2007/02/15
WHL - Woolworths Holdings - Unaudited group results for the and dividend [JSE Securities Exchange - SENS]
 
WOWOW                                                                           
WHL - Woolworths Holdings - Unaudited group results for the and dividend        
declaration                                                                     
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)                                  
Registration number: 1929/001986/06                                             
Share code: WHL     ISIN: ZAE000063863                                          
("Woolworths Holdings" or "the Company")
Unaudited group results for the twenty six weeks ended December 2006            
Another year of continued good growth                                           
Highlights                                                                      
    -    Revenue 21.0% up
    -    Operating profit 31.1% up                                              
    -    Earnings per share 32.3% up                                            
    -    Diluted HEPS 22.9% up                                                  
    -    Dividend per share 22.9% up
                                                                                
    Income statement                                                            
                                                                                
       26 weeks ended
                                                          December              
                                                     2006        2005         % 
                                        Notes          Rm          Rm    change
    Revenue                                       8 970.4     7 415.3     21.0% 
    Turnover                                      8 406.5     6 995.0     20.2% 
    Cost of sales                                 5 522.8     4 604.6     19.9% 
    Gross profit                                  2 883.7     2 390.4     20.6%
    Other revenue                                   563.9       420.3     34.2% 
    Expenses                                      2 490.0     2 080.4     19.7% 
    Depreciation                                    155.5       132.9     17.0% 
    Occupancy cost                                  398.9       337.2     18.3%
    Employment cost                                 954.0       805.1     18.5% 
    Other operating cost                            981.6       805.2     21.9% 
    Operating profit                                957.6       730.3     31.1% 
    Finance costs                                   171.9       113.8     51.1%
    Profit before exceptional item                  785.7       616.5     27.4% 
    Exceptional item                       5         54.6            -          
    Profit before tax                               840.3       616.5     36.3% 
    Tax                                    6        273.1       194.2     40.6%
    Profit after tax                                567.2       422.3     34.3% 
    Attributable to:                                                            
    Ordinary shareholders                           563.6       421.3     33.8% 
    Minority shareholders                             3.6         1.0     >100%
    Reconciliation of headline earnings                                         
    Attributable earnings                           563.6       421.3     33.8% 
    Profit on disposal of property, plant                                       
    and equipment  -
    net of minority shareholders' interest         (47.9)       (2.2)           
    Foreign exchange loss realised on                                           
    repayment of loan                                                           
    by subsidiary                                     1.9            -
    Headline earnings                               517.6       419.1     23.5% 
    Headline earnings per share (cents)              64.8        53.1     22.0% 
    Earnings per share (cents)              7        70.5        53.3     32.3% 
    Diluted headline earnings per
    share (cents)                                    63.8        51.9     22.9% 
    Diluted earnings per share (cents)      7        69.3        52.2     32.8% 
    Distribution per share (cents)                   29.5        24.0     22.9% 
    Distribution cover (based on headline
    earnings per share)                               2.2         2.2           
    Number of shares in issue (millions)            800.4       796.2      0.5% 
    Weighted average number of shares                                           
    in issue (millions)                             799.2       789.8      1.2%
    Revenue                                                                     
    Turnover                                      8 406.5     6 995.0     20.2% 
    Woolworths                                    7 810.1     6 488.9     20.4% 
     - Clothing and home                          3 460.2     3 024.4     14.4%
     - Food                                       4 191.3     3 329.1     25.9% 
     - Logistics services and other                 158.6       135.4     17.1% 
    Country Road                                    596.4       506.1     17.8% 
    Interest                                        448.7       348.6     28.7%
    Other revenue                                   115.2        71.7     60.7% 
                                                  8 970.4     7 415.3     21.0% 
    Operating profit                                                            
    Woolworths                                      926.4       720.1     28.6%
    Country Road                                     31.2        10.2     >100% 
                                                    957.6       730.3     31.1%
                                                                     Year ended 
                                                                   30 June 2006 
                                                                             Rm
    Revenue                                                            15 143.0 
    Turnover                                                           14 208.0 
    Cost of sales                                                       9 340.4 
    Gross profit                                                        4 867.6
    Other revenue                                                         935.0 
    Expenses                                                            4 312.3 
    Depreciation                                                          269.9 
    Occupancy cost                                                        679.1
    Employment cost                                                     1 699.6 
    Other operating cost                                                1 663.7 
    Operating profit                                                    1 490.3 
    Finance costs                                                         243.9
    Profit before exceptional item                                      1 246.4 
    Exceptional item                                                          - 
    Profit before tax                                                   1 246.4 
    Tax                                                                   409.0
    Profit after tax                                                      837.4 
    Attributable to:                                                            
    Ordinary shareholders                                                 835.6 
    Minority shareholders                                                   1.8
    Reconciliation of headline earnings                                         
    Attributable earnings                                                 835.6 
    Profit on disposal of property, plant                                       
    and equipment  -
    net of minority shareholders' interest                                (0.6) 
    Foreign exchange loss realised on                                           
    repayment of loan                                                           
    by subsidiary                                                             -
    Headline earnings                                                     835.0 
    Headline earnings per share (cents)                                   105.0 
    Earnings per share (cents)                                            105.1 
    Diluted headline earnings per                                         103.0
    share (cents)                                                               
    Diluted earnings per share (cents)                                    103.1 
    Distribution per share (cents)                                         63.0 
    Distribution cover (based on headline                                   1.7
    earnings per share)                                                         
    Number of shares in issue (millions)                                  797.2 
    Weighted average number of shares                                     795.3 
    in issue (millions)
    Revenue                                                                     
    Turnover                                                           14 208.0 
    Woolworths                                                         13 227.3 
     - Clothing and home                                                6 012.2
     - Food                                                             6 941.5 
     - Logistics services and other                                       273.6 
    Country Road                                                          980.7 
    Interest                                                              763.6
    Other revenue                                                         171.4 
                                                                       15 143.0 
    Operating profit                                                            
    Woolworths                                                          1 471.3
    Country Road                                                           19.0 
                                                                        1 490.3 
                                                                                
