Truworths International Limited · JSE:TRU
Truworths International — H1 FY2023 Earnings Presentation
77 slides from Truworths International's earnings presentation, January 2023
Slide 1: Group Interim Results for the 26 weeks ended 1 January 2023
GROUP INTERIM RESULTS FOR THE 26 WEEKS ENDED 1 JANUARY 2023
Slide 2: Trade Receivables Analysed
2 TRADE RECEIVABLES ANALYSED TRUWORTHS Dec Dec 2022 2021 Number of active accounts (000's) 2 779 2 629 Change in number of active accounts (%) 6 1 Gross trade receivables (before expected credit loss allowance) (Rm) 7 069 5 927 Change in gross trade receivables (before expected credit loss allowance
Slide 3: Trade Receivables Cost Overview
3 TRADE RECEIVABLES COST OVERVIEW TRUWORTHS Change on Change on Dec 2022 Dec 2021 prior period prior period Rm Rm Rm % Comments Gross trade receivables 7 069 5 927 19 Good credit sales Truworths trade receivable costs 799 454 345 76 Excludes interest income Gross bad debt 625 563 11 Health of the bo
Slide 4: Impact of Credit Cycle on Cost of the Book
4 IMPACT OF CREDIT CYCLE ON COST OF THE BOOK TRUWORTHS Higher interest income due to higher (Rm) interest rates and growth in the book 500 450 Gross bad debt up 11% Lower recoveries than prior period – 400 the prior period experienced higher recoveries following the increased bad debt levels in the
Slide 5: Our Approach to Managing Credit Risk
5 OUR APPROACH TO MANAGING CREDIT RISK • We have offered credit since 1950 as an enabler of merchandise sales in Truworths • Our credit offering gives us the ability to access youthful, fashionable consumers across the market • We continue to use Champion/Challenger strategies to run our credit port
Slide 6: Strategic Positioning: The Essence of Truworths
6 STRATEGIC POSITIONING THE ESSENCE OF TRUWORTHS – OUR DNA • Offers on-trend fashion interpreted for South Africa by a sophisticated in-house Fashion Studio • Higher quality fabric and construction, so sometimes more expensive than competitors • Covers all lifestyles for ladies, mens and kids • Cate
Slide 7: Our Unique Brand Portfolio
7 OUR UNIQUE BRAND PORTFOLIO All brands are exclusive and have come through organic incubation. Acquisitions intentionally support and enhance the strategy, and are not for the sake of growth alone. Brands that formed the foundation Brands acquired or originated to Our most recent of the Emporium co
Slide 8: Strategic Positioning: What Makes Truworths Different
8 STRATEGIC POSITIONING WHAT MAKES TRUWORTHS DIFFERENT So in summary we sell: • much more than Fashion but through our fashion offering, our image and our brands, we actually offer ‘aspiration’ … • to all South Africans • with our own unique formula (i.e. our DNA) • and we enable customers to fulfil
Slide 9: Strong Organic-Led Performance
9 STRONG ORGANIC-LED PERFORMANCE +14% 53.5% +10% RETAIL SALES GROSS PROFIT MARGIN HEPS KEY PERFORMANCE DRIVERS KEY PERFORMANCE DRIVERS Investment Success of new Enhanced omni- in in-house Optimising real concepts and channel design estate portfolio brands experience capability Positive, Continued fo
Slide 10: Our Business Philosophy
10 OUR BUSINESS PHILOSOPHY We are always guided by our Business Philosophy which directs our consistent focus on the long term through good and bad times THE TRUWORTHS PURPOSE STATEMENT THE OFFICE PURPOSE STATEMENT Youthful fashionable South Africans want to look attractive and feel successful and c
Slide 11: Key Performance Drivers: Truworths
11 KEY PERFORMANCE DRIVERS TRUWORTHS • Positive ‘front-foot’ approach to our environment • More optimistic approach to merchandise assortment • Continued focus on superior quality, aspirational fashion and unique positioning of smarter and more formal glamorous product in the market • Growing produc
