Foschini Group Limited · JSE:TFG
Foschini — The Foschini Group — H1 2020 Earnings Presentation
72 slides from Foschini's earnings presentation, November 2019
Slide 1: Results Presentation for the Half-Year Ended 30 September 2019
2020 RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019
Slide 2: Agenda
01 OPERATING CONTEXT by Anthony Thunström Anthony Thunström Chief Executive Officer 02 WHY WE STAND OUT by Anthony Thunström Bongiwe Ntuli Chief Financial Officer Jane Fisher TFG Africa Group Director 04 03 FINANCIAL PERFORMANCE by Bongiwe Ntuli WHAT’S NEXT FOR TFG 05 CREDIT by Jane Fisher by Anthon
Slide 3: Another Strong Performance by the Group
ANOTHER STRONG PERFORMANCE BY THE GROUP TFG Africa 53,2% 52,0% online turnover Gross margin growth maintained (Sept 2018: 53,6%) TFG London online turnover Online turnover -5,5% growth 4,3% growth (excl HoF: 0,3%), now at 33,5% +5,4% TFG Australia EPS growth 37,1% online turnover (Sept 2018: +9,0%)
Slide 4: Our Operating Context
OUR OPERATING CONTEXT by Anthony Thunström TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 4
Slide 5: Operating Context: Macro Environment
OPERATING CONTEXT: Macro environment TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 5
Slide 6: TFG Africa: Consumers Remain Under Pressure
TFG AFRICA: CONSUMERS REMAIN UNDER PRESSURE South Africa remains our largest operating segment. Obstructive GDP remains Consumer confidence regulatory environment burdens under pressure negative 2019 Q2: 1,0% 2019 Q3: -7 growth and suppresses economic 2018 Q3: 7 activity. Concerns over global econom
Slide 7: TFG London and TFG Australia: Consumers Remain Under Pressure
TFG LONDON AND TFG AUSTRALIA: CONSUMERS REMAIN UNDER PRESSURE TFG London • Uncertainties surrounding Brexit and upcoming General Election • Expectations of higher future trade costs and continuing weak pound • Challenged trading in certain UK department stores China / US trade wars continue TFG Aust
Slide 8: Operating Context: Retail Environment
OPERATING CONTEXT: Retail environment TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 8
Slide 9: Retail as We Know It Is Transforming
RETAIL AS WE KNOW IT IS TRANSFORMING Customer engagement Data analytics - understand through social media is customer behaviour to ultimately pivotal provide personalised customer service Price savvy – consumers Planet friendly – are increasingly price- consumers demand social conscious and values-d
Slide 10: TFG's Response to Macro and Retail Environment Factors
TFG’S RESPONSE TO MACRO AND RETAIL ENVIRONMENT FACTORS TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 10
Slide 11: TFG Responds with Purpose
TFG Investment in data Quality product RESPONDS analytics to deepen our offering at the right price Price WITH Data analytics customer insights savvy PURPOSE Experiential retail - Investment in launch of customer- technology and digital focused transformation – experiences growing importance of conv
Slide 12: TFG Brands Recognised as Great Value for Money
TFG BRANDS CONSISTENTLY RECOGNISED BY CUSTOMERS AS GREAT VALUE FOR MONEY 1.50 Customer perception of latest fashion Price savvy Markham (P) 1.00 Markham Edgars (p) Mr Pricep The FIX (P) The FIX EdgarsMr Price Foschini (P) H&Mp H&M Foschini Woolworths 0.50 Woolworthsp Truworthsp Identityp TruworthsId
Slide 13: Focused Digital Transformation
