Truworths International Limited · JSE:TRU
Truworths International — FY2023 Earnings Presentation
77 slides from Truworths International's earnings presentation, September 2023
Slide 1: Group Annual Results for the 52 weeks ended 2 July 2023
GROUP ANNUAL RESULTS FOR THE 52 WEEKS ENDED 2 JULY 2023
Slide 2: The Truworths Shareholder Vision
The Truworths Shareholder Vision is to execute innovative strategies which deliver significant value over time WE MEASURE OUR SUCCESS THROUGH LONG-TERM WEALTH CREATION
Slide 3: Our Business Philosophy
3 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 OUR PURPOSE OUR VALUES OUR VISION defines the essence and fundamental ingredients of how we shape the business culture and behaviours required to d
Slide 4: Performance Against Targets and Peers
4 PERFORMANCE AGAINST TARGETS AND PEERS Sector-leading operating and productivity metrics All medium-term targets met or exceeded Truworths International Medium-term 2023 targets 52 weeks (published in Local International Pro forma FY22) benchmark* benchmark* Gross margin (%) 52.5 49 – 53 43.6 54.3
Slide 5: Delivering with a Long-Term Focus
DELIVERING WITH A LONG-TERM FOCUS IS KEY TO OUR 5 BUSINESS PHILOSOPHY • Repurchased 51.9 million shares (12% of issued shares) in 2020-2022 for R2.5 billion with excess cash; creating value for shareholders • Maintained our dividend cover, even during COVID-19, to ensure our investors received a ret
Slide 6: Delivering on Our Business Philosophy
6 DELIVERING ON OUR BUSINESS PHILOSOPHY • We sell ‘aspiration’ so we continued to focus on superior quality, aspirational fashion, resisting redirecting our merchandise range into a lower-priced, lower quality ‘value’ offering • Focused on merchandise opportunities where we are under represented and
Slide 7: Total Shareholder Return
TOTAL SHAREHOLDER RETURN 7 2020 TO 2023 (COVID & BEYOND) (cents) 36.2% compound annual total shareholder return 10 000 9 000 8 000 1 420 7 000 6 000 3 818 5 000 8 666 4 000 7 246 3 000 2 000 3 428 1 000 - Share price Change in share price Share price Dividends Total shareholder value Jun-20 2021 - 2
Slide 8: ROIC vs WACC
8 ROIC vs WACC 3rd consecutive year that ROIC has (%) been at least double WACC 40 Start of COVID- 35 35 19 pandemic 30 28 25 24 COVID-19 and Office Office 20 intangibles intangibles impairment impairment 15 14 14 12 12 11 10 9 5 - (1) (5) Jun 2019 Jun 2020 Jun 2021 Jun 2022 Jun 2023 (53 weeks) ROIC
Slide 9: Agenda
1. FINANCIAL REVIEW 2. ACCOUNT MANAGEMENT 3. STRATEGIC INITIATIVES ASPIRATIONAL FASHION SUPPLY CHAIN CUSTOMERS 4. ENVIRONMENTAL, SOCIAL AND GOVERNANCE 5. OUTLOOK 6. QUESTIONS
Slide 10: Financial Review Group
1.1 FINANCIAL REVIEW GROUP
Slide 11: Financial Performance
FINANCIAL PERFORMANCE 11 GROUP Change on Change on Change on prior period prior period prior period Jun 23 Jun 22 Jun 23 Jun 22 52-weeks 52-weeks 52-weeks Pro Actual on Actual on 52- Forma* on 52 weeks 53 weeks 52 weeks 52 weeks 53-weeks weeks Pro 52-weeks Pro Pro Pro Actual Forma* Forma* Actual Act
Slide 12: Financial Performance
FINANCIAL PERFORMANCE 12 GROUP RETURN ON EQUITY (ROE) AND RETURN ON ASSETS AND DPS AND DILUTED HEPS RETURN ON CAPITAL (ROC) ASSET TURNOVER (cents) (%) (%) (times) 1 000 80 35 2.0 72 900 861 69 69 70 30 1.8 800 771 743 60 1.6 700 25 50 50 48 48 1.3 1.3 1.3 570 565 50 1.4 600 517 505 505 20 1.2 500 40
