2000/02/17
UNAUDITED GROUP RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 1999 [JSE Securities Exchange - SENS]
 
17/02/2000 - 20:09:22

WOOLWORTHS HOLDINGS LIMITED
UNAUDITED GROUP RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 1999
INVESTING FOR THE FUTURE
INCOME STATEMENT YEAR ENDED
30 JUNE                                          SIX MONTHS ENDED
1999                                             31 DECEMBER
(AUDITED)                                        1999      1998      %
RM                                         NOTE  RM        RM        CHANGE
6 193.3    REVENUE                               3 362.4   3 179.0
5 880.5    TURNOVER                              3 209.6   3 023.4   6.2
312.8      INTEREST AND OTHER REVENUE            152.8     155.6     -1.8
5 812.6    EXPENSES                              3 158.1   2 964.3   6.5
3 834.0    COST OF MERCHANDISE                   2 101.8   1 978.3
184.7      DEPRECIATION                          95.7      85.4
339.1      OCCUPANCY COST                        191.0     166.3
907.6      EMPLOYMENT COST                       495.0     442.3
461.8      OTHER OPERATING COST                  252.7     243.6
85.4       INTEREST PAID                         21.9      48.4
           NET PROFIT BEFORE
380.7      EXCEPTIONAL ITEM                1     204.3     214.7     -4.8
(8.6)      EXCEPTIONAL ITEM                      -         (8.9)
372.1      NET PROFIT BEFORE TAX                 204.3     205.8     -0.7
119.9      TAX                             2     65.1      62.7
252.2      NET PROFIT AFTER TAX                  139.2     143.1     -2.7
(0.9)      OUTSIDE SHAREHOLDERS' INTEREST        0.5       (0.3)
           NET PROFIT ATTRIBUTABLE
253.1      TO ORDINARY SHAREHOLDERS              138.7     143.4     -3.3
           NUMBER OF SHARES ISSUED
866.4      (MILLIONS)                            880.6     852.7     3.3
           WEIGHTED AVERAGE NUMBER
852.7      OF SHARES (MILLIONS)                  872.9     845.9     3.2
29.7       EARNINGS PER SHARE (CENTS)      2     15.9      17.0      -6.5
           DILUTED EARNINGS PER SHARE
29.2       (CENTS)                         3     15.6      16.8      -7.1
260.6      HEADLINE EARNINGS (R MILLION)   4     139.8     152.1     -8.1
           HEADLINE EARNINGS PER
30.6       SHARE (CENTS)                   2     16.0      18.0      -11.1
14.0       DIVIDEND PER SHARE (CENTS)            6.5       6.5
2.2        DIVIDEND COVER (BASED ON
           HEADLINE EARNINGS PER SHARE)          2.5       2.8
GROUP ANALYSIS
5 880.5    TURNOVER                              3 209.6   3 023.4   6.2
4 846.9    WOOLWORTHS                            2 662.6   2 523.6   5.5
2 813.5    TEXTILES                              1 572.4   1 514.0   3.9
2 033.4    FOODS                                 1 090.2   1 009.6   8.0
1 033.6    COUNTRY ROAD                          547.0     499.8     9.4
           NET PROFIT BEFORE
380.7      EXCEPTIONAL ITEM                      204.3     214.7     -4.8
388.7      WOOLWORTHS                            199.9     216.9     -7.8
(8.0)      COUNTRY ROAD                          4.4       (2.2)     -
BALANCE SHEET
30 JUNE
1999                                                       31 DECEMBER
(AUDITED)                                                  1999      1998
RM                                               NOTE      RM        RM
ASSETS
1 129.7    LONG-TERM ASSETS                                1 219.0   1 090.1
1 039.8    PROPERTY, PLANT AND EQUIPMENT                   1 043.0   1 022.1
0.1        INVESTMENTS                           5         28.4      0.1
13.1       LOANS TO CUSTOMERS                              60.6      -
76.7       OTHER LOANS                                     87.0      67.9
1 834.4    CURRENT ASSETS                                  2 053.9   1 998.9
504.8      INVENTORIES                                     596.5     601.7
1 105.0    DEBTORS                                         1 208.9   1 123.8
4.0        LOANS TO CUSTOMERS                              24.9      -
