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WHL
WOWOW
Woolworths - Unaudited Group Results For The Twenty-Six Weeks Ended December
2005
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1929/001986/06
Share code: WHL ISIN: ZAE000063863
("Woolworths" or "the company")
UNAUDITED GROUP RESULTS FOR THE TWENTY-SIX WEEKS ENDED DECEMBER 2005
HIGHLIGHTS
* Revenue up 16.7%
* Operating profit up 19.6%
* HEPS up 19.6%
* Dividend per
* share up 29.7%
* ROE up to 37.2%
Income statement
Year ended
30 June 2005
Restated
Rm
Revenue 12 988.9
Turnover 12 220.7
Cost of merchandise 8 207.6
Gross profit 4 013.1
Other revenue 768.2
Expenses 3 550.0
Depreciation 254.5
Occupancy cost 609.8
Employment cost 1 460.0
Other operating cost 1 225.7
Operating profit 1 231.3
Finance costs 152.7
Net profit before tax 1 078.6
Tax 299.5
Net profit after tax 779.1
Attributable to:
Ordinary shareholders 776.9
Outside shareholders 2.2
Reconciliation of headline earnings
Attributable earnings 776.9
(Profit)/loss on disposal of property, plant
and equipment net of outside shareholders" interest 0.9
Profit on disposal of investment in unit trust (7.9)
Reversal of provision for impairment of property (15.5)
Provision for impairment of plant and equipment 0.5
Foreign exchange loss realised on repayment of loan
by subsidiary 4.1
Headline earnings 759.0
Headline earnings per share (cents) 89.4
Earnings per share (cents) 91.5
Diluted headline earnings per share (cents) 87.3
21.8%
Diluted earnings per share (cents) 89.4
Distribution per share (cents) 54.0
Distribution cover (based on earnings per share) 1.7
Number of shares in issue (millions) 787.2
Weighted average number of shares in issue (millions) 849.4
GROUP ANALYSIS
Revenue
Turnover 12 220.7
Woolworths 11 238.6
- Clothing and home 5 349.5
- Food 5 666.0
- Logistics services and other 223.1
Country Road 982.1
Interest 641.7
Other revenue 126.5
12 988.9
Operating profit
Woolworths 1 206.9
Country Road 24.4
1 231.3
26 weeks ended
December
Restated
2005 2004 %
Notes Rm Rm Change
Revenue 7 415.3 6 353.1 16.7%
Turnover 6 995.0 6 016.6 16.3%
Cost of merchandise 4 710.1 4 036.0 16.7%
Gross profit 2 284.9 1 980.6 15.4%
Other revenue 420.3 336.5 24.9%
Expenses 1 974.9 1 706.7 15.7%
Depreciation 132.9 123.6 7.5%
Occupancy cost 337.2 302.3 11.5%
Employment cost 805.1 705.4 14.1%
Other operating cost 699.7 575.4 21.6%
Operating profit 730.3 610.4 19.6%
Finance costs 113.8 62.0 83.5%
Net profit before tax 616.5 548.4 12.4%
Tax 3 194.2 161.0 20.6%
Net profit after tax 422.3 387.4 9.0%
Attributable to:
Ordinary shareholders 421.3 386.7 8.9%
Outside shareholders 1.0 0.7 42.9%
Reconciliation of headline earnings
Attributable earnings 421.3 386.7 8.9%
(Profit)/loss on disposal of
property, plant
and equipment net of outside
shareholders" interest (2.2) (0.6)
Profit on disposal of investment in
unit trust - -
Reversal of provision for
impairment of property - -
Provision for impairment of plant
and equipment - -
Foreign exchange loss realised on
repayment of loan
by subsidiary - -
Headline earnings 419.1 386.1 8.5%
Headline earnings per share (cents) 53.1 44.4 19.6%
Earnings per share (cents) 53.3 44.5 19.8%
Diluted headline earnings per share
(cents) 4 51.9 42.6
Diluted earnings per share (cents) 4 52.2 42.7 22.2%
Distribution per share (cents) 24.0 18.5 29.7%
Distribution cover (based on
earnings per share) 2.2 2.4
Number of shares in issue (millions) 796.2 870.7 (8.6%)
Weighted average number of shares
in issue (millions) 789.8 869.7 (9.2%)
GROUP ANALYSIS
Revenue
Turnover 6 995.0 6 016.6 16.3%
Woolworths 6 488.9 5 546.0 17.0%
- Clothing and home 3 024.4 2 685.6 12.6%
- Food 3 329.1 2 753.1 20.9%
- Logistics services and other 135.4 107.3 26.2%
Country Road 506.1 470.6 7.5%
Interest 348.6 288.6 20.8%
Other revenue 71.7 47.9 49.7%
7 415.3 6 353.1 16.7%
Operating profit
Woolworths 720.1 602.4 19.5%
Country Road 10.2 8.0 27.5%
730.3 610.4 19.6%
Balance sheet
As at
30 June 2005
