2003/02/20
WOOLWORTHS HOLDINGS LIMITED - UNAUDITED GROUP RESULTS FOR THE 6 MONTHS ENDED [JSE Securities Exchange - SENS]
 
DECEMBER 2002
WOOLWORTHS HOLDINGS LIMITED
Unaudited Group Results for the 6 months ended December 2002
highlights from continuing operations
  *  Revenue  20.6% to R5bn
  *  Operating profit  37.7% to R450m
  *  Headline earnings per share  60.3% to 33.5c
  *  Interim dividend per share  40.0% to 10.5c
INCOME STATEMENT
  Year ended                                          Six months ended
30 June 2002                                             31 December
    (audited)                                         2002        2001         %
          Rm                                  Note       Rm          Rm   Change
     9 020.7  Revenue                               5 051.3     4 385.3    15.2%
     8 825.6    Continuing operations               5 051.3     4 190.2    20.6%
       195.1    Discontinued operations                   -       195.1
              Continuing operations
     8 421.4    Turnover                            4 794.9     4 004.4    19.7%
     5 571.8    Cost of merchandise                 3 199.5     2 654.2    20.5%
     2 849.6    Gross profit                        1 595.4     1 350.2    18.2%
       404.2    Other income                          256.4       185.8    38.0%
     2 568.6    Expenses                            1 402.0     1 209.4    15.9%
       213.5    Depreciation                          110.6        99.9    10.7%
       503.4    Occupancy cost                        259.3       221.2    17.2%
     1 238.7    Employment cost                       685.8       586.8    16.9%
       613.0    Other operating cost                  346.3       301.5    14.9%
       685.2    Operating profit                      449.8       326.6    37.7%
        44.5    Interest paid                          34.6        23.5    47.2%
       640.7    Net profit before                     415.2       303.1    37.0%
                 exceptional items
       (41.5)   Exceptional items                2    (17.2)       (7.8)
       599.2    Net profit before tax                 398.0       295.3    34.8%
       203.6    Tax                              3    111.7       100.5    11.1%
       395.6    Net profit after tax                  286.3       194.8    47.0%
        (2.1)   Outside shareholders' interest         (0.3)       (1.5)
       393.5    Net profit from                       286.0       193.3    48.0%
                 continuing operations
              Discontinued operations
       (14.0)   Operating loss                            -       (14.0)
        (0.7)   Interest paid                             -        (0.7)
       (14.7)   Loss from discontinued operations         -       (14.7)
      (139.6)   Exceptional items                2        -      (139.6)
        18.8    Outside shareholders' interest            -        18.8
      (135.5)   Net loss from discontinued                -      (135.5)
                 operations
              Total group
                Net profit attributable to ordinary
       258.0     shareholders                         286.0        57.8    >100%
              Reconciliation of headline earnings
       258.0  Attributable earnings -                 286.0        57.8    >100%
               all operations
        12.1  Goodwill amortisation                     5.0         3.0
              Loss/(profit) on disposal of
               property, plant and equipment
               net of outside shareholders'
        (8.8) interest                                  3.4       (10.2)
              Loss on discontinuance
               net of outside
       115.6  shareholders' interest                      -       115.6
         4.8  Loss on disposal of listed investment       -         4.8
        17.2  Impairment of property                      -           -
       398.9  Headline earnings                       294.4       171.0    72.2%
              Net loss from discontinued operations
        19.9   after outside shareholders' interest       -        19.9
              Headline earnings from continuing
       418.8   operations                             294.4       190.9    54.2%
              Headline earnings per share (cents)
        44.0   - All operations                        33.5        18.7    79.1%
        46.2   - Continuing operations                 33.5        20.9    60.3%
              Earnings per share (cents)
        28.5   - All operations                        32.6         6.3    >100%
        43.4   - Continuing operations                 32.6        21.2    53.8%
        28.0  Diluted earnings per share (cents) 4     31.9         6.2    >100%
        20.0  Dividend per share (cents)               10.5         7.5    40.0%
         2.2  Dividend cover                            3.1         2.8
       889.7  Number of shares issued (millions)      868.0       907.0    -4.3%
              Weighted average number of shares
       905.7   in issue (millions)                    877.6       912.0    -3.8%
   GROUP ANALYSIS
              Revenue
     8 421.4  Turnover                              4 794.9     4 004.4    19.7%
     7 302.0  Woolworths                            4 211.8     3 499.5    20.4%
     3 834.1   - Textiles                           2 185.4     1 863.5    17.3%
     3 302.1   - Foods                              1 938.6     1 547.8    25.2%
       165.8   - Logistics and other                   87.8        88.2    -0.5%
     1 119.4  Country Road - continuing operations    583.1       504.9    15.5%
       355.5  Interest                                225.2       164.6    36.8%
        48.7  Other revenue                            31.2        21.2    47.2%
     8 825.6  Continuing operations                 5 051.3     4 190.2    20.6%
       195.1  Discontinued operations                    -        195.1
     9 020.7                                        5 051.3     4 385.3    15.2%
              Net profit/(loss) before tax and
               exceptional items
       625.5  Woolworths                              411.6       292.8    40.6%
        15.2  Country Road                       5      3.6        10.3   -65.0%
       640.7  Continuing operations                   415.2       303.1    37.0%
       (14.7) Discontinued operations                    -        (14.7)
Source: JSE Securities Exchange - SENS
 
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