Danks Holdings Pty Limited: 414 Lower Dandenong Road, Braeside, VIC Australia, 3195

DANKS HOLDINGS PTY LIMITED
414 Lower Dandenong Road, Braeside, VIC Australia, 3195
Phone: 03 9264 5000 http://www.danks.com.au
www.company360.com.au | 13 23 33 25 August 2011
DANKS HOLDINGS PTY LIMITED - 1 -
Table of Contents
360 VIEW SUMMARY MARKET DATA FINANCIALS P & L/Income Statement Balance Sheet Cash Flow Statement Ratios OPERATIONS INDUSTRIES COMPETITORS PROFESSIONAL SERVICES PEOPLE BIOGRAPHIES COMMENTARY STRUCTURE & SHAREHOLDERS FAMILY TREE 3 5 6 7 7 9 12 14 15 16 17 18 19 19 22 28 29
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Summary
Danks Holdings Pty Limited is the holding entity for the Danks Group, which supplies retailers throughout Australia with a variety of hardware and garden products. Goods are distributed under the brands Home Timber & Hardware, Thrifty-Link Hardware and Plants Plus Garden Centres; there are approximately 25,000 items on the groups product portfolio. Danks maintains a network of warehouse and distribution centres across Melbourne - where it's also headquartered - Sydney and Perth. The company offers retailer support services in areas such as advertising, marketing, information technology, merchandising and store design. For the financial year ended 30 June 2009, the company reported revenue of $569.4 million, with a net profit after tax of $7.02 million. Chief executive officer John Danks heads up a workforce of approximately 500 employees. Danks Holdings is a wholly owned subsidiary of WOOLWORTHS LTD.
Key Information
Address Phone Web DUNS Number ACN Company Type Number of Employees 414 Lower Dandenong Road Braeside VIC 3195 Australia 03 9264 5000 http://www.danks.com.au 753347558 004295532 Private 188000(G)
Key Statistics
Revenue from continuing operations (as of 2009) Growth EBIT EBIT Growth EBIT Margin Profit from continuing ops after tax Growth note: all monetary values are expressed in ($000s)
*Disclaimer: number of employees and associated financial ratios are derived from sources other than the company annual report.
$569,442 1.58% $11,502 60.17% $7,019 74.73%
More Information
Physical Address Phone URL DUNS ACN ABN Company Type Line Of Business Primary SIC Import/Export Registered Name Trading As Previous Entity Name 414 Lower Dandenong Road Braeside VIC 3195 Australia 03 9264 5000 http://www.danks.com.au 753347558 004295532 81004295532 Private Holding company with subsidiaries that wholesale and retail hardware and garden supplies 6719 Neither DANKS HOLDINGS PTY LIMITED DANKS HOLDINGS LTD DANKS HOLDINGS LIMITED DANKS HOLDINGS PROPRIETARY LIMITED DANKS HOLDINGS LIMITED 414 Lower Dandenong Road Braeside VIC 3195 Australia Subsidiary VIC Registered Private Limited by shares Proprietary company
Postal Address Location Type Place of Incorporation ASIC Status ASIC Company Type ASIC Company Class ASIC Company Sub-Class
Summary
Danks Holdings Pty Limited is the holding entity for the Danks Group, which supplies retailers throughout Australia with a variety of hardware and garden products. Goods are distributed under the brands Home Timber & Hardware, Thrifty-Link Hardware and Plants Plus Garden Centres; there are approximately 25,000 items on the groups product portfolio. Danks maintains a network of warehouse and distribution centres across Melbourne - where it's also headquartered - Sydney and Perth. The company offers retailer support services in areas such as advertising, marketing, information technology, merchandising and store design. For the financial year ended 30 June 2009, the company reported revenue of $569.4 million, with a net profit after tax of $7.02 million. Chief executive officer John Danks heads up a workforce of approximately 500 employees. Danks Holdings is a wholly owned subsidiary of WOOLWORTHS LTD. Danks Holdings traded as a publicly-listed company until it was acquired in an off-market takeover in August 2009. The takeover offer was made via a joint venture partnership between Woolworths (66.7%) and US home improvement company Lowes Companies Inc. (33.3%). Woolworths offer of $13.50 per Danks share represented a 65% premium on Danks closing share price of $8.20. Danks shareholders received a final dividend of 53 cents per share in September 2009. All Danks personnel and management were retained following the completion of the deal. The transaction represents Woolworths first foray into the Australian hardware sector.
Market Data
Share Quote as at Thursday, 25 August 2011 2:25:30 PM Code Buy Sell Last DKS Open High Low Volume
Change*
% Change*
Trades
Turnover
Latest ASX news for DKS Summary
Financials
P & L / Income Statement
Note: all monetary values are expressed in ($000s) of AUD (except earnings per share). D&B obtains its financial data from a number of sources not controlled by D&B. Whilst D&B has processes in place for updating the information contained in this product, D&B makes no warranty that the information provided is correct or free from error and will not accept any liability for, or be responsible for, any errors that are contained therein. 2009 AUD Income Statement Revenue from continuing operations ($000s) Growth Cost of sales ($000s) Gross profit ($000s) Growth Other income ($000s) Administrative expenses ($000s) Finance costs ($000s) Share of associate profits/(losses) ($000s) Profit/(loss) from continuing operations before income tax ($000s) Growth Income tax expense ($000s) Profit from continuing operations after income tax ($000s) Growth Profit/(loss) from discontinued operations after tax ($000s) Profit/(loss) from restructuring activites after tax ($000s) Profit/(loss) from disposals of property, plant and equipment after tax ($000s) Profit/(loss) from disposals of investments after tax ($000s) Net profit for the period ($000s) Attributable To: Minority interest ($000s) Members of the parent ($000s) Weighted average number of ordinary shares for basic earnings per share www.company360.com.au | 13 23 33 25 August 2011 $569,442 1.58% ($465,953) $103,489 6.50% $61 ($5,896) ($1,215) $10,287 2008 AUD $560,583 0.32% ($463,412) $97,171 (82.46%) $107 ($5,123) ($1,195) $5,986 2007 AUD $558,785 2.13% ($4,807) $553,978 1.97% $94 ($459,378) ($1,215) $6,155 2006 AUD $547,107 (0.75%) ($3,813) $543,294 475.93% $62 ($451,040) ($1,526) $4,440 2005 AUD $551,237 ($456,904) $94,333 ($3,937) ($956) $7,129
71.85% ($3,268) $7,019 74.73% -
(2.75%) ($1,969) $4,017 2.95% -
38.63% ($2,253) $3,902 31.51% -
(37.72%) ($1,473) $2,967 (36.22%) -
($2,477) $4,652 -
$7,019 $7,019 -