FOCUSED DIGITAL TRANSFORMATION ENSURES GROUP REMAINS AT FOREFRONT OF RAPIDLY CHANGING RETAIL LANDSCAPE Technology The purpose of TFG’s customer-focused digital journey: Enable customers to shop and interact with brands Match customer’s however, whenever and experience on multi- wherever they want ch
Slide 14: Digital Transformation: Stock Accuracy
DIGITAL TRANSFORMATION STOCK ACCURACY Technology The case: Improved stock accuracy and availability which also forms the foundation for OneStock RFID The benefit: Enhanced customer experience and increased revenue through increase in average basket size TFG RESULTS PRESENTATION FOR THE HALF-YEAR END
Slide 15: Digital Transformation: OneStock
DIGITAL TRANSFORMATION ONESTOCK Technology ONESTOCK The case: Maximise revenue opportunity by leveraging stock availability across all our channels (online and stores) The benefit: Seamless customer experience across all our retail channels TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMB
Slide 16: Digital Transformation: Conversion / Workforce Management
DIGITAL TRANSFORMATION CONVERSION / WORKFORCE MANAGEMENT Technology The case: Right people, right place, right time, to drive customer conversion, increased revenue and customer experience The benefit: Improved customer experience and conversion FOOTCOUNTERS WORKFORCE MANAGEMENT (WFM) TFG RESULTS PR
Slide 17: Digital Transformation: Operational Efficiencies
DIGITAL TRANSFORMATION OPERATIONAL EFFICIENCIES Technology The case: Improve efficiencies and visual consistency across stores and increase customer engagement YOOBIC The benefit: Operational efficiencies / cost reduction / increased conversions TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SE
Slide 18: E-commerce and Omni-channel Revenue Up 4,3%
E-COMMERCE AND OMNI-CHANNEL REVENUE UP 4,3% Technology 32% (TFG Africa) 70% 19% (TFG London) TFG Africa online 30% (TFG Australia) shoppers that are click and collect at store account holders 9,1 million social media followers 55% (TFG Africa) 43% (TFG Africa) 52% (TFG London) 13% (TFG London) 68% (
Slide 19: Experiential Retail Offering
EXPERIENTIAL Tattoo parlour RETAIL DJ booth OFFERING Basketball court EXCEPTIONAL CUSTOMER SERVICE Available in Foschini Fourways and Sportscene Sandton Nail bar Sneaker cleaning Experiential retail is coming to life TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 19
Slide 20: TFG Brand Equity
Price Social TFG BRAND EQUITY savvy media TFG “Best South African Employer Top 10 Coolest Brand” – Top 10 Coolest Specialist Health, 2019 / 2020 Ask Employer Branding Awards, hosted by Clothing Stores Beauty and Africa Orange Employer Branding Institute 2019 Sunday Times Accessories Index™ Gen Next
Slide 21: Supply Chain: Further Build Out of Local Manufacturing
SUPPLY CHAIN: FURTHER BUILD OUT OF Planet LOCAL MANUFACTURING friendly • Local manufactured apparel expected to increase significantly and almost double in 5 years -31 -11% • QR proportion of own manufactured apparel to Inventory Markdown increase from 66% to 100% over 5 years as it days advantage c
Slide 22: Why We Stand Out
WHY WE STAND OUT by Anthony Thunström TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 22
Slide 23: A Resilient Model
Turnover (Rm) 16 955,2 A RESILIENT Number of stores MODEL 7 305,1 4 066 2 205 2014 2019 Listed since JSE 1941 Top40 DPS 526,7 since March 2018 HEPS 403,3 18,3% 5,5% 335,0 5-year CAGR 5-year CAGR 263,0 in turnover in HEPS 2014 2019 Growth in TFG share price 5,0% 16,6% Growth in JSE General Retailers
Slide 24: Agile Future-Fit Business Model Delivers Consistent Growth
