• COMMENTARY
• CONSOLIDATED STATEMENT
  OF COMPREHENSIVE INCOME
• CONSOLIDATED STATEMENT
  OF FINANCIAL POSITION
• CONSOLIDATED STATEMENT
  OF CASH FLOWS
• CONSOLIDATED STATEMENT
  OF CHANGES IN EQUITY
• SEGMENTAL
  ANALYSIS
• NOTES

SEGMENTAL ANALYSIS

The group has adopted IFRS 8 Operating Segments with effect from 1 July 2009. IFRS 8 requires operating segments to be identified on the basis of internal reporting about components of the group that are regularly reviewed by the chief operating decision maker (CODM) to allocate resources to the segments and to assess their performance. The CODM has been identified as the group’s executives collectively. Management has determined the operating segments based on the main internal reporting segments. The group has identified five reportable segments:

• Clothing and General Merchandise (C&GM) (Clothing, homeware, beauty and other lifestyle products)
• Foods
• Country Road (Clothing retailers operating in Australasia)
• Woolworths Financial Services (WFS) (Financial products and services)
• Treasury (Cash management activities)

The executive directors evaluate the segmental performance based on profit or loss before tax and exceptional items.

To increase transparency and comparability of revenue, the group has included additional voluntary disclosure of revenue from logistics services.

The new segments are different from the segments previously disclosed as Woolworths Retail has been subdivided into Foods, and Clothing and General Merchandise. Woolworths Financial Services remains a segment, accounted for on an equity basis subsequent to the disposal of the controlling interest on 1 October 2008.

The following is an analysis of the group’s revenue and operating results by reportable segment:

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