Slide 1: IFRS 16 Jan 2022: 2 year comparison v 2020
IFRS 16 Jan 2022 2 year comparison v 2020
Slide 2: Income Statement
Income Statement £m Jan 2022 Jan 2020 Var Total sales* 4,862 4,362 + 11% (10 LFL weeks) Full price sales† During Post lockdown lockdown†† Online + 47% + 70% + 42% Retail - 23% n/a - 7% Finance - 7% - 11% - 6% + 13% - 9% + 17% * Total sales includes sales made through Total Platform (TP) websites. †
Slide 3: Income Statement
Income Statement £m Jan 2022 Jan 2020 Var Total sales* 4,862 4,362 + 11% (10 LFL weeks) Full price sales† During Post lockdown lockdown†† Online + 47% + 70% + 42% Retail - 23% n/a - 5% 7% Open stores LFL Finance - 7% - 11% - 6% + 13% - 9% + 17% * Total sales includes sales made through Total Platfor
Slide 4: Income Statement
Income Statement £m Jan 2022 Jan 2020 Var Total sales 4,862 4,362 + 11% Operating profit 905 854 + 6% Interest (82) (105) Financial interest (32) (43) 27% Lease interest (50) (62)
Slide 5: Income Statement
Income Statement £m Jan 2022 Jan 2020 Var Total sales 4,862 4,362 + 11% Operating profit 905 854 + 6% Interest (82) (105) Profit before tax 823 749 + 10%
Slide 6: Income Statement
Income Statement £m Jan 2022 Jan 2020 Var Total sales 4,862 4,362 + 11% Operating profit 905 854 + 6% Interest (82) (105) Profit before tax 823 749 + 10% Tax charge (146) (138) Profit after tax 677 610 + 11% EPS 530.8p 472.4p + 12% Rounding differences are not adjusted in the table.
Slide 7: Cash Flow
Cash Flow £m Jan 2022 Jan 2020 Var Profit before tax 823 749 + 74m Depreciation and impairment 111 125 Capital expenditure (184) (139) Working capital / other (183) (72) Tax paid (125) (138) ESOT (79) (27) Cash flow before distribution 363 498 - 135m
Slide 8: Cash Flow
Cash Flow £m Jan 2022 Jan 2020 Var Capital expenditure (184) (139) - 45m Warehouse £124m + £37m Elmsall 3 £71m £124m £87m Other capacity £53m 2022 2020
Slide 9: Cash Flow
Cash Flow £m Jan 2022 Jan 2020 Var Capital expenditure (184) (139) - 45m Stores £184m Technology £29m Warehouse £139m £31m £38m £14m £124m £87m 2022 2020
Slide 10: Cash Flow | 3 Year View
Cash Flow | 3 Year View £m Jan 2022 Jan 2020 Var Capital expenditure (184) (139) - 45m Stores £195m £184m Technology £34m £29m £160m Warehouse £31m £36m £24m £135m £36m £24m £36m £125m £124m £100m £75m Average ~ £160m 2022 2023(e) 2024(e) 2025(e)
Slide 11: Cash Flow
Cash Flow £m Jan 2022 Jan 2020 Var Profit before tax 823 749 + 74m Depreciation and impairment 111 125 Capital expenditure (184) (139) Working capital / other (183) (72) - 111m Tax paid (138) (125) Customer receivables - 108m ESOT (27) (79) Warehouse land & build - 53m Cash flow before distribution
Slide 12: Cash Flow
Cash Flow £m Jan 2022 Jan 2020 Var Profit before tax 823 749 Depreciation and impairment 111 125 Capital expenditure (184) (139) Working capital / other (183) (72) Tax paid (125) (138) ESOT (79) (27) - 52m Cash flow before distribution 363 498 Ordinary dividends - (214) Special dividends / buybacks
Slide 13: Balance Sheet
Balance Sheet £m Jan 2022 Jan 2020 Var Fixed and intangible assets 636 579 Goodwill and investments 90 49 + 41m Stock 658 552 Equity partners Debtors / other receivables 1,281 1,315 Other creditors / derivatives (815) (653) Pension surplus 157 133 Tax 21 (23) Right-of-use assets 639 853 Lease debt (
