Wrap Text
Unaudited Interim Group Results Cash Dividend Declaration And Changes To Directorate
WOOLWORTHS HOLDINGS LIMITED
Registration number: 1929/001986/06
Tax number: 9300/149/71/4
Share code: WHL
ISIN: ZAE000063863
UNAUDITED INTERIM GROUP RESULTS FOR THE 26 WEEKS ENDED 23 DECEMBER 2012,
CASH DIVIDEND DECLARATION AND CHANGES TO DIRECTORATE
TURNOVER
+ 18.0%
PROFIT BEFORE TAX
+ 20.8%
HEADLINE EARNINGS
PER SHARE
+ 21.0%
ADJUSTED HEADLINE
EARNINGS PER SHARE
+ 35.9%
RETURN ON EQUITY
UP TO 58.0%
The strong growth experienced in the first quarter of
the year continued through into the second quarter and
over the festive season. With the inclusion of the group's
new Australian acquisition, Witchery from 29 September,
sales for the first 26 weeks of the June 2013 financial year
increased by 18.0% over the comparable period in 2012.
Sales in comparable stores grew by 9.4%.
Sales growth was leveraged by improved gross margins
and tight expense control in both the South African and
Australian businesses, delivering a group profit before
tax growth of 20.8%.
Earnings per share (EPS) increased 20.6% to 163.4 cents
and headline earnings per share (HEPS) increased 21.0%
to 164.2 cents. Included in both EPS and HEPS are the
following: transaction costs of R52 million (Dec 2011: nil)
relating to the acquisition of the Witchery group, once-
off store employee restructuring costs in Woolworths of
R43 million (Dec 2011: nil) and net unrealised foreign exchange
losses of R16 million (Dec 2011: R72 million gain), all stated
before tax. Adjusting for these items, adjusted EPS and
adjusted HEPS were 35.4% and 35.9% higher respectively
than the corresponding period. Return on equity increased
from 50.8% in December 2011 to 58.0% (excluding only the
unrealised foreign exchange movements).
Woolworths
Food sales grew by 11.1% with a price movement
of 7.4%. Sales in comparable stores grew by 7.8%. Gross
profit margins improved from 25.2% to 25.4% and
excluding the impact of store staff restructuring costs
profit before tax grew 21.4%. Return on sales was 6.1%,
up from 5.6% in the prior period.
Clothing and General merchandise sales grew 11.4%,
with price movement of 5.9%. Clothing sales in South
Africa (including Country Road's South African sales) grew
by 13.0% with a price movement of 5.5%. Sales in
comparable stores grew by 7.7%. General merchandise
grew by 7.7% and by 4.0% in comparable stores.
Gross profit margins improved in Clothing and General
merchandise from 44.3% to 46.1%. Excluding the impact
of store staff restructuring costs and unrealised foreign
exchange movements, profit before tax grew 24.0%,
and return on sales was 18.9%, up from 17.0% in the
prior period.
Store costs were up 13.8% largely due to the addition
of 5.7% more space in Woolworths, including stores in
the rest of Africa, net of closures and excluding franchise
conversions. Other operating costs grew by 4.3%,
excluding the store staff restructuring costs and the
impact of the unrealised foreign exchange movements.
Country Road
With the acquisition of the Witchery group on
29 September 2012, the number of stores and concessions
operated by the group in Australasia increased from
195 to 505. Sales in Australasia increased 55.6%, in
Australian dollars. Sales in comparable stores increased
by 10.7% and net space, excluding the acquisition,
contracted 2.0%. Country Road's South African sales are
included in the South African clothing figures.
Gross margins improved significantly as a result of the
Witchery acquisition and operating costs were well
controlled, resulting in a strong increase in profit before
tax of A$21 million and a 250% increase in rand profit.
Return on sales at 10.6% was up from 6.4% in the prior
period. Return on equity increased materially from 19.2%
to 28.5%.
Woolworths Financial Services
The overall debtors' book reflected year-on-year growth
of 12.0% at the end of December 2012, with the annualised
impairment rate for the six months to December 2012
at 1.5% (six months to December 2011: 1.6%). Net interest
income was impacted by lower interest rates, increasing
by only 10.9% on the prior period, but costs excluding
impairments were well controlled, up 5.9% on the previous
period. Consequently profit before tax was up 35.8% from
the previous period and the return on equity increased to
26.8% from 20.5%.
