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WHL - Woolworths Holdings Limited - Unaudited Condensed Group Results for the 26

Release Date: 19/02/2009 07:30
Code(s): WHL
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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 Produced by the JSE SENS Department. 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