WHL

group review

  5 year              
Year compound annual 2006 2005* 2004 2003 2002 2001 2000
Number of weeks growth rate 52 52 52 52 53 52 52

group income statements (Rm)

              
Revenue 16.3% 15 143.0 12 988.9 11 281.7 10 094.8 8 825.6 7 120.6 6 693.1
Turnover   14 208.0 12 220.7 10 648.8 9 500.3 8 421.4 6 778.8 6 399.4
Cost of sales   (9 340.4) (8 027.1) (6 932.2) (6 077.2) (5 323.9) (4 293.2) (4 009.2)
Gross profit   4 867.6 4 193.6 3 716.6 3 423.1 3 097.5 2 485.6 2 390.2
Other revenue   935.0 768.2 632.9 594.5 404.2 341.8 293.7
Expenses   (4 312.3) (3 730.5) (3 332.3) (3 176.0) (2 866.6) (2 403.6) (2 304.0)
Operating profit 28.6% 1 490.3 1 231.3 1 017.2 841.6 635.1 423.8 379.9
Finance costs   (243.9) (152.7) (108.7) (87.4) (44.5) (36.1) (47.7)
Profit before exceptional items   1 246.4 1 078.6 908.5 754.2 590.6 387.7 332.2
Exceptional items   - - (10.1) (23.7) (41.5) - (42.6)
Profit before tax   1 246.4 1 078.6 898.4 730.5 549.1 387.7 289.6
Tax      (409.0) (299.5) (257.4) (213.5) (188.6) (133.4) (98.8)
Profit for the period from                
continuing operations 26.9% 837.4 779.1 641.0 517.0 360.5 254.3 190.8
Profit from continuing operations attributable to:
              
Minority shareholders 1.8 2.2 0.7 0.8 1.7 (1.4) 1.8
Ordinary shareholders 835.6 776.9 640.3 516.2 358.8 255.7 189.0
Profit/(loss) from discontinued operations,              
net of minority shareholders' interest - - - 1.3 (135.5) (16.5) -

group cash flow statements (Rm)

              
Cash inflow from trading 22.3% 1 072.5 996.5 794.4 681.0 581.7 392.3 356.2
Working capital movements 177.4 (228.4) (7.5) 104.4 (61.9) 59.4 43.9
Cash applied to financial services assets (882.2) (722.0) (709.8) (461.6) (385.9) (316.9) (201.8)
Cash generated by operating activities   367.7 46.1 77.1 323.8 133.9 134.8 198.3
Net interest received   517.5 488.1 435.1 432.1 310.3 257.8 219.7
Tax paid   (475.4) (314.6) (331.5) (191.7) (284.5) (97.5) (94.9)
Cash generated by operations   409.8 219.6 180.7 564.2 159.7 295.1 323.1
Distributions to shareholders   (474.2) (384.2) (271.7) (201.3) (145.8) (103.4) (62.8)
Net cash (outflow) / inflow from operating activities (64.4) (164.6) (91.0) 362.9 13.9 191.7 260.3
Net cash outflow from investing activities (600.3) (312.6) (393.2) (322.2) (219.3) (190.1) (290.2)
Net cash inflow / (outflow) from financing activities 11.0 1 442.8 54.5 (195.6) (93.4) 16.6 9.6
(Decrease) / increase in cash and cash equivalents (653.7) 965.6 (429.7) (154.9) (298.8) 18.2 (20.3)
Cash and cash equivalents at beginning of year 23.3 ( 949.9) (514.7) (362.0) (64.0) (101.3) (81.9)
Cash arising on acquisition of subsidiary - - - 10.2 0.2 - -
Effect of foreign exchange rates 7.0 7.6 (5.5) (8.0) 0.9 19.1 0.9
Cash and cash equivalents at end of year (623.4) 23.3 (949.9) (514.7) (361.7) (64.0) (101.3)

group balance sheets (Rm)

              
Non-current assets 2 490.6 2 002.0 1 873.9 1 664.9 1 626.0 1 534.9 1 493.1
Current assets   6 277.7 5 137.1 3 992.3 3 235.3 2 528.6 2 272.2 2 036.7
Total assets   8 768.3 7 139.1 5 866.2 4 900.2 4 154.6 3 807.1 3 529.8
Ordinary shareholders' interest   2 606.3 2 184.7 2 581.3 2 169.4 2 139.3 2 062.2 1 878.0
Minority shareholders' interest   27.9 26.2 20.7 20.8 24.6 31.1 32.3
Non-current liabilities   2 801.0 3 061.5 725.2 634.2 603.8 588.9 559.9
Current liabilities   3 333.1 1 866.7 2 539.0 2 075.8 1 386.9 1 124.9 1 059.6
Total equity and liabilities   8 768.3 7 139.1 5 866.2 4 900.2 4 154.6 3 807.1 3 529.8
* 2005 comparatives restated for IFRS
** All comparatives restated for reclassification of settlement discounts
Year    2006 2005* 2004 2003 2002 2001 2000
Number of Weeks 52 52 52 52 53 52 52

