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Healthy Growth 2000 CONCISE REPORT to SHAREHOLDERS We’Re All Here to Deliver to Our Customers a Better Shopping Experience ~ Each and Every Time

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Healthy Growth 2000 CONCISE REPORT to SHAREHOLDERS � We’Re All Here to Deliver to Our Customers a Better Shopping Experience ~ Each and Every Time Healthy growth 2000 CONCISE REPORT TO SHAREHOLDERS " We’re all here to deliver to our customers a better shopping experience ~ each and every time. Who we are… Woolworths is owned by 320,000 shareholders, of whom 35,000 are employees, which makes us one of the largest employee ownership corporations in Australia. We serve over 13 million Australians every week through 1,114 stores and we employ over 125,000 people. We are dedicated to growing a company that we are proud of in terms of what it delivers to our customers, our shareholders and our people. Our purpose highlights what is important to us. It answers the basic and fundamental question of why we are in business. It gives our people a reason for coming to work each day, and it gives us a future focus by detailing what we are striving to achieve. Most importantly, the more we succeed in living this vision, the more our success as a company will be translated into valuable returns for you, our shareholders. This Report is a concise report in accordance with Section 314 (2) of the Corporations Law. A copy of the full Financial Report and Auditors’ Report will be sent to members, free of charge, upon request to the Share Registrar, details of which are set out inside the back cover of this Report. ‘Refresh’ delivers its first instalment on its promise of healthy growth… –> to continue to increase shareholder returns, –> to grow our enterprise, –> to improve our operating efficiencies, and –> to achieve world class retail operations. 2 Chairman’s report to shareholders 4 Group Managing Director’s report to shareholders 22 Business structure at a glance 24 It’s a fresh approach from the roots up 28 The Board of Directors 30 Directors’ statutory report 40 Corporate governance 44 Financial statements 62 Shareholder information 65 Directory " Woolworths Limited "2000 concise report to shareholders "Contents 1 CHAIRMAN’S REPORT TO SHAREHOLDERS" John Dahlsen I am pleased to report on a result for the year which has exceeded expectations and has delivered to shareholders the benefits of strong earnings growth together with a substantially improved balance sheet. Through the ‘Project Refresh’ initiatives, we are taking a dynamic approach to supply chain and inventory management, buying and marketing and operations which will provide significant benefits well into the future." Previous five years average This year Sales +10.0% +8.4% Earnings before interest and tax (EBIT) +11.1% +15.2% Net profit after tax +9.3% +16.5% Earnings per share +6.6% +18.8% Dividends per share +8.4% +27.8% Whilst this is a very good result, we In my report to you last year, I referred to would emphasise that this is but the first the Board’s concern at the decline in return instalment of a continuous approach to on funds employed (ROFE), as well as the Total Shareholder Return. need to converge shareholder and employee interests as a vital catalyst in the delivery The increase in the dividend to 23 cents of shareholder value. I am pleased to report per share for the year represents a significant that the five-year decline in ROFE has now increase on last year made possible by the 18.8% been reversed. increase in earnings per share to 32.4 cents and better balance sheet management. 2 32.36 29.54 29.08 27.25 26.83 26.69 26.54 26.33 24.43 23.26 23 22.50 21.82 18 17 16 15 13 Our 75th year has been an eventful, crucial and positive year. We have seen the commencement of ‘Project Refresh’. Cost reductions and other benefits from this initiative are only just beginning to be delivered. 9596 97 98 99 00 9596 97 98 99 00 9596 97 98 99 00 We have seen a new approach to strategic (cents) (cents) (%) capital management including the successful buy-back of 100 million shares in order to Dividends per share Ordinary EPS ROFE further drive earnings per share. (before abnormals) Significant potential exists in our increasing we believe are well placed to continue taking emphasis upon working capital management, this Company forward. with over $400 million already extracted from working capital. We have undertaken major strategic initiatives in the past year and expect to achieve significant The Rockmans Fashion and Chisholm ongoing benefits for shareholders. Manufacturing businesses have been successfully sold, in order to bring focus to We approach the new financial year with our core business. Sales growth is now