Woolworths Holdings Limited · JSE:WHL
Woolworths — FY2015 Earnings Presentation
73 slides from Woolworths's earnings presentation, 2015
Slide 1: Woolworths Holdings Limited 2015 Annual Results
WOOLWORTHS HOLDINGS LIMITED 2015 ANNUAL RESULTS
Slide 2: Presentation Outline
PRESENTATION OUTLINE OVERVIEW OF THE YEAR FINANCIAL REVIEW STRATEGIC FOCUS OUTLOOK
Slide 3: Building a Leading Southern Hemisphere Retailer
BUILDING A LEADING SOUTHERN HEMISPHERE RETAILER With Woolworths, David Jones and Country Road Group, we have a strong defensive position across the southern hemisphere through • Common seasonality • Using scale and global sourcing opportunities to deliver more competitive pricing for our customers •
Slide 4: Diversified Earnings Base
DIVERSIFIED EARNINGS BASE TURNOVER BY SEGMENT 15% 20% OPERATING PROFIT BY SEGMENT FY2015 28% 37% FY2014 OPERATING PROFIT BY CATEGORY 3% 25% Food FY2013 72% Clothing and GM Clothing & GM – 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Woolworths Woolworths Food Woolworths Clothing & GM Financial Services
Slide 5: Review of the Year
REVIEW OF THE YEAR • Another exceptional performance from Food • Mixed performance in Clothing • Strong performance from WFS continues • Above market performance from David Jones with very strong H2 • Country Road Group continues to deliver • Turnover up 54.9% (up 12.0% excluding David Jones) • Adju
Slide 6: Woolworths Clothing & GM
WOOLWORTHS CLOTHING & GM • Clothing sales in South Africa (including Country Road Group brands) up 9.6%, with comparable sales up 4.0% – Stronger second half, up 9.8% in total and 4.4% in comparable stores – Good performance by core mens and womens business – Poor performance in kids, footwear and a
Slide 7: Clothing & Footwear Turnover Growth
CLOTHING & FOOTWEAR TURNOVER GROWTH NOTE THAT RLC HAS SUSPENDED MARKET SHARE INFORMATION WITH EFFECT FROM FEBRUARY 2015 Woolworths vs market growth (12mma) 11% 10% 9% 8% 7% 6% Jul-14 Jun-14 Apr-14 May-14 Mar-14 Feb-14 Dec-14 Sep-14 Oct-14 Aug-14 Nov-14 Jan-14 Jul-13 Dec-13 Sep-13 Jan-15 Oct-13 Nov-1
Slide 8: Woolworths Food
WOOLWORTHS FOOD • Strong performance well ahead of the market, with total sales up 13.5% and comparable sales up 6.6% • Supermarket strategy working well • Growth ahead of the market every month since September 2011 • Gross profit margin up from 25.3% to 25.7% • Operating margin increased from 6.4%
Slide 9: Food Turnover Growth
FOOD TURNOVER GROWTH Woolworths vs market growth (3mma) Food - Woolworths vs market growth (3mma)! 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Sep-14 Nov-14 May-15 May-14 Apr-15 Apr-14 Aug-14 Mar-15 Mar-14 Feb-15 Feb-14 Oct-14 Dec-14 Jun-15 Jun-14 Jan-15 Jan-14 Jul-14 Woolworths price movement CPI (Food & No
Slide 10: David Jones
DAVID JONES • Comparative sales growth* of 6.4%, with comparable sales up 3.7% – Strong second half, with sales up 10.7% • Gross profit margin increased from 38.2% to 39.6% • Comparative operating profit up 28.8% • Business transformation initiatives well on track – Improved customer proposition – I
Slide 11: Country Road Group
COUNTRY ROAD GROUP • Total turnover up 12.1% in total, and 15.0% in H2, well above the market – Comparable sales up 4.7% • Gross profit margin down from 62.0% to 60.9% – Higher markdowns in Country Road womenswear – Impact of depreciating Australian Dollar • Operating margin increased from 11.5% to
Slide 12: Financial Review
FINANCIAL REVIEW REEZA ISAACS
Slide 13: A Busy Year