Slide 12: Key Performance Drivers: Office
12 KEY PERFORMANCE DRIVERS OFFICE • Continued focus on brand relationships • Maintained and strengthened mutually beneficial relationships with key brand partners • Compelling merchandise offering • Expanding the merchandise offering through the inclusion of new, in-demand brands and styles • Optimi
Slide 13: Challenging Macro Environment
13 CHALLENGING MACRO ENVIRONMENT Ongoing global economic uncertainty Low growth, high inflation, increasing interest rates and high energy prices Consumers’ disposable income under pressure due to rising cost of living SOUTH AFRICA UK Worsening electricity supply, Return to work and recovery Cost pr
Slide 14: Agenda
14 1 FINANCIAL REVIEW 2 ACCOUNT MANAGEMENT STRATEGIC INITIATIVES ASPIRATIONAL FASHION 3 SUPPLY CHAIN CUSTOMERS RETAIL PRESENCE ENVIRONMENTAL, SOCIAL AND 4 GOVERNANCE 5 OUTLOOK 6 QUESTIONS
Slide 15: Financial Review: Group
1.1 FINANCIAL REVIEW GROUP
Slide 16: Overview of the Period
16 OVERVIEW OF THE PERIOD • Strong trading performance in Truworths (despite electricity load shedding) and Office, albeit against a softer base due to civil unrest in South Africa and COVID-19 restrictions in UK • Gross margin at 53.5% (Dec 21: 53.6%) • Gross trade receivables increased 19% due to
Slide 17: Financial Performance: Group
17 FINANCIAL PERFORMANCE GROUP Change on prior period Dec 22 Dec 21 % Sale of merchandise (Rm) 10 851 9 596 13 Gross margin (%) 53.5 53.6 Profit before finance costs and tax (Rm) 2 682 2 539 6 Operating margin (%) 24.7 26.5 Profit before tax (Rm) 2 524 2 434 4 Diluted HEPS (DHEPS) (cents) 487.4 443.
Slide 18: Financial Performance: DPS, ROE and Asset Turnover
18 FINANCIAL PERFORMANCE GROUP RETURN ON ASSETS AND DPS AND DILUTED HEPS RETURN ON EQUITY (ROE) ASSET TURNOVER Return on assets Asset turnover (cents) (%) (%) (times) 600 60 56 40 1.8 55 487 35 1.6 500 50 444 1.4 30 40 1.3 1.3 1.4 400 361 364 40 337 35 25 320 31 1.2 300 1.1 300 30 20 249 249 232 0.9
Slide 19: Historical Financial Performance
19 HISTORICAL FINANCIAL PERFORMANCE GROUP Highest interim HEPS and profit before finance costs and tax in the history of the Group Incl. Pre-Office Office Post-Office acquisition (1 month) acquisition Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Rm Rm Rm
Slide 20: Statements of Financial Position
20 STATEMENTS OF FINANCIAL POSITION GROUP Change on Dec 2022 Dec 2021 prior period Rm Rm % Property, plant and equipment 1 866 1 683 11 Right-of-use-assets 2 969 2 305 29 Intangible assets 549 570 (4) Goodwill 294 294 - Inventories 2 119 1 624 30 Trade and other receivables 5 937 5 056 17 Cash and c
Slide 21: Capital Management
21 CAPITAL MANAGEMENT GROUP Dec 2022 Dec 2021 Net (debt)/cash Net cash Net (debt)/cash to equity % Net cash to equity % Group Rm (854) (11.8) 1 614 24.0 Truworths Rm (1 691) (23.6) 1 381 13.7 Office £m 40.6 94.0 22.9 >100 Share buy-backs Funding Dividends • Since January 2020 (including the COVID pe
Slide 22: Cash Flow Analysis: Group
22 Net debt at period-end R854 million. CASH FLOW ANALYSIS GROUP (Rm) Operating cash flows Capital allocation 3 000 2 500 (1 183) 7 2 000 497 (153) (547) 1 500 2 835 (97) (562) 1 000 1 359 (294) 500 (14) (777) 489 314 - 630 ( 500) (28) (1 000) Cash EBITDA Working Interest Dividend Interest paid Tax
Slide 23: Financial Review: Truworths
1.2 FINANCIAL REVIEW TRUWORTHS
Slide 24: Financial Performance: Truworths
24 FINANCIAL PERFORMANCE TRUWORTHS Retail sales Trading profit Gross margin R8 414 m 14% R1 541 m 10% 56.0% 56.4% ( 6*) Dec-2022 Dec-2021 Trading margin* Profit before 19.6% 23.6% finance costs and tax Profit for the period Dec-2022 Dec-2021 Operating margin* R2 043 m 2% R1 379 m 4% ( 2%*)
