Wrap Text
WHL - Woolworths Holdings Limited - Unaudited Condensed Group Results for the 26
Weeks Ended December 2008 and Cash Dividend Declaration
WOOLWORTHS HOLDINGS LIMITED
Registration number: 1929/001986/06
Share code: WHL
ISIN: ZAE000063863
UNAUDITED CONDENSED GROUP RESULTS FOR THE 26 WEEKS ENDED DECEMBER 2008 AND CASH
DIVIDEND DECLARATION
highlights
- retail turnover up 8.1%
- outstanding growth in Country Road
- profit before tax and exceptional items up 18.1%
- adjusted HEPS up 26.9%
- interim dividend per share increased to 31.5 cents
consolidated income statement
Year ended 30 June
2008
Rm
Revenue 21 753.6
Turnover 20 064.9
Cost of sales 13 798.3
Gross profit 6 266.6
Other revenue 1 688.7
Expenses 5 948.7
Store costs 3 114.6
Net bad debt and bad debt provision 584.3
Other operating costs 2 249.8
Operating profit 2 006.6
Finance costs 502.5
Earnings from joint venture -
Profit before exceptional item 1 504.1
Exceptional item -
Profit before tax 1 504.1
Tax 552.5
Profit after tax 951.6
Attributable to:
Shareholders of the parent 943.1
Minority shareholders 8.5
Reconciliation of headline earnings
Earnings attributable to shareholders of
the parent 943.1
BEE preference dividend paid (6.7)
Basic earnings 936.4
Profit on disposal of controlling interest in subsidiary
Profit on disposal of property, plant and equipment 0.8
Tax impact of adjustments (0.2)
Headline earnings 937.0
BEE expense 53.8
STC on share repurchase 20.0
STC on special dividend -
Adjusted headline earnings 1 010.8
Headline earnings per share (cents) 115.7
Earnings per share (cents) 115.6
Adjusted headline earnings per share (cents) 124.8
Diluted headline earnings per share (cents) 112.9
Diluted earnings per share (cents) 112.8
Adjusted diluted headline earnings per share (cents) 120.8
Special dividend per ordinary share (cents) -
Dividend per ordinary share (cents) 79.0
Dividend cover (based on headline earnings per share) 1.6
Dividend per preference share (cents) 11.1
Number of shares in issue (millions) 795.5
Weighted average number of shares in issue (millions) 809.9
Revenue
Turnover 20 064.9
Woolworths 18 129.4
- Clothing and general merchandise 7 409.8
- Foods 10 360.3
- Logistics services 359.3
Financial Services 17.1
Country Road 1 918.4
Interest 1 359.8
Other revenue 328.9
21 753.6
26 weeks ended December
2008 2007 %
Note Rm Rm change
Revenue 11 134.6 10 557.1 5.5
Turnover 10 547.7 9 756.5 8.1
Cost of sales 7 258.9 6 706.9 8.2
Gross profit 3 288.8 3 049.6 7.8
Other revenue 586.9 800.6 (26.7)
Expenses 2 829.6 2 864.4 (1.2)
Store costs 1 721.1 1 506.1 14.3
Net bad debt and bad debt
provision 117.6 282.3 (58.3)
Other operating costs 990.9 1 076.0 (7.9)
Operating profit 1 046.1 985.8 6.1
Finance costs 195.2 242.2 (19.4)
Earnings from joint venture 27.4 - 100.0
Profit before exceptional item 878.3 743.6 18.1
Exceptional item 9 380.0 - 100.0
Profit before tax 1 258.3 743.6 69.2
Tax 5 364.3 274.4 32.8
Profit after tax 894.0 469.2 90.5
Attributable to:
Shareholders of the parent 886.1 465.1 90.5
Minority shareholders 7.9 4.1 92.7
Reconciliation of headline earnings
Earnings attributable to
shareholders of the parent 886.1 465.1 90.5
BEE preference dividend paid 11 (5.2) (4.5)
Basic earnings 880.9 460.6
Profit on disposal of controlling
interest in subsidiary 9 (380.0) -
Profit on disposal of property,
plant and equipment (1.4) (0.2)
Tax impact of adjustments 0.4 0.1
Headline earnings 499.9 460.5 8.6
BEE expense - -
STC on share repurchase - -
STC on special dividend 75.0 -