A BUSY YEAR • D avid Jones acquired effective 1 August 2014 – included for 11 months • Acquisition of Country Road Group minorities • R10 billion rights offer successfully completed in October 2014 • Significant investment in supply chain and store footprint • Black Employee Economic Empowerment (BE
Slide 14: Financial Overview
FINANCIAL OVERVIEW Group turnover and concession sales Up 54.9% to R62.0 billion – excluding David Jones Up 12.0% Adjusted profit before tax Up 20.5% to R5.3 billion HEPS – Diluted* Up 6.7% to 367.1 cps HEPS – Adjusted* Up 10.4% to 419.4 cps HEPS – Adjusted Diluted* Up 11.0% to 416.4 cps Total divid
Slide 15: Group Income Statement
GROUP INCOME STATEMENT Jun 2015 Jun 2014 % Rm Rm change Woolworths Clothing & GM 2 095 2 029 3.3 Woolworths Food 1 580 1 259 25.5 WFS (50% of PAT) 221 181 22.1 Woolworths 3 896 3 469 12.3 David Jones 1 532 – Country Road Group 1 058 930 13.8 Profit before interest and tax 6 486 4 399 47.4 Treasury (
Slide 16: Group Income Statement Commentary
GROUP INCOME STATEMENT COMMENTARY 2015 2014 Rm Rm DJS and CRG minorities transactions: (867) (182) Transaction costs (285) (182) Integration and restructuring costs (67) – Non-recurring finance costs (164) – Impairment of PPE* (378) – Unrealised foreign exchange gains/(losses) 29 (139) Disposal of p
Slide 17: Woolworths Clothing & GM Income Statement
WOOLWORTHS CLOTHING & GM INCOME STATEMENT Jun 2015 Jun 2014 % Rm Rm change Turnover 12 499 11 505 8.6 Cost of sales 6 574 6 132 7.2 Gross profit 5 925 5 373 10.3 Other revenue 19 18 5.6 Expenses 3 850 3 364 14.4 Store costs 2 544 2 128 19.5 Other operating costs 1 306 1 236 5.7 Operating profit 2 09
Slide 18: Woolworths Clothing & GM Income Statement Commentary
WOOLWORTHS CLOTHING & GM INCOME STATEMENT COMMENTARY Comp Total stores Clothing (incl CRG SA) 9.6% 4.0% Clothing 8.8% 3.4% GM 7.7% 5.6% Clothing & GM 8.6% 3.7% GROSS PROFIT – Due to BNSG conversion. STORE COSTS – Impacted by new space and BNSG conversion (see Woolworths Expenses slide). WHL / 18
Slide 19: Woolworths Food Income Statement
WOOLWORTHS FOOD INCOME STATEMENT JunJun 2015 2015 JunJun 2014 2014 % % Rm Rm Rm Rm change change Turnover Turnover 22 352 22 352 19 694 19 694 13.513.5 Cost Cost of sales of sales 16 598 16 598 14 711 14 711 12.812.8 Gross Gross profit profit 5 754 5 754 4 983 4 983 15.515.5 Other Other revenue reve
Slide 20: Woolworths Food Income Statement Commentary
WOOLWORTHS FOOD INCOME STATEMENT COMMENTARY Comp Price Total stores move Food 13.5% 6.6% 7.7% GROSS PROFIT – More effective promotions and efficiencies in supply chain. STORE COSTS – Impacted by new space (see Woolworths Expenses slide). WHL / 20
Slide 21: Woolworths Expenses
WOOLWORTHS EXPENSES Jun 2015 Jun 2014 % Rm Rm change Store costs 5 442 4 683 16.2 South Africa – base 4 905 4 500 9.0 South Africa – new stores 198 – South Africa 5 103 4 500 13.4 Rest of Africa 339 183 85.0 Other operating costs 2 676 2 480 7.9 Total expenses 8 118 7 163 13.3 WHL / 21
Slide 22: Woolworths Expenses Commentary
WOOLWORTHS EXPENSES COMMENTARY SOUTH AFRICA – BASE – Includes increased costs due to store extensions and modernisations. Comparable store costs up 5.6%. REST OF AFRICA – Non-comparable due to the acquisition of BNSG stores. WHL / 22
Slide 23: Woolworths Financial Services Income Statement
WOOLWORTHS FINANCIAL SERVICES INCOME STATEMENT Consolidated Consolidated pro-forma pro-forma Jun 2015Jun 2015 % to %Jun to 2014Jun % 2014 to % to % % ncome income statement statement Rm book Rm book Rm book Rm book changechange nterest Interest income income 1 718 1 718 18.6 18.61 473 1 473 17.7 17.