$4,017 $4,017 $6,501,921
$3,902 $3,902 $6,501,979
$2,967 $2,967 $6,501,979
$4,652 $4,652 $6,501,979
Weighted average number of ordinary shares for diluted earnings per share Basic earnings per share (cents) Diluted earnings per share (cents) Basic earnings per share Diluted earnings per share EBITDA ($000s) Growth EBIT ($000s) Growth Expenses included in income statement Depreciation of property plant and equipment ($000s) Impairment of property plant and equipment ($000s) Amortisation of intangible assets ($000s) Other Depreciation and Amortisation Expense ($000s) Impairment of intangible assets ($000s) Total depreciation, amortisation and impairment ($000s) Growth Salaries and wages ($000s) Defined contribution superannuation expense ($000s) Defined benefit superannuation expense ($000s) Share-based payments expense ($000s) Other employee benefits expense ($000s) Total employee benefits expense ($000s) Number of employees Lease payments included in income statement ($000s) Interest expense ($000s) Finance charges payable under finance leases and hire purchase ($000s) Other finance costs ($000s) Total finance costs ($000s) Research and development costs ($000s)
$108 $108 $108 $108 $14,357 48.65% $11,502 60.17% ($2,855) $0 $0 $0 ($2,855) ($33,858) ($33,858) -
$62 $62 $62 $62 $9,658 0.64% $7,181 (2.56%) $0 $0 $0 ($2,477) $0 ($2,477) ($32,678) ($32,678) -
$60 $60 $60 $60 $9,597 21.85% $7,370 23.53% $0 $0 $0 ($2,227) $0 ($2,227) ($33,602) ($33,602) -
$46 $46 $46 $46 $7,876 (22.72%) $5,966 (26.21%) $0 $0 $0 ($1,910) $0 ($1,910) ($33,228) ($33,228) -
$72 $72 $72 $72 $10,192 $8,085 ($2,075) $0 ($32) $0 ($2,107) ($31,142) ($31,142) 479 -
($1,215) ($1,215) -
($1,195) ($1,195) -
($1,215) ($1,215) -
($1,526) ($1,526) -
($956) ($956) -
Financials
Balance Sheet
Note: all monetary values are expressed in ($000s) of AUD (except earnings per share). 2009 AUD Balance Sheet Current Assets Cash and cash equivalents ($000s) Growth Trade receivables ($000s) Other receivables ($000s) Raw materials ($000s) Work-in-progress ($000s) Finished goods ($000s) Total inventories ($000s) Prepayments ($000s) Derivative financial instruments ($000s) Other current assets ($000s) Total current assets for continuing operations ($000s) Assets held for sale ($000s) Total current assets ($000s) Growth Non-current assets Receivables ($000s) Investments in associates ($000s) Investments in subsidiaries ($000s) Available for sale financial assets ($000s) Derivative financial instruments ($000s) Property, plant and equipment ($000s) Intangible assets and goodwill ($000s) Deferred tax assets ($000s) Other non-current assets ($000s) Total non-current assets ($000s) TOTAL ASSETS ($000s) Growth TOTAL ASSETS FOR PREVIOUS www.company360.com.au | 13 23 33 25 August 2011 $11,936 2,412.84% $65,612 $2,857 $0 $37,610 $37,610 $659 $0 $118,674 $118,674 17.15% $0 $0 $25,294 $2,186 $2,676 $0 $30,156 $148,830 16.48% $127,775 2008 AUD $475 (93.54%) $60,490 $2,723 $0 $36,889 $36,889 $722 $0 $101,299 $101,299 (7.49%) $0 $0 $23,911 $0 $2,565 $0 $26,476 $127,775 (5.70%) $135,503 2007 AUD $7,352 275.29% $59,854 $2,590 $0 $38,873 $38,873 $833 $0 $109,502 $109,502 (2.40%) $0 $0 $23,390 $0 $2,611 $0 $26,001 $135,503 2.99% $131,563 2006 AUD $1,959 6,896.43% $63,119 $2,232 $0 $43,680 $43,680 $1,131 $75 $112,196 $112,196 (2.62%) $0 $0 $16,489 $0 $2,878 $0 $19,367 $131,563 (1.88%) $134,081 2005 AUD $28 $63,992 $2,365 $0 $47,492 $47,492 $1,340 $0 $115,217 $115,217 $0 $0 $16,137 $0 $2,727 $0 $18,864 $134,081 $131,383
YEAR ($000s) Growth Current liabilities Trade payables ($000s) Other payables ($000s) Overdrafts ($000s) Loans - secured ($000s) Loans - unsecured ($000s) Obligations under finance leases and hire purchase ($000s) Loans from related parties ($000s) Total current interest-bearing loans and borrowings ($000s) Income tax payable/(refundable) ($000s) Provisions ($000s) Derivative financial instruments ($000s) Other current liabilities ($000s) Total current liabilities for continuing operations ($000s) Liabilities directly associated with assets held for sale ($000s) Total current liabilities ($000s) Growth Total current liabilities for previous year ($000s) Growth Non-current liabilities Loans - secured ($000s) Loans - unsecured ($000s) Obligations under finance leases and hire purchase ($000s) Loans from related parties ($000s) Total non-current interest-bearing loans and borrowings ($000s) Derivative financial instruments ($000s) Deferred tax liabilities ($000s) Provisions ($000s) Convertible redeemable preference shares ($000s) Other non-current liabilities ($000s) Total non-current liabilities ($000s) TOTAL LIABILITIES ($000s) Growth NET ASSETS ($000s) Equity www.company360.com.au | 13 23 33 25 August 2011
(5.70%) $57,651 $1,760 $2,000 $378 $2,378 $2,180 $2,868 $6,573 $73,410 $73,410 33.04% $55,177 (13.39%) $5,000 $431 $5,431 $2,801 $2,307 $0 $10,539 $83,949 24.90% $64,881 -
2.99% $45,147 $5,248 $1,000 $1,000 $546 $3,236 $0 $55,177 $55,177 (13.39%) $63,711 5.38% $7,000 $7,000 $2,921 $2,113 $0 $12,034 $67,211 (11.39%) $60,564 -
(1.88%) $48,594 $5,414 $6,000 $6,000 $525 $3,004 $174 $0 $63,711 $63,711 5.38% $60,459 (4.45%) $7,000 $7,000 $2,814 $2,328 $0 $12,142 $75,853 (1.67%) $59,650 -
2.05% $53,936 $3,318 $3,205 $0 $60,459 $60,459 (4.45%) $63,273 3.49% $13,000 $13,000 $1,075 $2,609 $0 $16,684 $77,143 (1.98%) $54,420 -
$51,604 $3,798 $3,941 $3,941 $880 $3,050 $0 $63,273 $63,273 $61,141 $13,000 $13,000 $2,429 $0 $15,429 $78,702 $55,379 -
Equity attributable to equity holders of the parent Contributed equity ($000s) Retained earnings ($000s) Reserves ($000s) Total Parent interests ($000s) Minority interests ($000s) TOTAL EQUITY ($000s) Growth TOTAL EQUITY FOR PREVIOUS YEAR ($000s) Growth
$7,321 $47,156 $10,404 $64,881 $64,881 7.13% $60,564 1.53%
$7,351 $42,993 $10,220 $60,564 $60,564 1.53% $59,650 9.61%
$7,391 $41,836 $10,423 $59,650 $59,650 9.61% $54,420 (1.73%)
$7,391 $40,664 $6,365 $54,420 $54,420 (1.73%) $55,379 0.78%
$7,391 $40,623 $7,365 $55,379 $55,379 $54,953 -
Financials
Cash Flow Statement