Adjusted headline earnings 574.9 460.5 24.8
Headline earnings per share (cents) 62.8 56.9 10.4
Earnings per share (cents) 6 110.6 56.9 94.4
Adjusted headline earnings per
share (cents) 72.2 56.9 26.9
Diluted headline earnings per
share (cents) 62.0 55.6 11.5
Diluted earnings per share (cents) 6 108.8 55.6 95.7
Adjusted diluted headline
earnings per share (cents) 71.2 55.6 28.1
Special dividend per ordinary
share (cents) 94.0 -
Dividend per ordinary share (cents) 31.5 29.5
Dividend cover (based on headline
earnings per share) 2.0 1.9
Dividend per preference share (cents) 5.0 3.2
Number of shares in issue (millions) 786.3 812.1 (3.2)
Weighted average number of shares in issue
(millions) 796.6 810.0 (1.7)
Revenue
Turnover 10 547.7 9756.5 8.1
Woolworths 9 338.1 8867.7 5.3
- Clothing and general merchandise 3 691.5 3714.5 (0.6)
- Foods 5 449.8 4977.4 9.5
- Logistics services 196.8 175.8 11.9
Financial Services 4.0 8.7 (54.0)
Country Road 1 205.6 880.1 37.0
Interest 457.5 663.8 (31.1)
Other revenue 129.4 136.8 (5.4)
11 134.6 10 557.1 5.5
consolidated balance sheet
As at 30 June
2008
Rm
ASSETS
Non-current assets 2 798.1
Property, plant and equipment 1 810.7
Investment property 105.9
Intangible assets 319.0
Investment in joint venture -
Loans to customers -
Prepaid employment costs 45.5
Participation in export partnerships 66.3
Other loans 153.6
Derivative financial instruments 3.1
Deferred tax 294.0
Current assets 3 023.7
Inventories 1 371.4
Woolworths card debtors -
Credit card receivables -
Trade and other receivables 697.4
Loans to customers -
Derivative financial instruments 30.0
Tax 99.3
Cash 825.6
Assets of disposal group classified as held for sale 5 440.0
Total assets 11 261.8
EQUITY AND LIABILITIES
Capital and reserves 3 582.8
Interest of shareholders of the parent 3 530.7
Minority shareholders` interest 52.1
Non-current liabilities 2 267.5
Interest-bearing borrowings 1 500.0
Operating lease accrual 450.0
Derivative financial instruments -
Post-retirement medical aid liability 251.2
Deferred tax 66.3
Current liabilities 3 209.4
Trade and other payables 1 998.7
Provisions 213.3
Derivative financial instruments 27.0
Tax 54.1
Interest-bearing borrowings 916.3
Liabilities of disposal group classified as held for sale 2 202.1
Total equity and liabilities 11 261.8
Net asset book value - per share (cents) 443.8
GROUP ANALYSIS
Total assets 11 261.8
Woolworths 10 520.6
Country Road 741.2
Inventories 1 371.4
Woolworths 1 154.0
Country Road 217.4
Approved commitment for capital expenditure 681.2
Woolworths 486.1
Country Road 195.1
As at December
2008 2007
Note Rm Rm
ASSETS
Non-current assets 3 307.1 3 102.5
Property, plant and equipment 7 1 913.5 1 725.8
Investment property 120.8 105.9
Intangible assets 7 293.9 314.5
Investment in joint venture 10 503.3 -
Loans to customers - 286.3
Prepaid employment costs 41.0 59.8
Participation in export partnerships 65.7 69.9
Other loans 143.0 149.1
Derivative financial instruments 0.7 36.2
Deferred tax 225.2 355.0
Current assets 5 613.3 8 337.0
Inventories 1 551.8 1 473.2
Woolworths card debtors - 3 534.4
Credit card receivables - 966.2
Trade and other receivables 943.1 671.8
Loans to customers - 771.8
Derivative financial instruments 130.5 4.3
Tax 74.7 48.4
Cash 2 913.2 866.9
Assets of disposal group classified as held
for sale - -
Total assets 8 920.4 11 439.5
EQUITY AND LIABILITIES
Capital and reserves 3 274.3 3 417.9
Interest of shareholders of the parent 3 234.9 3 373.8
Minority shareholders` interest 39.4 44.1
Non-current liabilities 2 340.6 3 989.3
