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Woolies Refresh Woolworths Australia Review 2005

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Woolies Refresh Woolworths Australia Review 2005 An Overview of Woolworths Australia February 2005 Woolworths Australia DOCUMENT OVERVIEW This document is structured in three sections: an overview of Woolworths, Project Refresh and future growth options for the group 1. 2. 3. Woolworths Project Future Overview Refresh Growth Woolworths 2 Woolworths Australia SECTION 1 This section provides an overview of the Woolworths Group and its supermarket operations 1. Woolworths Overview Woolworths 3 Woolworths Australia CORPORATE STRUCTURE Woolworths Group had a turnover of $27.9 billion in FY2004, of which Food & Liquor accounted for $22 billion Woolworths corporate structure (A$; billions; FY2004) Woolworths Ltd. Sales: $27.9B Food & Liquor Petrol Big W Consumer AIW Electronics Wholesale Sales: $22.0B Sales: $2.2B Sales: $2.7B Sales: $0.9B Sales: $0.1B Caltex joint venture Includes SIW Tasmania AIW Discontinued Supermarkets Liquor Ezy Banking Internet Sales: $B Sales: $1.8B HomeShop GreenGrocer Corporate MGW Hotels Ltd Sales: $1.8B Sales: $0.3B BWS Dan Murphy’s 50% joint venture First Estate (58% liquor/42% hotels) 1. Includes Woolworths 4 Source: Woolworths Annual Reports Woolworths Australia MANAGEMENT STRUCTURE The top management of Woolworths is structured as follows Woolworths management structure (FY2004) Non Executive Non Executive Chairman Non Executive Non Executive Non Executive Director Director Director Director Director Adrienne Clarke Roderick Deane James Strong Diane Grady Leon L’Huiller John Astbury Group Managing Director & CEO Roger Corbett Chief GM Project Director Chief Logistics & GM Human Chief GM Director General Chief Financial Refresh Stage 3 Supermarkets Information Officer Resources Freestanding Merchandise & Officer Liquor & Petrol GM Big W Bernie Brookes Michael Luscombe Stephen Bradley Julie Coates Naum Onikul Marty Hamnett Tom Pockett GM Business GM Supermarket GM Mercury GM Corporate GM Woolworths GM Dick Smith GM Big W GM Property Development Operations Program Services Academy Electronics Gary Reid Peter Smith Penny Winn Rohan Jeffs Judy Howard Alvin Ng Greg Foran Peter Thomas 1. Includes Woolworths 5 Source: Woolworths Annual Reports Woolworths Australia SALES GROWTH Woolworths Limited has averaged 9.5% sales growth over the past seven years, driven in large part by growth in food and liquor sales CAGR Woolworths sales by division 97-04 (A$; millions; FY97-FY04) $27,934 9.5% $137 $26,321 Wholesale (1.4%) $280 $24,473 $819 $20,915 $698 $18,989 $17,527 $675 $521 $16,001 $21,998 Food & Liquor 8.3% $14,800 $389 $21,039 $152 $19,595 $16,772 $15,251 $14,247 $13,375 $12,584 $886 Electronics 21.8% $791 $659 $418 $2,718 Big W 8.7% $299 $338 $2,500 $242 $2,070 $2,281 $223 $1,788 $1,914 $1,517 $1,645 $2,195 Petrol 26.7%1 $316 $473 $747 $1,119 $1,711 Discontinued $325 $351 $357 $338 $210 1997 1998 1999 2000 2001 2002 2003 2004 1. uses FY99-FY04 data Woolworths 6 Source: Woolworths Annual Reports Woolworths Australia OPERATING PROFIT GROWTH Woolworths Limited has averaged 12.9% EBIT growth over the past seven years, driven in large part by growth in food and liquor sales CAGR Woolworths ebit by division 97-04 (A$; millions; FY97-FY04) $1,122 12.9% $2 Wholesale N/A $996 $0 $876 $7 $733 $5 $647 $3 $942 Food & Liquor 13.1% $528 $547 $825 $479 $735 $614 $534 $453 $452 $398 $37 $44 Electronics 17.1% $28 $26 $31 $15 $16 $21 $104 $116 Big W 13.5% $48 $56 $62 $74 $83 $94 Discontinued $23 $16$(4) $17$(3) $11$(1) $5 $13 $30 $19 Petrol N/A 1997 1998 1999 2000 2001 2002 2003 2004 Source: Woolworths Annual Reports Woolworths 7 Woolworths Australia SHARE PRICE GROWTH Woolworths share price has languished since a run-up following the breakup of Franklins Woolworths share price (ASX:WOW; A$; 1993/7-2005/2) +11% 3 years +160% 2.5 years +67% 6.5 years Source: BigCharts.com Woolworths 8 Woolworths Australia SUPERMARKET STORE FORMATS Woolworths operates two main supermarket store formats, Woolworths and Safeway Woolworths store formats (units; actual; FY2004) Format Brands # of stores Conventional Supermarket 492 179 Discount Supermarkets 27 4 Urban 6 Petrol 359 Liquor 679 Discount Department Store 111 Consumer Electronics 330 Woolworths 9 Woolworths Australia WOOLWORTHS STORE NUMBERS BY BRAND Woolworths is increasing store numbers across all its brands Absolute Woolworths store number by brand Change (units, actual, FY1999 -FY2004) 96-04 2,187 +1,156 2,009 679 Liquor +652 576 1,533 139 1,358 1,282 330 Dick Smith +223 130 1,186 348 366 1,098 258 1,114 1,031 257 135 369 359 Petrol +359 252 117 41 287 246 Rockmans 101 42 129 256 38 86 123 166 Crazy Prices 75 38 117 137 27 98 114 49 107 12 676 694 708 Supermarkets +203 559 585 603 505 518 542 71 78 82 85 87 90 96 104 111 Big W +40 1996 1997 1998 