Annual Report

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A nnuAl RepoRt

contents

peRfoRmAnce summARy

Performance Summary

1

Growth Plans

2

Chairman’s Report

10

Managing Director’s Report

12

The Results in Brief

14

Food, Liquor and Petrol

16

General Merchandise

22

Hotels

24

Home Improvement

26

Consumer Electronics

27

Discontinued Operations

27

Overheads, Expenses and Balance Sheet

28

Capital Management and Outlook

29

Board of Directors

32

Directors’ Statutory Report

38

Remuneration Report

42

Auditor’s Independence Declaration

71

Corporate Governance Statement

72

Financial Report to Shareholders

88

Shareholder Information

179

stRAtegy gAining good
momentum And continuing
investment in gRowth
initiAtives

good

mo

eARnings befoRe inteRest And tAx

AustRAliAn food And liquoR
5.2% p
AustRAliAn supeRmARkets (including petRol) 5.3% p
new ZeAlAnd supeRmARkets
17.0% p
big w
0.8% p
hotels
6.5% p

Our 2012 Corporate
Responsibility Report will
be published in November.
The report will be available
on our website.

woolwoRths limited Abn 88 000 014 675

w ww.woolwoRthslimited.com.Au

12

a nnual report

20

mentum
4.8
3.3
sales (increase from continuing operations)

dividends

sales

fully franked dividends

%
p

total group sales

,130m
55

4.7

$

3.0

%
p

i ncrease in earnings before
interest and tax from
continuing operations
to $3,352.1 million

3.6

%
p

increase in net
profit after tax from
continuing operations
to $2,182.9 million

126

%p

%
p

¢

3.1

14.5

increase in earnings per
share from continuing
operations to 178.63 cents

decrease in net profit after
tax including discontinued
operations and consumer
electronics provision

%
p

%

1

growth plans

our

four strategic
priorities
strategic priority

no.

1
extend

leadership
in food and
liquor
2

W oolWorths limited AnnuAl report 2012

priority
• re-establish marketing
supremacy around value
and growth
• unlock sales growth for
a tougher consumer and
competitive environment
• accelerate our
leadership in fresh food
• extend leadership
in liquor
• continue momentum
to become no.1 in
new Zealand

progress
• Growing Australian market

share – excellent progress in
reinvigorating Australian
supermarkets with a focus
on Fresh, range, value and
in‑store experience

• Fresh marketing campaign

– ‘Australia’s Fresh Food
People’ marketing campaign
launched supported by a
new and innovative media
integration with ‘The Voice’

more to do
• Further develop our

supermarket offer,
particularly in Fresh
and multi‑option

• Maintain momentum in

New Zealand supermarkets

• Continue to explore

opportunities for further
growth both domestically and
overseas in a prudent manner

• Building for growth –

space growth improvements
continued including 38
new Australian supermarkets
in FY12

• Market leader in Liquor –

strong performance led by the
award winning Dan Murphy’s

• Growing New Zealand market

share – Countdown delivering
strong results and market
share gains

3

s trategic priority

no.

2
act on our portfolio to

maximise
shareholder
value
4

WoolWorths limited AnnuAl report 2012

priority
• revisit the way we
participate in the
consumer electronics
category
• accelerate alignment
of big w offer to
new consumer and
competitive reality
• continue to be
australia’s most
responsible operator
of local pubs

progress
• Decision to exit from

consumer electronics format
– progress towards the
restructure and divestment
of Dick Smith

• Good progress in evolving

BIG W’s offer – range
development and value
offers communicated
through improved marketing

• Strong portfolio of hotels

more to do
• Further reinforce BIG W’s
price perception

• Evolve BIG W into...
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