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Annual Report 2011 Closer every day. Woolworths Limited Annual Report 2011 CONTENTS CAPITAL MANAGEMENT Chairman’s Report 11 Managing Director’s Report 12 Successful completion of Highlights 14 The Results in Brief 18 $704 million off market Food, Liquor and Petrol 20 share buyback and sales of General Merchandise 26 Hotels 32 approximately $390 million Overheads, Expenses and Balance Sheet 33 in property assets. Capital Management and Outlook 34 Board of Directors 36 Management Board 2011 41 EARNINGS Directors’ Statutory Report 42 Remuneration Report 45 Auditor’s Independence Declaration 68 Corporate Governance Statement 69 5.1% Financial Report to Shareholders 80 increase Shareholder Information 167 in net profit after tax to $2,124.0 million (6.4% excluding natural disaster costs). www.woolworthslimited.com.au ABN 88 000 014 675 CASH FLOWS Solid increase in operating cash flows. EARNINGS 6.5% 6.6% 6.3% increase increase increase in earnings per share in earnings before in earnings before to 174.6 cents. interest, tax, depreciation interest and tax to and amortisation. $3,276.4 million. SALES DIVIDENDS 4.7% 6.1% increase increase Sales of $54,143 million, in fully franked up 4.7% including petrol dividend to 122 cents (excluding petrol, up 4.1%). per share. 1 Woolworths Limited Annual Report 2011 Thousands of shelf prices reduced during the year We’re knocking down prices every week… 63% rise in online sales over the last year We’re making online shopping easier and more accessible… 2 …so meal time is more about the family and less about the cost. …so you can sit back and let us come to you. Woolworths Limited Annual Report 2011 The widest choice of wines, beers and spirits in Australia and NZ We search the globe for the best beers and wines… BIG W committed to the lowest prices on quality and branded products We bring you the latest trends for the home and family at the lowest prices… 4 …for occasions when you want to explore without leaving home. …so you can live life to the full. Woolworths Limited Annual Report 2011 Dick Smith – the technology experts We’re in the know when it comes to all the latest technology… ALH hotels serve 230,000 meals a week We’re there for when you want to step back from the cooking… 6 …for moments when you can’t miss a second of the action. …and step out with friends and family. Woolworths Limited Annual Report 2011 19 Masters home improvement stores now under construction We’re building a new extension… Continuing investment in new generation supply chain solutions We use fresh thinking to deliver food to stores faster… 8 …for times when you need a hand building yours. …so you can taste the freshness in every bite. “Woolworths once again demonstrated the resilience and sustainability of its business model by delivering a 5.1% increase in net profit after tax to $2,124 million.” Chairman’s Report A new phase of growth On behalf of the Board, I am to enable us to respond to focus on the customer, his strategic effect of costs associated with the pleased to report another very customers with greater acumen and breadth of experience accelerated start up of a major new solid financial result for the flexibility to meet their choices. and the Board is very confident in business in home improvement. Company for the 2010-11 year. A major event for the Board his ability to lead the company to The Board and management The period involved significant was the announcement of the new levels of success. He has been remain confident about the challenges for the retail sector impending retirement at the end instrumental in delivering many outlook for Woolworths’ as stronger competition entered of September of CEO Michael of Woolworths’ major growth continued growth and success. the market, consumer spending Luscombe after his five year platforms over the last decade, Whilst the immediate trading slowed, savings rates increased, tenure, and the selection process including the liquor and hotels future continues to be subdued, deflation impacted sales and leading to the appointment of strategy and the development of Woolworths is a company managed margin levels, and natural Grant O’Brien as his successor. our home improvement strategy. for the long term via sustained Grant will lead Woolworths into disasters caused disruptions. Michael has made an enormous growth and improvement. a new phase of growth and change, Despite this background contribution to Woolworths further cementing the company’s Woolworths once again throughout his long career and position as Australia’s leading demonstrated the resilience and we are extremely grateful for retailer. sustainability of its business model his leadership, integrity and by delivering a 5.1% increase in net commitment. During his tenure The Board wishes to acknowledge profit after tax to $2.124 billion. as CEO, the company has more our 190,000 staff members whose James Strong In this highly unpredictable than doubled its profits and dedication and commitment Chairman