being a sense of exhilaration and excitement. assisted by synergistic ‘bolt-on’ acquisitions. Our core businesses are responding well to the management team and to the focus on All in all, a very positive year. delivering value to both our customers and During the year, the Board welcomed our shareholders. the appointments of Dr Roderick Deane As the benefits of this focus are increasingly and Mr James Strong as Directors and being harvested, we are now able to turn more Mr Bill Wavish, the Chief Financial Officer of our attention to growing the total business was also appointed as a Director. These by new initiatives and by acquisitions. appointments extend and strengthen the Board’s experience and expertise to deal My thanks go to the Board, the Executive with the important issues facing the team and the over 125,000 employees across Company in the years ahead. Australia who played a vital role in delivering these results. Also during the year, your Board has recommended the appointment of new To our over 320,000 shareholders including Auditors, Deloitte Touche Tohmatsu. Our over 35,000 employee shareholders, we can thanks go to BDO for their past services. assure you that we will continue to deliver improved shareholder value. Despite the imposition on management of the significant changes from the Y2K and GST programmes, together with the ‘Project Refresh’ initiatives, the Board is extremely pleased with the way in which management has accepted and dealt with these major challenges and changes. We John Dahlsen thank Roger Corbett and his team who Chairman Woolworths Limited "2000 concise report to shareholders "Chairman’s report to shareholders 3 GROUP MANAGING DIRECTOR’S REPORT TO SHAREHOLDERS" Roger Corbett Good progress in improving our offering to customers and lowering our costs It is pleasing to report costs falling 0.86% of turnover (or $172 million) of which 22% ($38 million or 0.19%) has been passed onto our shareholders and 78% ($134 million or 0.67%) to our customers in lower price and mix. In so doing, we are able to serve our twin goals of increasing shareholder returns and giving greater customer satisfaction, which in turn drives volume to the further benefit of our shareholders." 4 Our major achievements: –> Funds employed fell 18.8% on sales up 8.4% –> Return on funds employed (ROFE) rose from 24.43% to 29.08% –> Return on investment (ROI) rose from 21.88% to 28.92% The Woolworths Group results for the year 1999/2000 in summary are as follows: • Sales up 8.4% to $20,020 million • Earnings before interest, depreciation, amortisation and taxation (EBITDA) up 12.5% to $910.4 million • Earnings before interest and taxation (EBIT) up 15.2% to $621.6 million • Net operating profit after taxation up 16.5% to $364.1 million • Total profit after taxation, abnormal items and outside equity interests up 15.0% to $295.5 million • Ordinary earnings per share (EPS) up 18.8% to 32.36 cents • Dividend per share (DPS) up 27.8% to 23 cents Woolworths Limited "2000 concise report to shareholders "Group Managing Director’s report to shareholders 5 Earnings before interest and tax (EBIT) Current Previous Increase $m $m % Supermarkets 601.3 514.7 +16.8 General merchandise 104.8 90.0 +16.4 Wholesale 0.1 (4.2) Trading 706.2 600.5 +17.6 Less: – Property 24.8 33.0 -24.8 – Central overheads (109.4) (94.1) +16.3 (84.6) (61.1) Total 621.6 539.4 +15.2 Group results summary Current Previous Increase $m $m % Sales 20,019.9 18,465.1 +8.4 Gross profit 25.51% 26.18% -0.67% pts Cost of doing business 22.40% 23.26% -0.86% pts Earnings before interest, depreciation and tax 910.4 809.3 +12.5 Depreciation and amortisation 288.8 269.9 Earnings before interest and tax 621.6 539.4 +15.2 EBIT to sales 3.11% 2.92% +0.19% pts Net interest expense 1 27.8 45.5 WINS distribution 26.1 – Operating income tax expense 203.6 181.3 Net operating profit after income tax 364.1 312.6 +16.5 Abnormal items before income tax 2 (93.9) (86.4) Abnormal income tax expense 33.8 31.1 Adjustment to tax rates (8.4) – Abnormal items after income tax (68.5) (55.3) Outside equity interests (0.1) (0.3) Total profit after tax, abnormal items and outside equity interests 295.5 257.0 +15.0 Funds employed 1,915.3 2,359.4 -18.8 ROFE 29.08% 24.43% +4.65% pts Weighted average ordinary shares on issue (million) 1,125 1,146 -1.8 Ordinary earnings per share (cents) 32.36 27.25 +18.8 Interim dividend per share (cents) 10.0 8.0 Final dividend per share 3 (cents) 13.0 10.0 Total dividend per share (cents) 23.0 18.0 +27.8 1 Interest capitalisation $5.8m (LY $8.2m). 2 GST costs $53.2m, Project Refresh $68.1m, gain on Rockmans disposal ($11.0m), asset writedown no longer required ($20.7m), warehouse rationalisation $4.3m.
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