Restated
Rm
ASSETS
Non-current assets 2 002.0
Property, plant and equipment 1 304.0
Investment property 72.2
Investments 2.6
Loans to customers 203.9
Participation in export partnerships 79.3
Other loans 146.9
Deferred tax 193.1
Current assets 5 137.1
Inventories 683.0
Woolworths card debtors 2 590.8
Credit card receivables 309.6
Accounts receivable 788.4
Loans to customers 539.8
Cash 225.5
Total assets 7 139.1
EQUITY AND LIABILITIES
Capital and reserves 2 210.9
Ordinary shareholders" interest 2 184.7
Outside shareholders" interest 26.2
Non-current liabilities 3 088.7
Interest-bearing borrowings 2 400.0
Operating lease accrual 417.3
Post-retirement medical aid liability 181.3
Deferred tax 90.1
Current liabilities 1 839.5
Accounts payable 1 519.8
Provisions 117.5
Interest-bearing borrowings 202.2
Total equity and liabilities 7 139.1
Net asset book value - per share (cents) 277.5
GROUP ANALYSIS
Total assets 7 139.1
Woolworths 6 754.4
Country Road 384.7
Inventories 683.0
Woolworths 563.0
Country Road 120.0
Approved commitments for capital
expenditure 643.2
Woolworths 598.2
Country Road 45.0
As at
December
Restated
2005 2004
Rm Rm
ASSETS
Non-current assets 2 190.9 1 998.8
Property, plant and equipment 1 421.2 1 262.4
Investment property 72.2 56.7
Investments 2.6 24.2
Loans to customers 228.6 192.8
Participation in export partnerships 62.4 164.4
Other loans 191.7 164.7
Deferred tax 212.2 133.6
Current assets 5 808.4 4 772.6
Inventories 865.7 801.4
Woolworths card debtors 2 788.7 2 466.1
Credit card receivables 405.5 233.7
Accounts receivable 877.9 604.7
Loans to customers 587.8 495.8
Cash 282.8 170.9
Total assets 7 999.3 6 771.4
EQUITY AND LIABILITIES
Capital and reserves 2 343.3 2 914.9
Ordinary shareholders" interest 2 316.2 2 893.9
Outside shareholders" interest 27.1 21.0
Non-current liabilities 3 098.6 1 209.3
Interest-bearing borrowings 2 400.0 500.0
Operating lease accrual 428.3 404.1
Post-retirement medical aid liability 193.2 169.5
Deferred tax 77.1 135.7
Current liabilities 2 557.4 2 647.2
Accounts payable 1 969.1 1 523.3
Provisions 105.5 95.2
Interest-bearing borrowings 482.8 1 028.7
Total equity and liabilities 7 999.3 6 771.4
Net asset book value - per share (cents) 290.9 332.4
GROUP ANALYSIS
Total assets 7 999.3 6 758.3
Woolworths 7 610.5 6 390.4
Country Road 388.8 367.9
Inventories 865.7 801.4
Woolworths 711.0 705.4
Country Road 154.7 96.0
Approved commitments for capital
expenditure 448.8 141.6
Woolworths 442.0 127.5
Country Road 6.8 14.1
statement of changes in equity
Year ended
30 June 2005
Restated
Rm
Shareholders" interest at the beginning
of the period 2 708.1
Movements for the period:
Issue of shares 63.2
Share repurchase (1 002.0)
Cost of capital restructuring (18.4)
Recognised gains and losses 460.0
Distributable reserves 418.5
Net profit for the period 779.1
Distributions to shareholders (384.2)
Net fair value adjustments on financial
instruments 13.2
Share-based payments 10.4
Non-distributable reserves
Exchange differences on translation of
foreign operations 41.5
Shareholders" interest at the end of the
period 2 210.9
Ordinary Outside
shareholders" shareholders"
interest interest
Rm Rm
Shareholders" interest at the beginning
of the period 2 184.7 26.2
Movements for the period:
Issue of shares 48.3 -
Share repurchase - -
Cost of capital restructuring - -
Recognised gains and losses 83.2 0.9
Distributable reserves 134.9 1.0
Net profit for the period 421.3 1.0
Distributions to shareholders (282.3) -
Net fair value adjustments on financial
instruments (12.2) -
Share-based payments 8.1 -
Non-distributable reserves
Exchange differences on translation of
foreign operations (51.7) (0.1)
Shareholders" interest at the end of the
period 2 316.2 27.1
26 weeks ended
December
Total Restated
2005 2004
Rm Rm
Shareholders" interest at the beginning
of the period 2 210.9 2 708.1
Movements for the period:
Issue of shares 48.3 46.4
Share repurchase - -
