Warehouse Group Ltd.NZX: WHS

FY25 Interim Financial Statements

Mar 20, 2025 at 8:47 PM UTC · MarketScreener

The Warehouse Group Limited

Interim Financial Statements

For the 26 weeks ended 26 January 2025

For and on behalf of the Board

Joan Withers	Dean Hamilton
Chair	Chair of the Audit and Risk Committee
20 March 2025

Consolidated Income Statement

		Unaudited	Unaudited	Audited
		26 Weeks	26 Weeks	52 Weeks
		Ended	Ended	Ended
		26 January	28 January	28 July
	Note	2025	2024	2024
		$ 000	$ 000	$ 000
Continuing operations
Retail sales	3	1,607,207	1,632,746	3,037,597
Cost of retail goods sold		(1,085,460)	(1,073,023)	(2,016,731)

Gross profit		521,747	559,723	1,020,866
Other income		7,744	2,499	7,943
Employee expense		(265,580)	(265,386)	(512,146)
Depreciation and amortisation expense		(77,041)	(80,054)	(158,558)
Other operating expense		(148,004)	(153,980)	(290,284)

Operating profit from continuing operations	3	38,866	62,802	67,821
Unusual items	4	-	-	(8,883)

Earnings before interest and tax from continuing operations		38,866	62,802	58,938
Interest on leases	12	(17,858)	(18,249)	(36,527)
Other net interest		(4,124)	436	(1,850)
Profit before tax from continuing operations		16,884	44,989	20,561
Income tax expense		(4,894)	(12,933)	(14,021)

Net profit for the period from continuing operations		11,990	32,056	6,540

Discontinued operations
Loss from discontinued operations (net of tax)	17	-	(55,506)	(60,304)

Net profit/(loss) for the period		11,990	(23,450)	(53,764)

Attributable to:
Shareholders of the parent		11,791	(23,659)	(54,181)
Minority interests		199	209	417

		11,990	(23,450)	(53,764)

Profit/(loss) attributable to shareholders of the parent relates to:
Profit from continuing operations		11,791	31,847	6,123
Loss from discontinued operations		-	(55,506)	(60,304)

		11,791	(23,659)	(54,181)

Basic and diluted earnings per share attributable to shareholders of the parent:
Basic and diluted earnings per share		3.4 cents	(6.9) cents	(15.7) cents
Basic and diluted earnings per share from continuing operations		3.4 cents	9.2 cents	1.8 cents
Basic and diluted earnings per share from discontinued operations		-	(16.1) cents	(17.5) cents

Consolidated Statement of Comprehensive Income

	Unaudited	Unaudited	Audited
	26 Weeks	26 Weeks	52 Weeks
	Ended	Ended	Ended
	26 January	28 January	28 July
	2025	2024	2024
	$ 000	$ 000	$ 000
Net profit/(loss) for the period	11,990	(23,450)	(53,764)
Items that may be reclassified subsequently to the income statement
Movement in foreign currency translation reserve	200	60	247
Movement in hedge reserves (net of tax)	176	396	7,128

Total comprehensive income/(loss) for the period	12,366	(22,994)	(46,389)

Attributable to:
Shareholders of the parent	12,167	(23,203)	(46,806)
Minority interest	199	209	417

Total comprehensive income/(loss)	12,366	(22,994)	(46,389)

Consolidated Balance Sheet

		Unaudited	Unaudited	Audited
		As at	As at	As at
		26 January	28 January	28 July
	Note	2025	2024	2024
ASSETS		$ 000	$ 000	$ 000

