2001/08/16
WOOLWORTHS - AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2001 [JSE Securities Exchange - SENS]
 
WOOLWORTHS HOLDINGS LIMITED
Registration Number 1929/001986/06
Audited group results for the year ended 30 June 2001
* Group revenue up 10,7%
* Group profits
  - before exceptional items up 10,3%
  - before tax up 23,7%
* Headline EPS up 19,6%
* Increased dividend
* Strong performance by Woolworths
* Difficult trading conditions affect Country Road
Income statement
                                           Year ended
                                             30 June
                                        2001         2000         %
                                 Note   Rm           Rm           Change
Revenue                                 7 411,1      6 693,1      10,7
Turnover                                7 026,6      6 369,6      10,3
Interest                                294,6        267,0        10,3
Other revenue                       2   89,9         56,5         59,1
Expenses                                6 975,6      6 299,8      10,7
Cost of merchandise                     4 609,2      4 128,1      11,7
Depreciation                            201,5        195,8        2,9
Occupancy cost                          426,2        382,0        11,6
Employment cost                         1 098,1      1 002,1      9,6
Other operating cost                    603,6        544,1        10,9
Interest paid                           37,0         47,7         (22,4)
Share of loss from joint venture        1,7          -
Net profit before exceptional items     433,8        393,3        10,3
Exceptional items                   3   -            42,6
Net profit before tax                   433,8        350,7        23,7
Tax                                 4   150,4        114,4        31,5
Net profit after tax                    283,4        236,3        19,9
Outside shareholders' interest          3,6          (1,8)
Net profit attributable to ordinary
shareholders                            287,0        234,5        22,4
Number of shares issued (millions)      908,1        890,6        2,0
Weighted average number of shares
  in issue (millions)                   899,8        878,9        2,4
Earnings per share (cents)              31,9         26,7         19,5
Diluted earnings per share (cents)  5   31,7         26,3         20,5
Headline earnings per share (cents) 6   32,3         27,0         19,6
Headline earnings, excluding
  restructuring costs,
  per share (cents)                     32,3         30,5         5,9
Dividend per share (cents)          7   15,0         14,0         7,1
Dividend cover
  (based on headline earnings)          2,2          2,2
GROUP ANALYSIS
Turnover                                7 026,6      6 369,6      10,3
Woolworths                              5 916,2      5 286,4      11,9
- Textiles                              3 228,3      3 031,1      6,5
- Foods                                 2 562,3      2 206,5      16,1
- Other                             8   125,6        48,8         157,4
Country Road                            1 110,4      1 083,2      2,5
Net profit/(loss)
  before exceptional items              433,8        393,3        10,3
Woolworths                              465,3        378,7        22,9
Country Road                            (31,5)       14,6         -
Balance sheet
                                           Year ended
                                             30 June
                                        2001         2000
                                 Note   Rm           Rm
ASSETS
Non-current assets                      1 494,5      1 458,4
Property, plant and equipment           1 016,6      1 028,3
Investments                         9   24,7         20,9
Loans to customers                      115,6        67,2
Participation in export partnerships    229,0        252,7
Other loans                             102,8        86,6
Deferred tax                            5,8          2,7
Current assets                          2 272,2      2 036,7
Inventories                             503,9        485,5
Woolworths card debtors                 1 148,5      982,3
Accounts receivable                     327,4        259,9
Loans to customers                      171,6        74,4
Cash and cash equivalents               120,8        234,6
Total assets                            3 766,7      3 495,1
equity and liabilities
Capital and reserves                    2 366,2      2 136,7
Ordinary shareholders' interest         2 334,5      2 103,9
Outside shareholders' interest          31,7         32,8
Non-current liabilities                 266,7        298,8
Interest bearing borrowings             0,5          11,1
Deferred tax                            266,2        287,7
Current liabilities                     1 133,8      1 059,6
Accounts payable                        765,5        604,1
Provisions                              66,7         80,3
Tax                                     116,8        39,3
Interest-bearing borrowings             184,8        335,9
Total equity and liabilities            3 766,7      3 495,1
Net asset book value
- per share (cents)                     257,1        236,2
Interest-bearing debt (net of interest
  earning cash): equity ratio           3,5%         8,0%
GROUP ANALYSIS
Source: JSE Securities Exchange - SENS
 
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