220.6      BANK BALANCES AND CASH                          223.6     273.4
2 964.1    TOTAL ASSETS                                    3 272.9   3 089.0
EQUITY AND LIABILITIES
1 916.0    CAPITAL AND RESERVES                            2 017.9   1 794.5
1 886.2    ORDINARY SHAREHOLDERS' INTEREST                 1 987.9   1 766.4
29.8       OUTSIDE SHAREHOLDERS' INTEREST                  30.0      28.1
33.8       LONG-TERM LIABILITIES                           44.2      51.3
21.5       INTEREST BEARING BORROWINGS                     31.0      37.9
12.3       DEFERRED TAX                                    13.2      13.4
1 014.3    CURRENT LIABILITIES                             1 210.8   1 243.2
598.2      CREDITORS                                       740.7     704.9
94.1       TAX                                             48.3      133.6
302.5      INTEREST BEARING BORROWINGS                     393.8     390.9
19.5       SHAREHOLDERS FOR DIVIDENDS                      28.0      13.8
2 964.1    TOTAL EQUITY AND LIABILITIES                    3 272.9   3 089.0
217.7      NET ASSET BOOKVALUE - PER SHARE (CENTS)         225.7     207.2
           INTEREST BEARING DEBT (NET OF CASH):
5.4%       EQUITY RATIO                                    10.0%     8.7%
CASH FLOW STATEMENT
YEAR ENDED
30 JUNE                                          SIX MONTHS ENDED
1999                                             31 DECEMBER
(AUDITED)                                        1999      1998
RM                                               RM        RM
           CASH FLOW FROM OPERATING
           ACTIVITIES
376.9      CASH INFLOW FROM TRADING              206.5     226.2
(35.7)     WORKING CAPITAL MOVEMENTS             (75.9)    (71.2)
           CASH GENERATED BY OPERATING
341.2      ACTIVITIES                            130.6     155.0
           INTEREST RECEIVED AND INVESTMENT
278.9      INCOME                                131.1     135.0
(85.4)     INTEREST PAID                         (21.9)    (48.4)
(155.7)    TAX PAID                              (110.1)   (56.9)
379.0      CASH GENERATED BY OPERATIONS          129.7     184.7
(42.5)     DIVIDENDS PAID                        (32.6)    (27.7)
           NET CASH INFLOW FROM OPERATING
336.5      ACTIVITIES                            97.1      157.0
           CASH FLOW FROM INVESTING
           ACTIVITIES
(96.3)     INVESTMENT TO MAINTAIN OPERATIONS     (50.0)    (36.9)
(154.9)    INVESTMENT TO EXPAND OPERATIONS       (58.6)    (77.7)
(17.1)     LOANS TO CUSTOMERS                    (68.4)    -
           PROCEEDS ON SALE OF PROPERTY, PLANT
41.7       AND EQUIPMENT                         6.8       10.6
-          INVESTMENT IN SUBSIDIARIES            (1.8)     -
           LOANS ADVANCED TO DIRECTORS
(10.0)     AND EMPLOYEES                         (10.7)    (3.3)
-          INVESTMENTS                           (28.4)    -
           NET CASH OUTFLOW FROM INVESTING
(236.6)    ACTIVITIES                            (211.1)   (107.3)
           CASH FLOW FROM FINANCING
           ACTIVITIES
15.7       SHARES ISSUED                         16.8      0.9
(6.8)      LONG-TERM LIABILITIES RAISED/(REPAID) 9.6       14.4
           NET CASH INFLOW FROM FINANCING
8.9        ACTIVITIES                            26.4      15.3
           NET (DECREASE)/INCREASE IN CASH AND
108.8      CASH EQUIVALENTS                      (87.6)    65.0
           NET OVERDRAFTS AT THE BEGINNING OF
(188.3)    THE YEAR                              (81.9)    (188.3)
(2.4)      EFFECT OF EXCHANGE RATE CHANGES       (0.7)     5.8
           NET OVERDRAFTS AT THE END OF THE
(81.9)     YEAR                                  (170.2)   (117.5)
NOTES:
THE INTERIM FINANCIAL STATEMENTS COMPLY WITH SOUTH AFRICAN GENERALLY ACCEPTED
ACCOUNTING PRACTICE AND ACCOUNTING POLICIES USED ARE CONSISTENT WITH THOSE
APPLICABLE FOR THE 30 JUNE 1999 FINANCIAL STATEMENTS. 1. NET PROFIT BEFORE
EXCEPTIONAL ITEM IS STATED AFTER INTEREST RECEIVED OF R130.8M (1998: R135.0M).
