Wesfarmers : 2021 Half-year Report incorporating Appendix 4D 1665 KB

17 February 2021

The Manager

Company Announcements Office Australia Securities Exchange

Dear Manager,

HALF-YEAR REPORT TO 31 DECEMBER 2020

In accordance with ASX Listing Rule 4.2A, attached is the 2021 Half-year Report (incorporating Appendix 4D).

It is recommended that the report be read in conjunction with the Annual Financial Report of Wesfarmers Limited for the period ended 30 June 2020, together with any public announcements made by Wesfarmers Limited in accordance with its continuous disclosure obligations arising under the Corporations Act 2001.

An analyst briefing will be held at 9:30am AWST / 12:30pm AEDT on Thursday, 18 February 2021. This briefing will be webcast and is accessible via our website atwww.wesfarmers.com.au.

Yours faithfully,

Vicki Robinson

Executive General Manager Company Secretariat

This announcement was authorised to be given to the ASX by the Wesfarmers Limited Board.

Half-year Report 2021

INCORPORATING APPENDIX 4D

For the six months ended 31 December 2020

It is recommended that the 2021 Half-year Report is read in conjunction with the annual financial report of Wesfarmers Limited as at 30 June 2020 together with any public announcements made by Wesfarmers Limited and its controlled entities during the half-year ended 31 December 2020 in accordance with the continuous disclosure obligations arising under the Corporations Act 2001.

Wesfarmers Limited ABN 28 008 984 049

The primary objective of Wesfarmers is to provide 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 business operations cover: home improvement, outdoor living and building materials; general merchandise and apparel; office and technology products; manufacturing and distribution of chemicals and fertilisers; industrial and safety product distribution; and gas processing and distribution. Wesfarmers is one of Australia's largest private sector employers with approximately 120,000 employees (including more than 2,700 Indigenous team members) and is owned by more than 483,000 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 2020 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 half' or 'half-year' are to the financial period 1 July 2020 to 31 December 2020 unless otherwise stated. The prior corresponding period (pcp) is the half-year ended 31 December 2019.

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 (such as pre AASB 16 financial information). 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.

Table of contents

3

Appendix 4D

• 4 Directors' Report

5

• - Review of results and operations

  11

• - Divisional performance overview

  24

• - Auditor's independence declaration

25

40

Half-year Financial Report Directors' Declaration

41

Independent auditor's review report to the members of Wesfarmers Limited

• 43 Additional Disclosures

43 45 46 50

• - 2021 half-year retail sales results

• - Store network

• - Five-year history - financial performance and key metrics

Corporate directory

Appendix 4D

For the half-year ended 31 December 2020

up 16.6% to $17,774 million up 23.3% to $1,390 million

$1,390 million (2019: $1,210 million)

88 cents (2019: 75 cents)

5:00pm (AWST) 24 February 2021

31 March 2021

$5.08 (2019: $4.81)

$1.96 (2019: $1.88)

• 1 Includes restructuring costs of $34 million (post-tax $24 million) in the Kmart Group.

• 2 The calculation of net tangible assets per ordinary share includes right-of-use assets and lease liabilities.

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 24 February 2021 for participation in the Plan, being 1 March 2021 to 19 March 2021.

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 25 February 2021. The Directors have determined that no discount shall 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 31 March 2021. A broker will be engaged to assist in this process.

Further information

Further information to assist in the understanding of the above is provided throughout this Half-year Report.