DOCSLIB.ORG

ESG Woolworths FINAL

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ESG Woolworths FINAL ESG: STAKEHOLDER RISKS Spotlight on Woolworths Limited Authored by Mark Barraclough Is Australia’s most valuable brand gambling with shareholder value? The case for reform: Woolworths’ current heavy investment in high loss poker machines is potentially risky business due to the high social cost of the industry, particularly as it relates to problem gambling. The implications of a large and growing investment in electronic gaming machines that cause significant social harm could range from political or community obstacles to brand contamination of not only the Woolworths brand but also related potentially more vulnerable brands such as Dan Murphy’s, BWS and Thomas Dux. To date, self-regulation by WOW appears to have failed to the extent that it is not transparent or demonstrably effective. The reforms called for by the Productivity Commission, independent experts, multiple politicians, advocacy groups such as GetUp and individual customers and shareholders go beyond where WOW is currently willing to go. This is why GetUp members who are also WOW shareholders have called for engagement, disclosure and reform by calling for an Extraordinary General Meeting of WOW. These calls for reform have been public, sustained and of significant national profile and pose a legitimate threat to business as usual by management and the board. To date, WOW has not disputed shareholder claims that problem gamblers’ contributions to gaming revenues are estimated at least 40% of total gaming revenues, a statistic that highlights how a good deal more needs to be done to reduce the harm being caused by high velocity poker machines. GetUp questions whether the lack of transparency, oversight and engagement on such an important issue of social justice is indicative of wider issues within WOW’s strategic capability to prioritise and execute decisions based on its shareholders’ interests. In an effort to chase further profits to maintain shareholder value, Woolworths through its investment in ALH is diving even deeper into the poker machine business without addressing the risks these operations pose to its core operations. This report will show that Woolworths has a significant stake in the gambling industry –earning a conservative estimate of approximately $92 million in EBIT from its poker machine interests in FY11. An August 2nd, 2012 report by Citi Group put that number at $139 million. There are many instances of companies embracing pro-social reforms especially when those reforms are backed by membership or stakeholder alliances with vocal and impactful industry, political and community groups with a longstanding commitment to change. Embracing responsible social reform can lead to the passage of legislative reform that would serve a greater good and apply to competitors, especially if the EGM reaches a national profile where it could act as a catalyst for even further public support for reform. The below report was commissioned by GetUp and written by independent ESG analyst Mark Barraclough, formerly of MSCI and RiskMetrics. The report lays out the growing stakeholder risks incurred by WOW’s ongoing gambling interests specifically as they relate to electronic gaming machines. Scope of Report: • Growing Stakeholder Risk Over Gambling Interests: With pro poker machine reform organisations frustrated by the Gillard Government’s watering down of poker machine reform legislation, social activist organisations such as Getup have turned attention to the largest operator of poker machines in Australia, Woolworths Limited (Woolworths). • This report examines Woolworths’ risk exposure over its involvement in the poker machine business and explores the potential risks to shareholder value should this issue continue to gather momentum. Recent Developments: Engagement Becomes Adversarial On the 25th June 2012 Woolworths’ shareholders and Getup members submitted requests to hold an Extraordinary General Meeting (EGM) to vote on motions seeking to amend the company's constitution to prevent it from owning or operating poker machines with more than a $1 maximum bet from 2016. The resolution would also impose a revenue limit of $120 per hour and restrict the use of gaming machines to no more than 18 hours a day from 2016. On 3rd July 2012 Woolworths took the matter to the Federal Court requesting that the motions be rolled into its AGM in November. While the Federal Court decided to defer the resolutions until November, Woolworths withdrew its request to call off the EGM. Meanwhile, GetUp filed complaints with the Australian Stock Exchange and the Australian Securities and Investments Commission arguing that Woolworths has yet to notify shareholders of the request for an EGM. With engagement between Woolworths and Getup becoming increasingly adversarial, there is potential for this stakeholder issue to expand to more public forms of agitation ahead of the EGM and beyond. With over 600 000 members across Australia and with over 80 000 of its members already signing a petition supporting the campaign, Getup