson Chemist5 43 1 (3) 41
Pharmacist Advice5 53 7 (2) 58
SILK Laser - Company - 29 - 29
SILK Laser - Franchise - 75 - 75
SILK Laser - Jointly owned - 42 - 42
Clear Skincare 92 - (4) 88
Total Wesfarmers Health 654 169 (17) 806
1 Includes both company-owned and franchise stores.
2 Includes the re-opening of the Underwood, Queensland store, which had been closed due to fire.
3 Refers to company-owned stores.
4 Refers to franchise stores.
5 Soul Pattinson Chemist and Pharmacist Advice are banner brands operated by independent pharmacies.

Wesfarmers Limited 2024 Half-year Report Page 44
Additional disclosures
Store network

Retail and health operations - store network history
Open at 31 December 2023 2022 2021 2020 2019
BUNNINGS GROUP
Bunnings Warehouse 286 283 280 276 273
Bunnings smaller formats 65 68 69 70 74
Bunnings Trade Centres 31 31 30 30 31
Tool Kit Depot 14 13 9 6 -
Beaumont Tiles1 117 116 114 - -
Total Bunnings Group 513 511 502 382 378

KMART GROUP
Kmart 270 269 270 249 236
K hub 55 56 56 7 -
Total Kmart 325 325 326 256 236

Target Large 124 126 134 166 183
Target Small - - - 92 102
Total Target 124 126 134 258 285

OFFICEWORKS
Officeworks2 169 166 167 168 167

WESFARMERS HEALTH
Priceline3 73 83 - - -
Priceline Pharmacy4 400 388 - - -
Soul Pattinson Chemist5 41 44 - - -
Pharmacist Advice5 58 47 - - -
SILK Laser - Company 29 - - - -
SILK Laser - Franchise 75 - - - -
SILK Laser - Jointly owned 42 - - - -
Clear Skincare 88 96 - - -
Total Wesfarmers Health 806 658 - - -
1 Includes both company-owned and franchise stores.
2 2022 excludes the Underwood store, which was destroyed by fire. The store was reopened in the first half of the
2024 financial year.
3 Refers to company-owned stores.
4 Refers to franchise stores.
5 Soul Pattinson Chemist and Pharmacist Advice are banner brands operated by independent pharmacies.

Wesfarmers Limited 2024 Half-year Report Page 45
Additional disclosures
Five-year history – financial performance and key metrics

Group financial performance
Post-AASB 16
Half-year ended 31 December1 ($m) 2023 2022 2021 2020 2019
Summarised income statement
Revenue 22,673 22,558 17,758 17,774 15,249
EBIT (after interest on lease liabilities) 2,081 2,053 1,796 2,023 1,615
Other finance costs (81) (62) (48) (60) (69)
Income tax expense (575) (607) (535) (573) (336)
Profit after tax from discontinued operations - - - - 83
NPAT (including discontinued operations) 1,425 1,384 1,213 1,390 1,210
Summarised balance sheet
Total assets2 27,291 27,608 25,231 25,518 26,079
Total liabilities2 18,872 19,514 17,488 15,907 16,355
Net assets 8,419 8,094 7,743 9,611 9,724
Net debt / (cash) 3,888 4,674 2,863 (529) 2,666
Summarised cash flow statement
Operating cash flows 2,898 1,971 1,556 2,216 2,131
Add/(less): Net capital expenditure (570) (578) (405) (243) (207)
Add/(less): Other investing cash flows (316) (28) (202) (9) (885)
Add/(less): Total investing cash flows (886) (606) (607) (252) (1,092)
Free cash flows 2,012 1,365 949 1,964 1,039
Add/(less): Financing cash flows (1,881) (1,438) (3,349) (2,197) (1,398)
Net increase/(decrease) in cash 131 (73) (2,400) (233) (359)
Distributions to shareholders (cents per share)
Interim ordinary dividend 91 88 80 88 75
Key performance metrics
Earnings per share (cents per share) 125.8 122.3 107.3 122.9 106.9
Earnings per share from continuing operations
excluding sig. items (cents per share) 125.8 122.3 107.3 125.0 99.6
Operating cash flow per share (cents per share) 255.8 174.1 137.5 195.9 188.4
Cash realisation ratio (excluding sig. items) (%) 126 89 79 102 114
Return on equity (R12, %) 31.4 32.8 24.8 19.9 23.3
Return on equity (R12, %) (excluding sig. items) 31.4 32.8 24.8 24.7 21.4
Net tangible asset backing per share ($ per share)2 2.98 3.01 3.35 5.08 4.81
1 See Additional Disclosures on page 50 for relevant definitions.
2 31 December 2022 has been restated to reflect the adjustments to the provisional acquisition accounting for Australian
Pharmaceuticals Industries Pty Ltd.

