1999/02/18
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 1998 [JSE Securities Exchange - SENS]
 
18/02/1999 - 18:31:06

WOOLWORTHS HOLDINGS LIMITED
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 1998
WOOLWORTHS TRADING OPERATION
* NET PROFIT BEFORE EXCEPTIONAL ITEMS IMPROVED
* TEXTILES MARKET SHARE INCREASED
WOOLWORTHS HOLDINGS
* NET OPERATING MARGINS IMPROVED
* DEBT EQUITY RATIO IMPROVED SUBSTANTIALLY
COUNTRY ROAD
* TRADING LOSSES DRAMATICALLY REDUCED
* SUBSTANTIAL TURNAROUND IN AUSTRALASIA
INVESTING FOR THE FUTURE
INCOME STATEMENT
THE UNAUDITED GROUP RESULTS ARE SET OUT BELOW:
YEAR ENDED                                      SIX MONTHS ENDED
30 JUNE                                         31 DECEMBER
1998                                            1998        1997        %
RM                                        NOTE  RM          RM        CHANGE
5 300.8    REVENUE                              3 179.0     2 525.1
5 039.4    TURNOVER                             3 023.4     2 402.7   25.8
261.4      INTEREST AND OTHER REVENUE           155.6       122.4     27.1
-          NET PROFIT BEFORE
402.5      EXCEPTIONAL ITEMS                    214.7       202.7     5.9
30.8       EXCEPTIONAL ITEMS              1     (8.9)       -
433.3      NET PROFIT BEFORE TAX          2     205.8       202.7     1.5
148.5      TAX                                  76.9        71.1      8.2
284.8      NET PROFIT AFTER TAX                 128.9       131.6     -2.1
1.1        OUTSIDE SHAREHOLDERS' INTEREST       (0.3)       -
-          NET PROFIT ATTRIBUTABLE
283.7      TO ORDINARY SHAREHOLDERS             129.2       131.6     -1.8
-          NUMBER OF SHARES ISSUED
839.6      (MILLIONS)                           852.7       760.2     12.2
-          WEIGHTED AVERAGE NUMBER
762.8      OF SHARES (MILLIONS)                 845.9       754.2     12.2
37.2       EARNINGS PER SHARE (CENTS)           15.3        17.5      -12.6
267.1      HEADLINE EARNINGS (R MILLION)  3     137.9       131.1     5.2
-          HEADLINE EARNINGS PER
35.0       SHARE (CENTS)                        16.3        17.4      -6.3
14.0       DIVIDEND PER SHARE (CENTS)           6.5         6.5       -
2.5        DIVIDEND COVER                       2.5         2.7       -7.4
THE FOLLOWING PROFORMA INFORMATION IS PROVIDED FOR COMPARATIVE PURPOSES,
ASSUMING THAT COUNTRY ROAD WAS A SUBSIDIARY DURING THE SIX MONTHS ENDED 31
DECEMBER 1997
-          TURNOVER                             3 023.4     2 854.0    5.9
-          WOOLWORTHS                           2 523.6     2 402.7    5.0
-          COUNTRY ROAD                         499.8       451.3      10.7
-          NET PROFIT/(LOSS) BEFORE
-          EXCEPTIONAL ITEMS                    214.7       191.4      12.2
-          WOOLWORTHS                           216.8       206.1      5.2
-          FUNDING COST FOR INVESTMENT
-          IN COUNTRY ROAD                      -           (3.4)      -
-          COUNTRY ROAD                         (2.1)       (11.3)     81.4
BALANCE SHEET
30 JUNE                                                31 DECEMBER
1998                                                   1998       1997
RM                                                     RM         RM
-            CAPITAL EMPLOYED
1 642.4      ORDINARY SHAREHOLDERS' INTEREST           1 752.3    1 225.5
27.8         OUTSIDE SHAREHOLDERS' INTEREST            28.1       -
1 670.2      TOTAL SHAREHOLDERS' INTEREST              1 780.4    1 225.5
25.8         LONG-TERM LIABILITIES                     41.3       7.5
26.4         DEFERRED TAX                              15.5       21.1
1 722.4      -                                         1 837.2    1 254.1
-            EMPLOYMENT OF CAPITAL
1 000.0      PROPERTY, PLANT AND EQUIPMENT             1 022.1    833.8
0.1          INVESTMENTS                               0.1        66.9
73.5         LOANS                                     67.9       67.1
1 774.1      CURRENT ASSETS                            1 998.9    1 556.6
481.8        INVENTORIES                               601.7      375.1