Note: all monetary values are expressed in ($000s) of AUD (except earnings per share). 2009 AUD Cash flow statement Receipts from customers ($000s) Payments to suppliers and employees ($000s) Interest paid ($000s) Tax paid ($000s) Other receipts ($000s) Other payments ($000s) Net cashflow from/(used in) operating activities ($000s) Purchase of property plant and equipment ($000s) Purchase of intangibles ($000s) Proceeds from the sale of property plant and equipment ($000s) Proceeds from the disposal of investments/subsidiaries ($000s) Purchase of subisidiary/investment ($000s) Interest received ($000s) Dividends received ($000s) Other investing inflows/(outflows) ($000s) Net cashflow from/(used in) investing activities ($000s) Proceeds from the issue of shares ($000s) Proceeds from borrowings ($000s) Repayment of borrowings ($000s) Repayment of finance lease liabilities ($000s) Interest Paid ($000s) Dividends paid ($000s) Other inflows/(outflows) from financing activities ($000s) Net cash flows from/(used in) financing activities ($000s) Net increase/(decrease) in cash www.company360.com.au | 13 23 33 25 August 2011 $621,890 ($599,144) ($1,054) ($1,508) $116 $0 $20,300 ($3,868) $272 $0 $0 ($2,167) ($5,763) $0 $0 ($190) ($2,856) ($30) ($3,076) $11,461 2008 AUD $616,159 ($609,967) ($1,195) ($1,537) $455 $0 $3,915 ($3,161) $270 $0 $0 $0 ($2,891) $0 $0 ($5,000) ($2,861) ($40) ($7,901) ($6,877) 2007 AUD $614,604 ($601,440) ($1,215) ($915) $251 $0 $11,285 ($3,462) $301 $0 $0 $0 ($3,161) $0 $0 ($2,731) $0 ($2,731) $5,393 2006 AUD $599,380 ($583,997) ($1,526) ($3,042) $183 $0 $10,998 ($2,395) $195 $0 $0 $0 ($2,200) $0 $0 ($2,926) $0 ($2,926) $5,872 2005 AUD $601,827 ($605,414) ($956) ($2,501) $299 $0 ($6,745) ($1,508) $300 $0 $0 $0 ($1,208) $0 $0 ($4,226) $0 ($4,226) ($12,179)
and cash equivalents ($000s) Other increase/(decrease) in cash and cash equivalents ($000s) Net foreign exchange differences ($000s) Cash and cash equivalents at the beginning of the period ($000s) Cash and cash equivalents at the end of the period ($000s)
$475 $11,936
$7,352 $475
$1,959 $7,352
($3,913) $1,959
$8,266 ($3,913)
Financials
Ratios
Note: all monetary values are expressed in ($000s) of AUD (except earnings per share). 2009 AUD Profitability ratios Return on equity Return on total assets Return on average capital employed Gross margin EBITDA margin EBIT margin Profit from continuing operations after tax margin Net profit margin Cashflow from operating activities/Revenue Structural ratios Current ratio Quick ratio Interest-bearing loans and borrowings/equity Interest cover Efficiency ratios Inventory turnover (times) Collection period (days) Credit period (days) Employee benefits/revenue from continuing operations Average employee costs per year Revenue from continuing operations/ employee EBIT per employee Profit from continuing operations/ employee Total assets per employee Total equity per employee 11.19% 5.08% 15.54% 18.17% 1.52% 2.02% 1.23% 1.23% 3.56% 1.62 1.1 12.04% 15.14 42.06 36.95 (5.95)% 2008 AUD 6.68% 3.05% 9.95% 17.33% 1.28% 1.28% 0.72% 0.72% 0.7% 1.84 1.17 13.21% 15.2 39.39 29.4 (5.83)% 2007 AUD 6.84% 2.92% 10.32% 99.14% 1.32% 1.32% 0.7% 0.7% 2.02% 1.72 1.11 21.79% 14.37 39.1 31.74 (6.01)% 2006 AUD 5.4% 2.23% 8.41% 99.3% 1.09% 1.09% 0.54% 0.54% 2.01% 1.86 1.13 23.89% 12.53 42.11 35.98 (6.07)% 2005 AUD 8.43% 3.5% 11.46% 17.11% 1.08% 1.47% 0.84% 0.84% (1.22)% 1.82 1.07 30.59% 11.61 42.37 34.17 (5.65)% (65.01) 1,150.81 16.88 9.71 -
Operations
Danks Holdings represents the business of Danks Group a distributor of hardware and garden products operating as a subsidiary of WOOLWORTHS LTD. The company also offers a range of retail services to clients Australia-wide. It runs warehouses and distribution centres across Melbourne, Sydney and Perth. CEO Graeme Danks oversees group operations from its Melbourne-based headquarters. Danks offers approximately 25,000 different products under the Home Timber & Hardware, Thrifty-Link Hardware and Plants Plus Garden Centre brands. There are 210 Home Timber & Hardware stores, offering general hardware, paint, power tools and garden products. The brand targets tradespeople, renovators and the Do-It-Yourself market. The Thrifty-Link Hardware range caters to a more personalised community-based store where customers can get advice on products and purchase tools for the home; there are 300 Thrifty-Link stores across Australia. The Plants Plus Garden Centres is a network of nurseries encompassing approximately 100 stores nationally. This business unit offers an extensive range of plants and garden products and a horticulturalist team is present at each site to assist customer queries. There are 13 product brands for which Danks maintains exclusive distribution rights. These include: Del Terra outdoor furniture; Earthcore garden products; Handi paints; Plumbworx plumbing products; Red Centre barbecues; Rockworth air tools; Tekraft hand tools; and Olsent solar lighting. Danks is also able to provide a range of retailer support services. This covers comprehensive support services, tailored marketing and advertising programs, extranet and software support, professional merchandising, store development services, which includes creating floor plans and merchandising programs.
Industries
Key Industries
5072 - Hardware 5191 - Farm Supplies 5251 - Hardware Stores 5261 - Retail Nurseries, Lawn and Garden Supply Stores 6719 - * Offices of Holding Companies, Not Elsewhere Classified
* Identifies a company's primary SIC.
Competitors
Company Name MITRE 10 AUSTRALIA PTY LTD STIHL PTY. LTD. GAINSBOROUGH HARDWARE INDUSTRIES LIMITED ROBERT BOSCH (AUSTRALIA) PROPRIETARY LIMITED ALESCO CORPORATION LIMITED WESFARMERS RETAIL PTY LTD BBC HARDWARE LIMITED BUNNINGS GROUP LIMITED DAHLSENS BUILDING CENTRES PTY. LTD. GMC WORLDWIDE PTY LTD DUNS 758576276 753358761 753054311 753068626 757585708 741821656 750508988 757763644 753644806 754742161
Professional Services
Auditors
Danby Bland Provan & Co
Banks
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, Level 9 833 Collins Street, Docklands VIC 3008 COMMONWEALTH BANK OF AUSTRALIA, Level 7 48 Martin Place, Sydney NSW 2000
Solicitors
Minter Ellison, Aurora Place 88 Phillip St, Sydney NSW 2000
People
Name Director Peter Terence Kempen John Graeme Danks Chairperson Managing Director Chairperson Managing Director Director Director Director Director 62 Title Responsibilities Age
David Graham Hendy Joe Barberis Peter Twiston Danks Michael David Danks Personnel John Graeme Danks
Director Director Director Director
59
Managing Director
Financial Decision Maker,Managing Director,Marketi ng Decision Maker,Operatio ns Decision Maker,Purchasi ng,Sales Decision Maker Company Secretary Human Resources Decision Maker IT Decision Maker
62
Peter Michael Cooper
Company Secretary
David Paton
Human Resources Manager
Max Tapley
IT Manager
Biographies
David Graham Hendy
Position Responsibilities Gender Director Director M DANKS HOLDINGS PTY LIMITED - 19 -
Joe Barberis
Position Responsibilities Gender Director Director M
John Graeme Danks

