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Annual Report 2010 2010 Inside Front Cover 6Mm Inside Back Cover outside back cover 6mm outside front cover woolworths limited limited woolworths annual report 2010 annual report 2010 inside front cover 6mm inside back cover Company Directory Contents Chairman’s Report 2 sales of Managing Director’s Report 5 Highlights 7 $51.7 Supermarkets 12 billion, up General Merchandise 18 Woolworths Limited ALH Group Pty Ltd Hotels 24 2.1 billion Principal registered office in Australia – Registered Office 1 Woolworths Way 1 Woolworths Way Home Improvement 25 Bella Vista NSW 2153 Bella Vista NSW 2153 Capital Management 26 or 4.2% Tel: (02) 8885 0000 Tel: (02) 8885 0000 Web: www.woolworthslimited.com.au Web: www.alhgroup.com.au Board of Directors 30 (excluding petrol up 4.8%) – Victorian Office BIG W Directors’ Statutory Report 34 Ground Floor Web: www.bigw.com.au Remuneration Report 37 16–20 Claremont Street South Yarra VIC 3141 9.4% increase in National Supermarkets Auditor’s Declaration 57 Tel: (03) 9829 1000 Web: www.woolworths.com.au Corporate Governance Statement 58 earnings before – Queensland Office Level 1 Woolworths Petrol Financial Report to Shareholders 70 152 Oxford Street interest, tax, Tel: 1300 655 055 Bulimba QLD 4171 Shareholder Information 163 Web: www.woolworthspetrol.com.au depreciation and Tel: (07) 3909 4800 BWS Company Secretary amortisation Web: www.beerwinespirits.com.au Peter Horton Dan Murphy’s Share Registrar 789 Heidelberg Road Computershare Investor Services Pty Limited Alphington VIC 3078 Level 4 Tel: (03) 9497 3388 60 Carrington Street Fax: (03) 9497 2782 Sydney NSW 2000 Web: www.danmurphys.com.au Tel: 1300 368 664 Fax: (02) 8234 5050 Dick Smith/Tandy Web: www.computershare.com.au 2 Davidson Street Chullora NSW 2190 Auditor Tel: (02) 9642 9100 Deloitte Touche Tohmatsu Fax: (02) 9642 9111 225 George Street Web: www.dicksmith.com.au Sydney NSW 2000 Tel: (02) 9322 7000 Progressive Enterprises Limited Web: www.deloitte.com.au 80 Favona Road Mangere 2024 Auckland New Zealand Tel: +64 (9) 275 2788 Fax: +64 (9) 275 3074 Web: www.progressive.co.nz 9.5% increase in 10.1% increase in earnings before net profit after tax interest and tax to $2,020.8 million to $3,082.1 million The text pages of the report are printed www.woolworthslimited.com.au on ENVI web paper which is PEFC certified, ABN: 88 000 014 675 carbon neutral and elemental chlorine free. solid increase in operating cash flows 8.8% increase in earnings per share to 164 cents 10.6% announcement of an off-market increase share buy-back in fully to return franked $700 million dividend to shareholders bringing capital to 115 cents returns in the per share 2010 year to over $1 billion Woolworths Limited Annual Report 2010 1 Chairman’s Report from strength to strength EPS (cents) Dividends per share The Board and management team of (cents) Woolworths Limited are delighted to report on another strong result by our Company. 115 104 164.0 92 150.7 This result was achieved on the back of a year 134.9 74 108.8 of significant global economic challenges. 59 the strength of Woolworths’ financial position 90.9 has allowed it to steer through the challenge of the Global Financial Crisis. 06 07 08 09 10 06 07 08 09 10 With economic uncertainty likely to continue balance sheet management will have delivered employment, and rural and regional Australia. in the near term, Woolworths is well positioned $8.2 billion to shareholders. We also continue to reduce our carbon to benefit from an upturn in the economy with emissions through investment in low carbon The Board has also announced a $700 million clear strategies going forward. Our Company technologies. off-market buy-back as the next step in has a deep pool of talented retailers adept at Woolworths’ ongoing capital management responding to changing market conditions. Talented retailers program. It means more than $1 billion will be Woolworths has more than 188,000 talented returned to shareholders in the 2010 calendar Financial results retailers across the Company and this result year, when combined with the $325 million Net Profit After Tax reached $2,020.8 million, and our ongoing success is a credit to of capital bought back in the first half of the an increase of 10.1% attributable to equity their efforts. calendar year via an on-market buy-back. holders of the parent entity. This is a solid result As our business grows and enters into new given the economic challenges of cycling the The buy-back program reflects the Board’s markets, we welcome new team members prior year’s stimulus packages, the significant confidence in the Company’s operations, from home and abroad who share our decline in inflation and the emergence of a results and the continued focus on providing success-driven culture and common goal more conservative consumer in the second enhanced long-term shareholder value. of delivering more for our customers and half of the year. Woolworths’ shareholders are expected to our shareholders. benefit from