AGILE FUTURE-FIT BUSINESS MODEL COUPLED WITH INNOVATION DELIVERS CONSISTENT GROWTH 71% 27% 70% 62% 7 brands 27 brands 1 069 4 066 29% 73% 20% 35% stores outlets 1999 2019 2006 Tender 2019 2008 Capex 2019 0% 4% 91% 8% Homeware 8% v 5% 3% 22% 0% 6% Cosmetics 6% 6% 100% 5% Cellphones 10% 4% 2019 2014 1
Slide 25: Conclusion: Why TFG
CONCLUSION: • Diverse, customer centric brands that are loved by WHY TFG our customers • Successful diversification – cash/credit, geography, channel, merchandise category • At the forefront of digital transformation and experiential retail • Continuous business optimisation to deliver a fit- for-pu
Slide 26: Winning Numbers
WINNING NUMBERS by Bongiwe Ntuli TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 26
Slide 27: Accounting & Legislation
ACCOUNTING & LEGISLATION TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 27
Slide 28: Continued Change in the Legislative Environment
CONTINUED CHANGE IN THE LEGISLATIVE ENVIRONMENT TFG London • EU: E-Privacy Regulation • UK: Brexit and potential impact on legislation • UK: Ongoing impact of National Living Wage TFG Africa – South Africa • Amendments to the National Credit Act concerning debt intervention (signed by the President
Slide 29: Accounting Changes: IFRS 16 Adopted Retrospectively
ACCOUNTING CHANGES: IFRS 16 ADOPTED RETROSPECTIVELY IFRS16 DOES NOT IMPACT FACTORS INFLUENCING OUR UNDERLYING RETAIL MAIN IMPACT THE VOLATILITY OF THE PERFORMANCE AND IFRS 16 EXPENSE CASH FLOWS Balance Sheet • Length of leases • Our operational model will • Recognition of right-of-use assets and • E
Slide 30: Illustrative Impact of IFRS 16
ILLUSTRATIVE IMPACT OF IFRS 16 Illustrative impact (5yr lease) of the TFG LEASES change when adopting IFRS 16 LEASE PORTFOLIO IAS 17 VS IFRS 16 IMPACT ON INCOME STATEMENT IAS 17 IFRS 16 1 2 3 4 5 Years 1 2-4 5 6+ IAS 17 VS IFRS 16 IMPACT ON BALANCE SHEET Years of lease IFRS 16 ASSET IFRS 16 LIABILIT
Slide 31: Balance Sheet Impact of IFRS 16
BALANCE SHEET 12 878.4 IMPACT OF IFRS 16 Operating lease liability DEBT EQUITY (Up from 60% to 120%) 20 000 124% 150% 118% 120% 15 000 100% 62% 10 000 • Opening net debt 50% 5 000 increased from R8bn to R16bn and the ratio 0 0% Opening Restated Mar-19 Sep-19 from 62% to 124% NAV Debt Old Debt Ratio
Slide 32: Income Statement Impact of IFRS 16 Not Significant
INCOME STATEMENT IMPACT OF IFRS 16 ~ NOT SIGNIFICANT FOR TFG 3 346.5 1.5 13.4 2 640.3 • The Income Statement for the 2019 financial year was not impacted significantly • EBITDA and EBIT calculations will be distorted TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 32
Slide 33: Financial Performance
FINANCIAL PERFORMANCE TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 33
Slide 34: Key Performance Ratios as Reported
KEY PERFORMANCE RATIOS ~ AS REPORTED Turnover growth 6,5% 53,2% Gross margin EBITDA margin 25,0% 13,7% EBIT margin Headline earnings growth 3,1% 3,0% HEPS growth TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 34
Slide 35: PAT Margin Maintained
PAT MARGIN MAINTAINED ~ EFFECTIVE COST AND DEBT CONTROL GROUP % to GROUP % % to turnover Sept 2019 turnover Sept 2018 change Revenue (Rm) 18 567,7 17 466,7 6,3 Retail turnover (Rm) 16 955,2 15 913,1 6,5 Cost of sales (Rm) (7 928,2) 46,8 (7 386,5) 46,4 7,3 Gross profit (Rm) 9 027,0 53,2 8 526,6 53,6
Slide 36: Revenue Breakdown
REVENUE BREAKDOWN Revenue 0% GROUP GROUP Retail turnover 2% % 5% 2% Sept 2019 Sept 2018 change Rm Rm Interest received Retail turnover 16 955,2 15 913,1 6,5 Value-added Sept services Interest received 930,8 878,4 6,0 2019 Collection cost recovery and Other income 681,7 675,2 1,0 service fees 91% Sun