Interest-bearing borrowings 1 500.0 3 179.0
Operating lease accrual 449.4 434.1
Derivative financial instruments 9.2 18.6
Post-retirement medical aid liability 259.7 240.6
Deferred tax 122.3 117.0
Current liabilities 3 305.5 4 032.3
Trade and other payables 2 851.7 2 376.2
Provisions 218.0 169.6
Derivative financial instruments 13.3 0.8
Tax 222.5 248.1
Interest-bearing borrowings - 1 237.6
Liabilities of disposal group classified as
held for sale - -
Total equity and liabilities 8 920.4 11 439.5
Net asset book value - per share (cents) 411.4 415.4
GROUP ANALYSIS
Total assets 8 920.4 11 439.5
Woolworths 8 014.1 10 833.7
Country Road 906.3 605.8
Inventories 1 551.8 1 473.2
Woolworths 1 323.8 1 273.7
Country Road 228.0 199.5
Approved commitment for capital expenditure 574.2 513.6
Woolworths 553.4 440.2
Country Road 20.8 73.4
consolidated statement of changes in equity
Year ended 30 June
2008
Rm
Shareholders` interest at the
beginning of the period 3 289.4
Movements for the period:
Issue of shares 20.4
Issue of BEE shares -
Shares repurchased (200.0)
Share repurchase costs -
BEE transaction costs (3.0)
Dividends to shareholders (635.5)
Share-based payments 74.3
Total income and expense for
the year 1 037.2
Total income and expense for the
year recognised directly in equity 85.6
Net fair value adjustments on
financial instruments 1.4
Exchange differences on translation
of foreign subsidiaries 84.2
Profit for the period 951.6
Shareholders` interest at the end
of the period 3 582.8
26 weeks ended December
Shareholders` Minority
interest before shareholders`
minorities interest
Note Rm Rm
Shareholders` interest at the
beginning of the period 3 530.7 52.1
Movements for the period:
Issue of shares 8 15.7 -
Issue of BEE shares - -
Shares repurchased 8 (152.5) -
Share repurchase costs (3.4) -
BEE transaction costs - -
Dividends to shareholders (1 149.5) (10.8)
Share-based payments 19.2 -
Total income and expense for the year 974.7 (1.9)
Total income and expense for the
year recognised directly in equity 88.6 (9.8)
Net fair value adjustments on
financial instruments 74.4 (11.8)
Exchange differences on translation
of foreign subsidiaries 14.2 2.0
Profit for the period 886.1 7.9
Shareholders` interest at the end
of the period 3 234.9 39.4
26 weeks ended December
Total Total
2008 2007
Rm Rm
Shareholders` interest at the
beginning of the period 3 582.8 3 289.4
Movements for the period:
Issue of shares 15.7 12.7
Issue of BEE shares - 0.1
Shares repurchased (152.5) -
Share repurchase costs (3.4) -
BEE transaction costs - (3.0)
Dividends to shareholders (1 160.3) (384.8)
Share-based payments 19.2 31.2
Total income and expense for
the year 972.8 472.3
Total income and expense for the
year recognised directly in equity 78.8 3.1
Net fair value adjustments on
financial instruments 62.6 6.7
Exchange differences on translation
of foreign subsidiaries 16.2 (3.6)
Profit for the period 894.0 469.2
Shareholders` interest at the end
of the period 3 274.3 3 417.9
consolidated cash flow statement
Year ended
30 June
2008
Rm
Cash flow from operating activities
Cash inflow from trading 1 308.9
Working capital movements (331.9)
Cash applied to financial services assets (24.4)
Cash generated by operating activities 952.6
Interest received 1 351.1
Finance costs paid (489.7)
Tax paid (747.0)
Cash generated by operations 1 067.0
Normal dividend to shareholders (635.5)
Net cash inflow from operating activities 431.5
Cash outflow from investing activities
Net investment in PPE (568.5)
