Currently viewing: Summarised Group financial statements | Next: Market-leading brand portfolio Truworths
Summarised Group financial statements
* Please click on the arrows to see more information
SUMMARISED GROUP STATEMENTS OF FINANCIAL POSITION
at 30 June 2024 Rm |
at 2 July 2023 Rm |
|||
---|---|---|---|---|
ASSETS | ||||
Non-current assets | 8 553 | 6 716 | ||
Property, plant and equipment | 2 533 | 2 069 | ||
Right-of-use assets | 3 545 | 3 329 | ||
Intangible assets | 1 534 | 590 | ||
Goodwill | 294 | 294 | ||
Other non-current assets | 343 | 113 | ||
Deferred tax | 304 | 321 | ||
Current assets | 10 099 | 9 417 | ||
Inventories | 2 312 | 2 244 | ||
Trade and other receivables | 5 419 | 5 546 | ||
Derivative financial assets | – | 28 | ||
Assets held at fair value | 1 468 | – | ||
Other current assets | 99 | 137 | ||
Cash and cash equivalents | 801 | 1 462 | ||
Total assets | 18 652 | 16 133 | ||
EQUITY AND LIABILITIES | ||||
Total equity | 9 506 | 7 654 | ||
Non-current liabilities | 3 794 | 3 237 | ||
Lease liabilities | 2 927 | 2 827 | ||
Interest-bearing borrowings | 268 | 169 | ||
Provisions | 186 | 166 | ||
Other non-current liabilities | 76 | 75 | ||
Deferred tax | 337 | – | ||
Current liabilities | 5 352 | 5 242 | ||
Trade and other payables | 1 636 | 1 591 | ||
Interest-bearing borrowings | 1 208 | 1 208 | ||
Bank overdraft | 1 099 | 935 | ||
Lease liabilities | 990 | 1 019 | ||
Provisions | 205 | 267 | ||
Other current liabilities | 214 | 222 | ||
Total liabilities | 9 146 | 8 479 | ||
Total equity and liabilities | 18 652 | 16 133 | ||
Number of shares in issue (net of treasury shares) | (millions) | 372.3 | 369.3 | |
Net asset value per share | (cents) | 2 553 | 2 073 | |
Key ratios | ||||
Return on equity | (%) | 45 | 48 | |
Return on capital | (%) | 65 | 69 | |
Return on assets | (%) | 30 | 30 | |
Inventory turn | (times) | 4.3 | 4.2 | |
Asset turnover | (times) | 1.1 | 1.2 | |
Net debt to equity | (%) | 3.2 | 11.1 | |
Net debt to EBITDA | (times) | – | 0.1 |
SUMMARISED GROUP STATEMENTS OF COMPREHENSIVE INCOME
52 weeks to 30 June 2024 Rm |
52 weeks to 2 July 2023 Rm |
|||||
---|---|---|---|---|---|---|
Revenue | 22 436 | 21 992 | ||||
Sale of merchandise | 20 664 | 19 894 | ||||
Cost of sales | (9 859) | (9 445) | ||||
Gross profit | 10 805 | 10 449 | ||||
Other income | 562 | 939 | ||||
Intangible asset impairment reversal | 1 019 | – | ||||
Trading expenses | (8 168) | (7 772) | ||||
Depreciation and amortisation | (1 475) | (1 359) | ||||
Employment costs | (2 718) | (2 489) | ||||
Occupancy costs | (1 072) | (961) | ||||
rade receivable costs | (1 310) | (1 283) | ||||
Net bad debt and expected credit losses | (1 168) | (959) | ||||
Other trade receivable costs | (142) | (324) | ||||
Other operating costs | (1 593) | (1 680) | ||||
Trading profit | 4 218 | 3 616 | ||||
Interest income | 1 388 | 1 143 | ||||
Dividend income | 25 | 16 | ||||
Profit before finance costs and tax | 5 631 | 4 775 | ||||
Finance costs | (476) | (378) | ||||
Profit before tax | 5 155 | 4 397 | ||||
Tax expense | (1 255) | (1 109) | ||||
Profit for the period | 3 900 | 3 288 | ||||
Attributable to: | ||||||
Equity holders of the company | 3 887 | 3 275 | ||||
Holders of the non-controlling interest | 13 | 13 | ||||
Profit for the period | 3 900 | 3 288 | ||||
Basic earnings per share | (cents) | 1 046.9 | 888.5 | |||
Headline earnings per share | (cents) | 817.9 | 873.3 | |||
Diluted basic earnings per share | (cents) | 1 031.3 | 876.4 | |||
Diluted headline earnings per share | (cents) | 805.8 | 861.4 | |||
Gross margin | (%) | 52.3 | 52.5 | |||
Trading expenses to sale of merchandise | (%) | 39.5 | 39.1 | |||
Trading margin | (%) | 20.4 | 18.2 | |||
Operating margin | (%) | 27.3 | 24.0 | |||
Reconciliation of headline earnings per share: | ||||||