1 087.9      DEBTORS                                   1 123.8    1 023.7
204.4        BANK BALANCES AND CASH                    273.4      155.7
-            AMOUNTS OWING BY RELATED
-            PARTIES                                   -          2.1
2 847.7      TOTAL ASSETS                              3 089.0    2 524.4
1 125.3      CURRENT LIABILITIES                       1 251.8    1 270.3
606.3        CREDITORS                                 701.5      625.4
114.8        TAX                                       145.6      117.3
-            OVERDRAFTS AND SHORT-TERM
392.8        LIABILITIES                               390.9      81.1
11.4         DIVIDENDS                                 13.8       9.9
-            AMOUNTS OWING TO RELATED PARTIES          -          436.6
1 722.4      -                                         1 837.2    1 254.1
198.8        NET ASSET VALUE - PER SHARE (CENTS)       208.8      161.2
12.8%        DEBT (NET OF CASH) EQUITY RATIO           8.9%       29.6%
CASH FLOW STATEMENT
YEAR ENDED                                             SIX MONTHS ENDED
30 JUNE                                                31 DECEMBER
1998                                                   1998       1997
RM           -                                         RM         RM
-            CASH FLOW FROM OPERATING
-            ACTIVITIES
433.5        CASH INFLOW FROM TRADING                  226.2      196.4
(92.7)       WORKING CAPITAL MOVEMENTS                 (71.2)     (55.7)
-            CASH GENERATED BY OPERATING
340.8        ACTIVITIES                                155.0      140.7
-            INTEREST RECEIVED AND INVESTMENT
231.7        INCOME                                    135.0      112.5
(83.3)       INTEREST PAID                             (48.4)     (33.8)
(176.8)      TAX PAID                                  (56.9)     (99.7)
312.4        CASH GENERATED BY OPERATIONS              184.7      119.7
(20.5)       DIVIDENDS PAID                            (27.7)     (10.8)
291.9        NET CASH INFLOW FROM OPERATIONS           157.0      108.9
-            CASH FLOW FROM INVESTING
-            ACTIVITIES
(73.5)       INVESTMENT TO MAINTAIN OPERATIONS         (36.9)     (49.5)
(188.8)      INVESTMENT TO EXPAND OPERATIONS           (77.7)     (57.4)
(304.9)      INVESTMENT IN SUBSIDIARIES                -          -
-            PROCEEDS ON SALE OF PROPERTY, PLANT
13.8         AND EQUIPMENT                             10.6       3.5
-            LOANS AND OTHER INVESTMENTS               -          (14.5)
(18.2)       PURCHASE OF OUTSIDE SHAREHOLDERS' INTEREST -         -
-            NET CASH OUTFLOW FROM INVESTING
(571.6)      ACTIVITIES                                (104.0)    (117.9)
-            CASH FLOW FROM FINANCING ACTIVITIES
460.7        SHARES ISSUED                             0.9        6.4
-            LOANS AND ADVANCES (TO)/FROM RELATED
(388.5)      PARTIES                                   -          40.1
-            LOANS ADVANCED TO DIRECTORS
(12.1)       AND EMPLOYEES                             (3.3)      (5.7)
(46.2)       LONG-TERM LIABILITIES (REPAID)/RAISED     14.4       (5.7)
-            NET CASH INFLOW FROM FINANCING
13.9         ACTIVITIES                                12.0       35.1
-            NET INCREASE/(DECREASE) IN CASH AND
(265.8)      CASH EQUIVALENTS                          65.0       26.1
-            CASH AND CASH EQUIVALENTS AT
53.7         BEGINNING OF PERIOD                       (188.3)    49.7
23.8         EFFECT OF EXCHANGE RATE CHANGES           5.8        (1.2)
-            CASH AND CASH EQUIVALENTS AT END OF
(188.3)      PERIOD                                    (117.5)    74.6
NOTES 1. THE EXCEPTIONAL ITEM (R8.9 MILLION) RELATES TO THE REPURCHASE OF
SHARES BY THE WOOLWORTHS HOLDINGS SHARE TRUST FROM EMPLOYEES PARTICIPATING IN
THE SHARE PURCHASE SCHEME AND THE WRITE OFF OF A LOAN TO THE TRUST AS A RESULT
THEREOF. 2. NET PROFIT BEFORE TAX IS STATED AFTER INTEREST PAID OF R48.4
MILLION (1997: R33.8 MILLION), INTEREST RECEIVED OF R135.0 MILLION (1997:
R112.3 MILLION) AND DEPRECIATION OF R85.4 MILLION (1997: R62.0 MILLION). 3.
