Consolidation – estimations

This is another concept which I keep knowing and has enabled me extremely to interpret the financial propositions in the event of Woolworths. It is refereed to as the order and the indistinct propositions are those of the undivided existence. That is, Woolworths poor and its manageled entities such as subsidiaries and associates. Subsidiaries are the entities in which Woolworths has the force promptly or interveniently, to manage the financial and untrammelled policies of an existence so as to procure benefits from its activities. Associates are those entities aggravate which the indistinct existence exercises forcible swing, but not manage. The texture of subsidiaries is truly contrariant from that of associates. Estimations – these are the stipulations in the allowance propositions, adjust fencing and proposition of shareholder equity. The total established as a produce is the best respect of the suspect required to milk the confer-upon covenant at reporting determination, induction into suspect the risks and uncertainties outside the covenant. Where a produce is measured using the money careers respectd to milk the confer-upon covenant, its carrying total is the confer-upon blame of those money careers. Reference: WOW, Woolworths Ltd (2006). Financial propositions. Website: www. woolworths. com. au Appendix WOW, Woolworths Ltd - 2006 - Financial Statements Financial Statements Five Year Summary INCOME STATEMENT AIFRS AIFRS AGAAP AGAAP AGAAP AGAAP 2006 2005 2005 2004 2003 2002 Weeks 52 52 52 52 52 53 Sales ($m) Food and Liquor (1) 28,063. 0 23,569. 6 23,569. 6 21,997. 6 21,039. 0 19,595. 0 Petrol 4,390. 4 3,308. 4 3,308. 4 2,194. 9 1,710. 5 1,119. 3 Total Supermarkets 32,453. 4 26,878. 0 26,878. 0 24,192. 5 22,749. 5 20,714. 3 BIG W 3,119. 1 2,908. 7 2,908. 7 2,717. 9 2,500. 3 2,280. 5 Consumer Electronics 1,167. 1 1,007. 5 1,007. 5 886. 3 791. 2 659. 0 Total Open Merchandise 4,286. 2 3,916. 2 3,916. 2 3,604. 2 3,291. 5 2,939. 5 Hotels 849. 9 415. 8 415. 8 - - - 37,589. 5 31,210. 0 31,210. 0 27,796. 7 26,041. 0 23,653. 8 Wholesale 144. 7 142. 5 142. 5 137. 2 280. 4 819. 2 Total Group 37,734. 2 31,352. 5 31,352. 5 27,933. 9 26,321. 4 24,473. 0 Earnings precedently share and tax ($m) Food and Liquor (1) 1,394. 9 1,091. 5 1,077. 2 941. 7 825. 1 734. 7 Petrol 53. 1 36. 2 36. 3 18. 6 29. 9 12. 7 Total Supermarkets 1,448. 0 1,127. 7 1,113. 5 960. 3 855. 0 747. 4 BIG W 123. 1 118. 3 118. 0 116. 2 103. 7 93. 5. Consumer Electronics 64. 0 54. 5 51. 8 44. 1 37. 0 28. 0 Total Open Merchandise 187. 1 172. 8 169. 8 160. 3 140. 7 121. 5 Hotels 151. 1 52. 8 54. 9 - - - Total trading operations 1,786. 2 1,353. 3 1,338. 2 1,120. 6 995. 7 868. 9 Net ownership allowance 18. 3 21. 2 20. 3 21. 7 26. 6 34. 2 Head attention-post aggravateheads (84. 1) (74. 9) (77. 9) (79. 0) (76. 7) (77. 8) Total unallocated (2) (65. 8) (53. 7) (57. 6) (57. 3) (50. 1) (43. 6) 1,720. 4 1,299. 6 1,280. 6 1,063. 3 945. 6 825. 3 Wholesale 1. 8 2. 5 2. 4 1. 8 0. 1 7. 4 Total Group 1,722. 2 1,302. 1 1,283. 0 1,065. 1 945. 7 832. 7. EBIT to sales (%) Total Supermarkets 4. 46 4. 19 4. 14 3. 97 3. 76 3. 61 BIG W 3. 95 4. 07 4. 06 4. 28 4. 15 4. 10 Consumer Electronics 5. 48 5. 41 5. 14 4. 98 4. 68 4. 25 Hotels 17. 78 12. 70 13. 20 - - - Wholesale 1. 25 1. 75 1. 68 1. 31 0. 04 0. 90 Total 4. 56 4. 16 4. 09 3. 81 3. 59 3. 40 Sales 37,734. 2 31,352. 5 31,352. 5 27,933. 9 26,321. 4 24,473. 0 Consume of gear sold (28,289. 6) (23,550. 2) (23,549. 9) (20,975. 5) (19,703. 0) (18,296. 0) Bulk advantage 9,444. 6 7,802. 3 7,802. 6 6,958. 4 6,618. 4 6,177. 0 Bulk advantage extremity (%) 25. 03 24. 89 24. 89 24. 91 25. 14 25. 24. Cost of doing attention (CODB) (7,722. 4) (6,500. 2) (6,519. 6) (5,893. 3) (5,672. 7) (5,344. 3) CODB (%) 20. 47 20. 73 20. 80 21. 10 21. 55 21. 84 Selling, open and admin expenses (except rupture, deterioration and amortisation) (6,130. 1) (5,184. 