Slide 25: Income Statement: Truworths
25 INCOME STATEMENT TRUWORTHS Change on Dec 2022 Dec 2021 prior period Rm Rm % Sale of merchandise 7 985 7 053 13 Cost of sales (3 515) (3 076) 14 Gross profit 4 470 3 977 12 Other income 253 314 (19) Trading expenses (3 182) (2 570) 24 Depreciation and amortisation (555) (492) 13 Employment costs (
Slide 26: Divisional Retail Sales
26 DIVISIONAL RETAIL SALES TRUWORTHS Change on Dec 2022 Dec 2021 prior period Rm Rm % Truworths ladieswear 2 888 2 462 17 Truworths menswear 2 029 1 897 7 Truworths kids emporium 1 053 960 10 Other# 1 054 837 26 Truworths emporium 7 024 6 156 14 Identity 1 390 1 239 12 Truworths retail sales 8 414 7
Slide 27: Stores and Trading Space
27 STORES AND TRADING SPACE TRUWORTHS STORES TRADING SPACE Stores Dec 2022 Dec 2021 Stores New Closed Dec ‘000 m2 ‘000 m2 Dec 2021 stores stores 2022 Truworths 301 297 Truworths 346 4 (2) 348 Identity 67 67 Identity 252 5 (8) 249 Uzzi 3 4 Uzzi 38 - (2) 36 Loads of Living 2 3 Truworths Man 34 1 (1) 3
Slide 28: Sales Densities Trend
28 SALES DENSITIES TREND TRUWORTHS R per m2 45 000 40 037 39 179 40 000 38 489 37 144 36 717 36 418 35 924 36 214 35 230 35 000 33 371 30 000 25 000 20 000 15 000 10 000 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022
Slide 29: Merchandise Inflation Trend
29 MERCHANDISE INFLATION TREND TRUWORTHS RSP Inflation (%) 20.0 15.0 14.2 13.3 13.4 10.0 5.0 - (5.0) (10.0) 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 Winter Summer Winter Summer Winter Summer Winter Summer Winter Summer Winter Summer Win
Slide 30: Gross Profit Trend
30 GROSS PROFIT TREND TRUWORTHS (Rbn)) (%)) 5.5 70 5.0 56.2 56.4 56.0 60 55.6 54.7 4.5 4.0 50 3.5 40 3.0 2.5 30 2.0 1.5 20 1.0 10 0.5 4.0 4.2 3.8 4.0 4.5 - - Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Gross profit Gross margin
Slide 31: Analysis of Trading Expenses
31 ANALYSIS OF TRADING EXPENSES TRUWORTHS Change on Dec 2022 Dec 2021 prior period Rm Rm % Depreciation and amortisation 555 492 13 Employment costs 935 875 7 Occupancy costs 325 291 12 Trade receivable costs 799 454 76 Other operating costs 568 458 24 Trading expenses 3 182 2 570 24
Slide 32: Analysis of Trading Expenses (Continued)
32 ANALYSIS OF TRADING EXPENSES TRUWORTHS (CONTINUED) Depreciation and amortisation • Depreciation in respect of PPE and software unchanged. 13% INCREASE • Right-of-use assets depreciation increased 19% due to an increase in the number of leases accounted for under IFRS 16 compared to the prior peri
Slide 33: Analysis of Trading Expenses: Trade Receivable Costs
33 ANALYSIS OF TRADING EXPENSES TRUWORTHS (CONTINUED) Trade receivable costs • Net bad debt and related costs, excluding the movement in the expected credit loss (ECL) 76% INCREASE allowance, increased 16% to R625 million, due to: • higher bad debt owing to the growth in trade receivables; and • low
Slide 34: Trade Receivables Cost Overview
Duplicate of slide 2 34 TRADE RECEIVABLES COST OVERVIEW TRUWORTHS Change on Change on Dec 2022 Dec 2021 prior period prior period Rm Rm Rm % Comments Gross trade receivables 7 069 5 927 19 Good credit sales Truworths trade receivable costs 799 454 345 76 Excludes interest income Gross bad debt 625 5
Slide 35: Impact of Credit Cycle on Cost of the Book
Duplicate of slide 3 35 IMPACT OF CREDIT CYCLE ON COST OF THE BOOK TRUWORTHS Higher interest income due to higher (Rm) interest rates and growth in the book 500 450 Gross bad debt up 11% Lower recoveries than prior period – 400 the prior period experienced higher recoveries following the increased b