Slide 24: Woolworths Financial Services Income Statement Commentary
WOOLWORTHS FINANCIAL SERVICES INCOME STATEMENT COMMENTARY NET INCOME INTEREST – Increase due to strong portfolio growth, together with margin gain from interest rate increases in 2014. IMPAIRMENT CHARGE – Increase from debt counselling and lower recoveries resulting from tougher collections. NON-INT
Slide 25: Woolworths Financial Services Book Performance
WOOLWORTHS FINANCIAL SERVICES BOOK PERFORMANCE 9 743 10 000 10% 9 743 10 000 8 821 10% 7 958 8 821 8 000 7 958 8% 8 000 6 872 8% 6 344 6 872 6 000 6 344 5.4% 6% 6 000 4.8% 5.4% 6% 4.8% 4 000 3.2% 3.0% 4% 2.7% 4 000 3.2% 3.0% 4% 2.7% 1 858 1 870 1 927 1 930 1 914 2 000 1 927 1 930 1 914 2% 1 858 1 87
Slide 26: David Jones Income Statement
DAVID JONES INCOME STATEMENT Comparative* 11 months Comparative* 11 months 11Jun months 2015 Comparative* 11Jun months 2014 % 11Jun months 2015 A$m 11Jun months 2014 A$m change % Jun A$m 2015 Jun A$m 2014 change % Turnover and concession sales 1A$m 885 1A$m 772 6.4 change Turnover and concession sal
Slide 27: David Jones Income Statement Commentary
DAVID JONES INCOME STATEMENT COMMENTARY TURNOVER AND CONCESSION SALES – Sales in comparable stores +3.7%. GROSS PROFIT MARGIN – Gross profit margin normalised. STORE COSTS – Reallocation/PPA lease adjustment of A$10 million. FINANCIAL SERVICES OPERTING PROFIT – Impacted by Amex guarantee in prior ye
Slide 28: Country Road Group Income Statement
COUNTRY ROAD GROUP INCOME STATEMENT Jun 2015 Jun 2014 % A$m A$m change Turnover 952 849 12.1 Cost of sales 372 323 15.2 Gross profit 580 526 10.3 Other revenue 4 4 – Expenses 473 432 9.5 Store costs 340 308 10.4 Other operating costs 133 124 7.3 Operating profit 111 98 13.3 Gross profit margin – on
Slide 29: Country Road Group Income Statement Commentary
COUNTRY ROAD GROUP INCOME STATEMENT COMMENTARY TURNOVER – Comparable sales growth of 4.7% in Australasia. GROSS PROFIT – Increased markdowns in Country Road womenswear. STORE COSTS – Good store cost control despite 19.4% new space. OTHER OPERATING COSTS – Good other operating cost control despite ma
Slide 30: Treasury
TREASURY Jun 2015 Jun 2014 Capital Rate** Rm Rm ZAR senior debt* R10 bn 8.84% 806 -– AUD senior debt* $609 m 4.71% 220 – Equity bridge 134 – Short-term facilities 218 24 Total net interest paid 1 378 24 Less non-recurring finance charges (164) – Treasury costs 2 – 1 216 24 * Includes amortised costs
Slide 31: Balance Sheet
BALANCE SHEET DJ Group Group +consol ex DJ % Jun 2015 Jun 2015 Jun 2015 Jun 2014 change Rm Rm Rm Rm ex DJ Assets Property, plant and equipment and investment properties 14 538 9 752 4 786 3 519 36.0 Intangible assets 15 700 12 901 2 799 2 946 (5.0) Investment in JVs and associate 894 – 894 801 11.6
Slide 32: Balance Sheet Commentary
BALANCE SHEET COMMENTARY PPE AND INVESTMENT PROPERTIES – Store development plans, Woolworths Food DC land acquisition and Country Road Group OFC. INVENTORIES – Investment in C&GM availability, rollout of Witchery and Mimco in South Africa, long-life catalogue additions in Food and impact of BNSG con
Slide 33: Cash Generation
CASHCASH GENERATION GENERATION Rm 26 000 23 501 23 000 20 000 17 000 14 000 11 000 8 305 8 000 (588) 5 000 (1 190) (1 199) 2 000 (2 896) (1 000) (2 146) (310)º (23 600) (598) (721) Cash flow Working Cash flow Working Finance Taxation Net costs Taxation Finance capex Net capex & Dividends Dividends S
Slide 34: Capital Expenditure