    statement of changes in equity
                                                                     Year ended 
                                                                   30 June 2006 
                                                                             Rm 
    Shareholders' interest at the
    beginning of the period                                             2 210.9 
    Movements for the period:                                                   
    Issue of shares                                                        72.7 
    Share repurchase                                                     (61.7)
    Recognised gains and losses                                           412.3 
    Distributable reserves                                                412.6 
    Profit for the period                                                 837.4 
    Distributions to shareholders                                       (474.2)
    Net fair value adjustments                                                  
    on financial                                                                
    instruments                                                            32.2 
    Share-based payments                                                   18.0
    Acquisition of former investment                                      (0.8) 
    Non-distributable reserves                                                  
    Exchange differences on                                                     
    translation of
    foreign operations                                                    (0.3) 
    Shareholders' interest at the                                               
    end of the period                                                   2 634.2
                                                     Ordinary          Minority 
                                                shareholders'     shareholders' 
                                                     interest          interest 
                                                           Rm                Rm
    Shareholders' interest at the                                               
    beginning of the period                           2 606.3              27.9 
    Movements for the period:                                                   
    Issue of shares                                      40.8                 -
    Share repurchase                                         -                - 
    Recognised gains and losses                         261.1               4.1 
    Distributable reserves                              253.3               3.9 
    Profit for the period                               563.6               3.6
    Distributions to shareholders                     (312.1)                 - 
    Net fair value adjustments                                                  
    on financial                                                                
    instruments                                        (10.4)               0.3
    Share-based payments                                 12.2                 - 
    Acquisition of former investment                        -                 - 
    Non-distributable reserves                                                  
    Exchange differences on
    translation of                                                              
    foreign operations                                    7.8               0.2 
    Shareholders' interest at the                                               
    end of the period                                 2 908.2              32.0
                                                                                
