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Annual Report 2007

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Annual Report 2007 WOOL W O R THS LIMITED ANNU A L REPO R T 2007 ABN 88 000 014 675 ANNUAL REPORT 2007 ANNUAL REPORT 2007 COMPANY DIRECTORY Woolworths Limited Company Secretary Principal registered office in Australia Peter Horton 1 Woolworths Way Share Registrar Bella Vista NSW 2153 Computershare Investor Services Pty Limited Tel: (02) 8885 0000 Level 3 Web: www.woolworthslimited.com.au 60 Carrington Street BIG W Sydney NSW 2000 Web: www.bigw.com.au Tel: 1300 368 664 Fax: (02) 8234 5050 National Supermarkets Web: www.computershare.com.au Sales Web: www.woolworths.com.au Auditor Woolworths’ Petrol Deloitte Touche Tohmatsu Tel: 1300 655 055 Grosvenor Place BWS 225 George Street Web: www.beerwinespirits.com.au Sydney NSW 2000 Web: www.deloitte.com.au 12.6% Dan Murphy’s 789 Heidelberg Road From continuing operations. Alphington VIC 3078 Tel: (03) 9497 3388 Fax: (03) 9497 2782 Web: www.danmurphys.com.au Dick Smith Electronics/Tandy 2 Davidson Street $42,477m Chullora NSW 2190 Tel: (02) 9642 9100 Total sales for this year compared with last year Fax: (02) 9642 9111 up 12.6% to $42,477 million. Web: www.dse.com.au Progressive Enterprises Limited 80 Favona Road Mangere CONTENTS Auckland New Zealand Tel: +64 (9) 275 2788 2 Chairman’s Report Fax: +64 (9) 275 3074 4 Managing Director’s Report Web: www.progressive.co.nz 6 – The Results in Brief 8 – Supermarkets ALH Group Pty Ltd 14 – General Merchandise – Registered Office 18 – Hotels 1 Woolworths Way Bella Vista NSW 2153 Tel: (02) 8885 0000 Woolworths focus is 20 – Project Refresh – Victorian Office 22 – Strategy and Growth Earnings Ground Floor 26 – Capital Management 16-20 Claremont Street 28 – Our People South Yarra VIC 3141 32 – Doing the Right Thing Tel: (03) 9829 1000 – Queensland Office 38 Board of Directors Level 1 40 Senior Management 19.7% 152 Oxford Street 42 Directors’ Statutory Report Bulimba QLD 4171 45 – Remuneration Report Earnings per share (EPS) up 19.7% to 108.8 cents. 63 – Auditor’s Declaration 64 Corporate Governance 71 Financial Report to Shareholders 151 Shareholder Information Cover photograph: Matthew Bryant at Kellyville Woolworths. IBC Company Directory (Photographer: Grant Turner) precinct.com.au ROFE EBITDA 27.1% 20.3% Average return on funds employed (ROFE) Earnings before interest, taxation, was 27.1%. Normalising for the timing depreciation and amortisation (EBITDA) of acquisitions in 2006, ROFE (average) up 20.3% to $2,700.6 million. increased from 24.2% to 27.1%. Earnings before interest and taxation (EBIT) EBIT margins improved from 4.56% in 2006 up 22.6% to $2,111.3 million. to 4.97% in 2007. Final dividend per share Net operating profit 3 9 c e n t s $1,294m Final dividend per share (DPS) 39 cents Net operating profit after tax up 27.5% to to bring total DPS for the year to 74 cents, $1,294.0 million. up 25.4% with total dividend paid and proposed for the year amounting to Reduction in average inventory days from approximately $893.6 million. 32.7 days to 32.5 days, a reduction of 0.2 days. CHAIRMAN’S REPORT TO THE SHAREHOLDERS COMPETITIVE LANDSCAPE EPS (cents) Dividend per share (cents) As Woolworths Limited’s business interests expand, the retailing environments in which the company operates become more diverse but no less competitive. Australia has one of the most competitive retail markets in the world and, in food particularly, 108.8 60.7 70.1 79.2 90.9 39.0 45.0 51.0 59.0 74.0 there are healthy growth opportunities for major players and independents alike. Indeed, recent evidence has demonstrated that 03 04 05 06 07 03 04 05 06 07 independent food operators are increasing their market share as they seek to offer customers additional choice and variety. BOARD APPOINTMENTS STRONG RESULTS I am delighted to welcome Alison Watkins and Ian Macfarlane to the Board of Woolworths Limited. Their experience, enthusiasm 2007 was another record year for Woolworths Limited, with and capabilities will add substantial value to the overall governance the company once again delivering strong results across every procedures for the company. Alison and Ian will both stand for performance metric. Of particular note is the increase in net formal election at the forthcoming Annual General Meeting. profit – up 27.5% to $1,294 million. This clearly indicates the extent to which the company has strengthened its market leadership BOARD RETIREMENTS position in a highly competitive retail environment. For shareholders, this result represents a significant increase Professor Adrienne Clarke announced her retirement effective both in earnings per share (19.7%) and dividend per share (up 30 September 2007. Adrienne Clarke joined the Woolworths Board 25.4% to 74 cents), and we are delighted to continue to offer in 1994 shortly after the company was listed. She has played a very shareholders such a solid return on their investment. significant role through this period of rapid growth and financial success. She has made special contributions