is well positioned to pursue its agenda. Under these circumstances, the question is how much could this issue potentially damage the Woolworths brand, and conversely, could adopting the suggested reforms be financially justified purely from a strategic risk management perspective? Can Woolworths Carry The Public Debate Over $1 betting limits? If one aligns the arguments for and against the suggested reforms the conclusion is no. Social activist groups pushing for reform make a cogent case for why lower betting limits are warranted and their arguments are in line with the Productivity Commission Inquiry into Gambling 2010 recommendations. The introduction of $1 betting limits is also well supported by a broad coalition of Church groups and social welfare organisations. The logic behind the proposal to introduce lower betting limits is simple to understand. Currently many ‘high velocity’ poker machines allow gamblers to lose up to $1200 an hour. Lowering the betting limit from $10 per spin (or $5 in Victoria) to $1 per button press will dramatically slow the process whereby problem gamblers can lose substantial sums of money and get into a position where they are chasing their losses. Once limited in this way poker machines will also not be able to take more than $120 in any given hour. The Productivity Commission Inquiry into Gambling proposed both the introduction of $1 betting limits and a trial of mandatory pre-commitment technology as a means to minimising the harm caused by high velocity poker machines. From the Productivity Commission Draft Report 2010 Chapter 11: “There is a strong case on net social benefit grounds for a much lower bet limit: a limit of around $1 (which would still be equivalent to an average $120 per hour of play if the gambler plays quickly) would reduce harm from high intensity gambling without unduly affecting recreational gamblers (who typically bet at quite low levels).” By comparison, Woolworths appears to acknowledge that there is a “serious problem” which needs to be addressed and yet its majority owned ALH Group opposes lower betting limits. At its annual general meeting in 2011 the Woolworths chairman, James Strong stated : “We do not deny that there is a serious problem about people who have gambling problems “. The company also states in public releases that “Woolworths absolutely supports proven reforms that will genuinely help problem gamblers without preventing responsible players enjoying a flutter.” In its submission responding to the Productivity Commission draft report, the ALH Group stated that its preferred outcome would be to see further voluntary pre-commitment trials rolled out and Woolworths has stated it also supports this initiative. However, ALH Group is already trialling voluntary card based pre-commitment at one of its hotels in Queensland and reportedly only 11 % of patrons have taken part in the trial. Voluntary pre-commitment has been widely criticised as ineffective because problem gamblers are unlikely to participate, or if they do, there are a number of ways they can step around the technology when it suits them. Regarding the $ 1 betting limit recommendation, the ALH Group made the following comment in its response submission to the Productivity Commission draft report: “Even if such policy measures could be demonstrated to have some level of impact on reducing the level of problem gambling, the benefit would be unlikely to be outweighed by the substantial detriment to recreational players and the industry overall - thus imposing a social net cost.” ALH Group supplied no supporting evidence illustrating what the ‘substantial detriment’ would be to recreational players, however it did state that such an initiative could see a drop in gaming revenue of 40% . Another point Woolworths is making is to emphasise that the company controls only 6% of the nation’s poker machines. However, as the largest operator of poker machines in Australia it is difficult to see many people agreeing that it is unreasonable to single Woolworths out over the issue of poker machine reform. The fact is a majority of the Australian population support measures to reduce the harm being caused by high velocity poker machines and this means most people will be sympathetic to the campaign being run by activist groups and disinclined to accept the arguments being made by a large corporation who profits from the poker machine industry. A poll conducted by the Australian National University in 2011 showed 74% of Australians support further initiatives to reduce the harm caused by poker machines. Under these circumstances it is difficult to see Woolworths being able to maintain its current position and not sustain damage to its brand as activist campaigners work to educate the general public about their involvement in the poker machine business. *Australian National University Poll July 2011 The Scope of the Problem. The Productivity Commission Inquiry into Gambling report of 2010 found* among other things that: Australians spent more than $19 billion on gambling in 2008-09 and around $12 billion of this sum was spent playing poker machines.