Slide 14: Balance Sheet
Balance Sheet £m Jan 2022 Jan 2020 Var Fixed and intangible assets 636 579 Goodwill and investments 90 49 Stock 658 552 + 19% Debtors / other receivables 1,281 Available month end stock 2022 v 2020 1,315 + 7% Other 5% creditors / derivatives (815) (653) Pension surplus 157 133 0% - 2% Tax-5% 21 (23)
Slide 15: Balance Sheet
Balance Sheet £m Jan 2022 Jan 2020 Var Fixed and intangible assets 636 579 Goodwill and investments 90 49 Stock 658 552 Debtors / other receivables 1,281 1,315 - 34m Other creditors / derivatives (815) (653) Customer receivables - 71m Pension surplus 157 133 Commercial + 18m Tax 21 loans to TP partn
Slide 16: Balance Sheet
Balance Sheet £m Jan 2022 Jan 2020 Var Fixed and intangible assets 636 579 Goodwill and investments 90 49 Stock 658 552 Debtors / other receivables 1,281 1,315 Other creditors / derivatives (815) (653) Pension surplus 157 133 Tax 21 (23) Right-of-use assets 639 853 Lease debt (1,057) (1,251) Net deb
Slide 17: 2022/23(e) Net debt
2022 /23(e) Net debt Jan 2022 £600m Jan 2023(e) £400m x Ordinary Operational dividends cash flow Customer £240m receivables £740m £110m x Investments Capex £5m £195m • Reiss & other + £36m • Property acquisitions + £32m • Sale & leaseback - £73m
Slide 18: 2022/23(e) Net debt
2022 /23(e) Net debt Jan 2022 Buybacks, Jan 2023(e) £600m special £620m dividends or x investments £220m + 3% Ordinary Operational dividends cash flow Customer £240m receivables £740m £110m x Investments Capex £5m £195m • Reiss & other + £36m • Property acquisitions + £32m • Sale & leaseback - £73m
Slide 19: Online
DIVISIONAL ANALYSIS Online
Slide 20: Online | Sales Analysis
Online | Sales Analysis Full Price £m Jan 2022 Jan 2020 Var (excl. TP) Total sales* 3,104 2,147 + 45% + 47% Full price sales 2022 v 2020 (LFL weeks excl.TP) 60% + 70% 40% Phasing + 46% H2 + 40% Division 20% Stores shut Stores re-open Customer type 0% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan *
Slide 21: Online | Sales Analysis
Online | Sales Analysis Full Price £m Jan 2022 Jan 2020 Var (excl. TP) Total sales 3,104 2,147 + 45% + 47% Full price sales analysis By division v 2019/20 UK total + 47% NEXT Brand UK + 33% Phasing LABEL UK + 79% Division Overseas + 49% Customer type Online total + 47%
Slide 22: Online | Sales Analysis
Online | Sales Analysis Full Price £m Jan 2022 Jan 2020 Var (excl. TP) Total sales 3,104 2,147 + 45% + 47% Full price sales analysis By division v 2019/20 UK total + 47% Phasing Division Overseas + 49% Nextdirect.com + 36% Aggregators + 181% Customer type Online total + 47% LFL + 117%
Slide 23: Online | Sales Analysis
Online | Sales Analysis Full Price £m Jan 2022 Jan 2020 Var (excl. TP) Total sales 3,104 2,147 + 45% + 47% Full price sales analysis By division v 2019/20 By customer type UK total + 47% UK credit + 27% Phasing UK cash + 116% Division Overseas + 49% Overseas cash + 36% Customer type Online total + 4
Slide 24: Online | Sales Analysis