Cost of capital restructuring - -
Recognised gains and losses 84.1 160.4
Distributable reserves 135.9 165.6
Net profit for the period 422.3 387.4
Distributions to shareholders (282.3) (221.8)
Net fair value adjustments on financial
instruments (12.2) (4.8)
Share-based payments 8.1 4.8
Non-distributable reserves
Exchange differences on translation of
foreign operations (51.8) (5.2)
Shareholders" interest at the end of the
period 2 343.3 2 914.9
Cash flow statement
Year ended
30 June 2005
Restated
Rm
Cash flow from operating activities
Cash inflow from trading 996.5
Working capital movements (228.4)
Cash applied to financial services assets (722.0)
Cash generated/(utilised) by operating activities 46.1
Interest received 638.0
Finance costs paid (149.9)
Tax paid (314.6)
Cash generated/(utilised) by operations 219.6
Distributions to shareholders (384.2)
Net cash outflow from operating activities (164.6)
Cash outflow from investing activities (312.6)
Cash flow from financing activities
Shares issued 63.2
Term borrowings raised 500.0
Repurchase of shares (1 002.0)
Notes issued 1 900.0
Capital restructuring costs (18.4)
Net cash inflow from financing activities 1 442.8
(Decrease)/increase in cash and cash equivalents 965.6
Cash and cash equivalents at the beginning of the period (949.9)
Effect of foreign exchange rate changes 7.6
Cash and cash equivalents at the end of the period 23.3
GROUP ANALYSIS
Cash inflow from trading 996.5
Woolworths 952.1
Country Road 44.4
26 weeks ended
December
Restated
2005 2004
Rm Rm
Cash flow from operating activities
Cash inflow from trading 515.1 494.8
Working capital movements 90.0 (118.1)
Cash applied to financial services assets (336.7) (456.4)
Cash generated/(utilised) by operating activities 268.4 (79.7)
Interest received 348.6 287.5
Finance costs paid (115.7) (62.0)
Tax paid (228.9) (170.3)
Cash generated/(utilised) by operations 272.4 (24.5)
Distributions to shareholders (282.3) (221.8)
Net cash outflow from operating activities (9.9) (246.3)
Cash outflow from investing activities (254.4) (207.2)
Cash flow from financing activities
Shares issued 48.3 46.4
Term borrowings raised - 500.0
Repurchase of shares - -
Notes issued - -
Capital restructuring costs - -
Net cash inflow from financing activities 48.3 546.4
(Decrease)/increase in cash and cash equivalents (216.0) 92.9
Cash and cash equivalents at the beginning of the period 23.3 (949.9)
Effect of foreign exchange rate changes (7.3) (0.8)
Cash and cash equivalents at the end of the period (200.0) (857.8)
GROUP ANALYSIS
Cash inflow from trading 515.1 494.8
Woolworths 506.9 468.6
Country Road 8.2 26.2
Segmental analysis
Year ended
30 June 2005
Restated
Rm
Revenue
Retail
Woolworths 11 288.4
Country Road 995.1
Financial services 773.9
Intragroup (68.5)
Total group 12 988.9
Net profit before tax
Retail
Woolworths 858.7
Country Road 20.7
Financial services 199.2
Total group 1 078.6
Capital and reserves
Retail
Woolworths 984.4
Country Road 234.2
Financial services 992.3
Total group 2 210.9
Return on Equity
%
Retail
Woolworths 71.7
Country Road 10.3
Financial services 9.5
Total group 31.2
26 weeks ended
December
Restated
2005 2004 %
Rm Rm Change
Revenue
Retail
Woolworths 6 511.2 5 559.1 17.1%
Country Road 510.8 474.4 7.7%
Financial services 430.0 354.3 21.4%
Intragroup (36.7) (34.7)
Total group 7 415.3 6 353.1 16.7%
Net profit before tax
Retail
Woolworths 532.7 441.3 20.7%
Country Road 8.0 6.1 31.1%
Financial services 75.8 101.0 (25.0%)
Total group 616.5 548.4 12.4%
Capital and reserves
Retail
Woolworths 1 003.8 879.5 14.1%
Country Road 199.1 188.4 5.7%
Financial services 1 140.4 1 847.0 (38.3%)
Total group 2 343.3 2 914.9 (19.6%)
Return on Equity
% %
Retail
Woolworths 72.0 75.9
Country Road 7.7 6.8
Financial services 10.1 8.2
Total group 37.2 27.6
Notes
1. BASIS OF PREPARATION AND IFRS ADOPTION
The interim financial statements comply with IAS 34 (AC127) of
International Financial Reporting Standards (IFRS).