CAPITAL EXPENDITURE Capex (Rm) Capex (Rm)! R2 849 m (Jun 2014:(JunR12014: R2 498 m 506R1m)506 m) DEPRECIATION Jun 2015 Jun 2014 % Rm Rm change 936 Woolworths 772 645 19.7 David Jones 529 – Country Road Group 225 227 (0.9) Total Group 1 526 872 75.0 496 168 379 • Woolworths Food supply chain capacity
Slide 35: Return on Equity
RETURN ON EQUITY 60% 54.2% 49.5% 46.3% 46.7% 50% 44.6% 40% 30% 26.3% 20% 13.2% 13.2% 12.4% 13.4% 12.0% 10% 0% Jun 11 Jun 12 Jun 13 Jun 14 Jun 15* ROE ROE excluding David Jones goodwill WACC * Based on adjusted headline earnings and closing equity WHL / 35
Slide 36: Earnings and Distribution
EARNINGS AND DISTRIBUTION cents 1.50 times 1.45 1.45 1.45 400 1.35 1.5 369.7 348.6 350 324.9 1.2 300 255.1 247.0 250 240.0 223.3 0.9 205.1 200 189.0 0.6 150 137.0 100 0.3 50 - - Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 HEPS* DPS** Distribution cover * HEPS based on weighted average number of shares ** DPS
Slide 37: Guidance: Woolworths
GUIDANCE WOOLWORTHS • Clothing & GM price movement expected to be in single digits • Food inflation to track above CPI due to our product mix, drought and import cost pressures • Full year space growth: 6.1% in Clothing & GM; 8.8% in Food • Gross profit margins to be broadly maintained in Clothing;
Slide 38: Guidance: David Jones and Country Road Group
GUIDANCE DAVID JONES • Above market sales growth expected to continue • Transformation initiatives to gain traction and improve profitability across the Group COUNTRY ROAD GROUP • Above market sales growth expected to continue • Continued focus on cost management and unlocking efficiencies Sharehold
Slide 39: Guidance: Group
GUIDANCE GROUP • Taxation – effective tax rate of 28% in South Africa and 30% in Australia • Capex – R3.6 billion planned for 2016: R2.0 billion in Woolworths, R1.0 billion in David Jones and R0.6 billion in Country Road Group. Shareholders are advised that this information has not been reviewed and
Slide 40: Strategic Focus
STRATEGIC FOCUS IAN MOIR
Slide 41: Strategic Focus
STRATEGIC FOCUS 1 BUILD STRONGER, MORE PROFITABLE, CUSTOMER RELATIONSHIPS 2 BE A LEADING FASHION RETAILER IN THE SOUTHERN HEMISPHERE 3 BECOME A BIG FOOD BUSINESS WITH A DIFFERENCE 4 BECOME AN OMNI-CHANNEL BUSINESS 5 EXPAND INTO AFRICA 6 SIMPLE, CONVENIENT AND REWARDING FINANCIAL SERVICES 7 DRIVE SYN
Slide 42: Build Stronger, More Profitable Customer Relationships
1 BUILD STRONGER, MORE PROFITABLE CUSTOMER RELATIONSHIPS Customer insights and data will drive and inform all our business decisions • WOOLWORTHS tracking 74% of sales • COUNTRY ROAD GROUP tracking 77% of sales • DAVID JONES tracking 18% of sales – Now collecting customer data at point of sale – Fir
Slide 43: Be a Leading Fashion Retailer in the Southern Hemisphere
2 BE A LEADING FASHION RETAILER IN THE SOUTHERN HEMISPHERE WOOLWORTHS • Attract younger, more modern, black customers • Own the Classic category • Lead the market in quality and range – Deliver superior product through fabric innovation, quality, fit and our credentials in sustainability – Space and
Slide 44: Be a Leading Fashion Retailer in the Southern Hemisphere
2 BE A LEADING FASHION RETAILER IN THE SOUTHERN HEMISPHERE WOOLWORTHS (CONTINUED) • Improve customers’ awareness and understanding of our “Difference” by more effectively communicating our quality differential, innovation and sustainability – Our Difference underpins our value proposition • Continue
Slide 45: Be a Leading Fashion Retailer in the Southern Hemisphere
2 BE A LEADING FASHION RETAILER IN THE SOUTHERN HEMISPHERE WHL / 45
Slide 46: Be a Leading Fashion Retailer in the Southern Hemisphere
2 BE A LEADING FASHION RETAILER IN THE SOUTHERN HEMISPHERE WHL / 46
Slide 47: Be a Leading Fashion Retailer in the Southern Hemisphere
