Investor Presentaiton
WHL FINANCIAL OVERVIEW
COMMENTARY
SUMMARY OF THE
AUDITED GROUP RESULTS
DIRECTORATE &
STATUTORY INFORMATION
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NOTES TO THE CONDENSED CONSOLIDATED RESULTS
1.
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION
The condensed consolidated financial statements are prepared in accordance with the requirements of the JSE Limited
Listings Requirements and Debt Listings Requirements for provisional reports, and the requirements of the Companies
Act of South Africa. The Listings Requirements and Debt Listings Requirements require provisional reports to be prepared
in accordance with the framework concepts and the measurement and recognition requirements of International Financial
Reporting Standards (IFRS) and the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee
and Financial Pronouncements, as issued by Financial Reporting Standards Council and to also, as a minimum, contain
the information required by IAS 34 Interim Financial Reporting.
The accounting policies applied in the preparation of the condensed consolidated financial statements are in terms
of International Financial Reporting Standards and are consistent with those applied in the preparation of the Group
Annual Financial Statements for the 52-week period to 26 June 2022 and with the prior year, except for the change
in accounting policies adopted, as detailed in note 8. The condensed consolidated financial statements have been
prepared on the going concern and historical cost bases, except where otherwise indicated. The presentation
currency is the South African rand, rounded to the nearest million, except where otherwise indicated.
The condensed consolidated financial statements have been prepared under the supervision of the Group Finance
Director, Reeza Isaacs CAISA), and are the full responsibility of the directors.
For details on the Group's performance, including the impact of the lockdowns in Australia and the civil unrest
in South Africa, refer to the Commentary on performance.
2. REVENUE
Turnover
Fashion, Beauty and Home.
Food
Logistics services and other
Other revenue
Rentals
Concession sales commission
Insurance recoveries
Audited
Audited
52 weeks
to 26 Jun
2022
Rm
52 weeks
to 27 Jun
2021
Rm
80 067
78 763
39 881
39 910
39 549
38 279
637
574
4. HEADLINE EARNINGS
Reconciliation of headline earnings
Basic earnings attributable to shareholders of the parent
Profit on sale of property in Australia
Net loss on disposal of property, plant and equipment and intangible assets
Impairment of property, plant and equipment,
intangible assets and right-of-use assets.
Tax impact of adjustments
Headline earnings
Audited
52 weeks
to 26 Jun
2022
Rm
Audited
52 weeks
to 27 Jun
2021
Rm
%
change
3 715
4 161
(10.7)
(492)
32
14
121
(43)
364
(467)
3 825
3 580
6.8
Headline earnings is calculated by starting with the Basic earnings number in terms of IAS 33 and then excluding
all re-measurements that have been identified in The South African Institute of Chartered Accountants' Headline
Earnings Circular 1/2021.
5. NON-IFRS MEASURES: ADJUSTED HEADLINE EARNINGS
Adjusted headline earnings is calculated by excluding items from headline earnings that have attributes of either being
of a non-recurring nature, volatile, having a material impact on earnings or not incurred in the ordinary course of business,
which would otherwise have not been considered under IAS 33: Earnings per share or the SAICA guideline on headline
earnings. Management believes that the use of an adjusted headline earnings measure is helpful to users of financial
statements and investors by providing a more meaningful measure of sustainable earnings or the quality of earnings
and thereby improve performance comparisons between different reporting periods. The methodology of determining
adjustments is applied consistently over the different reporting periods. Adjusted headline earnings is also one of the
performance conditions applicable to the Group's share incentive schemes.
9
2 121
2 096
9
1 907
2 034
150
Royalties
Investment income
Interest earned from cash and investments
55
53
53
Reconciliation of adjusted headline earnings
Headline earnings
Adjustments
Lease exit and modification gains
67
83
SA civil unrest costs, net of insurance proceeds*
67
83
Restructure and store exit costs
82 255
80 942
Unrealised foreign exchange (gains)/losses
Revenue from contracts with customers has been further disaggregated by nature of business and retail chain.
Refer to Condensed consolidated segmental analysis. Rentals and investment income fall outside the scope of IFRS 15.
Investment income is measured in terms of the effective interest method in accordance with IFRS 9.
(Tax losses utilised)/deferred tax on assessed losses not recognised
Tax impact of adjustments
Adjusted headline earnings
52 weeks
to 26 Jun
2022
52 weeks
to 27 Jun
Rm
2021
Rm
%
change
3 825
3 580
6.8
(173)
(265)
(259)
(591)
(17)
60
123
(23)
14
(5)
33
71
156
3 652
3 315
10.2
3. EARNINGS PER SHARE
The difference between earnings per share and diluted earnings per share is due to the impact of unexercised options
under the Group's share incentive schemes (refer to note 71.
* Related to the unrest in KZN and parts of Gauteng in July.
KPMG Inc. have issued a reporting accountant's report on the non-IFRS measures, which is available for inspection at the
Group's registered offices.
6. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
The Group acquired property, plant and equipment at a fair value of R1 264 million (2021: R974 million) and intangible assets
at a fair value of R551 million (2021: R451 million).
WHL 16/2022
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