Consolidation – estimations

This is another concept which I keep literary and has enabled me exceedingly to interpret the financial announcements in the contingency of Woolworths. It is refereed to as the assemblage and the one announcements are those of the undiminished existence. That is, Woolworths scant and its governled entities such as subsidiaries and associates. Subsidiaries are the entities in which Woolworths has the energy quickly or by-and-by, to direct the financial and unimpeded policies of an existence so as to allure benefits from its activities. Associates are those entities aggravate which the one existence exercises indicative swing, but not govern. The composition of subsidiaries is totally incongruous from that of associates. Estimations – these are the foods in the allowance announcements, neutralize equivocation and announcement of shareholder equity. The sum periodical as a food is the best honor of the consequence required to acquiesce the exhibit duty at reporting era, prelude into consequence the risks and uncertainties exclusive the duty. Where a food is measured using the capital issues honord to acquiesce the exhibit duty, its carrying sum is the exhibit compute of those capital issues. Reference: WOW, Woolworths Ltd (2006). Financial announcements. 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 ($m) Food and Liquor (1) 28,063. 0 23,569. 6 23,569. 6 21,997. 6 21,039. 0 19,595. 0 Petrol 4,390. 4 3,308. 4 3,308. 4 2,194. 9 1,710. 5 1,119. 3 Total Supermarkets 32,453. 4 26,878. 0 26,878. 0 24,192. 5 22,749. 5 20,714. 3 BIG W 3,119. 1 2,908. 7 2,908. 7 2,717. 9 2,500. 3 2,280. 5 Consumer Electronics 1,167. 1 1,007. 5 1,007. 5 886. 3 791. 2 659. 0 Total Open Merchandise 4,286. 2 3,916. 2 3,916. 2 3,604. 2 3,291. 5 2,939. 5 Hotels 849. 9 415. 8 415. 8 - - - 37,589. 5 31,210. 0 31,210. 0 27,796. 7 26,041. 0 23,653. 8 Wholesale 144. 7 142. 5 142. 5 137. 2 280. 4 819. 2 Total Group 37,734. 2 31,352. 5 31,352. 5 27,933. 9 26,321. 4 24,473. 0 Earnings antecedently attention and tax ($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 gear allowance 18. 3 21. 2 20. 3 21. 7 26. 6 34. 2 Head duty 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 Require of movables sold (28,289. 6) (23,550. 2) (23,549. 9) (20,975. 5) (19,703. 0) (18,296. 0) Impure improvement 9,444. 6 7,802. 3 7,802. 6 6,958. 4 6,618. 4 6,177. 0 Impure improvement boundary (%) 25. 03 24. 89 24. 89 24. 91 25. 14 25. 24. Cost of doing affair (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 (excepting fissure, backbiting 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 boundary (%) 8. 78 8. 35 8. 45 8. 17 7. 99 7. 72 Fissure (including fitout fissure) (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 boundary (%) 5. 95 5. 48 5. 56 5. 27 5. 11 4. 84 Backbiting (522. 2) (416. 0) (419. 2) (379. 6) (370. 9) (327. 7) Amortisation of goodwill - - (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 boundary (%) 4. 56 4. 16 4. 09 3. 81 3. 59 3. 40 Attention (201. 8) (104. 9) (108. 5) (47. 3) (39. 7) (50. 5) WINs and Woolworths Notes attention (47. 9) (45. 2) (45. 2) (42. 9) (41. 1) (39. 8) Improvement antecedently tax and irregular 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) Improvement behind tax and antecedently irregular items 1,026. 7 817. 2 791. 6 688. 2 609. 9 523. 9 Minority attention (12. 1) (1. 0) (1. 1) (0. 4) (0. 4) (0. 7) Improvement attributable to members of Woolworths Scant behind 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 assiduous ($m) Schedule 2,316. 1 1,969. 6 1,977. 3 1,847. 0 1,843. 1 1,838. 4 Accounts payable (2,778. 5) (2,339. 8) (2,335. 6) (2,176. 3) (2,078. 9) (2,000. 6) Net siege in schedule (462. 4) (370. 2) (358. 3) (329. 3) (235. 8) (162.2). Fixed possessions and sieges 4,172. 1 3,425. 8 3,581. 9 2,758. 8 2,485. 0 2,366. 8 Intangibles 4,759. 4 2,046. 4 2,011. 4 572. 3 555. 3 545. 0 Receivables 1,174. 4 611. 9 689. 9 423. 0 543. 1 496. 6 Other creditors (1,838. 7) (1,483. 8) (1,457. 8) (1,267. 1) (1,186. 1) (989. 6) Total funds assiduous (3) 7,804. 8 4,230. 1 4,467. 1 2,157. 7 2,161. 5 2,256. 6 Net tax neutralizes 252. 3 182. 2 147. 2 58. 7 21. 3 (7. 9) Food for dividend (4) - - - - - (188. 9) Net possessions assiduous 8,057. 1 4,412. 3 4,614. 3 2,216. 4 2,182. 8 2,059. 8 Net repayable obligation (5) (3,799. 5) (2,412. 1) (2,417. 2) (163. 9) (359. 6) (237. 3) Net possessions 4,257. 6 2,000. 2 2,197. 1 2,052. 5 1,823. 2 1,822. 5 Noteholders' equity (WINs) (6) - - - 583. 0 583. 0 583. 0 Minority attention 229. 8 26. 0 33. 3 5. 2 4. 8 4. 4 Shareholders' equity 4,027. 8 1,974. 2 2,163. 8 1,464. 3 1,235. 4 1,235. 1 Total equity 4,257. 6 2,000. 2 2,197. 1 2,052. 5 1,823. 2 1,822. 5 CASH FLOW ($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 siege in schedule 61. 4 (44. 3) (44. 0) 97. 3 76. 1 247. 8 Other unimpeded capital issues 127. 8 100. 4 80. 8 69. 2 155. 5 38. 7 Net attention remunerated (including require of allowance notes) (253. 2) (161. 5) (161. 5) (95. 7) (82. 3) (97. 4) Tax remunerated (475. 3) (398. 3) (398. 3) (324. 1) (283. 8) (238. 1) Unimpeded capital issue 1,705. 1 1,214. 4 1,221. 0 1,219. 4 1,209. 5 1,134. 7 Payments for gear, introduce and equipment (1,411. 7) (1,180. 5) (1,180. 5) (718. 7) (593. 4) (596. 7) Proceeds on arrangement of gear, introduce 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 capital issues (178. 1) (76. 7) (76. 6) 1. 4 (65. 3) (93. 9) Free capital issue (1,020. 7) (1,153. 9) (1,147. 2) 640. 2 665. 3 390. 9 Movement in impure obligation 1,078. 6 1,312. 7 1,312. 5 (133. 7) 118. 3 (114. 4) Dividends remunerated - (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 change rate changes on neutralize of capital held in strange currencies (6. 7) - - - - - Net capital issue 92. 1 84. 9 83. 4 61. 6 (7. 7) 39. 0.