Slide 37: Segment Income Statement Performance
SEGMENT INCOME STATEMENT PERFORMANCE TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 37
Slide 38: TFG Africa: Above Inflation Turnover Growth
TFG AFRICA ~ ABOVE INFLATION TURNOVER GROWTH % Sept 2019 Sept 2018 change Retail turnover (Rm) 10 619,6 9 981,9 6,4 Gross margin (%) 47,4 47,6 EBITDA (Rm) 3 039,4 2 930,1 3,7 EBIT (Rm) 1 827,4 1 767,1 3,4 • Pleasing turnover performance in challenging conditions • Cash +12,0% and credit -0,5% reflec
Slide 39: TFG London: Robust Performance
TFG LONDON ~ ROBUST PERFORMANCE % Sept 2019 Sept 2018 change Retail turnover (£m) 200,7 200,4 0,1 Gross margin (%) 61,7 63,0 EBITDA (£m) 28,4 28,2 0,7 EBIT (£m) 12,4 12,2 1,6 • Robust sales performance despite challenging market conditions • Turnover growth: ongoing negative impact of constrained tr
Slide 40: TFG Australia: Continued Growth
TFG AUSTRALIA ~ CONTINUED GROWTH % Sept 2019 Sept 2018 change Retail turnover (A$m) 265,4 239,0 11,1 Gross margin (%) 64,8 64,4 EBITDA (A$m) 68,1 59,6 14,3 EBIT (A$m) 27,2 22,4 21,4 • Turnover growth, gross margin and EBITDA ahead of expectation and market • Continued steady performance with LFL sal
Slide 41: Conclusion: Group Turnover Summary
CONCLUSION ~ GROUP TURNOVER SUMMARY TFG Africa TFG London TFG Australia Geography +6,4% +0,1% +11,1% Tender +12,0% -0,5% +9,3% (Group) (TFG Africa) Channel +6,8% +4,3% Merchandise category +6,7% +7,8% +7,9% +6,4% -1,2% TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 41
Slide 42: Group Gross Margin Maintained
GROUP GROSS MARGIN MAINTAINED TFG Africa TFG London TFG Australia 47,4% 61,7% 64,8% 53,2% (Sept 2018: 47,6%) (Sept 2018: 63,0%) (Sept 2018: 64,4%) (Sept 2018: 53,6%) • TFG Africa: Movement due to product mix • TFG London: Lower margin driven by sales mix - increased wholesale sales and forex • TFG A
Slide 43: Key Expense Movements
KEY EXPENSE MOVEMENTS TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 43
Slide 44: Outlet Movement
OUTLET MOVEMENT • TFG Africa and TFG London: Active management of store portfolio through exits and disciplined expansion • TFG Australia: Store expansion aligned to growth (brand and geographic) TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 44
Slide 45: Store Occupancy Costs Continue to Reduce
STORE OCCUPANCY COSTS (PRE-IFRS 16): CONTINUE TO REDUCE Sept 2019 Sept 2018 Sept 2019 Sept 2018 % % Local Local Rm Rm change change currency currency TFG Africa 1 196,6 1 151,3 3,9 TFG London 392,2 406,2 (3,4) 21,5 22,9 (6,1) TFG Australia 502,6 467,5 7,5 50,0 47,1 6,2 Group 2 091,4 2 025,0 3,3 % to
Slide 46: Depreciation: In Line with Slower Store Roll-outs
DEPRECIATION (PRE-IFRS 16): IN LINE WITH SLOWER STORE ROLL-OUTS Sept 2019 Sept 2018 Sept 2019 Sept 2018 % % Local Local Rm Rm change change currency currency TFG Africa 280,8 272,8 2,9 TFG London 82,7 85,7 (3,5) 4,5 4,8 (6,3) TFG Australia 48,3 49,4 (2,2) 4,8 5,0 (4,0) Group 411,8 407,9^ 1,0 % to Gr
Slide 47: Employee Costs: In Line with Inflation
EMPLOYEE COSTS: IN LINE WITH INFLATION Sept 2019 Sept 2018 Sept 2019 Sept 2018 % % Local Local Rm Rm change change currency currency TFG Africa 1 653,3 1 559,6 6,0 TFG London 687,4 660,9 4,0 37,6 37,2 1,1 TFG Australia 755,6 655,7 15,2 75,1 66,1 13,6 Group 3 096,3 2 876,1 7,7 % to Group turnover 18,
Slide 48: Other Expenses
