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Chairman’s Review
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The value of the Major Strategic Investments above grew by 13.2% during the year significantly outperforming
the ASX All Ordinaries Index which decreased by 0.7%.
The net investment in other listed investments was $31.3 million for the year and previously unlisted investments
were listed on the ASX during the period. Acquisitions included Australia and New Zealand Banking Group
Limited (ANZ Bank), Bailador Technology Investments Limited and Woolworths Limited. The net gain on disposals
for the year was $24.1 million and included BHP Billiton Limited and Whitehaven Coal Limited.
Unlisted investments reduced in value by $93.0 million, primarily as a result of the impairment of copper assets
and the movement of investments with a brought forward value of $46.0 million from unlisted to listed invest-
ments during the period.
During the year, property revaluations, the acquisition of two office buildings in Pennant Hills, NSW and the
acquisition of land in Victoria added $107.5 million to the property portfolio.
Brickworks Limited
Washington H. Soul Pattinson and Company Limited
WHSP is a long term investor with its focus on providing its shareholders with capital growth and increasing
fully franked dividends. WHSP has consistently outperformed the ASX All Ordinaries Accumulation Index
over the short and long term.
Total shareholder return (TSR) measures share price movement over time and assumes dividends received
are reinvested by purchasing additional shares.
The table below shows the TSRs for WHSP shares for various periods and compares them to the ASX All
Ordinaries Accumulation Index which also includes the reinvestment of dividends.
Total Shareholder Returns to 31 July 2016
Annual Return
1
Year
3
Years
5
Years
10
Years
15
Years
WHSP
31.4% 12.5% 9.6% 12.3% 12.6%
All Ordinaries Accumulation Index
4.0% 8.5% 9.4% 5.7% 8.1%
Out Performance byWHSP
27.4% 4.0% 0.2% 6.6% 4.5%
FY2016TOTAL
SHAREHOLDER
RETURNOVER
31%