In accordance with the Listing Requirements of the JSE Limited the group
is adopting IFRS with effect from 1 July 2005. As the group publishes
comparative information in its financial statements, the date of
transition to IFRS is 1 July 2004, which represents the start of the
earliest period of comparative information presented. The financial
information has been prepared in accordance with IFRS and interpretations
in effect on 1 July 2005.
Accounting policies used are consistent with those used in the published
June 2005 annual financial statements, except where accounting policies
have changed as a result of the first-time adoption of IFRS as noted
below.
1.1 Foreign currency translations
Foreign operations are subsidiaries of the group based in a country
or currency other than that of the holding company.
Foreign operations are translated from their functional currency
into South African Rands at the rates of exchange ruling at the
balance sheet date in respect of balance sheet items, and at an
average rate per month in respect of income statement items. Gains
and losses on the translation of foreign operations" balance sheet
items are taken directly to non-distributable reserves.
The change in translation method for foreign subsidiaries has
resulted in a reclassification of foreign exchange losses between
retained profits and the foreign currency translation reserve, both
of which form part of equity.
1.2 Property, plant and equipment
The useful lives and residual values of assets are reviewed
annually. This requirement has resulted in a lower depreciation
charge and a reversal of accumulated depreciation.
1.3 Investment property
Property which the group holds to earn rental income or for capital
appreciation is classified as investment property.
Investment properties are initially recognised at cost.
Subsequently they are stated at cost less accumulated depreciation
and any impairment in value.
Transfers are made from or to investment properties when there is a
change in use of the property.
1.4 Financial instruments
Financial assets are subject to impairment when there is objective
evidence that a loss event has impacted the estimated future cash
flows to be received from that asset.
1.5 Transitional arrangements
IFRS 1 - First-time adoption of IFRS requires full retrospective
application of the standards with the exception of certain optional
and mandatory exemptions. The exemptions as noted below have been
elected.
1.5.1 Employee benefits - Previously unrecognised actuarial losses
of R7.3m relating to the post- retirement medical aid
liability have been included in the liability at the
transition date.
1.5.2 Business combinations - The group has elected not to revisit
the fair values and goodwill estimation of past business
combinations.
