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Trading statement: 53 weeks ended 30 June 2019
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1929/001986/06
Share code: WHL
Share ISIN: ZAE000063863
Bond code: WHLI
('the Group' or 'WHL')
TRADING STATEMENT: 53 WEEKS ENDED 30 JUNE 2019
Shareholders are advised that earnings per share ('EPS'), headline earnings per share ('HEPS') and
adjusted diluted HEPS for the 53 weeks ended 30 June 2019 are expected to be within the ranges
reflected in the table below:
June 2018 June 2019 June 2019
reported expected expected range
increase/decrease
(cents) (%) (cents)
EPS -369.5 65.0% to 75.0% -92.4 to -129.3
HEPS 346.3 -3.5% to 1.5% 334.2 to 351.5
Adjusted diluted HEPS 364.1 -2.5% to 2.5% 355.0 to 373.2
EPS reflects a further impairment of the David Jones business. An impairment charge of A$437.4
million (net of deferred tax) will be recognised at the period end 30 June 2019, reducing the valuation
of David Jones to approximately A$965 million. A strategic review of the David Jones store portfolio
has also identified stores with onerous leases resulting in an additional provision of A$22.4 million at
period end.
The impairment reflects the economic headwinds and the accelerating structural changes affecting
the Australian retail sector as well as the performance of the business, which has fallen short of
expectations. The WHL Board believes that the valuation of David Jones is realistic and reflective of
its prospects.
EPS, HEPS and adjusted diluted HEPS for the pro forma 52 weeks ended 23 June 2019 are
expected to be within the ranges reflected in the table below:
June 2018 June 2019 June 2019
reported expected expected range
increase/decrease
(cents) (%) (cents)
EPS -369.5 60.0% to 70.0% -110.8 to -147.8
HEPS 346.3 -7.5% to -2.5% 320.3 to 337.6
Adjusted diluted HEPS 364.1 -5.0% to 0% 345.9 to 364.1
The Group manages its retail operations on a 52-week basis and, as a result, a 53rd week is required
approximately every six years for realignment. The current year has 53 weeks. To facilitate
comparison against the 52-week prior year, financial information for the current year has been
presented on a 52 week basis, constituting pro forma information in terms of the JSE Limited ('JSE')
Listings Requirements.
The pro forma information, which is the responsibility of the Group's directors, has been prepared for
illustrative purposes only, and may not fairly present the Group's financial position, changes in equity,
cash flows or results of operations.
The information contained in this announcement, including the estimated financial information and
pro forma financial information, has not been reviewed or reported on by the Group's external
auditors.
The Group's year-end results for the 53-week period ended 30 June 2019 are scheduled to be
announced on the SENS on or about 29 August 2019.
Contact:
Reeza Isaacs (Group Finance Director) on 021 407 2464
Ralph Buddle (Director: Strategy and Business Development) on 021 407 3250
InvestorRelations@woolworths.co.za
Cape Town
1 August 2019
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 01/08/2019 07:05:00
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