Proceeds on disposal of controlling interest in subsidiary -
Replacement of WFS debt funding by joint venture partner -
Cash disposed of on sale of controlling interest in subsidiary -
Costs incurred on disposal of interest in WFS -
Other 58.1
Net cash inflow/(outflow) from investing activities (510.4)
Cash flow from financing activities
Shares issued 20.4
Shares repurchased (200.0)
Special dividend to shareholders -
Notes redeemed (436.0)
BEE transaction costs (3.0)
Share repurchase costs -
Long-term borrowings raised 1 500.0
Long-term borrowings repaid (500.0)
Net cash (outflow)/inflow from financing activities 381.4
Increase in cash and cash equivalents 302.5
Cash and cash equivalents at the beginning of the period (422.6)
Effect of foreign exchange rate changes 29.4
Cash and cash equivalents at the end of the period (90.7)
GROUP ANALYSIS
Cash inflow from trading 1 308.9
Woolworths 1 154.8
Country Road 154.1
Gross capital expenditure 638.4
Woolworths 538.9
Country Road 99.5
26 weeks ended December
2008 2007
Note Rm Rm
Cash flow from operating activities
Cash inflow from trading 793.1 658.4
Working capital movements 511.1 (99.6)
Cash applied to financial services assets 13.0 (88.8)
Cash generated by operating activities 1 317.2 470.0
Interest received 454.4 661.7
Finance costs paid (225.2) (237.7)
Tax paid (102.4) (244.9)
Cash generated by operations 1 444.0 649.1
Normal dividend to shareholders (410.3) (384.8)
Net cash inflow from operating activities 1 033.7 264.3
Cash outflow from investing activities
Net investment in PPE (285.0) (326.7)
Proceeds on disposal of controlling interest
in subsidiary 875.0 -
Replacement of WFS debt funding by joint
venture partner 2 822.2 -
Cash disposed of on sale of controlling interest
in subsidiary (535.1) -
Costs incurred on disposal of interest in WFS (48.1) -
Other 15.1 44.0
Net cash inflow/(outflow) from investing
activities 2 844.1 (282.7)
Cash flow from financing activities
Shares issued 15.7 12.9
Shares repurchased (152.5) -
Special dividend to shareholders (750.0) -
Notes redeemed - -
BEE transaction costs - (3.0)
Share repurchase costs (3.4) -
Long-term borrowings raised - 1 500.0
Long-term borrowings repaid - (500.0)
Net cash (outflow)/inflow from financing
activities (890.2) 1 009.9
Increase in cash and cash equivalents 2 987.6 991.5
Cash and cash equivalents at the beginning of
the period (90.7) (422.6)
Effect of foreign exchange rate changes 16.3 (3.6)
Cash and cash equivalents at the end of the
period 2 913.2 565.3
GROUP ANALYSIS
Cash inflow from trading 793.1 658.4
Woolworths 667.7 581.8
Country Road 125.4 76.6
Gross capital expenditure 294.7 362.0
Woolworths 251.5 295.8
Country Road 43.2 66.2
segmental analysis
Year ended 30 June
2008
Rm
Revenue
Retail
Woolworths 18 242.1
Country Road 1 939.3
Financial Services 1 662.9
Intra-group (90.7)
Total Group 21 753.6
Profit before tax and exceptional item
Retail
Woolworths 1 224.9
Country Road 101.0
Financial Services (to 30 September 2008) 158.1
Share of earnings from joint venture
(from 1 October 2008) -
Net interest received 20.1
Total Group 1 504.1
Return on equity
Retail
Woolworths 50.5%
Country Road 18.1%
Financial Services* 10.0%
Total Group 27.6%
26 weeks ended December
2008 2007 %
Rm Rm change
Revenue
Retail
Woolworths 9 466.3 8 926.3 6.0
Country Road 1 212.3 884.4 37.1
Financial Services 476.4 792.9 (39.9)
Intra-group (20.4) (46.5)
Total Group 11 134.6 10 557.1 5.5
Profit before tax and exceptional item
Retail
Woolworths 635.4 611.8 3.9
Country Road 90.9 48.2 88.6