Current assets
Cash and cash equivalents	13	44,322	38,557	32,204
Trade and other receivables	6	94,001	88,288	72,901
Inventory	5	533,292	492,680	472,128
Derivative financial instruments	14	16,610	4,401	10,786
Taxation receivable		2,321	9,243	2,779
		690,546	633,169	590,798
Assets held for sale	19	-	25,713	-
Total current assets		690,546	658,882	590,798
Non current assets
Trade and other receivables	6	24,348	27,745	26,321
Property, plant and equipment	9	168,631	205,802	187,208
Intangible assets	10	150,225	165,921	159,112
Right of use assets	11	583,433	617,209	601,610
Deferred taxation		85,896	99,400	89,824
Total non current assets		1,012,533	1,116,077	1,064,075
Total assets		1,703,079	1,774,959	1,654,873
LIABILITIES
Current liabilities
Borrowings	13	25,350	57,300	82,900
Trade and other payables	7	577,005	511,414	461,453
Derivative financial instruments	14	1,133	3,022	78
Lease liabilities	12	94,470	89,981	100,098
Provisions	8	39,924	42,706	42,553
		737,882	704,423	687,082
Liabilities connected to assets held for sale	18	-	29,765	-
Total current liabilities		737,882	734,188	687,082
Non current liabilities
Lease liabilities	12	622,166	665,039	636,714
Provisions	8	20,326	22,974	20,342
Total non current liabilities		642,492	688,013	657,056
Total liabilities		1,380,374	1,422,201	1,344,138
Net assets		322,705	352,758	310,735
EQUITY
Contributed equity		360,235	360,235	360,235
Reserves		6,957	1,017	6,581
Retained earnings		(45,474)	(9,470)	(57,265)
Total equity attributable to shareholders		321,718	351,782	309,551
Minority interest		987	976	1,184
Total equity		322,705	352,758	310,735

Consolidated Statement of Cash Flows

	Unaudited	Unaudited	Audited
	26 Weeks	26 Weeks	52 Weeks
	Ended	Ended	Ended
	26 January	28 January	28 July
Note	2025	2024	2024
Cash flows from operating activities	$ 000	$ 000	$ 000

Cash received from customers	1,600,303	1,700,688	3,137,910
Payments to suppliers and employees	(1,454,621)	(1,530,396)	(2,911,346)
Income tax paid	(576)	(10,364)	(4,582)
Income tax refunded	-	-	7,995
Interest paid (includes interest on lease liabilities)	(22,181)	(22,449)	(44,107)
Net cash flows from operating activities	122,925	137,479	185,870
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	32	150	355
Purchase of property, plant, equipment and computer software	(5,088)	(28,731)	(39,284)
Torpedo7 disposal costs	-	-	(4,720)

Net cash flows from investing activities	(5,056)	(28,581)	(43,649)

Cash flows from financing activities
Proceeds/(repayments) from borrowings	(57,550)	(19,100)	6,500
Lease principal repayments	(47,805)	(51,594)	(99,532)
Treasury stock dividends received	-	111	180
Dividends paid to parent shareholders	-	(27,905)	(45,312)
Dividends paid to minority shareholders	(396)	(183)	(183)

Net cash flows from financing activities	(105,751)	(98,671)	(138,347)

Net cash flow	12,118	10,227	3,874
Opening cash position	32,204	28,330	28,330

Closing cash position	44,322	38,557	32,204

Reconciliation of Operating Cash Flows

Profit/(loss) after tax		11,990	(23,450)	(53,764)
Non cash items
Depreciation and amortisation expense - continuing operations		77,041	80,054	158,558
Depreciation and amortisation expense - discontinued operations	17	-	5,423	5,423
Right of use asset impairment	11	-	619	-
Share based payment expense		-	551	(804)
Torpedo7 asset impairment	19	-	59,497	-
Movement in deferred tax		3,860	(11,064)	(4,119)

Total non cash items		80,901	135,080	159,058
Items classified as investing or financing activities
Loss on disposal of property, plant and equipment		47	583	4,027
Loss on disposal of Torpedo7 assets	18	-	-	60,547
Gain on lease terminations	3	-	(33)	(160)
Supplementary dividend tax credit		-	158	223

Total investing and financing adjustments		47	708	64,637
Changes in assets and liabilities
Trade and other receivables		(19,127)	(22,336)	(3,567)
Inventory		(61,164)	(46,048)	(28,034)
Trade and other payables		112,465	102,098	54,083
Provisions		(2,645)	(6,017)	(8,802)
Income tax		458	(4,205)	2,259
Assets held for sale		-	(3,886)	-
Liabilities connected to assets held for sale		-	5,535	-

Total changes in assets and liabilities		29,987	25,141	15,939

Net cash flows from operating activities		122,925	137,479	185,870

Consolidated Statement of Changes in Equity

				Foreign	Employee
				Currency	Share
	Share	Treasury	Hedge	Translation	Benefits	Retained	Minority	Total
(Unaudited)	Capital	Stock	Reserves	Reserve	Reserve	Earnings	Interest	Equity
For the 26 weeks ended 26 January 2025	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000


