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Regular Profit after Tax and
Regular Operating Cash Flows
2016
For the year ended 31 July 2016
$'000
Interest income
5,159
Dividend and distribution income
Milton Corporation Limited
6,385
Commonwealth Bank of Australia
3,305
Perpetual Limited
1,532
Lindsay Australia Limited
1,165
ANZ Banking Group Limited
1,650
National Australia Bank Limited
1,726
Bailador Technology Investments Limited
–
Brambles Limited
460
Telstra Corporation Limited
1,167
Wesfarmers Limited
1,012
Other listed entities
9,984
TPG Telecom Limited
27,744
Brickworks Limited
30,194
New Hope Corporation Limited
22,305
Australian Pharmaceutical Industries Ltd
6,010
BKI Investment Company Limited
4,477
Ruralco Holdings Limited
2,391
Apex Healthcare Berhad
1,256
Clover Corporation Limited
354
Unlisted controlled and associates
12,224
Total dividend and distribution income
135,341
Net pharmacy profit
1,575
Other revenue
1,649
Realised and fair value gains on equities
5,140
Other expenses
(6,930)
Finance costs
(1,334)
Regular profit before tax
140,600
Income tax (expense)
(3,164)
Regular profit after tax
137,436
Non-cash fair value losses on equities
2,507
Net movements in working capital
(2,508)
Regular operating cash flows
137,435
The Board declares dividends having regard to the
Parent company's regular operating cash flows.
Dividends paid/payable
– Interim of 20 cents per share paid 12 May 2016
50,273
– Final of 31 cents per share payable 12 December 2016
74,213
Total dividends paid/payable
124,486
Payout ratio
Dividends as a percentage of regular
operating cash flows
90.6%
Market value of listed entities as at 31 July 2016
(based on ASX closing prices 31 July 2016)
2016
As at 31 July 2016
$'000
Long term equity investments
Milton Corporation Limited
147,151
Commonwealth Bank of Australia
60,883
Perpetual Limited
27,898
Lindsay Australia Limited
27,208
ANZ Banking Group Limited
24,362
National Australia Bank Limited
23,136
Bailador Technology Investments Limited
22,600
Brambles Limited
21,783
Telstra Corporation Limited
21,730
Wesfarmers Limited
21,521
Other listed entities
183,160
Market value of long term equity investments
581,432
Listed controlled and
associated entities
Holding
TPG Telecom Limited
25.2% 2,737,949
Brickworks Limited
44.1% 986,646
New Hope Corporation Limited
59.6% 793,114
Australian Pharmaceutical Industries Ltd
24.6% 230,813
BKI Investment Company Limited
10.3% 100,668
Ruralco Holdings Limited
20.1%
52,947
Apex Healthcare Berhad
30.3%
45,247
TPI Enterprises Limited
19.4%
28,898
Clover Limited
28.6%
19,336
Rum Jungle Resources Limited
38.3%
8,486
Market value of listed controlled
and associated entities
5,004,104
Total market value of WHSP's listed investments
5,585,536*
Tax payable if WHSP's listed investments were disposed:
WHSP is a long term equity investor.
If WHSP had disposed of its listed investments on 31 July 2016, a capital
gains tax liability of approximately $1.341 billion would have arisen based
on market values as at 31 July 2016. Of this amount, only $60.9 million has
been recognised in the Parent company accounts at 31 July 2016.
* The market values of the listed investments are based on the last sale
prices as quoted on the ASX on 31 July 2016 and are therefore subject
to price fluctuations. Refer to note 7.