Position Responsibilities Managing Director 62 M 18/03/1949 John Twiston and Norma Mary Danks Wesley Coll., Monash Univ. BEc (Monash) gardening Cl Memb. Wesley Coll. (Melb.) since 1999 MCC (Melb.), Portsea Golf F Jennifer Joanne H K (Tim) and G Scott M 3d 1975-04-12 Financial Decision Maker Managing Director Marketing Decision Maker Operations Decision Maker Purchasing Sales Decision Maker
Age Gender Date of Birth Parents Names Education Qualifications Recreation Voluntary Activities Clubs Partner Gender Partner Given Names Partner Parent Names Partner Type Children Date Married
Michael David Danks

Position Responsibilities Director Director DANKS HOLDINGS PTY LIMITED - 20 -
Age Gender Date of Birth Parents Names Education Recreation Clubs Partner Gender Partner Given Names Partner Parent Names Date Married
59 M 29/10/1951 John Twiston and Norma Mary Danks Wesley Coll., Swinburne Inst. Tech. skiing MCC F Jill Ann George and Aileen Innes 1981-11-17
Peter Twiston Danks

Position Responsibilities Gender Qualifications Director Director M BAppSc, CertMktg
Peter Terence Kempen

Position Responsibilities Gender Qualifications Committees Chairperson Chairperson M FCA, FAICD Dir Assn of Ind. Schs of Aust. (AIS) since 2004, AIS Vic. since 1998, Chrmn 1998-2002, Chrmn Ivanhoe Gram. Sch. since 2000, Dir since 1998, Chrmn Vic. Cl ICAA 1993-94, Memb. 1985-97, Memb. Nat. Cl ICAA 1993-94, Chrmn Fin. Cttee and Treas. St. Hilda's Coll. Univ. Melb. 1995-97, Cl Memb. 1985-97, Pres. Milparinka Inc. 1978-85, Treas. 1972-77, Memb. 1966-72 Rep. of Sponsors Univ. MCC since 1997 Aust., MCC, Heritage Golf & Country
Voluntary Activities Clubs
Peter Michael Cooper

Position Responsibilities Gender Company Secretary Company Secretary M DANKS HOLDINGS PTY LIMITED - 21 -
Education Qualifications Committees Voluntary Activities
Monash Univ. BEc (Monash), ASCPA Chair Audit Cttee Surf Coast Shire Cl Pres. Ivanhoe Neons Swimming Club
Commentary
Woolies' ladder to growth
Friday, 27 November 2009 Robert Gottliebsen Woolworths' entry into big box non-food retailing is normally characterised as a looming battle with Bunnings. But it is much more than that. Woolworths is modelling its big box stores on Lowes in the US, which means that it will be tackling Harvey Norman and many others in furniture and appliances as well as the carpet retailers. That means we are looking a much fiercer and wider war than a normal one-on-one tussle. This is one of the revelations that is clear in our KGB Interrogation of Mitre 10 CEO Mark Burrows. If you are a Woolworths shareholder you will cross your fingers after reading the interrogation and hope that Woolworths has made the right call. In theory, Mitre 10 was the logical opponent for Bunnings in big box hardware retailing. Mitre 10 tried to launch big box stores but found that the big box system did not work along side its smaller Mitre 10 stores. It is now disposing of its big box centres. Again in theory, Mitre 10 should also have merged with the Danks wholesale and a small retailer hardware chain, but the traditional rivalry and the price Woolworths paid for Danks meant that it did not happen. The Burrows Interrogation alerts us to the fact that it is not easy to manage small hardware retailers and the big box format at the same time. Woolworths will need to be a lot cleverer than Mitre 10. Meanwhile, Mitre 10 it trying to woo small retailers from the Danks chain into the Mitre 10 orbit pointing out that the small stores will be supplied by Woolworths as it runs large stores against them. Burrows believes that we are seeing a re-run of the old service station boom of the 1950's and 1960's where it seemed that almost every corner in our major cities was bought by oil companies to establish petrol selling stations. Most of the stations were uneconomic and had to be shut down. It was clear from the interrogation that this is a war that will be decided on service to the customer and who has the best and lowest cost logistics and stock management systems. Mitre 10, with its smaller stores, will need to do a lot of work in this area. Woolworths has always had a lead over Coles in logistics and stock management and Bunnings will need to make sure that its systems are as good if not better than the Lowes systems that Woolworths will embrace.
Woolies' renovation realisation