Balance at the beginning of the period	365,517	(5,282)	6,361	220	-	(57,265)	1,184	310,735
Profit for the half year	-	-	-	-	-	11,791	199	11,990
Movement in foreign currency translation reserve	-	-	-	200	-	-	-	200
Movement in derivative cash flow hedges	-	-	245	-	-	-	-	245
Tax related to movement in hedge reserve	-	-	(69)	-	-	-	-	(69)
Total comprehensive income	-	-	176	200	-	11,791	199	12,366
Dividends paid	-	-	-	-	-	-	(396)	(396)
Balance at the end of the period	365,517	(5,282)	6,537	420	-	(45,474)	987	322,705

				Foreign	Employee
				Currency	Share
	Share	Treasury	Hedge	Translation	Benefits	Retained	Minority	Total
(Unaudited)	Capital	Stock	Reserves	Reserve	Reserve	Earnings	Interest	Equity
For the 26 weeks ended 28 January 2024	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000

Balance at the beginning of the period	365,517	(5,282)	(767)	(27)	804	41,825	950	403,020
Profit/(loss) for the half year	-	-	-	-	-	(23,659)	209	(23,450)
Movement in foreign currency translation reserve	-	-	-	60	-	-	-	60
Movement in derivative cash flow hedges	-	-	550	-	-	-	-	550
Tax related to movement in hedge reserve	-	-	(154)	-	-	-	-	(154)

Total comprehensive income	-	-	396	60	-	(23,659)	209	(22,994)
Share rights charged to the income statement	-	-	-	-	551	-	-	551
Dividends paid	-	-	-	-	-	(27,747)	(183)	(27,930)
Treasury stock dividends received	-	-	-	-	-	111	-	111

Balance at the end of the period	365,517	(5,282)	(371)	33	1,355	(9,470)	976	352,758


				Foreign	Employee
				Currency	Share
	Share	Treasury	Hedge	Translation	Benefits	Retained	Minority	Total
(Audited)	Capital	Stock	Reserves	Reserve	Reserve	Earnings	Interest	Equity
For the 52 weeks ended 28 July 2024	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000

Balance at the beginning of the period	365,517	(5,282)	(767)	(27)	804	41,825	950	403,020
Profit/(loss) for the year	-	-	-	-	-	(54,181)	417	(53,764)
Movement in foreign currency translation reserve	-	-	-	247	-	-	-	247
Movement in derivative cash flow hedges	-	-	9,900	-	-	-	-	9,900
Tax related to movement in hedge reserve	-	-	(2,772)	-	-	-	-	(2,772)

Total comprehensive income	-	-	7,128	247	-	(54,181)	417	(46,389)
Share rights charged to the income statement	-	-	-	-	(804)	-	-	(804)
Dividends paid	-	-	-	-	-	(45,089)	(183)	(45,272)
Treasury stock dividends received	-	-	-	-	-	180	-	180

Balance at the end of the period	365,517	(5,282)	6,361	220	-	(57,265)	1,184	310,735

Notes to the Interim Financial Statements

1. GENERAL INFORMATION

The Warehouse Group Limited (the Company) and its subsidiaries (together the Group) trade in the New Zealand retail sector. The Company is a limited liability company incorporated and domiciled in New Zealand. The Group is registered under the Companies Act 1993 and is an FMC Reporting Entity under Part 7 of the Financial Markets Conduct Act (FMCA) 2013. The address of its registered office is Level 4, 4 Graham Street, PO Box 2219, Auckland. The Company is listed on the New Zealand Stock Exchange (NZX).

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES

The interim financial statements of the Group have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (GAAP). They comply with New Zealand Equivalent to the International Accounting Standard 34 Interim Financial Reporting (NZIAS 34) and International Accounting Standard 34 Interim Financial Reporting (IAS 34) and consequently, do not include all the information required for full financial statements. These Group interim financial statements should be read in conjunction with the annual report for the 5 2 weeks ended 28 July 2024.

These interim financial statements have been prepared under the historical cost convention except for the revaluation of cert ain financial instruments (including derivative instruments). The reporting currency used in the preparation of the interim financial state ments is New Zealand dollars, rounded to the nearest thousands unless otherwise stated.

Accounting standards

The material accounting policy information and other explanatory information applied in the preparation of these interim financial statements have been applied on a consistent basis with those used in the audited financial statements for the 52 weeks ended 28 July 2024.

There were no new accounting standards, amended standards or interpretations that became effective during the reporting perio d that have had a material impact on the Group's interim financial statements.