1999 2000 2001 2002 2003 2004 Source: various Woolworths annual reports; Coriolis analysis Woolworths 10 Woolworths Australia ACQUISITIONS Woolworths has made a number of ‘bolt-on’ acquisitions to expand existing businesses Woolworths Group acquisitions (A$m; FY1998 -FY2004) # of Acquisition Date Category Acquisition Store Sales Price Location s Oct 1998 Liquor Dan Murphy 5 Melbourne Jun 2000 Liquor Booze Brothers 16 ~$64m $12m Adelaide Jul 2000 Liquor Toohey Bros 9 ~$40m Sydney Jul 2000 Supermarkets Advantage Supermarkets 5 $21.2m West Australia 2001+ Liquor MGW Hotels (jv with Bruce Mathieson) 85 $350m1 QLD 2001 Electronics Tandy Electronics 222 ~$200m $112.6m National 2001 Liquor Liberty Liquor 43 ~$180m $71.7m 2001 Supermarkets Part of Franklins Supermarkets 72 $1.5b $268.1m East Coast 2001 Petrol Lease Liberty Oil outlets 69 ~$100m 2001 Internet 38.1% of GreenGrocer.com.au - $18.3m 2002 Internet 61.9% of GreenGrocer.com.au - 2003 Liquor Le Grog $7.3m South Australia 2003 Liquor Super Cellars $15.2m South Australia 2004 Liquor Baily & Baily $10.7m 2004 Liquor Porters $9.7m Oct 2004 Liquor Australian Leisure & Hospitality 263 $465m $1.32b QLD; other 1. Total acquisitions by jv 01-04; Note: Smaller unlisted acquisitions include Figtree Cellars (liquor), Park Cellars (liquor), Andi’s, Caltex Liquor as well as Woolworths 11 single supermarket “creeping acquisition”; Source: various Woolworths annual reports; Coriolis analysis Woolworths Australia DIVESTITURES Woolworths has disposed of underperforming or non-core businesses Woolworths Group divestitures (A$m; FY1998 -FY2004) # of Annual Sale Date Category Divestiture Stores Sales Price Location Feb 2000 Apparel Rockmans 258 $169m $11m1 National Jun 2000 Printing Chisholm Printing - - $7.4m Oct 2000 Meat Mnfg Chisholm Smallgoods Mnfg. - - $34.1+ Jun 2001 Variety Crazy Prices 135 $516m N/A National 1. Gain on disposal Woolworths 12 Source: various Woolworths annual reports; Coriolis analysis Woolworths Australia SUPERMARKETS BY STATE Woolworths has supermarkets throughout Australia Woolworths supermarkets by region (units; actual; FY2004) 11 143 60 52 234 179 TOTAL = 708 29 Woolworths 13 Woolworths Australia SUPERMARKETS BY REGION Supermarket store number growth is coming primarily from the highly populated Eastern states Absolute Woolworths supermarkets by region Change (units; actual; FY2004) (95-04) 708 +207 694 676 60 +16 58 59 603 585 559 57 141 143 +37 542 52 130 518 52 501 505 50 48 115 Western Australia 44 46 112 111 111 106 Queensland 106 103 234 +79 +165 227 228 192 198 178 162 174 New South Wales/ACT 155 158 171 175 179 +49 151 145 149 Victoria 130 131 130 133 60 63 63 +24 South Australia/NT 39 40 43 45 45 51 53 Tasmania 27 27 29 29 28 29 29 29 29 29 +2 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Woolworths 14 Woolworths Australia SECTION 2 This section provides an overview of the Woolworths Group and its supermarket operations 1. 2. Woolworths Project Overview Refresh Woolworths 15 Woolworths Australia PROJECT REFRESH Woolworths launched Project Refresh as a result of a consulting project by Bain & Company and its relationship with Wal-Mart – “Project Refresh is the business change program for Woolworths which began in August 1999. The task of Project Refresh is to refocus the ways in which Woolworths does business by looking for best practice across the Group and ways to improve efficiency while eliminating waste and duplication.” Woolworths, Jun 2001 – Bain & Company provided management consulting advice – About 50 people internally working on the project (2000) – “Roger Corbett, still one of the most underestimated men in Australian business and his US mentor, Jack Shewmaker, a board member of Wal-Mart, head of the Strategic Committee and former president of the world’s biggest retailer… were at a luncheon in Sydney last week –a rare public appearance together… Shewmaker is not only an insider in probably the biggest business success stories in any country around the world, Wal-Mart, but he’s left his imprint on Woolies, Australia’s most successful retailer in the past decade. Go into any of Woolies Big W stores around the country and it’s like a mini Wal-Mart Supercenter. The colour scheme, the look, the ‘stack em high’ approach is a direct result of the interaction between Corbett and Shewmaker. While the ‘Fresh Food People’ idea of Woolies is a reworking of ideas from US retailers and the Tesco and Morrisons chains in Britain, Woolies ‘Everyday Low Prices’ idea is a reworking of Wal-Mart’s ‘Always Low Prices. Always.’… Shewmaker is in Australia for his annual consultation with the Woolies board and senior management… Just as important has been his input on the ‘Project Refresh’ revamp of Wolies logistics chain from suppliers to the store.” Bill Eclairs, Crikey.com.au, Apr 2004 Woolworths 16 Woolworths Australia
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