2. THE DECEMBER 1998 INTERIM RESULTS WERE ANNOUNCED ON 18 FEBRUARY 1999 WITH
EARNINGS PER SHARE AND HEADLINE EARNINGS PER SHARE AT 15.3C AND 16.3C
RESPECTIVELY. SUBSEQUENT TO THE PUBLICATION OF THE ANNOUNCEMENT, A REDUCTION IN
THE CORPORATE TAX RATE FROM 35% TO 30% WAS ANNOUNCED. THE ABOVE COMPARATIVE
FIGURES FOR DECEMBER 1998 HAVE BEEN RESTATED TO REFLECT THE LOWER TAX RATE OF
30%. 3. THE DIFFERENCE BETWEEN EARNINGS PER SHARE AND DILUTED EARNINGS PER
SHARE RESULT FROM THE OUTSTANDING OPTIONS IN TERMS OF THE SHARE PURCHASE
SCHEME. DILUTED EARNINGS PER SHARE IS BASED ON A WEIGHTED AVERAGE NUMBER OF
SHARES OF 889.6M (1998: 855.3M). 4. HEADLINE EARNINGS ARE BASED ON NET PROFIT
ATTRIBUTABLE TO ORDINARY SHAREHOLDERS ADJUSTED BY THE NET LOSS ON SALE OF FIXED
ASSETS OF R1.1M (1998: R0.2M PROFIT) AND IN THE CASE OF 1998, THE EXCEPTIONAL
ITEM. 5. INVESTMENTS CONSIST OF LISTED SHARES WITH A MARKET VALUE OF R24.2M.
THE DIRECTORS CONSIDER THE SHORTFALL AGAINST CARRYING VALUE TO BE OF A
TEMPORARY NATURE. 6. CONTINGENT LIABILITIES AT THE END OF THE PERIOD AMOUNT TO
R1.1M (1998: R3.1M). 7. UNUTILISED BANKING FACILITIES AMOUNT TO R897M (1998:
R722M) WITH NO LIMIT ON THE GROUP'S INTEREST BEARING DEBT. 8. COMMITMENTS FOR
THE REMAINDER OF THE FINANCIAL YEAR IN RESPECT OF CAPITAL EXPENDITURE APPROVED
BY THE DIRECTORS AMOUNT TO R92.9M (1998: R89.1M). 9. SALES OCCUR APPROXIMATELY
EVENLY DURING THE FIRST AND SECOND SIX MONTHS. MONTHLY SALES FLUCTUATE WITH THE
INCIDENCE OF CHRISTMAS AND OTHER SIMILAR EVENTS. 10. NO MATTERS OF SIGNIFICANCE
AROSE FROM Y2K ISSUES. COSTS IN THIS REGARD AMOUNTED TO R3.7M DURING THE PAST
SIX MONTHS.
STATEMENT OF CHANGES IN ORDINARY SHAREHOLDERS' INTEREST
YEAR ENDED
30 JUNE                                          SIX MONTHS ENDED
1999                                             31 DECEMBER
(AUDITED)                                        1999      1998
RM                                               RM        RM
           ORDINARY SHAREHOLDERS' INTEREST
1 642.3    AT THE BEGINNING OF THE YEAR          1 886.2   1 642.3
           MOVEMENTS FOR THE YEAR:
           SHARE PREMIUM
15.7       SHARE PURCHASE SCHEME                 16.8      0.9
228.2      RECOGNISED GAINS AND LOSSES           84.9      123.2
206.5      DISTRIBUTABLE RESERVES                87.2      113.3
           NET PROFIT ATTRIBUTABLE TO
253.1      ORDINARY SHAREHOLDERS                 138.7     143.4
(50.6)     DIVIDENDS                             (41.1)    (30.1)
           NET UNREALISED GAIN ON HEDGING
4.0        INSTRUMENTS                           1.1       -
           PREMIUM ON ACQUISITION OF
           SUBSIDIARIES AND INTANGIBLE ASSETS
-          WRITTEN OFF                           (11.5)    -
           NON-DISTRIBUTABLE RESERVES
           EXCHANGE DIFFERENCES ON
21.7       TRANSLATION OF FOREIGN ENTITIES       (2.3)     9.9
           ORDINARY SHAREHOLDERS' INTEREST
1 886.2    AT THE END OF THE YEAR                1 987.9   1 766.4
COMMENT
GROUP RESULTS
THE GROUP TRADES AS WOOLWORTHS MAINLY IN SOUTH AFRICA, AND COUNTRY ROAD IN
AUSTRALASIA AND USA.