Online | Sales Analysis Full Price £m Jan 2022 Jan 2020 Var (excl. TP) Total sales 3,104 2,147 + 45% + 47% Full price sales analysis By customer type v 2019/20 Sales participation UK credit + 27% UK cash Phasing UK cash + 116% 25% UK credit Overseas cash + 36% Division Overseas* 52% Customer type 23
Slide 25: Online | Sales Analysis
Online | Sales Analysis Full Price £m Jan 2022 Jan 2020 Var (excl. TP) Total sales 3,104 2,147 + 45% + 47% Customers Annual spend Average 2022 Average 2022 By customer type FP Sales No. v 2020 £* v 2020 UK credit + 27% 2.8m + 7% £521 + 19% Phasing UK cash + 116% 3.5m + 75% £198 + 23% Division Overse
Slide 26: Online | Sales Analysis
Online | Sales Analysis Full Price £m Jan 2022 Jan 2020 Var (excl. TP) Total sales 3,104 2,147 + 45% + 47% Customers Q2 - Q4 spend Average 2022 Average 2022 By customer type FP Sales No. v 2020 £* v 2020 UK credit + 27% 2.8m + 7% £389 + 15% Phasing UK cash + 116% 3.5m + 75% £150 + 20% Division Overs
Slide 27: Online | Profit Analysis
Online | Profit Analysis £m Jan 2022 Jan 2020 Var Total sales 3,104 2,147 Operating profit 588 410 % to sales 19.0% 19.1% - 0.1% Higher LABEL mix - 2.1% Unplanned freight costs - 0.8% Bought-in gross margin - 2.9%
Slide 28: Online | Profit Analysis
Online | Profit Analysis £m Jan 2022 Jan 2020 Var Total sales 3,104 2,147 Operating profit 588 410 % to sales 19.0% 19.1% - 0.1% Bought-in gross margin - 2.9% Full price sales* + 47% Lower surplus + 1.5% Surplus stock + 4% Achieved gross margin - 1.4% * Full price sales excludes sales made through T
Slide 29: Online | Profit Analysis
Online | Profit Analysis £m Jan 2022 Jan 2020 Var Total sales 3,104 2,147 Operating profit 588 410 % to sales 19.0% 19.1% - 0.1% Achieved gross margin - 1.4% Marketing & photography + 1.7% No printed catalogues + 1.4% Photography + 0.5% Digital marketing - 0.2%
Slide 30: Online | Profit Analysis
Online | Profit Analysis £m Jan 2022 Jan 2020 Var Total sales 3,104 2,147 Operating profit 588 410 % to sales 19.0% 19.1% - 0.1% Achieved gross margin - 1.4% Marketing & photography + 1.7% Warehouse & distribution + 0.2% Lower Online returns rate + 0.9% Air freight surcharges - 0.7%
Slide 31: Online | Profit Analysis
Online | Profit Analysis £m Jan 2022 Jan 2020 Var Total sales 3,104 2,147 Operating profit 588 410 % to sales 19.0% 19.1% - 0.1% Achieved gross margin - 1.4% Marketing & photography + 1.7% Warehouse & distribution + 0.2% Technology - 0.2% Central overheads - 0.4% Total margin movement - 0.1%
Slide 32: Online | Profit Analysis
Online | Profit Analysis £m Jan 2022 Jan 2020 Var Total sales 3,104 2,147 Operating profit 588 410 % to sales 19.0% 19.1% - 0.1% Margin by channel NEXT Brand UK 25.0% 22.2% + 2.8% LABEL UK 14.3% 14.3% + 0.0% Overseas 12.1% 16.5% - 4.4%
Slide 33: Online | Profit Analysis
Online | Profit Analysis £m Jan 2023(e) Jan 2022 Jan 2020 Total sales 3,286 3,104 2,147 Operating profit 512 588 410 % to sales ~ 15.6% 19.0% 19.1% Margin by channel NEXT Brand UK ~ 21% 25.0% 22.2% LABEL UK ~ 14% 14.3% 14.3% Overseas ~ 10% 12.1% 16.5%
Slide 34: NEXT Finance
DIVISIONAL ANALYSIS NEXT Finance
Slide 35: NEXT Finance | Key Drivers of Sales & Profit
NEXT Finance | Key Drivers of Sales & Profit £m Jan 2022 Jan 2020 Var Credit sales 1,977 1,748 + 13% Full price Online credit sales* 1,436 1,132 + 27% Markdown Online credit sales 190 180 + 5% Retail credit sales 102 167 - 39% Interest income 249 269 - 7% * Full price sales excludes sales made throu
