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ANNUAL REPORT 2009 Chairman’S Report

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ANNUAL REPORT 2009 Chairman’S Report outside back cover 6mm outside front cover ANNUAL REPORT ABN 88 000 014 675 WOOL W ORTHS LIMITED ANNU LIMITED ORTHS A L L R EPORT 2009 EPORT inside front cover 6mm inside back cover contents aboUT this report COMPANY DIRECTORY Woolworths Limited Company Secretary Principal registered office in Australia Peter Horton 1 Woolworths Way Bella Vista NSW 2153 Share Registrar Tel: (02) 8885 0000 Computershare Investor Services Pty Limited Web: www.woolworthslimited.com.au Level 3 60 Carrington Street BIG W Sydney NSW 2000 Web: www.bigw.com.au Tel: 1300 368 664 Fax: (02) 8234 5050 Woolworths maintained National Supermarkets Web: www.computershare.com.au 2 Chairman’s its confidence and Web: www.woolworths.com.au Report certainty in the Auditor Australian economy Woolworths Petrol Deloitte Touche Tohmatsu 4 Managing during the year and remains very optimistic Tel: 1300 655 055 Director’s Grosvenor Place about the country’s Web: www.woolworthspetrol.com.au 225 George Street Report ability to withstand the Sydney NSW 2000 extraordinary fiscal events BWS 6 Highlights that have taken place. Tel: (02) 9322 7000 Web: www.beerwinespirits.com.au By continuing to grow Web: www.deloitte.com.au 10 The Results our company, create in brief employment and deliver Dan Murphy’s choice and value to 789 Heidelberg Road 12 Supermarkets customers, we will be Alphington VIC 3078 well positioned to reach Tel: (03) 9497 3388 18 General our 100th birthday Merchandise in 2024 as a vibrant, Fax: (03) 9497 2782 strong and dynamic Web: www.danmurphys.com.au MICHAEL LUSCOMBE Australian company. 22 Hotels MANAGING DIRECTOR AND CHIEF Dick Smith Electronics/Tandy 23 Capital EXECUTIVE OFFICER 2 Davidson Street Management Chullora NSW 2190 Tel: (02) 9642 9100 25 Strategy and growth Fax: (02) 9642 9111 Web: www.dse.com.au 28 Board of Directors Progressive Enterprises Limited 80 Favona Road 32 Directors’ Mangere 2024 Auckland Statutory Report You can also New Zealand view this report Tel: +64 (9) 275 2788 35 Remuneration online Report Fax: +64 (9) 275 3074 Woolworths Limited is built on some of Web: www.progressive.co.nz 55 Auditor’s the most recognisable and trusted brands Declaration in retailing. Our retailing expertise ALH Group Pty Ltd stretches across food and grocery, liquor, – Registered Office petrol, general merchandise and consumer 56 Corporate 1 Woolworths Way Governance electronics, serving more than 24 million customers weekly across Australia Bella Vista NSW 2153 64 Financial Report and New Zealand. Tel: (02) 8885 0000 to Shareholders Woolworths is more than just the face at Web: www.alhgroup.com.au the checkout. We are part of a large network – Victorian Office 149 Shareholder that includes our own people, our customers, Ground Floor Information our shareholders, our supply chain and the communities in which we operate. 16‑20 Claremont Street Our company is built for South Yarra VIC 3141 sustainable results over the long term Tel: (03) 9829 1000 and our strategies are being delivered – Queensland Office The text pages of the report are printed consistently across our divisions. Our goal Level 1 on ENVI web paper which is PEFC certified, is to continue to grow our business and 152 Oxford Street carbon neutral and elemental chlorine free. deliver opportunities to our employees and value to our customers and shareholders. Bulimba QLD 4171 Tel: (07) 3909 4800 www.woolworthslimited.com.au precinct.com.au HIGHLIGHTS SALES INCREASED TO $49.6 BILLION +7.5% ON A COMPARABLE 52 WEEK BASIS +8.5% EXCLUDING PETROL SALES EARNINGS NET PROFIT EARNINGS DIVIDEND PER SHARE AFTER TAX BEFORE INTEREST PER SHARE INCREASED TO INCREASED TO AND TAX INCREASED TO 150.7 CENTS $1,835.7 MILLION INCREASED TO 104 CENTS $2,815.5 MILLION +11.7% +12.8% +13.0% +11.3% 6 BASIS POINTS INCREASE IN COST OF DOING BUSINESS – gREATER THAN 20 BASIS POINTS REDUCTION AFTER NORMALISING FOR PETROL, HOTELS AND PRIOR YEAR PROPERTY PROFITS 1 Despite this climate of uncertainty, Woolworths worked hard to invigorate its team with a sense of confidence and optimism and maintained its efforts to invest in new jobs and infrastructure. As a result, the company delivered an outstanding financial performance across all divisions. 2 WOOLWORTHS LIMITED ANNUAL REPORT 2009 CHAIRMAn’S REPORT THE Year IN REVIEW Our recent decision to enter the Australian The Board and management team of Woolworths hardware and home improvement market is a logical Earnings Limited are delighted again to report on a very progression for Woolworths, and is intended to enable and successful year of trading. The 2009 results were the company to deliver value for its shareholders well dividends achieved in a challenging economic environment into the future. per share and are a tribute to the energy and determination 2009 of the entire Woolworths team. RESponSIBle PerForManCE The effects of the financial crisis were felt As a large and diverse organisation, our operations around the world, with discretionary spending can affect a wide