2002/08/22
WOOLWORTHS HOLDINGS LIMITED - REVIEWED GROUP RESULTS FOR THE YEAR ENDED 30 JUN [JSE Securities Exchange - SENS]
 
2002
WOOLWORTHS HOLDINGS LIMITED
  Registration number 1929/001986/06
  JSE Share code: WHL   ISIN: ZAE000028288
Reviewed group results for the year ended 30 June 2002
Highlights
* Total dividend per share  33.3% to 20c
* From continuing operations:
  - Headline earnings per share  43.2% to 46.2c
  - Revenue  23.9% to R8 825.6m
  - Profit before exceptional items  47.7% to R640.7m
  - Woolworths net profit before
    exceptional items  40.1% to R625.5m
  - Country Road moves to a profit A$1,1m (2001: (A$3,6m))
  Income statement
                                                     Year ended
                                                       30 June
                                                   2002       2001          %
                                        Note         Rm         Rm    Change
Revenue                                         9 020.7    7 411.1      21.7
Continuing operations                           8 825.6    7 120.6      23.9
Discontinued operations                           195.1      290.5     (32.8)
Continuing operations
Turnover                                        8 421.4    6 778.8      24.2
Cost of merchandise                             5 571.8    4 484.5      24.2
Gross profit                                    2 849.6    2 294.3      24.2
Other income                                      404.2      341.8      18.3
Expenses                                        2 568.6    2 166.3      18.6
Depreciation                                      213.5      199.0       7.3
Occupancy cost                                    503.4      403.3      24.8
Employment cost                                 1 238.7    1 050.8      17.9
Other operating cost                              613.0      513.2      19.4
Operating profit                                  685.2      469.8      45.8
Interest paid                                      44.5       36.1      23.3
Net profit before exceptional items               640.7      433.7      47.7
Exceptional items                          2      (41.5)         -
Net profit before tax                             599.2      433.7      38.2
Tax                                        3      203.6      147.2      38.3
Net profit after tax                              395.6      286.5      38.1
Outside shareholders' interest                     (2.1)       1.3
Net profit from continuing operations             393.5      287.8      36.7
Discontinued operations
Operating loss                                    (14.0)     (17.9)
Interest paid                                      (0.7)      (0.9)
Loss from discontinued operations                 (14.7)     (18.8)
Exceptional items                          2     (139.6)         -
Outside shareholders' interest                     18.8        2.3
Net loss from discontinued operations            (135.5)     (16.5)
Total group
Net profit attributable to
 ordinary shareholders                            258.0      271.3      (4.9)
Reconciliation of headline earnings
Attributable earnings - all operations            258.0      271.3      (4.9)
Loss on discontinuance, net of outside
 shareholders' interest                           115.6          -
Impairment of property                             17.2          -
Goodwill amortisation                              12.1          -
Loss on disposal of listed investment               4.8          -
(Profit)/loss on disposal of property,
 plant and equipment net of outside
 shareholders' interest                            (8.8)       3.1
Headline earnings                                 398.9      274.4      45.4
Net loss from discontinued operations
after outside shareholders' interest               19.9       16.5      20.6
Headline earnings from continuing operations      418.8      290.9      44.0
Headline earnings per share (cents)
- All operations                                   44.0       30.5      44.3
- Continuing operations                            46.2       32.3      43.2
Earnings per share (cents)
- All operations                                   28.5       30.1      (5.3)
- Continuing operations                            43.4       31.9      36.2
Diluted earnings per share (cents)         4       28.0       29.9      (6.4)
Dividends per share (cents)                5       20.0       15.0      33.3
Dividend cover (based on headline earnings
 from continuing operations)                        2.3        2.2
Number of shares issued (millions)                889.7      908.1      (2.0)
Weighted average number of shares
 in issue (millions)                              905.7      899.8       0.7
  Group analysis
Revenue
Turnover                                        8 421.4    6 778.8      24.2
Woolworths                                      7 302.0    5 955.4      22.6
- Textiles                                      3 834.1    3 258.9      17.7
- Foods                                         3 302.1    2 566.0      28.7
- Logistics services and other                    165.8      130.5      27.0
Country Road - continuing operations            1 119.4      823.4      35.9
Interest                                          355.5      294.6      20.7
Other revenue                                      48.7       47.2       3.2
Continuing operations                           8 825.6    7 120.6      23.9
Discontinued operations                           195.1      290.5     (32.8)
                                                9 020.7    7 411.1      21.7
Net profit/(loss) before tax
 and exceptional items
Woolworths                                        625.5      446.4      40.1
Country Road                                       15.2      (12.7)
Continuing operations                             640.7      433.7      47.7
Discontinued operations                           (14.7)     (18.8)
Source: JSE Securities Exchange - SENS
 
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