Slide 36: Profit Before Finance Costs and Tax
36 PROFIT BEFORE FINANCE COSTS AND TAX TRUWORTHS (Rbn)) (%) IFRS 16 3.5 40 37 37 36 34 33 35 3.0 30 29 28 30 2.5 26 26 25 2.0 20 1.5 15 1.0 10 0.5 5 2.1 2.1 1.8 2.1 2.0 - - Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Profit before finance costs and tax EBITDA margin Operating margin
Slide 37: Capital Expenditure: Truworths
37 CAPITAL EXPENDITURE TRUWORTHS Actual Actual Committed* Change on Dec 2022 Dec 2021 Dec 2022 prior period Rm Rm Rm % Store renovations and 185 110 53 68 development Computer infrastructure 20 31 44 (35) and software Land, buildings and 1 1 3 - refurbishment Motor vehicles - - 3 - Distribution faci
Slide 38: Cash Flow Analysis: Truworths
Net debt at period-end R1.7 billion. 38 CASH FLOW ANALYSIS TRUWORTHS (Rm) 2 500 Operating cash flows Capital allocation 2 000 (1 087) 7 (142) 1 500 496 (467) 2 179 (83) 1 000 (392) 500 903 (289) 166 388 (777) 213 - (28) 630 ( 500) Cash Working Interest Dividend Interest Tax paid Capex Free Lease lia
Slide 39: Financial Review: Office
1.3 FINANCIAL REVIEW OFFICE
Slide 40: Financial Performance: Office
40 FINANCIAL PERFORMANCE OFFICE Retail sales EBITDA Gross margin 46.6% 45.7% £140.2m 14% £35.6m 39% Dec-2022 Dec-2021 EBITDA margin Profit before 25.3% 20.5% finance costs and Tax Profit for the period Dec-2022 Dec-2021 Operating margin £31.4m 40% £24.9m 44% 22.3% 18.1% Dec-2022 Dec-2021
Slide 41: Income Statement: Office
41 INCOME STATEMENT OFFICE Change on Dec 2022 Dec 2021 prior period £’m £’m % Sale of merchandise 140.7 124.6 13 Cost of sales (75.1) (67.6) 11 Gross profit 65.6 57.0 15 Other income 6.1 0.5 >100 Trading expenses (40.4) (35.0) 15 Depreciation and amortisation (4.2) (3.0) 40 Employment costs (13.6) (
Slide 42: Geographic Sales and Number of Stores
42 GEOGRAPHIC SALES AND NUMBER OF STORES OFFICE Retail sales Retail sales Dec 2022 Dec 2021 Change on Number of Number of 26 weeks 26 weeks prior period stores* Stores* £m £m % Dec 2022 Dec 2021 United Kingdom 131.3 115.0 14 76 80 Republic of Ireland 5.9 4.9 20 7 7 Germany 3.0 3.6 (17) 5 7 Total 140
Slide 43: Analysis of Trading Expenses: Office
43 ANALYSIS OF TRADING EXPENSES OFFICE Change on Dec 2022 Dec 2021 prior period £m £m % Depreciation and amortisation 4.2 3.0 40 Employment costs 13.6 11.7 16 Occupancy costs 9.4 5.0 88 Trade receivable costs 0.1 - 100 Other operating costs 13.1 15.3 (14) Trading expenses 40.4 35.0 15
Slide 44: Analysis of Trading Expenses: Office (Continued)
44 ANALYSIS OF TRADING EXPENSES OFFICE (CONTINUED) Depreciation and amortisation • Depreciation on PPE and software decreased 18% due to assets becoming fully depreciated and lower 40% INCREASE capital expenditure in recent years. • Depreciation on right-of-use assets increased 79% due to right-of-u
Slide 45: Capital Expenditure: Office
45 CAPITAL EXPENDITURE OFFICE Actual Actual Committed Change on Dec 2022 Dec 2021 Dec 2022 prior period £’000 £’000 £’000 % Store renovations and 230 - 1 620 100 development Computer infrastructure 702 548 1 321 28 and software Distribution facilities - 1 - - Total 932 549 2 941 70
Slide 46: Cash Flow Analysis: Office
Net debt at period-end £40.6 million. 46 CASH FLOW ANALYSIS OFFICE (£’000) 35 000 Operating cash flows Capital allocation 30 000 (4 559) 100 (2 220) 25 000 (3 878) 20 000 (14) (8 334) 31 970 15 000 (918) 10 000 21 399 (7 000) 12 147 5 000 (300) 4 847 0 Cash Working Interest Finance Tax Capex Free Le
Slide 47: Account Management
2 ACCOUNT MANAGEMENT
Slide 48: TransUnion SA Consumer Credit Index 2022Q4