THE LAST 6 MONTHS OF THE CALENDAR YEAR DID NOT MEET OUR EXPECTATIONS.
THE PROFITS BEFORE EXCEPTIONAL ITEM AND TAX FOR THE 6 MONTHS ENDED 31 DECEMBER
1999 ARE R204.3M, A 4.8% DECREASE COMPARED TO THE SAME PERIOD OF THE PREVIOUS
YEAR.  CAPITALISATION SHARES AND A HIGHER EFFECTIVE TAX RATE RESULTED IN
HEADLINE EARNINGS PER SHARE DECREASING BY 11.1%.  THE GROUP BALANCE SHEET
REMAINS STRONG AND THE DEBT: EQUITY RATIO IS AT 10%.
SOUTH AFRICAN OPERATIONS - WOOLWORTHS
TRADING
PROFITS BEFORE TAX AND EXCEPTIONAL ITEM AMOUNTED TO R199.9M WHICH IS A DECREASE
OF 7.8% ON LAST YEAR.  DESPITE INTEREST RATE CUTS DURING THE PERIOD, OUR
CUSTOMERS CONTINUE TO BE UNDER FINANCIAL PRESSURE AND OUR TEXTILE SALES GROWTH
OF 3.9% REFLECTS THIS TREND.  FURTHER, THE WOOLWORTHS MARKET SHARE OF CLOTHING
AND FOOTWEAR, AS RECORDED BY THE RETAILERS LIAISON COMMITTEE, DECREASED FROM
16.1% TO 14.8%.
WE HAVE THUS CARRIED OUT A FUNDAMENTAL REVIEW OF OUR TEXTILE VALUE PROPOSITION
AND THIS WILL RESULT IN A SIGNIFICANT REALIGNMENT OF PRICES AND RANGES.  THE
RANGE SIZE IS BEING REDUCED AND WILL BE SUPPORTED BY LARGER ORDER QUANTITIES,
RESULTING IN LONGER PRODUCTION RUNS, BETTER AVAILABILITY AND LOWER PRICES.
WOOLWORTHS' SALES OF FOOD INCREASED BY 8%.  ACCORDING TO THE NIELSEN ACTION
INDEX, OUR FOODS MARKET SHARE REMAINED UNCHANGED.  THE NEW FOOD SUPPLY CHAIN
SYSTEM IS FULLY OPERATIONAL IN THE WESTERN AND EASTERN CAPE AND IS RESULTING IN
IMPROVED AVAILABILITY.  THE DELICATESSENS AND IN-STORE BAKERIES WHICH WERE
LAUNCHED IN THE PREVIOUS FINANCIAL YEAR ARE NOW OPERATIONAL IN 38 STORES.  OUR
STRATEGIC FOCUS IS TO PROVIDE CUSTOMERS WITH THE BEST AVAILABLE SELECTION OF
NATURAL, FRESH, SAFE AND INNOVATIVE FOOD PRODUCTS.
FINANCIAL SERVICES
SALES ON THE WOOLWORTHS CARD CONTINUES TO COMPRISE APPROXIMATELY 30% OF
TURNOVER.  THE DEBTOR'S BOOK OF APPROXIMATELY R1 000M HAS BEEN WELL MANAGED
AND, IN SPITE OF THE POOR ECONOMY, THE BAD DEBTS HAVE REMAINED AT A VERY
ACCEPTABLE LEVEL.
IMPORTANT DEVELOPMENTS IN OUR EMERGING FINANCIAL SERVICES BUSINESS TOOK PLACE
DURING THIS PERIOD.  LOANS TO CUSTOMERS WERE LAUNCHED NATIONALLY AND AT
DECEMBER 1999, LOANS TOTALLING R86M HAVE BEEN GRANTED TO 26 000 CUSTOMERS.  AT
THIS STAGE BAD DEBTS IN THIS BOOK ARE WELL WITHIN ANTICIPATED LEVELS.
THE WOOLWORTHS UNIT TRUST HAS ALSO BEEN LAUNCHED AND PROVIDES CUSTOMERS WITH A
CONVENIENT INVESTMENT VEHICLE.
INVESTMENTS
TWO NEW WESTERN CAPE STORES WERE OPENED DURING THE PERIOD IN CONSTANTIA AND
KENILWORTH AND BOTH ARE TRADING SUCCESSFULLY.
