MARKETPLACE
ECONOMIC PERFORMANCE
KEY FINANCIAL DATA
Woolworths commissioned Concept Economics to calculate total economic output and employment multipliers for Woolworths based on our annual sales revenue. In 2007–08 the indirect economic effect on Australian economic output and employment generated from Woolworths activity, based on our total sales revenue of $43 billion in Australia, was estimated to be in excess of $90 billion and just under 696,000 full time equivalent jobs.
We also contributed about $750,000 to public infrastructure through development contributions from our construction projects.
Superannuation
Woolworths Limited makes superannuation contributions for permanent salaried employees of the company and its controlled entities to certain company sponsored superannuation funds in accordance with legislative requirements.
Extracts from the Company’s 2007–08 Annual Report covering the Plan’s financial position are shown in the table below. Further details are available in Notes to the Financial Statements (Note 23) contained in the 2007–08 Annual Report.
DIRECT ECONOMIC VALUE
ACCRUED
LIABILITY
GOVERNMENT
SUBSIDIES (2)
| 2008 53 weeks $'000 |
2007 52 weeks $'000 |
inc % |
|
| Direct economic value generated | |||
| (a) Revenues | 47,327,311 | 42,755,127 | 10.7 |
| Total direct economic value generated | 47,327,311 | 42,755,127 | 10.7 |
| Economic value distributed | |||
| (b) Operating costs | (38,290,907) | (34,765,124) | 10.1 |
| (c) Employee wages and benefits | (5,542,178) | (4,959,840) | 11.7 |
| (d) Payments to providers of capital | (1,237,234) | (1,050,873) | 17.7 |
| (e) Payments to government | (1,642,229) | (1,460,122) | 12.5 |
| (f) Community investments | (17,515) | (12,327) | 42.1 |
| Total economic value distributed | (46,730,063) | (42,248,286) | 10.6 |
| Economic value retained (1) | 597,248 | 506,841 | 17.8 |
Note:(1) Represented by net change in retained earnings of the Woolworths group.
DIRECT ECONOMIC
VALUE
ACCRUED LIABILITY
GOVERNMENT
SUBSIDIES (2)
Accrued liability for defined benefit obligation in the financial statements of Woolworths Limited |
||
| As at | ||
| Jun-08 $m |
Jun-07 $m |
|
| Defined benefit obligation (1) | (1,609) | (1,618) |
| Fair value of assets | 1,556 | 1,586 |
| Liability for defined benefit obligations | (53) | (32) |
Note:(1) Includes contributions tax.
DIRECT ECONOMIC
VALUE
ACCRUED
LIABILITY
GOVERNMENT SUBSIDIES (2)
| 2008 53 weeks $'000 |
2007 52 weeks $'000 |
inc % |
|
| Government subsidies received | |||
| Government subsidies | 3,131 | 3,048 | 2.7 |
| Total Government subsidies received | 3,131 | 3,048 | 2.7 |
Note:(2) Subsidies are for training and encouraging employment in regional areas.