HEADLINE EARNINGS ARE BASED ON NET PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS
ADJUSTED BY EXCEPTIONAL ITEM AFTER TAX AND OUTSIDE SHAREHOLDERS' INTEREST OF
R8.9 MILLION (1997: R NIL) AND NET PROFIT ON SALE OF FIXED ASSETS OF R0.2
MILLION (1997: R0.5 MILLION).
4. COMMITMENTS FOR THE REMAINDER OF THE FINANCIAL YEAR IN RESPECT OF CAPITAL
EXPENDITURE APPROVED BY DIRECTORS AMOUNT TO R89.1 MILLION (1997: R153.1
MILLION). 5. CONTINGENT LIABILITIES AT THE END OF THE PERIOD AMOUNT TO R3.1
MILLION (1997: R3.0 MILLION). 6. UNUTILISED BANKING FACILITIES AMOUNT TO R722.0
MILLION WITH NO LIMIT ON THE GROUP'S YEAR END INTEREST BEARING DEBT.
COMMENT
WE ARE PLEASED TO REPORT ON THE HALF YEAR RESULTS OF WOOLWORTHS HOLDINGS
LIMITED FOR THE PERIOD TO 31 DECEMBER 1998. IT SHOULD BE NOTED THAT COUNTRY
ROAD LIMITED, THE AUSTRALIAN APPAREL AND HOME CHAIN WAS ACQUIRED ON 1 FEBRUARY
1998 AND BECAME A SUBSIDIARY OF THE GROUP ON THAT DATE AND THEREFORE THE
RESULTS FOR THE SIX MONTH PERIODS ARE NOT COMPARABLE. ADDITIONAL INFORMATION
HAS BEEN PROVIDED IN THE INCOME STATEMENT SECTION TO ASSIST WITH INTERPRETATION
OF THE RESULTS.
GROUP PROFITS
PROFIT BEFORE EXCEPTIONAL ITEMS INCREASED BY 5.9% TO R214.7M. PROFIT
ATTRIBUTABLE TO ORDINARY SHAREHOLDERS DROPPED BY 1.8% AND WAS INFLUENCED BY THE
HIGHER INCIDENCE OF CASH DIVIDEND RESULTING IN AN INCREASE IN STC AS WELL AS
EXCEPTIONAL COSTS ASSOCIATED WITH THE REPURCHASE OF EMPLOYEES' SHARES BY THE
WOOLWORTHS HOLDINGS SHARE TRUST. IN VIEW OF THE DECLINE IN THE STOCK MARKET,
ALL UNRELEASED SHARES WERE REPURCHASED FROM PARTICIPATING EMPLOYEES AT THE
ORIGINAL ISSUE PRICE AS IT WAS CONSIDERED IMPORTANT TO ENSURE THE CONTINUED
MOTIVATION OF MANAGEMENT AND STAFF. NEW OFFERS WERE MADE TO QUALIFYING
EMPLOYEES AT THE THEN RULING MARKET PRICE. HEADLINE EARNINGS PER SHARE DROPPED
BY 6.3% DUE TO THE 12.2% ADDITIONAL SHARES ISSUED PRIMARILY TO FINANCE THE
ACQUISITION OF COUNTRY ROAD. THE DEBT EQUITY RATIO IMPROVED SUBSTANTIALLY AND
WAS ONLY 8.9% COMPARED TO 29.6% LAST YEAR AND 12.8% IN JUNE 1998.
WOOLWORTHS TRADING OPERATION - SOUTH AFRICA
TRADING
NET PROFIT BEFORE EXCEPTIONAL ITEMS OF R216.8M INCREASED BY 5.2%. THE
WOOLWORTHS TRADING OPERATION WAS AFFECTED BY THE VERY DIFFICULT ECONOMIC
CONDITIONS THAT PREVAILED DURING THE PERIOD UNDER REVIEW. AT A TIME WHEN
ORDINARY SOUTH AFRICANS WERE EXPECTING INTEREST RATES TO DROP TO BRING SOME
RELIEF TO THE EXTRAORDINARILY HIGH REAL INTEREST COSTS WHICH CONSUMERS HAD BEEN
SUBJECT TO, AN ATTACK ON THE RAND SENT INTEREST RATES SPIRALLING EVEN HIGHER.