AUSTRALASIA AND USA OPERATIONS - COUNTRY ROAD
TRADING
IT IS A PLEASURE TO REPORT THAT MANAGEMENT HAS BEEN SUCCESSFUL IN IMPLEMENTING
THE TURNAROUND STRATEGIES WHICH COMMENCED WHEN WE ACQUIRED CONTROL OF THE
COMPANY IN FEBRUARY 1998.  COUNTRY ROAD MADE A PROFIT FOR THE FIRST TIME IN 3
YEARS AND THIS IS AN IMPORTANT MILESTONE IN DELIVERING THE RETURNS EXPECTED
FROM THIS INVESTMENT.  COUNTRY ROAD'S PROFIT BEFORE TAX FOR THE PERIOD AMOUNTED
TO R4.4M.  THE PROFITABILITY HAS BEEN ACHIEVED THROUGH IMPROVED MARGINS, TIGHT
COST CONTROL AND BETTER VALUE BEING OFFERED ACROSS THE PRODUCT RANGE.  SALES
(IN AU$) DURING THE PERIOD GREW BY 0.6%  THE RANGE HAS BEEN EXPANDED TO INCLUDE
COUNTRY ROAD BODYCARE PRODUCTS AND THE SUCCESSFUL TRIAL OF CHILDREN'S WEAR IN
THE PERIOD HAS PAVED THE WAY FOR A FULL RANGE LAUNCH IN SUMMER 2000.
STORE DEVELOPMENTS
COUNTRY ROAD HAS CONTINUED WITH ITS STORE REFURBISHMENT PROGRAMME IN A FORMAT
THAT DEMONSTRATES THAT A LOWER COST OF FITTING OUT STORES IS ACHIEVABLE WHILST
STILL MAINTAINING HIGH VISUAL STANDARDS. THIS WILL ENABLE EXPANSION INTO
CENTRES THAT PREVIOUSLY WOULD HAVE BEEN CONSIDERED UNECONOMIC.
RESTRUCTURE
WOOLWORTHS HOLDINGS LIMITED HAS RESTRUCTURED TO BENEFIT FROM THE
RATIONALISATION OPPORTUNITIES IN THE WOOLTRU GROUP AND TO USE THE WOOLTRU
GROUPS EXCITING E-COMMERCE INITIATIVES FOR THE BENEFIT OF OUR CUSTOMERS.
SIMON SUSMAN HAS BEEN APPOINTED CHIEF EXECUTIVE OFFICER - CHAIN AND WILL TAKE
ACCOUNTABILITY FOR THE WOOLWORTHS CHAIN INCLUDING PROCUREMENT, SUPPLY CHAIN,
RETAIL, MARKETING, FINANCE AND HUMAN RESOURCES, WHILE BRIAN FROST HAS BEEN
APPOINTED CHIEF EXECUTIVE OFFICER - CHANNEL AND WILL BE RESPONSIBLE FOR
WOOLWORTHS CHANNEL ACTIVITIES INCLUDING INFORMATION TECHNOLOGY, LOGISTICS AND
FINANCIAL SERVICES.
THEY, TOGETHER WITH IAN THOMSON, THE CHIEF EXECUTIVE OFFICER - COUNTRY ROAD,
WILL REPORT TO THE NEW CHAIRMAN OF WOOLWORTHS HOLDINGS, COLIN HALL.
SYD MULLER HAS RESIGNED HIS EXECUTIVE POSITIONS AND DIRECTORSHIPS WITHIN
WOOLWORTHS HOLDINGS SO THAT HE CAN TAKE UP A CHIEF EXECUTIVE POSITION IN A
COMPANY TO BE FORMED TO FOCUS ON ONE ASPECT OF WOOLTRU'S NEW ELECTRONIC
COMMERCE INITIATIVE.  HIS STATUS AS A RETAILER IS RECOGNISED IN SOUTH AFRICA
AND INTERNATIONALLY AND WILL BE INVALUABLE IN HIS NEW ROLE.  SYD HAS MADE A
HUGE CONTRIBUTION TO THE GROWTH OF WOOLWORTHS OVER THE 23 YEARS HE HAS BEEN
WITH THE COMPANY AND WILL BE GREATLY MISSED.
FARRELL RATNER HAS ENTERED INTO A CONSULTANCY AGREEMENT AS PROCUREMENT ADVISOR
TO THE WOOLWORTHS CHAIN AND HAS RELINQUISHED HIS ROLE ON THE BOARD.  WE LOOK
FORWARD TO THE CONTINUED BENEFIT OF HIS VAST EXPERIENCE.
