2023 Full-year results
Management of lease portfolio
•
•
.
Lease liabilities totalled $6.7b and
represented 60% of Group fixed financial
obligations as at 30 June 2023
Average remaining committed lease term of
4.1 years3 (FY22: 4.4 years)
-
- Complemented by strategic extension
options to maintain security of tenure
- Reflects disciplined management of leases
in retail businesses
Continued to focus on lease-adjusted return
on capital as a key hurdle for divisions
Lease liabilities ($m)
2023
2022
Bunnings
3,568
3,692
Kmart Group1
2,341
2,616
WesCEF
61
61
Officeworks
413
345
Industrial and Safety
130
157
Wesfarmers Health
156
199
Catch
53
45
17
8
6,739
7,123
Other²
Total lease liabilities
Weighted average lease term³ (%)
Post AASB 16
0.6
0.3
0.3
0.3
0.4
0.6
6.8
5.3
4.5
3.5
3.0
2.1
32.9
31.3
30.9
28.6
25.5
23.0
59.7
63.1
64.3
67.6
71.1
74.3
FY19
FY20
FY20
■<5 years 5 to 10 years
FY21
10 to 15 years
FY22
■>15 years
FY23
1. 2022 has been restated to exclude Catch.
2. Other includes OneDigital excluding Catch.
3. Post-AASB 16 lease tenure calculated as weighted average of undiscounted dollar commitments by year including non-property leases and reasonably certain extension options.
Pre-AASB 16 lease tenure calculated as weighted average of undiscounted dollar commitments by year.
2023 Full-year results | 59View entire presentation