returns

              
Return on ordinary shareholders' equity (%) 34.8 31.2 27.4 24.7 18.3 12.3 10.7
Return on assets (%) 18.9 19.3 19.6 19.3 16.9 12.5 12.2

margins

              
Gross margin (%) 34.3 34.3 34.9 36.0 36.8 36.7 37.4
Operating margin (%) 9.8 9.5 9.0 8.3 7.2 6.0 5.7

solvency and liquidity

              
Debt ratio (%) 39.2 36.4 19.4 14.9 11.6 4.9 9.8
Current ratio (times) 1.9 2.8 1.6 1.6 1.8 2.0 1.9
Total liabilities to ordinary shareholders' equity (%) 235.4 225.6 126.5 124.9 93.1 83.1 86.2

key debtor statistics (000’s)

              
Number of active Woolworths card customer accounts 1 393 1 217 1 125 1 046 1 020 979 893
Net Woolworths card book (Rm) 2 971.2 2 590.8 2 148.2 1 669.3 1 348.7 1 148.5 982.3
Number of active Woolworths customer personal              
loan accounts 169 147 127 107 88 67 43
Net Woolworths customer personal loan book (Rm)              
– current portion 640.9 539.8 415.6 273.1 201.5 171.6 74.4
– non-current portion 249.2 203.9 162.5 182.3 180.2 115.6 67.2
Number of active Visa card customer accounts 129 79 50 34 20 - -
Net Visa card book (Rm) 593.7 309.6 178.7 105.9 - - -
Gross interest received on Woolworths card,              
personal loans and Visa card (Rm) 748.4 602.2 527.8 510.7 341.7 283.8 252.4
Interest rate at year end              
– balance above R10 000 – % 17 17 18 26 23 22 22
– balance below R10 000 – % 20 20 21 29 26 25 25

ordinary share performance (cents per share)

              
Earnings 105.1 91.5 74.3 59.4 39.6 28.3 21.5
Headline earnings 105.0 89.4 75.5 61.1 42.4 28.7 21.9
Distributions declared for the financial year 63.0 54.0 38.5 29.0 20.0 15.0 14.0
Net asset book value 326.9 277.5 297.3 254.3 240.5 227.1 210.9
Share price:  highest 1 779 1 181 771 618 483 396 499
lowest 1 003 721 568 397 342 275 262
average 1 391 966 695 489 393 328 387
closing 1 370 1 025 710 574 439 355 290
Indexed closing share price (June 2000 = 100) 472 353 245 198 151 122 100
JSE indexed :  retail (June 2000 = 100) 279 244 152 103 80 71 100
all shares (June 2000 = 100)   266 183 133 108 138 120 100
Market capitalisation at 30 June – Rm 12 112 8 959 6 750 5 370 4 051 3 224 2 583
Number of shares in issue – millions** 797.2 787.2 868.3 853.1 889.7 908.2 890.6
Number of shares traded – millions 596.2 502.4 363.1 401.2 307.8 311.4 260.7
Percentage of shares traded (%) 67.4 57.5 38.2 42.9 33.4 34.3 29.3
Value of shares traded – Rm 8 291.1 4 892 2 525 1 963 1 212 1 023 1 009
Price earnings ratio 13.6 12.0 9.2 9.1 10.1 11.1 11.6
Distribution yield (%) 4.6 5.3 5.4 5.1 4.6 4.2 4.8
* 2005 comparatives restated for IFRS              
** Net of treasury shares held by subsidiary,              
E-Com Investments 16 (Proprietary) Limited.              
    5 year              
Year compound annual 2006 2005* 2004 2003 2002 2001 2000
Number of weeks growth rate 52 52 52 52 53 52 52

divisional analysis (Rm)

                
Revenue (Rm)
                
Woolworths   17.6% 14 149.4 11 993.8 10 333.1 9 012.9 7 700.7 6 295.2 5 609.3
Country Road   3.8% 993.6 995.1 948.6 1 081.9 1 124.9 825.4 1 083.8
    16.3% 15 143.0 12 988.9 11 281.7 10 094.8 8 825.6 7 120.6 6 693.1
Turnover (Rm)
                