Non-GAAP financial information

The Group uses operating profit, earnings before tax and interest, unusual items and adjusted net profit to describe financia l performance as it considers these line items provide a better measure of underlying business performance. These non -GAAP measures are not prepared in accordance with New Zealand Equivalent to International Financial Reporting Standards (NZ IFRS) and may not be comparable to similarly titled amounts reported by other companies. The Group's policy regarding unusual items and adjusted net profit are detailed in note 4.

Critical accounting judgements, estimates and assumptions

The preparation of the interim financial statements requires the Group to make judgements, estimates and assumptions that aff ect the reported amounts of assets and liabilities at balance date and the reported amounts of revenues and expenses during the half year. The same material judgements, estimates and assumptions that are summarised in the audited financial statements for the 52 weeks ended 28 July 2024 were again applied in the preparation of these interim financial statements.

Approval of interim financial statements

These consolidated interim financial statements were approved for issue by the Board of Directors on 20 March 2025. Unless as otherwise stated, the interim financial statements have been reviewed by our Auditors, but are not audited.

Notes to the Interim Financial Statements - continued

3. SEGMENT INFORMATION

			REVENUE			OPERATING PROFIT

Operating performance		(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Audited)
		26 Weeks	26 Weeks	52 Weeks	26 Weeks	26 Weeks	52 Weeks
		Ended	Ended	Ended	Ended	Ended	Ended
		26 January	28 January	28 July	26 January	28 January	28 July
	Note	2025	2024	2024	2025	2024	2024
		$ 000	$ 000	$ 000	$ 000	$ 000	$ 000
The Warehouse		944,743	965,630	1,792,254	12,490	38,795	17,672
Warehouse Stationery		109,848	117,925	231,907	2,364	7,746	12,886
TheMarket.com		-	2,476	4,061	-	(5,288)	(8,513)
Warehouse		1,054,591	1,086,031	2,028,222	14,854	41,253	22,045
Noel Leeming		548,943	544,424	1,005,217	8,516	14,290	17,342
Other Group operations 1		6,565	6,030	11,164	(3,837)	(12,569)	(10,453)
Inter-segment eliminations		(2,892)	(3,739)	(7,006)
Group		1,607,207	1,632,746	3,037,597	19,533	42,974	28,934
Adjustment for NZ IFRS 16 (Leases)					19,333	19,828	38,887
Operating profit from continuing operations					38,866	62,802	67,821
Unusual items	4				-	-	(8,883)
Earnings before interest and tax from continuing operations			38,866	62,802	58,938
Operating margin
The Warehouse (%)					1.3	4.0	1.0
Warehouse Stationery (%)					2.2	6.6	5.6
Noel Leeming (%)					1.6	2.6	1.7
Total Retail Group (%)					1.2	2.6	1.0

Operating segments

The Group has three retail brands trading in the New Zealand retail sector. These brands form the basis of internal reporting used by senior management and the Board of Directors to monitor and assess performance and assist with strategy decisions. Brand trading per formance is assessed using operating profit, which is a non-GAAP measure that excludes the impacts of NZ IFRS 16 Leases, and is considered a better measure of underlying brand performance. Assets are not allocated to operating segments and the balance sheet is managed and internal ly reported on a consolidated basis to the senior management and the Board of Directors.

Customers can purchase product from the three main retail chains either online or through the Group's physical retail store n etwork. At period end the

Group's physical store network consists of 85 The Warehouse stores, 66 Warehouse Stationery stores (including 41 stores tradi ng within The Warehouse stores), and 66 Noel Leeming stores. The Warehouse predominantly sells general merchandise and apparel, Noel Leemin g sells technology and appliance products and Warehouse Stationery sells stationery products.

Other Group operations include a property company, a chocolate factory and the residual cost of unallocated support office fu nctions.

Footnote:

The Group changed the method used to allocate corporate costs to brands from the previous half year, resulting in additional costs of $5.7 million being allocated from 'Other Group operations' to the three retail brands.

