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Woolworths Holdings Limited 2014 Integrated Report

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Woolworths Holdings Limited 2014 Integrated Report WOOLWORTHS HOLDINGS LIMITED 2014 INTEGRATED REPORT WHILE OUR STRATEGIC OBJECTIVES ARE AIMED AT DRIVING GROWTH AND STAKEHOLDER VALUE, OUR GOOD BUSINESS JOURNEY ENSURES THAT WHAT WE DO IS RIGHT, BOTH SOCIALLY AND ENVIRONMENTALLY. CONTENTS 2014 HIGHLIGHTS ON A 52:52 WEEK BASIS 04 Our Integrated Report 60 Our Strategy ADJUSTED ADJUSTED RETURN ON EQUITY GROUP TURNOVER UP PROFIT BEFORE TAX UP DECREASED FROM FROM 49.5% TO 05 Our suite of reports 63 Build stronger, more profitable 05 Approval and assurance customer relationships % % % of our reports 66 Be a leading fashion retailer in 14.4 20.1 46.7 the southern hemisphere 74 Become a big food business 06 The WHL Group 78 Become an omni-channel business 80 Expand into Africa HEADLINE EARNINGS ADJUSTED HEADLINE TOTAL DIVIDEND 08 Woolworths Holdings Limited 82 Simple, convenient and rewarding PER SHARE UP EARNINGS PER SHARE UP FOR THE YEAR 10 Southern hemisphere retailer financial services 12 Our vision and values 86 Drive synergies and efficiencies % % 14 Key indicators 90 Embed the Good Business Journey 9.0 17.1 251.5 16 Strategic focus at a glance throughout our business TO 365.2 CENTS PER SHARE TO 398.0 CENTS PER SHARE CENTS PER SHARE 20 Our business model 22 Our business model and the six capitals 96 Our Governance 26 Our industry trends 32 Our stakeholders 98 Directors AVERAGE NUMBER OF EMPLOYEES NUMBER OF LOCATIONS BBBEE CONTRIBUTOR STATUS 100 Key executives 34 Our Performance 102 Governance report 111 Remuneration report 31 200 1 162 LEVEL 3 36 Our Chairman’s report 42 Our Chief Executive Officer’s report 46 David Jones – a perfect fit 48 Our financial results 52 Our Finance Director’s report REVENUE (R MILLION) OPERATING PROFIT (R MILLION) 40 000 39 944 4 000 3 943 35 399 3 469 3 500 30 000 28 813 3 000 2 687 25 841 23 663 2 500 21 753 21 922 2 000 2 122 20 000 2 000 1 654 1 500 1 453 10 000 1 000 500 0 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014 Studio.W home, 2014 OUR INTEGRATED REPORT OUR INTEGRATED REPORT ur 2014 Integrated Report has been prepared for the Woolworths (Propriety) Limited (Woolworths) is currently OUR SUITE OF REPORTS MATERIALITY benefit of all our stakeholders, with a particular focus the largest unit in the Group and the custodian of the The WHL Group is working towards formalising a process to on relevance to providers of financial capital. Our aim is Good Business Journey, and therefore enjoys more extensive 2014 INTEGRATED REPORT O determine materiality. For this report, those matters – direct or to create a concise and clear overview of WHL’s performance coverage in this report. This report provides a holistic view of the Group’s business, indirect – that are considered material to the Group’s ability for the 52 weeks to 29 June 2014, offering the reader both strategy and performance for the year, including 'insights' from to create value over the short-, medium- and long-term were summarised and detailed information. We apply our values The most significant events to be noted when evaluating our our Good Business Journey that pertain to particular strategic identified, discussed and tested against the strategic objectives, in the way we report – consistent with the way in which performance in 2014 are as follows: objectives. We also set out our governance structures and industry trends, risk register, business model and six capital we do business. • The year ended 29 June 2014 had 52 trading weeks compared remuneration philosophy. This report has only been mailed to to 53 weeks for the year ended 30 June 2013. Most of the shareholders who indicated that they would like to receive it and requirements in the process of developing the content of In compiling the report, we have considered the information information quoted in the report is based on 52:52 weeks. is available on the website www.woolworthsholdings.co.za. the report. included in previous reports, the legislative requirements for reporting and the International Integrated Reporting Council’s • The completed conversion of all franchise businesses in 2014 ANNUAL FINANCIAL STATEMENTS Africa to corporate stores. APPROVAL AND ASSURANCE OF <IR> Framework. Information relating to the Good Business This report provides a more detailed understanding of the OUR REPORTS Journey has been based on the G3.1 guidelines of the Global • Inclusion of the Witchery Group for the full year (compared financial aspects of our business. The detailed Annual Financial Reporting Initiative, with the intention of aligning these with the to nine months in 2013). Statements have been prepared in accordance with The WHL Audit committee has reviewed the Integrated Report ( ) G4 guidelines in the near future. The information included in • The acquisition of David Jones Limited (David Jones) on International Financial Reporting Standards (IFRS) and include including the full and abridged Annual Financial Statements and this report is consistent with the indicators used for our internal 1 August 2014 – a post-financial year end