Slide 13: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE 13 GROUP Continued HEPS growth post COVID Pre-Office Incl. Office Post-Office acquisition (7 months) acquisition Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 HEPS (cents) 577 594 668 662 616 572 410 520 780 873 HEPS growth 1% 3% 12% -1% -7% -
Slide 14: Statements of Financial Position
STATEMENTS OF FINANCIAL POSITION 14 GROUP Change on Jun 2023 Jun 2022 prior period Rm Rm % Property, plant and equipment 2 069 1 685 23 Right-of-use assets 3 329 2 594 28 Intangible assets 590 539 9 Goodwill 294 294 - Inventories 2 244 1 819 23 Trade and other receivables 5 546 4 908 13 Cash and cas
Slide 15: Capital Management
CAPITAL MANAGEMENT 15 GROUP Jun 2023 Jun 2022 Net (debt)/cash Net (debt)/cash Net (debt)/cash to equity % Net (debt)/cash to equity % Group Rm (850) (11.1) (564) (9.2) Truworths Rm (1 876) (18.4) (1 100) (17.7) Office £m 42.8 79.1 27.1 148.1 Share buy-backs Funding Dividends • Since January 2020 (in
Slide 16: Cash Flow Analysis
Net debt at period-end R850 million CASH FLOW ANALYSIS 16 GROUP (Rm) 6 000 Operating cash flows Capital allocation 5 000 16 (376) 1 139 Includes R310 million in (1 227) (1 068) relation to the new Truworths 4 000 DC. The cost of land (which is a 99-year lease) of (150) R77 million is included in 3 0
Slide 17: Financial Review Truworths
1.2 FINANCIAL REVIEW TRUWORTHS
Slide 18: Performance Overview
PERFORMANCE OVERVIEW 18 TRUWORTHS • Good performance in Truworths H1, slowing in H2 as macro pressures increased • SA macro materially impacted by electricity load shedding worsening from September 2022 onwards • 87% of SA turnover protected through backup power and balance does not require back up
Slide 19: Income Statement (Pro Forma)
INCOME STATEMENT 19 TRUWORTHS (PRO FORMA) Pro forma 52 on 52 weeks excluding the impact of the indirect tax matter and 53rd week in prior period Jun 2023 Jun 2022 52 weeks 52 weeks Change on Pro forma Pro forma prior period Rm Rm % Sale of merchandise 14 204 13 044 9 Cost of sales (6 331) (5 642) 12
Slide 20: Income Statement
INCOME STATEMENT 20 TRUWORTHS Reported 52 on 53 weeks, including the impact of the indirect tax matter Jun 2023 Jun 2022 52 weeks 53 weeks Change on Actual Actual prior period Rm Rm % Sale of merchandise 14 204 13 273 7 Cost of sales (6 331) (5 743) 10 Gross profit 7 873 7 530 5 Other income 762 555
Slide 21: Divisional Retail Sales
DIVISIONAL RETAIL SALES 21 TRUWORTHS Jun 2023 Jun 2022 Jun 2022 Change 52 on Change 52 on 52 weeks 53 weeks 52 weeks 53 weeks 52 weeks Rm Rm Rm % % Truworths ladieswear 5 383 4 974 4 894 8 10 Truworths menswear 3 734 3 645 3 583 2 4 Truworths kids 1 522 1 409 1 392 8 9 Other# 1 947 1 671 1 641 17 19
Slide 22: Stores and Trading Space
STORES AND TRADING SPACE 22 TRUWORTHS TRUWORTHS – STORES TRUWORTHS – TRADING SPACE Stores New Closed Stores Jun 2023 Jun 2022 Jun 2022 stores stores Jun 2023 ‘000 m2 ‘000 m2 Truworths 346 6 (2) 350 Truworths 301 298 Identity 247 6 (2) 251 Identity 68 66 Uzzi 37 - (1) 36 Uzzi 3 3 Truworths Man 34 1 (
Slide 23: Sales Densities Trend
SALES DENSITIES TREND 23 TRUWORTHS Highest ever trading density R per m2 45 000 39 359 40 000 37 350 36 317 36 510 35 256 35 682 34 586 34 857 34 649 35 000 32 357 30 000 25 000 20 000 15 000 10 000 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022 Jun 2023 (52 wks)
