Wesfarmers posted flat FY16 results with Net Profit After Tax (NPAT) excluding significant items at $2.4 billion which is a 3.6% decrease over the previous period. Similarly, EBITDA before significant items was $2.6 billion which is a 46.9% decrease over the previous period. These results are the combination of mixed performances within the group segments. Those performing well are Coles, Bunnings and Officeworks which saw EBIT up 4.3%, 11.6% and 13.6% respectively. This was counteracted by weaker earnings from Target and Industrials with EBIT falling by $285 million and $63 million respectively. Wesfarmers’ net debt increased to $6.5 billion which is a 18.5% increase over the previous period as a consequence of recent acquisitions (primarily Homebase). This resulted in net leverage increasing from 1.24x to 2.69x as well as gearing increasing from 25.1% to 30.9%. Click here for updated research on Wesfarmers Limited.