Wesfarmers Limited 2024 Half-year Report Page 46
Additional disclosures
Five-year history – financial performance and key metrics

Divisional key performance metrics
Post-AASB 16
Half-year ended 31 December ($m) 2023 2022 2021 2020 2019
Bunnings Group
Revenue 9,963 9,792 9,209 9,054 7,276
EBITDA1 1,748 1,721 1,677 1,669 1,316
Depreciation and amortisation (408) (387) (362) (337) (321)
Interest on lease liabilities (58) (56) (56) (58) (57)
EBT1 1,282 1,278 1,259 1,274 938
EBT margin1 (%) 12.9 13.1 13.7 14.1 12.9
ROC1 (R12, %) 65.8 70.7 79.0 76.6 51.5
Capital expenditure (cash basis) 135 226 196 219 269
Total sales growth (%) 1.7 6.3 1.7 24.3 5.3
Total store sales growth2 (%) 1.9 5.1 1.0 24.8 5.8
Store-on-store sales growth2 (%) 1.2 2.8 1.5 27.7 4.7
Digital sales3 (%) 5.1 4.4 6.6 4.3 0.6
Safety (R12, TRIFR) 15.9 16.9 12.5 10.0 10.4
Scope 1 and 2 market-based emissions (kt) 27 31 54 54 n.r.
Scope 1 and 2 location-based emissions (kt) 86 92 107 115 130

Kmart Group4
Revenue 5,986 5,714 4,605 5,441 4,990
EBITDA5 895 765 513 818 687
Depreciation and amortisation (252) (250) (247) (283) (292)
Interest on lease liabilities (42) (40) (44) (48) (52)
EBT5 601 475 222 487 343
EBT margin5 (%) 10.0 8.3 4.8 9.0 6.9
ROC5 (R12, %) 58.8 43.3 34.7 35.5 25.1
Capital expenditure (cash basis) 85 62 62 81 80
Safety (R12, TRIFR) 7.3 7.0 8.6 10.6 16.0
Scope 1 and 2 market-based emissions (kt) 91 115 120 132 n.r.
Scope 1 and 2 location-based emissions (kt) 112 119 135 143 154
Kmart
- Total sales growth6 (%) 7.8 29.9 (4.7) 7.1 7.6
- Comparable sales growth6 (%) 7.5 17.1 (6.4) 9.1 5.5
- Online penetration (%) 7.9 7.3 14.3 8.7 3.7
Target
- Total sales growth6 (%) (5.1) 8.2 (23.6) 2.3 (4.3)
- Comparable sales growth6 (%) (2.9) 2.8 6.0 13.0 (2.3)
- Online penetration (%) 16.3 17.0 26.9 15.9 6.9
1 Includes net property contribution for 2023 of nil; 2022 of $35 million; 2021 of $41 million; 2020 of $1 million; and 2019 of
$22 million.
2 Includes cash, trade and online sales, excludes property income and sales related to Trade Centres, Frame & Truss, Tool Kit
Depot and Beaumont Tiles. Store-on-store sales growth in 2023, 2022, 2021 and 2020 excludes stores in months that were
impacted by extended periods of temporary closure in New South Wales, Australian Capital Territory, Victoria and New Zealand.
3 Digital sales includes online sales, app sales and marketplace sales expressed as a share of total sales including marketplace.
4 2020 includes Catch. 2019 includes Catch from the acquisition date of 12 August 2019.
5 2020 excludes $34 million of pre-tax restructuring costs and provisions in Target. 2019 includes $9 million of payroll remediation
costs relating to Target.
6 Based on retail periods (rather than Gregorian reporting). Comparable store sales recognise layby sales at point of deposit. Total
sales recognise layby sales in accordance with the guidelines set by the Australian Accounting Standards. Comparable growth
calculation in 2023, 2022 and 2021 excludes stores that were temporarily closed as a result of COVID-19 restrictions for the
duration of the closure period, where the closure period was longer than two weeks.
Wesfarmers Limited 2024 Half-year Report Page 47
Additional disclosures
Five-year history – financial performance and key metrics

Divisional key performance metrics (continued)
Post-AASB 16
Half-year ended 31 December ($m) 2023 2022 2021 2020 2019
Chemicals, Energy and Fertilisers
Chemicals revenue1 628 860 642 489 510
Energy revenue1 262 265 252 206 219
Fertilisers revenue1 215 277 183 135 160
Total revenue1 1,105 1,402 1,077 830 889
EBITDA 229 372 262 202 214
Depreciation and amortisation (56) (48) (43) (42) (41)
Interest on lease liabilities (1) - (1) - -
EBT 172 324 218 160 173
ROC (R12, %) 16.2 23.0 19.6 18.1 26.7
ROC (R12, %) (excluding ALM) 32.9 40.3 32.2 29.0 32.0
Capital expenditure (cash basis)2 255 272 238 53 50
Safety (R12, TRIFR) 3.7 3.0 4.2 3.2 3.1
Scope 1 and 2 market-based emissions (kt) 419 433 370 454 n.r.
Scope 1 and 2 location-based emissions (kt) 417 433 373 455 493