THE STOCK MARKET SUFFERED A SEVERE REVERSAL AND CUSTOMER CONFIDENCE TOOK A
HAMMERING. THESE EVENTS HAD A PARTICULARLY DELETERIOUS EFFECT ON THE
TRADITIONAL WOOLWORTHS CUSTOMER AND IT IS NOT SURPRISING THEREFORE THAT
CUSTOMER SPENDING WAS SUBDUED.
TOTAL MARKET SALES OF CLOTHING AND FOOTWEAR, AS RECORDED BY THE RETAILERS
LIAISON COMMITTEE, DECREASED BY 0.7 % COMPARED TO A 3.2% INCREASE IN
WOOLWORTHS' SALES, WHICH REPRESENTS A GAIN IN MARKET SHARE. ACCORDING TO THE
NIELSEN ACTION INDEX TOTAL MARKET SALES OF FOODS INCREASED BY 9.3% COMPARED TO
A 7.5% INCREASE IN WOOLWORTHS FOODS SALES, WHICH REPRESENTS A VERY SMALL DROP
IN MARKET SHARE.
IN THE FACE OF THESE CHALLENGING AND VOLATILE CIRCUMSTANCES IT WAS NECESSARY TO
APPLY VERY STRICT CONTROLS OVER STOCK AND EXPENSES. THIS TASK WAS MADE EVEN
MORE DIFFICULT BY THE SUBSTANTIAL INCREASE IN TRADING SPACE THAT WAS ALREADY
COMMITTED AND IN THE PROCESS OF BEING OPENED. THE BUSINESS ROSE TO THIS
CHALLENGE. EXPENSES WERE CUT AND STOCK LEVELS AT THE END OF DECEMBER WERE
CONTAINED, NOTWITHSTANDING THE INTRODUCTION OF NEW STOCKS OF FINE JEWELLERY AND
WATCHES. (THE STOCK FIGURES IN THE BALANCE SHEET INCLUDES COUNTRY ROAD THIS
YEAR BUT NOT LAST YEAR.) THE DEBTORS BOOK CONTINUES TO BE WELL CONTROLLED AND
BAD DEBT IS BEING MAINTAINED AT BUDGETED LEVELS.
A NUMBER OF IMPORTANT MERCHANDISE DEVELOPMENTS TOOK PLACE DURING THIS PERIOD.
JEWELLERY AND WATCH COUNTERS WERE SUCCESSFULLY INTRODUCED IN 22 STORES AND AN
EXCELLENT FOUNDATION HAS BEEN CREATED FOR THIS NEW BUSINESS. IN FOODS A TRIAL
OF AN INSTORE BAKERY AND A FULL SERVICE DELICATESSEN OPERATION WAS OPENED IN
THE BLUE ROUTE STORE IN CAPE TOWN DURING NOVEMBER. THIS COUNTER FEATURES HOT
FOOD AND A FULL RANGE OF DELICATESSEN MEATS, SALADS AND PREPARED MEALS. WHILE
IT IS TOO EARLY TO EVALUATE PROPERLY THE VIABILITY OF THIS VENTURE THE EARLY
RESULTS ARE PROMISING. EXTENDED RANGES OF GIFTWARE IN BOTH FOODS AND TEXTILES
WERE INTRODUCED THIS CHRISTMAS WITH SIGNIFICANT SUCCESS.
INVESTMENT
SUBSTANTIAL INVESTMENT WAS MADE IN THE PAST SIX MONTHS. FIVE NEW STORES WERE
OPENED AND SIX STORES WERE ENLARGED AND/OR REFURBISHED. THE MAJORITY OF STORES
ARE NOW IN THE MOST MODERN FORMAT COMPRISING 68% OF TOTAL TRADING SPACE.
WHILE INVESTMENT IN NEW SYSTEMS CONTINUES APACE, PROBLEMS HAVE BEEN EXPERIENCED
WITH THE IMPLEMENTATION OF CERTAIN TEXTILE PLANNING AND ALLOCATION SYSTEMS AND
THIS HAS DELAYED PROGRESS IN THIS AREA. THESE PROBLEMS HAVE NOW LARGELY BEEN
RESOLVED.