Load more

Recommended publications
  • Woolworths Limited
    20 July 2011 PRESS RELEASE FULL YEAR SALES RESULTS 52 WEEKS TO 26th JUNE 2011 SALES OF $54.1 BILLION FOR THE YEAR UP 4.7% EXCLUDING PETROL SALES UP 4.1% 2010 2011 Increase Statutory Statutory (%) (52 weeks) (52 weeks) Full Year by Division ($ millions) Supermarket Division 44,287 46,312 4.6% Australian Food and Liquor 34,675 36,176 4.3% New Zealand Supermarkets (NZD) 5,185 5,362 3.4% New Zealand Supermarkets (AUD) 4,131 4,111 (0.5)% Petrol (dollars) 5,481 6,025 9.9% Petrol (litres) 4,792 4,920 2.7% General Merchandise Division 5,975 6,014 0.7% BIG W 4,193 4,158 (0.8)% Consumer Electronics – Total 1,782 1,856 4.2% Consumer Electronics – Aust 1,260 1,286 2.1% Consumer Electronics – NZ (NZD) 341 322 (5.6)% Consumer Electronics – NZ (AUD) 270 248 (8.1)% Consumer Electronics – India 252 322 27.8% Hotels 1,102 1,153 4.6% Home Improvement 330 664 n.m Total Year to Date Sales 51,694 54,143 4.7% Total Year to Dates Sales (excluding NZ 5.1% exchange rate impacts) Total Year to Date Sales (excluding Petrol) 46,213 48,118 4.1% Woolworths Limited Chief Executive Officer, Michael Luscombe, today announced full year sales of $54.1 billion, a $2.4 billion or 4.7% increase on the previous year (4.1% increase excluding Petrol). Mr Luscombe said “This result has been achieved in a very challenging year for retail which saw continuing deflationary effects, the disruption caused by natural disasters, increased consumer caution and higher domestic savings rates.
    [Show full text]
  • 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.
    [Show full text]
  • Annual Report 2011 Closer Every Day
    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.
    [Show full text]
  • CONFIDENTIAL -- 26 February 2016 General Manager Hunter & Central Coast NSW Department of Planning and Environment PO
    -- CONFIDENTIAL -- 26 February 2016 General Manager Hunter & Central Coast NSW Department of Planning and Environment PO Box 1226 NEWCASTLE NSW 2016 Dear Sir/Madam, RE: SUBMISSION TO DRAFT CENTRAL COAST REGIONAL PLAN 2015 1.0 INTRODUCTION This letter has been prepared on behalf of Woolworths Limited (Woolworths) as a formal submission to the exhibition of the Draft Central Coast Regional Plan 2015 (Draft Regional Plan). We would like to thank the Department of Planning and Environment (Department) staff from the Gosford Office for meeting with Woolworths on 29 January 2016 during the exhibition of the Draft Plans. A copy of the briefing note requested by the Department prior to this meeting can be found at Appendix A. While Woolworths is appreciative of a meeting being accommodated during the exhibition of the draft plan, we believe a co-operation approach prior to the strategic planning is most beneficial in the preparation of such a draft plan. The data, research and information Woolworths holds over its years of assessing locations and monitoring population growth is necessary research that could be made available to the Department. However, overall the draft plan provides an acceptable overview statement about the region, however the document needs to provide specific direction rather than defer to additional strategic planning yet to be undertaken. Woolworths does not wish to be critical of the work undertaken to prepare the draft plans but rather encouragethe strategic document to provide a comprehensive direction to improving and increasing the supply of suitably zoned and located retail land for supermarket infrastructure throughout the Central Coast, which we believe is a vital life line for the growing region.
    [Show full text]
  • Woolworths Limited A.B.N 88 000 014 675
    WOOLWORTHS LIMITED A.B.N 88 000 014 675 27 November 2008 The Manager, Companies Australian Stock Exchange Limited Company Announcements Office Level 4 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam RE: Woolworths Limited – Chief Executive Officer’s Address - Listing Rule 3.13.3 Attached is a copy of the Chief Executive Officer’s address to the 2008 Woolworths Limited Annual General Meeting being held today. For and on behalf of WOOLWORTHS LIMITED PETER J HORTON COMPANY SECRETARY 1 Woolworths Way, Bella Vista, NSW 2153 PO Box 8000, Baulkham Hills, NSW 2153 Australia Telephone (02) 8885 0000 Facsimile (02) 8888 0001 1 CEO Address Woolworths Limited Annual General Meeting Thursday 27th November, 2008 Introduction Thank you Mr Chairman and good morning ladies and gentlemen. As Chief Executive Officer, I am delighted to present a review of the last twelve months of trading and to highlight some of the key business initiatives that are contributing to the ongoing success of this great company. I will also present some of the main financial indicators and talk about our growth intentions in the context of the current climate of economic uncertainty. The 2008 Year in Review 2008 was another very good year for Woolworths. We exceeded our financial targets for the ninth successive year thanks to a continued commitment by our 190,000 strong team to deliver the best possible choice, value and service to our customers in all our stores, service stations and hotels. Of course 2008 has not been without its challenges. The rigorous and intensive Government Inquiry into the grocery sector was undoubtedly time consuming and costly but nevertheless did establish a formal basis of fact about the way in which we do business, and dispelled the myths which are often peddled by certain vested interest groups.