Wednesday, 11 November 2009 Stephen Bartholomeusz It wouldnt have been a show stopper had the Australian Competition and Consumer Commission opposed the bid by Woolworths and Lowes of the US for Danks Holdings. However, it would have been a setback that delayed and complicated their planned assault on Bunnings stranglehold on the big box hardware sector. Thus the commissions decision to allow the bid to proceed, after obtaining undertakings from Woolworths to protect Danks independent hardware retailing customers from the conflict of interest Woolworths and Lowes will have as both their wholesaler and retail competitor, is a positive one for the joint venture. The acquisition of Danks was a clever short cut to achieve what would otherwise have taken a lot more capital than the $88 million outlaid for the agreed bid and a lot of time the creation of a national hardware supply chain. Danks already supplies nearly 1500 stores, including 500 member stores operating under the Home Timber and Hardware and Thrifty-Link banners. With Woolworths and Lowes planning to have their first store open by late 2011, an inability to acquire Danks would almost inevitably have meant delaying the roll-out of the stores while the supply chain was designed and built. The price of reassuring the ACCC that the joint venture wont have an anti-competitive impact on the independents now supplied by Danks wasnt high. Woolworths volunteered, and the ACCC accepted, a legally enforceable commitment that it wouldnt discriminate on price and terms between the joint venture stores and any of Danks independents in competition with them. Nor would it force retailers to take particular stock or particular quantities of stock and it has agreed to allow its member stores to terminate their membership agreements and move to an alternate wholesaler, presumably the Mitre 10 cooperative, if they wish. Having cleared the ACCC obstacle the partners can now go ahead with their plan to roll-out 150 10,000-plus square metre stores over the next five years. They have secured more than a dozen sites and are in advanced negotiations over a further 15 or so, which would give them an initial platform of around 30 stores. Bunnings already has 180 big box stores, 57 smaller sites and 23 trade centres, has another seven or eight new stores under construction and plans to add between 10 and 14 new stores each year. A delay in the Woolworths/Lowes roll-out would have been a fillip for Bunnings as it would have given it more time to buttress what is already a formidably strong position. Not only has it a very large and established national store network already which is located in the best sites because until Woolworths decided to expand into the sector there was minimal competition for its preferred locations but Bunnings is also already expanding its range in anticipation that Lowes will introduce elements of its US format to this market. Hence the recent addition of kitchen appliances to the Bunnings offering. Even with the Danks acquisition to accelerate its roll-out and provide an existing base of retailers and hardware earnings, it will be some years before Woolworths and Lowes could hope to have a competitive impact on Bunnings, given the time it takes to obtain development approvals and then build sales in a new store. The joint venture is, at least, now on its way.
A win for Wesfarmers

Friday, 23 October 2009 Stephen Bartholomeusz The sharp spike in Wesfarmers share price this morning was as good a signal as any as to what the market thinks about the condition of the groups retail businesses and its Coles supermarket business in particular. There is growing confidence that, in the middle of Coles five-year turnaround program, the program is gaining traction and generating momentum. The 7.3 per cent rise in food and liquor sales and comparable store sales growth of 6.1 per cent were described by Wesfarmers itself as a sold first-quarter performance. Given that those numbers are within the ballpark set by Woolworths earlier in the week, thats probably a bit too modest. At this point in its turnaround, comparisons with Woolworths are probably more about Coles potential than its current condition and Coles performance is probably benchmarked against its own history than its high-performing main competitor. However, there is a real sense that Ian McLeod and his team are on track which is providing the market with increasing reassurance that the Coles business is fixable and that McLeods team can fix it. Many of the basic failings of the business have been steadily addressed, clearing the way for a less introspective and more expansionary phase in the five-year program. There are a lot of metrics one could use to measure the impact the Wesfarmers team are having on Coles but one that does stand out is on-shelf availability. If product isnt on the shelves the gaps represent lost sales. Two years ago there were nearly 450 gaps on the shelves. Today the number is closer to 150. Apart from the impact on basket values that says a lot about the improvements McLeod has made to the Coles supply chain and its back-of-store efficiency. The unsexy part of a retail turnaround doesnt immediately generate sales growth but is fundamental to growth in the longer term and the benefits of the intense initial focus on the detail of the business now appears to be translating into extra sales. McLeod is trying to manage a multi-faceted program that isnt just about logistics but also the in-store experience. The presentation of the Coles network is improving, as is its fresh offer and it says that both its staff and customer satisfaction levels are also rising a lead indicator of future sales growth. It is about to embark on the more visible stage of the transformation, with the large-scale rollout of new store formats in a $1 billion a year program that will involve more than 50 stores this year and whose success will ultimately be very significant in establishing the future competitive relativities between Coles and Woolworths. While Coles remains a work-in-progress, albeit one that appears to be progressing well, the star in the Wesfarmers retail portfolio remains its Bunnings hardware chain. While the September quarter of last year against which its current performance is measured might provide a flattering reference point, the 15 per cent sales growth and the high-single digit growth John Gillam is foreshadowing for the full year confirms the view that Bunnings is one of the best retail formats in the country, if not the globe. While Woolworths and its partner Lowes have suffered a hiccup in their attempts to gatecrash Bunnings territory, with the Australian Competition and Consumer Commission declining to simply wave through their proposed acquisition of Danks www.company360.com.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED - 25 -
Holdings, Gillam has taken advantage of the financial crisis to get his hands on well-located sites to accelerate his roll-out of new stores. If the ACCC were to block the Danks acquisition, that would be a major setback for Woolworths and Lowes, which would then have to create a national hardware supply chain from scratch, delaying the initial launch of their assault on Bunnings turf and giving Gillam even more time to entrench an already dominant business. However, even if they are cleared by the commission, Bunnings appears relatively unconcerned, with Gillam pointing to the explosive growth in the sector it has expanded 50 per cent in the past eight years and Bunnings own categories expansion and relatively modest share of the total market for the products it stocks to signal a belief that there is room for Woolworths and Lowes to enter without undermining the stellar Bunnings story.
Too soon to hammer Wesfarmers

