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Annual Report 2005 CONTENTS COMPANY DIRECTORY

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Annual Report 2005 CONTENTS COMPANY DIRECTORY ABN 88 000 014 675 Annual Report 2005 CONTENTS COMPANY DIRECTORY Woolworths Limited Secretary Registered Office Rohan K S Jeffs BA, LLB, LLM, FCIS 1 Woolworths Way Share Registrar Bella Vista NSW 2153 Tel: (02) 8885 0000 Computershare Investor Services Pty Limited Web: www.woolworthslimited.com.au Highlights 1 Level 3 BIG W 60 Carrington Street Chairman’s Report 2 National Supermarkets Sydney NSW 2000 Woolworths Petrol Tel: 1300 368 664 BWS/First Estate Fax: (02) 8234 5050 Group Managing Director’s Report 4 Web: www.computershare.com.au – The Results in Brief 6 Woolworths Ezy Banking 1 Woolworths Way Auditor – Supermarkets 9 Bella Vista NSW 2153 – General Merchandise 12 Tel: (02) 8885 0000 Deloitte Touche Tohmatsu – Consumer Electronics 14 Web: www.woolworthslimited.com.au Grosvenor Place 225 George Street – Hotels 16 Dan Murphy’s 789 Heidelberg Road Sydney NSW 2000 Woolworths’ Focus Is Alphington VIC 3078 Tel: (03) 9497 3388 – Project “Refresh” 19 Fax: (03) 9497 2782 – Growth 22 Dick Smith Electronics/Tandy – Capital Management 25 2 Davidson Street – People Power 26 Chullora NSW 2190 Tel: (02) 9642 9100 – Corporate Social Responsibility 28 Fax: (02) 9642 9111 Board of Directors 32 Bruandwo Pty Ltd Registered Office Senior Management 34 1 Woolworths Way Bella Vista NSW 2153 Directors’ Statutory Report 36 Tel: (02) 8885 0000 – Remuneration Report 2005 38 Victorian Office – Auditor's Declaration 49 Ground Floor 15-20 Claremont Street Corporate Governance 50 South Yarra VIC 3141 Queensland Office Financial Report to Shareholders 55 Morrison Hotel 640 Stanley Street Shareholder Information 113 Woolloongabba QLD 4102 Company Directory IBC Designed by Precinct Design. Project management and production Ideassociates. Principal photography Jason Loucas. HIGHLIGHTS In summary, Woolworths’ results for the year 2004/05 are as follows: – Sales up 12.3% from continuing operations; – Total sales for this year compared with last year up 12.2% to $31,352.5 million; – Earnings before interest, taxation, depreciation, and amortisation (EBITDA) up 18.4% to $1,744.0 million; – Earnings before interest and taxation (EBIT) up 20.5% to $1,283.0 million; – Net operating profit after tax up 14.9% to $790.5 million; – Earnings per Share (EPS) after goodwill amortisation up 12.4% to 75.7 cents; – EPS before goodwill amortisation up 13.7% to 79.7 cents; – Final Dividend per Share (DPS) of 27 cents, to bring total DPS for the year to 51 cents, up 13.3%, with total Dividends paid and proposed for the year of $537.5 million; – EBIT margins improved from 3.81% in 2004 to 4.09% in 2005. – Reduction in inventory days Stock on Hand by 1.5 days to 30.6 days; – Average Return on Funds Employed (ROFE) was 38.7% and Average Return on Equity (ROE) was 43.6%. – Over the past six years, EPS before goodwill amortisation has grown at a compound annual rate of 18.6% with Dividends per Share growing at 19.0% over this same period. CHAIRMAN’S REPORT TO SHAREHOLDERS Full year results and performance Woolworths in 2004/05 has again achieved record results as measured by all key performance indicators: – Earnings Before Interest and Tax (EBIT) from continuing operations grew by 20.5% to $1,283 million; and – Net Operating Profit After Tax increased by 14.9%(1) to $790.5 million. These profit figures were based on a combination of continued strong growth in sales, together with a reduction in cost levels: – Sales up 12.2% to $31,352 million; and – Costs from continuing operations down 30 basis points to 20.82%. For shareholders, the outcomes were new record levels in: – Earnings per Share (before goodwill amortisation) of 79.7 cents, an increase of 13.7%; and – Total Dividends for the full year of 51 cents, up by 13.3%. Note (i) Note that this increase is after adjusting for the reclassification of WINs interest of $42.9 million in 2004 for comparable purposes 2 EPS Before Goodwill (Cents) Dividends per Share (Cents) ROFE(ii) (Percentage) 2005 79.7 2005 51.0 2005 38.7(1) 2004 70.1 2004 45.0 2004 49.3 2003 60.7 2003 39.0 2003 42.8 2002 52.5 2002 33.0 2002 38.1 2001 41.0 2001 27.0 2001 35.0 This impressive performance by Management and leadership The Board and governance management and all of our people working throughout the Group is based on specific The scale and scope of the Group, together Excellent working relationships have been and consistent priorities of: with our ambitious growth strategies, maintained within our relatively small Board continue to create significant demands of Directors and between the Board and – maintaining competitive low prices; on all of our people. management. – creating efficiency and cost reduction; – pursuing high standards of customer Planning and carrying out two major We are committed to ensuring we satisfy service; and acquisitions and the subsequent vital all new requirements in terms of proper – initiating growth in existing and new integration work is a significant program governance and reporting