Outlook
We believe that economic conditions in South Africa will
remain constrained, especially in the lower and middle
income segments of the market where consumer debt
levels remain under pressure. However, the upper income
segment in which we operate continues to show some
resilience. Trading for the first six weeks of the second half
of the financial year has been positive, and we expect
sales growth to be broadly in line with the first half.
In Australia we expect a gradual improvement in the
retail environment and sales for the second half to be
in line with the second quarter performance of both
Country Road and Witchery.
Any reference to future financial performance included
in this statement has not been reviewed and reported
on by the company's external auditors and does not
constitute an earnings forecast.
Changes to the Board of Directors
Norman Thomson, the groups Finance Director will be retiring at
the November 2013 Annual General Meeting. Norman has been with
the business for over 20 years, the last 11 years as Finance Director.
During this time he has made a significant contribution to the groups
performance and its stature in the market through his continued focus
on generating shareholder wealth. Norman will continue to serve as a
non-executive director of the groups Australian subsidiary Country Road,
as well as on the boards of our African joint ventures in a non-executive
capacity.
Chairman Simon Susman reflects: "Norman has always been passionate in
challenging our strategic thinking and has been a real asset to Woolworths.
He has brought both diligence and depth to our deliberations and has been
meticulous in both his execution and his communication of our decisions.
We thank him and his family and wish him well in his retirement."
The board is further delighted to announce that Reeza Isaacs has been
appointed as Deputy CFO and group Finance Director Elect, with effect
from 1 June 2013. He will assume the position of Finance Director
immediately after the Annual General Meeting in November 2013.
Reeza was Ernst & Youngs Regional Senior Partner for the Western Cape and
in this capacity served on the firms South African Executive Committee.
He has extensive experience and has been an engagement partner on a number
of JSE-listed groups, including Woolworths Holdings up until its June 2012
year end.
Sindi Zilwa retired from the board at the conclusion of the
Annual General Meeting held on 14 November 2012.
S N Susman I Moir
Chairman Group chief executive officer
Cape Town, 13 February 2013
Cash Dividend Declaration
Notice is hereby given that the directors have declared
an interim cash dividend of 86 cents (73.10 cents net of
dividend withholding tax) per ordinary share for the
26 weeks ended 23 December 2012. The dividend has
been declared from income reserves and a dividend
withholding tax of 15% will be applicable to all shareholders
who are not exempt. The company has no STC credits
available.
The issued share capital at the declaration date is
840 676 176 ordinary shares and 89 192 096 preference
shares.
The salient dates for the dividend will be as follows:
Last day of trade to receive
a dividend Friday, 1 March 2013
Shares commence trading
"ex" dividend Monday, 4 March 2013
Record date Friday, 8 March 2013
Payment date Monday, 11 March 2013
Share certificates may not be dematerialised or
rematerialised between Monday, 4 March 2013 and
Friday, 8 March 2013, both days inclusive.
An interim cash dividend of 59 cents (50.15 cents net
of dividend withholding tax) per preference share for
the 26 weeks ended 23 December 2012 will be paid to
the beneficiaries of the Woolworths Employee Share
Ownership Scheme on Monday, 11 March 2013.
