analyst presentation

1
analyst presentation financial year 2004
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woolworths holdings limited
agenda

• Highlights
• Financial review
• Operational review
• Woolworths operating group
• Product
• Clothing and home
• Foods
• Financial services
• Operations
• Selling
• Country Road
• Strategy and prospects

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woolworths holdings limited
group highlights

• Revenue up 11.8
• Operating profit up 19.6 - over R1bn R1 062m
• Net profit before tax and exceptional items up
  19. 0 - R953m
• Headline earnings per share up 21.3 - 78.6c
• Cash distribution up 32.8 - 38.5c
• Cover ratio down from 2.2 to 2.0
• ROE of 25.7 (2003 23.7)

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woolworths holdings limited
trading environment

• Low interest rates
• Positive impact on trading
• Consumer appetite for credit
• Strong rand
• Impact on exports
• Impact on competitive position
• Usury rate
• Negative impact but now in the base
• Australia
• Growth in economy
• Competitive trading conditions

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woolworths holdings limited
operational highlights

• Diversity driving lower cyclicality
• Woolworths Positives
• Excellent performance in womenswear and
  accessories
• Turnaround in Home
• Foods market share growth accelerates
• Increasingly becoming customers main food shop
• Financial services achieved growth in all
  products
• Woolworths Negatives
• Clothing overall lost market share
• Drop in usury rate impacted Financial services
  net profit by R100m
• International franchise business struggled with
  currency
• Country Road
• Successful exit of David Jones
• New strategy implemented
• iSentials
• Monitoring progress in pilot scheme

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woolworths holdings limited results
income statement
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woolworths holdings limited results
HEPS, DPS and cover
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woolworths holdings limited results
balance sheet
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woolworths holdings limited results
cash flow
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woolworths holdings limited results
cash flow (cont.)
growth in woolworths financial services assets
R709.8m
capex additions R426.3m
capex additions R426.3m capex spend
R402.9m
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woolworths holdings limited results
return on equity / wacc
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woolworths operating group
retail results (excl. financial services)
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woolworths operating group
balance sheet (excl. financial services)
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woolworths operations
turnover analysis
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financial services results
income statement balance sheet
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country road results
income statement
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country road limited results
balance sheet