Investor Presentaiton
Woolworths Group Full Year Results 2023
Strong operating cash flow to sustain the business and
invest for growth
$ MILLION
EBITDA continuing operations
EBITDA discontinued operations
Group EBITDA
F23
F22
CHANGE
5,577
5,052
10.4%
6,387
n.m.
5,577
11,439
(51.2)%
Working capital and non-cash movements - continuing operations
Working capital and non-cash movements - discontinued operations
Cash from operating activities before interest and tax
439
(235)
n.m.
(6,387)
n.m.
6,016
4,817
24.9%
Interest paid - leases
(542)
(542)
Net interest paid - non-leases
Tax paid
(133)
(59)
125.4%
(587)
(838)
(30.0)%
Total cash provided by operating activities
4,754
3,378
Total cash used in investing activities
(1,844)
(2,457)
40.7%
(24.9)%
Cash flow before lease payments, dividends, share payments and
proceeds from loans to related party
2,910
921
216.0%
Repayment of lease liabilities
(1,067)
(1,019)
4.7%
Dividends paid and payments for shares held in trust
(1,141)
(1,137)
0.3%
Proceeds from loan to related party
1,712
n.m.
Payments for share buy-backs
Net cash flow
(2,000)
n.m.
702
(1,523)
n.m.
Cash realisation ratio (CRR)
113%
86%1
Woolworths
Group
1 CRR in F22 adjusted for non-cash gain on demerger of Endeavour Group of $6,387m. F22 unadjusted CRR was 33%
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Prior year included Endeavour Group gain on demerger
Working capital inflow in F23 driven by reduction in net investment in
inventory. Prior year outflow due to stock build to better manage supply
chain disruption and improve availability
Operating cash flow increase due to strong EBITDA growth and working
capital inflow
Higher interest paid reflects higher floating interest rates and higher
average net debt
Lower tax paid, primarily reflecting lower taxable income in F22, paid in F23
Reduction compared to prior year due to sale of 5.5% of Endeavour
Group in December offset by business acquisitions. Operating
capex in line with prior year. Refer to slide 22
Strong CRR due to working capital inflows and lower cash tax paid
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