OTHER EXPENSES Sept 2019 Sept 2018 Sept 2019 Sept 2018 % % Local Local Rm Rm change change currency currency TFG Africa 1 258,6 1 217,9 3,3 TFG London 913,5 932,0 (2,0) 50,0 52,5 (4,8) TFG Australia 188,7 168,2 12,2 18,8 16,7 12,6 Group 2 360,9 2 318,1^ 1,8 % to Group turnover 13,9 14,6 • TFG Africa
Slide 49: Back Office Optimisation: Focus Over the Next Years
BACK OFFICE OPTIMISATION: FOCUS OVER THE NEXT 3 YEARS TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 49
Slide 50: Business Optimisation: Driving ROCE & Operating Margin
BUSINESS OPTIMISATION: DRIVING ROCE & OPERATING MARGIN IMPROVEMENT INVENTORY DAYS STRATEGIC FOCUS Deliver structural efficiencies whilst reducing capital invested in inventory Focus to further reduce inventory days ROCE FY 2019 FY 2018 TFG Africa 183 191 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 TFG T
Slide 51: Target Operating Model to Yield Over R300m Savings
TARGET OPERATING MODEL TO YIELD OVER R300M SAVINGS IN BACK OFFICE COSTS Structural change in cost for head office functions to deliver a savings target of R300m over a two year period • HR optimisation complete – to yield steady savings of over R90m in the next STEADY STATE – EXPANDED MARGIN few yea
Slide 52: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 52
Slide 53: Impact of IFRS 16 on Key Metrics
IMPACT OF GROUP GROUP GROUP Sept Sept % March % IFRS 16 ON 2019 2018 change 2019 change Rm Rm Rm KEY Non-current assets 20 074,5 19 792,6 1,4 20 087,5 (0,1) METRICS Current assets 18 211,2 16 962,1 7,4 17 553,6 3,7 Total assets 38 285,7 36 754,7 4,2 37 641,1 1,7 Total equity 14 153,5 13 288,4 6,5 14
Slide 54: We Continue to Strengthen Our Balance Sheet
WE Debt/equity 1.00 CONTINUE TO 0.80 0.60 STRENGTHEN 0.40 0.20 OUR 0.00 2014 2015 2016 2017 2018 2019 BALANCE Peers combined TFG SHEET ROIC 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2014 2015 2016 2017 2018 2019 Peers combined TFG ROE 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2014 2015 2016 2017 2018 2019 Peers c
Slide 55: Free Cash Flow Conversion: 91,4% of NPAT
FREE CASH FLOW CONVERSION: 91,4 % OF NPAT • Strong cash generation • Improved working capital management in line with optimisation • Expansion capex growth in line with focus on digital transformation • Store maintenance capex well contained TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEM
Slide 56: Capex Spend for the Period
CAPEX SPEND FOR THE PERIOD R514,3m R462,3m Deliberate increased investment in digital and technology, with EXPAND 64% 59% investment increasing 92% compared to Sept 2018 MAINTAIN 36% 41% CAPEX BY NATURE CAPEX BY SEGMENT Sep-19 62% 34% 4% Sep-19 74% 12% 14% Sep-18 75% 20% 5% Sep-18 62% 12% 26% Stores
Slide 57: Distribution to Shareholders
DISTRIBUTION TO SHAREHOLDERS TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 57
Slide 58: Dividend Growth Remains in Line with Earnings Growth
DIVIDEND GROWTH REMAINS IN LINE WITH EARNINGS GROWTH GROUP GROUP Sept Sept % 2019 2018 change Profit for the period (Rm) 1 232,9 1 169,4 5,4 Headline earnings (Rm) 1 217,4 1 181,2 3,1 TFG HEPS growth TFG dividend growth Weighted ave shares (‘m) 231,1 231,0 - Peer HEPS growth Peer dividend growth Bas
Slide 59: Credit as an Enabler
CREDIT AS AN ENABLER by Jane Fisher TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 59
Slide 60: Industry Q3 2019: Tough Economic Conditions Continue
INDUSTRY – Q3 2019 RESULTS: TOUGH ECONOMIC CONDITIONS CONTINUES TransUnion: SA Consumer Credit Index 65 • The TransUnion SA Consumer Credit Index 60 Improving Credit Health (CCI) has increased to 54, which was 55 unexpected 50 45 Deteriorating Credit Health • Four levers make up the index: • Househo