Basic earnings per share | (cents) | 1 046.9 | 888.5 | |||
Impairment reversal of trademarks | (cents) | (204.5) | – | |||
Net impairment reversal of right-of-use assets | (cents) | (24.5) | (13.8) | |||
Reversal of impairment of property, plant and equipment | (cents) | (1.3) | (3.0) | |||
Loss on write-off of intangible assets | (cents) | 1.3 | – | |||
Loss on write-off or disposal of plant and equipment | (cents) | – | 1.6 | |||
Headline earnings per share | (cents) | 817.9 | 873.3 | |||
Reconciliation of diluted weighted average number of shares: | ||||||
Weighted average number of shares | (millions) | 371.3 | 368.6 | |||
Add: Dilutive effect of share options, unvested restricted shares and share appreciation rights | (millions) | 5.6 | 5.1 | |||
Diluted weighted average number of shares | (millions) | 376.9 | 373.7 |
SUMMARISED GROUP STATEMENTS OF CHANGES IN EQUITY
30 June 2024 Rm |
2 July 2023 Rm |
||
---|---|---|---|
Balance at the beginning of the period attributable to equity holders of the company | 7 654 | 6 106 | |
Total comprehensive income for the period | 3 919 | 3 486 | |
Profit for the period | 3 900 | 3 288 | |
Other comprehensive income for the period | 19 | 198 | |
Dividends declared | (2 204) | (1 990) | |
Shares repurchased | – | (28) | |
Shares sold by Truworths International Limited Share Trust | 36 | – | |
Utilisation of reserves on exercise of 1998 share scheme options | (14) | – | |
Share-based payments | 139 | 137 | |
Acquisition of non-controlling interest | (19) | (46) | |
Movement in put option liability | (5) | (11) | |
Balance at the reporting date attributable to equity holders of the company | 9 506 | 7 654 | |
Comprising | |||
Share capital* | – | – | |
Treasury shares | (1 920) | (2 066) | |
Retained earnings | 11 093 | 9 393 | |
Non-distributable reserves | 333 | 327 | |
Total equity attributable to equity holders of the company | 9 506 | 7 654 | |
Dividends (cents per share) | |||
Cash final - payable October/paid September | 197 | 245 | |
Cash interim - paid March | 332 | 320 | |
Total | 529 | 565 |
* Zero due to rounding.
SUMMARISED GROUP STATEMENTS OF CASH FLOWS
52 weeks to 30 June 2024 Rm |
52 weeks to 2 July 2023 Rm |
|||
---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Cash flow from profit before tax | 4 658 | 5 038 | ||
Working capital movements | 38 | (1 227) | ||
Cash generated from operations | 4 696 | 3 811 | ||
Interest and dividends received | 1 352 | 1 155 | ||
Finance costs paid | (468) | (370) | ||
Capitalised finance costs paid | (9) | (6) | ||
Tax paid | (967) | (1 068) | ||
Cash inflow from operations | 4 604 | 3 522 | ||
Dividends paid | (2 204) | (1 989) | ||
Net cash from operating activities | 2 400 | 1 533 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Acquisition of plant, equipment and computer software | (770) | (717) | ||
Other investing activities | (1 378) | (10) | ||
Net cash used in investing activities | (2 148) | (727) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Shares repurchased by the company | – | (28) | ||
Proceeds on disposal of treasury shares | 21 | – | ||
Borrowings repaid | (500) | – | ||
Net borrowings incurred | 599 | 669 | ||
Lease liability payments | (1 101) | (1 254) | ||
Acquisition of non-controlling interest | (19) | (46) | ||
Net cash used in financing activities | (1 000) | (659) | ||
Net (decrease)/increase in cash and cash equivalents | (748) | 147 | ||
Net cash and cash equivalents at the beginning of the period | 527 | 138 | ||
Net foreign exchange difference | (77) | 242 | ||
NET CASH AND CASH EQUIVALENTS AT THE REPORTING DATE | (298) | 527 | ||
Key ratios | ||||
Cash flow per share | (cents) | 1 240 | 956 | |
Cash equivalent earnings per share | (cents) | 1 255 | 1 286 | |
Cash realisation rate | (%) | 99 | 74 |