Thobeka Sishuba-Mashego
Group secretary
Cape Town, 13 February 2013
Directorate and statutory information
Non-executive directors:
Simon Susman (Chairman), Peter Bacon (British),
Zarina Bassa, Lindiwe Bakoro, Tom Boardman,
Andrew Higginson (British), Mike Leeming, Chris Nissen,
Stuart Rose (British), Thina Siwendu
Executive directors:
Ian Moir (Group chief executive officer) (Australian),
Zyda Rylands, Norman Thomson
Group secretary: Thobeka Sishuba-Mashego
Share code: WHL ISIN: ZAE000063863
Registered address:
PO Box 680, Cape Town, 8000
Woolworths House, 93 Longmarket Street
Cape Town, 8001
Registration number: 1929/001986/06
Tax number: 9300/149/71/4
JSE sponsor: Rand Merchant Bank (A division of FirstRand
Bank Limited)
Transfer secretaries: Computershare Investor Services
(Proprietary) Limited, 70 Marshall Street, Johannesburg, 2001
INTERIM GROUP STATEMENT OF COMPREHENSIVE INCOME
52 weeks 26 weeks 26 weeks
to 24 Jun to 23 Dec to 25 Dec
2012 2012 2011 %
Rm Notes Rm Rm change
28 813 Revenue 16 771 14 214 18.0
28 604 Turnover 16 683 14 137 18.0
18 419 Cost of sales 10 319 9 090 13.5
10 185 Gross profit 6 364 5 047 26.1
127 Other revenue 54 42 28.6
7 625 Expenses 4 720 3 681 28.2
5 165 Store costs 3 178 2 534 25.4
2 460 Other operating costs 1 542 1 147 34.4
2 687 Operating profit 1 698 1 408 20.6
82 Investment income 34 35 (2.9)
38 Finance costs 34 19 78.9
Profit before earnings from joint ventures and
2 731 associate 1 698 1 424 19.2
133 Earnings from joint ventures 85 56 51.8
6 Earnings from associate 5
2 870 Profit before tax 1 788 1 480 20.8
811 Tax 505 431 17.2
2 059 Profit after tax 1 283 1 049 22.3
Other comprehensive income:
Net fair value adjustments on financial
21 instruments, after tax (4) 141
Exchange differences on translation
117 of foreign subsidiaries 39 3
138 Other comprehensive income for the period 35 144
2 197 Total comprehensive income for the period 1 318 1 193
2 059 Profit attributable to: 1 283 1 049
2 048 Shareholders of the parent 1 261 1 034
11 Non-controlling interest 22 15
2 197 Total comprehensive income attributable to: 1 318 1 193
2 167 Shareholders of the parent 1 288 1 179
30 Non-controlling interest 30 14
Reconciliation of headline earnings
2 048 Earnings attributable to shareholders of the parent 1 261 1 034 22.0
38 BEE preference dividend 38 21 81.0
2 010 Basic earnings 1 223 1 013 20.7
Loss/(profit) on disposal of investment property,
(15) property, plant and equipment 9 2
1 Impairment of property, plant and equipment
Tax impact of adjustments (3) (1)
1 996 Headline earnings 1 229 1 014 21.2
(43) Abnormal foreign exchange related loss/(gain) 16 (72)
27 Transaction costs 52
Restructuring costs 43
4 Tax impact of adjustments (31) 20
1 984 Adjusted headline earnings 1 309 962 36.1
267.3 Headline earnings per share (cents) 164.2 135.7 21.0
269.2 Earnings per share (cents) 2 163.4 135.5 20.6
265.7 Adjusted headline earnings per share (cents) 174.9 128.7 35.9
260.6 Diluted headline earnings per share (cents) 160.2 131.3 22.0
262.4 Diluted earnings per share (cents) 2 159.4 131.2 21.5
259.0 Adjusted diluted headline earnings per share (cents) 170.6 124.6 36.9
745.7 Number of shares in issue (millions) 750.9 745.9 0.7
746.6 Weighted average number of shares in issue (millions) 748.4 747.4 0.1
INTERIM GROUP STATEMENT OF CHANGES IN EQUITY
Total Total
52 weeks Share- Non- 26 weeks 26 weeks
to 24 Jun holders of controlling to 23 Dec to 25 Dec
2012 the parent interest 2012 2011
Rm Notes Rm Rm Rm Rm
Interest at the beginning
4 093 of the period 4 465 107 4 572 4 093
Movements for the period:
Issue of shares 5 233 233
(655) Shares repurchased 5 (198) (198) (614)
(1) Share repurchase costs (1) (1) (2)
Settlement of share-based payments
through share issue 5 (233) (233)
(1 313) Dividends to shareholders (965) (965) (719)
245 Share-based payments 60 60 52
6 Business acquisitions 96 96
Total comprehensive income
2 197 for the period 1 288 30 1 318 1 193
4 572 Interest at the end of the period 4 649 233 4 882 4 003
198.0 Distribution per ordinary share (cents) 86.0
1.4 Distribution cover (based on headline earnings per share) 1.9