48 TRANSUNION SA CONSUMER CREDIT INDEX 2022Q4 TransUnion SA Consumer Credit Index The TransUnion SA Consumer Credit Index (CCI) fell marginally by one index 70 point to 48 in 2022Q4 from 49 in 2022Q3. However, compared to last year 65 Improving Credit Health there’s been a significant decline from 5
Slide 49: Good/Bad Ratio
Excludes Edcon Source: Principa Good/Bad Ratio Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Truworths GROUP Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
Slide 50: 4+ Cycle Balances
50 Nov-22 Aug-22 May-22 Feb-22 Nov-21 Aug-21 Truworths 4+ cycle balances holding steady post pandemic. May-21 Feb-21 Nov-20 Aug-20 May-20 Feb-20 Nov-19 PRINCIPA – TOTAL 4+ CYCLE BALANCES Truworths GROUP Aug-19 May-19 Feb-19 Nov-18 Aug-18 May-18 Feb-18 Nov-17 Aug-17 May-17 Feb-17 Nov-16 Aug-16 May-16
Slide 51: New Accounts: Applications and Risk-Approved
51 NEW ACCOUNTS TRUWORTHS AND IDENTITY Applications and risk-approved vs opened percentage (Jul-Dec) 3 000 2 500 No of Applications ('000) 2 000 1 500 1 000 500 910 946 1 291 1 021 1 146 1 475 1 979 1 955 2 450 2 814 - Jul - Dec Jul - Dec Jul - Dec Jul - Dec Jul - Dec Jul - Dec Jul - Dec Jul - Dec J
Slide 52: Trade Receivables Analysed
Duplicate of slide 1 52 TRADE RECEIVABLES ANALYSED TRUWORTHS Dec Dec 2022 2021 Number of active accounts (000's) 2 779 2 629 Change in number of active accounts (%) 6 1 Gross trade receivables (before expected credit loss allowance) (Rm) 7 069 5 927 Change in gross trade receivables (before expected
Slide 53: Strategic Initiatives: Aspirational Fashion
3.1 STRATEGIC INITIATIVES ASPIRATIONAL FASHION
Slide 54: Aspirational Fashion
54 ASPIRATIONAL FASHION • Creation of a world class design capability • Focus on fully integrating the Truworths, Barrie Cline and Bonwit design departments • Improve market share across all key categories through a ‘front foot’ optimistic view of opportunities in the commodity structure • Ongoing r
Slide 55: Strategic Initiatives: Supply Chain
3.2 STRATEGIC INITIATIVES SUPPLY CHAIN
Slide 56: Supply Chain
56 SUPPLY CHAIN • Focus on fast response and consistent supply • Investment in strategic fabric • Strategic focus on enhancing and stabilising the supply base (local CMTs and international suppliers) • Construction of new state-of-the-art distribution centre to consolidate distribution and optimise
Slide 57: Strategic Initiatives: Customers
3.3 STRATEGIC INITIATIVES CUSTOMERS
Slide 58: Customers
58 CUSTOMERS • Improve omni-channel offering • Optimise existing websites for improved performance • Introduce AI derived recommendation capabilities to facilitate upsell • Focus on advanced analytics and optimisation strategies to uncover insights, and improve performance and ROAS • Complement onli
Slide 59: Strategic Initiatives: Retail Presence
3.4 STRATEGIC INITIATIVES RETAIL PRESENCE
Slide 60: Store Concepts
60 STORE CONCEPTS • Roll out new retail concepts, Truworths Kids Emporium, Identity megastore and Context • Reconfigure existing space using data analytics and optimisation to maximise profitability • Expand footprint of new brands, Sync and Fuel • In Office, continue to close or renegotiate leases
Slide 61: Electricity Load Shedding
61 ELECTRICITY LOAD SHEDDING • All of the Group’s South African stores are able to trade during load shedding, either manually (i.e. offline) or by way of back-up power installed by the Group or made available by landlords • At present approximately 82% of Truworths Africa’s turnover is covered by b
Slide 62: Electricity Load Shedding: Year-on-Year Comparison
62 ELECTRICITY LOAD SHEDDING YEAR-ON-YEAR COMPARISON 2021 2022 Generation shortfall 0 GW 1 GW 2 GW 3 GW 4GW 5GW 6 GW * Source: ESP; created by @sixhobbits
Slide 63: Environmental, Social and Governance