Sales volumes1 (‘000 tonnes)
Chemicals 584 562 565 550 568
LPG & LNG 104 108 109 115 103
Fertilisers 302 248 286 274 324

Officeworks
Revenue 1,681 1,651 1,580 1,523 1,231
EBITDA 161 152 142 156 137
Depreciation and amortisation (67) (62) (55) (51) (48)
Interest on lease liabilities (8) (5) (5) (5) (7)
EBT 86 85 82 100 82
EBT margin (%) 5.1 5.1 5.2 6.6 6.7
ROC (R12, %) 18.3 17.3 19.6 23.4 17.2
Capital expenditure (cash basis) 28 26 28 26 22
Total sales growth (%) 1.8 4.6 3.7 23.6 11.5
Online penetration (%) 34.7 34.5 46.0 37.1 29.7
Safety (R12, TRIFR) 4.6 6.1 5.5 7.3 7.1
Scope 1 and 2 market-based emissions (kt) 12 14 15 17 n.r.
Scope 1 and 2 location-based emissions (kt) 14 15 18 20 22
1 Revenue and external sales volumes exclude intra-division sales.
2 Includes WesCEF’s share of capital expenditure for the development of the Covalent Lithium project in 2023 of $164 million, 2022
of $204 million, and 2021 of $139 million. 2023, 2022 and 2021 include capitalised interest of $13 million, $21 million and
$16 million respectively. Includes capital expenditure made prior to the final investment decision in 2020 of $15 million and in 2019
of $11 million.



Wesfarmers Limited 2024 Half-year Report Page 48
Additional disclosures
Five-year history – financial performance and key metrics

Divisional key performance metrics (continued)
Post-AASB 16
Half-year ended 31 December ($m) 2023 2022 2021 2020 2019
Industrial and Safety1
Revenue 1,009 978 944 898 858
EBITDA2 92 89 80 76 46
Depreciation and amortisation (41) (40) (37) (37) (36)
Interest on lease liabilities (2) (2) (2) (2) (3)
EBT2 49 47 41 37 7
EBT margin2 (%) 4.9 4.8 4.3 4.1 0.8
ROC2 (R12, %) 7.9 8.1 6.5 5.4 3.4
Capital expenditure (cash basis) 42 31 25 30 33
Safety (R12, TRIFR) 3.2 4.0 3.1 4.5 4.1
Scope 1 and 2 market-based emissions (kt) 13 14 14 12 n.r.
Scope 1 and 2 location-based emissions (kt) 13 13 14 13 14

Wesfarmers Health
Revenue 2,774 2,778 n.r. n.r. n.r.
EBITDA 66 66 n.r. n.r. n.r.
Depreciation and amortisation (37) (36) n.r. n.r. n.r.
Interest on lease liabilities (2) (3) n.r. n.r. n.r.
EBT 27 27 n.r. n.r. n.r.
EBT margin (%) 1.0 1.0 n.r. n.r. n.r.
ROC (R12, %) 3.5 n.r. n.r. n.r. n.r.
Capital expenditure (cash basis) 20 20 n.r. n.r. n.r.
Safety (R12, TRIFR) 5.9 n.r. n.r. n.r. n.r.
Scope 1 and 2 market-based emissions (kt) 5 7 n.r. n.r. n.r.
Scope 1 and 2 location-based emissions (kt) 5 7 n.r. n.r. n.r.

Catch3 Reported separately Included in Kmart Group results
Gross transaction value 317 451 616 610 255
Gross transaction value growth (%) (29.7) (26.8) 1.0 95.6 21.4
Revenue 136 219 315 329 155
EBITDA4 (27) (93) (30) (4) 11
Depreciation and amortisation (13) (14) (13) (10) (7)
Interest on lease liabilities (1) (1) (1) (1) -
EBT4 (41) (108) (44) (15) 4
Capital expenditure (cash basis) 3 10 19 n.r. n.r.
Safety (R12, TRIFR) 4.3 2.4 3.1 n.r. n.r.
Scope 1 and 2 market-based emissions (kt) 1 2 1 n.r. n.r.
Scope 1 and 2 location-based emissions (kt) 1 2 1 n.r. n.r.
1 Includes results from Greencap prior to its divestment on 1 August 2022.
2 2019 includes $15 million of payroll remediation costs.
3 Catch is included in Kmart Group in 2020 and in 2019 from 12 August 2019.
4 2023 includes $4 million and 2022 includes $33 million of restructuring costs.
Wesfarmers Limited 2024 Half-year Report Page 49
Additional disclosures
Glossary of terms