1.5.3 Share-based payments are expensed from 1 July 2004 onward.
IFRS IMPACT ON REPORTED BALANCE SHEETS
Effect on
assets
Notes Rm
Transition date 1 July 2004
Employee benefits 1.5.1 2.1
Property, plant and equipment 1.2 52.1
Impairment of financial services assets 1.4 52.0
Foreign currency translations 1.1 7.1
113.3
Year ended June 2005
Employee benefits 1.5.1 2.1
Property, plant and equipment 1.2 57.9
Impairment of financial services assets 1.4 33.9
Foreign currency translations 1.1 7.9
101.8
Interim period ended December 2004
Employee benefits 1.5.1 2.1
Property, plant and equipment 1.2 55.6
Impairment of financial services assets 1.4 43.5
Foreign currency translations 1.1 7.6
108.8
Effect on Effect on
liabilities equity
Rm Rm
Transition date 1 July 2004
Employee benefits 7.3 (5.2)
Property, plant and equipment - 52.1
Impairment of financial services assets - 52.0
Foreign currency translations - 7.1
7.3 106.0
Year ended June 2005
Employee benefits 7.3 (5.2)
Property, plant and equipment - 57.9
Impairment of financial services assets - 33.9
Foreign currency translations - 7.9
7.3 94.5
Interim period ended December 2004
Employee benefits 7.3 (5.2)
Property, plant and equipment - 55.6
Impairment of financial services assets - 43.5
Foreign currency translations - 7.6
7.3 101.5
IFRS IMPACT ON REPORTED RESULTS
Net profit
before tax Tax
Notes Rm Rm
Year ended June 2005
Share-based payments 1.5.3 (10.4) -
Property, plant and equipment 1.2 7.6 -
Impairment of financial services assets 1.4 (25.6) (7.4)
Foreign currency translations 1.1 2.7 0.8
(25.7) (6.6)
Interim period ended December 2004
Share-based payments 1.5.3 (4.8) -
Property, plant and equipment 1.2 3.5 -
Impairment of financial services assets 1.4 (11.1) (3.3)
Foreign currency translations 1.1 1.6 0.5
(10.8) (2.8)
Outside Attributable
shareholders profit
Rm Rm
Year ended June 2005
Share-based payments - (10.4)
Property, plant and equipment - 7.6
Impairment of financial services assets - (18.2)
Foreign currency translations - 1.9
- (19.1)
Interim period ended December 2004
Share-based payments - (4.8)
Property, plant and equipment - 3.5
Impairment of financial services assets - (7.8)
Foreign currency translations - 1.1
- (8.0)
IFRS AUDIT OPINION
The preliminary IFRS financial information as at 30 June 2005 has been audited.
A copy of the unqualified Special Purpose Audit Report of the joint auditors,
Ernst & Young and SAB & T Inc., is available for inspection at the registered
office of the company.
2. Change in comparative period classifications and disclosures
Certain operational costs of the distribution subsidiary have been reclassified
from cost of sales to other operating costs.
The 2005 reclassification amounts to R103.4m which has the effect of
increasing gross margin to 32.7% from 31.2% as would have been previously
stated.
Operating leases - In accordance with guidance provided by Circular
7/2005 released by SAICA, operating lease expenses are recognised on a
straight-line basis over the term of the lease.
The effect on profit was R11.7m net of deferred tax at the prevailing
rate.
3. The tax rate of 31.5% (2004: 29.4%) is the estimated average annual
effective income tax rate of 29.0% (2004: 29.4%) plus Secondary Tax on
Companies (STC) on the dividend portion of the final distribution for
the June 2005 year, paid in September 2005.
4. The difference between earnings per share and diluted earnings per share
results from outstanding options.
5. Unutilised banking facilities amount to R1 971.4m (2004: R1 391.9m). In
terms of the Articles of Association, there is no limit on the group"s
authority to raise interest-bearing debt.
COMMENTARY
GROUP RESULTS
The board wishes to announce another set of solid results. The headline
earnings per share for the twenty-six weeks to December 2005 increased 19.6%
(23.9% prior to the non-comparable STC payment) from 44.4 cents to 53.1 cents
per share. The return on equity grew to 37.2% from 27.6%. A dividend of 24.0
cents per share has been declared representing an increase of 29.7% over the
same period last year. The uplift in the level of the dividend reflects the
decision of the board to increase the proportion of the dividend payable at the
interim period. For the full financial year we aim to maintain the dividend
cover at around 1.7 times earnings.
TRADING ENVIRONMENT
In South Africa the retail environment remained robust due to stable interest
rates, low inflation, continued growth of the emerging black market and an
increase in consumers" real disposable income. This trend is expected to
continue.
FINANCIAL REVIEW
Group revenue has increased by 16.7% to R7.4bn.
Operating profit for the group increased by 19.6% to R730.3m with an
improvement in operating margin from 9.6% to 9.8%. This has been achieved
despite our investment in initiatives which are designed to enhance future
growth including the World of Difference loyalty programme, an accelerated
store development plan and a customer service improvement project.
The group"s gross profit percentage decreased from 32.9% to 32.7% as a result
of the change in mix of our different businesses.