economic environment, returned more than $7 billion to our customers delivered this Woolworths has delivered an to shareholders. He placed result. In the coming year, we will improved return for shareholders great importance on people and continue to grow our pool of talent with a 6.1% increase in fully achieved significant improvements and provide new development franked dividends to 122 cents in safety, workplace diversity, opportunities for many thousands per share, which again exceeds sustainability and community of employees. earnings growth. investment. Above all, he set an Given the current difficult We continued to strengthen our excellent example for everyone conditions, the outlook for the medium to long term position in Woolworths with his modesty, next twelve months of trading during the year through capital hard work and care for individuals. is uncertain. Despite this the investment in our core businesses Grant O’Brien is a highly Woolworths Board has provided and via new growth opportunities experienced retailer with more guidance to the market based such as home improvement and than 24 years of Woolworths on realistic lower growth multi-channel offers to customers, service under his belt. He was expectations in the short term, an important new diversification selected on the basis of his keen and taking into account the EPS (cents) Dividends per share (cents) 07 108.8 07 74.0 08 134.9 08 92.0 09 150.7 09 104.0 10 164.0 10 115.0 11 174.6 11 122.0 11 Woolworths Limited Annual Report 2011 Managing Director’s Report A strong focus on value “Woolworths maintained a clear focus on meeting our customers’ needs by delivering lower prices, greater ranges and better shopping experiences across all our brands.” Without doubt, the 2011 financial year with particularly strong caused considerable disruption Our customer engagement year has witnessed unprecedented growth achieved by Australian to our business, particularly strategy went from strength macro economic circumstances and New Zealand Supermarkets our supermarket operations in to strength with more than which had an adverse effect on and Liquor. As our customers Queensland and Christchurch and 8.4 million customers now signed retailing. Consumer confidence strive to make their budget stretch as a result we incurred $38 million up to our loyalty programs in remained historically low as further, our brands grew customer in direct additional costs. Australia and New Zealand. customers reacted adversely numbers, basket size and market However, Woolworths maintained In addition to rewarding our to rising utility costs, interest share which reflect well on our a clear focus on meeting our customers, we are now deriving rate hikes in the first half of the overall value commitment and customers’ needs by delivering considerable benefits from the year and general global financial the underlying strength and lower prices, greater ranges and data analytics and integrating this uncertainty, and opted to save relevance of our offers. We will better shopping experiences rich knowledge into our decision- rather than spend their money. maintain a very strong focus on across all our brands. A key growth making in order to further improve This coincided with significant the delivery of value in the coming strategy is our evolution into a our offer to customers. deflation in both general year to reinforce the positive price true multi-channel business, Cost consciousness is a merchandise and food, driven perception we have established taking advantage of online, direct fundamental part of Woolworths’ by the strong Australian dollar of all our brands. and social networking platforms DNA and in 2011 we continued and a highly competitive trading In addition to fiscal uncertainty, to service our customers’ to leverage our scale to create new environment. The combined effect Mother Nature wreaked changing shopping requirements. efficiencies across all businesses made trading extremely tough. havoc with floods, cyclones Woolworths is taking a strong and support functions. Our supply In spite of these conditions, all and earthquakes. As well as lead in multi-channel, reporting chain remains a key focus for of our trading divisions recorded devastating many of our local a 63% increase in online sales improvement as we stretch our positive profit results during the communities, these events during the year. Project Refresh expertise across 12 other parts of our businesses. progressed considerably during and innovations. Woolworths is Maintaining strong control 2011. Our first Masters big box a wonderful family to be a part over costs and efficiencies store, which opened at the start of and I consider myself extremely enables us to further enhance of September 2011 in Melbourne, lucky to have had the chance to our competitiveness and ability is already a resounding success, be part of it for more than thirty Michael Luscombe to withstand difficult trading with customers immediately years.
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