Monday, 31 August 2009 Stephen Bartholomeusz Wesfarmers has yet to fully recover the value stripped from it by last weeks announcement from retail rival Woolworths that it was entering the hardware sector now dominated by Wesfarmers Bunnings. The markets attitude is curious, given that any material impact from that decision is years into the future. Wesfarmers initially, and instantly, lost about $1.5 billion of market capitalisation after Woolworths announced that it was bidding for hardware distributor, Danks Holdings, and entering a 70:30 joint venture with US group Lowes to roll out a chain of big box format hardware stores. The announcement coincided with Wesfarmers shares trading ex-dividend but, even taking that into account Wesfarmers is still valued about $600 million less today than it was a week ago. Given the time the years it will take for Woolworths offering to have any material impact on Bunnings, the hardware discount attached to the Wesfarmers share price implies a very substantial eventual transfer of value from the incumbent to the aspirant; one measured in billions of tomorrows dollars rather than the $600 million today. Woolworths hopes to open 150 stores over the next five years, with the first scheduled to open in late 2011. So far Woolworths has secured 12 sites and is negotiating another 15. Bunnings itself plans to open another 30 to 40 warehouse stores in the next three years, with 10 already under construction and 20 in the planning and development phase. It generally takes about two years to get through the development approval process, while it also takes another two or three years for large store formats to build sales to optimum levels. In other words, even if Woolworths can acquire 30-plus sites a year to meet its initial target for the network, many of those stores will still be ramping up their sales as we close in on 2020. The acquisition of sites appears to be where analysts believe the greatest risk lies in the Woolworths strategy thats a lot of sites to acquire in a relatively short time, particularly when one considers that it has taken Bunnings a quarter of a century and a couple of big acquisitions to create its network. Bunnings has been opening smaller stores in more densely urbanised locations, suggesting that the availability of largeformat sites in the right catchment areas is starting to dwindle. The analysts appear concerned that, as the late entrant, Woolworths will end up with a network of less-than-optimal sites at a cost of $20 million to $30 million per site. www.company360.com.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED - 26 -
Regardless of how well Woolworths executes its strategy and whether or not it can create a business that is both competitive with Bunnings and delivers Woolworths-type returns Woolworths is a first-rate retailer and competitor the time-lines dont suggest an immediate or early impact of particular consequence to the Wesfarmers group. That is very significant because at this moment Wesfarmers would be vulnerable to an assault on Bunnings, a core profit generator for the group. Those earnings are vital to Wesfarmers as it invests heavily in its Coles food and liquor business and attempts to revive the Kmart brand. This year the Wesfarmers group expects to invest $1.8 billion of new capital in its portfolio of businesses. The Coles turnaround, as Richard Goyder continually says, is a five-year program that started in late 2007. That means it should finish around the second half of 2012, with the peak of the capital expenditure programs occurring some time well before then. In other words, by the time Woolworths has assembled its network of big-box stores and ramped them up the attempt to rehabilitate the Coles brands will, regardless of how successful it has been, be behind Wesfarmers and the group should be in a far stronger and less vulnerable position to defend any of its franchises. Indeed, at that point, having outlaid a lot of capital to take on arguably the worlds most profitable hardware retailer and a very strong retail brand after giving it a 25-year head start, it may be Woolworths that comes under pressure from the market given that the big investments in the attempt to take on Bunnings will lead, by several years at least, the build-up in sales and returns. The market may have been a bit premature and heavy-handed with its markdowns.
Structure & Shareholders