MAIR BARNES, MARK LAMBERTI, JOHN NEWTON, IAN THOMSON AND RICHARD VAN RENSBURG
HAVE BEEN APPOINTED TO THE BOARD.
PROSPECTS
TO SUPPORT THE NEW CHAIN AND CHANNEL STRATEGY FURTHER RESTRUCTURING WILL TAKE
PLACE, THE BENEFIT OF WHICH WILL ONLY BE REALISED IN THE NEXT FINANCIAL YEAR
AND BEYOND.
CAPITALISATION SHARE AWARD AND INTERIM CASH DIVIDEND
THE DIRECTORS HAVE RESOLVED TO ISSUE CAPITALISATION SHARES TO ORDINARY
SHAREHOLDERS REGISTERED AS SUCH ON FRIDAY, 3 MARCH 2000 (THE LAST DAY TO
REGISTER), PROVIDED THAT SUCH SHAREHOLDERS MAY ELECT INSTEAD TO RECEIVE AN
INTERIM CASH DIVIDEND OF 6.5 CENTS PER SHARE DECLARED IN RESPECT OF THE SIX
MONTH PERIOD ENDED 31 DECEMBER 1999.
THE AWARD OF CAPITALISATION SHARES TO ORDINARY SHAREHOLDERS REGISTERED AT THE
CLOSE OF BUSINESS ON THE LAST DAY TO REGISTER WILL BE DETERMINED BY THE RATIO
THAT 6.5 CENTS MULTIPLIED BY 1.05 BEARS TO THE WEIGHTED AVERAGE TRADING PRICE
OF THE WOOLWORTHS ORDINARY SHARES ON THE JOHANNESBURG STOCK EXCHANGE FOR THE
FOUR BUSINESS DAYS ENDING AT THE CLOSE OF BUSINESS ON THURSDAY, 30 MARCH 2000.
DOCUMENTATION DEALING WITH THE CAPITALISATION SHARE ISSUE AND THE CASH
ALTERNATIVE WILL BE POSTED TO ORDINARY SHAREHOLDERS ON OR ABOUT FRIDAY, 10
MARCH 2000.  IN ORDER TO BE VALID, COMPLETED ELECTION FORMS WILL HAVE TO BE
RECEIVED BY MERCANTILE REGISTRARS, WOOLWORTHS' TRANSFER SECRETARIES, BY NO
LATER THAN 12H00 ON FRIDAY, 31 MARCH 2000.  THE LAST DAY FOR THE RECEIPT OF
LATE POSTAL ACCEPTANCES WILL BE 12H00 ON WEDNESDAY, 5 APRIL 2000.  THE NEW
ORDINARY SHARES WILL BE ISSUED AND THE CASH DIVIDEND PAID ON WEDNESDAY, 12
APRIL 2000.
ON BEHALF OF THE BOARD OF DIRECTORS.
C A HALL
CHAIRMAN
CAPE TOWN
16 FEBRUARY 2000
THIS INFORMATION IS ALSO AVAILABLE ON THE FOLLOWING INTERNET ADDRESSES:
WWW.WOOLWORTHS.CO.ZA     WWW.EDATA.CO.ZA/WOOLWORTHS
DIRECTORATE CHAIRMAN C A HALL     EXECUTIVE DIRECTORS B J FROST (CEO -
CHANNEL), S N SUSMAN (CEO - CHAIN), I N THOMSON (CEO - COUNTRY ROAD), I L
STURROCK,  A J VAN VUUREN
NON-EXECUTIVE DIRECTORS M BARNES, N L COLNE (BRITISH), C A GROLMAN, F JAKOET, M
J LAMBERTI, J D NEWTON, G SEABROOK (AUSTRALIAN), R S J VAN RENSBURG     COMPANY
SECRETARY C L LOWE
WOOLWORTHS HOLDINGS LIMITED COMPANY REGISTRATION NUMBER 1929/001986/06
REGISTERED OFFICE WOOLWORTHS HOUSE, 93 LONGMARKET STREET, CAPE TOWN 8001
TRANSFER SECRETARIES MERCANTILE REGISTRARS LIMITED, 10TH FLOOR, 11 DIAGONAL
STREET, JOHANNESBURG 2001
PRODUCED BY: MALANGO KAUNDA 17-02-2000 08:01 SENS

PUBLISHER : JSE SENS Feed
Source: JSE Securities Exchange - SENS
 
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