GOOD PROGRESS HAS BEEN MADE WITH FOODS REPLENISHMENT SYSTEMS AND THESE SHOULD
BE FULLY IN PLACE IN THE SECOND HALF OF THIS CALENDAR YEAR.
COUNTRY ROAD - AUSTRALASIA AND USA
TRADING
SHAREHOLDERS WERE PREVIOUSLY INFORMED OF THE PLANS THAT WERE BEING IMPLEMENTED
TO PLACE COUNTRY ROAD ON A PROFITABLE FOOTING. EXCELLENT PROGRESS HAS BEEN MADE
AND MANY OF THE KEY INITIATIVES DESIGNED TO RETURN COUNTRY ROAD TO
PROFITABILITY HAVE BEEN IMPLEMENTED. IT IS ENCOURAGING TO REPORT THAT COUNTRY
ROAD REDUCED ITS LOSSES TO R2.1M (1997: R11.3M). THE AUSTRALASIAN OPERATIONS
RECORDED A PROFIT BEFORE INTEREST AND TAX OF AUD 0.5M AGAINST AN AUD 3.5M LOSS
FOR A SIMILAR PERIOD LAST YEAR. THIS WAS OFF-SET BY A LOSS FROM USA OPERATIONS
OF AUD 0.8M (1997: PROFIT OF AUD 0.3M), MAINLY DUE TO ADDITIONAL COSTS INCURRED
AS A RESULT OF BUILDING DELAYS AT THE NEW STORE BEING CONSTRUCTED IN THE
FLATIRON DISTRICT OF NEW YORK. TURNOVER IN AUD WAS AT THE SAME LEVEL AS LAST
YEAR, WHICH HAD BEEN ARTIFICIALLY BOOSTED BY THE HIGH LEVEL OF SALE ACTIVITY.
IT SHOULD BE BORNE IN MIND THAT WOOLWORTHS HAS ONLY BEEN IN CONTROL OF COUNTRY
ROAD FOR TEN MONTHS AND IAN THOMSON, THE COMPANY'S CHIEF EXECUTIVE, JOINED SIX
MONTHS AGO.
THE RESTRUCTURING OF THE BUSINESS IS NOW BEING UNDERTAKEN. COSTS WERE REVIEWED
AND THE CHANGES HAVE BEEN WELL RECEIVED. FURTHER CHANGES WILL BE MADE OVER THE
NEXT 12 MONTHS AND COUNTRY ROAD SHOULD THEREAFTER BE FAVOURABLY POSITIONED FOR
GROWTH.
INVESTMENT
FOUR NEW STORES WERE OPENED IN AUSTRALASIA AND ONE SMALLER STORE WAS CLOSED.
TRADING SPACE INCREASED BY 6% FROM JUNE 1998.
IN AMERICA A NEW STORE WAS OPENED IN THE KING OF PRUSSIA MALL IN PENNSYLVANIA.
OUR FLAGSHIP STORE IN THE FLATIRON DISTRICT OF NEW YORK WILL NOW OPEN IN MARCH.
THE NEW STORE POINT OF SALE SYSTEM HAS BEEN IMPLEMENTED THROUGHOUT THE BUSINESS
AND THE BENEFIT OF IMPROVED SALES STOCK AND CUSTOMER INFORMATION IS NOW
STARTING TO BECOME EVIDENT.
PROSPECTS
SOUTH AFRICA
THE NEXT SIX MONTHS IS UNLIKELY TO BRING MUCH RELIEF TO CONSUMERS EITHER FROM
SIGNIFICANTLY LOWER INTEREST RATES OR GROWTH IN THE ECONOMY. OUR KEY PRODUCT
AND SERVICE INITIATIVES WILL STILL BE IMPLEMENTED ALTHOUGH CUT BACKS HAVE TAKEN
PLACE IN CAPITAL EXPENDITURE. THE BUSINESS IS UNDER STRICT CONTROL, EXPENSES
HAVE BEEN TRIMMED AND STOCKS ARE IN LINE WITH FUTURE SALES EXPECTATIONS.
WOOLWORTHS IS IN AN EXCELLENT POSITION NOT ONLY TO WEATHER ADVERSE TRADING
CONDITIONS, BUT ALSO TO CAPITALISE ON EVEN A MODERATE UPTURN IN THE ECONOMY.