Slide 36: NEXT Finance | Key Drivers of Sales & Profit
NEXT Finance | Key Drivers of Sales & Profit £m Jan 2022 Jan 2020 Var Credit sales 1,977 1,748 + 13% Avg. customer receivables 1,062 1,185 - 10% Monthly closing customer receivables balance £1,300m Average £1,185m 1,185 £1,100m - 10% Average £1,062m 1,062 £900m £700m Jan Jul Jan Jul Jan Jul Jan 2019
Slide 37: NEXT Finance | Key Drivers of Sales & Profit
NEXT Finance | Key Drivers of Sales & Profit £m Jan 2022 Jan 2020 Var Credit sales 1,977 1,748 + 13% Avg. customer receivables 1,062 1,185 - 10% Monthly closing customer receivables balance + 13% £1,300m Jan 2022 £1.16bn Jan 2021 £1,100m £1.03bn £900m £700m Jan Jul Jan Jul Jan Jul Jan 2019 2019 2020
Slide 38: NEXT Finance | Income Statement
NEXT Finance | Income Statement £m Jan 2022 Jan 2020 Var Credit sales 1,977 1,748 + 13% Avg. customer receivables 1,062 1,185 - 10% Interest income 249 269 - 7% Bad debt charge (27) (43) - 37% Observed default rate - 26% 4.5% 4.3% 3.7% 3.7% 3.9% 3.4% 3.3% 3.3% 3.2% Jan Jan Jan Jan Jan Jan Jan Jan Ja
Slide 39: NEXT Finance | Income Statement
NEXT Finance | Income Statement £m Jan 2022 Jan 2020 Var Credit sales 1,977 1,748 + 13% Avg. customer receivables 1,062 1,185 - 10% Interest income 249 269 - 7% Bad debt charge (27) (43) - 37% Closing provision for future defaults 9.2% 7.0% Observed default rate Jan Jan Jan Jan Jan Jan Jan Jan Jan 2
Slide 40: NEXT Finance | Income Statement
NEXT Finance | Income Statement £m Jan 2022 Jan 2020 Var Credit sales 1,977 1,748 + 13% Avg. customer receivables 1,062 1,185 - 10% Interest income 249 269 - 7% Bad debt charge (27) (43) Overheads (49) (43) Profit before cost of funding 173 183 - 6%
Slide 41: NEXT Finance | Income Statement
NEXT Finance | Income Statement £m Jan 2022 Jan 2020 Var Credit sales 1,977 1,748 + 13% Avg. customer receivables 1,062 1,185 - 10% Interest income 249 269 - 7% Bad debt charge (27) (43) Overheads (49) (43) Profit before cost of funding 173 183 Cost of funding (31) (36) Net profit 142 147 - 3% ROCE
Slide 42: NEXT Finance | Income Statement
NEXT Finance | Income Statement £m Jan 2022 Jan 2020 Var Credit sales 1,977 1,748 + 13% Avg. customer receivables 1,062 1,185 - 10% Interest income 249 269 - 7% Bad debt charge (27) (43) Overheads (49) (43) Profit before cost of funding 173 183 Cost of funding (31) (36) Net profit 142 147 - 3% Jan 2
Slide 43: Retail
DIVISIONAL ANALYSIS Fosse Park West, Leicester Opened April 2021 Retail
Slide 44: Retail | Sales & Profit Analysis
Retail | Sales & Profit Analysis £m Jan 2022 Jan 2020 Var Total sales 1,432 1,852 - 23% LFL full price sales (for the LFL weeks stores were open) - 5% By store type Regional ~ 60% of sales City centres shopping centres Retail parks - 3% - 2% Jan 2022 - 11% vs Jan 2020 - 13% - 25% Jan 2021 vs Jan 202
Slide 45: Retail | Sales & Profit Analysis
Retail | Sales & Profit Analysis £m Jan 2022 Jan 2020 Var Total sales 1,432 1,852 - 23% Operating profit incl. lease interest 65 107 177 234 - 112m - 54%
Slide 46: Retail | Sales & Profit Analysis