Financial Services (to 30 September 2008) 92.2 71.7 28.6
Share of earnings from joint venture
(from 1 October 2008) 27.4 - 100.0
Net interest received 32.4 11.9 172.3
Total Group 878.3 743.6 18.1
Return on equity % %
Retail
Woolworths 38.1 56.5
Country Road 26.1 18.5
Financial Services* 21.0 9.0
Total Group 29.6 27.8
* Return on equity for Woolworths Financial Services is calculated using the
weighted average segmental equity for the period.
notes
1 Basis of preparation
The interim financial statements comply with IAS 34 Interim Financial
Reporting. These condensed consolidated financial statements do not contain all
the information and disclosures required in the annual financial statements,
and should be read in conjunction with the group consolidated annual financial
statements as at 30 June 2008.
2 Significant accounting policies
The accounting policies applied are consistent with those followed in the
preparation of the consolidated annual financial statements for the year ended
30 June 2008, except for the adoption of the following IFRS, IFRIC
interpretations and amendments that became effective during the current period
and had no significant impact on the reported results:
- IFRIC 13 Customer Loyalty Programmes
- IFRIC 14 The limit on a Defined Benefit Asset, Minimum Funding Requirements
and their Interactions
- IAS 39 and IFRS 7 Amendments - Reclassification of Financial Assets
The following amendments to various standards relating to Cost of an Investment
in a Subsidiary, Jointly Controlled Entity or Associate have been early adopted
and had no impact on the reported results:
IFRS 1 First-time Adoption of International Financial Reporting Standards and
IAS 27 Consolidated and Separate Financial Statements.
3 Restatement of comparative figures
Internally generated distribution costs previously included in other operating
costs are included as part of cost of sales.
Total operating costs are disclosed based on their function as retail costs and
other operating costs in the income statement for the current and comparative
period. Previously, operating costs were disclosed in the following categories:
depreciation, employment, occupancy, net bad debts and bad debt provisions and
other operating costs.
Computer software, previously included in property, plant and equipment, and
goodwill are disclosed as intangible assets. Derivative financial instruments
have been separately disclosed on the face of the balance sheet.
Segment profit before tax for net interest received are disclosed separately
from Woolworths retail. Segmental return on equity and profit before tax were
restated due to a change in costs allocated to the Financial Services segment.
None of these restatements had an impact on reported results.
4 Comparability of interim turnover
No material variations in the turnover of the group are expected to occur
between the first and second half of the financial year.
5 Tax
The effective tax rate of 41.5% (2007: 36.9%) is higher than the standard rate
of normal tax mainly due to the impact of STC incurred on the special dividend,
STC on normal dividend and the non-deductible IFRS 2 charge arising from the
group`s BEE employee share ownership and executive share incentive schemes.
6 Earnings per share
The difference between earnings per share and diluted earnings per share is due
to the impact of outstanding options under the group share incentive schemes
and preference shares issued in terms of the BEE employee share ownership
scheme.