the improved earnings per share, The strength of our business has allowed us improved dividends per share and improved On behalf of the Board of Directors, I would to lead the market in investing significantly return on equity following the buy-back. like to welcome our new team members and in reducing shelf prices in Australia and thank our long serving team members for their New Zealand and to do so profitably. Doing the right thing commitment to our Company. Lower shelf prices are like a dividend for With 3,199 stores across Australia and our customers that rewards them for their Under the leadership of Michael and his team, New Zealand, we recognise the role our loyalty which in turn drives our business and our Company continues to go from strength Company plays in our communities and the generates returns for shareholders. to strength. impact we have on our environment. Delivering value for shareholders Woolworths continues to take a leadership The Board decided on a 10.6% increase position on corporate responsibility and in shareholder dividends to 115 cents per sustainability. Our support of the community share. This reflects more than a decade of has remained strong focusing on four key consecutive dividend increases. Over the focus areas of sustainability and environment, James Strong last nine years, profit growth coupled with health and wellbeing, education and Chairman 2 Woolworths Limited Annual Report 2010 more than a decade of consecutive dividend increases Woolworths Limited Annual Report 2010 3 consumers continued to trust woolworths to deliver the best value for their shopping dollar 4 Woolworths Limited Annual Report 2010 Managing Director’s Report a robust and resilient business Woolworths once again demonstrated the robustness and resilience of its business model during 2010 by reporting an eleventh successive year of double digit profit growth. For 86 years, Woolworths has focused on In return, consumers continued to trust brand liquor products to further complement building a business that is strong in all cycles Woolworths to deliver the best possible value our extensive range of branded beers, wines and seasons. In 2010, this underlying core for their shopping dollar. This was evidenced and spirits. strength enabled us to deliver enhanced value by sales over the last three years growing at Petrol sales decreased during the year to to both our customers and our shareholders 7.5% (CAGR). reflect lower prices but EBIT remained strong, despite tough economic conditions resulting Our store refurbishment program continued increasing 13.7%. from low inflation and the after effects of the with 50% of stores now trading in the 2010 prior year’s stimulus payments. BIG W achieved a very solid result in 2010, format. Work also commenced on our new achieving comparable profitability to 2009 In each division, our highly experienced 2015 Market Store which further evolves our in spite of very low inflation and the cycling retail teams aspire to set the benchmarks for supermarket store format to reflect changing of the stimulus package. BIG W’s unswerving value, quality, range and innovation as part customer trends. 26 new supermarkets were commitment to its market-leading everyday of a continuous effort to exceed customer opened during the year. low price proposition has proved to be expectations. This year’s positive result is a The New Zealand Supermarkets business a winning formula, particularly in light of direct reflection of the ability of 188,000 team reported a successful year despite challenging tightened consumer spending patterns. members to reach those service goals. macro economic circumstances. The success of The business has also continued to improve the business transformation process is a credit Strong core business its offer to customers via new branded ranges to the New Zealand team. The pleasing performance of Woolworths in such as Man and Woman by Peter Morrissey financial year 2010 was underpinned by the Liquor continued to perform well in a highly and Mambo, and via the new BIG W online ongoing strength and momentum of our priced competitive market. All three liquor channel. BIG W also opened its first green Australian Supermarkets business. store brands achieved solid market share store in Inverell. growth and further reinforced their clear Our team remains committed to optimising Consumer Electronics experienced a mixed customer value propositions. value and delivering a better shopping year, with solid growth during the first half experience for our customers. Over the last Following the acquisition of a 25% stake in but weaker trading during the second half. year, we significantly reduced shelf prices, Gage Road Brewery, the launch of our second We continue to move forward with the improved our range, increased our focus on exclusive brand of beer, Dry Dock, was very repositioning strategy for this business and fresh food and provided unparalleled rewards well received by consumers.
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