Slide 24: Merchandise Inflation Trend
MERCHANDISE INFLATION TREND 24 TRUWORTHS RSP Inflation (%) 20.0 Average merchandise (RSP) inflation of 12.6% for the 2023 financial period 15.0 10.0 5.0 - (5.0) (10.0) 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 Winter Summer Winter Summer Winter Su
Slide 25: Gross Profit Trend
GROSS PROFIT TREND 25 TRUWORTHS (Rbn)) (%)) 9.0 70 8.0 55.5 55.6 56.7 60 55.4 54.1 7.0 50 6.0 5.0 40 4.0 30 3.0 20 2.0 10 1.0 7.1 6.5 6.7 7.5 7.9 - - Jun 2019 Jun 2020 Jun 2021 Jun 2022 Jun 2023 (53 wks) Gross profit Gross margin
Slide 26: Analysis of Trading Expenses
ANALYSIS OF TRADING EXPENSES 26 TRUWORTHS Change on Jun 2023 Jun 2022 prior period Rm Rm % Depreciation and amortisation 1 139 1 046 9 Employment costs 1 915 1 806 6 Occupancy costs 604 575 5 Trade receivable costs 1 265 851 49 Other operating costs 1 134 1 000 13 Trading expenses 6 057 5 278 15
Slide 27: Analysis of Trading Expenses (continued)
ANALYSIS OF TRADING EXPENSES 27 TRUWORTHS (CONTINUED) Depreciation and amortisation • Depreciation in respect of PPE and software up 2%. • Right-of-use assets depreciation increased 12% due to an increase in the number of leases 9% accounted for under IFRS 16 compared to the prior period. Employmen
Slide 28: Analysis of Trading Expenses (continued)
ANALYSIS OF TRADING EXPENSES 28 TRUWORTHS (CONTINUED) Trade receivable costs • Net bad debt and related costs, excluding the movement in the expected credit loss (ECL) 49% allowance, increased 31% to R1 145 million, due to: • higher bad debt (up 26%) attributed to the strong first half (current per
Slide 29: Profit Before Finance Costs and Tax
PROFIT BEFORE FINANCE COSTS AND TAX 29 TRUWORTHS (Rbn)) (%)) 4.0 40 37 35 35 34 3.5 35 32 31 3.0 30 28 2.5 27 25 27 26 22 23 2.0 20 1.5 15 1.0 10 0.5 5 3.6 2.6 2.9 3.5 3.6 3.7 - - Jun 2019 Jun 2020 Jun 2021 Jun 2022 Jun 2022 Jun 2023 (52 wks) (53 wks) Profit before finance costs and tax EBITDA margi
Slide 30: Capital Expenditure
CAPITAL EXPENDITURE 30 TRUWORTHS Actual Actual Committed Change on Jun 2023 Jun 2022 Jun 2024 prior period Rm Rm Rm % Store renovations and 300 222 286 35 development Computer infrastructure 34 54 60 (37) and software Land, buildings and 4 5 4 (20) refurbishment Motor vehicles 3 2 3 50 Distribution
Slide 31: Cash Flow Analysis
Net debt at period-end R1.9 billion CASH FLOW ANALYSIS 31 TRUWORTHS (Rm) 5 000 Operating cash flows Capital allocation 4 000 16 (351) Includes R310 million in 1 129 relation to the new Truworths (1 059) (869) DC. The cost of land (which is 3 000 a 99-year lease) of (90) R77 million is included in (8
Slide 32: Financial Review Office
1.3 FINANCIAL REVIEW OFFICE
Slide 33: Performance Overview
PERFORMANCE OVERVIEW 33 OFFICE • Strong performance in Office led by post COVID-19 recovery, while continuing to close marginal and loss making space (including all German stores) and opening first new store in 3 years • Renovated 2 stores in key locations, with a further 4 renovations and/or extens
Slide 34: Income Statement (Pro Forma)
INCOME STATEMENT 34 OFFICE (PRO FORMA) Pro forma 52 on 52 weeks excluding the 53rd week in prior period Jun 2023 Jun 2022 52 weeks 52 weeks Change on Actual Pro forma prior period £’m £’m % Sale of merchandise 265.4 224.4 18 Cost of sales (145.4) (125.3) 16 Gross profit 120.0 99.1 21 Other income 9.