121.0 Distribution per preference share (cents) 59.0
INTERIM GROUP STATEMENT OF FINANCIAL POSITION
At At At
24 Jun 23 Dec 25 Dec
2012 2012 2011
Rm Notes Rm Rm
ASSETS
5 011 Non-current assets 6 564 4 333
2 225 Property, plant and equipment 3 2 522 2 134
106 Investment properties 43 121
1 219 Intangible assets 3 2 438 992
51 Investment in associate 56 45
616 Investment in joint ventures 666 580
13 Prepaid employment costs 8 20
49 Participation in export partnerships 49 55
89 Other loans 66 55
Derivative financial instruments 1
643 Deferred tax 716 330
5 034 Current assets 4 808 4 885
2 216 Inventories 2 667 2 271
631 Trade and other receivables 944 771
41 Derivative financial instruments 25 67
1 Tax 1
2 145 Cash 1 172 1 775
Non-current assets held for sale 63
10 045 Total assets 11 435 9 218
EQUITY AND LIABILITIES
4 572 Capital and reserves 4 882 4 003
4 465 Interest of shareholders of the parent 4 649 3 904
107 Non-controlling interest 233 99
1 177 Non-current liabilities 1 845 919
25 Interest-bearing borrowings 695 24
457 Operating lease accrual 467 458
335 Post-retirement medical benefit liability 347 327
360 Deferred tax 336 110
4 296 Current liabilities 4 708 4 296
3 172 Trade and other payables 4 070 3 246
230 Provisions 343 307
16 Derivative financial instruments 8 7
368 Tax 200 228
510 Interest-bearing borrowings 87 508
10 045 Total equity and liabilities 11 435 9 218
599 Net asset book value per share (cents) 619 523
GROUP ANALYSIS
10 045 Total assets 11 435 9 218
6 948 Woolworths Retail 7 420 6 571
1 156 Country Road 3 431 1 128
1 326 Woolworths Retail Treasury (81) 940
615 Woolworths Financial Services 665 579
2 216 Inventories 2 667 2 271
1 835 Woolworths Retail 2 029 1 932
381 Country Road 638 339
1 216 Approved commitment for capital expenditure 876 592
1 043 Woolworths Retail 730 488
173 Country Road 146 104
Approved commitment for franchise acquisitions 9 28 122
INTERIM GROUP STATEMENT OF CASH FLOWS
52 weeks 26 weeks 26 weeks
to 24 Jun to 23 Dec to 25 Dec
2012 2012 2011
Rm Notes Rm Rm
Cash flow from operating activities
3 259 Cash inflow from trading 2 207 1 637
(131) Working capital movements 192 (129)
3 128 Cash generated by operating activities 2 399 1 508
73 Interest income 30 31
(38) Finance costs (37) (19)
(356) Tax paid (740) (61)
2 807 Cash generated by operations 1 652 1 459
1 Dividends received from associate
95 Dividends received from joint venture 35 55
(1 275) Dividends to ordinary shareholders (927) (698)
(38) Dividends to preference shareholders (38) (21)
1 590 Net cash inflow from operating activities 722 795
Cash flow from investing activities
(615) Net investment in PPE and intangible assets (392) (361)
Acquisition of subsidiary 10 (1 490)
(494) Acquisition of franchise operations 4 (6) (304)
8 Other 28 36
(1 101) Net cash outflow from investing activities (1 860) (629)
Cash flow from financing activities
(655) Shares repurchased 5 (198) (614)
(1) Share repurchase costs (1) (2)
(25) Finance lease payments (6) (11)
Long-term borrowings raised 746
Short-term borrowings repaid (500)
6 Acquisitions non-controlling interest contribution 96
(675) Net cash inflow/(outflow) from financing activities 137 (627)
(186) Decrease in cash and cash equivalents (1 001) (461)
2 293 Net cash and cash equivalents at the beginning of the period 2 145 2 293
38 Effect of foreign exchange rate changes 28 (57)
2 145 Net cash and cash equivalents at the end of the period 1 172 1 775
GROUP ANALYSIS
3 259 Cash inflow from trading 2 207 1 637
2 975 Woolworths Retail 1 857 1 429
284 Country Road 350 208
798 Gross capital expenditure 373 383
697 Woolworths Retail 341 343
101 Country Road (excluding Witchery acquisition) 32 40
SEGMENTAL ANALYSIS
52 weeks 26 weeks 26 weeks
to 24 Jun to 23 Dec to 25 Dec
2012 2012 2011 %
Rm Rm Rm change
Revenue
28 604 Turnover 16 683 14 137 18.0
25 231 Woolworths Retail 13 749 12 383 11.0
9 585 Clothing and General merchandise 5 249 4 713 11.4
15 140 Food 8 238 7 415 11.1
506 Logistics 262 255 2.7
3 373 Country Road 2 934 1 754 67.3
209 Other revenue and investment income 88 77 14.3
105 Woolworths Retail 45 38 18.4