    [Show full text]
  • Coles, Woolworths, and the Local
    KEITH—COLES, WOOLWORTHS, AND THE LOCAL COLES, WOOLWORTHS, AND THE LOCAL Sarah Keith Macquarie University Abstract Australia is home to one of the most concentrated supermarket sectors in the world, and the practices of the ‘big two’ supermarkets have far-reaching consequences on food production and retail at the local level. This article surveys key issues in Coles and Woolworths’ effect on the food retail and production sectors, and looks at how these supermarkets have adapted in recent years to concerns and criticisms, as well as recent moves towards addressing these criticisms. Over the past decade, several important shifts have occurred which suggest an evolving consumer consciousness and increasing discontent with the corporatised supermarket sector. A primary concern is lack of competition, which reduces incentives to keep prices low for consumers; furthermore, these supermarkets have also been charged with wielding substantial buyer power, resulting in lower prices paid to suppliers. Quality of produce is a further issue, while the rise of private label goods such as milk is concerning for both suppliers and retail competitors. This discontent has led to an ideological opposition to these supermarkets, resulting in public campaigns to prevent their entry into towns and suburbs. Finally, new developments by Coles and Woolworths to improve their reputations, although still at an early stage, are examined. Keywords retail, supermarket, local, Coles, Woolworths Locale: The Australasian-Pacific Journal of Regional Food Studies Number 2, 2012 —47— KEITH—COLES, WOOLWORTHS, AND THE LOCAL Introduction The supermarket retail sector in Australia has the distinction of being one of the most concentrated in the world (Wardle and Baranovic, 2009: 477).
    [Show full text]
  • First Quarter Sales Results – Financial Year 2012
    27.10.11 PRESS RELEASE First Quarter Sales Results – Financial Year 2012 2011 2012 Increase Statutory Statutory (%) (14 weeks) (14 weeks) First Quarter Sales ($m) Supermarket Division 11,875 12,564 5.8% Australian Food and Liquor 9,292 9,700 4.4% New Zealand Supermarkets (NZD) 1,378 1,420 3.0% New Zealand Supermarkets (AUD) 1,095 1,123 2.6% Petrol (dollars) 1,488 1,741 17.0% Petrol (litres) 1,297 1,333 2.8% General Merchandise Division 1,547 1,522 (1.6)% BIG W 1,066 1,037 (2.7)% Consumer Electronics 481 485 0.8% – Australia 333 326 (2.1)% – New Zealand (NZD) 84 80 (4.8)% – New Zealand (AUD) 67 63 (6.0)% – India 81 96 18.5% Hotels 311 323 3.9% Home Improvement 177 188 6.2% Total First Quarter Sales 13,910 14,597 4.9% Total First Quarter Sales (excl Petrol) 12,422 12,856 3.5% Woolworths Limited today announced first quarter sales of $14.6 billion – a 4.9% increase on the previous year. CEO Grant O’Brien said: “It was a solid start to the year considering retail conditions remain challenging.” “The retail sector continues to be impacted by a lack of consumer confidence which means we have to work harder for every dollar. General merchandise is particularly affected, especially when combined with the deflationary effects of the high Australian dollar.” “Highlights for the quarter included the pleasing 5.8% topline sales growth for our Supermarkets Division, as well as our Home Improvement Division sales growth of 6.2% that included one month of revenue from our first Masters store which traded well above expectations.” 1 SUPERMARKETS DIVISION Australian Food and Liquor Australian Food and Liquor sales for the quarter were $9.7 billion, an increase of $0.4 billion or 4.4% over last year.