Slide 35: Income Statement
INCOME STATEMENT 35 OFFICE Reported 52 on 53 weeks Jun 2023 Jun 2022 52 weeks 53 weeks Change on Actual Actual prior period £’m £’m % Sale of merchandise 265.4 228.1 16 Cost of sales (145.4) (127.3) 14 Gross profit 120.0 100.8 19 Other income 9.5 5.8 64 Trading expenses (81.1) (66.5) 22 Depreciation
Slide 36: Geographic Sales and Number of Stores
GEOGRAPHIC SALES AND NUMBER OF STORES 36 OFFICE Change Change Retail sales Retail sales Retail sales on prior period on prior period Jun 2023 Jun 2022 Jun 2022 52 on 53 52 on 52 Number of Number of 52 weeks 53 weeks 52 weeks weeks weeks stores stores £m £m £m % % Jun 2023 Jun 2022 United Kingdom 246
Slide 37: Analysis of Trading Expenses
ANALYSIS OF TRADING EXPENSES 37 OFFICE Change on Jun 2023 Jun 2022 prior period £’m £’m % Depreciation and amortisation 10.3 5.7 81 Employment costs 27.5 23.3 18 Occupancy costs 16.6 11.2 48 Other operating costs 26.7 26.3 2 Trading expenses 81.1 66.5 22
Slide 38: Analysis of Trading Expenses (continued)
ANALYSIS OF TRADING EXPENSES 38 OFFICE (CONTINUED) Depreciation and amortisation • Depreciation on PPE and software decreased by 11% due to assets becoming fully depreciated and lower 81% capital expenditure in recent years. • Depreciation on right-of-use assets increased >100% due to right-of-use
Slide 39: Profit Before Finance Costs and Tax
PROFIT BEFORE FINANCE COSTS AND TAX 39 OFFICE (£m)) (%)) 60 30 50 25 22 20 20 40 19 20 18 17 30 15 10 20 10 4 5 10 5 3 7 9 39 40 49 - ( 1) - ( 3) ( 10) ( 10) ( 5) Jun 2019^ Jun 2020^ Jun 2021 Jun 2022 Jun 2022 Jun 2023 (52 wks) (53 wks) Profit before finance costs and tax EBITDA margin Operating mar
Slide 40: Capital Expenditure
CAPITAL EXPENDITURE 40 OFFICE Actual Actual Committed Change on Jun 2023 Jun 2022 Jun 2024 prior period £’m £’m £’m % Store renovations and 2.6 - 3.8 100 development Computer infrastructure 1.3 1.0 2.3 30 and software Distribution facilities - - 0.3 - Total 3.9 1.0 6.4 >100
Slide 41: Cash Flows
Net cash at period-end £42.8 million CASH FLOWS 41 OFFICE (£’m) 60 Operating cash flows Capital allocation 50 (7.0) 0.5 (2.8) 40 (8.4) (1.1) 30 51.9 (15.1) 20 33.1 (2.0) (7.0) 10 16.0 (1.9) 7 .1 - Cash Working Interest Interest paid Tax Capex Free Lease liabilities Capex Cash Borrowings Acquisition
Slide 42: Account Management
2 ACCOUNT MANAGEMENT
Slide 43: Our Approach to Managing Credit Risk
43 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 por
Slide 44: Overview
44 OVERVIEW • South African credit market under pressure with high interest rates, high inflation, sustained high levels of unemployment and continual load shedding • Truworths maintained strict new account credit granting criteria with 15% of applications resulting in opened accounts • Strategy was
Slide 45: TU SA Consumer Credit Index – 2023Q2
45 TU SA CONSUMER CREDIT INDEX – 2023Q2 The index measures consumer credit health where 50.0 is the The TransUnion SA Consumer Credit Index (CCI) fell sharply from 43 in break-even level between improvement and deterioration. 2023 Q1 to 39 in 2023 Q2. Compared to the previous year there’s been a Tra
Slide 46: Impact of Credit Cycle on Cost of the Book
Trade receivables cost IMPACT OF CREDIT CYCLE ON COST OF THE BOOK (net of interest) increased R72 million 46 TRUWORTHS on prior period (Rm) Gross bad debt up 26% 600 Lower recoveries than prior period – the prior period experienced higher recoveries following the increased bad debt levels in the 202
Slide 47: Trade Receivable Statistics
TRADE RECEIVABLE STATISTICS 47 TRUWORTHS Jun Jun 2023 2022 Number of active accounts (000's) 2 799 2 649 Change in number of active accounts (%) 6 2 Gross trade receivables (before expected credit loss allowance) (Rm) 6 561 5 872 Change in gross trade receivables (before expected credit loss allowan
