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Corporate Profile Commentary Financial Statements Shareholder Info |
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| Year | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | ||
| Number of weeks | 52 | 53 | 52 | 52 | 52 | 52 | 52 | ||
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Group income statements (Rm) |
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| Revenue | 10 094.8 | 8 825.6 | 7 120.6 | 6 693.1 | 6 193.3 | 5 300.8 | 4 332.9 | ||
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| Turnover | 9 500.3 | 8 421.4 | 6 778.8 | 6 399.4 | 5 900.5 | 5 056.7 | 4 243.0 | ||
| Cost of merchandise | (6 358.6) | (5 571.8) | (4 484.5) | (4 128.1) | (3 834.0) | (3 402.1) | (2 890.7) | ||
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| Gross profit | 3 141.7 | 2 849.6 | 2 294.3 | 2 271.3 | 2 066.5 | 1 654.6 | 1 352.3 | ||
| Other revenue | 594.5 | 404.2 | 341.8 | 293.7 | 292.8 | 244.1 | 89.9 | ||
| Expenses | (2 848.2) | (2 568.6) | (2 166.3) | (2 140.7) | (1 913.9) | (1 431.8) | (1 086.0) | ||
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| Operating profit | 888.0 | 685.2 | 469.8 | 424.3 | 445.4 | 466.9 | 356.2 | ||
| Interest paid | (87.4) | (44.5) | (36.1) | (47.7) | (85.4) | (83.3) | (1.5) | ||
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| Net profit before exceptional items | 800.6 | 640.7 | 433.7 | 376.6 | 360.0 | 383.6 | 354.7 | ||
| Exceptional items | (23.7) | (41.5) | - | (42.6) | (8.6) | 30.7 | - | ||
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| Net profit before tax | 776.9 | 599.2 | 433.7 | 334.0 | 351.4 | 414.3 | 354.7 | ||
| Tax | (227.4) | (203.6) | (147.2) | (112.1) | (116.4) | (145.5) | (130.7) | ||
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| Net profit after tax | 549.5 | 395.6 | 286.5 | 221.9 | 235.0 | 268.8 | 224.0 | ||
| Outside shareholders' interest | (1.2) | (2.1) | 1.3 | (1.8) | 0.9 | (1.1) | - | ||
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| Net profit from continuing operations | 548.3 | 393.5 | 287.8 | 220.1 | 235.9 | 267.7 | 224.0 | ||
| Net profit/(loss) from discontinued operations, | |||||||||
| net of outside shareholders' interest | 1.3 | (135.5) | (16.5) | - | - | - | - | ||
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| Net profit attributable to ordinary shareholders | 549.6 | 258.0 | 271.3 | 220.1 | 235.9 | 267.7 | 224.0 | ||
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Group cash flow statements (Rm) |
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| Cash inflow from trading | 657.6 | 581.7 | 392.3 | 356.2 | 376.9 | 433.5 | 397.9 | ||
| Working capital movements | (209.7) | (262.1) | (106.8) | (33.4) | (35.7) | (61.0) | (710.3) | ||
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| Cash generated by operating activities | 447.9 | 319.6 | 285.5 | 322.8 | 341.2 | 372.5 | (312.4) | ||
| Net interest received | 432.1 | 310.3 | 257.8 | 219.7 | 193.5 | 148.4 | 81.2 | ||
| Tax paid | (191.7) | (284.5) | (97.5) | (94.9) | (56.0) | (176.8) | (107.6) | ||
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| Cash generated by operations | 688.3 | 345.4 | 445.8 | 447.6 | 478.7 | 344.1 | (338.8) | ||
| Distributions to shareholders | (201.3) | (145.8) | (103.4) | (62.8) | (42.5) | (20.5) | (15.4) | ||
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| Net cash inflow/(outflow) from operating activities | 487.0 | 199.6 | 342.4 | 384.8 | 436.2 | 323.6 | (354.2) | ||
