The material on this website in relation to the borrowings of Woolworths Group Limited and its related bodies corporate (together called the "Woolworths Group") is provided for information and as a matter of record only.
Access to the information in this part of the website (the “Information”) is subject to the following terms and conditions:
This website is for information purposes only and is not intended to constitute an offer or invitation in relation to the issue, sale or purchase of any securities in Australia, the United States or any other jurisdiction. It is not, nor is it intended to be, a prospectus or product disclosure statement for the purposes of Chapter 6D.2 or Chapter 7 of the Corporations Act 2001 of Australia (the “Corporations Act”), financial product or investment advice, or a recommendation to acquire Woolworths Group securities. The Information is not addressed to any person in a jurisdiction where access to it or any use of it would result in a contravention by the Woolworths Group or any other person or entity of the laws of that jurisdiction and is intended to be accessed only in such circumstances as may be permitted by applicable law. In particular, the Information:
The Information has been prepared without taking into account the jurisdiction, objectives, financial situation or needs of individuals. No money, securities or other consideration is being solicited and, if sent in response to the Information, will not be accepted. Any offering of any security or other financial instrument that may be related to the subject matter of this website will be made pursuant to separate and distinct offering documentation and, in such case, the Information will be superseded in its entirety by any such offering documents in their final form. Before making any future investment decision, prospective investors should consider the appropriateness of the Information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Nothing in this website constitutes an invitation to enter into any contract or other arrangement (whether legally binding or not).
The credit ratings in this part of the website have been issued by a credit rating agency which holds an Australian Financial Services Licence with an authorisation to issue credit ratings to wholesale clients only. The credit ratings are published for the benefit of Woolworths Group’s debt providers and for information only. The credit ratings must not be used, and Woolworths does not intend to authorise their use, in the support of or in relation to the marketing of financial products to retail investors (within the meaning of section 761G of the Corporations Act) in Australia.
No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the Information (including any opinions and conclusions) contained in this website. To the maximum extent permitted by law, none of Woolworths Group and its related bodies corporate, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of the Information or the website contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence.
The Information may contain forward-looking statements including statements regarding our intent, belief or current expectations with respect to Woolworths Group’s business and operations, market conditions, results of operations and financial condition, specific provisions and risk management practices. When used in this website, the words ‘plan’, ‘will’, ‘anticipate’, ‘expect’, ‘may’, ‘should’ and similar expressions, as they relate to Woolworths Group and its management, are intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and assumptions and other important factors that could cause the actual results, performances or achievements of Woolworths Group to be materially different from future results, performances or achievements expressed or implied by such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. In addition, past performance is no guarantee of future performance.
This notice, the Information and all matters relating to any of them are governed by and are to be construed according to the laws applicable in the State of New South Wales, Australia and are subject to the non-exclusive jurisdiction of the courts of that place.
By accessing and reading the Information, you agree to these Terms and Conditions.
Woolworths Group manages its capital structure with the objective of enhancing long‑term shareholder value through funding its business at an optimised weighted average cost of capital.
AUD400m* | AUD400m | 2.85% | Apr-24 | 5 | Offering Circular |
AUD400m* | AUD400m | 1.85% | May-25 | 5 | Offering Circular |
AUD350m | AUD350m | 1.85% | Nov-27 | 6 | |
EUR550m | EUR550m | 0.375% | Nov-28 | 7 | |
AUD600m* | AUD600m | 2.80% | May-30 | 10 | Offering Circular |
AUD450m | AUD450m | 5.762% | Apr-31 | 7.5 | Information Memorandum |
AUD350m | AUD350m | 2.75% | Nov-31 | 10 | |
* All bonds issued under Woolworths' AMTN programme are Eligible Securities as defined by the Reserve Bank of Australia (RBA). As such, they are eligible for purchase by the RBA under a repurchase agreement. |
Woolworths Group was the first retailer in Australia, and first supermarket globally, to issue Green Bonds certified by the Climate Bonds Initiative.
Green Bonds are bonds issued to finance projects, assets or expenditure that deliver positive environmental outcomes or refinance corporate debt that supports such projects, assets or expenditure. We have developed our Green Bond Framework in line with the Green Bond Principles 2018 developed by the International Capital Markets Association.
The documents relevant to our Green Bond issuance(s) are set out below:
Woolworths Group has chosen to create a Sustainability Linked Bond Framework in order to align its sustainability plan with its long term financing strategy.
Woolworths Group cares deeply about its impact on people and the planet, and we want to go further than just minimising harm – we want to create good. This will be done through ongoing improvement of how Woolworths Group conducts its own business, including how it engages its people and the communities in which it operates.