21 Clothing and General merchandise 8 5 60.0
84 Food 37 33 12.1
29 Country Road 19 5
75 Woolworths Retail Treasury 24 34 (29.4)
28 813 Total group 16 771 14 214 18.0
Gross profit
8 174 Woolworths Retail 4 564 4 001 14.1
4 264 Clothing and General merchandise 2 420 2 088 15.9
3 817 Food 2 094 1 867 12.2
93 Intragroup 50 46 8.7
2 011 Country Road 1 800 1 046 72.1
10 185 Total group 6 364 5 047 26.1
Profit before tax adjusted
2 495 Woolworths Retail 1 498 1 217 23.1
1 611 Clothing and General merchandise 993 801 24.0
884 Food 505 416 21.4
185 Country Road 310 117
133 Woolworths Financial Services 85 56 51.8
41 Woolworths Retail Treasury 6 18 (66.7)
2 854 Total group adjusted 1 899 1 408 34.9
NOTES
1 Basis of preparation
The abridged interim group financial statements comply with IAS 34 Interim Financial Reporting.
Accounting policies used in the abridged interim group financial statements are the same as those used to prepare the
June 2012 group annual financial statements, and are consistent with the prior period, which have been prepared in
compliance with International Financial Reporting Standards (IFRS) and the Companies Act of South Africa. These abridged
interim group financial statements have been prepared under the supervision of the group finance director, Norman Thomson
BCom (Hons), CA(SA).
2 Earnings per share
The difference between earnings per share and diluted earnings per share is due to the impact of unexercised options under
the group's share incentive schemes.
3 Property, plant and equipment and intangible assets
During the 26 weeks to 23 December 2012, the group acquired property, plant and equipment at a cost of R495 million
(2011: R331 million) and acquired intangible assets (including goodwill, brands and reacquired rights) at a cost of R1 336 million
(2011: R358 million). Refer to notes 4 and 10.
4 Acquisition of franchise operations
During the period the group acquired 1 previously franchised store in Lesotho for a cash consideration of R6 million. In the
prior period 25 South African and seven African previously franchised stores were acquired for a total cash consideration of
R292 million.
Fair value of assets acquired at the date of acquisition Rm
Goodwill arising on acquisition 6
Consideration 6
The full purchase price of R6 million, which has been allocated to goodwill, represents growth and synergies expected
to accrue from the acquisition. The acquisition has been effective from the beginning of the period and has contributed
additional revenue of R6 million and profit before tax of R2 million.
5 Issue and repurchase of shares
391 512 (2011: nil) shares totalling R25 million (2011: nil) were purchased from the market by Woolworths (Proprietary) Limited and
held as treasury shares by the group. In the prior period 9 298 259 shares totalling R286 million were purchased from the market
and cancelled.
2 710 328 (2011: 8 836 665) shares totalling R173 million (2011: R328 million) were purchased from the market in the current period
and allocated to employees in terms of the group's executive incentive schemes.
5 297 843 (2011: nil) shares totalling R233 million (2011: nil) were issued in terms of the group's executive incentive schemes, of which
64 424 shares issued at par are held as treasury shares.
6 Contingent liabilities
Group companies are party to legal disputes and investigations that have arisen in the ordinary course of business. Whilst the
outcome of these matters cannot readily be foreseen, the directors do not expect them to have any material financial effect.
7 Borrowing facilities
Unutilised banking facilities amount to R2 379 million (2011: R2 607 million). There is no limit in the Memorandum of Incorporation
on the group's authority to raise interest-bearing debt.
8 Related party transactions
The group entered into related party transactions during the period, the substance of which are similar to those explained in
the group's 2012 annual financial statements.
9 Events subsequent to the reporting date
An agreement to purchase a further seven stores totalling R28 million is effective from the date subsequent to this report.