2 BE A LEADING FASHION RETAILER IN THE SOUTHERN HEMISPHERE WHL / 47
Slide 48: Be a Leading Fashion Retailer in the Southern Hemisphere
2 BE A LEADING FASHION RETAILER IN THE SOUTHERN HEMISPHERE WHL / 48
Slide 49: Be a Leading Fashion Retailer in the Southern Hemisphere
2 BE A LEADING FASHION RETAILER IN THE SOUTHERN HEMISPHERE WHL / 49
Slide 50: Be a Leading Fashion Retailer: David Jones
2 BE A LEADING FASHION RETAILER IN THE SOUTHERN HEMISPHERE DAVID JONES • Focus on our customer – Use of customer insights to inform decisions – Deliver an improved service proposition – Introduce theatre and experience in all stores – Develop a new look David Jones store concept (Eastlands) • Improv
Slide 51: Be a Leading Fashion Retailer: Country Road Group
2 BE A LEADING FASHION RETAILER IN THE SOUTHERN HEMISPHERE COUNTRY ROAD GROUP • Drive and grow four clearly differentiated brands • Increased focus on customer using insights to drive all aspects of our business • Increase focus on design • Growth of David Jones concession business – >300 apparel pa
Slide 52: Become a Big Food Business with a Difference
3 BECOME A BIG FOOD BUSINESS WITH A DIFFERENCE WOOLWORTHS COMPLETE THE SHOP • Offer a comprehensive but edited range – Total SKUs now at 11 000 from 4 000 five years ago – To grow to 13 500 to enhance depth and breadth of range • Continue to build big stores and make stores bigger through the ongoin
Slide 53: Become an Omni-Channel Business
4 BECOME AN OMNI-CHANNEL BUSINESS • Move to a total retail experience • Building a single view of customer, enabling customers to be recognised and rewarded in real time, with delivery of personalised, seamless service across channels • Digitally transform stores, improving connectivity to enable st
Slide 54: Become an Omni-Channel Business
4 BECOME AN OMNI-CHANNEL BUSINESS DAVID JONES • Introduction of new CRM programme • Continue to enhance the online performance to > 10% of total sales COUNTRY ROAD • Further refinement of the customer experience • Transition to omni-channel fulfilment centre • Continue to drive online sales to >10%
Slide 55: Expand into Africa
5 EXPAND INTO AFRICA • Double digit growth in sales and profits • WREWARDS live in all countries, except Ghana • Tailoring offer to local customers and improving availability • Capturing regional synergies now franchise conversion complete • Step change in “cost to sell” ratios and supply chain effi
Slide 56: Simple, Convenient & Rewarding Financial Services
6 SIMPLE, CONVENIENT & REWARDING FINANCIAL SERVICES TRANSFORMING THE WFS CUSTOMER EXPERIENCE • Instant credit and card issuance now available within 15 minutes in 31 stores • A total of 120k new in-store cards and 42k new credit cards activated in the year • 63% of the account base now on electronic
Slide 57: Drive Synergies and Efficiencies Across the Group
7 DRIVE SYNERGIES AND EFFICIENCIES ACROSS THE GROUP DRIVE SCALE BENEFITS ACROSS THE SOUTHERN HEMISPHERE • Single sourcing approach with combined volumes to drive improved product development, price accessibility and margins • Develop a roadmap to consolidate infrastructure and systems across the ent
Slide 58: CRG Omni-Channel Fulfilment Centre
CRG OMNI-CHANNEL FULFILMENT CENTRE WHL / 58
Slide 59: CRG Omni-Channel Fulfilment Centre
CRG OMNI-CHANNEL FULFILMENT CENTRE WHL / 59
Slide 60: Embed Sustainability Throughout the Business
8 EMBED SUSTAINABILITY THROUGHOUT THE BUSINESS Driving a consistent, group-wide Good Business Journey strategy with the objective of being the most sustainable retailer in the southern hemisphere KEY FOCUS AREAS • Ethical trade • Sustainable farming and sourcing of raw materials • Scarce water resou