The documents relevant to our Sustainability Linked Bond Framework are set out as below:
A$350m Nov-27, EUR550m Nov-28, A$350m Nov-31 Sustainability Linked Bond Report
Introduction
Woolworths Group’s target reduction in scope 1 and 2 emissions was validated by the SBTi in 2020. SBTi is an independent global body formed by the United Nations Global Compact, CDP, the World Resources Institute and the World Wildlife Fund for Nature. The SBTi assesses and approves company targets through a scientific lens, ensuring alignment with the Paris Agreement goal of limiting global temperature rise to well-below 2°C above pre-industrial levels, and pursuing efforts to limit warming to 1.5°C.
To align to this goal, Woolworths Group’s current target is to reduce scope 1 and 2 emissions by 63% from a 2015 baseline, by 2030. This is a 1.5 degree-aligned pathway.
Basis of preparation
As per the terms of the Sustainability Linked Bonds and the Sustainability Linked Bond Framework, Woolworths Group is required to annually report progress on its reduction in scope 1 and 2 emissions (expressed as a percentage). Our current target as verified by the SBTi uses a location-based approach for our scope 2 emissions.
Woolworths Group uses an operational control approach to measuring emissions, where we have the primary authority to introduce and implement operating policies. Woolworths Group reports in compliance with the NGER Measurement Determination, NZ Ministry for the Environment - 2022 Emissions Measurement Guide, National Greenhouse Accounts Factors and the GHG Protocol.
Material scope 1 emissions sources include fugitive synthetic refrigerants, transport fuel for company-owned or company-controlled fleet cars and home delivery trucks and natural gas.
Scope 2 emissions are those associated with purchased electricity used across all stores, distribution centres and offices; they comprise the largest part of our operational footprint.
Baseline and restatements
The baseline year used to create the SBTi approved decarbonisation trajectory was F15 and this is the relevant baseline year for the purposes of calculating the percentage reduction in emissions for the Sustainability Linked Bonds.
The F15 baseline as verified by the SBTi has been adjusted to reflect the de-merger of Endeavour Group and acquisition of PFD Foods and Quantium.
Performance against SBTi
Year | Scope 1 and 2 emissions – location-based | |
tCO2e | % reduction | |
F15 - baseline¹ | 2,934,937 | N/A |
F22² | 2,155,150 | (26.6%) |
F23 | 1,985,174 | (32.4%) |
1. SBTi has confirmed that it is appropriate for Woolworths Group to adjust the 2015 baseline to account for organisational structure changes i.e. acquisitions and divestments and that location-based reductions on the adjusted baseline can be counted as progress towards Woolworths Group’s existing Science Based Targets. The F15 baseline has been presented on this basis.
2. In November 2022, the Clean Energy Regular (CER) provided new guidance on the treatment of Australian Carbon Credit Units (ACCU) issued for projects registered with the Emissions Reduction Fund (ERF). As per that guidance, F22 emissions have been revised to include ACCUs issued in that year. Further, F22 emissions associated with stationary refrigerants, transportation refrigerants and home delivery fuel usage have also been revised to reflect improved data tracking.
As per the terms of the Sustainability Linked Bonds, F25 is the first financial year that the Group is required to test against its trajectory to reduce scope 1 and 2 emissions emissions by 63% from a 2015 baseline, by 2030. At the end of F25, the Group will be required to reduce its scope 1 and 2 emissions by at least 42% to meet the target in its A$350m bond, maturing in November 2027.
Context of F23 Group reporting and targets
Market-based approach
F23 marked a transition for the Group to include market-based scope 2 electricity reporting (in addition to location-based) which enables us to account for the investment we are making in renewable electricity and our F23 sustainability reporting has been presented on this basis. As at the end of F23, Woolworths has reduced its scope 1 and 2 emissions from the 2015 baseline by 36.4% under a market-based approach.
SBTi target update
In late 2022, in acknowledgement of the complexities of reducing emissions for companies with forestry, land and agricultural emissions, SBTi introduced FLAG (Forestry, Land & Agriculture) Guidance. Woolworths Group is captured by this definition and we intend to update our targets to reflect the FLAG Guidance in F24.
Assurance reports
Woolworths Group returns capital to shareholders when consistent with its long-term capital structure objectives and where it will enhance shareholder value.
As part of our capital management strategy, Woolworths Group successfully completed its $2bn off-market buy-back on Monday, 18 October 2021. 58 million shares were bought back and subsequently cancelled.
The key documents below should not be distributed or released in or into the United States or Canada.
As part of our capital management strategy, Woolworths Group successfully completed its A$1.7bn off-market buy-back on 27 May 2019. 58.7 million shares were brought back and subsequently cancelled.
The key documents below should not be distributed or released in or into the United States or Canada.
Woolworths Group is committed to solid investment grade credit ratings.
Standard & Poor's | Moody's |
BBB (stable outlook)* | Baa2 (stable outlook)* |
* These credit ratings have been issued by a credit rating agency which holds an Australian Financial Services Licence with an authorisation to issue credit ratings to wholesale clients only and are published for the benefit of Woolworths Group’s debt providers.