AUSTRALASIA AND USA
WE ARE PLEASED BY THE PROGRESS THAT IS BEING MADE IN THE RE-ORGANISATION OF OUR
BUSINESS AND LOOK FORWARD TO A FURTHER IMPROVEMENT IN ITS OPERATION.  COUNTRY
ROAD IS NOW WELL PLACED TO MAKE A MEANINGFUL CONTRIBUTION TO THE RESULTS OF THE
GROUP WITHIN THE NEXT TWO YEARS.
YEAR 2000
THE LAST ANNUAL REPORT DISCLOSED THE PROGRAMME TO ADDRESS THE YEAR 2000 ISSUE.
WORK HAS BEEN COMPLETED ON THE MAJORITY OF WOOLWORTHS' SYSTEMS AND
INFRASTRUCTURE, ALL WITHIN BUDGET, AND THE BALANCE OF THE WORK WILL BE
FINALISED BY MARCH 1999. THE FOCUS FOR THE REMAINDER OF THIS CALENDAR YEAR
INCLUDES THE CONTINUED MANAGEMENT OF OUR SUPPLIERS, SERVICE PROVIDERS, AND OUR
OWN ENVIRONMENT. SPECIFIC CONTINUITY PLANNING IN PREPARATION FOR THE TRANSITION
TO THE YEAR 2000 HAS ALSO COMMENCED.
THE YEAR 2000 PROJECT AT COUNTRY ROAD IS PROCEEDING ON SCHEDULE AND WITHIN
BUDGET. WORK HAS COMMENCED WITH CRITICAL SUPPLIERS AND SERVICE PROVIDERS AND
CONTINGENCY PLANS ARE BEING PREPARED.
CAPITALISATION SHARE AWARD AND INTERIM CASH DIVIDEND
THE DIRECTORS HAVE RESOLVED TO ISSUE CAPITALISATION SHARES TO ORDINARY
SHAREHOLDERS REGISTERED AS SUCH ON FRIDAY, 5 MARCH 1999 ("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 1998.
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 WEDNESDAY,
31 MARCH 1999.
DOCUMENTATION DEALING WITH THE CAPITALISATION SHARE ISSUE AND THE CASH
ALTERNATIVE WILL BE POSTED TO ORDINARY SHAREHOLDERS ON OR ABOUT FRIDAY, 12
MARCH 1999. 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 THURSDAY, 1 APRIL 1999. THE LAST DAY FOR THE RECEIPT OF
LATE POSTAL ACCEPTANCES WILL BE 12H00 ON THURSDAY, 8 APRIL 1999. THE NEW
ORDINARY SHARES WILL BE ISSUED AND THE CASH DIVIDEND PAID ON WEDNESDAY, 14
APRIL 1999.
AUDITORS' REVIEW
THE FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31 DECEMBER 1998 SET OUT
ABOVE HAS BEEN REVIEWED, BUT NOT AUDITED, BY THE COMPANY'S AUDITORS, ERNST &
YOUNG. THEIR REVIEW REPORT WAS UNQUALIFIED AND IS AVAILABLE FOR INSPECTION AT
THE COMPANY'S REGISTERED OFFICE.
ON BEHALF OF THE BOARD OF DIRECTORS.
S A MULLER
EXECUTIVE CHAIRMAN
B J FROST                             F M RATNER
JOINT MANAGING DIRECTOR               JOINT MANAGING DIRECTOR
CAPE TOWN
17 FEBRUARY 1999
THIS INFORMATION IS ALSO AVAILABLE ON THE INTERNET: WWW.EDATA.CO.ZA/WOOLWORTHS
DIRECTORATE EXECUTIVE CHAIRMAN S A MULLER DIRECTORS B J FROST (JOINT MANAGING
DIRECTOR), F M RATNER (JOINT MANAGING DIRECTOR), C A GROLMAN, I L STURROCK, S N
SUSMAN, A J VAN VUUREN
NON-EXECUTIVE DIRECTORS N L COLNE (BRITISH), F JAKOET, C A HALL, G SEABROOK
(AUSTRALIAN)
WOOLWORTHS HOLDINGS LIMITED COMPANY REGISTRATION NUMBER 05/01986/06  REGISTERED
OFFICE WOOLWORTHS HOUSE, 93 LONGMARKET STREET, CAPE TOWN 8001
TRANSFER SECRETARIES MERCANTILE REGISTRARS LIMITED, 10TH FLOOR, 11 DIAGONAL
STREET, JOHANNESBURG 2001
PRODUCED BY: ELIZE BLOM 18-02-1999 08:43 SENS

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