Woolworths brings R1bn back from Australia to pay down SA debt
Revenue was under pressure in last six months of 2021, but capital restructuring Down Under lifts balance sheet
02 March 2022 - 08:24
UPDATED 03 March 2022 - 22:55
Retailer Woolworths has resumed its half-year dividend repayments and returned R1bn from Australia for SA debt, in a stark reversal of fortunes, after losing billions in SA profits Down Under.
The group spent over R21bn buying clothing businesses in Australia, racking up debt guaranteed by the SA business, which is now in a net cash position of R258m, from net borrowing of R6.8bn previously...
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