0) (5,153. 7) (4,675. 9) (4,515. 7) (4,288. 3) EBITDAR 3,314. 5 2,618. 3 2,648. 9 2,282. 5 2,102. 7 1,888. 7 EBITDAR extremity (%) 8. 78 8. 35 8. 45 8. 17 7. 99 7. 72 Rupture (including fitout rupture) (1,070. 1) (900. 2) (904. 9) (809. 8) (758. 7) (705. 0) EBITDA 2,244. 4 1,718. 1 1,744. 0 1,472. 7 1,344. 0 1,183. 7 EBITDA extremity (%) 5. 95 5. 48 5. 56 5. 27 5. 11 4. 84 Deterioration (522. 2) (416. 0) (419. 2) (379. 6) (370. 9) (327. 7) Amortisation of charity - - (41. 8) (28. 0) (27. 4) (23. 3) EBIT 1,722. 2 1,302. 1 1,283. 0 1,065. 1 945. 7 832. 7 EBIT extremity (%) 4. 56 4. 16 4. 09 3. 81 3. 59 3. 40 Share (201. 8) (104. 9) (108. 5) (47. 3) (39. 7) (50. 5) WINs and Woolworths Notes share (47. 9) (45. 2) (45. 2) (42. 9) (41. 1) (39. 8) Advantage precedently tax and exceptional items 1,472. 5 1,152. 0 1,129. 3 974. 9 864. 9 742. 4 Taxation (445. 8) (334. 8) (337. 7) (286. 7) (255. 0) (218. 5) Advantage following tax and precedently exceptional items 1,026. 7 817. 2 791. 6 688. 2 609. 9 523. 9 Minority share (12. 1) (1. 0) (1. 1) (0. 4) (0. 4) (0. 7) Advantage ascribable to members of Woolworths Poor following tax and servicing allowance notes 1,014. 6 816. 2 790. 5 687. 8 609. 5 523. 2 BALANCE SHEET AIFRS AIFRS AGAAP AGAAP AGAAP AGAAP 2006 2005 2005 2004 2003 2002 Weeks 52 52 52 52 52 53 Funds populated ($m) Catalogue 2,316. 1 1,969. 6 1,977. 3 1,847. 0 1,843. 1 1,838. 4 Accounts payable (2,778. 5) (2,339. 8) (2,335. 6) (2,176. 3) (2,078. 9) (2,000. 6) Net bombardment in catalogue (462. 4) (370. 2) (358. 3) (329. 3) (235. 8) (162.2). Fixed possessions and bombardments 4,172. 1 3,425. 8 3,581. 9 2,758. 8 2,485. 0 2,366. 8 Intangibles 4,759. 4 2,046. 4 2,011. 4 572. 3 555. 3 545. 0 Receivables 1,174. 4 611. 9 689. 9 423. 0 543. 1 496. 6 Other creditors (1,838. 7) (1,483. 8) (1,457. 8) (1,267. 1) (1,186. 1) (989. 6) Total funds populated (3) 7,804. 8 4,230. 1 4,467. 1 2,157. 7 2,161. 5 2,256. 6 Net tax adjusts 252. 3 182. 2 147. 2 58. 7 21. 3 (7. 9) Produce for dividend (4) - - - - - (188. 9) Net possessions populated 8,057. 1 4,412. 3 4,614. 3 2,216. 4 2,182. 8 2,059. 8 Net repayable obligation (5) (3,799. 5) (2,412. 1) (2,417. 2) (163. 9) (359. 6) (237. 3) Net possessions 4,257. 6 2,000. 2 2,197. 1 2,052. 5 1,823. 2 1,822. 5 Noteholders' equity (WINs) (6) - - - 583. 0 583. 0 583. 0 Minority share 229. 8 26. 0 33. 3 5. 2 4. 8 4. 4 Shareholders' equity 4,027. 8 1,974. 2 2,163. 8 1,464. 3 1,235. 4 1,235. 1 Total equity 4,257. 6 2,000. 2 2,197. 1 2,052. 5 1,823. 2 1,822. 5 CASH FLOW ($M) AIFRS AIFRS AGAAP AGAAP AGAAP AGAAP 2006 2005 2005 2004 2003 2002 Weeks 52 52 52 52 52 53 EBITDA 2,244. 4 1,718. 1 1,744. 0 1,472. 7 1,344. 0 1,183. 7 Movement in net bombardment in catalogue 61. 4 (44. 3) (44. 0) 97. 3 76. 1 247. 8 Other untrammelled money careers 127. 8 100. 4 80. 8 69. 2 155. 5 38. 7 Net share hired (including consume of allowance notes) (253. 2) (161. 5) (161. 5) (95. 7) (82. 3) (97. 4) Tax hired (475. 3) (398. 3) (398. 3) (324. 1) (283. 8) (238. 1) Untrammelled money career 1,705. 1 1,214. 4 1,221. 0 1,219. 4 1,209. 5 1,134. 7 Payments for ownership, set and equipment (1,411. 7) (1,180. 5) (1,180. 5) (718. 7) (593. 4) (596. 7) Proceeds on disposal of ownership, set and equipment 328. 7 97. 7 97. 7 138. 1 114. 5 203. 8 Major acquisitions - obligation funded (1,464.7) (1,208. 8) (1,208. 8) - - (257. 0) Other investing money careers (178. 1) (76. 7) (76. 6) 1. 4 (65. 3) (93. 9) Free money career (1,020. 7) (1,153. 9) (1,147. 2) 640. 2 665. 3 390. 9 Movement in bulk obligation 1,078. 6 1,312. 7 1,312. 5 (133. 7) 118. 3 (114. 4) Dividends hired - (201. 9) (201. 9) (346. 9) (307. 3) (251. 5) Buy-back of shares - - - (140. 9) (534. 1) - New shares issued 40. 9 128. 0 120. 0 42. 9 50. 1 14. 0 Effects of exchange blame changes on adjust of money held in irrelevant currencies (6. 7) - - - - - Net money career 92. 1 84. 9 83. 4 61. 6 (7. 7) 39. 0.