Slide 48: Active Accounts Market Share
48 May-23 Apr-23 Mar-23 Feb-23 Jan-23 Dec-22 Nov-22 Oct-22 Sep-22 Aug-22 Jul-22 Jun-22 Truworths’ active accounts market share highest in 5 years May-22 Apr-22 Mar-22 Feb-22 Jan-22 Dec-21 Nov-21 Oct-21 Sep-21 Aug-21 Jul-21 Jun-21 May-21 Apr-21 Mar-21 Truworths Group Feb-21 Jan-21 Dec-20 Nov-20 Oct-2
Slide 49: Total 4+ Cycle Balances
49 Deteriorating Improving May-23 Late stage portfolio seeing similar pattern for May / June, albeit at slightly higher levels Apr-23 Mar-23 Feb-23 Jan-23 Dec-22 Nov-22 Oct-22 Sep-22 Aug-22 Jul-22 Jun-22 May-22 Apr-22 Mar-22 Feb-22 Jan-22 Dec-21 Nov-21 Oct-21 Sep-21 Truworths Group Aug-21 Jul-21 Jun
Slide 50: Long Term Trend of the Up-to-Date Book
50 Improving Deteriorating Jul-23 Feb-23 Sep-22 Apr-22 Nov-21 Jun-21 Jan-21 Aug-20 Mar-20 Oct-19 Up-to-date book improving and in line with historic norms May-19 Dec-18 Jul-18 Feb-18 Sep-17 Apr-17 LONG TERM TREND OF THE UP-TO-DATE BOOK Nov-16 Jun-16 Jan-16 Aug-15 Mar-15 Oct-14 May-14 Less than 30 da
Slide 51: New Accounts – Risk Approved vs. Opened
51 NEW ACCOUNTS – RISK APPROVED VS. OPENED Applications and Risk Approved vs Opened Percentage 6 000 5 000 No of Applications ('000) 4 000 3 000 2 000 1 000 1 834 1 940 2 118 1 833 2 201 2 801 3 470 3 794 5 033 5 353 - Jul - Jun Jul - Jun Jul - Jun Jul - Jun Jul - Jun Jul - Jun Jul - Jun Jul - Jun J
Slide 52: New Account Applications by Age
52 NEW ACCOUNT APPLICATIONS BY AGE 7% 26% 15% 14% 20% 18% 18 - 24 25 - 29 30 - 34 35 - 39 40 - 49 50+
Slide 53: Strategic Initiatives: Aspirational Fashion
3.1 STRATEGIC INITIATIVES ASPIRATIONAL FASHION
Slide 54: Aspirational Fashion
54 ASPIRATIONAL FASHION • Continue to Focus on creating differentiated and elevated product • Continue to grow our new Sync and Fuel brands, leveraging off the learnings we have obtained since launch • Focus on growing categories where we feel we are under-represented, or should have additional mark
Slide 55: Strategic Initiatives: Supply Chain
3.2 STRATEGIC INITIATIVES SUPPLY CHAIN
Slide 56: Supply Chain
56 SUPPLY CHAIN • Integrate our in-house design capability to improve our product design process and to allow us to react much faster to changing trends in the market • Stabilise our existing local supply chain • Establish a trainee programme in the manufacturing design area, with focus on core skil
Slide 57: Strategic Initiatives: Customers
3.3 STRATEGIC INITIATIVES CUSTOMERS
Slide 58: Customers: Omni-Channel
CUSTOMERS 58 OMNI-CHANNEL • Work to deliver a seamless and consistent customer experience across all channels, platforms and devices • Add functionality to align with what is offered in the store environment • Improve customer-facing online experience • Implement enhanced product recommendations bas
Slide 59: Growing E-Commerce Contribution
59 GROWING E-COMMERCE CONTRIBUTION Contribution from e-commerce across Truworths and Office approx. 15% of Group sales 2019 2023 9% 12% 0% 3% 85% 91% Store sales Truworths e-commerce sales Office e-commerce sales Store sales Truworths e-commerce sales Office e-commerce sales
Slide 60: Customers: Credit
CUSTOMERS 60 CREDIT • Improve the predictive power of our multitude of scorecards through the use of additional data sources and new model building techniques • Investigate opportunities to use artificial intelligence across the credit lifecycle • Add additional channels for both account acquisition
Slide 61: Environmental, Social and Governance
4 ENVIRONMENTAL, SOCIAL AND GOVERNANCE Truworths is committed to sustainable business practices and responsible environmental, social and governance (ESG) practices, which are essential in creating and sustaining long-term value
