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woolworths holdings limited

woolworths holdings limited. another year of continued growth. Revenue up 15.1% to R13.0bn Operating profit up 24.3% - R1.3bn Operating profit margin widened from 9.0% to 9.7% Net profit before tax up 23.7% - R1.1bn Headline earnings per share up 22.0% - 92.1cps (pre adj: 95.0cps)

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woolworths holdings limited

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  1. woolworths holdings limited another year of continued growth • Revenue up 15.1% to R13.0bn • Operating profit up 24.3% - R1.3bn • Operating profit margin widened from 9.0% to 9.7% • Net profit before tax up 23.7% - R1.1bn • Headline earnings per share up 22.0% - 92.1cps (pre adj: 95.0cps) • Distribution to shareholders up 40.3% - 54.0cps • Cover ratio down from 1.9 to 1.7 (pre adj: 1.8) • ROE of 33.5% (2004 : 27.4%)

  2. woolworths holdings limited progress • Enhance shareholders’ ROE  • Woolworths card book securitised • Share repurchase returned R1bn to shareholders • Focus on customers  • Good volume growth in clothing and home • Strong gains in food market share • Continued store growth • Focus on value and innovation  • Design/technology led buying process • Sourcing strategy • Clothing and home prices below last year • Improved availability  • Implementation of replenishment system • Productivity gains  • Reduced distribution costs per unit • High volume growth with good cost control • Process improvement 

  3. woolworths holdings limited trading environment – south africa • Consumer confidence levels remain high • Stable interest rate environment • Wage increases remain above inflation • Growth in emerging market with increasing access to credit • Robust real retail sales growth momentum

  4. woolworths holdings limited results income statement *Prior year figures restated

  5. woolworths holdings limited results expenses analysis R262.1m R609.8m R1,449.6m R1,195.6m R3,517.1m

  6. woolworths holdings limited results expenses analysis • Impact of change in interpretation of AC105: Leases • Lease expense/income recognised on a straight-line basis over the lease term for fixed-escalation rentals • Results in an equal impact/charge to the income statement irrespective of the fact that cash flows differ • Jun-05 Jun-04 • Impact on Opening Retained Profit -R243,0m • Impact on Headline earnings -R24,6m -R 26,5m • Impact on Headline Earnings per Share -2,9 cps -3,1 cps

  7. woolworths holdings limited results HEPS and dividend cover *Prior year figures restated for AC105 Compound HEPS growth: 33.3% (5 years)

  8. woolworths holdings limited results balance sheet

  9. financial services results securitisation • R2,416m of in-store card book receivables securitised in Account On Us (Pty) Ltd • Funded by: • R1,900m AAA rated notes issued • R335m subordinated loan from Woolworths • Balance funded by originator facility • Legal ownership of the receivables rests with Account On Us and used as security for bond holders • Consolidated in terms of AC412

  10. woolworths holdings limited results cash flow

  11. woolworths holdings limited results cash flow (cont.) growth in woolworths financial services assets R722.0m capex spend R385.9m

  12. woolworths holdings limited results return on equity / wacc

  13. woolworths retail results income statement (excluding financial services) * *Prior year figures restated

  14. woolworths retail results balance sheet (excluding financial services)

  15. woolworths operations turnover analysis

  16. financial services results income statement & balance sheet

  17. country road results income statement Change in accounting policy for distribution costs included in inventory: A$0.9m

  18. country road limited results balance sheet * eliminated at Holdings level

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