Financial Report

WOOLWORTHS HOLDINGS LIMITED 2012 ANNuAL FINANcIAL STATEMENTS

IN AN INDEPENDENT SURVEY, WOOLWORTHS WAS RATED SOUTH AFRICA’S MOST REPUTABLE COMPANY AMONG THE TOP 20 JSE-LISTED COMPANIES.

TABLE OF CONTENTS

FiNANCE dirECTOr’S rEpOrT ANALYSiS OF SHArEHOLdErS SEvEN-YEAr rEviEW rEpOrT OF THE iNdEpENdENT AudiTOrS rEpOrT OF grOup SECrETArY ANd dirECTOrS’ ApprOvAL rEpOrT OF THE AudiT COmmiTTEE dirECTOrS’ rEpOrT grOup ANNuAL FiNANCiAL STATEmENTS Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows NOTES TO THE grOup ANNuAL FiNANCiAL STATEmENTS 1 Significant accounting policies 2 Revenue 3 Profit before tax 4 Tax 5 Earnings per share 6 Diluted earnings per share 7 Related party transactions 8 Property, plant and equipment 9 Investment properties 1 0 Intangible assets 1 1 Investment in associate 1 2 Prepaid employment costs 1 3 Participation in export partnerships 1 4 Other loans 1 5 Deferred tax 1 6 Inventories 1 7 Trade and other receivables 1 8 Derivative financial instruments 1 9 Ordinary share capital 20 Share premium 21 Reserves 22 Interest-bearing borrowings 23 Trade and other payables 24 Retirement benefit information 25 Provisions 26 capital commitments 27 contingent liabilities 28 Financial risk management 29 Management of capital 30 Distributions to shareholders 31 cash flow information 32 Operating leases 33 Finance leases 34 Acquisition of franchise operations 35 Investment in joint ventures 36 Acquisition of Witchery group 37 Segmental information COmpANY ANNuAL FiNANCiAL STATEmENTS ANNEXurE 1 SHArEHOLdEr iNFOrmATiON gLOSSArY OF FiNANCiAL TErmS

4 10 12 18 19 20 22 26 27 28 30 31 44 44 45 46 47 47 60 61 62 63 64 64 65 66 67 67 68 69 77 77 78 78 79 81 81 81 82 92 93 94 95 96 96 97 97 98 106 120 122 124

2 WHL / 2 01 2 ANNuAL FINANcIAL STATEMENTS

measuring the difference

2 01 2 ANNuAL FINANcIAL STATEMENTS / WHL 3

FiNANCE dirECTOr’S rEpOrT

Amidst another year of global...