7 Property, plant and equipment and intangible assets
During the twenty-six weeks ended December 2008, the group acquired assets with
a cost of R294.7m (2007: R362.0m).
8 Issue and repurchase of shares
During the twenty-six weeks ended December 2008, 3 134 401 (2007: 2 818 254)
ordinary shares were issued in terms of the group`s executive share incentive
scheme.
86 871 694 treasury shares held by E-Com (Proprietary) Limited were
repurchased and cancelled. 12 387 116 shares were repurchased from the market
by E-Com (Proprietary) Limited and are held as treasury shares by the group.
9 Exceptional item
On 1 October 2008, Woolworths Financial Services (Proprietary) Limited
issued shares to Absa Bank Limited to the value of R875m resulting in the
dilution of our shareholding to 50% less one share and a net profit on disposal
of R380m.
The carrying values of assets and liabilities of WFS at disposal were as
follows:
Rm
Loans to customers 1 008.1
Woolworths card debtors 3 461.0
Credit card receivables 949.8
Property, plant and equipment 11.2
Cash 535.0
Other receivables and deferred tax 184.9
Interest-bearing borrowings (2 179.0)
Other payables, deferred tax and provisions (3 019.2)
Net asset value at disposal 951.8
Investment in joint venture retained 475.9
The net profit on disposal is as follows:
Proceeds on disposal of controlling interest in subsidiary 875.0
Additional consideration receivable 29.0
Net asset value of WFS disposed (475.9)
428.1
Costs incurred on disposal of interest in WFS (48.1)
Net profit on disposal 380.0
10 Investment in WFS joint venture
The carrying value of the investment in the WFS joint venture represents the
equity investment of R475.9m, plus retained income of R27.4m.
11 The Woolworths Black Economic Empowerment Employee Share Ownership Scheme
During the twenty-six weeks ended December 2008, 44 327 (2007: 88 267 306)
convertible, redeemable, non-cumulative participating preference shares were
issued to employees of the group in terms of the Woolworths Black Economic
Empowerment Employee Share Ownership Scheme.
A share-based payment charge of R10.9m (2007: R25.5m) was recognised in other
operating costs.
The ordinary shares expected to be issued at the redemption of the preference
shares resulted in additional dilution of 0.7% for the twenty-six weeks ended
December 2008.
12 Contingent liabilities
The holding company provides sureties for the banking facilities and lease
obligations of certain subsidiaries. In the opinion of the directors, the
possibility of loss arising therefrom is remote.
13 Borrowing facilities
Unutilised committed banking facilities amount to R1 500m (2007: R1 900m). In
terms of the Articles of Association, there is no limit on the group`s
authority to raise interest-bearing debt.
14 Related party transactions
During the six months to December 2008, group companies entered into various
transactions. These transactions were entered into in the ordinary course of
business and under terms that are no less favourable than those arranged with
independent third parties. All such intra-group related party transactions
and outstanding balances are eliminated in preparation of the consolidated
financial statements of the group.
15 Approval of interim financial statements
The interim financial statements were approved by the board of directors on 19
February 2009.
16 Unaudited results
These results have not been reviewed or audited.
Commentary
Group results
Group retail turnover grew by 8.1% for the twenty-six weeks to December 2008,
reflecting the further slow-down in consumer spending, especially in the
middle and upper income levels.
Gross margin decreased slightly from 31.3% to 31.2%.
Following the disposal of a controlling interest on 1 October 2008, Woolworths
Financial Services is accounted for as a joint venture. This has impacted the
comparability of group revenue, expenses and finance costs.
Profit before tax and exceptional items grew by 18.1%, with improved profit
from Country Road and one-off benefits arising from the sale of a portion of the
Woolworths Financial Services business.
The effective tax rate, excluding the STC on the special dividend, has
decreased from 36.9% to 32.9%, mainly due to the reduction of both STC and
corporate tax rates.