Class of Shares Issues
Class Code ORD Class Description ORDINARY SHARES Used in % Calculation Y Total Shares 6,490,079 Unit Price $1.1281
Company Shareholders
Holder DUNS Holder Name Keehan & Brown Pty Ltd Lowe's Group Miss MS Bowskill Mr A Holst Mr AW Wilkinson Mr C Harrison, Mrs JK Harrison Mr IP Alexander Mr JR Santleben Mr RL Denison Mr RW Butler Mrs J Danks Mrs JA Schapper Mrs MEJ Denison Mrs NM Danks Ms HM Scovell & Dr IL Gardner WoolWorths Limited and Associates Akir Pty Ltd Rbc Dexia Investor Services Australia Nominees Pty Ltd CARBOXY PTY LTD Broadmayne Pty Ltd New Privateer Holdings Ltd Investments Pty Ltd PERPETUAL LIMITED QIC LIMITED Class Code Total Share Held 30,503 6,348,776 36,720 30,600 45,000 35,349 27,500 35,310 39,000 56,237 56,715 39,538 45,000 32,947 31,837 324,516 47,101 958,624 6,490,079 27,732 49,522 3,172,903 953,624 54,382 % of Ownership .47% 97.82% .56% .47% .69% .54% .42% .54% .60% .86% .87% .61% .69% .51% .49% 5.00% .72% 14.74% 100.00% .43% .76% 48.80% .00% .84%
740768648 741561286 742686561 744726969 754223527 757549837 750690687 758640155
ORD
*Disclaimer: Any ownership of private companies (ASIC sourced data) that has a percentage of ownership is indicative only due to company constitutions defining the rights for each class of shares issued. Shareholder data displayed in the table is a listing of all companies that own shares in the target company.
Family Tree
Majority Shareholdings
WOOLWORTHS LTD 100% Aceridge Pty Limited 100% ACN 001 259 301 PTY LIMITED 100% ADVANTAGE SUPERMARKETS WA PTY LTD 100% Albion Charles Hotel (BMG) Pty Ltd 100% ALH Group (No. 1) Pty Ltd 100% NOOSA HEADS HOTEL PTY. LIMITED 100% ALH Group Property Holdings Pty Limited 100% Amprok Pty. Ltd. 100% ANDMIST PTY. LIMITED 100% Ashwick (Vic.) No.88 Pty. Ltd. 100% Auspubs Pty Ltd 100% AUSTRALIAN LEISURE AND HOSPITALITY GROUP PTY LIMITED 100% ALH GROUP (NO. 1) PTY LTD 100% AUSTRALIAN LIQUOR & GROCERY WHOLESALERS PTY LTD 100% AUSTRALIAN SAFEWAY STORES PTY. LTD. 100% Balaclava Hotel (BMG) Pty Ltd 100% BARJOK PTY LTD 100% BWS (2008) Limited 100% Caledonian Leasing Limited 100% CALVARTAN PTY. LIMITED 100% CENIJADE PTY. LIMITED 100% CHARMTEX PTY LTD 100% Chatswood Hills Tavern Pty. Ltd. 100% Chelsea Heights Hotel (BMG) Pty Ltd 100% Cherry Hill Tavern (BMG) Pty Ltd 100% Cooling Zephyr Pty Ltd 100% Countdown Foodmarkets Limited 100% Courthouse Brunswick Hotel (BMG) Pty Ltd 100% Courthouse Hotel Footscray (BMG) Pty Ltd 100% Croxton Park Hotel (BMG) Pty Ltd 100% Dapara Pty Ltd 100% STADFORM DEVELOPMENTS PTY. LIMITED 100% David Reid Electronics (1992) Limited 100% DCH 070 725 905 PTY LIMITED 100% Dentra Pty. Limited 100% WEETAH PTY. LIMITED 100% DICK SMITH (WHOLESALE) PTY LTD 100% Dick Smith Electronics Franchising Pty Ltd 100% DICK SMITH ELECTRONICS PTY LIMITED 100% DICK SMITH ELECTRONICS STAFF SUPERANNUATION FUND PTY LIMITED 100% DICK SMITH ELECTRONICS STAFF SUPERANNUATION FUND PTY LIMITED 100% DICK SMITH MANAGEMENT PTY LTD 100% Drumstar Pty Ltd 100% DSE (NZ) Limited 100% E. G. Functions Pty. Ltd. 100% Elizabeth Tavern Pty. Ltd. 100% Excelsior Hotel (BMG) Pty Ltd 100% FABCOT PTY LTD www.company360.com.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED - 29 -
100% KIAORA LANDS PTY LIMITED 80% FABSKY PTY LTD 100% Fenbridge Pty. Ltd. 98% THE HOT TEA CO. PTY. LTD. 100% FG Joint Venture Pty Ltd 100% First and Last Hotel (BMG) Pty Ltd 100% Foodtown Supermarkets Limited 100% Fountain Jade Pty. Ltd. 100% Fresh Zone Limited 100% GEMBOND PTY. LIMITED 100% General Distributors Limited 100% Glengala Hotel (BMG) Pty Ltd 100% GREENGROCER.COM.AU PTY LTD 100% Hadwick Pty Ltd 100% HIGHLANDS NO. 1 NOMINEES PTY LTD 100% HYDROGEN NOMINEES PTY. LTD 100% INTERTAN AUSTRALIA PTY LTD 100% JACK BUTLER & STAFF PTY. LTD. 100% JOSONA PTY LTD 100% Kawana Waters Tavern No. 1 Pty Ltd 100% Kawana Waters Tavern No. 2 Pty Ltd 100% Kawana Waters Tavern No. 3 Pty Ltd 99.99% KAWANA WATERS TAVERN NO. 1 PTY LTD 99.64% KAWANA WATERS TAVERN NO. 2 PTY LTD 100% KENNEDY CORPORATION HOLDINGS PTY LIMITED 100% KENNEDY CORPORATION PTY LIMITED 100% CELLARMASTER WINES PTY LIMITED 100% DORRIEN ESTATE WINERY PTY LTD 100% NEXDAY PTY. LIMITED 100% WINE IQ HOLDINGS PTY LTD 100% CELLAR FORCE PTY LTD 100% WINE ARK CELLAR CLUB PTY LTD 100% WINE IQ PTY LIMITED 100% V I PACKAGING PTY LTD 100% VINPAC INTERNATIONAL PTY. LIMITED 100% WINEMARKET PTY LTD 100% ZIMI WINES PTY LTD 100% Kiaora Lands Pty Limited 100% Kilrand Hotels (Hallam) Pty. Ltd. 99.99% ASHWICK (VIC.) NO.88 PTY. LTD. 100% LANGTONS PTY. LTD. 100% Leasehold Investments Pty Ltd 100% LEASEHOLD INVESTMENTS PTY LTD 60% ADVANTAGE SUPERMARKETS PTY LTD 100% ADVANTAGE SUPERMARKETS WA PTY LTD 100% Lyndhurst Club Hotel (BMG) Pty Ltd 100% MAC'S LIQUOR STORES PTY LIMITED 100% Mac?s Liquor Stores Pty Limited 100% Manningham Hotel (BMG) Pty Ltd 100% Markessa Pty. Ltd. 100% MGW HOTELS PTY LTD 100.01% KAWANA WATERS TAVERN NO. 3 PTY LTD 100% ACERIDGE PTY. LIMITED 100% CHATSWOOD HILLS TAVERN PTY. LTD. 100% DAPARA PTY LTD 100% FENBRIDGE PTY. LTD. 100% VICPOINT PTY LTD www.company360.com.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED - 30 -