| Net cash outflow from investing activities | (445.6) | (405.0) | (340.8) | (414.7) | (336.3) | (603.2) | (621.5) | ||
| Net cash (outflow)/inflow from financing activities | (195.6) | (93.4) | 16.6 | 9.6 | 8.9 | 13.8 | 965.2 | ||
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| (Decrease)/increase in cash and cash equivalents | (154.2) | (298.8) | 18.2 | (20.3) | 108.8 | (265.8) | (10.5) | ||
| Cash and cash equivalents at | |||||||||
| the beginning of the year | (361.7) | (64.0) | (101.3) | (81.9) | (188.3) | 53.7 | 60.2 | ||
| Cash arising on acquisition of subsidiary | 10.2 | 0.2 | - | - | - | - | - | ||
| Effect of foreign exchange rates | (8.0) | 0.9 | 19.1 | 0.9 | (2.4) | 23.8 | 3.9 | ||
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| Cash and cash equivalents at the end of the year | (513.7) | (361.7) | (64.0) | (101.3) | (81.9) | (188.3) | 53.6 | ||
Group balance sheets (Rm) |
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| Non-current assets | 1 556.8 | 1 535.2 | 1 459.1 | 1 431.1 | 1 380.7 | 2 009.5 | 1 043.8 | ||
| Current assets | 3 235.3 | 2 528.6 | 2 272.2 | 2 036.7 | 1 834.4 | 1 073.5 | 1 282.9 | ||
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| Total assets | 4 792.1 | 4 063.8 | 3 731.3 | 3 467.8 | 3 215.1 | 3 083.0 | 2 326.7 | ||
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| Ordinary shareholders' equity | 2 411.2 | 2 350.2 | 2 238.4 | 2 022.1 | 1 818.8 | 1 592.1 | 1 064.6 | ||
| Outside shareholders' interest | 22.2 | 25.6 | 31.7 | 32.8 | 29.8 | 27.8 | - | ||
| Non-current liabilities | 285.1 | 301.1 | 336.3 | 353.3 | 352.2 | 333.5 | 213.4 | ||
| Current liabilities | 2 073.6 | 1 386.9 | 1 124.9 | 1 059.6 | 1 014.3 | 1 129.6 | 1 048.7 | ||
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| Total equity and liabilities | 4 792.1 | 4 063.8 | 3 731.3 | 3 467.8 | 3 215.1 | 3 083.0 | 2 326.7 | ||
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| Returns | |||||||||
| Return on ordinary shareholders' equity (%) | 23.7 | 18.3 | 12.9 | 11.6 | 14.3 | 18.9 | 26.9 | ||
| Return on assets (%) | 20.9 | 18.6 | 14.0 | 13.8 | 15.4 | 18.7 | 21.8 | ||
| Solvency and liquidity | |||||||||
| Debt:equity ratio (%) | 21.8 | 15.8 | 3.7 | 8.3 | 9.6 | 16.3 | 29.6 | ||
| Current ratio (times) | 1.6 | 1.8 | 2.0 | 1.9 | 1.8 | 1.0 | 1.2 | ||
| Total liabilities to ordinary | |||||||||
| shareholders' equity (%) | 96.9 | 71.0 | 64.4 | 68.8 | 73.9 | 90.3 | 118.5 | ||
| Key debtor statistics (000's) | |||||||||
| Number of active Woolworths card | |||||||||
| customer accounts | 1 046 | 1 020 | 979 | 893 | 847 | 861 | 830 | ||
| Net Woolworths card book (Rm) | 1 669.3 | 1 348.7 | 1 148.5 | 982.3 | 905.0 | 896.8 | 799.4 | ||
| Number of active Woolworths customer | |||||||||
| personal loan accounts | 107 | 88 | 67 | 43 | 5 | - | - | ||
| Net Woolworths customer | |||||||||
| personal loan book (Rm) | |||||||||
| - current portion | 273.1 | 201.5 | 171.6 | 74.4 | 4.0 | - | - | ||
| - non-current portion | 182.3 | 180.2 | 115.6 | 67.2 | 13.1 | - | - | ||
| Number of active Visa card customer accounts | 34 | 20 | - | - | - | - | - | ||
| Net Visa card book (Rm) | 105.9 | - | - | - | - | - | - | ||
| Gross interest received on Woolworths card, | |||||||||
| personal loans and visa card (Rm) | 510.0 | 341.7 | 283.8 | 252.4 | 261.5 | 221.1 | - | ||
| Interest rate at year end | |||||||||
| - balance above R10 000 (2002: R10 000) - % | 26 | 23 | 22 | 22 | 31 | - | - | ||
| - balance below R10 000 (2002: R10 000) - % | 29 | 26 | 25 | 25 | 31 | - | - | ||
| Ordinary share performance (cents per share) | |||||||||
