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Woolworths holdings limited 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.

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Presentation on theme: "Woolworths holdings limited 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."— Presentation transcript:

1 woolworths holdings limited 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% cps (pre adj: 95.0cps) Distribution to shareholders up 40.3% cps Cover ratio down from 1.9 to 1.7 (pre adj: 1.8) ROE of 33.5% (2004 : 27.4%) another year of continued growth

2 progress woolworths holdings limited 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 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 trading environment – south africa

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

5 woolworths holdings limited results expenses analysis R262.1mR609.8mR1,449.6mR1,195.6mR3,517.1m

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-05Jun-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 Compound HEPS growth: 33.3% (5 years) *Prior year figures restated for AC105

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.) capex spend R385.9m growth in woolworths financial services assets R722.0m

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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