Retail | Sales & Profit Analysis £m Jan 2022 Jan 2020 Var Total sales 1,432 1,852 - 23% Achieved gross margin 843 1,099 - 23% Occupancy costs incl. lease interest (362) (459) - 21% Payroll (176) (210) - 16% Warehouse & distribution (108) (113) - 4% Central costs (132) (140) - 6% Operating profit inc
Slide 47: Retail | Sales & Profit Analysis
Retail | Sales & Profit Analysis Focus on rent payable Jan 2022 Jan 2020 Var Gross rent, rates and service charge payable* £310m £334m - 7% 2021/22 rent reductions Weighted No. of stores Cost reduction average term Annualised saving 60 - 46% 2.8 years £9.1m Including 19 flexible rents… of which 11 a
Slide 48: Retail | Sales & Profit Analysis
Retail | Sales & Profit Analysis Focus on rent payable Jan 2022 Jan 2020 Var Gross rent, rates and service charge payable* £310m £334m - 7% 2021/22 rent reductions Weighted No. of stores Cost reduction average term Annualised saving 60 - 46% 2.8 years £9.1m 2022/23(e) rent reductions 72 - 45% 4.5 ye
Slide 49: 2022/23 Outlook
NEXT GROUP PLC 2022/23 Outlook
Slide 50: 2022/23(e) Central Guidance | Full Price Sales
2022 /23(e) Central Guidance | Full Price Sales* v 2021/22 January + 7.0% ~1.5% loss of Russia / Ukraine sales - 2.0% March (revised) + 5.0% * Full price sales excludes sales made through Total Platform websites.
Slide 51: 2022/23(e) Central Guidance | Full Price Sales
2022 /23(e) Central Guidance | Full Price Sales v 2021/22 Total incl. interest + 5.0% + 21% + 1% + 1% 0% Q1 Q2 Q3 Q4
Slide 52: 2022/23(e) Central Guidance | Full Price Sales
2022 /23(e) Central Guidance | Full Price Sales v 2021/22 Total incl. interest + 5.0% 3 Year CAGR +5.8% + 6.0% + 5.7% + 5.8% + 5.8% Q1 Q2 Q3 Q4
Slide 53: 2022/23(e) Central Guidance | Full Price Sales
2022 /23(e) Central Guidance | Full Price Sales v 2021/22 Retail + 263% Total incl. interest Online - 9% + 5.0% + 21% Retail - 6.9% Online + 4.6% + 1% + 1% 0% Q1 Q2 Q3 Q4
Slide 54: 2022/23(e) Central Guidance | Profit
2022 /23(e) Central Guidance | Profit FP sales FP margin before movement Profit performance fixed overheads 2021/22 Retail + £160m £89m 55% £823m
Slide 55: 2022/23(e) Central Guidance | Profit
2022 /23(e) Central Guidance | Profit FP sales FP margin before movement Profit performance fixed overheads 2021/22 Retail Retail + £160m £61m £89m 38% £823m Online Loss of lockdown savings £2m Business rates relief £20m Stock loss £4m Controllables £4m
Slide 56: 2022/23(e) Central Guidance | Profit
2022 /23(e) Central Guidance | Profit FP sales FP margin before movement Profit performance fixed overheads 2021/22 Retail + £160m £61m 38% £823m Online FP sales Profit Margin Own Brand - £40m - £19m 46% 3rd Party Brands + £70m + £21m 30% + £30m + £2m 8%
Slide 57: 2022/23(e) Central Guidance | Profit
2022 /23(e) Central Guidance | Profit FP sales FP margin before movement Profit performance fixed overheads 2021/22 Retail Retail + £160m £61m £89m 38% £823m Online + £30m £2m 8% Finance £18m Total Platform & Partners £10m Cost increases Cost of living £55m £143m Higher surplus / lower clearance £35
Slide 58: 2022/23(e) Central Guidance | Profit