Glossary of terms
Term Definition
AASB Australian Accounting Standards Board
AI Artificial intelligence
ALM
Australian Light Minerals. ALM is the company holding WesCEF’s 50 per cent share in
the Covalent lithium project and is responsible for the sales and marketing of lithium
products as well as undertaking exploration activities in existing and adjacent markets
AN Ammonium nitrate
API Australian Pharmaceutical Industries
B2B Business-to-business
Cash realisation ratio Operating cash flows as a percentage of net profit after tax, before depreciation and amortisation
CFC / FC Customer fulfilment centre / Fulfilment centre
cps Cents per share
Debt to EBITDA Total debt including lease liabilities, net of cash and cash equivalents, divided by EBITDA
EBIT Earnings before finance costs and tax
EBITDA Earnings before finance costs, taxes, depreciation and amortisation
EBT Earnings before tax
ERP Enterprise resource planning
GTV Gross transaction value. GTV includes both first-party (in-stock) sales as well as sale of third-party products via a marketplace
IDC Import distribution centre
kt Kilotonne
ktCO2e Kilotonnes of carbon dioxide equivalent
LNG Liquefied natural gas
LPG Liquefied petroleum gas
m Million
n.m. Not meaningful
n.r. Not reported
Net debt Total interest-bearing loans and borrowings less cash at bank and on deposit and held in joint operation. Excludes cash in transit and lease liabilities
Net financial debt
Interest-bearing loans and borrowings less cash at bank and on deposit and held in joint
operation, net of cross-currency interest rate swaps and interest rate swap contracts.
Excludes lease liabilities
NPAT Net profit after tax
PBS Pharmaceutical benefits scheme
ppt Percentage point
R12 Rolling 12 month
RFID Radio frequency identification
ROC (R12) Return on capital. ROC is calculated as EBT / rolling 12 months’ capital employed, where capital employed excludes right-of-use assets and liabilities
TRIFR Total recordable injury frequency rate
Weighted average
cost of debt
Weighted average cost of debt based on total gross debt before undrawn facility fees
and amortisation of debt establishment costs. Excludes interest on lease liabilities and
the balance of lease liabilities
WesCEF Wesfarmers Chemicals, Energy & Fertilisers
Wesfarmers Limited 2024 Half-year Report Page 50
Corporate directory
Wesfarmers Limited ABN 28 008 984 049

Registered office
Level 14, Brookfield Place Tower 2
123 St Georges Terrace,
Perth, Western Australia 6000
Telephone: (+61 8) 9327 4211
Facsimile: (+61 8) 9327 4216
Website: www.wesfarmers.com.au
Email: info@wesfarmers.com.au
Executive director
Rob Scott
Group Managing Director and Chief Executive Officer
Non-executive directors
Michael Chaney AO, Chairman
Vanessa Wallace
Jennifer Westacott AO
The Right Honourable Sir Bill English KNZM
Mike Roche
Sharon Warburton
Anil Sabharwal
Alison Watkins AM
Alan Cransberg
Chief Financial Officer
Anthony Gianotti
Company Secretary
Sheldon Renkema (from 1 November 2023)
Vicki Robinson (to 30 October 2023)
Share registry
Computershare Investor Services Pty Limited
Yarra Falls, 452 Johnston Street,
Abbotsford, Victoria 3067
Telephone
Australia: 1300 558 062
International: (+61 3) 9415 4631
Facsimile
Australia: (03) 9473 2500
International: (+61 3) 9473 2500
Website: www.investorcentre.com/wes
Key dates+
Half-year end 31 December 2023
Half-year results briefing 15 February 2024
Record date for interim dividend 21 February 2024
Interim dividend payable 27 March 2024
Year end 30 June 2024
Closing date for receipt of
director’s nominations
29 August 2024
Full-year results announcement 29 August 2024
Record date for final dividend 4 September 2024
Final dividend payable 9 October 2024
Annual general meeting 31 October 2024
+ Dates are subject to change should circumstances require.
All changes will be advised to the ASX.
Website
To view the 2024 Half-year Report, the 2023 Annual
Report, shareholder and company information, news
announcements, background information on
Wesfarmers’ businesses and historical information,
visit the Wesfarmers website at
www.wesfarmers.com.au
Wesfarmers Limited 2024 Half-year Report Page 51