|
Year ended 30 June |
|
|
Note |
 |
2003
Rm |
|
|
|
2002
Rm |
|
%
Change |
 |
| Revenue |
|
|
10 094.8 |
|
|
|
9 020.7 |
|
11.9 |
|
|
|
|
|
|
Continuing operations |
|
|
|
10 094.8 |
|
|
|
|
|
8 825.6 |
|
|
14.4 |
|
Discontinued operations |
|
|
|
– |
|
|
|
|
|
195.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing operations |
|
|
|
|
|
|
|
|
|
|
Turnover |
|
|
9 500.3 |
|
|
|
8 421.4 |
|
12.8 |
|
Cost of merchandise |
|
|
6 358.6 |
|
|
|
5 571.8 |
|
14.1 |
|
|
Gross profit |
|
|
3 141.7 |
|
|
|
2 849.6 |
|
10.3 |
|
Other revenue |
|
|
594.5 |
|
|
|
404.2 |
|
47.1 |
|
Expenses |
|
|
2 848.2 |
|
|
|
2 568.6 |
|
10.9 |
|
|
|
|
|
|
Depreciation |
|
|
|
227.1 |
|
|
|
|
|
213.5 |
|
|
6.4 |
|
Occupancy cost |
|
|
|
512.4 |
|
|
|
|
|
503.4 |
|
|
1.8 |
|
Employment cost |
|
|
|
1 276.5 |
|
|
|
|
|
1 158.2 |
|
|
10.2 |
|
Other operating cost |
|
|
|
832.2 |
|
|
|
|
|
693.5 |
|
|
20.0 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
888.0 |
|
|
|
685.2 |
|
29.6 |
|
Interest paid |
|
|
87.4 |
|
|
|
44.5 |
|
96.4 |
|
|
Net profit before exceptional items |
|
|
800.6 |
|
|
|
640.7 |
|
25.0 |
|
Exceptional items |
2 |
|
(23.7) |
|
|
|
(41.5) |
|
|
|
|
Net profit before tax |
|
|
776.9 |
|
|
|
599.2 |
|
29.7 |
|
Tax |
3 |
|
227.4 |
|
|
|
203.6 |
|
11.7 |
|
|
Net profit after tax |
|
|
549.5 |
|
|
|
395.6 |
|
38.9 |
|
Outside shareholders’ interest |
|
|
(1.2) |
|
|
|
(2.1) |
|
|
|
|
Net profit from continuing operations |
|
|
548.3 |
|
|
|
393.5 |
|
39.3 |
|
| Discontinued operations |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
– |
|
|
|
(14.0) |
|
|
|
Interest paid |
|
|
– |
|
|
|
(0.7) |
|
|
|
|
Loss from discontinued operations |
|
|
– |
|
|
|
(14.7) |
|
|
|
Exceptional items |
2 |
|
1.5 |
|
|
|
(139.6) |
|
|
|
Outside shareholders’ interest |
|
|
(0.2) |
|
|
|
18.8 |
|
|
|
|
Net profit/(loss) from discontinued operations |
|
|
1.3 |
|
|
|
(135.5) |
|
|
|
| Total group |
|
|
|
|
|
|
|
|
|
|
Net profit attributable to ordinary shareholders |
|
|
549.6 |
|
|
|
258.0 |
|
113.0 |
|
| Reconciliation of headline earnings |
|
|
|
|
|
|
|
|
|
| Attributable earnings – all operations |
|
|
549.6 |
|
|
|
258.0 |
|
113.0 |
| Goodwill amortisation |
|
|
10.0 |
|
|
|
12.1 |
|
|
| Loss/(profit) on disposal of property, plant and |
|
|
|
|
|
|
|
|
|
| equipment net of outside shareholders' interest |
|
|
4.9 |
|
|
|
(8.8) |
|
|
| (Profit)/loss on discontinuance, net of outside |
|
|
|
|
|
|
|
|
|
| shareholders' interest |
|
|
(1.3) |
|
|
|
115.6 |
|
|
| Loss on disposal of listed investment |
|
|
– |
|
|
|
4.8 |
|
|
| Impairment of property |
|
|
– |
|
|
|
17.2 |
|
|
|
| Headline earnings |
|
|
563.2 |
|
|
|
398.9 |
|
41.2 |
|
Net loss from discontinued operations net of |
|
|
|
|
|
|
|
|
|
|
outside shareholders' interest |
|
|
– |
|
|
|
19.9 |
|
|
|
| Headline earnings from continuing operations |
|
|
563.2 |
|
|
|
418.8 |
|
34.5 |
|
| Headline earnings per share (cents) |
|
|
|
|
|
|
|
|
|
| – All operations |
|
|
64.8 |
|
|
|
44.0 |
|
47.3 |
| – Continuing operations |
|
|
64.8 |
|
|
|
46.2 |
|
40.3 |
| Earnings per share (cents) |
|
|
|
|
|
|
|
|
|
| – All operations |
|
|
63.3 |
|
|
|
28.5 |
|
122.1 |
| – Continuing operations |
|
|
63.1 |
|
|
|
43.4 |
|
45.4 |
| Diluted earnings per share (cents) |
4 |
|
61.9 |
|
|
|
28.0 |
|
121.1 |
| Distributions per share (cents) |
5 |
|
29.0 |
|
|
|
20.0 |
|
45.0 |
| Distribution cover (based on headline earnings |
|
|
|
|
|
|
|
|
|
| from continuing operations) |
|
|
2.2 |
|
|
|
2.3 |
|
|
| Number of shares in issue (millions) |
|
|
853.1 |
|
|
|
889.7 |
|
-4.1 |
| Weighted average number of shares in issue (millions) |
|
|
868.5 |
|
|
|
905.7 |
|
-4.1 |
|
group analysis |
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
|
|
| Turnover |
|
|
9 500.3 |
|
|
|
8 421.4 |
|
12.8 |
|
|
|
|
|
| Woolworths |
|
|
|
8 430.0 |
|
|
|
|
|
7 302.0 |
|
|
15.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| – Clothing and home |
|
|
|
|
4 280.4 |
|
|
|
|
|
|
|
3 834.1 |
|
|
|
11.6 |
| – Foods |
|
|
|
|
3 980.8 |
|
|
|
|
|
|
|
3 302.1 |
|
|
|
20.6 |
| – Logistics services and other |
|
|
|
|
168.8 |
|
|
|
|
|
|
|
165.8 |
|
|
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Country Road – continuing operations |
|
|
|
1 070.3 |
|
|
|
|
|
1 119.4 |
|
|
-4.4 |
|
|
|
|
|
| Interest |
|
|
522.3 |
|
|
|
355.5 |
|
46.9 |
| Other revenue |
|
|
72.2 |
|
|
|
48.7 |
|
48.3 |
|
| Continuing operations |
|
|
10 094.8 |
|
|
|
8 825.6 |
|
14.4 |
| Discontinued operations |
|
|
– |
|
|
|
195.1 |
|
|
|
|
|
|
10 094.8 |
|
|
|
9 020.7 |
|
11.9 |
|
| Operating profit |
|
|
|
|
|
|
|
|
|
| Woolworths |
|
|
870.7 |
|
|
|
663.1 |
|
31.3 |
| Country Road |
|
|
17.3 |
|
|
|
22.1 |
|
-21.7 |
|
| Continuing operations |
|
|
888.0 |
|
|
|
685.2 |
|
29.6 |
| Discontinued operations |
|
|
– |
|
|
|
(14.0) |
|
|
|
|
|
|
888.0 |
|
|
|
671.2 |
|
32.3 |
|