                                                                26 weeks ended  
                                                                   December     
                                                              Total       Total
                                                               2006        2005 
                                                                 Rm          Rm 
    Shareholders' interest at the                                               
    beginning of the period                                 2 634.2     2 210.9
    Movements for the period:                                                   
    Issue of shares                                            40.8        48.3 
    Share repurchase                                              -           - 
    Recognised gains and losses                               265.2        84.1
    Distributable reserves                                    257.2       135.9 
    Profit for the period                                     567.2       422.3 
    Distributions to shareholders                           (312.1)     (282.3) 
    Net fair value adjustments
    on financial                                                                
    instruments                                              (10.1)      (12.2) 
    Share-based payments                                       12.2         8.1 
    Acquisition of former investment                              -           -
    Non-distributable reserves                                                  
    Exchange differences on                                                     
    translation of                                                              
    foreign operations                                          8.0      (51.8)
    Shareholders' interest at the                                               
    end of the period                                       2 940.2     2 343.3 
                                                                                
    Cash flow statement
                                                                                
    26 weeks ended                                                              
                                                                   December     
                                                               2006        2005
                                                                 Rm          Rm 
    Cash flow from operating activities                                         
    Cash inflow from trading                                  760.8       515.1 
    Working capital movements                                (44.3)        90.0
    Cash applied to financial services assets               (576.5)     (336.7) 
    Cash generated by operating activities                    140.0       268.4 
    Interest received                                         448.1       348.6 
    Finance costs paid                                      (160.9)     (115.7)
    Tax paid                                                (233.2)     (228.9) 
    Cash generated by operations                              194.0       272.4 
    Distributions to shareholders                           (312.1)     (282.3) 
    Net cash outflow from operating activities              (118.1)       (9.9)
    Cash outflow from investing activities                  (332.6)     (254.4) 
    Cash flow from financing activities                                         
    Shares issued                                              40.6        48.3 
    Shares repurchased                                            -           -
    Net cash inflow from financing activities                  40.6        48.3 
    Decrease in cash and cash equivalents                   (410.1)     (216.0) 
    Cash and cash equivalents at the beginning                                  
    of the period                                           (623.4)        23.3
    Effect of foreign exchange rate changes                     1.0       (7.3) 
    Cash and cash equivalents at the end                                        
    of the period                                         (1 032.5)     (200.0) 
    GROUP ANALYSIS
    Cash inflow from trading                                  760.8       515.1 
    Woolworths                                                710.3       506.9 
    Country Road                                               50.5         8.2 
    Gross capital expenditure                                 409.3       292.7
    Woolworths                                                383.1       258.6 
    Country Road                                               26.2        34.1 
                                                                                
                                                                     Year ended
                                                                   30 June 2006 
                                                                                
                                                                             Rm 
    Cash flow from operating activities
    Cash inflow from trading                                            1 072.5 
    Working capital movements                                             177.4 
    Cash applied to financial services assets                           (882.2) 
    Cash generated by operating activities                                367.7
    Interest received                                                     762.1 
    Finance costs paid                                                  (244.6) 
    Tax paid                                                            (475.4) 
    Cash generated by operations                                          409.8
    Distributions to shareholders                                       (474.2) 
    Net cash outflow from operating activities                           (64.4) 
    Cash outflow from investing activities                              (600.3) 
    Cash flow from financing activities
    Shares issued                                                          72.7 
    Shares repurchased                                                   (61.7) 
    Net cash inflow from financing activities                              11.0 
    Decrease in cash and cash equivalents                               (653.7)
    Cash and cash equivalents at the beginning                             23.3 
    of the period                                                               
    Effect of foreign exchange rate changes                                 7.0 
    Cash and cash equivalents at the end                                (623.4)
    of the period                                                               
    GROUP ANALYSIS                                                              
    Cash inflow from trading                                            1 072.5 
    Woolworths                                                          1 019.0
    Country Road                                                           53.5 
    Gross capital expenditure                                             637.9 
    Woolworths                                                            599.8 
    Country Road                                                           38.1
                                                                                
