Cash earnings $4,627 million, down 8%

Cash earnings per ordinary share down 18%

Dividend 116 cents, down 18%

 

	2009	2008	% change 2009/08
Cash basis1,2
Cash earnings ($m)	4,627	5,047	(8)
Cash earnings per share (cents)	162.0	198.3	(18)
Cash return on equity3 (%)	13.8	22.3	(38)
Economic profit4 ($m)	2,094	2,779	(25)
Reported Earnings
Net profit5 ($m)	3,446	3,859	(11)
Earnings per share (cents)	125.3	206.0	(39)
Dividends per share ($m)	116	142	(18)
Return on equity3,6 (%)	10.8	23.1	(53)
Expense to income ratio6 (%)	43.4	47.0	(8)
Tier 1 capital ratio (%)	8.1	7.8	4
Asset quality ratio7 (%)	5.7	3.0	large
Sustainability
Employee engagement8	81	78	4
Greenhouse gas emissions (tonnes CO2~e)9	190,900	191,521	0

 

1. Cash earnings is net profit attributable to equity holders adjusted for the impact of Treasury shares, fair value changes on economic hedges of hybrid instruments, and one-off significant items not part of ongoing business operations. Figures for 2000 are all provided on a statutory basis rather than a cash earnings basis.
2. Figures for 2009 (and for cash earnings in 2008 only), are presented on a ‘pro forma’ basis, that is as if the merger between Westpac and St.George was completed on 1 October 2007.
3. Return on average ordinary equity.
4. Economic profit represents the excess of adjusted cash earnings over a minimum required rate of return on equity invested. For this purpose, adjusted cash earnings is defined as cash earnings plus the estimated value of franking credits paid to shareholders.
5. Net profit attributable to equity holders.
6. The 2008 reported figure has been restated due to retrospective appreciation of changes in accounting policies.
7. Net impaired assets to equity and collectively assessed provisions.
8. Employee engagement is a score out of 100; prepared by Towers Perrin - ISR.2009. Score of 81 is equal to the Global High Performing Companies’ norm.
9. Refers to Scope 1 and 2 emissions in Australia, New Zealand, the UK and Pacific Banking. Prepared in line with the National Greenhouse and Energy Reporting Act (2008), Greenhouse Gas Protocol and Certified Emissions Measurement and Reduction Scheme (CEMARS). The 2009 figure includes 8,802 tonnes CO₂~e not included in the baseline. Therefore on a like for like basis emissions decreased by 5%.
10. Figures for 2000 – 2004 inclusive are presented on an AGAAP basis; figures for 2005 – 2009 inclusive are prepared on an AIFRS basis, so they are not directly comparable.

Annual General Meeting

The Westpac Annual General Meeting (AGM) will be held in Plenary Hall 2 at the Melbourne Convention Centre, 1 Convention Centre Place, South Wharf, Melbourne, Victoria, on Wednesday, 16 December 2009, commencing at 10:30am.

The AGM will be webcast live on the internet at www.westpac.com.au/investorcentre and an archived version of the webcast will be placed on the website to enable the AGM proceedings to be viewed at a later time.

The AGM will be transmitted live to an information meeting to be held in the Grand Ballroom at the Sofitel Sydney Wentworth, 61-101 Phillip Street, Sydney, commencing at 10:30am. Shareholders attending the information meeting will have the opportunity to observe the AGM proceedings and ask questions, but can only vote by pre-lodged proxies.