100% Milanos Hotel (BMG) Pty Ltd 100% Monash Hotel (BMG) Pty Ltd 100% Moreland Hotel (BMG) Pty Ltd 100% NALOS PTY LTD 100% Nu Hotel (BMG) Pty Ltd 100% Oakleigh Junction Hotel (BMG) Pty Ltd 100% OXYGEN NOMINEES PTY. LTD. 100% Palace Hotel Hawthorn (BMG) Pty Ltd 100% PEH (NZ IP) Pty Ltd 100% PHILIP LEONG STORES PTY LIMITED 100% Playford Tavern Pty Ltd 100% Powel Hotel Footscray (BMG) Pty Ltd 100% Preston Hotel (BMG) Pty Ltd 100% Progressive Enterprises Holdings Limited 100% DRUMSTAR PTY LTD 100% PEH (NZ IP) PTY LTD 100% Progressive Enterprises Limited 100% QFD Pty. Limited 100% Queensbridge Hotel (BMG) Pty Ltd 100% QUEENSLAND PROPERTY INVESTMENTS PTY LTD 100% Racecourse Hotel (BMG) Pty Ltd 100% Seaford Hotel Pty. Limited 100% Shellbelt Pty. Limited 100% MASTERS INSTALLATION PTY LIMITED 100% Shoppingtown Hotel (BMG) Pty Ltd 100% SR BRANDS PTY LTD 100% Stadform Developments Pty. Limited 100% Supervalue/ Freshchoice Limited 100% TAVERNER HOTEL GROUP PTY. LTD. 100% AMPROK PTY. LTD. 100% AUSPUBS PTY LTD 100% COOLING ZEPHYR PTY LTD 100% E. G. FUNCTIONS PTY. LTD. 100% ELIZABETH TAVERN PTY. LTD. 100% FG JOINT VENTURE PTY LTD 100% FOUNTAIN JADE PTY. LTD. 100% HADWICK PTY LTD 100% KILRAND HOTELS (HALLAM) PTY. LTD. 100% MARKESSA PTY. LTD. 100% PLAYFORD TAVERN PTY LTD 100% SEAFORD HOTEL PTY. LIMITED 100% THE COMMON LINK PTY LTD 100% THE SECOND P PTY LTD 100% WARM AUTUMN PTY. LTD. 100% WERRIBEE PLAZA TAVERN PTY. LTD. 100% The Common Link Pty Ltd 100% The Second P Pty Ltd 100% The Supplychain Limited 100% UNIVERSAL WHOLESALERS PTY LIMITED 100% Vicpoint Pty Ltd 100% VINCENTIA NOMINEES PTY LTD 100% VOTRAINT NO. 1622 PTY LIMITED 100% Waltzing Matilda Hotel (BMG) Pty Ltd 100% Warm Autumn Pty. Ltd. 100% Weetah Pty. Limited 100% WERRIBEE PLAZA TAVERN PTY. LTD. 100% Wheelers Hill Hotel (BMG) Pty Ltd www.company360.com.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED - 31 -
100% Wholesale Distributors Limited 100% Wholesale Services Limited 100% WOOLIES LIQUOR STORES PTY. LTD. 100% Woolstar Investments Limited 100% WOOLSTAR PTY. LIMITED 100% Woolworths (HK) Procurement Limited 100% Woolworths (HK) Sales Limited 100% WOOLWORTHS (INTERNATIONAL) PTY LIMITED 100% WOOLWORTHS (PROJECT FINANCE) PTY. LIMITED 100% WOOLWORTHS (PUBLISHING) PTY LTD 100% WOOLWORTHS (Q'LAND) PTY LIMITED 100% WOOLWORTHS (R & D) PTY LIMITED 100% WOOLWORTHS (SOUTH AUSTRALIA) PTY LIMITED 100% WOOLWORTHS (W.A.) PTY LIMITED 100% Woolworths (W.A.) Pty Limited 100% WOOLWORTHS AUSTRALIAN COMMUNITIES FOUNDATION PTY LIMITED 100% WOOLWORTHS CUSTODIAN PTY LTD 100% WOOLWORTHS EXECUTIVE SUPERANNUATION SCHEME PTY LIMITED 100% WOOLWORTHS GROUP SUPERANNUATION SCHEME PTY LTD 100% Woolworths Insurance Pte Limited 100% WOOLWORTHS LTD 100% WOOLWORTHS MANAGEMENT PTY LTD 100% Woolworths New Zealand Group Limited 100% WOOLWORTHS PROPERTIES PTY LIMITED 100% DENTRA PTY. LIMITED 100% QFD PTY. LIMITED 100% WOOLWORTHS TOWNSVILLE NOMINEE PTY LTD 100% WOOLWORTHS TRUST MANAGEMENT PTY LIMITED 100% WOOLWORTHS TRUSTEE NO. 2 PTY LIMITED 100% Woolworths Wholesale (India) Private Limited 99.9% WOOLWORTHS (VICTORIA) PTY LIMITED 99.6% GROCERY WHOLESALERS PTY LTD 98% DSE HOLDINGS PTY LIMITED 100% DICK SMITH ELECTRONICS FRANCHISING PTY LTD 100% DICK SMITH ELECTRONICS PTY LIMITED 100% DICK SMITH MANAGEMENT PTY LTD 100% INTERTAN AUSTRALIA PTY LTD 99.99% DICK SMITH (WHOLESALE) PTY LTD 75% ALH GROUP PTY LTD 100% ALBION CHARLES HOTEL (BMG) PTY LTD 100% ALH GROUP PROPERTY HOLDINGS PTY LTD 100% AUSTRALIAN LEISURE AND HOSPITALITY GROUP PTY LIMITED 100% BALACLAVA HOTEL (BMG) PTY LTD 100% CHELSEA HEIGHTS HOTEL (BMG) PTY LTD 100% CHERRY HILL TAVERN (BMG) PTY LTD 100% CLUB MANAGEMENT (BMG) PTY LTD 100% COURTHOUSE BRUNSWICK HOTEL (BMG) PTY LTD 100% COURTHOUSE HOTEL FOOTSCRAY (BMG) PTY LTD 100% CROXTON PARK HOTEL (BMG) PTY LTD 100% DAISEY'S CLUB HOTEL (BMG) PTY LTD 100% EXCELSIOR HOTEL (BMG) PTY LTD 100% FIRST AND LAST HOTEL (BMG) PTY LTD 100% GLENGALA HOTEL (BMG) PTY LTD 100% LYNDHURST CLUB HOTEL (BMG) PTY LTD 100% MANAGEMENT (BMG) PTY LTD 100% MANNINGHAM HOTEL (BMG) PTY LTD 100% MGW HOTELS PTY LTD www.company360.com.au | 13 23 33 25 August 2011 DANKS HOLDINGS PTY LIMITED - 32 -
100% MILANOS HOTEL (BMG) PTY LTD 100% MONASH HOTEL (BMG) PTY LTD 100% MORELAND HOTEL (BMG) PTY LTD 100% NU HOTEL (BMG) PTY LTD 100% OAKLEIGH JUNCTION HOTEL (BMG) PTY LTD 100% PALACE HOTEL HAWTHORN (BMG) PTY LTD 100% POWELL HOTEL FOOTSCRAY (BMG) PTY LTD 100% PRESTON HOTEL (BMG) PTY LTD 100% QUEENSBRIDGE HOTEL (BMG) PTY LTD 100% RACECOURSE HOTEL (BMG) PTY LTD 100% SHOPPINGTOWN HOTEL (BMG) PTY LTD 100% TAVERNER HOTEL GROUP PTY. LTD. 100% WALTZING MATILDA HOTEL (BMG) PTY LTD 100% WHEELERS HILL HOTEL (BMG) PTY LTD 75% BERGAM PTY LIMITED 66.67% HYDROX HOLDINGS PTY LTD 100% CARBOXY PTY LTD 100% DANKS HOLDINGS PTY LIMITED 100% Australian Hardware Distributors Pty Ltd 100% DANKS EVENTS PTY LTD 100% Hammer Hardware Stores Pty Ltd 100% HOME HARDWARE AUSTRALASIA PTY. LTD. 100% Home Timber & Hardware Unit Trust 100% HOMESTEAD HARDWARE AUSTRALASIA PTY LTD 90% THRIFTY-LINK HARDWARE PTY. LTD. 100% JOHN DANKS AND SON PROPRIETARY LIMITED 100% AUSTRALIAN HARDWARE DISTRIBUTORS PTY. LIMITED 100% BLUE MOUNTAINS HARDWARE PTY LTD 100% HAMMER HARDWARE STORES PTY. LTD. 100% HYDROX NOMINEES PTY LTD 100% MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD 60% STATEWIDE INDEPENDENT WHOLESALERS LIMITED

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Danks Holdings Pty Limited: 414 Lower Dandenong Road, Braeside, VIC Australia, 3195

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DANKS HOLDINGS PTY LIMITED

414 Lower Dandenong Road, Braeside, VIC Australia, 3195

Phone: 03 9264 5000 http://www.danks.com.au

www.company360.com.au | 13 23 33 25 August 2011

DANKS HOLDINGS PTY LIMITED - 1 -

www.company360.com.au | 13 23 33 25 August 2011

DANKS HOLDINGS PTY LIMITED - 2 -

$569,442 1.58% $11,502 60.17% $7,019 74.73%

www.company360.com.au | 13 23 33 25 August 2011

DANKS HOLDINGS PTY LIMITED - 3 -

www.company360.com.au | 13 23 33 25 August 2011