AnnuAl RepoRt 2012 AnnuAl RepoRt - Woolworths Limited

188 Pages·2012·4.21 MB·English

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AnnuAl RepoRt
contents
peRfoRmAnce summARy
stRAtegy gAining good
Performance Summary 1
Growth Plans 2
momentum And continuing
Chairman’s Report 10
Managing Director’s Report 12 investment in gRowth
The Results in Brief 14
initiAtives
Food, Liquor and Petrol 16
General Merchandise 22
Hotels 24
momentum
good
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 eARnings befoRe inteRest And tAx
Shareholder Information 179
AustRAliAn food And liquoR 5.2% p
AustRAliAn supeRmARkets 5.3% p
(including petRol)
new ZeAlAnd supeRmARkets 17.0% p
big w 0.8% p
hotels 6.5% p
Our 2012 Corporate www.woolwoRthslimited.com.Au
Responsibility Report will
be published in November.
The report will be available
on our website.
woolwoRths limited Abn 88 000 014 675
annual report
2012
momentum
sales (increase from continuing operations) dividends
4.8 3.3
% %
p p
sales total group sales fully franked dividends
$55,130m 4.7% 126¢
p
3.0% 3.6% 3.1% 14.5%
p p p 
increase in earnings before increase in net increase in earnings per decrease in net profit after
interest and tax from profit after tax from share from continuing tax including discontinued
continuing operations continuing operations operations to 178.63 cents operations and consumer
to $3,352.1 million to $2,182.9 million electronics provision
1
growth plans
our
four strategic
priorities

strategic priority
no.1
extend
leadership
in food and
liquor
2 WoolWorths limited AnnuAl report 2012
priority progress more to do
• re-establish marketing • Growing Australian market • Further develop our
supremacy around value share – excellent progress in supermarket offer,
reinvigorating Australian particularly in Fresh
and growth
supermarkets with a focus and multi‑option
on Fresh, range, value and
• unlock sales growth for in‑store experience • Maintain momentum in
a tougher consumer and New Zealand supermarkets
•
Fresh marketing campaign
competitive environment – ‘Australia’s Fresh Food • Continue to explore
People’ marketing campaign opportunities for further
• accelerate our launched supported by a growth both domestically and
leadership in fresh food new and innovative media overseas in a prudent manner
integration with ‘The Voice’
• extend leadership
•
Building for growth –
in liquor
space growth improvements
continued including 38
• continue momentum
new Australian supermarkets
to become no.1 in in FY12
new Zealand •
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
strategic priority
no.2
act on our portfolio to
maximise
shareholder
value
4 WoolWorths limited AnnuAl report 2012
priority progress more to do
• revisit the way we • Decision to exit from • Further reinforce BIG W’s
participate in the consumer electronics format price perception
– progress towards the
consumer electronics restructure and divestment • Evolve BIG W into Australia’s
category of Dick Smith leading multi‑option retailer
• accelerate alignment • Good progress in evolving • Continue to develop pub
BIG W’s offer – range customer offer and social
of big w offer to development and value responsibility agenda
new consumer and offers communicated •
Continue restructure
competitive reality through improved marketing of Dick Smith business
•
Strong portfolio of hotels
• continue to be
– solid growth of our food,
australia’s most bar and entertainment offers.
responsible operator Awarded ‘Socially Responsible
Operator of the Year’ at the
of local pubs
International Gaming Awards
in January 2012

5
strategic priority
no.3
maintain our
track record
of building
new growth
6 WoolWorths limited AnnuAl report 2012
priority progress more to do
• be australia’s • Innovation – 2.3 million • Greater functionality
undisputed leader in Woolworths, Countdown and capability of our
and BIG W apps downloaded. multi‑option offer
multi-option retailing
Australian Supermarkets
•
awarded ORIA’s ‘Best Continue successful
• scale up from an Multi‑Channel Retailer’ development of Masters
encouraging start and ‘Best Online Retail Home Improvement
Marketing Initiative’ for 2012 •
to become a unique, Integrate acquisitions
sustainable and • Online development – to achieve synergies
offers are well established
profitable home
for all our businesses
improvement business
•
Multi‑option delivering
• continue to consider exceptional sales growth
– 95% increase in total
new domestic and
online sales for FY12 –
international growth 48% excluding Cellarmasters
opportunities •
New category expansion –
15 Masters stores opened

in FY12
•
Domestic growth –
Acquisitions including five
Danks stores, 40 Hotels
to date (Compass and
Laundy) and Cellarmasters
integration completed

track record
of building
new growth
7
strategic priority
no.4
put in place the
enablers for
a new era
of growth
8 WoolWorths limited AnnuAl report 2012