| Earnings | 63.1 | 43.4 | 31.9 | 25.0 | 27.7 | 35.1 | 31.7 | ||
| Headline earnings | 64.8 | 46.2 | 32.3 | 25.4 | 28.6 | 32.9 | 32.5 | ||
| Distributions proposed/declared for | |||||||||
| the financial year | 29.0 | 20.0 | 15.0 | 14.0 | 14.0 | 14.0 | 13.2 | ||
| Net asset book value | 282.6 | 264.2 | 246.5 | 227.0 | 209.9 | 189.6 | 141.3 | ||
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618 | 483 | 396 | 499 | 601 | 930 | |||
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397 | 342 | 275 | 262 | 240 | 440 | |||
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489 | 393 | 328 | 387 | 390 | 721 | |||
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574 | 439 | 355 | 290 | 444 | 440 | |||
| Indexed closing share price (June 1998 = 100) | 130 | 100 | 81 | 65 | 101 | 100 | |||
| JSE indexed: retail (June 1998 = 100) | 106 | 82 | 72 | 103 | 105 | 100 | |||
| all shares (June 1998 = 100) | 123 | 157 | 136 | 114 | 104 | 100 | |||
| Market capitalisation at year end - Rm | 5 370 | 4 051 | 3 224 | 2 583 | 3 847 | 3 694 | |||
| Number of shares in issue - millions * | 853.1 | 889.7 | 908.2 | 890.6 | 866.4 | 839.6 | |||
| Number of shares traded - millions | 401.2 | 307.8 | 311.4 | 260.7 | 225.6 | 83.3 | |||
| Percentage of shares traded (%) | 42.9 | 33.4 | 34.3 | 29.3 | 26.0 | 9.9 | |||
| Value of shares traded - Rm | 1 963 | 1 212 | 1 023 | 1 009 | 880 | 601 | |||
| Price earnings ratio | 9.1 | 10.1 | 11.1 | 11.6 | 16.0 | 12.5 | |||
| Distribution yield (%) | 5.1 | 4.6 | 4.2 | 4.8 | 3.2 | 3.2 | |||
| Foreign currency exchange rates | |||||||||
| USD - average | 9.0326 | 10.0642 | 7.5868 | 6.9365 | 6.0582 | 4.8869 | 4.5220 | ||
| USD - closing | 7.5250 | 10.4050 | 8.0378 | 6.8500 | 6.0400 | 5.8700 | 4.5190 | ||
| AUD - closing | 5.0094 | 5.8674 | 4.1587 | 4.1050 | 4.0243 | 3.5186 | - | ||
| Key information in US Dollars | |||||||||
| Revenue | 1 117.6 | 876.9 | 938.6 | 964.9 | 1022.3 | 1084.7 | 958.2 | ||
| Headline earnings per share (cents) | 7.2 | 4.6 | 4.3 | 3.7 | 4.7 | 6.7 | 7.2 | ||
| Net profit attributable to ordinary shareholders | 60.8 | 39.1 | 37.9 | 31.7 | 38.9 | 54.8 | 49.5 | ||
| Total assets | 636.8 | 390.6 | 464.2 | 506.2 | 532.3 | 525.2 | 514.9 | ||
| Market capitalisation | 713.6 | 389.3 | 401.1 | 377.1 | 636.9 | 629.2 | - | ||
| * Net of treasury shares held by subsidiary, | |||||||||
| E-Com Investments 16 (Proprietary) Limited. | |||||||||
| Divisional analysis |
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| Revenue (Rm) | |||||||||
| Woolworths | 9 012.9 | 7 700.7 | 6 295.2 | 5 609.3 | 5 157.3 | 4 962.4 | 4 332.9 | ||
| Country Road | 1 081.9 | 1 124.9 | 825.4 | 1 083.8 | 1 036.0 | 338.4 | - | ||
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| 10 094.8 | 8 825.6 | 7 120.6 | 6 693.1 | 6 193.3 | 5 300.8 | 4 332.9 | |||
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| Turnover (Rm) | |||||||||
| Woolworths | |||||||||
| - Clothing and Home | 4 280.4 | 3 834.1 | 3 258.9 | 3 060.9 | 2 833.5 | 2 812.2 | 2 535.1 | ||
| - Foods | 3 980.8 | 3 302.1 | 2 566.0 | 2 206.5 | 2 033.4 | 1 907.4 | 1 707.9 | ||
| - Distribution and other | 168.8 | 165.8 | 130.5 | 48.8 | - | - | - | ||
| Country Road | 1 070.3 | 1 119.4 | 823.4 | 1 083.2 | 1 033.6 | 337.1 | - | ||
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| 9 500.3 | 8 421.4 | 6 778.8 | 6 399.4 | 5 900.5 | 5 056.7 | 4 243.0 | |||
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| Profit/(loss) before exceptional | |||||||||
| items and tax (Rm) | |||||||||
| Woolworths | 788.9 | 625.5 | 446.4 | 362.0 | 368.0 | 415.0 | 354.7 | ||