Slide 61: Credit Growth Purposefully Constrained
CREDIT GROWTH PURPOSEFULLY CONSTRAINED IN RESPONSE TO ECONOMIC STRESS Application volume and accept rates • Year-on-year growth in applications at 7%, which 1200 000 60% normalised as anticipated • Accept rates remain conservative and consistent 1000 000 50% to H2 2019 FY: 800 000 40% • H1 2020 FY a
Slide 62: Quality of Book Within Management Expectations
QUALITY OF BOOK WITHIN MANAGEMENT EXPECTATIONS Debtor quality statistics • Net bad debt write-off as % of credit 15% 25% transactions stable at 8,6% 20% 14% • Year-on-year recoveries decreases due to 15% 13% less debt being available for sale 10% 12% • Allowance for impairment as % of debtors’ 5% 11
Slide 63: EBIT Growth Generated from New Accounts
EBIT GROWTH GENERATED FROM NEW ACCOUNTS TFG AFRICA TFG AFRICA TFG % of credit % of credit Sept 2019 Sept 2018 AFRICA transactions transactions (Rm) (Rm) % change Income 1 227,1 15,9 1 079,9 16,0 13,6 Net bad debt (617,0) 8,0 (514,8) 7,6 19,8 Credit costs (255,4) 3,3 (241,3) 3,6 5,8 EBIT 354,7 4,6 32
Slide 64: What's Next for TFG
WHAT’S NEXT FOR TFG by Anthony Thunström TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 64
Slide 65: Outlook / Strategy
OUTLOOK / STRATEGY Consumer continues Responsible credit TFG well positioned to be under pressure extension in line with to continue to take locally and subdued economic market share in the internationally conditions for TFG segments in which Africa and uncertain we operate legislative landscape The
Slide 66: Outlook
OUTLOOK General retail outlook in the UK and Australia remains relatively subdued TFG London TFG Australia We remain cautious as trading conditions in South Africa continue to tighten with: • Close to a zero growth environment • Chronically high structural unemployment TFG Africa • Speculation of a
Slide 67: Disclaimer
DISCLAIMER THIS ANNOUNCEMENT CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS WITH RESPECT TO THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF THE FOSCHINI GROUP LIMITED AND ITS SUBSIDIARIES, WHICH BY THEIR NATURE INVOLVE RISK AND UNCERTAINTY BECAUSE THEY RELATE TO EVENTS AND DEPEND ON CIRCUMSTANCES
Slide 68: Appendices
APPENDICES TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 68
Slide 69: Business Overview
BUSINESS OVERVIEW UPPER MARKET MID TO UPPER MARKET MID MARKET VALUE MARKET TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 69
Slide 70: Geographic Footprint: TFG Africa
GEOGRAPHIC TFG AFRICA FOOTPRINT 183 5 4 LIMPOPO GHANA 138 701 203 KENYA GAUTENG 32 MPUMALANGA NORTH WEST 89 148 281 ZAMBIA 27 107 12 FREE BOTSWANA NORTHERN STATE KWAZULU- NAMIBIA CAPE NATAL 12 ESWATINI 208 2 383 432 LESOTHO SOUTH AFRICA EASTERN CAPE WESTERN CAPE STORES CONCESSIONS TOTAL OUTLETS TFG
Slide 71: Geographic Footprint: TFG London
GEOGRAPHIC TFG LONDON 2 13 15 1 1 FOOTPRINT 202 SWEDEN 1 ESTONIA LATVIA 1 UK & 10 IRELAND 471 10 673 49 49 NETHERLANDS GERMANY BELGIUM SWITZERLAND 6 6 9 40 23 SPAIN 49 23 4 13 QATAR 4 3 13 42 45 JAPAN 5 13 USA 14 5 10 HONG 2 UAE 3 14 10 16 KONG 2 KUWAIT MACAU 1 MEXICO 2 1 SAUDI OMAN MALAYSIA 7 2 ARA
Slide 72: Geographic Footprint: TFG Australia
GEOGRAPHIC TFG AUSTRALIA FOOTPRINT 468 15 483 AUSTRALIA 000 29 NEW ZEALAND STORES CONCESSIONS TOTAL OUTLETS TFG RESULTS PRESENTATION FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2019 72