2022 /23(e) Central Guidance | Profit FP sales FP margin before movement Profit performance fixed overheads 2021/22 Retail Retail + £160m £61m £89m 38% £823m Online + £30m £2m 8% Finance £18m Total Platform & Partners £10m Cost increases £143m Lower incentive payments £35m Cost savings Price increas
Slide 59: 2022/23(e) Central Guidance | Profit £850m
2022 /23(e) Central Guidance | Profit FP sales FP margin before movement Profit performance fixed overheads 2021/22 Retail Retail + £160m £61m £89m 38% £823m Online + £30m £2m 8% Finance £18m Total Platform & Partners £10m Cost increases £143m Cost savings 2022/23(e) £79m £850m + 3.3% EPS + 4.9%
Slide 60: 2022/23(e) Central Guidance: scenarios
2022 /23(e) Central Guidance Scenario v LY Downside Central Upside If full price sales * + 2% + 5% + 8% £ Profit before tax £795m £850m £895m % Profit before tax - 3.4% + 3.3% + 8.7% EPS - 1.9% + 4.9% + 10.4% * Full price sales excludes sales made through Total Platform websites. EPS is shown post t
Slide 61: 15 Year Stress Test
15 Year Stress Test
Slide 62: 15 Year Stress Test: March 2019 Assumptions
15 Year Stress Test March 2019 Assumptions Retail LFL - 10% Online + 7.5% Annual capex £110m
Slide 63: 15 Year Stress Test: Assumptions
15 Year Stress Test March 2019 Assumptions March 2022 Assumptions Retail LFL - 10% Retail LFL - 10% From Jan 24 Online * + 7.5% Online * + 6.4% Annual capex £110m Annual capex £160m * 15 year growth CAGR
Slide 64: Online assumptions
15 Year Stress Test March 2022 Assumptions Online assumptions Retail LFL - 10% From Jan 24 15 yr growth (CAGR) Constant margins Online * + 6.4% Annual capex £160m NEXT UK online + 3.8% 21.0% UK LABEL + 7.5% 13.6% Overseas + 9.6% 12.0% Online total + 6.4%
Slide 65: 15 Year Stress Test: Online net cash per annum
15 Year Stress Test Online total + 6.4% £1.6bn £1.4bn £1.2bn £1.0bn £800m £600m Online net cash per annum £400m £200m £0m - £200m Jan 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Jan 2023 2037
Slide 66: 15 Year Stress Test
15 Year Stress Test Online total + 6.4% Cum. net cash £14.7bn No. of stores 330 Retail LFL - 10% £1.6bn £1.4bn £1.2bn £1.0bn £800m £600m Online net cash per annum £400m £200m Retail net cash per annum £0m - £200m Jan 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Jan 2023 2037
Slide 67: 15 Year Stress Test
15 Year Stress Test Online total + 6.4% Cum. net cash £14.7bn No. of stores 330 Retail LFL - 10% £1.6bn £1.4bn £1.2bn £1.0bn £800m £600m £400m Group CAGR + 4.1% (2019 + 3.0%) Online 2022 Years 1-5 + 7.0% Years 6-10 + 7.2% Years 11-15 + 5.1% - £200m Jan 2024 2025 2026 2027 2028 2029 2030 2031 2032 20
Slide 68: 15 Year Stress Test
15 Year Stress Test Online total + 6.4% Cum. net cash £14.7bn No. of stores 330 Retail LFL - 10% Group CAGR + 4.1% £1.6bn £1.4bn £1.2bn 12 Year Online CAGR 2023 - 2034 £1.0bn £800m £600m £400m Forecasted March 2022 + 6.8% + 4.9% £200m Forecasted March 2019 + 6.8% £0m - £200m Jan 2024 2025 2026 2027
Slide 69: 15 Year Stress Test: not a plan, not a forecast
15 Year Stress Test Group CAGR + 4.1% Cum. net cash £14.7bn No. of stores 330 £1.6bn £1.4bn A scenario… 12 Year Online CAGR £1.2bn NOT A PLAN 2023 - 2034 £1.0bn NOT A FORECAST £800m NOT GUIDANCE £600m £400m …but it is important £200m £0m - £200m Jan 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Slide 70: Business Evolution