    [Show full text]
  • For Personal Use Only Use Personal For
    31 January 2012 The Manager Companies Australian Securities Exchange Limited Company Announcements Office Level 4 20 Bridge Street Sydney NSW 2000 Dear Sir/Madam RE: Woolworths Limited – Listing Rule 3.1 Please find attached the First Half Year Sales Results for the 27 weeks to 1 January 2012. For and on behalf of WOOLWORTHS LIMITED PETER J HORTON Group General Counsel and Company Secretary For personal use only 31.01.12 PRESS RELEASE First Half Year Sales Results – Financial Year 2012 2011 2012 Increase Statutory Statutory (%) (27 weeks) (27 weeks) Half Year Sales ($ million) Supermarket Division 23,900 25,249 5.6% Australian Food and Liquor 18,772 19,571 4.3% New Zealand Supermarkets (NZD) 2,795 2,879 3.0% New Zealand Supermarkets (AUD) 2,183 2,244 2.8% Petrol (dollars) 2,945 3,434 16.6% Petrol (litres) 2,542 2,605 2.5% General Merchandise Division 3,437 3,428 (0.3)% BIG W 2,392 2,362 (1.3)% Consumer Electronics 1,045 1,066 2.0% – Australia 726 731 0.7% – New Zealand (NZD) 179 183 2.2% – New Zealand (AUD) 142 142 ‐ – India 177 193 9.0% Hotels 612 636 3.9% Home Improvement 354 412 16.4% Total First Half Year Sales 28,303 29,725 5.0% Total First Half Year Sales (excl Petrol) 25,358 26,291 3.7% Woolworths Limited today announced first half year sales of $29.7 billion, a 5.0% increase on the previous year. CEO Grant O’Brien said: “The first half result was solid considering the ongoing headwinds facing the retail sector with subdued consumer confidence and significant deflation along with the change agenda we are driving through our business.
    [Show full text]
  • Introduction
    INTRODUCTION LIST OF CONTRIBUTORS (ALPHABETICALLY) 7-Eleven Stores HUGO BOSS Aesop IKEA Apparel Group (Sportscraft, SABA, WILLOW) Kmart Apple Australia Louis Vuitton Australia Post lululemon athletica Australian Pharmaceutical Industries Luxottica Group (Priceline, Soul Pattinson Chemist) (OPSM, Sunglass Hut, Budget Eyewear) Barbeques Galore Masters Home Improvement Best & Less McDonald’s Big W Metcash (IGA, Mitre10) Billabong Michael Hill BP Australia Muir Electrical Co. (The Good Guys) Bridgestone Australia Myer Caltex National Pharmacies Christian Dior Officeworks Coles Express Pandora Coles Supermarkets Pumpkin Patch Collins Foods Limited (KFC QLD, Sizzler) Rebel Sport Country Road Reliance Petroleum (BP) David Jones Savers DFS Galleria (Duty Free Stores) SingTel Optus Dick Smith Specsavers Exego Group (Repco) Starbucks FOSSIL Steinhoff Asia Pacific (Freedom, Snooze) Fusion Retail Brands Super Retail Group (Colorado, Williams, JAG, Diana Ferrari) (Supercheap Auto, AMART, BCF, Ray’s Outdoors) General Pants Co. Sussan Goodyear & Dunlop Tyres Target Grill’d Telstra Corporation 1.4 Retail Industry Remuneration Review © 2012 Mercer Consulting (Australia) Pty Ltd INTRODUCTION Terry White Chemists THOMAS DUX Grocer Tiffany & Co. Toys R Us Vodafone Hutchison Australia Woolworths Group Woolworths Petrol LIST OF CONTRIBUTORS (BY SEGMENT) DEPARTMENT lululemon athletica Best & Less Michael Hill Big W Pandora David Jones Pumpkin Patch Kmart Sussan Myer Tiffany & Co. Target ELECTRONICS/TELECOMMUNICATIONS DESIGNER/FASHION Apple Australia Apparel
    [Show full text]
  • Annual Report 2015
    ANNUAL REPORT 2015 ANNUAL REPORT 2015 woolworthslimited.com.au Woolworths Limited ABN 88 000 014 675 KEY FY15 FINANCIAL HIGHLIGHTS Woolworths is evolving and innovating to meet market challenges and finding new ways to delight our customers. TOTAL DIVIDENDS RETURNED TO SHAREHOLDERS IN GROUP RELATION TO FY15 SaLES $ b $ b 1.8 60.7 0.2% FY15 FULLY FRANKED EARNINGS PER SHARE DIVIDENDS PER SHARE BEFORE SIGNIFICANT ITEMS1 c c 139 1.5% 195.2 0.7% NET PROFIT AFTER TAX BEFORE SIGNIFICANT ITEMS1 $ m 2,453.3 0.1% For footnotes refer to page 25. CONTENTS Chairman’s Report 2 Home Improvement 20 Board of Directors 26 Managing Director’s Report 4 Overheads, Balance Sheet and Cash Flow 22 Management Board 30 The Results in Brief 6 Capital Management 23 Directors’ Statutory Report 31 Group Financial Performance 8 Space Roll-out Plans 23 Remuneration Report 34 Australian Food, Liquor and Petrol 10 Outlook 24 Auditor’s Independence Declaration 55 New Zealand Supermarkets 14 Material Business Risks 24 Financial Report to Shareholders 56 General Merchandise 16 Footnotes for Chairman’s and Shareholder Information and Hotels 18 Managing Director’s Report 25 Corporate Governance Statement 123 For footnotes refer to page 25. 2 | WOOLWORTHS LIMITED | ANNUAL REPORT 2015 Chairman’s Report On behalf of the Board of Directors and management team, I am pleased to present you with our detailed reports for financial year 2015. GORDON CAIRNS Chairman I am delighted and excited to have joined of changes to the Woolworths–Caltex RESULTS the Woolworths Board on 1 September alliance2, the declining average fuel sale 2015.