The share repurchase in March 2005 has resulted in an increase in borrowings
over the same period last year and a substantial increase in finance costs. The
positive effect of the capital restructuring is reflected in the increase in
headline earnings per share and an enhanced return on equity.
Headline earnings per share has been impacted by 1.9 cents per share due to an
increase in the effective tax rate as a result of STC payable on the dividend
paid in September 2005. The comparative effective tax rate for the year will be
further impacted by the STC payable on the dividend in March 2006.
WOOLWORTHS OPERATING REVIEW
RETAIL
Clothing and home grew sales by 12.6% in total and 8.2% in comparable stores,
with an average deflation rate of approximately 2.3%. There was good growth in
womenswear, attributable to the successful implementation of our new design-led
process, which ensures that our offering meets the taste requirements of both
our modern and classic customers. This process is currently being rolled out to
other departments. Childrenswear also experienced good growth by providing
improved value and a better range structuring.
Food continued to perform exceptionally well and sales grew by 20.9% in total
and 12.2% in comparable stores, with an average inflation rate of approximately
3.7%. Our strong growth is driven by our convenient locations and our continual
focus on offering our customers differentiated products.
In corporate stores we expanded our trading space by 4.2% in clothing and home
and 6.5% in food over the period.
FINANCIAL SERVICES
Our in-store card, credit card and personal loan books grew by 19.3% for the
twelve months to December 2005. The net bad debt experience on the combined
books increased to 2.8% of advances due to a planned extension of our credit
limits. Overall operating profit increased from R161.1m to R187.3m. Net profit
before tax decreased from R101.0m to R75.8m due to the increase in finance
costs, arising from the restructure of the balance sheet.
COUNTRY ROAD OPERATING REVIEW
Retail sales were 6.7% higher in Australian dollar terms than the same period
last year, with comparable store growth of 5.9%. There was a strong increase in
unit sales growth which was achieved by an ongoing focus on improving value, to
make the business more accessible to a broader range of customers. Overall
total sales increased 1.0% from the same period last year. We are pleased to
note that retail represents a higher proportion of sales in line with our
strategy.
Net profit before tax increased from A$1.4m to A$2.3m.
GROUP PROSPECTS
Given the current trading environment we expect to deliver another year of
solid growth in headline earnings per share, after adjusting for the
non-comparable STC payments.
EMPOWERMENT PLANS
Woolworths is committed to black economic empowerment (BEE) and is currently
evaluating its empowerment initiatives in terms of the recently published
codes. Woolworths supports the broad-based ownership approach favoured by the
Department of Trade and Industry and as such is developing plans around BEE
ownership, which will be presented to shareholders for approval at the
forthcoming annual general meeting.
CHANGE TO THE BOARD OF DIRECTORS
On 25 November 2005 Nolitha Fakude resigned from the board due to her executive
director commitments. We would like to thank her for the meaningful
contribution she made to the group.
DA Hawton SN Susman
Chairman Chief executive officer
Cape Town
16 February 2006
DIVIDEND PAYMENT
Notice is hereby given that the directors declared an interim dividend of 24.0
cents per share for the six months ended December 2005.
The important dates in March 2006 will be as follows:
Last day to trade to receive dividend Friday, 3 March
Shares commence trading "ex" dividend Monday, 6 March
Record date Friday, 10 March
Payment date Monday, 13 March
Share certificates may not be dematerialised or rematerialised between Monday,
6 March 2006 and Friday, 10 March 2006, both days inclusive.
CL Lowe
Group secretary
Cape Town 16 February 2006
DIRECTORATE AND STATUTORY INFORMATION
Non-executive directors: Buddy Hawton (Chairman), Mair Barnes (British),
Nigel Colne (British), Brian Frost, Mike Leeming,
Chris Nissen, Sindi Zilwa
Executive directors: Simon Susman (CEO), Richard Inskip, Norman Thomson
Group secretary: Cherrie Lowe Share code: WHL ISIN: ZAE000063863
Registered address (postal and physical): PO Box 680
Cape Town 8000
Woolworths House
93 Longmarket Street
Cape Town 8001
Registration number: 1929/001986/06
Auditors: Ernst & Young and SAB & T Inc
Bankers: Standard Bank of South Africa Limited
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
Transfer secretaries: Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street
Johannesburg 2001
Visit our investor relations site: www.woolworthsholdings.co.za
Date: 16/02/2006 08:00:39 AM Produced by the JSE SENS Department
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