NEXT Business Evolution
Slide 71: Products, Marketing, Operations
PRODUCTS MARKETING OPERATIONS
Slide 72: NEXT Product Business and The Label Business
NEXT PRODUCT THE LABEL BUSINESS BUSINESS MARKETING PRODUCTS OPERATIONS & AGGREGATION
Slide 73: Sourcing, Design, Stock Control, Quality
• Sourcing • Design • Stock Control • Quality
Slide 74: Choice growth: Fashion and Home
FASHION + 225% 43k NEXT Options • Choice Growth HOME + 59% 13k 15k 10k 2017 2022 2017 2022
Slide 75: New categories
• Choice Sports Pets • New categories Children’s Bedroom Outdoor
Slide 76: Collaborations
• Choice • New categories • Collaborations
Slide 77: Reverse licensing
Wallpaper • Choice • New categories • Collaborations • Reverse licensing Skiwear
Slide 78: 3rd party licensing
• Choice • New categories • Collaborations • Reverse licensing • 3rd party licensing
Slide 79: New brands
• Choice • New categories • Collaborations • Reverse licensing • 3rd party licensing • New brands
Slide 80: Choice, categories, collaborations, licensing, new brands
• Choice • New categories • Collaborations • Reverse licensing • 3rd party licensing • New brands
Slide 81: Improved service and profit
• Improved service and profit
Slide 82: Improved offer
• Improved service and profit • Improved offer • New brands
Slide 83: Platform Plus
• Improved service and profit • Improved offer • New brands • Platform Plus
Slide 84: Pre-emptive platform
• Improved service and profit • Improved offer • New brands • Platform Plus • Pre-emptive platform
Slide 85: Next Direct Dispatch
• Improved service and profit • Improved offer • New brands • Platform Plus • Pre-emptive platform • Next Direct Dispatch
Slide 86: Improved service and profit
• Improved service and profit • Improved offer • New brands • Platform Plus • Pre-emptive platform • Next Direct Dispatch
Slide 87: Total Platform brand partners
NEXT -—O . 7S Sellin ile g aab BAUKWEN BHS CHINTI & PARKER coacH €mma' FURLA JACAMD JIGSAW Jolie Mois? KARL LAURA ASHLEY leem — LULU GUINNESS MANGO PAIGE GEEVeRS = SEROPHINE SVV/OON__IDWILLIAMS YANKEe CANDLE 5 MADE BY ZEN* NEXT we
Slide 88: Margin 5%, ROCE > 20%
NEXT PRODUCT THE LABEL TOTAL PLATFORM BUSINESS BUSINESS BUSINESS MARKETING OPERATIONS PRODUCTS & AGGREGATION & FULFILMENT MARGIN 5% ROCE > 20%
Slide 89: Margin 5%, ROCE > 20%
NEXT PRODUCT THE LABEL TOTAL PLATFORM BUSINESS BUSINESS BUSINESS MARKETING OPERATIONS PRODUCTS & AGGREGATION & FULFILMENT MARGIN 5% ROCE > 20%
Slide 90: Margin by business
NEXT PRODUCT THE LABEL TOTAL PLATFORM BUSINESS BUSINESS BUSINESS MARKETING OPERATIONS PRODUCTS & AGGREGATION & FULFILMENT MARGIN 5% 5% 14% 21%
Slide 91: Margin by business
NEXT PRODUCT THE LABEL TOTAL PLATFORM BUSINESS BUSINESS BUSINESS MARKETING OPERATIONS PRODUCTS & AGGREGATION & FULFILMENT MARGIN 5% 14% 9% 21% 16%
Slide 92: Margin, capex and risk by business
NEXT PRODUCT THE LABEL TOTAL PLATFORM BUSINESS BUSINESS BUSINESS MARKETING OPERATIONS PRODUCTS & AGGREGATION & FULFILMENT MARGIN 16% 9% 5% CAPEX Low High RISK High Low
Slide 93: Cash stability
CASH MARKETING, OPERATIONS MARKETING PRODUCTS Mutual Interest AGGREGATION &&AGGREGATION FULFILMENT & OPERATIONS STABILITY