    [Show full text]
  • Final Report Implementing Improvements in the Avocado
    Final Report Implementing Improvements in the Avocado Supply Chain John Tyas Avocados Australia Limited (AAL) Project Number: AV12013 AV12013 This project has been funded by Horticulture Innovation Australia Limited using the avocado industry levy and funds from the Australian Government. Horticulture Innovation Australia Limited (Hort Innovation) makes no representations and expressly disclaims all warranties (to the extent permitted by law) about the accuracy, completeness, or currency of information in Implementing Improvements in the Avocado Supply Chain. Reliance on any information provided by Hort Innovation is entirely at your own risk. Hort Innovation is not responsible for, and will not be liable for, any loss, damage, claim, expense, cost (including legal costs) or other liability arising in any way (including from Hort Innovation or any other person’s negligence or otherwise) from your use or non-use of Implementing Improvements in the Avocado Supply Chain, or from reliance on information contained in the material or that Hort Innovation provides to you by any other means. ISBN 0 7341 3728 1 Published and distributed by: Horticulture Innovation Australia Limited Level 8, 1 Chifley Square Sydney NSW 2000 Tel: (02) 8295 2300 Fax: (02) 8295 2399 © Copyright 2016 2 Contents Summary .................................................................................................................................... 3 Keywords ...................................................................................................................................
    [Show full text]
  • Sales Results for the 27 Weeks to 5 January 2014
    6 February 2014 The Manager Companies Australian Securities Exchange Limited Company Announcements Office Level 4 20 Bridge Street Sydney NSW 2000 Dear Sir/Madam RE: Woolworths Limited – Listing Rule 3.1 Please find attached the First Half Year Sales Results for the 27 weeks to 5 January 2014. For and on behalf of WOOLWORTHS LIMITED PETER J HORTON Group General Counsel and Company Secretary For personal use only 6 February 2014 First Half Year Sales Results – Financial Year 2014 27 weeks to 5 January 2014 Sales from Continuing Operations increased 6.0% for the half with a solid second quarter result, particularly in Australian Food and Liquor Leadership in price and range delivered successful Christmas trading for Australian Food and Liquor Achieved $1 billion of Online sales in calendar 2013 2013 2014 Increase (27 weeks) (27 weeks) (%) Half Year Sales ($ million) Continuing Operations Supermarket Division 26,194 27,807 6.2% Australian Food and Liquor 20,488 21,477 4.8% New Zealand Supermarkets (AUD) 2,313 2,665 15.2% New Zealand Supermarkets (NZD) 2,944 3,020 2.6% Petrol (dollars) 3,393 3,665 8.0% Petrol (litres) 2,532 2,547 0.6% General Merchandise1 2,447 2,452 0.2% Hotels 759 788 3.8% Home Improvement 637 796 25.0% Masters 263 393 49.4% 1 Home Timber and Hardware 374 403 7.8% First Half Year Sales – Continuing Operations 30,037 31,843 6.0% First Half Year Sales – Continuing Operations (excl Petrol) 26,644 28,178 5.8% First Half Year Sales – Discontinued Operations 642 - n.c2 Total Group First Half Year Sales 30,679 31,843 3.8% Release For personal use only Media Woolworths Limited today announced financial year 2014 first half sales from continuing operations of $31.8 billion, an increase of 6.0% on the previous year.
    [Show full text]