                                                                                
    Balance sheet                                                               
                                                                 As at December
                                                               2006        2005 
                                                                 Rm          Rm 
    ASSETS                                                                      
    Non-current assets                                      2 778.0     2 190.9
    Property, plant and equipment                           1 801.5     1 421.2 
    Investment property                                       109.0        72.2 
    Investments                                                   -         2.6 
    Loans to customers                                        271.6       228.6
    Participation in export partnerships                       71.2        62.4 
    Goodwill                                                   23.0           - 
    Other loans                                               216.1       191.7 
    Deferred tax                                              285.6       212.2
    Current assets                                          7 443.0     5 808.4 
    Inventories                                             1 175.1       865.7 
                                                                                
    Woolworths card debtors                                 3 269.6     2 788.7
    Credit card receivables                                   752.1       405.5 
    Accounts receivable                                       911.9       851.0 
    Loans to customers                                        698.4       587.8 
    Tax                                                        28.8        26.9
    Cash                                                      607.1       282.8 
    Total assets                                           10 221.0     7 999.3 
    EQUITY AND LIABILITIES                                                      
    Capital and reserves                                    2 940.2     2 343.3
    Ordinary shareholders' interest                         2 908.2     2 316.2 
    Minority shareholders' interest                            32.0        27.1 
    Non-current liabilities                                 2 353.3     3 075.1 
    Interest bearing borrowings                             1 600.0     2 400.0
    Operating lease accrual                                   433.3       404.8 
    Post-retirement medical aid liability                     214.3       193.2 
    Deferred tax                                              105.7        77.1 
    Current liabilities                                     4 927.5     2 580.9
    Accounts payable                                        2 015.5     1 734.0 
    Provisions                                                138.7       105.5 
    Tax                                                       334.6       258.6 
    Interest bearing borrowings                             2 438.7       482.8
    Total equity and liabilities                           10 221.0     7 999.3 
    Net asset book value per share (cents)                    363.3       290.0 
    GROUP ANALYSIS                                                              
    Total assets                                           10 221.0     7 999.3
    Woolworths                                              9 808.0     7 610.5 
    Country Road                                              413.0       388.8 
    Inventories                                             1 175.1       865.7 
    Woolworths                                              1 054.1       711.0
    Country Road                                              121.0       154.7 
    Approved commitment for capital expenditure               340.2       448.8 
    Woolworths                                                320.4       442.0 
    Country Road                                               19.8         6.8
                                                                                
                                                                          As at 
                                                                   30 June 2006 
                                                                             Rm
    ASSETS                                                                      
    Non-current assets                                                  2 490.6 
    Property, plant and equipment                                       1 597.7 
    Investment property                                                   109.0
    Investments                                                               - 
    Loans to customers                                                    249.2 
    Participation in export partnerships                                   71.6 
    Goodwill                                                               23.0
    Other loans                                                           184.2 
    Deferred tax                                                          255.9 
    Current assets                                                      6 277.7 
    Inventories                                                           841.4
                                                                                