4 ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Slide 64: Environment
64 ENVIRONMENT Truworths is dedicated to developing a robust environmental strategy that drives meaningful impact across the Group. Ongoing review and continual enhancements allow the business to better mitigate risks and take steps to ensure that sustainability is central to the Business Philosophy
Slide 65: Environment (Continued)
65 ENVIRONMENT (CONTINUED) • Maintained a B-rating in the 2022 CDP Climate Change Review • Green loan secured for our new distribution centre, which is to be certified as an EDGE Advanced Green Building with environmental initiatives including solar power, water harvesting and purification, LED ligh
Slide 66: Social
66 SOCIAL • Supporting our people • We endeavor to create an environment that values diversity and ensures equal opportunity while respecting human rights • Strengthening our communities • Truworths is committed to contributing to the society in which it operates • Through our CSI programmes and ini
Slide 67: Governance
67 GOVERNANCE We believe that good governance contributes to better corporate performance and creates value for shareholders and other stakeholders • Included in global FTSE4Good Index with ESG ranking of 4.0 out of 5, with governance ranking 5 out of 5 • As part of ongoing succession plans, Sarah P
Slide 68: Outlook
5 OUTLOOK
Slide 69: Outlook
69 OUTLOOK • Ongoing challenging global macro environment – lower anticipated global economic growth, higher inflation, consumer pressure and rising geopolitical tension. • Inflation expected to peak in 2023 and settle in 2024, albeit above pre- pandemic levels. • The Group’s retail sales for the fi
Slide 70: Outlook: Truworths
70 OUTLOOK TRUWORTHS • South Africa’s energy crisis evident in the sustained level of daily load shedding. • Truworths adopting a proactive approach to load shedding on the assumption that varied levels of disruption will continue in the short to medium term. • In the months ahead the Group aims to
Slide 71: Outlook: Office
71 OUTLOOK OFFICE • UK retail sector expected to continue to face mounting pressure on household income due to persistently high inflation, rising energy costs and interest rates which have increased three-fold in the past year. • Notwithstanding these challenges, the Office business has proven resi
Slide 72: Questions
6 QUESTIONS
Slide 73: Investor Relations
73 INVESTOR RELATIONS If you have any further questions, kindly send an e-mail to: InvestorRelations@truworths.co.za
Slide 74: Disclaimer
74 DISCLAIMER This announcement contains certain forward-looking statements with respect to the financial condition and results of operations of Truworths International Limited and its group companies, which by their nature involve risk and uncertainty because they relate to events and depend on cir
Slide 75: Appendices
APPENDICES
Slide 76: Condensed Group Statements of Financial Position
© e CONDENSED GROUP STATEMENTS OF FINANCIAL POSITION atiJan at 26 Dec at 3 Jul (2023 2021 2022 Unaudited Unaudited Audited Note Rm Rm Rm — ASSETS Non-current assets 6032 5349 5520 Property, plant and equipment Te66 T683 1685 Right-of-use-assets 7 2969 2305 2594 Intangible assets 549 570 539 Goodwill
Slide 77: Condensed Group Statements of Comprehensive Income
K R CONDENSED GROUP STATEMENTS OF COMPREHENSIVE INCOME 26 weeks 26 weeks 53 weeks tolJan = to. 26 Dec to3Jul 2023 2021 2022 Unaudited = Unaudited hange Audited Note Rm Rm % Rm Revenue 4 725 10275 4 19340 Sale of merchandise 4 10851 9 596 13 17886 Cost of sales (5.043) (4.457) (8.316) Gross profit 58
Truworths International — H1 FY2023 Earnings Presentation on 6ix