Slide 62: Environment
62 ENVIRONMENT Truworths is committed 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 63: Environment (continued)
ENVIRONMENT 63 (CONTINUED) We have aligned our ESG strategy with 7 of the United Nations’ Sustainable Development Goals (SDGs) NO GOOD HEALTH QUALITY POVERTY AND WELL-BEING EDUCATION End poverty in all its forms Ensure healthy lives and Ensure inclusive and equitable everywhere promote well-being fo
Slide 64: Environment (continued)
ENVIRONMENT 64 (CONTINUED) • Maintained a B-rating in the 2022 CDP Climate Change Review; we again participated in the 2023 Climate Change Review (submitted in July 2023) • Green loan secured for our new distribution centre, which is to be certified as an EDGE Advanced Green Building with environmen
Slide 65: Social: Supporting Our People
SOCIAL 65 SUPPORTING OUR PEOPLE • We endeavor to create an environment that values inclusivity and diversity and ensures equal opportunity while respecting human rights • We continue to create a culture of giving by encouraging employees to participate in team activities like our Mandela Munchies da
Slide 66: Social: Strengthening Our Communities
SOCIAL 66 STRENGTHENING OUR COMMUNITIES • Truworths is committed to contributing to the society in which it operates • Through our Corporate Social Investment (CSI) programmes and initiatives, Truworths Involved has partnered with non-profit organisations working in communities to ensure a sustainab
Slide 67: Governance
67 GOVERNANCE We believe that good governance contributes to better corporate performance and creates value for shareholders and other stakeholders • ESG and transformation • Continued improvement in BBBEE score • Refreshed Business Philosophy to address Diversity and Inclusivity • Appointed externa
Slide 68: Outlook
5 OUTLOOK
Slide 69: Outlook: Sales and Trading Space
OUTLOOK 69 SALES AND TRADING SPACE • Group retail sales for the first eight weeks of the 2024 financial period compared to the first eight weeks of the 2023 financial period increased by 15% • up 5.3% in Truworths • up 19.5% in Office (in Sterling) • Group trading space is projected to increase by 2
Slide 70: Outlook: Truworths
OUTLOOK 70 TRUWORTHS • Macro environment is expected to remain tough however the Group is cautiously optimistic on the medium-term outlook for the domestic economy. • Household spending will benefit as inflation continues to moderate, with the potential for interest rate relief, while a sustained re
Slide 71: Outlook: Office
OUTLOOK 71 OFFICE • The Group is optimistic on the robust demand for Office’s product offering, both in-store and online despite trading headwinds. • Office’s growth will be driven by introducing and growing new brands, new store openings and the renovation and extension of existing stores in strate
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: Summarised Group Statements of Comprehensive Income
© i SUMMARISED GROUP STATEMENTS OF COMPREHENSIVE INCOME 52 weeks 53 weeks to 2 Jul to 3 Jul 2022 Audited Change Audited Note % Rm Revenue 4 21992 13.7 19 340 Sale of merchandise 4 19 894 11.2 17 886 Cost of sales (9 445) (8 316) Gross profit 10 449 9.2 9570 Other income 4 939 655 Trading expenses (7
Slide 77: Summarised Group Statements of Financial Position
KR &g SUMMARISED GROUP STATEMENTS OF FINANCIAL POSITION at 2 Jul 2023 Audited Note Rm ASSETS Non-current assets 6716 Property, plant and equipment 2 069 Right-of-use assets 7 3329 Intangible assets 590 Goodwi 294 Loans and receivables 7 Assets held at fair value 36 Deferred tax 321 Current assets 94
Truworths International — FY2023 Earnings Presentation on 6ix