Adjustment for NZ IFRS 16 (Leases)		(Unaudited)	(Unaudited)	(Audited)
		As at	As at	As at
		26 January	28 January	28 July
	Note	2025	2024	2024
		$ 000	$ 000	$ 000
Pre NZ IFRS 16 rent expense		65,139	64,770	129,060
Right of use asset amortisation		(45,806)	(44,975)	(90,333)
Gain on lease terminations		-	33	160
Impact on operating profit from continuing operations		19,333	19,828	38,887
Lease liability interest	12	(17,858)	(18,249)	(36,527)
Impact on profit before tax from continuing operations	4	1,475	1,579	2,360

Notes to the Interim Financial Statements - continued

4. ADJUSTED NET PROFIT

Adjusted net profit reconciliation		(Unaudited)	(Unaudited)	(Audited)
		26 Weeks	26 Weeks	52 Weeks
		Ended	Ended	Ended
		26 January	28 January	28 July
	Note	2025	2024	2024
		$ 000	$ 000	$ 000
Net profit from continuing operations attributable to shareholders of the parent		11,791	31,847	6,123
Add back: Unusual items
Restructuring costs		-	-	8,883
Unusual items before taxation from continuing operations		-	-	8,883
Adjustment for NZ IFRS 16 (Leases)	3	(1,475)	(1,579)	(2,360)
Income tax relating to above items		413	442	(1,826)
Income tax effect of removing ability to claim tax deductions for building depreciation		-	-	8,046
Adjusted net profit from continuing operations attributable to shareholders of the parent		10,729	30,710	18,866

Certain transactions can make the comparison of profits between years difficult. The Group uses adjusted net profit as a key indicator of performance and considers it a better measure of underlying business performance. Adjusted net profit makes allowance for the after tax effect of

unusual items which are not directly connected with the Group's normal trading activities. The Group defines unusual items as any gains or losses

from property disposals, goodwill and brand impairment, costs relating to business acquisitions or disposals, ineffective hedge derivatives and costs connected with restructuring the Group. Following the adoption of NZ IFRS 16 the non-cash impact relating to the lease accounting standard are also excluded from adjusted net profit.

5. INVENTORY

Inventory	(Unaudited)	(Unaudited)	(Audited)
	As at	As at	As at
	26 January	28 January	28 July
	2025	2024	2024
	$ 000	$ 000	$ 000
Finished goods	501,213	439,540	428,340
Inventory provisions	(15,985)	(13,359)	(13,276)
Retail stock	485,228	426,181	415,064
Goods in transit from overseas	48,064	66,499	57,064
Inventory	533,292	492,680	472,128

6. TRADE AND OTHER RECEIVABLES

Trade and other receivables	(Unaudited)	(Unaudited)	(Audited)
	As at	As at	As at
	26 January	28 January	28 July
	2025	2024	2024
	$ 000	$ 000	$ 000
Trade receivables	39,114	39,774	35,014
Prepayments	50,695	49,823	44,679
Rebate accruals and other debtors	28,540	26,436	19,529
Total trade and other receivables	118,349	116,033	99,222
Less non current prepayments	(24,348)	(27,745)	(26,321)
Current trade and other receivables	94,001	88,288	72,901

Notes to the Interim Financial Statements - continued

7. TRADE AND OTHER PAYABLES

Trade and other payables		(Unaudited)	(Unaudited)	(Audited)
		As at	As at	As at
		26 January	28 January	28 July
	Note	2025	2024	2024
		$ 000	$ 000	$ 000
Local trade creditors and accruals		347,226	318,134	290,608
Foreign currency trade creditors		119,154	101,932	88,423
Goods in transit creditors		21,026	26,975	17,069
Goods and services tax		55,939	18,715	28,395
Reward schemes and gift vouchers		15,905	23,305	17,991
Payroll accruals		17,755	22,353	18,967
		577,005	511,414	461,453
Liabilities connected to assets held for sale	18	-	5,535	-
Total trade and other payables		577,005	516,949	461,453

8. PROVISIONS

Provisions	(Unaudited)	(Unaudited)	(Audited)
	As at	As at	As at
	26 January	28 January	28 July
	2025	2024	2024
	$ 000	$ 000	$ 000
Current liabilities	39,924	42,706	42,553
Non current liabilities	20,326	22,974	20,342
Total provisions	60,250	65,680	62,895
Provisions consist of:
Employee entitlements	48,688	53,108	51,749
Make good provision	7,600	8,032	7,373
Sales returns provision	3,962	4,540	3,773
Total provisions	60,250	65,680	62,895

9. PROPERTY, PLANT, EQUIPMENT AND COMPUTER SOFTWARE

Property, plant, equipment and computer software		(Unaudited)	(Unaudited)	(Audited)
		As at	As at	As at
		26 January	28 January	28 July
	Note	2025	2024	2024
		$ 000	$ 000	$ 000
Property, plant and equipment		168,631	205,802	187,208
Computer software	10	77,269	92,965	86,156
Carrying amount		245,900	298,767	273,364
Movement in property, plant, equipment and computer software
Carrying amount at the beginning of the period		273,364	317,572	317,572
Capital expenditure		3,851	27,813	39,018
Depreciation and amortisation - continuing operations		(31,235)	(35,079)	(68,225)
Depreciation and amortisation - discontinued operations		-	(1,311)	(1,311)
Classified as held for sale	18	-	(9,497)	-
Disposals		(80)	(731)	(13,690)
Carrying amount at the end of the period		245,900	298,767	273,364
10. INTANGIBLE ASSETS