Woolworths                
- Clothing and home 13.0% 6 012.2 5 349.5 4 792.2 4 280.4 3 834.1 3 258.9 3 060.9
- Foods 22.0% 6 941.5 5 666.0 4 747.1 3 980.8 3 302.1 2 566.0 2 206.5
- Logistics and other 16.0% 273.6 223.1 176.1 168.8 165.8 130.5 48.8
Country Road 3.6% 980.7 982.1 933.4 1 070.3 1 119.4 823.4 1 083.2
    16.0% 14 208.0 12 220.7 10 648.8 9 500.3 8 421.4 6 778.8 6 399.4
Profit / (loss) before exceptional
                
items and tax (Rm)
                
Woolworths 25.1% 1 231.5 1 057.9 902.9 747.2 580.3 401.4 317.9
Country Road   - 14.9 20.7 5.6 7.0 10.3 (13.7) 14.3
      1 246.4 1 078.6 908.5 754.2 590.6 387.7 332.2
Profit / (loss) attributable to ordinary
                
shareholders (Rm)
                
Woolworths 25.3% 822.5 758.4 634.3 508.8 349.2 266.8 176.2
Country Road   - 13.1 18.5 6.0 8.7 9.6 (11.1) 12.8
    26.7% 835.6 776.9 640.3 517.5 358.8 255.7 189.0
Net assets (Rm)
                  
Woolworths   5.5% 2 401.4 1 976.7 2 429.0 2 016.4 1 959.3 1 836.3 1 641.3
Country Road   (1.9%) 204.9 208.0 152.3 153.1 180.0 225.9 236.7
    4.8% 2 606.3 2 184.7 2 581.3 2 169.5 2 139.3 2 062.2 1 878.0

other statistical data

                
Woolworths
                  
Gross margin (%)   32.8 32.7 31.5 32.3 33.1 32.8 32.1
Number of employees (full time equivalent)   16 337 14 243 13 791 12 208 11 483 10 429 9 418
Number of stores - owned   173 149 136 123 111 106 100
  - franchised    136 125 119 103 82 66 58
Closing trading area (m2) - owned   326 200 301 338 283 091 269 476 269 378 269 065 262 201
  - franchised    96 167 88 307 86 563 80 297 65 002 51 118 40 555
Turnover ratios - turnover per employee   809.7 789.1 704.5 690.5 635.9 571.0 564.5
  - turnover per m2   40.5 37.3 34.3 31.4 27.2 22.1 20.3
Asset turn (times)   2.0 2.1 2.1 2.1 2.2 2.0 2.0
Inventory turn (times)   20.8 21.7 21.4 21.8 22.1 18.5 16.7
Profit before exceptional items and                
tax to turnover (%)   9.3 9.4 9.3 8.9 7.9 6.7 6.0
Country Road (in A$ terms)
                
Gross margin (%)   53.7 52.2 53.3 52.2 50.0 52.0 51.6
Number of employees (full time equivalent)   806 868 868 870 894 885 1 040
Number of stores   52 47 46 41 44 44 67
Trading area (m2)   22 094 23 539 23 439 22 400 23 560 23 960 34 559
Turnover ratios - turnover per employee   254.5 240.2 220.4 235.3 231.0 226.8 263.0
  - turnover per m2   9.3 8.9 8.2 9.1 8.8 7.7 7.9
Asset turn (times)   2.4 2.5 2.4 2.5 2.6 1.9 2.7
Inventory turn (times)   8.6 9.0 7.7 7.5 5.7 4.8 6.3
Profit / (loss) before tax to turnover (%)   1.6 1.5 1.3 1.2 0.1 (1.8) 1.2
* 2005 comparatives restated for IFRS                
 
Year 2006 2005* 2004 2003 2002 2001 2000
Number of Weeks 52 52 52 52 53 52 52

foreign currency exchange rates

              
US$ - average 6.3695 6.1751 6.8619 9.0326 10.0642 7.5868 6.9365
US$ - closing 7.5000 6.7370 6.3400 7.5250 10.4050 8.0378 6.8500
AU$ closing 5.4407 5.2029 4.4374 5.0094 5.8674 4.1587 4.1050

key information in US Dollars

              
Revenue 2 377.4 2 103.4 1 644.1 1 117.6 876.9 938.6 964.9
Headline earnings per share (cents) 16.5 14.5 11.0 6.8 4.2 3.8 3.2
Net profit attributable to ordinary shareholders 131.2 125.8 93.3 57.3 22.2 31.5 27.2
Total assets 1 169.1 1 059.7 925.3 651.2 399.3 473.6 515.3
Market capitalisation 1 614.9 1 329.8 1 064.7 713.6 389.3 401.1 377.1

definitions

asset turn
Revenue divided by total assets less deferred tax.

current ratio
Current assets divided by current liabilities.

debt ratio
Interest bearing debt as a percentage of total assets.

gross margin
Gross margin divided by turnover.

operating margin
Operating profit as a percentage of revenue.

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.

return on assets
Operating profit as a percentage of the average of total assets less deferred tax liability at the beginning and end of the year.

 

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