range of interests. Corporate severely curtailed by falling consumer confidence. Governance and Corporate Responsibility are key The Australian Government stimulus packages areas for Woolworths. The Board is pleased with provided a welcome boost to the retail sector, the leadership position the Company is adopting which employs more than 15% of the total on issues such as compliance, environmental Australian workforce. sustainability and community investment. In this climate of uncertainty, the management Woolworths’ first comprehensive Corporate worked hard to project and invigorate a sense Responsibility Report, meeting the highest of confidence and optimism, and we continued international reporting standards, was released investment in new jobs and infrastructure in November 2008. for growth. As a result, the company delivered an excellent A WInnING TeaM financial performance across all divisions. In a year characterised by widespread employment uncertainty, Woolworths has been aware of the FInanCIal RESultS importance of safeguarding jobs in an economic Net Profit After Tax reached $1,835.7 million, an downturn. Through Michael Luscombe’s exemplary EPS (cents) increase of 12.8%. Continued investment in our leadership, the company has built a confident, premises and facilities has enabled Woolworths resilient and success-driven culture amongst its to maintain its momentum. Customers have 191,000 strong workforce and continues to attract, 150.7 appreciated the benefits, with sales revenue retain and develop thousands of people each year. increasing by 7.5% to just under $50 billion. This positive culture is one of the Group’s core 134.9 Earnings per share increased by 11.7% to 150.7 cents. strengths, and a source of competitive advantage. 108.8 90.9 ENHanCING SHareHolDer Value BoarD reVIEW 79.2 The Board decided on a 13% increase in shareholder During the year, the Woolworths Board conducted dividends to 104 cents per share, reflecting our an extensive review of its performance and success in providing improved shareholder returns. succession plans, utilising an external facilitator. 05 06 07 08 09 POSITIonING For Future GroWTH appreCIatIon With a strong balance sheet, stable debt profile and On behalf of my fellow Board members I would strong credit ratings, Woolworths has established like to thank the entire Woolworths team for Dividend per share an excellent platform to support further growth, their commitment and dedication. In particular, (cents) both in its core business activities and for potential my congratulations to Michael and his team for 104 new areas. steering the Company through another successful 92 The Board and Senior Management Group year, putting us in an excellent competitive position consider new opportunities on a regular basis, with for the future. 74 full regard for risk evaluation. Strategic initiatives 59 have been undertaken in a disciplined manner, and 51 the company has a track record of a prudent approach to growth and expansion. 05 06 07 08 09 JAMES StronG CHAIRMAN 3 2009 was another successful year for Woolworths in which our full year results came in at the upper end of our forecasted range. This is a remarkable result, achieved despite tough macro-economic conditions resulting from the global financial crisis. 4 WOOLWORTHS LIMITED ANNUAL REPORT 2009 MANAGING DIRECTOR’S REPORT Core BuSIneSS PerForManCE BIG W performed extremely well this year and 2009 was another successful year for Woolworths in – with a reinvigorated store format – the business which our full year results came in at the upper end was well placed to take advantage of the uplift in of our forecasted range. This is a remarkable result, discretionary spending associated with the financial achieved despite tough macro-economic conditions stimulus packages. BIG W has now delivered 11 resulting from the global financial crisis. The reliable consecutive quarters of positive comparable sales strength of our business was reinforced as we adapted and is now Australia’s largest department store in to declining consumer confidence, yet at the same terms of sales revenue. time maintained our strategic focus on long term, In our Petrol division, sales were down sustainable growth, job creation and investment. marginally due to a drop in petrol prices. However The strong performance of Woolworths in petrol margins were higher reflecting strong volume financial year 2009 also reflects the success of our growth due to our commitment to offer competitive constantly evolving retail offer. By listening to what prices to all our customers across all our sites, the our customers want from their shopping experience, successful rollout of the Everyday Rewards program we have continued our investment in stores, prices and increased non-fuel sales. We also launched our and services to ensure that each brand’s offer remains epump payment system this year, providing added optimal. In the competitive market we operate in, convenience to Everyday Money credit card holders we recognise that we cannot afford to rest on our who are able to pay for their petrol at the bowser.
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