Sigma and CWG Merger Risks and Management Overview
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Historical Financial Profile
Material non-recurring COVID related and other items benefited FY22
CWG (A$m)
Sales revenue¹
FY22
FY23
2,195
2,257
Commentary
Financials for CWG represent statutory audited results prior to any
normalisations or management adjustments
Year-on-year results across FY22 and FY23 are not directly comparable
due to the following reasons:
Material non-recurring COVID related and other items benefiting FY22
(~$105m adverse impact to FY23 EBIT)
One-time non-cash accounting policy change related to recognition of
marketing income (~$16m adverse impact to FY23 EBIT)
Effective from 1 February 2023, CWG implemented certain changes to
its commercial arrangements which do not impact profit before tax, but
do impact comparability of individual profit and loss line items
Fees revenue²
95
85
147
Franchise and related revenue³
74
82
Marketing, advertising and other revenue4
638
604
Total revenue
2,993
3,091
-
Gross profit
1,072
918
EBITDA5
722
555
Depreciation & amortisation
(136)
(96)
EBIT6
586
460
Net finance costs
(36)
(30)
Profit before tax
550
429
Comprises wholesale sales delivered through distribution centres and retail sales undertaken directly by CWG, including certain online sales
Comprises wholesale sales delivered directly by suppliers that are accounted for as the net amount of consideration that CWG retains after paying the external party for the goods and includes other services in connection with franchisee inventory purchases
Comprises fees for support services provided to franchisees and other non-franchisee stores
Notes:
1.
2.
50
3.
4.
Includes marketing services, promotional, advertising and other supplier revenue
5.
6.
EBITDA is a non IFRS measure of financial performance and has been derived by adding back (i) net finance costs and (ii) depreciation and amortisation expenses to profit before tax as disclosed in CWG's audited statutory accounts
EBIT is non IFRS measure of financial performance and has been derived by adding back net finance costs to profit before tax as disclosed in CWG's audited statutory accountsView entire presentation