WBC - Westpac

[Snoopy]

Adjustment 2

It is undisputed that selling an asset generates real cash. However, once sold an asset cannot be sold again. I therefore contend that asset sales should be removed from the cash result to create a normalised operating result.

While noticing these reported assets sales I encountered a mystery. Some of these assets sales were detailed in the respective annual reports, but not all. For example:

1/ the $1m gain in FY2016 lines up neatly with the $1m profit on the sale of Westpac's interests in the Soloman Islands and Vanuatu.
2/ The $46m sale in FY2012 lines up neatly with the $46m profit received for the sale of the company's VISA shares in that year.

So far so good. But I was unable to discern what assets were sold over FY2015, FY2014 and FY2013 to generate those other asset sale returns. Any help discerning just what assets were sold would be appreciated. It seems incongruous that $267m in profit would appear on the balance sheet over three years without any explanation!

SNOOPY

PS

1/ I see in the FY2015 results announcement (section 2.2.5) that $60m of income from property sales were booked during that year. Detail in the FY2012 report suggests two of these properties were 182 George Street and 33-35 Pitt Street in downtown Sydney.
2/ In the FY2014 results announcement, section, section 3.5, the Group’s remaining Visa shares were sold in the half 2HY2014 and the profit on sale was broadly in line with First Half 2014 ($41 million).