Intangible assets		(Unaudited)	(Unaudited)	(Audited)
		As at	As at	As at
		26 January	28 January	28 July
	Note	2025	2024	2024
		$ 000	$ 000	$ 000
Computer software	9	77,269	92,965	86,156
Brands		15,500	15,500	15,500
Goodwill		57,456	57,456	57,456
Net book value		150,225	165,921	159,112

The Group performs a detailed impairment assessment of intangible assets prior to the end of each financial year and at each interim reporting date considers if there are any indicators of impairment which could have a bearing on the impairment assessments. The Group's rev iew did not identify any impairment in respect of the cash generating units connected with the Group's material intangible assets.

Notes to the Interim Financial Statements - continued

11. RIGHT OF USE ASSETS

Right of use assets		(Unaudited)	(Unaudited)	(Audited)
		As at	As at	As at
		26 January	28 January	28 July
	Note	2025	2024	2024
		$ 000	$ 000	$ 000
Movement in right of use assets
Carrying amount at the beginning of the period		601,610	661,025	661,025
Foreign exchange movement		14	21	45
Additions	12	19,613	27,045	51,891
Depreciation - continuing operations	3	(45,806)	(44,975)	(90,333)
Depreciation - discontinued operations		-	(4,112)	(4,112)
Reassessment of lease terms	12	8,002	2,267	7,026
Lease impairments	19	-	(619)	-
Leases assigned as part of the Torpedo7 sale	18	-	-	(22,429)
Lease surrenders and terminations		-	(1,616)	(1,503)
Carrying amount at the end of the period		583,433	639,036	601,610
Less classified as held for sale	18	-	(21,827)	-
Right of use assets		583,433	617,209	601,610

12. LEASE LIABILITIES

Lease liabilities		(Unaudited)	(Unaudited)	(Audited)
		As at	As at	As at
		26 January	28 January	28 July
	Note	2025	2024	2024
		$ 000	$ 000	$ 000
Movement in lease liabilities
Carrying amount at the beginning of the period		736,812	803,158	803,158
Foreign exchange movement		14	23	49
Additions	11	19,613	27,045	51,891
Interest for the period - continuing operations	3	17,858	18,249	36,527
Interest for the period - discontinued operations		-	726	958
Reassessment of lease terms	11	8,002	2,267	7,026
Lease repayments		(65,663)	(70,569)	(137,017)
Leases assigned as part of the Torpedo7 sale	18	-	-	(24,117)
Lease surrenders and terminations		-	(1,649)	(1,663)
Balance at the end of the period		716,636	779,250	736,812
Less liabilities connected to assets held for sale	18	-	(24,230)	-
Lease liabilities		716,636	755,020	736,812
Lease liability maturity analysis
Within one year		94,470	89,981	100,098
One to two years		91,072	86,466	90,603
Two to five years		247,150	234,929	232,603
Beyond five years		283,944	343,644	313,508
Total lease liabilities		716,636	755,020	736,812
Current liabilities		94,470	89,981	100,098
Non current liabilities		622,166	665,039	636,714
Total lease liabilities		716,636	755,020	736,812
13. BORROWINGS

Net cash/debt		(Unaudited)	(Unaudited)	(Audited)
		As at	As at	As at
		26 January	28 January	28 July
		2025	2024	2024
		$ 000	$ 000	$ 000
Cash and cash equivalents		44,322	38,557	32,204
Borrowings		(25,350)	(57,300)	(82,900)
Net cash/debt		18,972	(18,743)	(50,696)
Committed bank credit facilities at balance date are:
Committed bank debt facilities		450,000	490,000	470,000
Liquidity buffer		468,972	471,257	419,304

The Group complied with the debt ratios and covenants stipulated in the Group's negative pledge arrangement with its banks throughout the half year. Details regarding these covenants and the Group's liquidity policy, can be found in the 2024 Annual Report.

Earlier from Warehouse

Warehouse: FY22 Interim Financial Statements 30 January 2022Mar 21, 2022

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