    Woolworths card debtors                                             2 971.2 
    Credit card receivables                                               593.7 
    Accounts receivable                                                   815.8
    Loans to customers                                                    640.9 
    Tax                                                                     4.5 
    Cash                                                                  410.2 
    Total assets                                                        8 768.3
    EQUITY AND LIABILITIES                                                      
    Capital and reserves                                                2 634.2 
    Ordinary shareholders' interest                                     2 606.3 
    Minority shareholders' interest                                        27.9
    Non-current liabilities                                             2 801.0 
    Interest bearing borrowings                                         2 100.0 
    Operating lease accrual                                               420.2 
    Post-retirement medical aid liability                                 202.7
    Deferred tax                                                           78.1 
    Current liabilities                                                 3 333.1 
    Accounts payable                                                    1 604.1 
    Provisions                                                            131.0
    Tax                                                                   264.4 
    Interest bearing borrowings                                         1 333.6 
    Total equity and liabilities                                        8 768.3 
    Net asset book value per share (cents)                                326.9
    GROUP ANALYSIS                                                              
    Total assets                                                        8 768.3 
    Woolworths                                                          8 368.1 
    Country Road                                                          400.2
    Inventories                                                           841.4 
    Woolworths                                                            707.9 
    Country Road                                                          133.5 
    Approved commitment for capital expenditure                           419.5
    Woolworths                                                            366.2 
    Country Road                                                           53.3 
                                                                                
    Segmental analysis
                                                                                
     26 weeks ended                                                             
                                                         December               
                                                    2006        2005          %
                                                      Rm          Rm     change 
    Revenue                                                                     
    Retail                                                                      
    Woolworths                                   7 845.8     6 511.2      20.5%
    Country Road                                   601.0       510.8      17.7% 
    Financial Services                             570.5       430.0      32.7% 
    Intragroup                                    (46.9)      (36.7)            
    Total group                                  8 970.4     7 415.3      21.0%
    Profit before tax                                                           
    Retail                                                                      
    Woolworths                                     735.5       532.7      38.1% 
    Country Road                                    31.2         8.0      >100%
    Financial Services                              73.6        75.8     (2.9%) 
    Intragroup                                         -           -            
    Total group                                    840.3       616.5      36.3% 
    Return on equity                                   %           %
    Retail                                                                      
    Woolworths                                     60.9%       72.0%            
    Country Road                                   25.1%        7.7%            
    Financial Services                              8.9%       10.1%
    Total group                                    37.5%       37.2%            
                                                                                
                                                                     Year ended 
                                                                   30 June 2006
                                                                                
                                                                             Rm 
    Revenue                                                                     
    Retail
    Woolworths                                                         13 286.9 
    Country Road                                                          993.6 
    Financial Services                                                    941.4 
    Intragroup                                                           (78.9)
    Total group                                                        15 143.0 
    Profit before tax                                                           
    Retail                                                                      
    Woolworths                                                          1 069.1
    Country Road                                                           14.9 
    Financial Services                                                    162.4 
    Intragroup                                                                - 
    Total group                                                         1 246.4
    Return on equity                                                            
    Retail                                                                      
    Woolworths                                                            58.6% 
    Country Road                                                           6.2%
    Financial Services                                                    11.7% 
    Total group                                                           34.8% 
                                                                                