transaction. the Audit committee and directors’ reports. The report is recommended these to the Board for approval. management and Board reports, and are comparable to available for download on www.woolworthsholdings.co.za. The David Jones transaction has no financial impact, other than The Social and Ethics committee and the Sustainability committee previous Integrated Reports. reviewed and recommended the Good Business Journey report transaction costs which have been included in adjusted profit, 2014 GOOD BUSINESS JOURNEY REPORT We are reporting from a Group perspective and have elected during the reporting period. We have included data and profiling as well as the social and environmental 'insights' contained in the This report provides details of our sustainability strategy, the Integrated Report to the Board for approval. to structure the content around strategic objectives rather information about the new business segment into this report due governance of sustainability and a review of performance than operational units, particularly as the Group’s operations to the material size and nature of the transaction. We have paid primarily against our non-financial targets for social, The Board has applied its mind to the Integrated Report and continue expanding. Our strategy drives the value creation, particular attention to opportunities for value creation in the short transformation and environmental matters. The report is believes that it addresses all material issues, and fairly presents decision-making and performance targets for the Group, and to medium term. available for download on www.woolworthsholdings.co.za. the integrated performance of the Group. encompasses all operations throughout South Africa, Africa and Australasia. 2014 AGM NOTICE AND ABRIDGED FINANCIAL RESULTS The information included in our Integrated Report has been This report contains the notice of the WHL Annual General verified by a combination of internal and external assurance Meeting, a proxy form and the information necessary for specialists. The assurance elements cover a significant shareholders to vote on the resolutions to be tabled at the spread of the business operations. Details of our assurance meeting together with abridged financial results. This report will elements and providers are available on the website be sent to all our shareholders registered in the company’s share www.woolworthsholdings.co.za. OUR NAVIGATIONAL ICONS register at 10 October 2014. This has been done in compliance The 2014 WHL Integrated Report was approved by the Board The following symbols have been applied throughout the report to improve usability and show the integration with the Companies Act, 71 of 2008 (as amended). on 19 September 2014. between relevant elements of the report. ADDITIONAL INFORMATION A number of supporting documents and compliance information, such as our results presentations and Board and committee charters, have not been included in the reports listed above. However, they can be accessed via the website at www.woolworthsholdings.co.za. Downloads available S SUSMAN I MOIR Chairman Group Chief Executive Officer CUSTOMER FASHION FOOD OMNI- AFRICA FINANCIAL SYNERGIES GOOD include our compliance with the Global Reporting Initiative’s CHANNEL SERVICES BUSINESS G3.1 guidelines and the King III application table. Copies of JOURNEY all reports can be obtained by emailing [email protected]. ACHIEVEMENTS REFER TO WEBSITE REFER TO PAGE REFER TO AFS REFER TO GBJ All reports can be obtained online www.woolworthsholdings.co.za WHL 4 / 2014 INTEGRATED REPORT 2014 INTEGRATED REPORT / WHL 5 THE WHL GROUP 08 Woolworths Holdings Limited 10 Southern hemisphere retailer 12 Our vision and values 14 Key indicators 16 Strategic focus at a glance 20 Our business model 22 Our business model and the six capitals 26 Our industry trends 32 Our stakeholders WOOLWORTHS HOLDING LIMITED WOOLWORTHS HOLDING LIMITED OPERATING COMPANY PROFILES WOOLWORTHS WOOLWORTHS COUNTRY ROAD DAVID JONES FINANCIAL SERVICES GROUP OWNERSHIP Wholly owned 50% less one share 88% shareholding by Wholly owned subsidiary. owned by Woolworths. WHL as at 29 June subsidiary from oolworths Holdings Limited (WHL) Woolworths and the Country Road Group Accounted for as a joint 2014. 1 August 2014. is a South African-based retail have been accounted for in all aspects venture. Wholly owned Wgroup listed on the Johannesburg of the report. However, from a financial subsidiary from Stock Exchange (JSE) since 1997. It is one of perspective, WFS has only been included 2 September 2014. R65.5 billion the top 40 JSE-listed companies and had in terms of profit earned on shareholding a market capitalisation of R65.5 billion at ESTABLISHED 1931 2000 1974 1838 MARKET CAPITALISATION AT except where highlighted. WFS is treated 29 JUNE 2014 29 June 2014. as an integral element of the Group in PROFILE Leading South African South African joint Leading brand in One of Australia’s The WHL Group consists of three terms of strategy, commentary and key retailer offering a range venture operation with Australian retail and leading premium operating subsidiaries, Woolworths performance indicators.
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