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WHL - Woolworths Holdings - Trading Update, Trading Statement and Distribution by way of a special dividend to Shareholders 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" or "the group") TRADING UPDATE, TRADING STATEMENT AND DISTRIBUTION BY WAY OF A SPECIAL DIVIDEND TO SHAREHOLDERS TRADING UPDATE Woolworths Holdings increased sales by 8.7% over the corresponding 20 week trading period to 16th November 2008, with comparable store sales growth of 0.4%. The sales performance of the retail operations of the group was as follows: Sales growth Comparable Price Growth in for store movement* trading
20 weeks to sales space 16 November growth (non 2008 comparable) Woolworths 6.6% (1.5)% retail - Clothing 1.8% (2.5)% 0.5% 7.8% and general merchandise - Food 9.8% (0.8)% 9.6% 17.7% Country Road 17% 8.9% (A$) Total group 8.7% 0.4% * The group has reported actual price movement as opposed to price inflation. Average food price inflation measured 13.4% for the period. Customers are trading down to our more competitive opening price points, hence this lower actual price movement. The trading conditions experienced in the second six months of the 2008 financial year to 30 June 2008 have continued into the new financial year. The ongoing current economic climate continues to keep the middle and upper income markets served by Woolworths under pressure. The directors do not therefore expect any significant change in trading conditions during the financial year. TRADING STATEMENT Shareholders are referred to the announcement released on SENS on 16 April 2008, advising of the acquisition by Absa Group Limited of 50% plus one share of Woolworths Financial Services (Proprietary) Limited to Absa Group Limited with effect from 1 October 2008 ("the transaction"). Pursuant to the transaction, earnings per share for the 6 months to 31 December 2008 will be impacted by the R400m profit realised from the transaction. As a result of the transaction, the group anticipates that earnings per share ("EPS") for the six months to December 2008 will show an improvement of more than 20% over the results reported for the corresponding reporting period of the previous year. The transaction will not impact the headlines earnings per share ("HEPS"). Due to the current volatility and the significance of the peak retail trading season, it is not possible, at this stage in the reporting period, to quantify the impact on EPS within the 20% range required by the JSE Limited Listings Requirements ("JSE Listings Requirements") with a reasonable degree of certainty or to provide guidance on HEPS. A further trading statement will be issued later in the reporting period and provide earnings forecast ranges for EPS and HEPS as required by the JSE Listings Requirements. Shareholders are advised that the trading and financial information contained in this announcement has not been reviewed or reported on by the group`s external auditors. The group`s results for the half year ending December 2008 are due to be released on SENS on or about 19 February 2009. DISTRIBUTION BY WAY OF A SPECIAL DIVIDEND TO SHAREHOLDERS The directors have resolved to declare a special dividend of 94 cents per ordinary share from part of the cash proceeds arising from the sale of 50% plus one share of the financial services business and the net cash realised from the transfer of the financial services assets into the joint venture. It is also the intention of the directors, subject to prevailing market conditions to repurchase shares on the open market, from the balance of the proceeds. The salient dates for the dividend will be as follows: Last date to trade to receive dividend Friday 5th December 2008 Shares commence trading "ex" dividend Monday 8th December 2008 Record date Friday 12th December 2008 Payment date Monday 15th December 2008 Share certificates may not be dematerialised or rematerialised between Monday, 8th December 2008 and Friday 12th December 2008, 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 ordinary 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. Cape Town 19 November 2008 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 19/11/2008 14:34:14 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