in areas such as food OUR FOCUS technology, intellectual property protection and understanding the customer experience. I would like to thank Adrienne for her This financial performance has been many years in the making. contribution and on behalf of the Board, management, staff and It is the cumulative result of considerable hard work and capital shareholders wish her every success in the future. investment focused on streamlining our business efficiencies and improving our offering to customers. MICHAEL LUSCOmbE By lowering our cost of doing business, we have built a world- class model of efficiency and logistical expertise. When combined Michael has now concluded his first year asCEO and has risen with the development of a wide range of complementary and to the challenge admirably. He has demonstrated exceptional well-executed organic and acquisitive initiatives, the business is leadership and his sense of integrity and responsibility is positioned to achieve sustainable growth year on year. acknowledged and respected throughout the organisation. MANAGEMENT SUCCESS CONTRibUTION Superior management expertise is critical to the delivery of strong On behalf of the Board, I extend my congratulations and financial results and Woolworths has, over many years, developed thanks not just to CEO Michael Luscombe and his exceptional a dedicated and highly focused senior team. The company is well- management team, but also to every member of the 180,000 strong respected for its commitment to training and career development Woolworths family, for their remarkable contribution to this year’s and for its culture of promoting from within. The longevity of result. The company’s success is a measure of their passion and service of Woolworths employees and their continued efforts to dedication and they should be justifiably proud. raise the bar are proof points of the success of that approach. Woolworths Limited also has one of the broadest employee incentive strategies in Australia, through its short term and long term incentive plans. Almost 2,000 managers currently have share options and this opportunity extends to store manager level. Approximately 40,000 employees are currently shareholders in the company. JAMES STRONG CHAIRMAN 2 By lowering our costs of doing business, we have built a world-class model of efficiency and logistical expertise. 3 MANAGING DiRECTOR’S REPORT As a proud Australian company, Woolworths Limited continues FOCUSING ON OUR CUSTOMERS to go from strength to strength, delivering improved services During 2007 we invested millions of dollars to help deliver a better to customers, greater returns to shareholders and wider career shopping experience to customers right across our business. Three opportunities to employees. separate price rollback programmes in Australian Supermarkets This year’s solid financial performance underlines our culture were well received by customers and we have also undertaken of continuous improvement. It is also a tribute to the commitment significant reinvestment in lower prices in ourN ew Zealand stores. of 180,000 people who serve our customers either directly or Maintaining a strong focus on our customers’ individual indirectly every single day. needs is central to our future success and a core component of A STRONG PERFORMANCE our growth strategy. Our ongoing investment in quality, service, training, buying and ranging is delivering tangible benefits All divisions of the company have performed strongly this year, to customers across all our brands and this will continue. The particularly our Australian and New Zealand Supermarkets. knowledge we gain from listening to the people who shop with us, Substantial reinvestment in lower prices has resulted in market will add enormous value to our business as we further tailor our share growth for food and grocery and has also helped maintain business to meet the requirements of our customers. food price stability for consumers in the face of numerous climatic and economic pressures. GROWTH OPPORTUNITIES BIG W is a standout success story with an 11.1% increase The potential for future growth for Woolworths, both organically in sales. Following extensive redevelopment of the in-store and by acquisition is considerable and we will continue to pursue experience, including improved merchandising, ranging and store a range of options in order to achieve our growth plans. For our layouts, the brand is now well positioned in the marketplace and is existing businesses, this means improving our offer to customers, winning widespread approval from customers. particularly in categories where our market share is lower, such Consumer Electronics has had a pleasing year despite as fresh food. The development of our private label strategy is considerable deflationary pressures and a highly competitive also continuing with the rollout of Select and we are delighted by trading environment. Market share is growing in key categories customers’ enthusiasm for the quality, innovation and value.
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