    Notes
    1.Basis of preparation                                                      
    The interim financial statements comply with IAS 34  - Interim Financial    
    Reporting. These financial statements do not contain all the information    
    and disclosures required in the annual financial statements, and should be
    read in conjunction with the group consolidated annual financial statements 
    as at 30 June 2006.                                                         
    2.Significant accounting policies                                           
    The accounting policies applied are consistent with those followed in the
    preparation of the consolidated annual financial statements for the year    
    ended 30 June 2006, except for the adoption of the following IFRS, IFRIC    
    interpretations and amendments that became effective during the current     
    period and had no impact on the reported results:
     - IFRIC 4 Determining whether an Arrangement Contains a Lease;             
     - IFRIC 8 Scope of IFRS 2;                                                 
     - IFRIC 9 Reassessment of Embedded Derivatives;                            
     - AC 503 Accounting for Black Economic Empowerment (BEE) Transactions;
     - IAS 19 Amendment - Employee Benefits and Actuarial Gains and Losses,     
    Group                                                                       
    Plans and Disclosures;                                                      
     - IAS 39 Amendment - The Fair Value Option; and
     - IAS 39 Amendment  - Financial Guarantee Contracts.                       
    3.Change in comparative period classifications                              
    In accordance with the recommendation by SAICA regarding the treatment of   
    settlement discounts, the measurement of cost of sales for the period to
    December 2005 has been adjusted by R105.5m representing the settlement      
    discounts received from suppliers in respect of merchandise purchases.      
    4.Seasonality of turnover                                                   
    No material variations in the turnover of the group are expected to occur
    between the first and second half of the financial year.                    
    5.Exceptional item                                                          
    During the interim period to December 2006, the group disposed of property  
    with a net book value of R27.9m. The full pre-tax profit on disposal of
    R54.6m is treated as an exceptional item as the transaction is non-         
    recurring in nature and falls outside the scope of the group's operational  
    activities.                                                                 
    6. Tax
    The tax rate of 32.5% (2005: 31.5%) is the estimated annual effective       
    income tax rate of 28.1% plus Secondary Tax on Companies (STC) on the final 
    dividend for the year ended 30 June 2006, paid in September 2006. STC       
    recognised in the comparative period was lower than current STC as the
    final 2005 distribution was made partially from share premium. The          
    estimated annual effective tax rate is less than the corporate tax rate of  
    29% mainly due to the capital gain on the disposal of property.             
    7.Earnings per share
    The difference between earnings per share and diluted earnings per share is 
    due to outstanding options.                                                 
    8.Property, plant and equipment                                             
    During the six months ended December 2006, the group acquired assets with a
    cost of R409.3m (2005: R292.7m). Assets with a net book value of R19.9m     
    (2005: R8.5m) were disposed of by the group during the same period,         
    resulting in a profit of R1.8m (2005: R2.4m). This does not include the     
    disposal of property referred to in note 5.
    9.Issue of shares                                                           
    During the six months ended December 2006, 3 139 956 (2005: 8 947 408)      
    ordinary shares were issued in terms of the group's share incentive scheme. 
    10.Financial instruments
    The interest rate exposure on an additional R1 000m of existing borrowings  
    was hedged during the interim period to fix the interest rate at 8.71%.     
    This brings the total hedged borrowings to R1 950m.                         
    11.Contingent liabilities
    The holding company provides sureties for the banking facilities and lease  
    obligations of certain subsidiaries. In the opinion of the directors, the   
    possibility of loss arising therefrom is remote.                            
    12.Borrowing facilities
    Unutilised banking facilities amount to R1 168.1m (2005: R1 971.4m). In     
    terms of the articles of association, there is no limit on the group's      
    authority to raise interest bearing debt.                                   
    13.Events subsequent to balance sheet date
    The group anticipates completing a second securitised bond issue of         
    approximately R1 000m during the first quarter of 2007.                     
Commentary                                                                      
Group results
Revenue for the twenty six weeks to December 2006 increased by 21.0% to R8.97bn.
Operating profit grew by 31.1% to R957.6m. Good revenue growth together with    
operating efficiences brought about an improvement in operating margins from    
9.8% to 10.7%. Higher borrowings utilised to fund the growth of our financial
services books and the increase in interest rates resulted in finance costs     
increasing by 51.1% to R171.9m. Diluted headline earnings per share increased by
22.9% (28.5% prior to the non-comparable STC payment) from 51.9 cents to 63.8   
cents per share. The pre-tax profit of R54.6m on the disposal of land in Midrand
contributed to the higher increase in earnings per share of 32.3%.              