| Country Road | 11.7 | 15.2 | (12.7) | 14.6 | (8.0) | (31.4) | - | ||
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| 800.6 | 640.7 | 433.7 | 376.6 | 360.0 | 383.6 | 354.7 | |||
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| Net profit/(loss) attributable to | |||||||||
| ordinary shareholders (Rm) | |||||||||
| Woolworths | 538.0 | 380.9 | 298.3 | 207.1 | 242.4 | 268.8 | 224.0 | ||
| Country Road | 11.6 | 12.6 | (10.5) | 13.0 | (6.5) | (1.1) | - | ||
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| 549.6 | 393.5 | 287.8 | 220.1 | 235.9 | 267.7 | 224.0 | |||
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| Net assets (Rm) | |||||||||
| Woolworths | 2 248.0 | 2 162.9 | 2 008.3 | 1 781.8 | 1 601.9 | 1 389.6 | 1 064.6 | ||
| Country Road | 163.2 | 187.3 | 230.1 | 240.3 | 216.9 | 202.5 | - | ||
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| 2 411.2 | 2 350.2 | 2 238.4 | 2 022.1 | 1 818.8 | 1 592.1 | 1 064.6 | |||
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| Other statistical data |
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| Woolworths | |||||||||
| Gross Margin (%) | 30.7 | 31.4 | 31.3 | 31.6 | 31.6 | 31.3 | 31.6 | ||
| Number of employees (full time equivalent) | 12 208 | 11 483 | 10 429 | 9 418 | 9 438 | 9 060 | 8 497 | ||
| Number of stores - owned |
116 | 111 | 106 | 100 | 104 | 99 | 92 | ||
| - franchised | 110 | 82 | 66 | 58 | 44 | 41 | 36 | ||
| Trading area (m2) - owned |
269 476 | 269 378 | 269 065 | 262 201 | 269 623 | 247 579 | 226 093 | ||
| - franchised | 80 297 | 65 002 | 51 118 | 40 555 | 28 469 | 20 871 | 19 671 | ||
| Turnover ratios (%) - turnover per employee |
690.5 | 635.9 | 571.0 | 564.5 | 515.7 | 520.9 | 499.4 | ||
| - turnover per m2 | 31.4 | 27.2 | 22.1 | 20.3 | 18.1 | 19.1 | 18.8 | ||
| Asset turn (times) | 2.1 | 2.2 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | ||
| Inventory turn (times) | 21.8 | 22.1 | 18.5 | 16.7 | 15.8 | 16.6 | 17.0 | ||
| Net profit before exceptional items and tax | |||||||||
| to turnover (%) | 9.4 | 8.6 | 7.5 | 6.8 | 7.6 | 8.8 | 8.4 | ||
| Country Road (in AUD terms) | |||||||||
| Gross Margin (%) | 52.2 | 50.0 | 52.0 | 51.6 | 49.9 | 49.0 | - | ||
| Number of employees (full time equivalent) | 870 | 894 | 885 | 1 040 | 1 141 | 1 210 | - | ||
| Number of stores - owned and franchised | 41 | 44 | 44 | 67 | 65 | 66 | - | ||
| Trading area (m2) | 22 400 | 23 560 | 23 960 | 34 559 | 36 511 | 34 052 | - | ||
| Turnover ratios - turnover per employee |
235.3 | 231.0 | 226.8 | 263.0 | 239.8 | 199.0 | - | ||
| - turnover per m2 | 9.1 | 8.8 | 7.7 | 7.9 | 7.5 | 7.1 | - | ||
| Asset turn (times) | 2.5 | 2.6 | 1.9 | 2.7 | 2.8 | 2.1 | |||
| Inventory turn (times) | 7.5 | 5.7 | 4.8 | 6.3 | 5.5 | 4.5 | - | ||
| Net profit/(loss) before tax to turnover | 1.2 | 0.1 | (1.8) | 1.2 | (0.9) | (4.4) | - | ||
definitions
Asset turn
Revenue divided by total assets less deferred tax.
Current ratio
Current assets divided by current liabilities.
Debt:equity ratio
Interest bearing debt less interest earning cash as percentage of total shareholders' interest.
Gross margin
Gross profit divided by turnover.
Inventory turn
Turnover divided by average inventory at the beginning and end of the year.
Return on equity
Headline earnings as a percentage of the average of ordinary shareholders' interest at the beginning and end of the year.
Total liabilities to total shareholders' interest
Non-current liabilities, plus deferred tax and current liabilities as a percentage of total shareholders' interest.