Adjusted headline earnings per share, which excludes a R75m STC charge on the
special dividend paid on 15 December 2008, increased by 26.9% to 72.2 cents per
share.
An interim dividend of 31.5 cents per share (2007: 29.5) has been declared.
Following the Woolworths Financial Services transaction, the company has
returned cash to shareholders in the form of a special dividend of R750m and
open market share repurchases of R352.5m. The company intends to continue the
share repurchase programme. However, in the light of current economic
conditions, we intend to take a more cautious approach in the use of our cash
and the levels of borrowings.
operating review
Woolworths retail
Overall sales grew by 5.3%. We have, with no compromise to the quality, style
and innovation that our customers expect from us, introduced more competitive
opening price point merchandise.
Clothing and general merchandise sales decreased by 0.6% for the period.
Childrenswear showed good growth during the period.
Food sales were up 9.5% for the period. Our average food price inflation of
12.1% is well below the average market inflation. The price movement of only
9.0% reflects our customers` demand for our essential food items. Prices are
now more competitive and we are better positioned to cater for our customers`
needs.
Total footage grew by 7.1%, with an increase of 4.9% in clothing and general
merchandise and 14.7% in food at the end of December 2008, compared to the
prior year.
Costs, were well controlled, growing by 1.6%.
Woolworths financial services
Closing debtors` books at December 2008 were marginally up on the previous
year and bad debts were well controlled. Income yields have improved.
Country Road
Country Road again outperformed the Australian market, delivering excellent
sales growth of 22.0% and growing pre-tax profit by a record 83.8% in
Australian dollars.
Outlook
The economy is to remain depressed. Our challenge will be to continue to manage
the impact of the significant shift in consumer spending and the downward
pressure on prices, while retaining our difference of quality and innovation.
Cost and inventory management will be key drivers to manage profitability.
Despite the relief from recent fuel price cuts and a reduction in the interest
rates, we expect trade to remain difficult through the rest of the financial
year.
DA Hawton SN Susman
Chairman Chief executive officer
Cape Town, 19 February 2009
Cash dividend declaration
Notice is hereby given that the directors have declared an interim cash
dividend of 31.5 cents per ordinary share for the twenty-six weeks ended
December 2008.
The salient dates for the dividend will be as follows:
Last day to trade to receive dividend
Friday, 6 March 2009
Shares commence trading "ex" dividend
Monday, 9 March 2009
Record date
Friday, 13 March 2009
Payment date
Monday, 16 March 2009
Share certificates may not be dematerialised or rematerialised between Monday,
9 March 2009 and Friday, 13 March 2009, 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.
An interim cash dividend of 5.0 cents per preference share for the twenty-six
weeks ended December 2008 will be paid to the beneficiaries of the Woolworths
Employee Share Ownership Scheme on 16 March 2009.
CL Lowe
Group secretary Cape Town, 19 February 2009
directorate and statutory information
Non-executive directors:
Buddy Hawton (Chairman), Peter Bacon (British), Nigel Colne (British),
Brian Frost, Mike Leeming, Chris Nissen, Sindi Zilwa
Executive directors:
Simon Susman (CEO), Andrew Jennings (British), Zyda Rylands, Norman Thomson
Group secretary: Cherrie Lowe
Share code: WHL ISIN: ZAE000063863
Registered address (postal and physical):
PO Box 680, Cape Town 8000
Woolworths House, 93 Longmarket Street
Cape Town 8001
Registration number: 1929/001986/06
Auditors: Ernst & Young Inc and SAB & T Inc
Bankers: The Standard Bank of South Africa Limited
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
Transfer secretaries:
Computer share Investor Ser vices (Pty) Limited
70 Marshall Street, Johannesburg 2001
visit our investor relations site: www.woolworthsholdings.co.za
Date: 19/02/2009 07:30:02 Supplied by www.sharenet.co.za
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