Slide 61: Outlook
OUTLOOK IAN MOIR
Slide 62: Outlook
OUTLOOK • The South African and Australian commodity-based economies will continue to be constrained • Impact of load shedding on consumer confidence in South Africa • The upper income consumer in both regions should remain relatively resilient, our target demographic will continue to grow and we wi
Slide 63: Questions? Thank You
QUESTIONS? THANK YOU
Slide 64: Additional Info
ADDITIONAL INFO
Slide 65: Trading Space
TRADING SPACE Projected Projected Projected Jun 2015 Jun 2014 % Jun 2016 % Jun 2017 % Jun 2018 % 000m2 000m2 change 000m2 change 000m2 change 000m2 change Woolworths Clothing & GM 440 414 6.3 467 6.1 492 5.4 510 3.7 South Africa 397 376 5.6 419 5.5 442 5.5 457 3.4 Rest of Africa 43 38 13.2 48 11.6 5
Slide 66: Store Locations
STORE LOCATIONS STORE LOCATIONS Projected Projected Projected Jun 2015 Jun 2014 Growth Jun 2016 Growth Jun 2017 Growth Jun 2018 Growth Woolworths Clothing & GM 279 259 20 292 13 302 10 315 13 South Africa 214 199 15 220 6 226 6 232 6 Rest of Africa 65 60 5 72 7 76 4 83 7 Woolworths Food 397 374 23 4
Slide 67: Woolworths Financial Services Contribution to Sales
WOOLWORTHS FINANCIAL SERVICES CONTRIBUTION TO SALES WFS CONTRIBUTION TO SALES % of sales spent on Woolworths cards Jun 2015 Jun 2014 Clothing & GM 23.2% 25.9% Food 11.0% 12.3% Aggregate Woolworths card contribution 15.5% 17.5% Credit card 1.3% 1.3% Aggregate Woolworths and credit card contribution 1
Slide 68: David Jones Income Statement (in Rands)
DAVID JONES INCOME STATEMENT (IN RANDS) DAVID JONES INCOME STATEMENT (IN RANDS) Comparative 11 months 11 months Jun 2015 Jun 2014 % Rm Rm change Turnover and concession sales 17 918 16 887 6.1 Concession sales (5 788) (5 108) 13.3 Turnover – own buy 12 130 11 779 3.0 Cost of sales 6 357 6 471 (1.8)
Slide 69: David Jones Balance Sheet
DAVID JONES BALANCE SHEET DAVID JONES BALANCE SHEET Jun 2015 A$m Assets Property, plant and equipment 1 043 Goodwill and brands 1 344 Intangible assets 13 Inventories 199 Accounts receivable, tax and deferred tax 143 Cash 20 Total assets 2 762 Non-current and current non-interest bearing-liabilities
Slide 70: Country Road Group Income Statement (in Rands)
COUNTRY ROAD GROUP INCOME STATEMENT (IN RANDS) COUNTRY ROAD GROUP INCOME STATEMENT (IN RANDS) Jun 2015 Jun 2014 % Rm Rm change Turnover 9 081 8 090 12.2 Cost of sales 3 544 3 081 15.0 Gross profit 5 537 5 009 10.5 Other revenue 34 34 – Expenses 4 513 4 113 9.7 Store costs 3 243 2 931 10.6 Other oper
Slide 71: Country Road Group Balance Sheet
COUNTRY ROAD GROUP GROUP BALANCE SHEET COUNTRY ROAD GROUP BALANCE SHEET Jun 2015 Jun 2014 % A$m A$m change Assets Property, plant and equipment 157 91 72.5 Intangible assets 147 148 (0.7) Inventories 118 101 16.8 Accounts receivable, tax and deferred tax 68 33 >100 Cash 12 84 (85.7) Total assets 502
Slide 72: BEEESOS Unwind
BEEESOS UNWIND Impact of Black Economic Empowerment Employee Share Ownership Jun Scheme (BEEESOS) unwind 2015 Headline earnings – pre BEEESOS unwind Rm 3 307 Preference dividend saving Rm 99 IFRS 2 charge relating to BEEESOS Rm 18 Pro-forma headline earnings – post BEEESOS unwind Rm 3 424 Pro-forma
Slide 73: Index Recognition
INDEX RECOGNITION • Woolworths was again included in the JSE Socially Responsible Investment (SRI) Index for 2014/2015 • Woolworths was included in the Dow Jones Sustainability Index (DJSI), the world’s most respected sustainability index for 2014/15 • Woolworths was included in the Euronext Vigeo I