10 Acquisition of Witchery group
On 2 October 2012 Country Road Limited ("Country Road") acquired all of the ordinary shares of unlisted Australian company
Witchery Australia Holdings (Pty) Ltd ("Witchery group") from funds associated with Gresham Private Equity and management
vendors (together "Gresham") for a total value of R1 555 million (A$180.9 million) under a Share Sale Agreement. Witchery and its
subsidiaries ("Witchery group") comprise both the Witchery and Mimco brands. Economic ownership of the Witchery group
commenced on 29 September 2012 for reporting purposes.
The primary purpose of the acquisition is to create one of Australia's largest specialty fashion retailers with leading
complementary brands and a market-leading position in the mid to upper tier of the specialty fashion market segment,
enabled through leveraging Country Road's scalable information systems and business process infrastructure.
The acquisition was funded in part by cash raised from a 1 for 2 renounceable rights issue by Country Road on
31 August 2012. On acceptance of the rights issue Country Road issued 34 528 411 new shares for a consideration of
R789 million (A$91.8 million). The balance of the purchase consideration was funded by a new five-year term amortising debt
facility of R791 million (A$92.0 million) through a Senior Syndicated Facility Agreement.
Assets acquired and liabilities assumed
Country Road is required to measure the Witchery group's identifiable assets acquired and liabilities assumed at their
acquisition-date fair values. The consolidated provisional fair values are presented below:
Assets Rm A$m
Cash and cash equivalents 65 8
Trade and other receivables 42 5
Inventories 279 32
Other assets 8 1
Plant and equipment 202 23
Intangibles 563 65
Deferred tax assets 32 4
Liabilities
Trade and other payables (252) (29)
Provisions (63) (7)
Total identifiable net assets at fair value (provisional) 876 102
Goodwill arising from acquisition (provisional) 679 79
Purchase consideration transferred 1 555 181
Cash and cash equivalents acquired (65) (8)
Cash outflow on acquisition 1 490 173
The gross amount of trade and other receivables is equal to the fair value. No impairment has been recognised as it is expected
that the full contractual amounts will be recovered.
Goodwill arising on acquisition of R679 million (A$78.9 million) represents the value paid for the Witchery group in excess of the
provisional fair value of its net assets at balance sheet date. Goodwill consists largely of the synergies and economies of scale
expected from combining the operations of Country Road and the Witchery group. Expected synergies include supply chain
efficiencies, systems integration, administration and shared service efficiencies, and optimisation of sourcing arrangements,
product categories and sales channels. Goodwill recognised is not expected to be deductible for income tax purposes. There
was no goodwill recognised in the consolidated balance sheet at the start of the period.
Due to the limited time between the acquisition date and balance sheet date, the fair values currently presented are provisional
and are subject to further review until the period ended 31 December 2013 as prescribed by Australian Accounting Standards.
At the date of this report it is not practicable to reliably estimate the income tax consequences of the acquisition of the
Witchery group on goodwill, deferred tax and the income tax provision at balance sheet date.
In the event of a disposal of the Mimco business prior to 2 April 2014, Country Road is obliged under the Share Sale Agreement
to share with Gresham any gain in the value of the Mimco business. At the date of this report the directors have no intention to
dispose of the Mimco business and hence no value has been ascribed to this contingent consideration.
From the date of acquisition the Witchery group has contributed R772 million (A$87.2 million) of revenue from the sale of goods
to total group revenue from the sale of goods of R2 934 million (A$331.3 million) for the period. The net profit before tax of
the Witchery group from the date of acquisition is R99 million (A$11.5 million), determined after allocating interest incurred on
borrowings attributable to the acquisition. If the acquisition had occurred at the beginning of the period, the Witchery group
would have contributed approximately R1 277 million (A$148.5 million) to total revenue from the sale of goods for the period.
Transaction costs directly associated with the acquisition of the Witchery group totalling R52 million (A$5.9 million) have been
expensed. Costs attributable to the issuance of shares totalling R5 million (A$0.6 million) have been recognised in equity. Costs
associated with the establishment of the amortising syndicated debt facilities totalling R23 million (A$2.7 million) have been
recognised in borrowings and will be amortised to the income statement over the term of the facility.
At balance sheet date management was not aware of any contingent liabilities that would necessitate measurement or
disclosure in this abridged interim group financial statements.
11 Approval of abridged interim group financial statements
The abridged interim group financial statements were approved by the board of directors on 13 February 2013.
12 Interim audit opinion
These abridged interim group financial statements have not been reviewed or audited.
visit our investor relations site: www.woolworthsholdings.co.za
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