standards. businesses. in its own right. Increasing attention is being paid to These are pleasing results in a very Clearly, the strength of leadership provided community relationships and support, competitive environment, achieved by by the CEO Roger Corbett and his senior risk evaluation and corporate reputation. constant attention to detail in every aspect management team has been central to Board and executive succession planning of operations, whilst simultaneously driving the continuing success of Woolworths. is an important area of focus in the growth and expansion. We have benefited a great deal from current year. Major initiatives stability and excellent teamwork. Management development and succession Acknowledgements During the year Woolworths acquired planning are crucial to ensure continuing Our brand depends on the performance Australian Leisure and Hospitality Group momentum, and these areas are receiving by every person within Woolworths, (ALH) which is being integrated into the increased emphasis and support. the way they approach and perform Group with the assistance of the Bruce During the current year we will be moving their roles in dealing with customers, Mathieson Group covering hotel several thousand staff to consolidate colleagues and suppliers. management, gaming and entertainment. support operations in new premises We thank the staff of Woolworths for It is clear that the ALH acquisition is at Norwest Business Park in Sydney. creating a dynamic and enthusiastic culture providing significant new opportunities At the same time, intensive work throughout every business. for growth in both the Hotel and Liquor continues on the overhaul of supply and sectors. We appreciate also our partnerships with warehousing, and there are large scale suppliers in an increasingly competitive Later in the year, Woolworths reached an continuing initiatives associated with market place. Good partnerships are arrangement to acquire from Foodland Project Refresh and the Mercury Program. critical in large scale, low margin retailing Australia Limited (FAL) their New Zealand All of these activities are essential to businesses. supermarket businesses, together with our future. 22 Action stores in Australia. The strength of these relationships In recent years, the Group has been between our businesses, our people, This complex transaction is expected to developing and displaying great skills our suppliers and our customers gives be completed before the end of the 2005 through its people in managing its existing us quiet confidence for the future. calendar year, leading to a major program businesses, whilst at the same time of integration and improvements for carrying out complex strategy planning implementation which will significantly and implementation. benefit the New Zealand operations. Note (i) Return on Funds Employed (ROFE) based on average of opening and closing funds employed (ii) ROFE excluding Bruandwo (ALH/MGW) was 49.8% James Strong Chairman 3 GROUP MANAGING DIRECTOR’S REPORT On behalf of my colleagues and all of the We now have a comprehensive coverage 145,000 members of the Woolworths team, across Australia with some remaining I am proud to report to you on another locations to be filled and further green excellent result for the financial year field site opportunities for the future. 2004/05. We retail significant volumes of petroleum products across Australia, whilst providing Whilst the trading environment remains a valued discount to our Supermarket and very competitive, your Company has again BIG W customers. achieved solid sales increases, continued cost reductions and productivity gains, Liquor The continued development of through continued improvement in our our liquor outlets across Australia, trading IT support systems and supply chain under the brand names of Woolworths initiatives, and at the same time delivering Liquor, BWS, First Estate and Dan Murphy, our customers better prices. has resulted in dramatic growth in this business in the last 12 months. Achievements through the year fall into The acquisition of ALH, in partnership with three major categories: the Bruce Mathieson Group, has provided – Strong trading performance; an excellent platform for the future. – The achievement of significant IT and supply chain initiatives milestones in the rollout of our IT and supply chain initiatives; and Our biggest business is our Supermarket division with 2004/05 sales at $26,878 million. – Significant strategic acquisitions. This figure will grow strongly in the Trading performance 2005/06 and 2006/07 financial years with continued growth in the existing Australia All divisions performed strongly. business, the acquisition of the Foodland Supermarket outlets in New Zealand and Our Supermarket division rebounded Action stores in Australia. strongly, following the one-off significant change in the market, particularly in the Significant benefits are being achieved two final trading quarters of the year. from improving the IT and Supply Chain As previously announced, sales growth processes to world class standards.
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