Interim dividend                                                                
An interim dividend of 29.5 cents per share has been declared representing an   
increase of 22.9%.
Trading environment                                                             
Spending continued to grow driven by ongoing structural shifts in the consumer  
base and the higher level of credit usage. Good trading was experienced over the
Christmas period.
Operating review                                                                
Woolworths                                                                      
Retail                                                                          
Our retail business traded well and achieved good like-for-like sales growth.
Clothing and home sales increased by 14.4% (2005: 12.6%), with a 9.8% (2005:    
8.2%) increase in comparable stores. Inflation averaged approximately 1.6%. An  
improved offer in menswear and excellent value in childrenswear delivered       
particulary good results. Food continued to perform well and sales grew by 25.9%
(2005: 20.9%) in total and 15.1% (2005: 12.2%) in comparable stores. Inflation  
averaged approximately 7.4%. The high growth rate was driven by the roll-out of 
convenience stores, our continued quality and innovation and customers          
increasingly using us for their main food shop.
Trading space                                                                   
Clothing and home trading space increased 4.2%. The accelerated roll-out of food
convenience stores resulted in a 13.1% increase in food trading space from      
December 2005.
Financial services                                                              
Good growth of 24.5% was experienced in our store card, credit card and personal
loan books. The net bad debt experience on the combined books was well within   
expectations increasing from 4.0% to 4.1% of advances.
The fixing of the usury rate on unsecured credit continues to negatively impact 
the margin in our financial services business.                                  
Country Road                                                                    
Country Road contributed a profit after tax of A$5.2m compared to A$2.3m in the
prior year. Retail sales increased by 13.7% in Australian dollar terms and total
sales by 3.5%. Wholesale sales decreased as we convert this part of the business
into a concession model in the two major departmental store chains.             
Prospects
Higher interest rates and a tighter credit environment will progressively subdue
growth in the second half. Nevertheless we expect to deliver ongoing good growth
in diluted headline earnings per share for the full year.                       
Empowerment
Woolworths continues to be committed to black economic empowerment (BEE) and    
transformation. As part of our BEE strategy the board has approved a broad-based
share scheme for staff, the majority of whom are black. This scheme will be     
presented for shareholder approval at a general meeting to be convened for May
2007.                                                                           
Changes to the board of directors                                               
On 1 December 2006 Andrew Jennings was appointed to the board.                  
DA Hawton     SN Susman
Chairman      Chief executive officer                                           
Cape Town, 14 February 2007                                                     
    Dividend payment                                                            
    Notice is hereby given that the directors have declared an interim dividend
    of 29.5 cents per share for the six months ended December 2006.             
    The salient dates for the dividend will be as follows:                      
    Last day to trade to receive dividend              Friday, 2 March 2007     
    Shares commence trading "ex" dividend              Monday, 5 March 2007
    Record date                                        Friday, 9 March 2007     
    Payment date                                       Monday, 12 March 2007    
    Share certificates may not be dematerialised or rematerialised between      
    Monday, 5 March 2007 and Friday, 9 March 2007, both days inclusive.
    In accordance with the company's articles of association, dividends         
    amounting to less than R5.00 due to any one holder of the company's shares  
    held in certificated form will not be paid, unless otherwise requested in   
    writing, but will be aggregated with other such amounts and be donated to a
    charity nominated by the directors.                                         
CL Lowe                                                                         
Group secretary Cape Town, 14 February 2007                                     
Directorate and statutory information
    Non-executive directors: Buddy Hawton (Chairman), Peter Bacon, Mair Barnes  
    (British), Nigel Colne (British), Brian Frost, Mike Leeming, Chris Nissen,  
    Sindi Zilwa                                                                 
    Executive directors: Simon Susman (CEO), Richard Inskip, Andrew Jennings
    (British), Zyda Rylands, Norman Thomson                                     
    Group secretary: Cherrie Lowe Share code: WHL ISIN: ZAE000063863            
    Registered address (postal and physical): PO Box 680, Cape Town 8000        
    Woolworths House, 93 Longmarket Street, Cape Town 8001
    Registration number: 1929/001986/06                                         
    Auditors: Ernst & Young Registered Auditors Inc and SAB & T Inc             
    Bankers: Standard Bank of South Africa Limited                              
    Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
    Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd, 70    
    Marshall Street, Johannesburg 2001                                          
Date: 15/02/2007 08:01:04 Produced by the JSE SENS Department.
Source: JSE Securities Exchange - SENS
 
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